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Securities Updates

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

The New Prospectus Regulation

by White & Case LLP on

Changes to Disclosure Requirements for Debt Capital Markets Transactions - On 20 July 2017 after its publication in the Official Journal on 30 June 2017, the new Prospectus Regulation ("PR3") entered into force. PR3...more

Delaware Code Amendments Increase Franchise Taxes for Corporations

Delaware Gov. John Carney recently signed into law amendments to the Delaware Code altering certain fees and franchise taxes charged by the Delaware secretary of state. The most significant of these amendments raises the...more

Saudi Arabia's Transformational Privatization Plans

by Dechert LLP on

The leadership of Saudi Arabia (the “KSA”) has embarked on a bold transformation strategy to revitalize KSA’s economy and to position it for the demographic and economic challenges that lie ahead. The flagship transaction for...more

Sustainable Investment Products

by Miles & Stockbridge P.C. on

Green Bonds and Social Impact Bonds are examples of sustainable investment products. These investments are issued with a particular sustainable purpose in mind....more

France Introduces New Legal Regime for Security Agents in Debt Financings

by Latham & Watkins LLP on

Syndicated financings with French security will likely adopt the new regime for security agent appointment once it takes effect on 1 October 2017. Key Points... Please see full Alert below for more information. ...more

United States v. Allen and the Taint of Compelled Testimony in Cross-Border Enforcement Actions

In a decision likely to cause global reverberations in the realm of cross-border enforcement, the US Court of Appeals for the Second Circuit has vacated the convictions and indictment in the first US criminal appeal related...more

FINRA and the MSRB Issue FAQs on Bond Mark-Up Disclosure

by WilmerHale on

On July 12, 2017, the Financial Industry Regulatory Authority (FINRA) and the Municipal Securities Rulemaking Board (MSRB) published new implementation guidance on the bond mark-up disclosure requirements set to take effect...more

Federal Banking Agencies Announce No-action Position on Certain Foreign Excluded Funds Under the Volcker Rule

by Morrison & Foerster LLP on

Section 13 of the Bank Holding Company Act of 1956, as amended, and its implementing regulations (the “Volcker Rule”) generally prohibit a “banking entity” from engaging in proprietary trading and from investing in,...more

Stressing Value is a better proposition than stressing cost

by Ary Rosenbaum on

Retirement plan providers need to look at their fees and determine what work they are doing for their retirement plan clients because like me, they may try to break down their plan expenses into a day rate and try to figure...more

SEC Updates Regulatory Flex Agenda, Tables Dodd-Frank Rules on Executive Compensation Disclosure

by Dorsey & Whitney LLP on

The SEC’s semi-annual update of its rulemaking docket was released on July 20. Overall, the SEC has cut its rulemaking agenda by about half under the Trump administration. A number of long-anticipated Dodd-Frank...more

Checklist for Strengthening Your Defenses to 401(k) Plan Class Actions

The last ten years have seen a proliferation of high-profile class actions alleging breach of ERISA fiduciary duties of prudence and loyalty against plan fiduciaries. The claims are usually based upon alleged excessive...more

Hong Kong court appoints receivers to preserve assets in aid of arbitral proceedings in China

by Hogan Lovells on

The Hong Kong High Court has appointed receivers over shares in a Hong Kong company as an interim measure to preserve the status quo and the value of the shares, pending the outcome of CIETAC arbitration proceedings in...more

ESOPs in Iowa Gone Wrong

by Davis Brown Law Firm on

What is an ESOP? An Employee Stock Ownership Plan (ESOP) is an employee benefit plan designed to give company stock to its employees. ...more

The US Tax Court Rejects IRS Position That Non-US Partners Are Taxed on Sales of Partnership Interests

by Shearman & Sterling LLP on

The US Tax Court earlier this month issued a decision that rejected a 25-year old IRS Revenue Ruling and held that gain from the sale or other disposition by a non-US person of an interest in a partnership that is engaged in...more

Lucia appeals D.C. Circuit ruling to Supreme Court

by Ballard Spahr LLP on

On July 21, 2017, an investment adviser sought review by the Supreme Court of the D.C. Circuit’s recent ruling in Lucia that allowed to stand a district court decision holding that SEC administrative law judges (“ALJs”) are...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The Fed’s Open Markets Committee meets today, and despite relatively robust economic numbers of late, the lack of oped-for inflation (among other things) is likely to keep the Fed from moving on interest rates again at this...more

The FinTech Revolution: Enforcement Actions Brought against FinTech Companies and Their Implications

by Blank Rome LLP on

This is the second installment in a series of articles. For an understanding of FinTech products and services and how they are disrupting the financial services industry. As law enforcement authorities and government...more

Big Changes Coming to the Form and Substance of Auditor’s Reports

In early June, the PCAOB adopted a new auditing standard (AS No. 3101) that will fundamentally change the format and substance of the audit reports provided by outside auditors to their public company clients. This is big...more

FSOC to Review Volcker Rule; Regulators Defer Enforcement for Foreign Funds

On Friday, July 28, 2017, Treasury Secretary Mnuchin will preside over an executive session of the Financial Stability Oversight Council (Council) at the Treasury Department. The preliminary agenda includes a discussion about...more

Day 16 of One Month to More Effective Internal Controls-COSO’s Objectives and Principles-Risk Assessments

by Thomas Fox on

The Integrated Framework (Framework Volume) recognizes that “every entity faces a variety of risks from external and internal sources.” This objective is designed to provide a company with a “dynamic and iterative process for...more

Blog: What’s Happening With Those SEC Proposals For Dodd-Frank Clawbacks And Disclosure Of Pay For Performance And Hedging?...

by Cooley LLP on

The SEC’s latest Regulatory Flexibility Agenda, which identifies those regs that the SEC intends to propose or adopt in the coming year— and those deferred for a later time—has now been posted. The Agenda shifts to the...more

Wyoming Mid-Sized Advisers Can No Longer Register with the SEC

Wyoming required investment advisers to register with the state for the first time on July 1, 2017. Wyoming’s decision primarily affects those Wyoming-based advisers with between $25 million and $100 million in assets under...more

SCOTUS Update: Environmental and Administrative Law Cases Decided in 2017

The 2016 Term of the U.S. Supreme Court was fairly quiet, perhaps reflecting the fact that with only eight members, the Court needed a working consensus to handle its docket. The Court handed down seventy rulings, but only a...more

12 O'clock High, a Podcast on Business Leadership- Leadership Lessons from Toussaint Louverture

by Thomas Fox on

In this episode, Richard Lummis and I explore leadership lessons from Toussaint Louverture, who held the only successful slave revolt in the Western Hemisphere. Our remarks are based on the recent biography of him entitled,...more

A Review of Recent Whistleblower Developments

by Foley & Lardner LLP on

Whistleblower Developments is a periodic report covering significant cases, decisions, proposals, and legislation related to whistleblower statutes and how they may impact your business. ...more

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