Goodwin Procter LLP

Exchange Place 53 State Street
Boston, MA 02109, United States

  • 617.570.1000
  • 617.523.1231

Financial Services Weekly News Roundup - September 2014

In This Issue: The CFTC provided long-awaited exemptive relief for commodity pool operators that wish to offer their funds in private offerings using general solicitation under Rule 506(c) of the SEC’s Regulation D…more
| Commercial Law & Contracts, Finance & Banking, Securities Law

Wynn for the Win in the Fight for Boston-Area Casino License

After morning presentations by both Mohegan Sun and Wynn, the Commissioners continued their final deliberations of the two applicants for the sole Boston-area casino license, and voted today 3-1 to award the license to Wynn MA…more
| Art, Entertainment, & Sports Law

Massachusetts Gaming Commission Continues Evaluation and Asks to Hear More From Applicants

Last week, the Massachusetts Gaming Commission announced that it was “rapidly approaching the completion of the Evaluation Process” for the Region A resort-casino license applications submitted by Wynn and Mohegan Sun. The…more
| Art, Entertainment, & Sports Law, Zoning, Planning & Land Use

ISS Introduces Equity Plan Data Verification Web Site for U.S. Companies

As a supplement to its existing QuickScore data verification portal, ISS has announced a new Equity Plan Data Verification portal. Equity Plan Data Verification will provide eligible companies with an opportunity to preview,…more
| Commercial Law & Contracts, Science, Computers, & Technology

SEC Staff Grants No-Action Relief for Advisory Fee Rebate

The staff of the SEC’s Division of Investment Management (the “Staff”) granted no-action relief with respect to the rebate of advisory fees by Amerivest Investment Management, LLC (the “Adviser”) to eligible clients for which it…more
| Finance & Banking, Securities Law

SEC Settles With Hedge Fund Adviser Over Trade Allocations and Disclosures Regarding Trading and Investment Strategies

The SEC settled administrative proceedings against Structured Portfolio Management, L.L.C., a hedge fund adviser (the “Adviser”), and two of its affiliated advisers, SPM Jr., L.L.C. (“Adviser A”) and SPM IV, L.L.C. (“Adviser…more
| Finance & Banking, Securities Law

Odds Continue to Favor the House on Proposed Casino Repeal in Massachusetts

After a summer of no polling on the ballot initiative to repeal the Massachusetts gaming law (Question 3), pollsters announced the results of three polls in the last week of August and the first week of September. All three…more
| Art, Entertainment, & Sports Law, Elections & Politics

OCC Issues Final Guidelines Calling for Heightened Standards for Governance and Risk Management of Large Financial Institutions

The OCC issued final guidelines (the “Final Guidelines”) that call for strengthened governance and risk management practices at the following categories of large financial institutions with $50 billion or more in average total…more
| Finance & Banking

Responsible Mercury Management Post-MEBA

Several domestic industries have historically produced elemental mercury as either a main product or a byproduct of their operations. This mercury has typically been sold to third parties that have utilized it in the production…more
| Environmental Law, International Law & Trade, Toxic Torts

Limits of Expansive Protection of New York’s In Pari Delicto Defense

Whenever a company tumbles into bankruptcy following the discovery of its management’s financial misdeeds, firms that provided the company with accounting, legal, banking and financial advisory services should prepare to defend…more
| Bankruptcy, Civil Procedure, Business Torts, Professional Malpractice

The Woodward Case: Guidance to Trustees on Their Duties Under the Massachusetts Prudent Investor Act

The Massachusetts Supreme Judicial Court recently ruled that, with few exceptions, trustees have a duty to invest with inflation in mind. While not required to follow an investment advisor’s guidance, they can’t ignore the…more
| Constitutional Law, Education, Wills, Trusts, & Estate Planning

SEC Staff Grants Relief for Adjustment to Mutual Fund Subadvisory Fee Without Shareholder Approval

The staff of the SEC’s Division of Investment Management (the “Staff”) granted no-action relief for the implementation of an adjustment in the fee paid by a mutual fund’s adviser to the fund’s subadviser, without shareholder…more
| Administrative Law, Civil Remedies, Commercial Law & Contracts, Finance & Banking, Securities Law

SEC Adopts Final Credit Rating Agency Rules

The SEC adopted new rules and rule amendments (collectively, the “Final Rules”) that impose a range of additional requirements on credit rating agencies registered as nationally recognized statistical rating organizations…more
| Commercial Law & Contracts, Finance & Banking, Securities Law

SEC Adopts Revisions to Asset-Backed Securities Regime

The SEC announced that it adopted new rules and rule amendments (collectively, the “Final Rules”) that revise the offering process, disclosure and reporting requirements for publicly-offered asset-backed securities (“ABS”). In…more
| Finance & Banking, Securities Law

Bank Settles With OFAC Regarding Civil Action for Apparent Violation of Sudanese Sanctions Regulations

The Office of Foreign Assets Control (“OFAC”) posted a summary of a settlement with a bank (the “Bank”) relating to a transaction that OFAC alleged was processed by the Bank in violation of OFAC’s Sudanese Sanctions Regulations…more
| Commercial Law & Contracts, Finance & Banking, International Law & Trade
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