In February 2014, the U.S. government imposed a US$115,000 penalty against Intevac, Inc., for alleged export control violations. The government's enforcement action against Intevac reflects far-reaching positions on…more
The United States and the European Union have issued sanctions measures in response to actions by Ukrainian and Russian officials. Both measures are designed to impose sanctions against individuals and entities rather than to…more
1. Concept of a security trustee (security manager).
Given that the English-law concept of a 'trust' is not recognized by the Russian legal system, currently, under Russian law, only a creditor can hold the security for…more
Earlier this week, the Ninth Circuit approved a district court order from the Northern District of California imposing $5,000 in sanctions against a plaintiff’s attorney for factual misrepresentations made in an underlying trade…more
Yesterday, in Lawson v. FMR LLC, a divided U.S. Supreme Court decided its first case addressing the whistleblower protections of the Sarbanes-Oxley Act (SOX). The question before the Court: do those protections extend only to…more
On February 25, the FCA published the final notice it issued to David Hobbs, a former derivatives trader, banning him from performing any regulatory function.
The final notice follows the decision of the Upper Tribunal…more
On February 25, the European Parliament published a press release announcing that political agreement has been reached with the Council of the EU on the proposed UCITS V Directive…more
On February 25, ESMA published a speech by ESMA Executive Director Verena Ross on the issues surrounding the implementation of MiFID II.
On February 27, the Federal Housing Finance Agency (FHFA) announced that it reached a settlement with French bank Société Générale of an RMBS suit in the U.S. District Court for the Southern District of New York…more
On February 24, monoline insurer Syncora Guarantee, Inc. announced that it had reached a settlement of RMBS litigation against JP Morgan Chase for an undisclosed sum. Syncora had alleged that J.P. Morgan and its affiliates…more
On February 25, Morgan Stanley disclosed that it had reached an agreement in principle with the SEC staff to pay $275 million in disgorgement and penalties in settlement of an investigation into subprime RMBS sponsored and…more
The Securities and Exchange Commission recently weighed in on a whistleblower case pending in the Second Circuit, urging the court in Liu v. Siemens, A.G. to adopt the SEC’s interpretation of the Dodd-Frank Act’s…more
On February 27, Moody’s released its global approach to rating collateralized loan obligations. On February 26, Moody’s released its approach to rating auto lease securitizations exposed to residual value risk. On February 24,…more
On February 25, the SEC re-opened the comment period for two releases (Release No. 33-9117 (Apr. 7, 2010) and Release No. 33 – 9244 (July 26, 2011)) to permit comments with respect to privacy concerns raised by potential…more
On February 25, FHFA announced that Philip A. Laskawy will step down from the chairmanship of Fannie Mae effective March 31, 2014, and will be succeeded by the current board member Egbert L. J. Perry…more
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