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Francesca Albert	The Supreme Arbitrazh Court Clarifies Russian Public Policy The Presidium of the Supreme Arbitrazh Court (“SAC”) recently published Information Letter No. 156 approving the Review of the Arbitrazh Courts’ Practice of Considering Cases Concerning the Application of Public Policy as a…more Arbitration Agreements, Arbitration Awards, Enforcement, Public Policy	See All Updates »
Samer Amro	International Employment Law Review - January 2013, Issue 3 Welcome to the latest edition of the International Employment Law Review, presented by Dechert’s Labor and Employment Practice. In this issue, we examine the most significant employment law developments of the year thus far in…more ADA, Classification, International Labor Laws, NLRB, Paid Leave	See All Updates »
Jonah Anderson	HM Revenue & Customs - Tax Evasion Enforcement There has been much publicity regarding tax avoidance of late in the UK. In the age of austerity, tax avoidance by companies is scruitnised by the press and is a hot topic with the public…more Criminal Prosecution, Customs, EU, Tax Avoidance, Tax Evasion	See All Updates »
Jonathan Angell	London Stock Exchange to Introduce New High Growth Segment of the Main Market Background - The Department for Business, Innovation and Skills (‘BIS’) announced in September 2012 that it had developed proposals with the London Stock Exchange (the ‘LSE’) to attract high growth companies to list their…more Disclosure Requirements, EU, Foreign Corporations, Foreign Investment, High Growth Segment	See All Updates »
David Ansell	U.S. Federal Reserve Board Proposes Major Changes in How the U.S.Operations of Foreign Banks and Their Subsidiaries Are Supervised While several foreign banking organizations (“FBOs”) were restructuring their U.S. presence to reduce the impact of U.S. regulation, the Board of Governors of the Federal Reserve System (“Board”) recently countered with proposed…more Bank Holding Company, Broker-Dealer, Federal Reserve, Foreign Banks, Investment Adviser	See All Updates »
Irene Ayzenberg-Lyman	Pending Bill Would Expand FTC Powers Over Drug Patent Settlements and Alter the Legal Test Key Points: - This month several U.S. Senators introduced the Preserve Access to Affordable Generics Act. There is no similar bill pending in the U.S. House. - The Act revives legislative efforts to wipe out the…more Drug Manufacturers, Enforcement, FTC, Infringement, Patents	See All Updates »
Adrienne Baker	Financial Services Quarterly Report - First Quarter 2013: FATCA: Next Steps for Asset Managers The U.S. Department of the Treasury (“Treasury”) and the U.S. Internal Revenue Service (“IRS”) released final regulations (“Regulations”) on January 17, 2013 implementing the Foreign Account Tax Compliance Act (“FATCA”).1…more Asset Management, Due Diligence, FATCA, FFI, Intergovernmental Agreements	See All Updates »
Andrea Baron	Upcoming Form PF Filing Deadline: April 30 As you are no doubt aware, the next Form PF filing deadline is nearly upon us. For many of you, this means making a Form PF filing on or before April 30, 2013…more Deadlines, Form PF	See All Updates »
Linda Ann Bartosch	Municipalities Continue to Advance Plans to Use Eminent Domain to Seize Underwater Residential Mortgages A number of industry groups1 (the “Industry Groups”) raised concerns recently when Mortgage Resolution Partners (“MRP”) entered into contracts with two additional municipalities to formalize the use of eminent domain programs to…more Eminent Domain, Fifth Amendment, Investors, Mortgages, Municipalities	See All Updates »
Maryana Batalova	CIS Legal Updates - May 2013: Litigation Updates Recent rulings by Russia’s Supreme Arbitrazh (Commercial) Court (SAC) have clarified dispute resolution procedural issues in Russian courts. In particular, the following resolutions were adopted..…more Broadcasting, Dispute Resolution, Judicial Proceedings, Media, Summary Judgment	See All Updates »
Gillian Baxter	Real World - Spring 2013: When can tenants escape liability for terminal dilapidations? Most leases require the tenant to leave the property in a good state of repair at the end of the term. The amount of damages the landlord can recover if the works are not done is limited by section 18 of the Landlord and Tenant…more Commercial Tenants, Damages, Landlords, Liability, Property Damage	See All Updates »
Alan Berkowitz	February 2013 U.S. Labor and Employment Update In This Issue: - Supreme Court to Address “Changing Clothes” under the FLSA - First Appellate Court Decision on FLSA’s Nursing Mother Provision - Courts Continue Trend in Favor of Class Waivers in Arbitration…more Arbitration Agreements, Breastfeeding, Class Action Arbitration Waivers, Discrimination, Doffing	See All Updates »
Jamiee Bickel	Marks and Spencer's use of INTERFLORA trade marks as Google AdWords is held to constitute trade mark infringement by UK High Court The UK High Court handed down its judgment in the long running Google AdWords case, Interflora v Marks and Spencer on 21 May 2013. Mr Justice Arnold has found that Marks and Spencer's bidding on various INTERFLORA trade marks as…more Advertising, AdWords, Brand, EU, Google	See All Updates »
Caroline Black	HM Revenue & Customs - Tax Evasion Enforcement There has been much publicity regarding tax avoidance of late in the UK. In the age of austerity, tax avoidance by companies is scruitnised by the press and is a hot topic with the public…more Criminal Prosecution, Customs, EU, Tax Avoidance, Tax Evasion	See All Updates »
Gus Black	AIFMD: Impact on US Investment Advisers - June 2013: Delegating to an EEA based sub-adviser In cases where a US investment adviser appoints an EEA sub-adviser, the parties concerned will need to analyse which entity will be the AIFM. Whether such arrangements relate to group entities or third parties, the parties may…more AIFM, AIFMD, Alternative Investment Funds, EEA, EU	See All Updates »
Krystyna Blakeslee	Dechert's OnPoint: Underwater Mortgages Deserve More than Eminent Domain Mortgage Resolution Partners (“MRP”), a San Francisco-based venture-capital firm, continues to actively market its proposal to assist homeowners with underwater performing mortgage loans held in private label securitization by…more Eminent, Investors, Mortgages, Underwater Homeowners, Venture Capital	See All Updates »
Timothy Blank	SEC and CFTC Issue Identity Theft Red Flags Rules Applicable to Financial Institutions and Creditors The SEC and CFTC recently issued joint Identity Theft Red Flags Rules (the “Rules”), which are rules and guidelines requiring certain financial institutions worldwide to adopt comprehensive data security programs to detect red…more Broker-Dealer, CFTC, CPO, Data Protection, FCMs	See All Updates »
Andrew Bloom	Significant Changes Made in Final FATCA Regulations On January 17, 2013, the U.S. Department of the Treasury (“Treasury”) and the U.S. Internal Revenue Service (the “IRS”) released final regulations (the “Regulations”) implementing foreign account reporting provisions of the U.S…more Collateralized Debt Obligations, Due Diligence, FATCA, FFI Agreements, Foreign Financial Accounts	See All Updates »
James E.B. Bobseine	2013 Examination Priorities of the U.S. SEC’s Office of Compliance Inspections and Examinations The Office of Compliance Inspections and Examinations (“OCIE”) of the Securities Exchange Commission (“SEC”) on February 21, 2013 announced its examination priorities for this year. These highlight market-wide issues such as…more Broker-Dealer, Clearing Agents, Conflicts of Interest, Fraud, Investment Adviser	See All Updates »
Christopher Boisvert	The Supreme Court of Pennsylvania in Butler Affirms the Long-Standing Dunham Rule and Brings Certainty to Marcellus Shale Natural Gas Rights The Supreme Court of Pennsylvania in Butler v. Charles Powers Estate1 unanimously reversed the ruling of the Superior Court which held that an evidentiary hearing “complete with expert, scientific testimony” is necessary to…more Dunham Rule, Expert Testimony, Marcellus Shale, Minerals, Natural Gas	See All Updates »
Catherine Botticelli	SEC Targets Another Fund Board in Recent Enforcement Case The U.S. Securities and Exchange Commission (“SEC”) recently issued an Order Instituting Proceedings (“Order”) against the administrator and compliance services provider, as well as current and former members of the boards of…more Board of Trustees, Compliance, Disclosure Requirements, Enforcement, Penalties	See All Updates »
Steven Bradbury	HSR Filing Threshold Increases to $70.9 Million The Federal Trade Commission (“FTC”) announced on January 10, 2013 that the dollar-based thresholds applicable to the Hart-Scott-Rodino (“HSR”) premerger notification program will be raised 4.0 percent from the 2012 levels. As a…more Directors, FTC, Hart-Scott-Rodino Act, Officers, The Clayton Act	See All Updates »
Laura Brank	CIS Legal Update - May 2013: Cyprus Bailout: Legal Issues Arising Many with significant balances in certain Cyprus banks are going to suffer substantial losses as a result of the terms of the Cyprus bailout and the restructuring of the Bank of Cyprus and Laiki Bank. Account holders will…more Breach of Duty, Cyprus Bailout, Misrepresentation	See All Updates »
Kristopher Brown	SEC Report Embraces Communications through Social Media The Securities and Exchange Commission (SEC) issued a report on April 2, 2013 concerning its investigation into the use of social media by public companies in the United States (Report). The Report confirms that a public company…more	See All Updates »
Margaret Budnik	Basel Committee’s Proposed Revisions to the Securitization Framework The Basel Committee on Banking Supervision (the “Basel Committee”) published a consultative document, “Revisions to the Basel Securitisation Framework” (the “Proposed Revisions”) on December 18, 2012, which proposes substantial…more Basel Committee, Capital Requirements, Credit Ratings, Risk Management, Securitization Vehicles	See All Updates »
Carolyn Budzinski	Cables Sliced on Class Action in Comcast Corp. v. Behrend Key Points - - Comcast Corp. v. Behrend clarifies that the Court's 2011 decision in Wal-Mart v. Dukes, which requires an inquiry into the merits to the extent necessary to resolve Rule 23 issues, extends to antitrust…more Class Action, Class Certification, Comcast, Comcast v. Behrend, Daubert Ruling	See All Updates »
C.B. Buente	HSR Filing Threshold Increases to $70.9 Million The Federal Trade Commission (“FTC”) announced on January 10, 2013 that the dollar-based thresholds applicable to the Hart-Scott-Rodino (“HSR”) premerger notification program will be raised 4.0 percent from the 2012 levels. As a…more Directors, FTC, Hart-Scott-Rodino Act, Officers, The Clayton Act	See All Updates »
Ashley Burden	DOJ and SEC Scrutinize Potential Misuse of Rule 10b5-1 Trading Plans by Corporate Directors Affiliated with Investment Advisers Over the past four years, the U.S. Department of Justice (“DOJ”) and U.S. Securities and Exchange Commission (“SEC”) have focused on insider trading involving private funds as one of their key targets in the fight against white…more DOJ, Insider Trading, Investigations, Private Funds, Rule 10b-5	See All Updates »
Jennifer Burdick	February 2013 U.S. Labor and Employment Update In This Issue: - Supreme Court to Address “Changing Clothes” under the FLSA - First Appellate Court Decision on FLSA’s Nursing Mother Provision - Courts Continue Trend in Favor of Class Waivers in Arbitration…more Arbitration Agreements, Breastfeeding, Class Action Arbitration Waivers, Discrimination, Doffing	See All Updates »
Jason Butwick	European Securities and Markets Authority Guidelines on Sound Remuneration Policies under the AIFMD More than seven months after publishing its consultation paper, the European Securities and Markets Authority (ESMA) recently published final guidelines (Guidelines) on sound remuneration policies under the Alternative…more AIFM, AIFMD, Alternative Investment Funds, Carried Interest, Co-Investment Rights	See All Updates »
Susan M. Camillo	401(k) Plans—Potential Commodity Pool Issues in the United States Under the rules of the Commodity Futures Trading Commission (“CFTC”), certain collective investment vehicles and other entities that, directly or indirectly, invest in “commodity interests” may be “commodity pools” whose…more 401k, CFTC, Commodity Pool, CPO, NFA	See All Updates »
Stephanie Capistron	SEC Targets Another Fund Board in Recent Enforcement Case The U.S. Securities and Exchange Commission (“SEC”) recently issued an Order Instituting Proceedings (“Order”) against the administrator and compliance services provider, as well as current and former members of the boards of…more Board of Trustees, Compliance, Disclosure Requirements, Enforcement, Penalties	See All Updates »
Christopher Carlson	Update on Lifting of SEC Moratorium on Active ETF Use of Derivatives The staff of the U.S. Securities and Exchange Commission (the “SEC”) released no action relief (the “Letter”) addressed to recipients of 18 prior orders (the “Prior Orders”) granting exemptive relief to launch actively-managed…more CFTC, ETFs, Moratorium, No-Action Letters, SEC	See All Updates »
Brenden Carroll	SEC Proposes Sweeping Amendments to Rules Governing Money Market Funds The U.S. Securities and Exchange Commission (SEC or Commission) on June 5, 2013 proposed for public comment sweeping amendments to Rule 2a-7 under the Investment Company Act of 1940 and other rules relating to money market funds…more Amended Regulation, Asset Diversification, Disclosure Requirements, Exemptions, Fees	See All Updates »
Albert Chen	Upcoming Form PF Filing Deadline: April 30 As you are no doubt aware, the next Form PF filing deadline is nearly upon us. For many of you, this means making a Form PF filing on or before April 30, 2013…more Deadlines, Form PF	See All Updates »
Matthew Clark	CLO Update: New FDIC Rules on "Higher Risk Securitizations" The FDIC's new rules (promulgated per the requirements of the Dodd-Frank Act) for calculating deposit insurance assessments for insured depository institutions, including "large institutions" and "highly complex institutions,"…more Asset-Based Methodology, CAMELS, Collateralized Loan Obligations, Dodd-Frank, FDIC	See All Updates »
Robert Cohen	CIS Legal Update - May 2013: Cyprus Bailout: Legal Issues Arising Many with significant balances in certain Cyprus banks are going to suffer substantial losses as a result of the terms of the Cyprus bailout and the restructuring of the Bank of Cyprus and Laiki Bank. Account holders will…more Breach of Duty, Cyprus Bailout, Misrepresentation	See All Updates »
Stephen Cohen	SEC Proposes Sweeping Amendments to Rules Governing Money Market Funds The U.S. Securities and Exchange Commission (SEC or Commission) on June 5, 2013 proposed for public comment sweeping amendments to Rule 2a-7 under the Investment Company Act of 1940 and other rules relating to money market funds…more Amended Regulation, Asset Diversification, Disclosure Requirements, Exemptions, Fees	See All Updates »
Karen Coppens	Deferred Prosecution Agreements: A Powerful New Tool for UK Prosecutors? The Crime and Courts Bill which received Royal Assent on 25 April 2013 has introduced a new enforcement tool in the UK for fraud, bribery and money laundering offences. The Crime and Courts Act 2013 (the “Act”) which is expected…more Deferred Prosecution Agreements, Enforcement, EU	See All Updates »
MIke Cowie	Pending Bill Would Expand FTC Powers Over Drug Patent Settlements and Alter the Legal Test Key Points: - This month several U.S. Senators introduced the Preserve Access to Affordable Generics Act. There is no similar bill pending in the U.S. House. - The Act revives legislative efforts to wipe out the…more Drug Manufacturers, Enforcement, FTC, Infringement, Patents	See All Updates »
Barbara Cronin	Financial Services Quarterly Report - First Quarter 2013: The UCITS Agenda The first item on the UCITS agenda for 2013 – the ESMA Guidelines on ETFs and Other UCITS Issues (the “Guidelines”) – has gone live. This article provides an update and clarity around the recently finalised Guidelines2 since the…more AIFM, AIFMD, Commodities, Derivatives, EFTs	See All Updates »
Scott Curtis	Real World - May 2013: Residential service charges – mixed news for landlords on statutory consultation The decisions in Phillips & Goddard v Francis and Daejan Investments Ltd v Benson cause further uncertainty in already muddied waters for landlords seeking to pass on the cost of works to residential tenants…more EU, Landlords, Renovations, Repairs, Service Charges	See All Updates »
Elliott Curzon	Investment Portals Addressed in SEC Staff Guidance Under JOBS Act; No-Action Letters Also Issued Technology has spawned the formation of new internet-based marketplaces for illiquid and restricted securities. In most instances, these markets are operated by entities registered with the U.S. Securities and Exchange…more AngelList, Broker-Dealer, Fundersclub.com, Funding Portal, Investors	See All Updates »
Karen Daly	The Supreme Court of Pennsylvania in Butler Affirms the Long-Standing Dunham Rule and Brings Certainty to Marcellus Shale Natural Gas Rights The Supreme Court of Pennsylvania in Butler v. Charles Powers Estate1 unanimously reversed the ruling of the Superior Court which held that an evidentiary hearing “complete with expert, scientific testimony” is necessary to…more Dunham Rule, Expert Testimony, Marcellus Shale, Minerals, Natural Gas	See All Updates »
Diane Siegel Danoff	New U.S. Laws Criminalize Theft of Quantitative Trading and Investment Models and Other Trade Secrets and Dramatically Increase Potential Monetary Penalties for Thefts Which Benefit Non-U.S. Entities Introduction - The U.S. Congress recently passed two laws that raise the stakes dramatically for employees of financial services firms and anyone else who misappropriates trade secrets, including source code and other…more Criminal Prosecution, Damages, Economic Espionage Act, Injunctions, Penalty Enhancements	See All Updates »
Carl de Brito	Private Equity - Winter/Spring 2013 In This Issue: - ILPA Guidelines Have Noticeable Impact - Extracting Tax Value in Debt Refinancings and Modifications - Private Equity and Venture Capital Investing in China: Exit Strategy and Circular 698 - BDCs…more ILPA Guidelines, Private Equity, Private Equity Funds, Venture Capital	See All Updates »
Nicholas DiLorenzo	SEC and CFTC Issue Identity Theft Red Flags Rules Applicable to Financial Institutions and Creditors The SEC and CFTC recently issued joint Identity Theft Red Flags Rules (the “Rules”), which are rules and guidelines requiring certain financial institutions worldwide to adopt comprehensive data security programs to detect red…more Broker-Dealer, CFTC, CPO, Data Protection, FCMs	See All Updates »
Argia DiMarco	The Supreme Court of Pennsylvania in Butler Affirms the Long-Standing Dunham Rule and Brings Certainty to Marcellus Shale Natural Gas Rights The Supreme Court of Pennsylvania in Butler v. Charles Powers Estate1 unanimously reversed the ruling of the Superior Court which held that an evidentiary hearing “complete with expert, scientific testimony” is necessary to…more Dunham Rule, Expert Testimony, Marcellus Shale, Minerals, Natural Gas	See All Updates »
Patrick D. Dolan	Municipalities Continue to Advance Plans to Use Eminent Domain to Seize Underwater Residential Mortgages A number of industry groups1 (the “Industry Groups”) raised concerns recently when Mortgage Resolution Partners (“MRP”) entered into contracts with two additional municipalities to formalize the use of eminent domain programs to…more Eminent Domain, Fifth Amendment, Investors, Mortgages, Municipalities	See All Updates »
J. Ian Downes	February 2013 U.S. Labor and Employment Update In This Issue: - Supreme Court to Address “Changing Clothes” under the FLSA - First Appellate Court Decision on FLSA’s Nursing Mother Provision - Courts Continue Trend in Favor of Class Waivers in Arbitration…more Arbitration Agreements, Breastfeeding, Class Action Arbitration Waivers, Discrimination, Doffing	See All Updates »
Andrey Dukhin	CIS Legal Update - May 2013: New Orders Adopted to Facilitate the Activity of the Central Depository A number of orders were adopted in the second part of 2012 by the Federal Service for Financial Markets (the “FSFM”) in order to facilitate the activity of the central depository of the Russian Federation (the “Central…more Central Depository, FSFM	See All Updates »
Olivier Dumas	Financial Services Quarterly Report - First Quarter 2013: The Regulation of Managers and Funds in France Following the Implementation of the AIFM Directive The French financial regulator, the Autorité des Marchés Financiers (“AMF”), hosted a public presentation on 17 January 2013 for French asset management industry professionals, regarding the implementation of the Alternative…more AIFM, Alternative Investment Funds, EU, Fund Managers, Investment Funds	See All Updates »
Daniel Dunn	Private Equity - Winter/Spring 2013 In This Issue: - ILPA Guidelines Have Noticeable Impact - Extracting Tax Value in Debt Refinancings and Modifications - Private Equity and Venture Capital Investing in China: Exit Strategy and Circular 698 - BDCs…more ILPA Guidelines, Private Equity, Private Equity Funds, Venture Capital	See All Updates »
Conor Durkin	Irish Central Bank Opens Its Door for AIFMD Business The Central Bank of Ireland (Central Bank) is now accepting applications for authorisation under the Alternative Investment Fund Managers Directive (AIFMD) on an informal basis. Applications can be made on the Central Bank’s…more AIFM, AIFMD, EU, Risk Management	See All Updates »
Linda Dwoskin	February 2013 U.S. Labor and Employment Update In This Issue: - Supreme Court to Address “Changing Clothes” under the FLSA - First Appellate Court Decision on FLSA’s Nursing Mother Provision - Courts Continue Trend in Favor of Class Waivers in Arbitration…more Arbitration Agreements, Breastfeeding, Class Action Arbitration Waivers, Discrimination, Doffing	See All Updates »
Karl Paulson Egbert	Financial Services Quarterly Report - First Quarter 2013: FATCA: Next Steps for Asset Managers The U.S. Department of the Treasury (“Treasury”) and the U.S. Internal Revenue Service (“IRS”) released final regulations (“Regulations”) on January 17, 2013 implementing the Foreign Account Tax Compliance Act (“FATCA”).1…more Asset Management, Due Diligence, FATCA, FFI, Intergovernmental Agreements	See All Updates »
Steven Engel	The United States Supreme Court Will Review the Scope of Federal Preclusion of State Securities Claims On January 18, 2013, the United States Supreme Court granted certiorari to resolve a circuit split concerning the extent to which the Securities Litigation Uniform Standards Act of 1998 (“SLUSA”) preempts state law claims that…more Brokers, Equity Securities, Federal Preclusion, Fraud, Investors	See All Updates »
Kate Ericsson	White House Issues Executive Order on CyberSecurity The Obama Administration has long expressed concerns about the vulnerability of America’s critical infrastructure to cyber-attack. On February 12, 2012, the day of the President’s State of the Union address, the Administration…more Barack Obama, Critical Infrastructure Sectors, Cybersecurity, Cybersecurity Framework, DHS	See All Updates »
Lloyd Firth	Deferred Prosecution Agreements: A Powerful New Tool for UK Prosecutors? The Crime and Courts Bill which received Royal Assent on 25 April 2013 has introduced a new enforcement tool in the UK for fraud, bribery and money laundering offences. The Crime and Courts Act 2013 (the “Act”) which is expected…more Deferred Prosecution Agreements, Enforcement, EU	See All Updates »
Owen C.J. Foster	SEC and CFTC Issue Identity Theft Red Flags Rules Applicable to Financial Institutions and Creditors The SEC and CFTC recently issued joint Identity Theft Red Flags Rules (the “Rules”), which are rules and guidelines requiring certain financial institutions worldwide to adopt comprehensive data security programs to detect red…more Broker-Dealer, CFTC, CPO, Data Protection, FCMs	See All Updates »
Vernon Francis	Ninth Circuit Affirms Conviction in Harkonen, Rejects the Defendant’s “Off-Label” First Amendment Challenge On March 4, 2013, a panel of the United States Court of Appeals for the Ninth Circuit issued its opinion in United States v. Harkonen,1 a case in which the CEO of a pharmaceutical company was prosecuted for transmitting…more First Amendment, Free Speech, Marketing, Off-Label Promotion, Off-Label Use	See All Updates »
Richard Frase	Financial Services – Update on UK and European Regulatory Developments - May 2013 This update summarises current regulatory developments impacting the asset management sector in the UK and throughout the European Union. In this issue: - Part A – Regulation of Financial Markets - Part B –…more AIFMD, Asset Management, ESMA, EU, Financial Conduct Authority	See All Updates »
Thomas Friedmann	Private Equity - Winter/Spring 2013 In This Issue: - ILPA Guidelines Have Noticeable Impact - Extracting Tax Value in Debt Refinancings and Modifications - Private Equity and Venture Capital Investing in China: Exit Strategy and Circular 698 - BDCs…more ILPA Guidelines, Private Equity, Private Equity Funds, Venture Capital	See All Updates »
Jean-Louis Frognet	Financial Services Quarterly Report - First Quarter 2013: Developments in the Luxembourg Financial Sector The Commission de surveillance du secteur financier (the “CSSF”), the Luxembourg supervisory authority, issued a circular on the authorization and organization of Luxembourg UCITS management companies and self-managed SICAVs…more Financial Companies, Money Laundering, Terrorism Funding	See All Updates »
Allison Fumai	Update on Lifting of SEC Moratorium on Active ETF Use of Derivatives The staff of the U.S. Securities and Exchange Commission (the “SEC”) released no action relief (the “Letter”) addressed to recipients of 18 prior orders (the “Prior Orders”) granting exemptive relief to launch actively-managed…more CFTC, ETFs, Moratorium, No-Action Letters, SEC	See All Updates »
Sean Geraghty	London Stock Exchange to Introduce New High Growth Segment of the Main Market Background - The Department for Business, Innovation and Skills (‘BIS’) announced in September 2012 that it had developed proposals with the London Stock Exchange (the ‘LSE’) to attract high growth companies to list their…more Disclosure Requirements, EU, Foreign Corporations, Foreign Investment, High Growth Segment	See All Updates »
Neil Gerrard	Has the FCA started as it means to go on? Has the Financial Conduct Authority (“FCA”) in the UK started as it means to go on? The FCA recently fined a UK subsidiary of a private Swiss Bank for failing to establish and maintain effective anti-money laundering controls…more Anti-Money Laundering, Banks, EU, Financial Conduct Authority, Financial Services Authority	See All Updates »
David Gervais	Real World - Spring 2013: Break clauses - tenants should err on the side of caution With the outlook for the UK economy still rather patchy at best, it is not surprising that tenants have in recent times been looking closely at their lease terms and, in particular, any break rights that they may have, with a…more Break Clauses, Interest Accrual, Leases, Reimbursements, Rental Income	See All Updates »
Michael Gilbert	In What Circumstances Can Foreign Nationals Be Held Liable for Violating The Foreign Corrupt Practices Act? In the last two weeks, in two separate SEC enforcement actions, judges in the United States District Court for the Southern District of New York issued rulings addressing when the United States Securities and Exchange Commission…more Bribery, Email, Enforcement Actions, FCPA, Foreign Nationals	See All Updates »
Abi Gillett	UK Government Announces Revised Timetable for Employment Law Reform The Government has announced an updated and revised timetable for the implementation of its proposed employment law reforms over the next two years. The Government’s Employment Law Review was launched in 2010 to improve…more EU, Job Creation, Medical Leave, Minimum Wage, Pre-Termination Notice	See All Updates »
Matthew Ginsburg	On Appeal: The Michigan Court of Appeals Overturns It's Prior Ruling and Affirms the State's 2012 Legislation, Nonrecourse Mortgage Loan Act, Which Invalidates Recourse Carveout Guaranties Triggered by Borrower Insolvency As we have discussed numerous times in this blog, the downturn in the commercial real estate market resulted in much litigation as to guarantor liability for non-recourse debt. As a brief refresher, many of the non-recourse…more Borrowers, Insolvency, Liability, Mortgages, Nonrecourse Loans	See All Updates »
Linda Goldstein	The United States Court of Appeals for the Second Circuit Rejects Aiding and Abetting Liability for Civil Damage Claims Under the Anti-Terrorism Act The United States Court of Appeals for the Second Circuit issued an opinion on February 14, 2013, holding that the civil liability provision of the Anti-Terrorism Act of 1990, 18 U.S.C.§ 2333(a) (the “ATA”) does not permit…more Aiding and Abetting, Anti-Terrorism Act, Article III, Damages, Extended Custodial Inventory	See All Updates »
Miriam Gonzalez	Has the FCA started as it means to go on? Has the Financial Conduct Authority (“FCA”) in the UK started as it means to go on? The FCA recently fined a UK subsidiary of a private Swiss Bank for failing to establish and maintain effective anti-money laundering controls…more Anti-Money Laundering, Banks, EU, Financial Conduct Authority, Financial Services Authority	See All Updates »
George Gordan	Pending Bill Would Expand FTC Powers Over Drug Patent Settlements and Alter the Legal Test Key Points: - This month several U.S. Senators introduced the Preserve Access to Affordable Generics Act. There is no similar bill pending in the U.S. House. - The Act revives legislative efforts to wipe out the…more Drug Manufacturers, Enforcement, FTC, Infringement, Patents	See All Updates »
Amy Grammer	The Financial Services Act 2012 – Misleading Statements, Impressions and Financial Promotions Background - In our previous DechertOnPoints, The Draft Financial Services Bill in the Contextof the Proposed New UK Financial Regulatory Structure and Draft UK Financial Services Bill and the New UK Financial Regulatory…more Benchmarks, EU, Financial Promotions, Financial Services Act, Financial Services and Markets Act	See All Updates »
Mayer Grashin	Delaware Supreme Court in Pyott Reverses Chancery Court Ruling That Collateral Estoppel Does Not Apply in Certain Shareholder Cases The Delaware Supreme Court in Pyott v. Louisiana Municipal Police Employees’ Retirement System reversed on April 4 a controversial ruling by the Chancery Court that a California federal court’s dismissal with prejudice of a…more	See All Updates »
Lynsey Gregory	UK-UAE Trade and Investment Promoted by Memorandum between English Commercial Court and Dubai’s DIFC Court The Commercial Court of England and Wales and the Dubai International Financial Centre Courts (DIFC Courts) signed a Memorandum of Guidance (MoG) on 23 January 2013 concerning the enforcement of judgments between the two Courts…more Arbitration Awards, Enforcement, Foreign Investment, Foreign Judgments, International Arbitration	See All Updates »
David Gubbay	HM Treasury Rethinks the UK Tax Treatment of Fee Rebates In a Written Ministerial Statement made in UK Parliament on 21 May 2013, Treasury Economic Secretary Sajid Javid MP announced the Treasury’s intention to make a crucial and very welcome clarification to the recent HMRC Brief…more	See All Updates »
Chris Harran	Financial Services Quarterly Report - First Quarter 2013: Marketing and Distributing Your Fund in the Middle East: If “Tolerated Practice” is Changing, Should “Market Practice” Change With It? Those familiar with fundraising in the Middle East will be familiar with the concept of what is loosely dubbed “market” or “tolerated” practice. The terms are, in most people’s minds, interchangeable, but in fact look at the…more Investors, Market Practice, Middle East, Passports, Private Placements	See All Updates »
Christopher Harvey	SEC Targets Another Fund Board in Recent Enforcement Case The U.S. Securities and Exchange Commission (“SEC”) recently issued an Order Instituting Proceedings (“Order”) against the administrator and compliance services provider, as well as current and former members of the boards of…more Board of Trustees, Compliance, Disclosure Requirements, Enforcement, Penalties	See All Updates »
Daniel Hawthorne	HM Treasury Rethinks the UK Tax Treatment of Fee Rebates In a Written Ministerial Statement made in UK Parliament on 21 May 2013, Treasury Economic Secretary Sajid Javid MP announced the Treasury’s intention to make a crucial and very welcome clarification to the recent HMRC Brief…more	See All Updates »
Andrew Hearn	CIS Legal Update - May 2013: Cyprus Bailout: Legal Issues Arising Many with significant balances in certain Cyprus banks are going to suffer substantial losses as a result of the terms of the Cyprus bailout and the restructuring of the Bank of Cyprus and Laiki Bank. Account holders will…more Breach of Duty, Cyprus Bailout, Misrepresentation	See All Updates »
Robert Helm	Financial Services Quarterly Report - First Quarter 2013: Dealing With Investment Errors: A U.S. Perspective No professional investment adviser would intentionally make a trade or investment error. However, such errors occur from time to time. Formulating an appropriate response to investment errors can be challenging for investment…more Damages, Duty of Care, Fiduciary Duty, Hedge Clauses, Investment Adviser	See All Updates »
Michael Hirschfeld	Financial Services Quarterly Report - First Quarter 2013: FATCA: Next Steps for Asset Managers The U.S. Department of the Treasury (“Treasury”) and the U.S. Internal Revenue Service (“IRS”) released final regulations (“Regulations”) on January 17, 2013 implementing the Foreign Account Tax Compliance Act (“FATCA”).1…more Asset Management, Due Diligence, FATCA, FFI, Intergovernmental Agreements	See All Updates »
Ed Holmes	Collective Redundancy Consultation in Great Britain - changes to the legislation and Acas Guidance Important changes to the rules requiring employers to conduct collective redundancy consultation with representatives of the affected employees, where 20 or more redundancies are proposed in a 90 day period, came into effect on…more Collective Redundancy Consultations, Compliance, EU, Fixed-Term Labor Contracts, Hiring & Firing	See All Updates »
Richard Horowitz	Private Equity - Winter/Spring 2013 In This Issue: - ILPA Guidelines Have Noticeable Impact - Extracting Tax Value in Debt Refinancings and Modifications - Private Equity and Venture Capital Investing in China: Exit Strategy and Circular 698 - BDCs…more ILPA Guidelines, Private Equity, Private Equity Funds, Venture Capital	See All Updates »
Andrew Hulsh	In RE MFW Shareholders Litigation: Delaware Chancery Court Answers Novel Question of Law and Applies Business Judgment Rule to a Controlling Stockholder-backed Going-Private Merger Addressing an unsettled area of Delaware law, the Delaware Court of Chancery (the “Chancery Court”) revisited the appropriate standard of review for a going-private merger with a controlling stockholder…more	See All Updates »
Basil Hwang	Tiger Asia Case – Hong Kong Regulators Take Insider Dealing Enforcement to New York Fund The Securities and Futures Commission (the SFC), Hong Kong’s principal securities regulator, won a significant victory this past April in a long-running, high-profile case against New York hedge fund Tiger Asia Management LLC…more China, Hedge Funds, Injunctions, Insider Trading, SFC	See All Updates »
Thor Imsdahl	Investment Portals Addressed in SEC Staff Guidance Under JOBS Act; No-Action Letters Also Issued Technology has spawned the formation of new internet-based marketplaces for illiquid and restricted securities. In most instances, these markets are operated by entities registered with the U.S. Securities and Exchange…more AngelList, Broker-Dealer, Fundersclub.com, Funding Portal, Investors	See All Updates »
Joni Jacobsen	Delaware Supreme Court in Pyott Reverses Chancery Court Ruling That Collateral Estoppel Does Not Apply in Certain Shareholder Cases The Delaware Supreme Court in Pyott v. Louisiana Municipal Police Employees’ Retirement System reversed on April 4 a controversial ruling by the Chancery Court that a California federal court’s dismissal with prejudice of a…more	See All Updates »
Navpreet Janduar	Real World - May 2013: Mind the gap – insurance issues for tenant fit-out works Imagine the following scenario; your company has acquired a lease of a prime piece of real estate to accommodate its fast expanding business. The building’s footprint lies in the heart of the city’s commercial centre. The…more Contractors, Insurers, Landlords, Tenants	See All Updates »
Megan Johnson	Financial Services Quarterly Report - First Quarter 2013: Dealing With Investment Errors: A U.S. Perspective No professional investment adviser would intentionally make a trade or investment error. However, such errors occur from time to time. Formulating an appropriate response to investment errors can be challenging for investment…more Damages, Duty of Care, Fiduciary Duty, Hedge Clauses, Investment Adviser	See All Updates »
Thomas Johnson	February 2013 U.S. Labor and Employment Update In This Issue: - Supreme Court to Address “Changing Clothes” under the FLSA - First Appellate Court Decision on FLSA’s Nursing Mother Provision - Courts Continue Trend in Favor of Class Waivers in Arbitration…more Arbitration Agreements, Breastfeeding, Class Action Arbitration Waivers, Discrimination, Doffing	See All Updates »
David Jones	Final HIPAA Regulations Impact Group Health Plans The Health Insurance Portability and Accountability Act of 1996 (“HIPAA”) sets forth rules to protect the privacy and security of individuals’ health information that is held by “covered entities,” such as group health plans…more Business Associates, Data Breach, Employer Group Health Plans, Enforcement, HHS	See All Updates »
Rick Jones	The Shadow Banking Market: The Shadow Knows There’s a lot of talk these days about the growth of a shadow banking market. Shadow is right! The growth of the commercial lending market outside of the universe of insured depository institutions and life insurance companies…more Banks, Commercial Loans, Financial Regulatory Reform, Shadow Banking	See All Updates »
Matthew K.Kerfoot	CFTC Issues Broad Securitization Industry Relief on Commodity Pool Regulation On Friday, December 7, 2012, the U.S. Commodity Futures Trading Commission (CFTC), through its Division of Swap Dealer and Intermediary Oversight (Division), issued a letter which provides broad relief for certain segments of…more CFTC, Commodity Pool, No-Action Relief, Securitization Vehicles, Swap Dealers	See All Updates »
Jeffrey M. Katz	Private Equity - Winter/Spring 2013 In This Issue: - ILPA Guidelines Have Noticeable Impact - Extracting Tax Value in Debt Refinancings and Modifications - Private Equity and Venture Capital Investing in China: Exit Strategy and Circular 698 - BDCs…more ILPA Guidelines, Private Equity, Private Equity Funds, Venture Capital	See All Updates »
Paul Kavanaugh	Marks and Spencer's use of INTERFLORA trade marks as Google AdWords is held to constitute trade mark infringement by UK High Court The UK High Court handed down its judgment in the long running Google AdWords case, Interflora v Marks and Spencer on 21 May 2013. Mr Justice Arnold has found that Marks and Spencer's bidding on various INTERFLORA trade marks as…more Advertising, AdWords, Brand, EU, Google	See All Updates »
Joseph Kelly II	SEC Division of Investment Management Issues Guidance on Filing Requirements for Social Media The U.S. SEC’s Division of Investment Management recently released a Guidance Update (the “Update”) concerning the application of SEC filing requirements for certain fund-related communications on “real-time” interactive…more Facebook, Filing Requirements, FINRA, Investment Adviser, Investment Management	See All Updates »
Michael Kichline	Pennsylvania Court Dismisses Shareholder Derivative Action Against Directors of H.J. Heinz Under Cuker v. Mikalauskas and the ALI Principles of Corporate Governance The Honorable Christine Ward of the Allegheny County Court of Common Pleas in Pittsburgh dismissed a consolidated shareholder derivative suit against the Board of Directors of H.J. Heinz Co. (“Heinz”) following a recommendation…more Corporate Governance, Derivative Suit, Heinz, Shareholders, Special Litigation Committee	See All Updates »
David Kistenbroker	Delaware Supreme Court in Pyott Reverses Chancery Court Ruling That Collateral Estoppel Does Not Apply in Certain Shareholder Cases The Delaware Supreme Court in Pyott v. Louisiana Municipal Police Employees’ Retirement System reversed on April 4 a controversial ruling by the Chancery Court that a California federal court’s dismissal with prejudice of a…more	See All Updates »
Evgenia Korotkova	CIS Legal Update - May 2013: New Orders Adopted to Facilitate the Activity of the Central Depository A number of orders were adopted in the second part of 2012 by the Federal Service for Financial Markets (the “FSFM”) in order to facilitate the activity of the central depository of the Russian Federation (the “Central…more Central Depository, FSFM	See All Updates »
David Kotler	Dechert Survey of Securities Fraud Class Actions Brought Against U.S. Life Sciences Companies Publicly Traded Life Sciences Companies in the United States Remain an Increasingly Popular Target of Securities Fraud Class Action Lawsuits: The past year was particularly noteworthy with respect to the absolute and…more Amgen Inc. v Connecticut Retirement Plans, Class Action, FDA, Fraud, Life Sciences	See All Updates »
Cheryl Krause	Deferred Prosecution Agreements: A Powerful New Tool for UK Prosecutors? The Crime and Courts Bill which received Royal Assent on 25 April 2013 has introduced a new enforcement tool in the UK for fraud, bribery and money laundering offences. The Crime and Courts Act 2013 (the “Act”) which is expected…more Deferred Prosecution Agreements, Enforcement, EU	See All Updates »
Peter Kreher	Pennsylvania Court Dismisses Shareholder Derivative Action Against Directors of H.J. Heinz Under Cuker v. Mikalauskas and the ALI Principles of Corporate Governance The Honorable Christine Ward of the Allegheny County Court of Common Pleas in Pittsburgh dismissed a consolidated shareholder derivative suit against the Board of Directors of H.J. Heinz Co. (“Heinz”) following a recommendation…more Corporate Governance, Derivative Suit, Heinz, Shareholders, Special Litigation Committee	See All Updates »
Irina Kulyba	CIS Legal Update - May 2013: Developing Russia’s Military-Industrial Complex On October 16, 2012 the President of the Russian Federation signed a federal law establishing the Advanced Research Foundation (“ARF”) , a specialized legal entity that will be responsible for research and development in the…more National Security, Research Funding, Russian Military Procurement, Technology	See All Updates »
Betsy Kunz	SEC Report Embraces Communications through Social Media The Securities and Exchange Commission (SEC) issued a report on April 2, 2013 concerning its investigation into the use of social media by public companies in the United States (Report). The Report confirms that a public company…more	See All Updates »
Dmitry Kurochkin	CIS Legal Update - May 2013: Cyprus Bailout: Legal Issues Arising Many with significant balances in certain Cyprus banks are going to suffer substantial losses as a result of the terms of the Cyprus bailout and the restructuring of the Bank of Cyprus and Laiki Bank. Account holders will…more Breach of Duty, Cyprus Bailout, Misrepresentation	See All Updates »
Robert H. Ledig	American Bankers Association Real Estate Lending Conference - Qualified Mortgages: A Sea Change For Mortgage Lenders In This Presentation: - The Qualified Mortgage (QM) Rule - Small Creditor QM Proposal - The Ability-to-Repay (ATR) Rule: What It Says and What It Means - Liability for Failure to Comply with the ATR and QM…more Ability-to-Repay, CFPB, Disparate Impact, Fair Lending, HUD	See All Updates »
Thomas Lee	Ninth Circuit Affirms Conviction in Harkonen, Rejects the Defendant’s “Off-Label” First Amendment Challenge On March 4, 2013, a panel of the United States Court of Appeals for the Ninth Circuit issued its opinion in United States v. Harkonen,1 a case in which the CEO of a pharmaceutical company was prosecuted for transmitting…more First Amendment, Free Speech, Marketing, Off-Label Promotion, Off-Label Use	See All Updates »
Stephen Leitzell	DOJ and SEC Scrutinize Potential Misuse of Rule 10b5-1 Trading Plans by Corporate Directors Affiliated with Investment Advisers Over the past four years, the U.S. Department of Justice (“DOJ”) and U.S. Securities and Exchange Commission (“SEC”) have focused on insider trading involving private funds as one of their key targets in the fight against white…more DOJ, Insider Trading, Investigations, Private Funds, Rule 10b-5	See All Updates »
Christine Levin	Cables Sliced on Class Action in Comcast Corp. v. Behrend Key Points - - Comcast Corp. v. Behrend clarifies that the Court's 2011 decision in Wal-Mart v. Dukes, which requires an inquiry into the merits to the extent necessary to resolve Rule 23 issues, extends to antitrust…more Class Action, Class Certification, Comcast, Comcast v. Behrend, Daubert Ruling	See All Updates »
Angelyn Lim	Hong Kong-China Mutual Funds Recognition Passport Since a public statement by the Hong Kong Securities and Futures Commission (SFC) in January regarding the new Hong Kong-China Mutual Funds Recognition Passport scheme, there have been no additional formal announcements by…more APEC, China, E-Commerce, Fund Managers, Mutual Funds	See All Updates »
Timothy Lindsay	Recent Changes to Mongolia's Foreign Investment Laws: Opportunities and Challenges for Foreign Investors Driven by its vast abundance of coal, copper, iron ore, gold and uranium (to name a few), Mongolia is forecast to have the world’s fastest growth rate in 2013, at 12% of GDP—a figure Western economies can only dream of in the…more Amended Regulation, China, Commodities, Emerging Markets, Foreign Investment	See All Updates »
Angela Liu	Delaware Supreme Court in Pyott Reverses Chancery Court Ruling That Collateral Estoppel Does Not Apply in Certain Shareholder Cases The Delaware Supreme Court in Pyott v. Louisiana Municipal Police Employees’ Retirement System reversed on April 4 a controversial ruling by the Chancery Court that a California federal court’s dismissal with prejudice of a…more	See All Updates »
Judith Livingstone	EBA Consultation Paper Raises Concerns for CLOs The European Banking Authority (EBA) published a consultation paper on draft technical standards relating to the implementation of CRD IV on 22 May 2013. Of particular concern to participants in the CLO market are the…more Capital Requirements, Consultation, European Banking Authority	See All Updates »
Steven Lorch	Private Equity - Winter/Spring 2013 In This Issue: - ILPA Guidelines Have Noticeable Impact - Extracting Tax Value in Debt Refinancings and Modifications - Private Equity and Venture Capital Investing in China: Exit Strategy and Circular 698 - BDCs…more ILPA Guidelines, Private Equity, Private Equity Funds, Venture Capital	See All Updates »
Gregory Louvel	Recent Changes to Mongolia's Foreign Investment Laws: Opportunities and Challenges for Foreign Investors Driven by its vast abundance of coal, copper, iron ore, gold and uranium (to name a few), Mongolia is forecast to have the world’s fastest growth rate in 2013, at 12% of GDP—a figure Western economies can only dream of in the…more Amended Regulation, China, Commodities, Emerging Markets, Foreign Investment	See All Updates »
Vivian Maese	White House Issues Executive Order on CyberSecurity The Obama Administration has long expressed concerns about the vulnerability of America’s critical infrastructure to cyber-attack. On February 12, 2012, the day of the President’s State of the Union address, the Administration…more Barack Obama, Critical Infrastructure Sectors, Cybersecurity, Cybersecurity Framework, DHS	See All Updates »
Charles Malpass	EBA Consultation Paper Raises Concerns for CLOs The European Banking Authority (EBA) published a consultation paper on draft technical standards relating to the implementation of CRD IV on 22 May 2013. Of particular concern to participants in the CLO market are the…more Capital Requirements, Consultation, European Banking Authority	See All Updates »
Renzo Marchini	Data Transfers Within A Multinational Group - Safely Navigating EU Data Protection Rules Introduction - Multinational corporations increasingly have a need to share their data throughout their group. Often this will be necessary to service international clients or to coordinate marketing efforts. Sometimes…more Data-Sharing, EU, EU Data Protection Laws, Multinational Enterprise, Safe Harbors	See All Updates »
Stuart Martin	AIFMD: Impact on US Investment Advisers - June 2013: Delegating to an EEA based sub-adviser In cases where a US investment adviser appoints an EEA sub-adviser, the parties concerned will need to analyse which entity will be the AIFM. Whether such arrangements relate to group entities or third parties, the parties may…more AIFM, AIFMD, Alternative Investment Funds, EEA, EU	See All Updates »
Jonathan R. Massey	Head of Asset Management Unit at SEC Enforcement Shares Hedge Fund Enforcement Priorities In a recent speech, Bruce Karpati, Chief of the Asset Management Unit (AMU)within the Division of Enforcement (Division) of the U.S. Securities and Exchange Commission (SEC), discussed his view of the current enforcement…more Asset Management, Enforcement, Fiduciary Duty, Hedge Funds, Marketing	See All Updates »
Kathleen Massey	U.S. Supreme Court Rules That the Government Does Not Have an Unlimited Amount of Time in Which to Bring Civil Penalty Actions In a unanimous decision written by Chief Justice John G. Roberts, Jr., the United States Supreme Court has ruled that the Government does not have an unlimited amount of time to bring civil penalty actions based on fraud. In…more Cause of Action Accrual, Discovery Rule, Enforcement Actions, Fraud, Gabelli v SEC	See All Updates »
Christian Matarese	In RE MFW Shareholders Litigation: Delaware Chancery Court Answers Novel Question of Law and Applies Business Judgment Rule to a Controlling Stockholder-backed Going-Private Merger Addressing an unsettled area of Delaware law, the Delaware Court of Chancery (the “Chancery Court”) revisited the appropriate standard of review for a going-private merger with a controlling stockholder…more	See All Updates »
Marques Matthews	SEC Approves Exchanges’ Proposed Rules for Compensation Committees and Their Advisers The U.S. Securities and Exchange Commission (“SEC”) formally approved several new listing rules proposed by NASDAQ and the NYSE on January 11, 2013. The new listing rules are designed to bring the listing standards of each…more Compensation Committee, Dodd-Frank, Executive Compensation, Independence Rules, Investment Adviser	See All Updates »
Ralph R. Mazzeo	Second Annual IMN CLO and Leveraged Loan Conference Update The second annual IMN CLO and Leveraged Loan Conference returned to New York this past week. Building on last year’s momentum (discussed here), over 1,500 managers and investors, in addition to structurers, bankers, lawyers and…more FDIC, Leveraged Loans	See All Updates »
Edward McDonald	U.S. Supreme Court Rules That the Government Does Not Have an Unlimited Amount of Time in Which to Bring Civil Penalty Actions In a unanimous decision written by Chief Justice John G. Roberts, Jr., the United States Supreme Court has ruled that the Government does not have an unlimited amount of time to bring civil penalty actions based on fraud. In…more Cause of Action Accrual, Discovery Rule, Enforcement Actions, Fraud, Gabelli v SEC	See All Updates »
Emma McDonnell	UCITS V Bonus Plans and Remuneration Rules for Fund Managers First bankers, now managers of UCITS funds are in the firing line for the European Union assault on bonuses. As widely reported in the financial press this week, the European Parliament’s Economic and Monetary Affairs…more Asset Management, Bonuses, EU, European Commission, UCITS	See All Updates »
William McEnroe	Pennsylvania Court Dismisses Shareholder Derivative Action Against Directors of H.J. Heinz Under Cuker v. Mikalauskas and the ALI Principles of Corporate Governance The Honorable Christine Ward of the Allegheny County Court of Common Pleas in Pittsburgh dismissed a consolidated shareholder derivative suit against the Board of Directors of H.J. Heinz Co. (“Heinz”) following a recommendation…more Corporate Governance, Derivative Suit, Heinz, Shareholders, Special Litigation Committee	See All Updates »
Gary J. Mennitt	U.S. Supreme Court Curbs Extraterritorial Reach of the Alien Tort Statute Last week, the U.S. Supreme Court issued its decision in Kiobel v. Royal Dutch Petroleum Co., No. 10-1491 pertaining to the reach of the Alien Tort Statute (“ATS”). This decision states that the ATS does not apply to conduct…more Alien Tort Statute, Extraterritoriality Rules, Foreign Corporations, Jurisdiction, Kiobel v. Royal Dutch Petroleum Co.	See All Updates »
Gordon L. Miller	Basel Committee’s Proposed Revisions to the Securitization Framework The Basel Committee on Banking Supervision (the “Basel Committee”) published a consultative document, “Revisions to the Basel Securitisation Framework” (the “Proposed Revisions”) on December 18, 2012, which proposes substantial…more Basel Committee, Capital Requirements, Credit Ratings, Risk Management, Securitization Vehicles	See All Updates »
Elizaveta Molosnova	CIS Legal Updates - May 2013: Litigation Updates Recent rulings by Russia’s Supreme Arbitrazh (Commercial) Court (SAC) have clarified dispute resolution procedural issues in Russian courts. In particular, the following resolutions were adopted..…more Broadcasting, Dispute Resolution, Judicial Proceedings, Media, Summary Judgment	See All Updates »
Aaron Mulcahy	Irish Central Bank Opens Its Door for AIFMD Business The Central Bank of Ireland (Central Bank) is now accepting applications for authorisation under the Alternative Investment Fund Managers Directive (AIFMD) on an informal basis. Applications can be made on the Central Bank’s…more AIFM, AIFMD, EU, Risk Management	See All Updates »
Roger Mulvihill	Private Equity - Winter/Spring 2013 In This Issue: - ILPA Guidelines Have Noticeable Impact - Extracting Tax Value in Debt Refinancings and Modifications - Private Equity and Venture Capital Investing in China: Exit Strategy and Circular 698 - BDCs…more ILPA Guidelines, Private Equity, Private Equity Funds, Venture Capital	See All Updates »
Jack Murphy	SEC Proposes Sweeping Amendments to Rules Governing Money Market Funds The U.S. Securities and Exchange Commission (SEC or Commission) on June 5, 2013 proposed for public comment sweeping amendments to Rule 2a-7 under the Investment Company Act of 1940 and other rules relating to money market funds…more Amended Regulation, Asset Diversification, Disclosure Requirements, Exemptions, Fees	See All Updates »
Laurie Nelson	HUD's Final Rule on Fair Housing Act Liability Explained in New Dechert OnPoint February has certainly been a big month for federal agencies to issue long-awaited final rules. The latest agency to throw its hat into the ring is the U.S. Department of Housing and Urban Development, which recently codified…more Burden-Shifting, Discrimination, Disparate Impact, FHA, Housing Discrimination	See All Updates »
Antonios Nezeritis	Financial Services Quarterly Report - First Quarter 2013: Developments in the Luxembourg Financial Sector The Commission de surveillance du secteur financier (the “CSSF”), the Luxembourg supervisory authority, issued a circular on the authorization and organization of Luxembourg UCITS management companies and self-managed SICAVs…more Financial Companies, Money Laundering, Terrorism Funding	See All Updates »
Kate Norman	Marks and Spencer's use of INTERFLORA trade marks as Google AdWords is held to constitute trade mark infringement by UK High Court The UK High Court handed down its judgment in the long running Google AdWords case, Interflora v Marks and Spencer on 21 May 2013. Mr Justice Arnold has found that Marks and Spencer's bidding on various INTERFLORA trade marks as…more Advertising, AdWords, Brand, EU, Google	See All Updates »
Richard O'Brien	CIS Legal Update - May 2013: London Stock Exchange to Introduce New High-Growth Segment to the Main Market The London Stock Exchange (the ‘LSE’) recently launched a new segment of the Main Market of the LSE for high growth businesses (to be called the ‘High Growth Segment’), which is a new route available for Russian businesses…more Admissions, EU, High Growth Segment, Key Advisers, London Stock Exchange	See All Updates »
Debra D. O'Gorman	U.S. Supreme Court Curbs Extraterritorial Reach of the Alien Tort Statute Last week, the U.S. Supreme Court issued its decision in Kiobel v. Royal Dutch Petroleum Co., No. 10-1491 pertaining to the reach of the Alien Tort Statute (“ATS”). This decision states that the ATS does not apply to conduct…more Alien Tort Statute, Extraterritoriality Rules, Foreign Corporations, Jurisdiction, Kiobel v. Royal Dutch Petroleum Co.	See All Updates »
Declan O’Sullivan	Irish Central Bank Opens Its Door for AIFMD Business The Central Bank of Ireland (Central Bank) is now accepting applications for authorisation under the Alternative Investment Fund Managers Directive (AIFMD) on an informal basis. Applications can be made on the Central Bank’s…more AIFM, AIFMD, EU, Risk Management	See All Updates »
Sophie Ogilvie	Real World - Spring 2013: Damages include fall in market Two recent cases have highlighted circumstances in which damages for breach of contract may include loss caused by a fall in market values…more Breach of Contract, Damages, Fair Market Value	See All Updates »
Andrew L. Oringer	Final HIPAA Regulations Impact Group Health Plans The Health Insurance Portability and Accountability Act of 1996 (“HIPAA”) sets forth rules to protect the privacy and security of individuals’ health information that is held by “covered entities,” such as group health plans…more Business Associates, Data Breach, Employer Group Health Plans, Enforcement, HHS	See All Updates »
Rhodri Owen	UK Government Proposals to Change the Share Buyback Regime On 15 February 2013, the government published a set of proposals relating to the implementation of the Nuttall Review’s recommendations on share buybacks. The changes are designed to reduce the barriers that disincentivise…more Buyback Programs, EU, Incentive Stock Options, Share Buybacks	See All Updates »
Harraj Panesar	Introduction of Fees in UK Employment Tribunal Claims The Government has now announced the implementation date - Monday 29 July 2013 - for the introduction of the payment of fees in relation to Employment Tribunal claims. A claimant will be required to pay an “issue fee” on…more Appeals, Discrimination, Employment Tribunals, Equal Pay, EU	See All Updates »
Michael H. Park	U.S. Supreme Court Curbs Extraterritorial Reach of the Alien Tort Statute Last week, the U.S. Supreme Court issued its decision in Kiobel v. Royal Dutch Petroleum Co., No. 10-1491 pertaining to the reach of the Alien Tort Statute (“ATS”). This decision states that the ATS does not apply to conduct…more Alien Tort Statute, Extraterritoriality Rules, Foreign Corporations, Jurisdiction, Kiobel v. Royal Dutch Petroleum Co.	See All Updates »
Rodolphe R.A. Pellerin	Private Equity Newsletter - Fall/Winter 2012 Edition: Negotiating Private Equity and M&A Deals in the Middle East After a number of ebullient years of activity until late 2007, the Middle Eastern private equity industry is facing new challenges as fund-raising is getting tougher and investors across the board have become more demanding. In…more Bilateral Investment Treaties, Dispute Resolution Clauses, Due Diligence, Foreign Investment, Middle East	See All Updates »
Jonathan Pickworth	HM Revenue & Customs - Tax Evasion Enforcement There has been much publicity regarding tax avoidance of late in the UK. In the age of austerity, tax avoidance by companies is scruitnised by the press and is a hot topic with the public…more Criminal Prosecution, Customs, EU, Tax Avoidance, Tax Evasion	See All Updates »
Edward Pittman	Investment Portals Addressed in SEC Staff Guidance Under JOBS Act; No-Action Letters Also Issued Technology has spawned the formation of new internet-based marketplaces for illiquid and restricted securities. In most instances, these markets are operated by entities registered with the U.S. Securities and Exchange…more AngelList, Broker-Dealer, Fundersclub.com, Funding Portal, Investors	See All Updates »
Galia Porat	The First Circuit Court of Appeals Articulates a Stricter Independence Standard for Fund Directors When Evaluating Demand Futility in Shareholder Derivative Cases The U.S. Court of Appeals for the First Circuit, in Unión de Empleados de Muelles de Puerto Rico PRSSA Welfare Plan, v. UBS Financial Services Inc. of Puerto Rico, No. 11-1605, --- F.3d ----, 2013 WL 49818 (1st Cir. Jan. 4,…more Appeals, Board of Directors, Demand Futility, Derivative Suit, Investment Adviser	See All Updates »
Robert Rhatigan	2012 Bank Enforcement Actions Still High, But Significantly Lower Than 2010-11 Originally published in BNA’s Banking Report, 100 BBR 617 on 04/02/2013. Overall Trends & Outlook - In 2012, the federal banking agencies, including the Federal Deposit Insurance Corporation (‘‘FDIC’’), Office of…more Anti-Money Laundering, CFPB, Enforcement Actions, Fair Lending, FCRA	See All Updates »
Emma Richardson	UK Supreme Court Decision Limits Employers’ Power to Terminate Employment Today the Supreme Court has handed down its widely anticipated judgment in the case of Société Générale v. Geys. The decision clarifies the powers of employers to terminate the employment of employees without giving full notice,…more Breach of Contract, Employment Contract	See All Updates »
David S. Rosenthal	SEC Approves Exchanges’ Proposed Rules for Compensation Committees and Their Advisers The U.S. Securities and Exchange Commission (“SEC”) formally approved several new listing rules proposed by NASDAQ and the NYSE on January 11, 2013. The new listing rules are designed to bring the listing standards of each…more Compensation Committee, Dodd-Frank, Executive Compensation, Independence Rules, Investment Adviser	See All Updates »
Laura Rossi	CIS Legal Update - May 2013: Luxembourg Holding Companies and Other Structures With the continuing banking crisis in Cyprus, it is not surprising that other jurisdictions with legislation conducive to holding structures are receiving increased attention. Luxembourg, for example, is known for having a world…more Asset Management, EU, Limited Partnerships, LLC, Share Capital	See All Updates »
Shannon Rushing	Final HIPAA Regulations Impact Group Health Plans The Health Insurance Portability and Accountability Act of 1996 (“HIPAA”) sets forth rules to protect the privacy and security of individuals’ health information that is held by “covered entities,” such as group health plans…more Business Associates, Data Breach, Employer Group Health Plans, Enforcement, HHS	See All Updates »
Kevin Scanlan	Recent SEC Actions Focus on Broker-Dealer Activity of Private Funds, Highlight Perils, and Generate Controversy A recent public statement by a member of the senior staff (“Staff”) of the Securities and Exchange Commission (“SEC”) and recent SEC enforcement actions have reminded private equity and other private fund managers (such as hedge…more Broker-Dealer, Finders, Fund Managers, Investment Adviser, Marketing	See All Updates »
Marc Seimetz	CIS Legal Update - May 2013: Luxembourg Holding Companies and Other Structures With the continuing banking crisis in Cyprus, it is not surprising that other jurisdictions with legislation conducive to holding structures are receiving increased attention. Luxembourg, for example, is known for having a world…more Asset Management, EU, Limited Partnerships, LLC, Share Capital	See All Updates »
Jeremy Senderowicz	Update on Lifting of SEC Moratorium on Active ETF Use of Derivatives The staff of the U.S. Securities and Exchange Commission (the “SEC”) released no action relief (the “Letter”) addressed to recipients of 18 prior orders (the “Prior Orders”) granting exemptive relief to launch actively-managed…more CFTC, ETFs, Moratorium, No-Action Letters, SEC	See All Updates »
Emily Shea	SEC Targets Another Fund Board in Recent Enforcement Case The U.S. Securities and Exchange Commission (“SEC”) recently issued an Order Instituting Proceedings (“Order”) against the administrator and compliance services provider, as well as current and former members of the boards of…more Board of Trustees, Compliance, Disclosure Requirements, Enforcement, Penalties	See All Updates »
Joshua Sherman	Think the Government’s Claim Against You Is Time-Barred? Not So Fast! When a company understands that the United States Government may have a claim against it, the company’s directors and officers are usually very aware of the applicable statute of limitations and the passage of time. When the…more False Claims Act, FIRREA, Fraud, HUD, Statute of Limitations	See All Updates »
Michael L. Sherman	Upcoming Form PF Filing Deadline: April 30 As you are no doubt aware, the next Form PF filing deadline is nearly upon us. For many of you, this means making a Form PF filing on or before April 30, 2013…more Deadlines, Form PF	See All Updates »
Chris P. Sioufi	Private Equity Newsletter - Fall/Winter 2012 Edition: Negotiating Private Equity and M&A Deals in the Middle East After a number of ebullient years of activity until late 2007, the Middle Eastern private equity industry is facing new challenges as fund-raising is getting tougher and investors across the board have become more demanding. In…more Bilateral Investment Treaties, Dispute Resolution Clauses, Due Diligence, Foreign Investment, Middle East	See All Updates »
Aline Smith	SEC Proposes Sweeping Amendments to Rules Governing Money Market Funds The U.S. Securities and Exchange Commission (SEC or Commission) on June 5, 2013 proposed for public comment sweeping amendments to Rule 2a-7 under the Investment Company Act of 1940 and other rules relating to money market funds…more Amended Regulation, Asset Diversification, Disclosure Requirements, Exemptions, Fees	See All Updates »
Nathan Smith	Marks and Spencer's use of INTERFLORA trade marks as Google AdWords is held to constitute trade mark infringement by UK High Court The UK High Court handed down its judgment in the long running Google AdWords case, Interflora v Marks and Spencer on 21 May 2013. Mr Justice Arnold has found that Marks and Spencer's bidding on various INTERFLORA trade marks as…more Advertising, AdWords, Brand, EU, Google	See All Updates »
Melissa Squire	February 2013 U.S. Labor and Employment Update In This Issue: - Supreme Court to Address “Changing Clothes” under the FLSA - First Appellate Court Decision on FLSA’s Nursing Mother Provision - Courts Continue Trend in Favor of Class Waivers in Arbitration…more Arbitration Agreements, Breastfeeding, Class Action Arbitration Waivers, Discrimination, Doffing	See All Updates »
Hans Stamm	German Investment Tax Act for Alternative Investment Funds The German Ministry of Finance published on 4 December 2012 a draft bill amending the German Investment Tax Act, which is the special German tax regime for German investors investing in German and foreign investment funds. This…more AIFM, Alternative Investment Funds, EU, Investment Corporations, Investment Partnerships	See All Updates »
Mark Stapleton	HM Treasury Rethinks the UK Tax Treatment of Fee Rebates In a Written Ministerial Statement made in UK Parliament on 21 May 2013, Treasury Economic Secretary Sajid Javid MP announced the Treasury’s intention to make a crucial and very welcome clarification to the recent HMRC Brief…more	See All Updates »
Neil Steiner	The United States Supreme Court Will Review the Scope of Federal Preclusion of State Securities Claims On January 18, 2013, the United States Supreme Court granted certiorari to resolve a circuit split concerning the extent to which the Securities Litigation Uniform Standards Act of 1998 (“SLUSA”) preempts state law claims that…more Brokers, Equity Securities, Federal Preclusion, Fraud, Investors	See All Updates »
Stuart Strauss	Update on Lifting of SEC Moratorium on Active ETF Use of Derivatives The staff of the U.S. Securities and Exchange Commission (the “SEC”) released no action relief (the “Letter”) addressed to recipients of 18 prior orders (the “Prior Orders”) granting exemptive relief to launch actively-managed…more CFTC, ETFs, Moratorium, No-Action Letters, SEC	See All Updates »
John Sun	New Legislation Introduced to Allow Discharge of Private Student Debt The Consumer Financial Protection Bureau (the “CFPB”) reported in 2012 that U.S. borrowers are burdened by more than $1 trillion in student debt, including over $150 billion of private student loans. According to TransUnion, a…more BAPCPA, CFPB, Federal Student Loans, Private Student Loan Bankruptcy Fairness Act, Private Student Loans	See All Updates »
Justin Tait	The Debate Continues – U.S. Money Market Fund Update Since the U.S. Financial Stability Oversight Council (“FSOC”) issued proposed recommendations to the U.S. Securities and Exchange Commission (“SEC”) regarding additional reforms to money market fund (“money fund”) regulation on…more FSOC, Money Market Funds, SEC	See All Updates »
Jingzhou Tao	Recent Changes to Mongolia's Foreign Investment Laws: Opportunities and Challenges for Foreign Investors Driven by its vast abundance of coal, copper, iron ore, gold and uranium (to name a few), Mongolia is forecast to have the world’s fastest growth rate in 2013, at 12% of GDP—a figure Western economies can only dream of in the…more Amended Regulation, China, Commodities, Emerging Markets, Foreign Investment	See All Updates »
Phillippe Thomas	International Employment Law Review - January 2013, Issue 3 Welcome to the latest edition of the International Employment Law Review, presented by Dechert’s Labor and Employment Practice. In this issue, we examine the most significant employment law developments of the year thus far in…more ADA, Classification, International Labor Laws, NLRB, Paid Leave	See All Updates »
John Timperio	EBA Consultation Paper Raises Concerns for CLOs The European Banking Authority (EBA) published a consultation paper on draft technical standards relating to the implementation of CRD IV on 22 May 2013. Of particular concern to participants in the CLO market are the…more Capital Requirements, Consultation, European Banking Authority	See All Updates »
Jeremy Trinder	EBA Consultation Paper Raises Concerns for CLOs The European Banking Authority (EBA) published a consultation paper on draft technical standards relating to the implementation of CRD IV on 22 May 2013. Of particular concern to participants in the CLO market are the…more Capital Requirements, Consultation, European Banking Authority	See All Updates »
Justin True	Real World - January 2013 Welcome to the Winter edition of Real World from Dechert’s London Finance and Real Estate Group, keeping you up to date with recent developments in real estate law and practice. In this issue: - An A-Z for 2013 – A…more Anti-Avoidance, EU, Higher-Priced Mortgage Loans, Judicial Review	See All Updates »
Christian Tuddenham	UK-UAE Trade and Investment Promoted by Memorandum between English Commercial Court and Dubai’s DIFC Court The Commercial Court of England and Wales and the Dubai International Financial Centre Courts (DIFC Courts) signed a Memorandum of Guidance (MoG) on 23 January 2013 concerning the enforcement of judgments between the two Courts…more Arbitration Awards, Enforcement, Foreign Investment, Foreign Judgments, International Arbitration	See All Updates »
Claude Tusk	Think the Government’s Claim Against You Is Time-Barred? Not So Fast! When a company understands that the United States Government may have a claim against it, the company’s directors and officers are usually very aware of the applicable statute of limitations and the passage of time. When the…more False Claims Act, FIRREA, Fraud, HUD, Statute of Limitations	See All Updates »
Thomas P. Vartanian	American Bankers Association Real Estate Lending Conference - Qualified Mortgages: A Sea Change For Mortgage Lenders In This Presentation: - The Qualified Mortgage (QM) Rule - Small Creditor QM Proposal - The Ability-to-Repay (ATR) Rule: What It Says and What It Means - Liability for Failure to Comply with the ATR and QM…more Ability-to-Repay, CFPB, Disparate Impact, Fair Lending, HUD	See All Updates »
David A. Vaughan	Upcoming Form PF Filing Deadline: April 30 As you are no doubt aware, the next Form PF filing deadline is nearly upon us. For many of you, this means making a Form PF filing on or before April 30, 2013…more Deadlines, Form PF	See All Updates »
Carl Volz	Delaware Supreme Court in Pyott Reverses Chancery Court Ruling That Collateral Estoppel Does Not Apply in Certain Shareholder Cases The Delaware Supreme Court in Pyott v. Louisiana Municipal Police Employees’ Retirement System reversed on April 4 a controversial ruling by the Chancery Court that a California federal court’s dismissal with prejudice of a…more	See All Updates »
James Waddington	EBA Consultation Paper Raises Concerns for CLOs The European Banking Authority (EBA) published a consultation paper on draft technical standards relating to the implementation of CRD IV on 22 May 2013. Of particular concern to participants in the CLO market are the…more Capital Requirements, Consultation, European Banking Authority	See All Updates »
James Wald	The United States Supreme Court Will Review the Scope of Federal Preclusion of State Securities Claims On January 18, 2013, the United States Supreme Court granted certiorari to resolve a circuit split concerning the extent to which the Securities Litigation Uniform Standards Act of 1998 (“SLUSA”) preempts state law claims that…more Brokers, Equity Securities, Federal Preclusion, Fraud, Investors	See All Updates »
Kenneth Wang	Private Equity - Winter/Spring 2013 In This Issue: - ILPA Guidelines Have Noticeable Impact - Extracting Tax Value in Debt Refinancings and Modifications - Private Equity and Venture Capital Investing in China: Exit Strategy and Circular 698 - BDCs…more ILPA Guidelines, Private Equity, Private Equity Funds, Venture Capital	See All Updates »
Paul Wang	Private Equity - Winter/Spring 2013 In This Issue: - ILPA Guidelines Have Noticeable Impact - Extracting Tax Value in Debt Refinancings and Modifications - Private Equity and Venture Capital Investing in China: Exit Strategy and Circular 698 - BDCs…more ILPA Guidelines, Private Equity, Private Equity Funds, Venture Capital	See All Updates »
Adam Wasserman	DOJ and SEC Scrutinize Potential Misuse of Rule 10b5-1 Trading Plans by Corporate Directors Affiliated with Investment Advisers Over the past four years, the U.S. Department of Justice (“DOJ”) and U.S. Securities and Exchange Commission (“SEC”) have focused on insider trading involving private funds as one of their key targets in the fight against white…more DOJ, Insider Trading, Investigations, Private Funds, Rule 10b-5	See All Updates »
Olga Watson	CIS Legal Update - May 2013: Measures Taken to Strengthen Russian Anti-Corruption Laws Despite Russia’s reputation for corruption, the anti-bribery climate in Russia is evolving. A recent flurry of anti-bribery legislation, as well as Russia’s ratification of the OECD Convention on Combating Bribery of Foreign…more Anti-Bribery, Anti-Corruption, Compliance, Enforcement, FCPA	See All Updates »
Michael Weiner	FTC Report Shows that Oil Sector and Pharmaceutical Sector Mergers Are Under the Antitrust Spotlight The U.S. Federal Trade Commission (“FTC”) issued a data report on January 4 regarding its horizontal merger investigation and enforcement action record over the past fifteen years. The report shows, sector by-sector, the level…more FTC, Horizontal Mergers, Oil & Gas, Pharmaceutical	See All Updates »
M. Holland West	401(k) Plans—Potential Commodity Pool Issues in the United States Under the rules of the Commodity Futures Trading Commission (“CFTC”), certain collective investment vehicles and other entities that, directly or indirectly, invest in “commodity interests” may be “commodity pools” whose…more 401k, CFTC, Commodity Pool, CPO, NFA	See All Updates »
Duncan Wiggetts	HM Revenue & Customs - Tax Evasion Enforcement There has been much publicity regarding tax avoidance of late in the UK. In the age of austerity, tax avoidance by companies is scruitnised by the press and is a hot topic with the public…more Criminal Prosecution, Customs, EU, Tax Avoidance, Tax Evasion	See All Updates »
Cynthia Williams	EBA Consultation Paper Raises Concerns for CLOs The European Banking Authority (EBA) published a consultation paper on draft technical standards relating to the implementation of CRD IV on 22 May 2013. Of particular concern to participants in the CLO market are the…more Capital Requirements, Consultation, European Banking Authority	See All Updates »
Darla Woodring	In What Circumstances Can Foreign Nationals Be Held Liable for Violating The Foreign Corrupt Practices Act? In the last two weeks, in two separate SEC enforcement actions, judges in the United States District Court for the Southern District of New York issued rulings addressing when the United States Securities and Exchange Commission…more Bribery, Email, Enforcement Actions, FCPA, Foreign Nationals	See All Updates »
Charles Wynn-Evans	Introduction of Fees in UK Employment Tribunal Claims The Government has now announced the implementation date - Monday 29 July 2013 - for the introduction of the payment of fees in relation to Employment Tribunal claims. A claimant will be required to pay an “issue fee” on…more Appeals, Discrimination, Employment Tribunals, Equal Pay, EU	See All Updates »
Amy Yang	Private Equity - Winter/Spring 2013 In This Issue: - ILPA Guidelines Have Noticeable Impact - Extracting Tax Value in Debt Refinancings and Modifications - Private Equity and Venture Capital Investing in China: Exit Strategy and Circular 698 - BDCs…more ILPA Guidelines, Private Equity, Private Equity Funds, Venture Capital	See All Updates »
Kenneth E. Young	Recent SEC Actions Focus on Broker-Dealer Activity of Private Funds, Highlight Perils, and Generate Controversy A recent public statement by a member of the senior staff (“Staff”) of the Securities and Exchange Commission (“SEC”) and recent SEC enforcement actions have reminded private equity and other private fund managers (such as hedge…more Broker-Dealer, Finders, Fund Managers, Investment Adviser, Marketing	See All Updates »
Le Yu	Outbound Investments from China – the Chinese Domestic Requirements Chinese investments abroad have increased significantly in the past decade. Chinese enterprises (both private enterprises and state-owned enterprises, or SOEs) are heeding the Chinese government’s “venture out” (or zouchuqu)…more China, Foreign Investment, MOFCOM, NDRC, SAFE	See All Updates »
Robert Zack	SEC Division of Investment Management Issues Guidance on Filing Requirements for Social Media The U.S. SEC’s Division of Investment Management recently released a Guidance Update (the “Update”) concerning the application of SEC filing requirements for certain fund-related communications on “real-time” interactive…more Facebook, Filing Requirements, FINRA, Investment Adviser, Investment Management	See All Updates »
Kylee Zhu	Financial Services Quarterly Report - First Quarter 2013: New Rules for China’s RQFII Regime At the January Asian Financial Forum in Hong Kong, the Chairman of the China Securities Regulatory Commission (“CSRC”), Mr. Guo Shu Qing, stated that Mainland China could increase the level of investment quotas for both the…more Asset Management, China, Foreign Investment, RQFII	See All Updates »
Scott M. Zimmerman	Private Equity - Winter/Spring 2013 In This Issue: - ILPA Guidelines Have Noticeable Impact - Extracting Tax Value in Debt Refinancings and Modifications - Private Equity and Venture Capital Investing in China: Exit Strategy and Circular 698 - BDCs…more ILPA Guidelines, Private Equity, Private Equity Funds, Venture Capital	See All Updates »
Jeremy Zucker	CIS Legal Update - May 2013: Measures Taken to Strengthen Russian Anti-Corruption Laws Despite Russia’s reputation for corruption, the anti-bribery climate in Russia is evolving. A recent flurry of anti-bribery legislation, as well as Russia’s ratification of the OECD Convention on Combating Bribery of Foreign…more Anti-Bribery, Anti-Corruption, Compliance, Enforcement, FCPA	See All Updates »

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