Securities International Trade

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International Dealers and Issuers Offering Securities to Canadian Investors – New Developments in “Canadian Wrapper Exemptions”:...

On March 23, 2015, the British Columbia Securities Commission (BCSC) adopted BC Instrument 51-512 – Certain Private Placements (BCI 51-512), which provides certain disclosure exemptions in the case of securities offered to...more

Bridging the Week - April 2015 #4

Volcker Alliance Calls for CFTC and SEC Merger Among Other Financial Oversight Agencies’ Reform - A not-for-profit think tank headed by Paul Volcker, former Chairman of the Board of Governors of the Federal Reserve...more

King Arthur Week – the Pentecostal Oath and Code of Conduct – Part II

The foundational document of any Foreign Corrupt Practices Act (FCPA) compliance program is its Code of Conduct. This requirement has long been memorialized in the US Sentencing Guidelines, which contain seven basic...more

ESMA Call for Evidence on Investments Using Virtual Currency or Distributed Ledger Technology

On April 22, 2015, the European Securities and Markets Authority (ESMA) published a call for evidence on investments using virtual currency (vc) or distributed ledger technology. ESMA has been monitoring and analyzing VC...more

The DOJ Sends Strong Messages Regarding Corporate Cooperation in Criminal Matters

During prepared remarks in April 2015, Assistant Attorney General Leslie R. Caldwell discussed corporate cooperation in criminal FCPA investigations. AAG Caldwell emphasized that a company’s self-disclosure of issues to the...more

UAE Corporate Law Reform

The UAE has recently passed a new commercial companies law and approved some key changes to its public takeover regime. 1. New UAE Commercial Companies Law UAE Federal Law No. (2) of 2015 Concerning Commercial...more

UAE Issues New More Flexible 2015 Commercial Companies Law

The UAE continues to develop a more sophisticated corporate regulatory regime which has significant implications for government-owned companies, limited liability companies and joint stock companies. All companies are...more

"Shadow Banking and Financial Stability: Regulators Propose Framework for Nonbank Noninsurers"

On March 4, 2015, the Financial Stability Board (FSB) and the International Organization of Securities Commissions (IOSCO) issued a second consultation paper concerning the methodology they propose to use to identify nonbank...more

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

UCITS: New KIID Q&A - ESMA published revised Q&A’s on the KIID on 26 March 2015. The Q&A includes a new question on the treatment of past performance information in case of fund mergers....more

"French M&A: More Proactive Boards Could Improve Tender Offer Process"

Because many publicly listed companies in France have significant or controlling shareholders, public tender offers have the potential to create conflicts of interest within the board room. These conflicts arise whether the...more

Orrick's Financial Industry Week in Review

CFTC Issues Guidance for Swap Execution Facilities on the Calculation of Projected Operating Costs - On April 23, the CFTC issued guidance regarding the calculation of projected operating costs or expenses for the...more

Rating Agency Developments

On April 23, Fitch released its updated criteria for rating operational risk of U.S. servicers of RMBS and small balance commercial securities. On April 23, Fitch released its updated criteria for rating operational risk of...more

Corporate & Financial Weekly Digest - Volume X, Issue 16

In this issue: - SEC Committee to Focus on the Order Protection Rule at Upcoming Meeting - CFTC Issues No-Action Relief to SEFs and DCMs in Connection with Swaps with Operational or Clerical Errors - CFTC...more

Governance & Securities Law Focus: Asia Edition - April 2015

In this issue: - SEC Developments - Noteworthy US Securities Law Litigation - Recent SEC/DOJ Enforcement Matters - Executive Compensation & Employee Benefits Developments - Adoption of...more

New Capital Raising Alternatives for Non-SEC Reporting Companies: Regulation A+

Non-SEC Reporting US and Canadian companies may now raise up to $50 million in a 12-month period under an expanded exemption from the registration requirements of the Securities Act of 1933 (the “Securities Act”) under...more

Deutsche Bank Settles LIBOR Charges With FCA, DOJ, CFTC, NY State

Deutsche Bank paid $2.519 billion in fines and disgorgement, a subsidiary pleaded guilty to criminal charges and the parent entered into a three year deferred prosecution agreement which requires a monitor to resolve charges...more

Quarterly Investment Update – 1st Quarter 2015

Stock Market Commentary - Despite the stock market's nearly 6% surge in February following a bumpy January, March brought heightened volatility, which nearly dissolved the year-to-date gains. The S&P 500 finished the...more

NGO Study Outlines Best Practices for SEC Conflict Minerals Rule Compliance

On April 22, 2015, two human rights non-governmental organizations, Amnesty International and Global Witness, published a report, Digging for Transparency (the “Report”), analyzing compliance by US reporting companies with...more

New SEC Rules Allow Private Companies Access to Larger Amounts of Capital (Regulation A+)

Many companies should be able to take advantage of new SEC rules that will permit them to sell up to $50 million of securities to investors in a 12-month period without “going public.” TWO TIER SCHEME - Rules...more

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

Hong Kong – China Mutual Recognition Scheme (the “Scheme”) - An opportunity to market HK-domiciled and authorized funds to Mainland retail investors is starting to take shape. There is keen expectation that this Scheme...more

FCPA Enforcement – Watching the Enforcement River Flow

FCPA investigations are complex, time-intensive and far-reaching. They take time and resources. DOJ and the SEC have been criticized lately for failing to move their cases in a timely fashion. Criminal Division AAG Leslie...more

Lessons of the Deutsche Bank Story

Deutsche Bank, a German lender agreed to plead guilty and pay $2.5 billion to settle with regulators in the United States and the United Kingdom in connection with criminal charges that it rigged and manipulated the London...more

Opening the Market: An Update on Direct Investment into Listed Shares in Saudi Arabia

After years of speculation that the Saudi Stock Exchange (Saudi Tadawul) may be opening up for direct investment by foreigners into listed entities in Saudi Arabia, the Capital Market Authority of Saudi Arabia (CMA) published...more

This Week In Securities Litigation

The Department of Justice unsealed criminal charges against a U.K. trader who is alleged to have contributed to the flash crash almost five years ago. The trader is alleged to have manipulated the market for certain...more

FCPA Compliance and Ethics Report-Episode 153-Doing Compliance in an Economic Downturn [Video]

The energy industry is in turmoil from the drop in the price of oil from $100 down to around $50 per barrel. Many energy companies have laid off up to 30% of their workforce. What can you do from the compliance perspective...more

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