News & Analysis as of

RMBS Trustee Wins Partial Dismissal of Investor Claims

On September 29, 2015, Judge Valerie Caproni of the United States District Court for the Southern District of New York partially granted RMBS trustee Bank of New York Mellon’s (“BNYM”) motion to dismiss claims brought by...more

U.S. Supreme Court Says There Will Be No New Newman

Last Monday, the United States Supreme Court denied cert in the highly publicized insider trading case of United States. v. Newman, 773 F.3d 438 (2d Cir. 2014). Without providing further commentary, the justices said they...more

RMBS Contract Claims Against Trustee Dismissed in Part

On October 2, 2015, Justice Saliann Scarpulla of the New York Supreme Court issued an Opinion and Order partially granting Bank of New York Mellon’s (“BNYM”) Motion to Dismiss an RMBS action brought by Commerce Bank and other...more

SEC’s Piwowar and Gallagher Dissent, Defer to Courts on ConLaw Challenge

SEC Commissioners Piwowar and Gallagher dissented from a recent Commission Opinion sanctioning an investment adviser’s use of misleading historical data purporting to validate an asset-allocation model. Agreeing there was a...more

Portfolio Monitoring and Legal Fees Subject to SEC Enforcement Action Against Private Equity Group

The SEC announced that three private equity fund advisers within The Blackstone Group have agreed to pay nearly $39 million to settle charges that they failed to fully inform investors about benefits that the advisers...more

EVCA becomes “Invest Europe: The Voice of Private Capital”

EVCA has announced that it has changed its name to “Invest Europe: The Voice of Private Capital”. ...more

Energy Newsletter - October 2015

FERC Shares Best Practices for Stakeholder Outreach in Gas Project Permitting - The dramatic increase in domestic energy production over the past several years has resulted in the involvement of the Federal Energy...more

Connecticut Supreme Court Expands Protection for Would-Be Whistleblowers

Connecticut whistleblowers were handed a siren to sound the alarm on employers this week. In interpreting the state constitution in Trusz v. UBS Realty Investors, LLC, SC 19323 (Conn. Sup. Ct., official release Oct. 13,...more

Commission adopts securitisation proposals

As part of the CMU action plan, the Commission has adopted a proposal for a Securitisation Regulation setting out a general framework for securitisation and amendments to the Capital Requirements Regulation (CRR). ...more

Commission consults on EuVECA and EuSEF review

The Commission has launched a public consultation on the review of the EuVECA and EuSEF regime in an effort to increase the take-up of these funds since only a few have launched since the regime was introduced in 2013....more

Third Penalty in Two Months Against a Minority Investor Again Signals Increased FTC Enforcement of the H-S-R Act

For the third time in less than two months, the U.S. Federal Trade Commission (FTC) has announced an enforcement action against a minority investor who failed to comply with the Hart-Scott-Rodino (“H-S-R”) Act notification...more

New Jersey Resident Charged with Securities and Wire Fraud

On October 1, the U.S. Attorney for the Southern District of New York filed a complaint against New Jersey fund manager William J. Wells charging him with running a “Ponzi” scheme which raised over $1.5 million from...more

Singapore Legal Update - October 2015

The MAS’s consultation paper proposal to clarify that there is no requirement of material price impact to establish a case of false or misleading disclosure under section 199 of the SFA will have an impact on the way company...more

New EU Securitisation Regulation: Moving in the Right Direction

The European Commission published a draft regulation on a European framework for simple, transparent and standardised securitisation on 30 September 2015 (the “Draft Regulation”). The Draft Regulation aims to achieve a better...more

Cuba Sanctions Relief: Baby Steps Today, But What About Tomorrow?

For more than 50 years, an embargo and related sanctions regime has restricted U.S. businesses and individuals from virtually all economic activity involving Cuba or its nationals. This regime was implemented through a...more

TTIP’s Impact on U.S. and EU Trade Relations

The United States and the European Union (EU) together represent 60 percent of global GDP, 33 percent of world trade in goods and 42 percent of world trade in services. Direct investment in each other’s economies totals more...more

SEC Appoints New Head of Examination Program in Atlanta Regional Office

On September 29, the SEC named William Royer as the Atlanta Regional Office’s Associate Director of the examination program. Since June of this year, Royer has served as the examination program’s Acting Associate Director....more

Raising Capital? Don’t Forget about SEC Filings (It’s Not as Difficult as It Sounds)

The mention of "securities law and regulations" is a common, but daunting phrase that many entrepreneurs hear when they are attempting to raise money from investors for their companies. Under federal securities laws, any sale...more

Prepare Your Brewery or Distillery to Raise Money

Raising capital can be very exciting, but it can also create a great deal of uncertainty and anxiety. Before you approach a bank, an individual investor, or a more institutional equity investor, be aware that these people...more

SEC Reconsiders Exchange-Traded Products

The SEC recently published myriad questions about the listing, trading, and marketing (especially to retail investors) of "new, novel, or complex" exchange-traded products (ETPs). Such ETPs include exchange-traded funds...more

Global Regulators Evolve on Money Manager Systemic Risks

The Board of the International Organization of Securities Commissions (IOSCO) in June made an important recommendation concerning any risks that investment funds and advisors present to the global financial system....more

SEC Proposes Major Disclosure Changes for Funds and Advisers

The SEC recently published two rule proposals to address concerns over the Commission’s ability to gauge and monitor any risks that the asset management industry poses to the financial system and investors. This includes the...more

Securitisation: Keeping it Simple?

On 30 September 2015, the European Commission (the “Commission”) published a proposal for a regulation (the “Proposed Regulation”)1 intended to harmonise existing EU laws applying to securitisations (including proposed...more

What to expect when you’re not expecting: Anticipating the outcome of the 2015 Paris Climate Change Conference

The 21st Conference of the Parties (“COP”) to the United Nations Framework Convention on Climate Change (“UNFCCC”) meets in Paris at the end of this year to seek to achieve the vaulted ambition set by the Durban Platform of...more

Navigating Derivative Lawsuits Against Mutual Funds After Northstar

The Ninth Circuit Court of Appeals this spring held that mutual fund shareholders could maintain direct claims against the fund’s trustees for breach of their common law fiduciary duties. Before Northstar v. Schwab, such...more

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