Securities Exchange Act, Banks

Are Loans Securities? The United States Court of Appeals for the Second Circuit Responds in Kirschner v. JP Morgan Chase Bank,...

Venable LLP on 10/9/2023

On August 24, 2023, the United States Court of Appeals for the Second Circuit (the "Court") upheld the District Court's ruling in Kirschner v. JPMorgan Chase Bank, N.A. that notes issued as part of a refinancing transaction...more

4th Circuit Case Alleging Misled Shareholders Offers Legal Boost for Merger-Interested Corporations

McGuireWoods LLP on 8/8/2023

The 4th U.S. Circuit Court of Appeals on June 1, 2023, issued a strong defense opinion in Karp v. First Connecticut Bancorp, a case involving allegations under Section 14(a) of the Exchange Act that defendant First...more

Market Turmoil Caused by “Run on the Banks” Leads to Trading Halts

Perkins Coie on 3/15/2023

On March 10, 2023, volatility resulting from concerns regarding runs on certain banks triggered trading halts in those banks’ stocks on the New York Stock Exchange (NYSE) and Nasdaq. March 13, 2023, saw additional trading...more

SEC Deals New Proposal to Expand Reach of Dealer Registration Requirements

Katten Muchin Rosenman LLP on 4/6/2022

Key Points - - New proposed SEC rules would expand who may be considered a dealer or a government securities dealer under the Securities Exchange Act of 1934. - If the proposed new rules are adopted, a large group of...more

Danske Bank Secures a Big Victory in Investor Suit Based on Alleged AML Violations

Ballard Spahr LLP on 9/9/2021

Danske Bank (Danske) recently secured a big victory in the United States Court of Appeals for the Second Circuit. On August 25, 2021, the appellate court unanimously affirmed the Southern District of New York’s dismissal of...more

Developments in Global Securities Litigation

Dechert LLP on 11/22/2017

As securities markets become increasingly interconnected, multi- national public corporations continue to be a part of a significant sea change in the globalization of securities fraud litigation—a change that began with the...more

A Second Broker-Dealer Settles SEC Allegations Over Improper Handling Of Pre-Released ADRs

A&O Shearman on 8/29/2017

On August 18, 2017, the Securities and Exchange Commission (“SEC”) announced that broker-dealer Banca IMI Securities Corp. (“BISC”), an indirect, wholly-owned U.S. subsidiary of Italian bank Intesa Sanpaolo SpA, agreed to pay...more

Prudential Regulators Release Final Margin Rules for Swaps

Cadwalader, Wickersham & Taft LLP on 10/26/2015

On October 22, 2015, the Federal Deposit Insurance Corporation held an open meeting at which it voted to adopt: (i) final rules governing margin and capital requirements for uncleared swaps and (ii) an interim final rule to...more

Banking Regulators Adopt End-User Exemption for Swap Margin Requirements

Stinson - Corporate & Securities Law Blog on 10/23/2015

New Margin Requirements - The Board of Directors of the Federal Deposit Insurance Corporation approved a final rule to establish margin requirements for swaps that are not cleared through a clearinghouse. This action is...more

This Week In Securities Litigation

Dorsey & Whitney LLP on 5/8/2015

The debate over waivers WKSI waivers and other similar provisions continued this week. The Commission granted a WKSI waiver to Deutsche Bank despite a guilty plea to criminal felony charges but only over the dissent of...more

Financial Services Weekly News Roundup - December 2014 #5

Goodwin on 12/31/2014

Editor’s Note: Spotlight on the Credit Risk Retention Rule: The OCC, Federal Reserve Board, FDIC, SEC, FHFA and HUD announced the adoption of a joint final rule (the Rule) to implement the credit risk retention...more

SEC Proposes Changes to Exchange Act Rules to Implement Title V and Title VI of the JOBS Act

Mintz - Securities & Capital Markets... on 12/30/2014

The SEC recently proposed rule amendments as part of its implementation of Title V and Title VI of the JOBS Act. These proposed amendments reflect the increased registration, termination of registration and suspension of...more

Court Reverses Itself and Dismisses RMBS Fraud Complaint Against Several Banks

Orrick - Finance 20/20 on 10/13/2014

On September 30, Judge Sam Lindsay of the U.S. District Court for the Northern District of Texas granted a motion to dismiss plaintiff Town North Bank’s amended complaint against UBS, Morgan Stanley, Merrill Lynch, and J.P....more

Second Circuit Limits CEA Private Actions Based On Morrison

Dorsey & Whitney LLP on 9/8/2014

In Morrison v. National Australia Bank Ltd., 561 U.S. 247 (2010) the Supreme Court delimited the reach of Exchange Act Section 10(b), concluding that the Section has no extraterritorial reach. Rather, the Section is confined...more

Corporate and Financial Weekly Digest - Volume IX, Issue 30

Katten Muchin Rosenman LLP on 8/4/2014

In this issue: - Amendments to FINRA Rule 2210 Regarding Communications With the Public - Smith & Wesson Pays $2 Million to Resolve SEC Charges - Former Chief Operating Officer Settles SEC Fraud Claims ...more

SEC Issues Relief from Certain Financial Responsibility Rule Requirements

Morgan Lewis on 3/3/2014

In two separate letters, the SEC staff addresses operational concerns raised by broker-dealers in connection with sweep program authorizations and the use of certain nonaffiliated U.S. branches of foreign banks....more

Securities and Exchange Commission's New Municipal Advisor Rules Clarify Requirements for Banks

Nossaman LLP on 2/6/2014

A range of municipal financial advisors, including banks, are now required to register with the Securities and Exchange Commission (the "Commission") as a result of amendments to the Securities Exchange Act of 1934 (the...more

House Passes Bill to Increase Shareholder Count Thresholds Triggering Securities Exchange Act Registration/Deregistration...

Goodwin on 1/31/2014

On January 14, 2014, the House of Representatives passed H.R. 801, the Holding Company Registration Threshold Equalization Act of 2013 (the “Act”), which would increase the number of shareholders that trigger registration and...more

Securities Exchange Act › Banks