Secondary Markets

News & Analysis as of

Municipalities Continuing Disclosure Cooperation Initiative (MCDC)

We want to make you aware of a new Securities and Exchange Commission enforcement initiative that impacts issuers of municipal bonds or other governmental securities or other persons obligated to provide secondary market...more

Secondary Real Estate Markets are Worth a Second Look

Matthew Cypher’s (@MatthewCypher) recent article for Urban Land Magazine entitled “The Risk and Reward of Investing in Secondary Markets” argues that while “gateway markets” (Boston, New York City, Washington, D.C., Los...more

FHFA Director Outlines Strategic Plan

On May 13, FHFA Director Mel Watt presented a new strategic plan for the FHFA under his direction, which will focus on fulfilling the FHFA’s obligations under current law, and will shift away from efforts to position the...more

Silicon Valley Venture Survey - First Quarter 2014

We analyzed the terms of 156 venture financings closed in the first quarter of 2014 by companies headquartered in Silicon Valley. Overview of Fenwick & West Results - Valuation results in 1Q14 were very...more

Federal Government Steps Up Monitoring of Distressed Municipalities

Multiple news outlets have reported that the U.S. Treasury Department has created an Office of State and Local Finance tasked with monitoring the distressed local government sector of the municipal finance market. Kent...more

Favorable Secondary Life Market Report By Florida Regulator

The Florida Office of Insurance Regulation recently issued an opinion favorable to the insurance industry in its Secondary Life Insurance Market Report. Responding to a Florida Legislature directive, the OIR conducted a...more

Green v. CIBC: Court Of Appeal Revisits Limitation Period For Secondary Market Securities Class Actions And Limits Common Law...

Overview - The Court of Appeal for Ontario’s recent decision in Green v. Canadian Imperial Bank of Commerce(“Green”) is significant in two respects. First, the Court clarified the limitation period applicable to...more

Court of Appeal Addresses Outstanding Issues in Securities Class Actions - Green v Canadian Imperial Bank of Commerce

Ontario's statutory regime for secondary market liability came into effect in 2006 as a result of amendments to the Securities Act (Ontario) (the OSA), creating a statutory cause of action for deficient market disclosure....more

A new era for overseas listings in Hong Kong - Part Two

This eUpdate is the second in a two part series examining the effect of the changes under the “Joint policy statement regarding the listing of overseas companies” on the Exchange (the New JPS) released in late September by...more

The Test for Leave under Part XXIII.1: Ambiguity Remains

Ontario's statutory regime for secondary market liability came into effect in 2006 as a result of amendments to the Securities Act (Ontario) (OSA), which created a statutory cause of action for deficient market disclosure....more

FERC Directs Barclays To Pay $435 Million in Civil Penalties

On Tuesday, the Federal Energy Regulatory Commission (FERC) issued an order assessing $435 million in civil penalties against Barclays Bank PLC (Barclays) for allegedly manipulating western electricity markets in and around...more

SEC Provides Relief for Familiarization Activities of Foreign Options Markets

The no-action relief provided by the staff of the Division of Trading and Markets is generally consistent with the relief previously provided to foreign options markets. On July 1, the staff of the Securities and...more

FINRA Proposes to Publicly Disseminate Transaction Information Regarding Rule 144A Corporate Debt Securities

FINRA has proposed a trade-reporting rule change that would result in the public dissemination of secondary market transactions in corporate debt securities sold under Securities Act Rule 144A. If adopted, this change could...more

Tax Lien Purchasers Must Give MERS Notice, Says Arizona Appeals Court

Recognizing MERS’s role in modern day mortgage lending, the Arizona Court of Appeals confirmed in Delo v. GMAC Mortgage, LLC that tax lien purchasers must notify MERS when identified in the Deed of Trust before foreclosing on...more

Silicon Valley Venture Capital Survey - First Quarter 2013

Background-We analyzed the terms of venture financings for 118 companies headquartered in Silicon Valley that reported raising money in the first quarter of 2013....more

SEC Fraud Charges against Harrisburg, Pa., Have Implications for Secondary Market Disclosures

The Securities and Exchange Commission (SEC) recently charged the City of Harrisburg, Pennsylvania (the City), with misleading investors about its financial health in the annual State of the City Address, as well as in its...more

Can Digital Goods Ever Lawfully Be Resold? A Legal Perspective...

A recent court case in New York highlights the ever-increasing clash between copyright law designed for real-world, physical goods and a modern world embracing all things digital....more

TBTF Servicing: Another Issue for Originators to Consider

As widely reported recently, close to 1.2 million borrowers (about 30% of the more than 3.9 million households that faced foreclosure proceedings by the 11 leading financial institutions in 2009 and 2010), had to battle...more

A Supreme Court Win for U.S. Consumers

In a 6 to 3 decision handed down on March 19, 2013, the United States Supreme Court chalked up a rare victory for consumers over text book publishers, record labels, and others who sought to restrain the resale of copyrighted...more

Kirtsaeng DBA BlueChristine v. John Wiley & Sons

Supreme Court Decision in Kirtsaeng v. Wiley (Copy)

The United States Supreme Court's long awaited decision on owners' rights in Kirtsaeng v. John Wiley & Sons. In its opinion, the high court upheld the first sale doctrine. In the words of media site Boing Boing: "Supreme...more

House Ways and Means Proposals for Financial Products Tax Reform

On January 24, 2013, the House Committee on Ways & Means released a discussion draft of legislative provisions (the “Draft” or the “Proposal”) that would make fundamental changes in the taxation of certain financial products....more

Court Confirms That S. 130 Of The Ontario Securities Act Applies Only To Primary Market Purchasers

In the recent decision of Tucci v. Smart Technologies Inc. (2013 ONSC 802), Justice Perell confirmed that the statutory cause of action for misrepresentation in a prospectus (set out in s. 130(1) of the Ontario Securities...more

Court Of Appeal Agrees To Reconsider Timminco

On February 6, 2013, the Court of Appeal for Ontario agreed to review its much discussed decision in Sharma v. Timminco Limited (2012 ONCA 107). Background - Timminco concerned a proposed class action in which...more

Five-Judge Panel of Court of Appeal to Consider Limitation Period for Securities Class Actions

The Court of Appeal for Ontario announced this week that it will convene a special five-judge panel to hear appeals considering the statutory limitation period applicable to securities class actions for secondary market...more

Court Confirms No Need For Defendants To Lead Evidence In Motion For Leave Under Part XXIII.1 Of The Ontario Securities Act

In the recent decision of Dugai, Murphy v. Manulife Financial Corporation (2013 ONSC 327), the Divisional Court confirmed the principle that defendants have no obligation to lead evidence on a motion for leave to assert a...more

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