News & Analysis as of

Conflicts of Interest

Ruling Elevates Conflicts Considerations in Insurance/Tripartite Relationship Cases - After Washington Supreme Court Decision,...

by Holland & Knight LLP on

• Relationships between insurer, insured and insurer-appointed defense counsel – also known as the "tripartite relationship" – have long been recognized as a potential source of conflicts of interest. By a 5-4 majority in...more

SEC Files Administrative Proceeding Against An Investment Services Firm For Improperly Recommending Higher-Fee Mutual Funds To...

by Shearman & Sterling LLP on

On September 14, 2017, the Securities and Exchange Commission (“SEC”) filed an administrative proceeding against SunTrust Investment Services, Inc. (“STIS”), the investment services subsidiary of SunTrust Banks. STIS...more

In re Martha Stewart Living Omnimedia, Inc. Stockholder Litigation: MFW Provides Recipe for Protecting One-Sided Controller...

by Perkins Coie on

In its opinion in In re Martha Stewart Living Omnimedia, Inc. Stockholder Litigation,[1] issued in August 2017, the Delaware Chancery Court addressed a question left open under Kahn v. M&F Worldwide Corp.[2] (MFW)—namely,...more

Dorsey Anti-Corruption Digest - September 2017

by Dorsey & Whitney LLP on

Keeping ahead of global anti-corruption trends is critical in today’s business markets. The Dorsey Anti-Corruption Digest, which puts global trends at your fingertips, puts you ahead. The deep experience of the Dorsey...more

Funds Talk: September 2017 - Fiduciary Rule Update – September 2017

The long-anticipated and often-delayed new fiduciary rule under the Employee Retirement Income Security Act of 1974, as amended (ERISA) finally went into effect on June 9, with transition relief blunting its impact until...more

DOL to Postpone Deadline for Fiduciary Rule

by Burr & Forman on

The Department of Labor has received OMB certification, and sought expedited notice-and-comment, for a rule change that would postpone the full implementation deadline for its Fiduciary Rule from January 1, 2018 until July 1,...more

Labor Department Extends Applicability Date of BIC Exemption and PTE 84-24 an Additional 18 Months

by Carlton Fields on

The Labor Department has proposed extending the applicability date of the Best Interest Contract Exemption, the Class Exemption for Principal Transactions in Certain Assets Between Investment Advice Fiduciaries, and certain...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Q2 saw US growth hit the 3% mark for the first time in two years, besting last quarter’s lackluster showing by almost 2%. The report helped boost stocks across the board....more

The DOL Fiduciary Rule: Charting a Course, Avoiding Collisions & Potential Litigation Q&A #2

by Carlton Fields on

Last month, we wrote about potential litigation issues under the “revised temporary” DOL Rule involving the offer and sale of annuities in the IRA market. This paper continues that discussion. I emphasize to the reader that...more

NYDFS proposed regulation addresses financial disclosure requirements for directors and officers of private equity buyers of...

by Hogan Lovells on

On August 9, 2017, the New York Department of Financial Services (NYDFS) released for public comment proposed amendments to its regulations governing the approval process for the acquisition of control of insurance companies...more

Canadian Securities Administrators Provide Guidance on the Review of Material Conflict of Interest Transactions

by Bennett Jones LLP on

Transactions between related parties may create material conflicts of interest between an issuer and its directors, officers and related parties. In particular, material conflicts of interest may arise in the context of...more

SFC (the “Commission”) Expresses Concern over Irregularities in Asset Management Activities

•The Commission has identified a number of regulatory concerns with respect to private funds and discretionary accounts, in particular, funds with concentrated, illiquid and interconnected investments. •The Commission has...more

Legal Malpractice Claims Level Off as Conflicts and Cyber Claims Rise

by Dentons on

Statistics regarding the type, frequency and severity of legal malpractice claims submitted to insurers during 2016 were released at the end of June. From the law firm and attorney perspective, the news is generally good in...more

DOL Fiduciary Rule Status Update for Fraternal Benefit Societies

by Stinson Leonard Street on

In papers filed as part of a lawsuit in the U.S. District Court for the District of Minnesota, the Department of Labor (DOL) has stated that they are considering a further delay of the effective date for full implementation...more

Securities regulators provide enhanced guidance on material conflict of interest transactions

by Dentons on

On July 27, 2017, staff of securities regulatory authorities in each of Ontario, Québec, Alberta, Manitoba, and New Brunswick (together, Staff) published a notice (Notice) setting out the recent experiences and approach of...more

Three Reasons to Break Up With a Client

by Dentons on

Knowing when to end an attorney-client relationship is fraught with trepidation, especially when it becomes obvious that the relationship is on a troublesome path. It should therefore come as no surprise that withdrawing from...more

DOL Seeks to Extend Transition Period under the Fiduciary Rule

by Robinson & Cole LLP on

The U.S. Department of Labor (DOL) has filed a proposal with the Office of Management and Budget (OMB) to delay implementation of the following exemptions under the fiduciary rule from January 1, 2018 to July 1,...more

Funds Talk: August 2017 - SEC Settles With Investment Adviser in Connection With a Conflict of Interest in a Client Transaction

On July 6, the Securities and Exchange Commission (SEC) reached a settlement with respondent Paramount Group Real Estate Advisor LLC (Respondent) regarding certain alleged violations of the Investment Advisers Act of 1940, as...more

Lobbying Legislation in Canada: Roundup of Summer Developments

It’s been a busy summer for lobbying law in Canada. With the recent enactment of lobbying legislation in New Brunswick, almost all Canadian jurisdictions now have some form of lobbying law, other than the three territories...more

Appellate Court Endorses FPPC’s “Reasonably Foreseeable” Test for PRA Conflicts Analysis

by Best Best & Krieger LLP on

A recent appellate decision illustrates the far-reaching and powerful impact of the Political Reform Act’s conflicts provisions, and how that law can be employed as a sword in litigation to negate or undo decisions of...more

No Conflict in Successive Representation of a Closely-Held Company and Its Insiders Where Insiders Already Possess Company’s...

In Beachcomber Management Crystal Cove, LLC v. Superior Court (Salisbury) (No. G054078, filed June 28, 2017; pub. and mod. order July 28, 2017), the Fourth Appellate District granted a writ of mandate vacating a trial court’s...more

Undisclosed Fees, Conflicts Yield SEC Sanctions for Adviser

by Dorsey & Whitney LLP on

Undisclosed conflicts, fees and overcharges have become a recurring theme in Commission cases involving investment advisers. Frequently these cases arise out of inspections by OCIE. See, e.g., In the Matter of Credit Suisse...more

July 2017 Protest Roundup

In July 2017, the Government Accountability Office (GAO) and the U.S. Court of Federal Claims issued decisions covering a number of issues. We address the decisions below on the following issues of interest: (1) agency...more

Regulators Shine Spotlight on Material Conflict of Interest Transactions

On July 27, 2017, the Canadian Securities Administrators (CSA) published Multilateral Staff Notice 61-302 Staff Review and Commentary on Multilateral Instrument 61-101 Protection of Minority Security Holders in Special...more

SEC Guidance Seeks Enhanced Disclosures by Robo-Advisers

by Carlton Fields on

In February, the SEC staff issued a guidance update focusing on "robo-advisers," i.e., registered investment advisers (RIAs) who provide online, automated investment advice, through the use of an algorithmic program. As RIAs,...more

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