Underwriting

News & Analysis as of

SEC Launches Cooperation Initiative to Encourage Municipal Issuers and Underwriters to Self-Report Continuing Disclosure...

On March 10, 2014, the Securities and Exchange Commission ("SEC") announced that issuers and underwriters of municipal securities may voluntarily report materially inaccurate statements made in offering documents regarding...more

Orion and London & Overseas Announce Plan to Propose Amending Scheme that Will Include a Bar Date

On January 20, 2014, the scheme administrators (the “Scheme Administrators”) for two insolvent London Market Insurers, The Orion Insurance Company PLC (“Orion” ) and The London and Overseas Insurance Company Limited (“L&O”)...more

9th Circuit Holds Issuer Is Investment Bank’s “Customer” And “Actions and Proceedings” Include Arbitrations

In 2005 and 2006, the biggest little city in the world (aka Reno, Nevada) issued approximately $211 million in securities employing Goldman, Sachs & Co. as its sole underwriter and broker-dealer. The financing didn’t work...more

A Whole Lotta Shaking Going On In Central US

When underwriters evaluate potential causes of loss in the central United States, perils such as tornados and high winds, hail, and fire are generally identified as the primary risks of loss. But earthquakes? That is not a...more

IIROC Proposes Guidance for Underwriting Due Diligence

The Investment Industry Regulatory Organization of Canada (IIROC) published proposed guidance on March 6, 2014, setting forth nine key principles for underwriting due diligence....more

Proposed IIROC Guidance on Underwriting Due Diligence Will Focus Dealers on Policies, Procedures and Record-Keeping

IIROC (Investment Industry Regulatory Organization of Canada) has issued for comment its long-awaited guidance to underwriters carrying out due diligence in connection with public offerings of securities. This initiative was...more

The Good, the Bad and the Offer: Law, Lore and FAQs

An Updated Look at the World of Offers - It all seems simple enough. The concept of “offer” is broad under the securities laws, so companies and underwriters need to be careful about any publicity in connection with a...more

Insurance and Reinsurance Newsletter: Claims Settlement: English Commercial Court Considers Lead Underwriter's Duties To Following...

In San Evans Maritime Inc and others v Aigaion Insurance Co SA1, the English Commercial Court considered whether the following underwriter was obliged to follow the settlement of the lead underwriter on one policy, in...more

SEC Approves Revised Semi-Annual Data Reporting Requirements for Section 529 Plan Underwriters

After initially putting the brakes on the MSRB’s attempt to use underwriters of Section 529 college savings plans as its data-gathering team, the SEC has pressed the accelerator and approved an amended MSRB Rule G-45 ...more

A Good Faith Review of 2013

With the arrival of the new year, many are applying the mantra “out with the old, in with the new.” Although this may be motivational for personal resolutions, it does not generally apply in the context of law as last year’s...more

FINRA Files Proposed Amendments to Rule 5110 and Rule 5121 Narrowing the Scope of Required Information and Lock-Up Restrictions in...

On January 9, 2014, FINRA made a filing with the SEC (SR-2014-003) that proposes to amend Rule 5110 to: (1) narrow the scope of the definition of “participation or participating in a public offering;” (2) modify the lock-up...more

HUD Implements New Manual Underwriting Standards

On January 21, HUD issued Mortgagee Letter 2014-02, which implements new manual underwriting standards announced in December 2013. The new standards and guidance will be effective for all case numbers assigned on or after...more

"Bank Regulators Eye Leveraged Lending"

Historically low interest rates in the United States have helped to fuel tremendous growth in leveraged loans. Leveraged loan volume in 2013 surpassed record levels set just prior to the global financial crisis, as banks and...more

The Volcker Rule—A Suggested Approach for Banking Entities When Analyzing its Impact on Business Models, Activities and...

More than three years following the passage of the Dodd-Frank Act, and intense inter-agency negotiations, the federal financial regulatory agencies collectively adopted the final version of the “Volcker Rule,” or “Rule”—which...more

Insurers Will Take Lead On Oil Rail Transport Safety Push

David McMahon was quoted in a Jan. 23, 2014, Law360 article, Insurers Will Take Lead On Oil Rail Transport Safety Push, about how a series of fiery derailments of trains carrying crude oil have not only led lawmakers to...more

Sin of Omission: Ninth Circuit Splits with the Fifth, Finds That Failure to Include Addendum No. 2 Creates Ambiguity in Marine...

In a marine builder's risk policy coverage dispute decided under Washington state law, the United States Court of Appeals for the Ninth Circuit reversed and remanded a grant of summary judgment for Underwriters. ...more

“Interim Final” Volcker Rule Approved

On December 10, 2013, the Board of Governors of the Federal Reserve System, Commodity Futures Trading Commission, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, and Securities Exchange...more

"OFAC and German Foreign Trade Regulations: Underwriters Attempt to Square the Circle"

When negotiating underwriting and purchase agreements for securities offerings by German issuers, legal advisers face conflicting requirements under U.S. economic sanctions laws administered by the Office of Foreign Assets...more

The Volcker Rule: Overview and Compliance Requirements

Background on the Final Rule - On December 10, 2013, the Board of Governors of the Federal Reserve, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Securities and Exchange...more

A Review of, and Insights into, the Volcker Rule Regulations

Executive Summary: ..The final regulations (Regulations) adopted by the five federal financial regulatory agencies (Agencies) on December 10, 2013 to implement the proprietary trading and private fund prohibitions of...more

Massachusetts AG Obtains Another RMBS Settlement

On December 30, Massachusetts Attorney General (AG) Martha Coakley announced the state’s sixth settlement related to allegedly unlawful RMBS practices, which resulted from the AG’s ongoing review of subprime mortgage...more

Proprietary Trading Aspects of the Volcker Rule – Frequently Asked Questions

The Federal Reserve Board, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Securities and Exchange Commission (the “SEC”) issued a final rule, and the Commodity Futures...more

The Volcker Rule and Capital Markets Offerings

Final regulations under the section of the Dodd-Frank Act known as the “Volcker Rule” were enacted in December 2013 (the “Final Rule”) by five federal financial regulatory agencies (collectively, the “Agencies”). The Volcker...more

HUD Finalizes QM Rule, Manual Underwriting Standards

On December 11, HUD issued a final rule defining what constitutes a “qualified mortgage” (QM) for purposes of loans insured by the FHA. The final rule largely adopts HUD’s proposal, which was the subject of our October 2013...more

Listing an Overseas Oil and Gas Company on the London Stock Exchange

Introduction - The London Stock Exchange (the “LSE”) has long provided an attractive forum for companies with oil and gas operations outside of the United Kingdom to seek and obtain access to foreign capital markets...more

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