News & Analysis as of

California Debt Limit Allocation Committee Releases Proposed Regulations

This client alert discusses some of the more significant changes that could affect issuers and borrowers in connection with awards of volume cap if the proposed regulations were adopted in their current form. The...more

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

Exception from the License Requirement for Investment Intermediaries in the Future Only in Case of a First Public Offer of Investment Assets (Vermögensanlagen) - As of 31 December 2016, investment advisors and...more

Quarterly Investment Update - 3rd. Quarter 2016

Investor confidence rebounded in the third quarter immediately following Brexit, driving the S&P 500 to new highs. Comments by the Fed in early September stirred up some volatility and share prices slipped backwards. Not...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - The CFPB Publishes Final Rule for Prepaid Accounts - On October 5, 2016, the Consumer Financial Protection Bureau (the "CFPB") finalized comprehensive consumer protections for...more

Your Daily Dose of Financial News

Regulators aren’t the only ones after Theranos now. On Monday, one of its major investors—Partner Fund Management—filed suit against the embattled blood-testing company in Delaware state court over an alleged series of...more

Orrick's Financial Industry Week in Review

SEC Adopts Rules for Enhanced Regulatory Framework for Securities Clearing Agencies - On September 28, 2016 the Securities and Exchange Commission ("SEC") voted to adopt new rules to establish "enhanced standards for the...more

Jury Finds Miami and Former Budget Director Guilty of Securities Fraud

In the first federal jury trial by the U.S. Securities and Exchange Commission (SEC) against a municipality or its officers, jurors found that the City of Miami, Florida (Miami or the City) and its former budget director...more

Your daily dose of financial news - The Brief – 9.15.16

The Committee on Capital Markets Regulation—a nonprofit that represents execs from many of the US’s largest banks—will release a paper today arguing that the Fed illegally sidestepped the APA by adopting “central parts of its...more

Asia's infrastructure opportunity

Both Japan and China have significantly increased their commitment to invest in Asian infrastructure, but steps must be taken in a number of other areas to unleash the region's full potential....more

The next chapter - A new bond linking financial returns to environmental or social goals could thrive. But securities law...

Shakespeare’s Juliet may not have ascribed great significance to a name but for securities lawyers and market participants alike there is significance to nomenclature. Social impact bonds, or investments that are intended to...more

New Countries Eligible for Italy's White List

In the Official Gazette No. 195 of 22 August 2016, the Italian Government published the Ministerial Decree of 9 August 2016 (the "Decree") that amended the list of countries and territories "allowing an adequate exchange of...more

Alabama Legislature Signals Reexamination of Tax Incentives and Exemptions: State and Local Tax Alert: Alabama Edition

Following a contentious special session in which multiple proposals for a state-wide lottery were debated then abandoned, the Alabama Legislature adjourned on September 7 after approving an approximate $640 million bond issue...more

SEC Charges Promoters of Notes Backed by Gold Mine, U.S.

When it is to good to be true, it almost always is. But returns of 53% to 120%, backed by millions of ounces of gold and bonds from the U.S. and Bank of America? Too hard to resist. Investors paid their cash; the promoters...more

Good-Bye to Wyatt Earp and More on 1MDB

Wyatt Earp died this week. Not the original Wyatt Earp who died in 1929 but the Wyatt Earp of my lifetime, who was actor Hugh O’Brian. O’Brien portrayed Earp in the long running television series Wyatt Earp which ran in the...more

Your daily dose of financial news - The Brief – 9.6.16

Dealbook gives us the story of Airgas, where founder Peter McCausland’s reticence to sell (despite serious shareholder pressure) resulted in a $5 billion windfall rather than the all-too-often result of a later sale for...more

Is Renewable Energy in Puerto Rico Back On Your Radar?

Renewable energy deal discussions centered on projects in Puerto Rico have been difficult – particularly for project owners – over the past few years. The foundations of most of the projects on the island were power purchase...more

Sukuk: The cornerstone of Islamic finance

Sukuk have emerged as one of the most significant financing tools in Islamic finance. These securities form a bridge between issuers—primarily sovereigns and corporations—and investors located in the Middle East and...more

Sukuk vs. bonds - Sukuk, the Islamic alternative to conventional bonds, is rapidly and steadily gaining ground in Turkey.

Sukuk typically represent an undivided beneficial ownership interest in certain tangible assets (save for certain receivables, such as zhimam or duyun), the usufruct of an asset or certain projects or investment activities. ...more

Recent Developments in Green Bonds

Brief Overview of Green Bonds - Green Bonds raise funds for new and existing projects with environmental benefits. They are similar to mainstream bonds with the difference residing essentially in a defined use of...more

California Ballot 2016: Pros and Cons of Props 51-56

Californians must decide on 17 initiatives in the November election this year, and those are just the proposed measures of state-wide concern. Never mind the many local initiatives affecting counties and neighborhoods. The...more

Management Contracts & Private Business Use–IRS Releases Favorable Guidance

Coming as welcome news to those involved in the municipal bond market, Revenue Procedure 2016-44 provides helpful guidance for governmental issuers and 501(c)(3) borrowers entering into long-term contracts with private...more

Selected Risk Retention Questions and Answers for CMBS Securitizations

On October 22, 2014, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Securities and Exchange Commission, the Federal Housing...more

The Impact of PROMESA on Creditors

On June 30, 2016, the United States Senate passed the “Puerto Rico Oversight, Management and Economic Stability Act” (“PROMESA”) and it was quickly signed into law by President Obama. PROMESA enables the Commonwealth of...more

Your daily dose of financial news - The Brief – 8.5.16

The DOJ has asked the 2d Circuit to reconsider its May decision overturning the 2013 jury verdict (and subsequent $1.27 billion penalty) against Bank of America for fraud relating to its mortgage-generation HUSL program....more

Your daily dose of financial news - The Brief – 8.4.16

As foreshadowed a few weeks ago, the Bank of England has cut its main interest rate to an historically low .25 percent in an effort to address the impact of June’s Brexit vote. The BOE will start bond buying in September....more

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