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Securities Finance & Banking

Read need-to-know updates, commentary, and analysis on Securities issues written by leading professionals.

Pensions Hazard for PE Buyers on Carve-Out Deals

by Latham & Watkins LLP on

Corporate carve-outs have become increasingly popular in recent years, as buyout firms scour the market for primary deals. In an environment in which the UK Pensions Regulator (the Regulator) is becoming more active, in our...more

Day 12 of One Month to More Effective Compliance for Business Ventures-Joint Venture Due Diligence

by Thomas Fox on

When you bring two entities together to operate jointly, there are several difficult issues to analyze. For the US company operating under the FCPA, there must be an adequate business justification for a joint venture with a...more

European Commission Legislative Proposals for Enhanced Powers for European Supervisory Authorities and the European Systemic Risk...

by Shearman & Sterling LLP on

The European Commission has published legislative proposals designed to strengthen and further integrate the supervisory framework of the European Union. The proposals build on contributions to the Commission's public...more

Bridging the Week - October 2017 #3

by Katten Muchin Rosenman LLP on

Proprietary Trading Firm Charged by CFTC With Spoofing Based Solely on the Alleged Wrongful Trading of One Employee: The Commodity Futures Trading Commission and the Commodity Exchange, Inc. brought and resolved charges...more

UK Competition and Markets Authority Highlights Potential Issues in Investment Consultancy and Fiduciary Management

by Shearman & Sterling LLP on

Following a market investigation reference from the Financial Conduct Authority, the Competition and Markets Authority has published the issues statement for the market investigation it is carrying out into the supply of...more

European Banking Authority Consults on Significant Risk Transfer in Securitization

by Shearman & Sterling LLP on

The European Banking Authority has published a Discussion Paper on significant risk transfer in securitization, seeking views on proposals to strengthen the regulatory and supervisory framework of significant risk transfer....more

A Ticking Clock: New York’s Pending Non-Guaranteed Elements Rule for Life Insurance and Annuity Products

by Carlton Fields on

The clock is ticking on the New York Department of Financial Services’ issuance of new Regulation 210 "Life Insurance and Annuity Non-Guaranteed Elements" (the Rule). ...more

Communications With Auditors and Audit Committees May Change

by Carlton Fields on

The SEC has proposed for comment major revisions in the disclosures auditors are required to make in their reports on financial statements audited pursuant to Public Company Accounting Oversight Board (PCAOB) standards....more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

If Netflix is to be believed (and, you know, it is a public company), there’s a LOT more Stranger Things and House of Cards on the way... Turns out Nelson Peltz’s failed quest for a P&G board seat was crazy close. As in,...more

Avoid the headache: Stick to what you know

by Ary Rosenbaum on

Over the past 7 years as a solo ERISA practitioner, I always get asked if that’s all I do. It’s not some kind of insult, but a question on whether I also do financial advisory work and/or third party administration work. The...more

Dismissal of Individual Claims Cap Insurer’s Winning Streak in Action Challenging FIA Product Features

by Carlton Fields on

In May, the Southern District of California handed ING a win in a case involving allegations that the company targeted seniors with annuities that hid an embedded derivative structure that made them worth less than promised....more

Regulatory Update and Recent SEC Enforcement Actions

by Blank Rome LLP on

Investment Firm VanEck Launches Bitcoin Exchange Traded Fund (“ETF”) One Week after Calling Bitcoin a “Fad” - On August 10, 2017, Joe Foster, portfolio manager and strategist for the money management firm VanEck, expressed...more

Corruption, Crime & Compliance Podcast Episode 3 -- The Latest FCPA Sting Case -- Joseph Baptiste

by Michael Volkov on

Recently, the Justice Department announced the arrest of Joseph Baptiste as part of an ongoing investigation into corruption in Haiti. The arrest warrant affidavit outlines an undercover investigation, including Title III...more

Corporate and Financial Weekly Digest - Volume XII, Issue 39

by Katten Muchin Rosenman LLP on

SEC/CORPORATE - SEC Announces Rule Proposal to Modernize, Simplify and Increase the Accessibility of Required Disclosure - On October 11, the Securities and Exchange Commission issued a press release announcing that it...more

International Swaps and Derivatives Association Publishes Recommendations for a CCP Recovery and Resolution Framework

by Shearman & Sterling LLP on

The ISDA's paper focuses on CCPs that clear derivatives, although many of its recommendations will be relevant to clearing houses that clear other instruments. It is intended to build on the guidance from CPMI-IOSCO and the...more

Quarterly Investment Update - 3rd Quarter 2017

by Perkins Coie on

Stock Market Commentary - The third quarter of 2017 brought the devastation of multiple hurricanes, escalating tensions with North Korea, the Equifax breach and more White House drama. Yet, investors focused on positive...more

Treasury Issues Report and Recommendations on Capital Markets

by Shearman & Sterling LLP on

On October 6, 2017, the US Department of the Treasury released a 220-page report on reforming the US regulatory system for the capital markets (Capital Markets Report). The Capital Markets Report includes 91 recommendations...more

Pennsylvania Court Holds Fiduciary Duty Exists Only Where Consumer Cedes Decision-Making Control to the Fiduciary

by Carlton Fields on

The Pennsylvania Supreme Court recently held in Yenchi v. Ameriprise Financial, Inc. that a financial adviser owed no fiduciary duty to a couple who purchased a life insurance policy based on the adviser’s advice where they...more

Plan Providers and Plan Sponsors Can Still Lose By Winning

by Ary Rosenbaum on

The news comes trickling in for 401(k) plan providers and plan sponsors beating back class action lawsuits. Many plan providers win their case as defendants because the plan participants fail to convince a judge that the...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Despite a stronger global economic outlook than we’ve seen in years, the world’s central bankers appear loath to let go of stimulus measures while lower-than-expected inflation bedevils them....more

PE in Indonesia – a vibrant market

by Hogan Lovells on

Indonesia is gaining popularity among both regional and international private equity funds. Demographics and economic forces increasingly portray Indonesia as a 'must-be-in' market....more

Certified Financial Planner Board Proposes Fiduciary Obligations for All CFP Financial Advice

by Carlton Fields on

In June, the Certified Financial Planner (CFP) Board released proposed revisions to its standards of professional conduct that would require CFPs to adhere to a fiduciary standard at all times when providing any "financial...more

The DOL Fiduciary Rule: Charting a Course, Avoiding Collisions & Potential Litigation Q&A #2 - Q&As on Annuity Sales Practices,...

by Carlton Fields on

Last month, we wrote about potential litigation issues under the “revised temporary” DOL Rule involving the offer and sale of annuities in the IRA market. This paper continues that discussion. I emphasize to the reader that...more

FAST and Furious: Proposed Amendments to Regulation S-K Requirements

by Morrison & Foerster LLP on

In recent months, there has been an active dialogue regarding the regulatory burdens for public companies and whether these burdens have contributed to the decline in the number of U.S. initial public offerings (“IPOs”) and...more

SEC Publishes Helpful Guidance on Pay Ratio Disclosure

by McDermott Will & Emery on

The SEC recently confirmed that the new CEO pay ratio disclosure rules mandated in the Dodd-Frank Act will go into effect in the 2018 proxy season. To assist companies in preparation of the new disclosure, the SEC published...more

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