What is Bitcoin 2.0?
Insider Trading News - Ralph Siciliano discusses US v. Newman
Types of Crowdfunding
Keith Ross on HFT, Reg NMS and Dark Pools
Open for Business: SEF Competition Heating Up in the New Market Structure
Open for Business: SEFs Navigate the New Regulatory Environment
Wednesday, the Fifth Circuit issued its decision in Pilgrim’s Pride and held that a loss on abandoned securities is ordinary. The Fifth Circuit rejected the IRS’s argument that Section 1234A and Section 165(g) apply to treat...more
In NECA-IBEW v. Goldman Sachs, the Second Circuit arguably opened up a new door in class action litigation when it held that investors in one securities offering had standing to represent a putative class of investors in...more
On February 10, the UK Financial Markets Law Committee (FMLC) published a letter to the Director-General for Financial Stability, Financial Services and Capital Markets Union of the European Commission. The letter discusses...more
The European law on alternative investment fund managers (AIFMs) comes in three main parts:
- The Alternative Investment Fund Managers Directive (AIFMD)...more
On February 19, 2015, the Canadian Securities Administrators (CSA) announced amendments to National Instrument 45-106 Prospectus and Registration Exemptions (NI 45-106), which are expected to come into force this spring....more
US Judicial Developments -
Receiver can be subject to arbitration. The court-appointed receiver for hedge funds used as part of a Ponzi scheme sued the scheme’s “net winners” in an effort to claw back their gains....more
On February 12, 2015, the SEC announced that Water Island Capital LLC (“Water Island”) agreed to settle enforcement proceedings arising from alleged violations of the Investment Company Act of 1940 (the “1940 Act”) found...more
Filings for new Canadian securities class actions have been essentially flat over the last three years, according to a recent report by NERA Economic consulting. That trend is consistent with the one for the filing of U.S....more
Earlier this month, the UK’s Financial Conduct Authority published a paper, “A review of the regulatory regime for crowdfunding and the promotion of non-readily realizable securities by other media”, which provides a...more
DLA Piper’s Financial Services International Regulatory team welcomes you to the twenty-fifth edition of ‘Exchange – International’ – an international newsletter designed to keep you informed of regulatory developments in the...more
On February 9, 2015, the SEC proposed amendments requiring disclosure in proxy and information statements regarding issuers' policies governing the entrance of employees, officers, and directors into hedging transactions...more
Welcome to the updated edition of DLA Piper’s Guide to Going Global – Global Equity, Restricted Stock and RSUs.
GUIDE TO GOING GLOBAL SERIES -
Many companies today aim to scale their businesses globally and into...more
Welcome to the updated edition of DLA Piper’s Guide to Going Global – Global Equity, Employment Stock Purchase Rights.
GUIDE TO GOING GLOBAL SERIES -
Many companies today aim to scale their businesses globally...more
Last week's decision in Atkinson v. Lackey, 2015 NCBC 13 doesn't tell you everything you wanted to know about the North Carolina Securities Act (the "NCSA"), but it comes pretty close.
The lawsuit was brought by three...more
The year 2014 brought further development and maturity to Canadian securities class action regimes but the case law continues to reveal discordant themes.
Preliminary issues relating to jurisdiction, the leave test and...more
Two former CFOs have agreed to return nearly a half-million dollars in bonuses and stock sale profits they received while their Silicon Valley software company, Saba Software, was committing accounting fraud.
The DOJ’s settlement with S&P for $1.4 billion, coupled with admissions of fact, made headlines this week. The settlement was joined by 19 states and the District of Columbia. The DOJ and the states will essentially split the...more
Directors and Officers (D&O) liability and the insurance coverage issues presented by litigation arising from the same continued to be the subject of numerous judicial decisions at the state and federal level during 2014. The...more
The SEC denied a no-action request that was submitted by Jonathon Hendricks. The no-action request inquired about a Wyoming based business that would make available a list of securities from a loan crowdfunding site that...more
Peer-to-peer, or person-to-person, lending (“P2P lending”) is a type of crowdfunding that involves the facilitation of loan originations outside of the traditional consumer banking system by connecting borrowers directly with...more
A federal court’s recent dismissal of Securities Exchange Act claims against the auditor of a Chinese company prompted us to examine the state of recent U.S. civil securities litigation against accounting firms that audited...more
... it’s never too early to look into the future to see how the year might unfold in the securities industry. Here are some trends and predictions for early 2015:
- In Increased regulatory scrutiny of
Under German law, the preparation and distribution of predeal research reports — a common practice for German initial public offerings — raises certain insider trading law issues that recently have changed the manner in which...more
The time has come for Canadian securities regulators and stock exchanges to revisit the application of securities laws and policies to the use of electronic communications for the disclosure of material information. Existing...more
Securities litigation headlines are dominated by mega-cases. But the majority of securities class actions are brought against smaller companies. And it appears that plaintiffs’ lawyers are filing an increasingly large number...more
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