News & Analysis as of

ISS Ignores Contrary Studies In Adopting Overboarding Policy Change

ISS released its 2016 Benchmark Policy Recommendations last Friday. I had previously criticized ISS for its proposal to change its recommendation on withholding votes with respect to directors who sit on too many boards...more

BoE responds to SONIA reform consultation

BoE has published the revised arrangements for its new sterling money market data collection. This reflects feedback received on BoE’s consultation (see FReD 7 August). Respondents expressed broad support for BoE’s plans to...more

New California Energy Use Disclosure Program for Commercial and Multifamily Buildings Approved

Current Disclosure Requirements for Building Owners and Tenants Repealed - A complicated energy reporting requirement for owners and tenants of commercial and multifamily buildings is ending under a new law that takes...more

Tribunal backs complainant in identification case

The Tribunal has ruled in favour of Christian Bittar’s claim that FCA’s Decision Notice in respect of Deutsche Bank AG’s benchmark manipulation activities included reasons which identified him and were prejudicial to him and...more

Commons scrutinises benchmarks regulation

The European Scrutiny Committee has assessed the proposed Regulation on benchmarks used in the financial services sector. It acknowledged an update from Harriett Baldwin, telling the Committee that: - the trilogue...more

Useful Metrics & Benchmarking

The path to success in a law firm or law department has changed, yet many continue to rely on outdated metrics to track performance. Both buyers (law departments) and sellers (law firms) rely on billable hours as a proxy for...more

“Contractor?” I Do Not Think That Employers’ Liability Exclusion Means What You Think It Means

Over the summer, this blog reported on how the Supreme Court of Pennsylvania managed to parse an employer’s liability exclusion to find that it did not exclude claims by employees of additional insureds. As the leaves started...more

FMLC updates on benchmark reform

FMLC has written to the Commission on non-deliverable forward (NDF) rate sources under the proposal for a Benchmark Regulation proposal. FMLC considers legal uncertainties that may arise in relation to foreign exchange rate...more

ISS Launches 2016 Benchmark Policy Consultation

ISS has made available for public comment certain proposed voting policies for 2016. In the United States ISS has proposed policies relating to unilateral board actions, director overboarding and compensation at...more

Friends With Benefits: The Opportunities for Compliance in Getting Cozier with Marketing

One of the most frequently visited topics in the compliance space is how to build, and defend, the case for compliance resources. It’s an agenda item or topic of focus in nearly every conference, webinar list, or resource...more

Financial Services Weekly News - October 2015 #3

Regulatory Developments: FINRA Requests Comment on Rules Relating to Financial Exploitation of Vulnerable Adults - On Oct. 15 FINRA published Regulatory Notice 15-37, requesting comment on proposed amendments to...more

Entertainment and Media Litigation Update - October 2015

The "Dancing Baby" Case—Ninth Circuit Rules That "Fair Use" Must First Be Considered Before Sending Takedown Notices Under the DMCA - Why it matters: On September 14, 2015, the Ninth Circuit ruled in Lenz v. Universal...more

EBA consults on MCD benchmark rate

EBA is consulting on the benchmark rate under the Mortgage Credit Directive (MCD), which requires creditors to create two illustrative examples in the European Standardised Information Sheet for variable rate mortgages on the...more

EBA Consults on its Benchmark Rate Under the MCD

The Mortgage Credit Directive (2014/17/EU) (MCD) requires that creditors create two illustrative examples for variable rate mortgages on the basis of a benchmark rate specified by the EBA. Consequently, the EBA has developed...more

Orrick's Financial Industry Week in Review

EBA Updates Single Rulebook Q&As - On October 16, 2015, the European Banking Authority (EBA) updated its Q&As on the single rulebook, publishing four new questions. The single rulebook Q&As relate to the CRD IV package...more

Commerce Department Survey of Financial Services Transactions with Foreign Persons Due November 1, 2015

The Commerce Department’s BE-180 Survey of Financial Services Transactions is a mandatory benchmark survey conducted every five years and administered by the Bureau of Economic Analysis (the “BEA”). Reports are required by...more

Why Mitigation Should Be a Dirty Word: The Implications of a Compliance Industry Evolving Away From Risk and Towards Strategy

It used to be a compliance officer’s primary job could be boiled down to two words: risk mitigation. This was true of General Counsels, Chief Compliance Officers, Chief Legal Officers, and other C-level leaders....more

Mediation plus: Don’t leave money on the table - Two approaches to modifying mediation in difficult-to-settle cases

Mediation is the most widely used ADR approach today and has been for the past generation. In the course of becoming widespread it has also become predictable. It has become predictable that last month one party told me a...more

Macroeconomic Surveys from the BEA: A Primer for Asset Managers and the Financial Services Industry

For many U.S. asset managers and other financial services providers, the recent BE-10 Benchmark Survey of U.S. Direct Investment Abroad (BE-10) and the upcoming BE-180 Benchmark Survey of Financial Services Transactions...more

MedPAC Meeting on Medicare Policies (Oct. 8-9)

The next Medicare Payment Advisory Commission (MedPAC) meeting is scheduled for October 8 -9, 2015. Topics on the agenda include: Medicare drug spending; Alternative Payment Models and the Merit-based Incentive Payment...more

The New EU Benchmark Regulation

There has been increased pressure on the EU to restore confidence in the integrity and accuracy of benchmarks following the LIBOR and EURIBOR market-rigging scandals. Multi-million Euro fines have already been levied against...more

Bureau of Economic Analysis (BEA) Issues New Form BE-180 for U.S. Financial Services Providers Including Investment Advisers

Now that the dust has settled a little on the BE-10 benchmark survey responses, U.S. financial service providers, including investment advisers, should take note that the U.S. Bureau of Economic Analysis (the “BEA”) has...more

Compensation to Human Clinical Study Participants: A (Very) Informal Survey

At least once a month, life science clients reach out to us to ask us about best practices on a particular topic or to benchmark a proposed activity against what others in the industry might be doing. One such request,...more

BE-180 Deadline Approaching: Fund Managers, Private Funds, and Registered Investment Companies May Be Required to File

The November 1, 2015 deadline is approaching for US financial services providers—including many US fund managers, private funds, and registered investment companies—to file a BE-180 with the US Department of Commerce....more

BEA Report May Need To Be Filed by Managers of Offshore Funds by November 1

The U.S. Bureau of Economic Analysis (the “BEA”) requires U.S. financial institutions to file a benchmark survey – the BE-180 – once every five years. Although the BE-180 survey is not new, the BEA recently revised its...more

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