Two recent U.S. appellate court decisions have clarified the extent to which the First Amendment protects the social media activities of government employees. In Gresham v. City of Atlanta, the Court of Appeals for the Eleventh…more
The Third Circuit in In re KB Toys, Inc. recently affirmed a decision of the Delaware District Court, holding that trade claims are subject to disallowance under section 502(d) of the Bankruptcy Code despite their subsequent…more
FINRA recently announced a disciplinary proceeding that underscores its continuing concerns about unsuitable retail sales of structured products. In a recently settled formal disciplinary proceeding, FINRA censured a registered…more
For the two million Californians who have left the state in the past decade, Texas has been the most popular destination. Further, 254 California companies moved some or all of their work and jobs out of state— frequently to…more
Real Estate Investment Trusts (“REITs”) are endlessly inventive. They were first developed in the 1960s as a means for ordinary retail investors to hold interests in real estate. The REIT market has waxed and waned over the…more
The Delaware court of chancery held recently that control over a target company’s attorney-client privileged communications, including communications between the target company’s counsel and its pre-merger stockholders, passes…more
The SEC’s Division of Investment Management provided advisers to venture capital funds with guidance on fund structures that do not jeopardize an adviser’s ability to rely on the exemption from registration provided by Section…more
The United States House of Representatives passed a bill on December 4, 2013, that would restore an exemption from registration to advisers of certain private equity funds that limit leverage, an attempt to undo another…more
Recently posted Compliance and Disclosure Interpretations follow.
Question 260.14 -
Question: When is an issuer required to determine whether bad actor disqualification under Rule 506(d) applies?…more
Section 1: Basel III implementation -
1.1 How advanced is Basel III implementation in your jurisdiction?
The Japan Financial Services Agency (JFSA) has issued the following revised notifications: Notification 19 of…more
In This Issue:
Launching an Exempt Structured Products Program in the United States: Issues for Non-U.S. Banks to Consider; “Big-Boy Letters” Revisited: Pharos Decision Upheld by the Sixth Circuit.; SEC Addresses…more
Mitchell A. Newmark is a partner at Morrison & Foerster LLP and is concentrated on state and local tax litigation and appeals before administrative and judicial bodies around the country. Newmark also advises companies and…more
On November 28, 2013, the European Supervisory Authorities (“ESAs”) issued a joint paper (the “Joint Position”) setting out eight high level principles, intended to form a harmonised, cross-sector approach to the regulation of…more
Contractual provisions giving a website operator the unilateral right to change its end user terms of service are ubiquitous and appear in the online terms of many major social media sites and other websites, including Facebook,…more
As participation in the U.S. Citizen and Immigration Services (USCIS) Immigrant Investor Program or “EB-5 program” grows, regulatory interest is showing a commensurate uptick. On November 20, 2013, Associate Director Stephen…more
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