How This Investment Firm Hopes to Revolutionize Litigation in America
On Tuesday, August 25, 2015, the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Treasury Department, issued a notice of proposed rulemaking that would bring certain investment advisers under the umbrella...more
This Glossary is designed to provide law students taking Securities Regulation with a tool that will assist them in learning the basic language of securities law and achieve a working knowledge of the fundamental principles...more
The Seventh Circuit Court of Appeals issued a decision on August 6, 2015, in the case of Jones v. Harris Associates L.P. on remand from the United States Supreme Court. The case was actually remanded to the Circuit Court in...more
Two recent SEC Enforcement Division administrative settlements reinforce the importance for fund boards of directors and fund advisers to maintain a robust annual advisory contract renewal process....more
On August 5, the SEC adopted a rule requiring public companies to disclose the pay ratio of their CEO to the median compensation of their employees. The rule gives companies some flexibility in the method of determining the...more
On May 20, 2015, the Securities and Exchange Commission (the “SEC”) approved new proposed rules, forms and amendments that would expand the information that registered investment companies1 are required to report. The SEC’s...more
As the general July 21, 2015 deadline approached to conform with the implementing regulations (Final Rules) for the Volcker Rule, a key issue remained with respect to the sponsoring, organizing and seeding of investment...more
How should fund directors monitor gifts and entertainment received by investment adviser personnel?
This question moved to the forefront in February, when the Securities and Exchange Commission’s Division of Investment...more
The U.S. Securities and Exchange Commission (SEC) on May 20, 2015 unanimously approved proposed rules, forms and amendments that are intended to modernize and enhance the reporting and disclosure of information by investment...more
The Volcker rule generally prohibits banking entities from engaging in proprietary trading and from sponsoring and/or investing in certain types of “covered” investment funds. The implementing regulation that the Agencies...more
The staffs of the agencies responsible for administering the Volcker Rule have again updated the Volcker Rule FAQs. A new FAQ notes that the rule implementing the Volcker Rule and the accompanying preamble make clear that a...more
Why it matters -
Marketplace lending has exploded onto the scene and become a multibillion-dollar industry. Hoping to capitalize on the gold rush of consumers turning to websites to borrow money, Goldman Sachs announced...more
Action Item: The recently implemented Administrative Measures show the Shanghai government’s intention to relax and simplify the requirements for company domicile registration. However, the precise scope of the Administrative...more
Public companies incorporated in Delaware frequently adopt a charter provision, pursuant to 8 Del. C. § 102(b)(7), that insulates their directors from monetary damages for breaches of the fiduciary duty of care. Those...more
FRB will extend high-quality liquid asset status to some state and municipal bonds.
The FRB has proposed a rule that would recognize certain general obligation state and municipal bonds meeting the same liquidity...more
The Markets in Financial Instruments Directive (“MiFID II”) and the related Regulation (“MiFIR”) is the next big rewrite of EU legislation, due to take effect at the beginning of 2017. Although its greatest...more
The growing use of social media has created challenges for federal securities regulators, who must enforce antifraud rules that were written at a time when the prevailing technology was the newspaper.
The U.S. Securities and Exchange Commission (SEC or Commission) unanimously approved a proposal (Proposal) to modernize the reporting of information provided by registered investment companies (funds). Guided by the recent...more
The Staff of the Division of Investment Management (Staff) of the U.S. Securities and Exchange Commission (SEC or Commission) has published responses to frequently asked questions (FAQs) regarding the SEC’s 2014 amendments...more
On April 28, 2015, the SEC's Division of Investment Management released a Guidance Update providing cybersecurity guidance for investment companies and investment advisors (firms). The SEC has prioritized cybersecurity as a...more
Compliance Issues With Private Equity Fund Managers Remains a Concern With the SEC - In May of last year, the SEC rang the alarm bells after conducting sweep examinations of private equity fund managers. At that time, the SEC...more
EBA Outlines Upcoming Initiatives for the Regulation of Retail Payments -
The European Banking Authority ("EBA") has announced details of its plans to harmonize regulatory and supervisory practices to ensure secure, easy...more
The U.S. Securities and Exchange Commission (SEC) today unanimously approved proposals (Proposals) to modernize the reporting of information provided by registered investment companies (funds) and registered investment...more
It’s Monday morning — do you know your privacy/security status?
Here are a few bits and bytes to start your week.
SEC to Registered Investment Advisers and Broker-Dealers: It’s Your Turn to Pay Attention to...more
In April 2015, the Securities and Exchange Commission (the “SEC”) Division of Investment Management issued a guidance update (the “Update”) identifying cybersecurity of registered investment companies and registered...more
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