Conflicts of Interest

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OCC Issues New Comptroller’s Handbook Sections Relating to Securities Compliance, Litigation and Conflicts of Interest

On January 22, the Office of the Comptroller of the Currency (OCC) issued the “Government Securities Act” booklet of the Comptroller’s Handbook. This new booklet, part of the Securities Compliance series, consolidates certain...more

"The Multifaceted General Counsel"

From legal adviser to business strategist to compliance officer, an in-house counsel typically finds herself playing multiple roles in her organization. Each role requires knowing the organization's business, understanding...more

Corporate and Financial Weekly Digest - Volume X, Issue 3

In this issue: - SEC Chair Directs Staff to Review Commission Rule Excluding Conflicting Proxy Proposals - SEC Comments on FINRA's Proposed Rule Amendment to Increase Pricing Disclosure - CFTC Grants...more

Legal and Ethical Framework for New Public Officials

As the new year begins, many around California are embarking on a new endeavor: Serving for the first time on a city council, school board or other public agency board or commission. Those newly elected this past November are...more

A&O Decision Report: Upper Tribunal Upholds FCA's Findings That A Non-Executive Director Failed To Act With Integrity Due To Her...

In this report, Sarah Hitchins, an associate in Allen & Overy LLP's Banking, Finance and Regulatory Litigation Group, considers the decision of the Upper Tribunal (Tax and Chancery Chamber) (the Upper Tribunal) in which it...more

SEC Finds Loan to Investment Adviser’s CEO a Conflict of Interest

Consulting Services Group, LLC, or CSG, was a registered investment adviser whose business included providing consulting services to public pension funds. These consulting services included recommending third-party investment...more

This Week In Securities Litigation

The Commission brought cases related to HFT this week, but not against those traders. One action involved the operations of one of the largest dark pools. A second involved two exchanges. Each action involved specific types...more

Are You Complying? New 2015 Laws Affecting Public Agencies

Community leaders need to be attentive to the new laws that will take effect in 2015 that deal with issues specifically relating to cities, special districts and other public agencies. These new laws cover everything from...more

Food Fights Make Bad Law

The axiom "hard facts make bad law" never held so true than in the case of the Minnesota Supreme Court's decision in Medical Staff of Avera Marshall Regional Medical Center vs. Avera Marshall, issued on December 31, 2014. ...more

FINRA’s 2015 Exam Priorities

The Financial Industry Regulatory Authority (“FINRA”) released its 10th annual Exam Priority Letter earlier this week (Jan. 6, 2015). The so-called “Errico Letter” advises broker-dealer member firms of the operational risks...more

The Compliance Advantage in Mexico

A View from the Front-Lines of Compliance in Mexico - Today, I am pleased to welcome Patrick Henz as a guest contributor. Patrick started his career in Compliance at the end of 2007, when he was responsible for the...more

FINRA Issues a Packed Priorities Letter for 2015

FINRA opened 2015 with a lengthy and ambitious agenda of regulatory priorities. This year’s Regulatory and Examination Priorities Letter is much longer than those issued the last two years, and repeats many of those years’...more

"The 2014 IBA Guidelines on Conflicts of Interest in International Arbitration"

The IBA Council in Tokyo recently approved a revised version of the International Bar Association’s Guidelines on Conflicts of Interest in International Arbitration (the Guidelines). The new Guidelines entail changes...more

FINRA Sanctions 10 Banks for Conflicts-Of-Interest Violations

On December 11, FINRA fined 10 financial firms a total of $43.5 million dollars for allegedly violating the industry-regulator’s conflict of interest rules. According to FINRA, in pitch meetings, the firms’ equity research...more

FINRA Proposes Changes to the Equity Research Analyst and Equity Research Report Rule

On November 18, 2014, the Financial Industry Regulatory Authority, Inc. (“FINRA”) filed a proposed rule change with the Securities and Exchange Commission (the “SEC”) to adopt NASD Rule 2711 as new FINRA Rule 2241 with...more

Hidden Traps: Subject Matter Conflicts of Interest in Patent Prosecution

Attorneys who have been practicing for more than a day are familiar with the process of conflicts of interest searches. A new client comes into the office or firm, the attorney or conflicts team searches a client database for...more

Points & Authorities - Fall 2014

In This Issue: - Legal Considerations for Web Based Start-Ups - California’s Water Anxiety Prompts Landmark Groundwater Legislation - Points from the President - Factor Beware: A Judgment Lien...more

This Week In Securities Litigation

The SEC filed a series of actions in the last two weeks which included a break for the Thanksgiving holiday. One action focused on a Swiss investment firm giving advise in the U.S. without registering with the Commission....more

GAO report shines spotlight on key issues for managed accounts in 401(k) plans

Most professionals who work in the 401(k) arena would agree that managed accounts are, on balance, a favorable development for 401(k) plan participants. However, such accounts are, in many ways, still in their infancy,...more

Appearance and Perception of a Conflict of Interest: Whose View?

Conflict of interest provisions are best when they are clear and set certain boundaries. The appearance and perception of a conflict doesn’t mean that a conflict of interest exists. Appearances can be misconstrued or...more

It Is Now a Crime to Help a Public Official Make a Contract that Holds Personal Financial Interest

California Legislature Expands Government Code Section 1090 Liability to Those Who Aid and Abet - An amendment to Government Code section 1090 now makes it a felony for any person to aid and abet a government official...more

Three Principals of Adviser Settle SEC Charges Over Undisclosed Conflicts

The Commission filed another settled action based on undisclosed conflicts involving an investment adviser. In this proceeding Respondents, principals of the adviser, failed to disclose a fee splitting arrangement with an...more

Delaware Court of Chancery Applies Business Judgment Rule to Directors Who Approve Merger Supported by Large Shareholders

In its October 24, 2014, decision in In re Crimson Exploration Inc. Stockholder Litigation, C.A. No. 8541, the Delaware Court of Chancery confirmed that the business judgment rule is applicable in evaluating claims for breach...more

The Regulators Are Coming! The Regulators Are Coming!

Regulators, in-house lawyers and compliance officers told a serious cautionary tale at the recent Practicing Law Institute Broker-Dealer Regulation and Enforcement seminar. Representatives of the Securities and Exchange...more

Community Redevelopment Law Conflict-of-Interest Rules Apply to Successor Agencies

California Attorney General Weighs In on Rule That Will Impact Members of Successor Agencies’ Governing Boards and Employees - The California Attorney General recently opined that the conflict-of-interest rules under...more

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