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SEC Proposes Rules to Oversee Non-US Firms’ Swap Activity in the United States

On April 29, 2015, the US Securities and Exchange Commission (SEC) proposed new rules to enhance its oversight of non-US firms’ security-based swap activity in the United States. The proposal, if adopted, will have important...more

SEC Answers Money Market Reform Questions

The SEC responded on April 22, 2015, to industry questions regarding its 2014 money market reform rules (Rules) through a frequently asked questions (FAQ) format. The 15-page release answers 53 questions on various topics. ...more

Bribery Settlements in 2014: A Record-Setting Year

Corporations facing bribery charges under the U.S. Foreign Corrupt Practices Act (“FCPA”) will pay significantly higher fines to resolve their cases, at least if recent settlements are a reliable guide. Last year, FCPA...more

Investment Funds Update - Asia Legal and regulatory updates for the funds industry from the key jurisdictions in Asia: Singapore

Regulation of OTC Derivatives and Singapore Regulatory Reforms - The Monetary Authority of Singapore (“MAS”) published a consultation paper on the proposed amendments to the Securities and Futures Act (the “SFA”) which...more

Financial Regulatory Developments (FReD)

Headlines - Commission urges EP to accept MLD 4, ESMA consults on knowledge and competence guidelines, EU Court judges on plain and intelligible language, FCA fines Deutsche Bank £227 million for IBOR failings and misleading...more

Director Equity Grants Subject to Entire Fairness Review

In Valma v. Templeton et al, the Delaware Court of Chancery held that grants of restricted stock units, or RSUs, to directors of Citrix Systems, Inc. were subject to an entire fairness standard of review. The court found...more

SEC Proposes Rules to Require Disclosure Regarding the Relationship Between Executive Pay and Company Financial Performance

On April 29, the Securities and Exchange Commission published proposed rules that would require companies to disclose the relationship between executive compensation and the financial performance of the company, as well as...more

ESMA

The European Union has recently demonstrated additional interest in the potential uses of blockchain technology for financial services outside of virtual currencies. On April 22, 2015, the European Securities and Markets...more

Rating Agency Developments

On April 24, Fitch released its updated U.S. Auto Lease ABS Ratings Criteria. On April 27, DBRS released its Rating Canadian Covered Bonds Methodology. On April 27, S&P updated its Bank Rating Methodology and Assumptions to...more

SEC Proposes Title VII Regulatory Framework for Non-US Dealers Transacting in the United States

The U.S. Securities and Exchange Commission (the “SEC”) reproposed rules addressing the application of certain requirements under Title VII of the Dodd-Frank Act (the “Reproposal”) to non-U.S. persons dealing in...more

FCA Publishes New Procedures and Forms for Disclosure of Material Changes by Non-UK Managers Marketing in the United Kingdom

On April 21, the Financial Conduct Authority (FCA) updated its webpage of guidance on the United Kingdom’s national private placement regime (NPPR) for the marketing of non-EU funds in the United Kingdom by non-UK managers...more

European Council Approves Strengthened EU Anti-Money Laundering Rules

On April 20, the European Council of Ministers adopted its version of new rules aimed at preventing money laundering and terrorist financing in the form of a draft new European Union Directive and Regulation (Draft Rules)....more

Financial Regulatory Developments Focus - April 2015 #4

In this issue: - Federal Deposit Insurance Corporation Seeks Comment on Potential New Deposit Account Records Requirements for Banks with a Large Number of Deposit Accounts - Basel Committee Removes Selected...more

ESMA Consults on Knowledge and Competence Requirements

Under the original EU Markets in Financial Instruments Directive (MiFID) framework, investment firms must ensure that their personnel have the “skills, knowledge and experience” necessary for their particular functions....more

Blog: With Two Dissents, SEC Proposes Pay-For-Performance Disclosure Rules

Wednesday, by a three to two margin, the SEC voted to propose rules requiring companies to disclose executive pay for performance. The proposal comes five years after passage of Dodd-Frank, which imposed the obligation on the...more

SEC Sanctions Adviser, and its CEO, GC and Auditor Based on Conflicts

Conflicts of interest are a central focus for the SEC. Indeed, conflicts are at the core of many of the actions brought against regulated entities. And, an undisclosed conflict was at the center of actions brought against a...more

DOJ and International Investment Bank Enter Into Plea Agreement to Resolve LIBOR Manipulation Claims, Bank Agrees to Pay $2.5...

On April 23, the DOJ announced that an international investment bank and its subsidiary agreed to plead guilty to wire fraud for its alleged conduct, spanning from 2003 through 2011, in manipulating the London Interbank...more

California Court Upholds Exclusion in Policy Application

In Crown Capital Securities, L.P. v. Endurance American Specialty Ins. Co., 2015 Cal. App. LEXIS 305, the California Court of Appeal had the opportunity to consider a denial of coverage based on an exclusion stated in the...more

Blog: Senator Urges SEC To Revisit Rules And Policies On Stock Buybacks

Data compiled by S&P and Bloomberg shows that companies in the S&P 500 spent 95% of their earnings on repurchases and dividends in 2014, including spending $553 billion on stock buybacks in 2014. ...more

"Assessing the Impact of Post-Financial Crisis Regulation"

The financial crisis of 2008 demonstrated that the then-existing financial regulatory system was in need of substantial repair. By any measure, the financial regulatory reform that has followed has been extensive. In areas...more

Saudi Arabia Update April 2015

New labor courts will start operating in October 2016. Responsibility over the Labor Courts will soon be transferred from the Ministry of Justice to the Ministry of Labor in Muharram 1438H., corresponding to October...more

Court Of Chancery Upholds Primacy Of Purchase Price Adjustment Clause

The buyer’s rights under a stock purchase agreement sometimes seem in conflict. This decision resolves such a conflict by holding that under the terms of the agreement, the purchase price adjustment process trumps the buyer’s...more

ESMA Issues Call for Evidence on Virtual Currency

On April 22, the European Securities and Markets Authority (ESMA) issued a call for information (Call for Evidence) on virtual currency. Unlike recent studies performed by the European Banking Authority and HM Treasury, ESMA...more

SEC Staff Responds to Frequently Asked Questions on 2014 Money Market Reform Release, Including Valuation Guidance

On April 22, 2015, the Securities and Exchange Commission (“SEC”) staff released guidance, titled “2014 Money Market Fund Reform Frequently Asked Questions,” that discusses various interpretive issues arising from the SEC’s...more

Judge Declines to Dismiss Spoofing Charges Against High Frequency Trader

On April 16, the US District Court for the Northern District of Illinois denied a motion to dismiss “spoofing” charges against Michael Coscia, a high-frequency commodities futures trader, finding that the indictment was...more

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