Intermediaries

News & Analysis as of

EU Commission Proposes to Amend Shareholder Rights Directive

The proposal covers shareholder votes on remuneration policies and related party transactions and greater transparency obligations on certain market participants. The European Commission (EU Commission) recently...more

OFAC Announces Sanctions Settlement With Securities Intermediary

On January 23, the Treasury Department’s OFAC announced that a Luxembourg bank agreed to pay $152 million to resolve potential civil claims that the bank concealed the interest of the Central Bank of Iran (CBI) in certain...more

CFTC Requests Comment on Staff Advisory Regarding the Applicability of Transaction Level Requirements

On January 3, the Commodity Futures Trading Commission requested public comment on the Division of Swap Dealer and Intermediary Oversight’s Advisory regarding the applicability of transaction-level requirements to non-US swap...more

UK Finance Bill - Key Points

The UK Finance Bill 2014 was published in draft form on 10th December 2013 and the proposed legislation now enters a period of consultation, which will end on 4th February 2014. A full analysis of each and every measure...more

SEC Proposes Regulations Related to Crowdfunding (Part 1)

The Securities and Exchange Commission ("SEC") proposed for comment new regulations on Crowdfunding. Crowdfunding is the general term used to describe a new way of raising capital using the Internet. A crowdfunding...more

Europe: Mosley v Google – game, set but not match yet.

On November 6, a Paris Court ordered Google to filter out hyperlinks to images of former F1 boss Max Mosley in an allegedly Nazi-themed sadomasochistic orgy. (TGI Paris, 17e ch., 6 novembre 2013, RG 11/07970, Max Mosley c....more

California Court of Appeal Holds Intermediary’s Sophistication Not Sufficient, as a Matter of Law, to Avoid Supplier’s Liability...

On October 29, 2013, the California Court of Appeal affirmed as proper a trial court’s refusal to give defendant John Crane, Inc.’s (Crane’s) requested jury instruction on the “sophisticated user” defense. In Anne Pfeifer, et...more

Legal Alert: IRS Issues Draft FATCA FFI Agreement and Announces Positive New Rules for Insurance Companies

On October 29, the Internal Revenue Service (IRS) issued Notice 2013-69, which includes guidance to foreign financial institutions (FFIs) entering into FFI agreements with the IRS and a draft FFI agreement. The Notice also...more

Issues Involving "Finders" And Other Intermediaries In Private Placements Following SEC Repeal Of General Solicitation Ban

The imminent repeal of the SEC’s long standing prohibition on general solicitation in private placements conducted under Regulation D (provided that only accredited investors purchase securities in such a transaction)...more

Drilling Down On Due Diligence: Raising The Bar

I am sure Justice Department and Securities and Exchange Commission lawyers sometimes sit back and marvel at the world they have helped create – Companies are devoting more resources to the due diligence process for screening...more

CLS Bank Int'l v. Alice Corp. (Fed. Cir. 2013) (en banc) -- Chief Judge Rader's Concurrence-in-part and Dissent-in-part

A previous post presented the background of this case, as well as Judge Lourie's plurality concurrence. As noted in that post, Alice's claimed inventions involved the reduction of settlement risk using a third-party...more

Issues Arising in Commodity Inventory Finance

Introduction - The knock-on effects of the global economic crisis have influenced the financing of the commodities trading industry. Changes in the regulatory landscape in Europe and the United States have likewise...more

Patton Boggs Reinsurance Newsletter - March 2013: A Brief Review of Reinsurance Trends in 2012: Intermediaries

In Olympus Ins. Co. v. AON Benfield, Inc., No. 11-cv-2607(PJS/AJB), 2012 WL 1072334 (D. Minn. Mar. 30, 2012), a Minnesota federal court granted a motion to dismiss in favor of a reinsurance intermediary against a cedent. The...more

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