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EU Council Agrees on Final Anti Tax Avoidance Directive

We wrote in February (European Commission Publishes Anti Tax Avoidance Package) about the draft EU Anti Tax Avoidance Directive (“ATAD”). On 21st June 2016, the EU Council agreed on the final text of the ATAD and it will...more

SEC Charges Private Fund Administrator with “Gatekeeper Failures”

Add fund administrators to the list of service providers the SEC expects to act as “gatekeepers.” In two separate settled actions last week, the SEC found that a private fund administrator “caused” the managers’ unregistered...more

Venture Capital Coast to Coast – June 2016

VC WATCH - Half-Time 2016: A Glass Half-Empty, or Half-Full? After two record years for venture fundraising and investment, the “bears” among us are already planning for the next down-cycle. Recent headlines have...more

Blog: Corp Fin Issues New CDIs Providing Guidance On Rule 701 Primarily In The Merger Context

Corp Fin has just issued some new CDIs providing guidance on Rule 701, with all but one of the CDIs addressing the application of Rule 701 in the context of merger transactions. The new CDIs are summarized below...more

Maryland Court of Special Appeals Reaffirms Heightened Standard for Recovering Punitive Damages

On June 1, 2016, the Court of Special Appeals of Maryland issued an opinion in 1st Team Fitness, LLC, et al. v. Francesco Illiano, No. 0136, Sept. Term 2015 (Md. Ct. Spec. App. Jun. 1, 2016) reaffirming Maryland’s heightened...more

Financial Services Weekly News - June 2016 #4

Regulatory Developments - SEC Issues Order Approving Inflation Adjustments to “Qualified Client” Dollar Thresholds for Investment Adviser Performance Fee Rule - On June 14, the SEC issued an order approving...more

Financial Regulatory Developments Focus - June 2016 #2

In this week's newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

EU Market Abuse Regulation—Implications for Non-EU Issuers with Securities Traded on an EU Market

The EU’s revamped market abuse rules—the Market Abuse Regulation (“MAR”)—come into direct effect in all EU Member States on July 3, 2016. MAR expands the scope of certain EU rules to EU markets that were previously not...more

CFTC Requests Public Comment on a Rule Amendment Certification Filing by ICE Futures U.S.

The U.S. Commodity Futures Trading Commission (CFTC) seeks comments from the public on a proposed amendment that “would clarify that parties to a block trade may engage in pre-hedging or anticipatory hedging of the position...more

MAR for Premium Listed Issuers

The Market Abuse Regulation (MAR) has direct effect as law in the United Kingdom from 3 July 2016. Broadly, it replaces the current regime in relation to the disclosure of and delaying the disclosure of inside information,...more

The Private Equity Review - France Fifth Edition

The fifth edition of The Private Equity Review comes on the heels of a solid but at times uneven 2015 for private equity. Deal activity and fundraising were strong in North America, Europe and Asia, but the year ended with...more

SEC Staff Throws Funds a Lifeline on Auditor Independence (For Now)

The SEC’s Division of Investment Management provided temporary relief from the headache created for funds when the failure to meet the provisions of the so-called “loan rule” may disqualify fund auditors from being...more

Compliance into the Weeds-Episode 9-the COSO ERM Framework  [Video]

In this episode Matt Kelly and I go deep into the weeds to being our discussion of the new COSO Enterprise Risk Management Framework. ...more

Next on the SEC regulatory agenda: a chief valuation officer?

First, the Securities and Exchange Commission required funds to designate a chief compliance officer. Then, the SEC proposed that funds designate a liquidity risk manager, and after that, a derivatives risk manager. Can a...more

Rating Agency Developments

On June 14, 2016, DBRS issued a report entitled: General Corporate Methodology. Report. On June 14, 2016, DBRS issued a report entitled: DBRS Criteria: Evaluating Corporate Governance. Report. On June 14, 2016, DBRS issued a...more

SEC Issues Order Increasing the Net Worth Test Under Rule 205-3 Under the Investment Advisers Act of 1940 to $2.1 Million

Section 205(a)(1) of the Investment Advisers Act of 1940 (the “Advisers Act”) generally prohibits an investment adviser from entering into, extending, renewing, or performing any investment advisory contract that provides for...more

Practice Pointers on Navigating the Securities Act’s Prohibition on General Solicitation and General Advertising

The Jumpstart Our Business Startups Act (the “JOBS Act”) included a measure directing the Securities and Exchange Commission (the “SEC” or “Commission”) to relax the prohibition against general solicitation and general...more

SEC Non-GAAP Guidance: Impact on Earnings Releases, SEC Reports and Other Disclosures

As discussed in our recent client alert “SEC Issues Important Non-GAAP Interpretations” (May 19, 2016), the SEC recently released a series of new C&DIs on the use of non-GAAP financial measures by reporting companies and new...more

Contractual Close-Out Netting Ineffective in the Event of Insolvency

In a decision of 9 June 2016, the German Federal Court of Justice (Bundesgerichtshof, "BGH") has ruled that the determination of the close-out amount in a netting provision based on the German Master Agreement for Financial...more

D.C. Circuit Court of Appeals Upholds Regulation A+

On June 14, 2016, the D.C. Circuit Court of Appeals in Lindeen v. SEC upheld Regulation A+, including the SEC’s definition of “qualified purchaser.” The decision comes after petitioners William F. Gavin and Monica J....more

Corporate and Financial Weekly Digest - Volume XI, Issue 24

SEC/CORPORATE - DC Circuit Court Rejects States’ Challenge of Blue Sky Preemption Under Regulation A+ - On June 14, the Federal Court of Appeals for the District of Columbia (the DC Circuit) rejected challenges...more

Bridging the Week - June 2016 #3

SEC Overturns CBOE Determination That Individual Traders of Two Omnibus Accounts Were Customers Requiring Application of Customer Identification Rule - The Securities and Exchange Commission set aside a determination by...more

SEC Confirms That Whistleblowers Will Continue to Carry a Baton in Its Race to Enforce SOX

This summer, viewers of the Olympics in Brazil will watch track and field events, in which the members of each team will carry a baton for a leg of the race in their collective effort to win the gold. In case there remained...more

[Webinar] SEC's New Guidance on Non-GAAP Financial Measures - June 27th, 4p.m. EDT

On May 17, 2016, the Securities and Exchange Commission issued significant new and updated Compliance & Disclosure Interpretations (C&DIs) regarding the use of Non-GAAP Financial Measures, including several new...more

New Framework for Retail Bond Offerings Implemented; Changes Made to the Proposed Framework

On 19 May 2016, the Monetary Authority of Singapore (MAS) and the Singapore Exchange (SGX) issued new regulations and amended rules with the aim of facilitating bond offerings to retail investors. This update will focus on...more

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