In this issue:

- Delaware Legislature Adopts Amendments to Delaware General Corporation Law

- Amendments to SEC Rules Regarding Broker Dealer Financial Responsibility and Reporting Requirements

- FINRA Issues FAQs Regarding TRACE Reporting

- CFTC Releases Rule Enforcement Review of the Chicago Mercantile Exchange and Chicago Board of Trade

- Ninth Circuit Remands “Say-on-Pay” Cases Back to State Court for Lack of Jurisdiction

- Southern District of New York Dismisses Complaint Against Madoff-Invested Fund

- ESMA Publishes Updated Q&A

- Excerpt from: Southern District of New York Dismisses Complaint Against Madoff-Invested Fund:

The US District Court for the Southern District of New York dismissed a complaint against J. Ezra Merkin and Gabriel Capital Corporation (together, Defendants), which together managed Ascot Fund Limited (Ascot), an offshore hedge fund. Plaintiff, a nonprofit, had invested in Ascot in 2002 and again in 2004. Ascot in turn invested substantially all of its assets with Bernard Madoff. Plaintiff asserted various claims, alleging that Defendants made material misrepresentations and omissions about Ascot’s investment strategies. In particular, Plaintiff alleged that Defendants breached their obligations by, among other things, ceding management of Ascot’s assets to Madoff without conducting adequate due diligence on Madoff and by ignoring red flags of Madoff’s fraud.

Please see full newsletter below for more information.

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Topics:  Bernie Madoff, Broker-Dealer, CFTC, Enforcement, ESMA, Financial Regulatory Reform, FINRA, Investment Funds, Jurisdiction, Ponzi Scheme, Reporting Requirements, Say-on-Pay, SEC

Published In: Civil Procedure Updates, General Business Updates, Finance & Banking Updates, Labor & Employment Updates, Securities Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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