News & Analysis as of

Intermediaries

Securities Litigation Alert: District Court Says Indirect Purchasers of Shares Can Bring Fraud Claims Against Private Company and...

by Fenwick & West LLP on

In a case with important implications for late-stage private companies, a federal magistrate judge ruled last week that investors in funds holding private company securities can bring fraud claims against the issuer of the...more

UCC8, UCC9, and The Hague Convention

by Liskow & Lewis on

Lenders who take security interests in securities accounts are familiar with the rules of Articles 8 and 9 of the Uniform Commercial Code that identify the governing jurisdiction for these transactions. Commencing April 1,...more

Hague Securities Convention Takes Effect to Clarify Applicable Law Governing Securities Accounts Held by Intermediaries

by Sullivan & Worcester on

On April 1, 2017, the Hague Convention on the Law Applicable to Certain Rights in Respect of Securities Held with an Intermediary (the "Convention") will take effect in the United States. On December 15, 2016, the United...more

The Hague Securities Convention – III. What is required to be a governing law?

Two things are required. First, the choice should be expressly made. If an express choice is not made, there are a series of fallback rules under the Convention, but clearly the far better approach is to make an express...more

Employment Status Checker

by Dentons on

HMRC has published an employment status checker so that employers can check whether the IR35 legislation on intermediaries and ‘disguised employees’ will apply to a particular engagement. The tool determines if, on the basis...more

Hague Securities Convention to Enter Into Effect in the United States - Choice of Law in Respect of Securities Held by...

by Shearman & Sterling LLP on

On April 1, 2017, the Hague Securities Convention — or by its actual name, the Convention on the Law Applicable to Certain Rights in Respect of Securities Held with an Intermediary — will enter into effect in the United...more

SEC Releases White Paper on Crowdfunding

On February 28, 2017, the SEC released a white paper analyzing crowdfunded offerings during the first six months following the effective date of Regulation Crowdfunding (May 16, 2016). The white paper noted that crowdfunding...more

Payment of premium through the intermediary and rule of appearance

by DLA Piper on

The captioned judgment states a well-known case law principle in the field of motor third party liability, i.e. the damaged party enjoys full insurance cover if the insured party, liable for the accident, holds the...more

The Bribery Act and Management of Commercial Intermediaries

by Dentons on

Omani companies with UK shareholders (whether minority or majority) could be forgiven for believing that the UK Bribery Act 2010 (the Act) does not apply to their operations in the Sultanate of Oman. However, two recent cases...more

DOL Issues Additional Guidance on Fiduciary Rule

by Morrison & Foerster LLP on

On January 13, 2017, the U.S. Department of Labor (“DOL”) issued a second set of guidance on its new fiduciary rules, which are scheduled to become effective on April 10, 2017. The guidance was issued in the form of FAQs...more

A Case of Appendicitis: SEC Staff Guidance on Sales Load Variation Disclosures Sends Funds Scrambling

by Morrison & Foerster LLP on

A Guidance Update published in December 2016 by the SEC’s Division of Investment Management has sent funds scrambling to beef up prospectus disclosures to accommodate changes to fees charged by financial intermediaries before...more

European “Intermediaries” May Be Forced To Take Active Measures Against Trademark Infringement Committed By Third Parties

by Ladas & Parry LLP on

Recent cases in the Court of Justice of the European Union (“CJEU”) and the Court of Appeal of England and Wales (“the English Court of Appeal”) have addressed the question of whether those who provide facilities to persons...more

Dollar Financial UK Ltd v HMRC: When Must a Financial Intermediary Charge VAT?

Executive Summary - The decision in Dollar Financial UK Ltd v HMRC [2016] UKFTT 598 will likely be of interest to a range of participants in the lending market, and the financial services sector more generally, because...more

Mutual Fund Sales by Intermediaries – Fall-Out from DOL Fiduciary Rule and FINRA Enforcement

by Dechert LLP on

Mutual fund sales and distribution arrangements are once again under review. It has been reported that fund intermediaries are re-examining their practices relating to sales charges, share class structures and product...more

EU: Injunctions against intermediaries available also in the offline world

by White & Case LLP on

The Court of Justice of the European Union (CJEU) recently confirmed that the ability of rightholders to apply for an injunction against intermediaries whose services are used by a third party to infringe an intellectual...more

IRS Floats Updated Qualified Intermediary Agreement

by Alston & Bird on

In recent Notice 2016-42, the IRS has proposed a new qualified intermediary (QI) agreement. The current QI agreement, set forth in Rev. Proc. 2014-39 (“the 2014 QI agreement”), expires December 31, 2016. The IRS expects to...more

Government Investigations: Use of the Financial Crimes Enforcement Network and Virtual Currency

by Moskowitz LLP on

Since 2009, the US Department of Justice has implemented an aggressive anti-tax evasion strategy that has changed by targeting tax havens that host financial intermediaries (i.e., banks) to the financial intermediaries...more

A Compilation of Enforcement and Non-Enforcement Actions

by Foley & Lardner LLP on

Non-Enforcement - Remember to Update Your Risk Disclosure on an Ongoing Basis - The staff of the Securities and Exchange Commission (SEC) issued guidance reminding mutual funds, exchange traded funds, and other...more

CFTC Intermediaries to Adopt and Implement Cybersecurity Programs by March 1, 2016

Commencing March 1, 2016, all commodity pool operators, commodity trading advisors, futures commission merchants, retail foreign exchange dealers, investment brokers, major swap participants and swap dealers that are National...more

CFTC Staff Issues No-Action Relief Helpful for Non-U.S. Commodity Pool Operators and Commodity Trading Advisors

by Dechert LLP on

The U.S. Commodity Futures Trading Commission (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) provided no-action relief on February 12, 2016 to commodity pool operators (CPOs) and commodity trading advisors...more

Do the Restrictions on Advertising with Nutrition and Health Claims also Apply to Communications Addressed Exclusively to Health...

by King & Spalding on

The Court of Justice of the European Union (ECJ) will soon decide on the issue of whether the restrictions on promoting foodstuffs with nutrition and health claims also apply to communications addressed exclusively to health...more

SEC Staff Issues Guidance on Mutual Fund Distribution Arrangements

by Morgan Lewis on

Recently issued SEC staff guidance reminds mutual fund directors of their obligations to evaluate fund payments to financial intermediaries and emphasizes investment advisers’ and other service providers’ obligation to...more

Joining the Crowd: SEC Adopts Final Crowdfunding Regulations - Part III - Intermediaries

by K&L Gates LLP on

On October 30, the U.S. Securities and Exchange Commission (“SEC”) adopted final rules in the form of Regulation Crowdfunding to implement the securities-based crowdfunding exemption in Section 4(a)(6) of the Securities Act...more

SEC Provides Long-Awaited Guidance on Fund Distribution and Sub-Accounting Fees

by Carlton Fields on

Guidance Update No. 2016-01, published this month by the SEC’s Division of Investment Management, provides extensive guidance concerning the possibility that payments from mutual funds are being used to promote sales of the...more

SEC Issues Guidance on Mutual Fund Payment of Distribution Fees to Intermediaries

On January 6, the staff of the Securities and Exchange Commission's (SEC's) Division of Investment Management issued Guidance Update 2016-01, "Mutual Fund Distribution And Sub-Accounting Fees" (the "Guidance"). The Guidance...more

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