Investment Banks

News & Analysis as of

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

Sophisticated Hackers Target Insider Information

A security consulting firm has discovered a sophisticated hacking campaign that has targeted more than 100 public companies, investment banks and law firms. In a report released December 1, cybersecurity firm FireEye...more

Broker-Dealer Beat - October 2014: Supervising Registered Employees of Foreign Affiliates

Supervising Registered Employees of Foreign Affiliates - NASD Rules 1021(a) and 1031(a) permit a FINRA member to register or maintain the registration as principal or representative of an individual who is engaged in...more

FMLC Publishes Response on Bail-in Powers

In response to a consultation by HM Treasury, the UK’s Financial Markets Law Committee (FMLC) published a letter on June 4 relating to the bail-in powers introduced by the Financial Services (Banking Reform) Act 2013. This...more

DOJ Opinion Release Discusses FCPA Risk Related To Investment Bank’s Buyout Of Minority Shareholder

Recently, the DOJ issued its first opinion release of 2014 regarding application of the FCPA. In this instance, an investment bank and securities issuer who was a majority shareholder of a foreign financial services company...more

Financial Advisory Update

Novel theories by plaintiffs’ lawyers need to foster novel approaches by M&A lawyers. A number of recent cases highlight the increasing risks for financial advisors and the lawyers who represent them. Financial...more

Financial Services Law -- Nov 21, 2013

Bank Can Be Liable Under California Law for Overdraft Fee Charge Ordering - A checking account that includes a debit card feature is a “service” under California’s Consumer Legal Remedies Act, according to a new...more

NCUA Sues Multiple Banks for $2.4 Billion

On September 23, the National Credit Union Administration (as liquidator for the Southwest Corporate Federal Credit Union and Members United Corporate Federal Credit Union), filed nine separate suits in the federal district...more

So You Think You Want to Sell the Bank

Given, among other things, the current bank regulatory environment and dim prospects for future community bank profitability, many community bank boards are now considering the possibility of partnering with a like-sized...more

Report on UK Banking Urges “Radical Reform” to Raise Standards

The report from the Parliamentary Commission on Banking Standards includes recommendations on remuneration, diversity, and whistleblowing. On June 19, the Parliamentary Commission on Banking Standards (the Commission)...more

A Game Changer For Competitive M&A Transactions? Federal Court Passes Judgment On Bidding Tactics (Australia)

WHAT HAPPENED? A mining consumables company was sold to a private equity firm. Seven hours later, the company was onsold at a $22 million premium to a competing Australian mining consumables company well known to the...more

Court Holds Aiding And Abetting Liability Requires Material Assistance In The Violation

Corporations Code Section 25401 is the general anti-fraud provision of the Corporate Securities Law of 1968. Section 25504.1 makes a person jointly and severally liable for a violation of Section 25401 if that person...more

SEC Staffer Cautions Private Funds Industry on Potential Broker Registration Issues

In a recent speech given to the ABA Trading and Markets Subcommittee, David W. Blass (Chief Counsel of the SEC's Division of Trading and Markets) focused on a number of activities commonly conducted by private fund advisers...more

A Status Check On The UK Bribery Act

The UK Bribery Act is still on the books – and there is very little enforcement action to report. Instead, we are treated to new personnel, policies and practices surrounding the UK Bribery Act, which so far has not amounted...more

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