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General Business Securities

Read need-to-know updates, commentary, and analysis on General Business issues written by leading professionals.

Former Equifax Chief Information Officer Charged With Insider Trading

by Murtha Cullina on

The Equifax data breach saga continues, this time with civil and criminal charges for insider trading lodged against Jun Ying, Equifax’s former Chief Information Officer of its U.S. Information Solutions business unit. The...more

Tenth Circuit Upholds DOL’s Authority to Impose New Conditions for PTEs and Leaves Door Open for Changes to Fiduciary Rule

The Tenth Circuit recently affirmed the Department of Labor’s authority to impose new conditions for exemption from prohibited transaction rules with respect to the sale of annuity contracts. The case related to the...more

Blockchain in Energy – Where Do We Stand? Where Do We Go From Here?

For all the publicity generated by the recent increase in value of Bitcoin, as well as the generally increasing awareness of the existence of blockchain technology, the recent Blockchain in Energy Forum 2018 held in New York...more

Orrick's Financial Industry Week In Review

SEC Statement on Potentially Unlawful Online Platforms for Trading Digital Assets - On March 7, 2018, the Divisions of Enforcement and Trading and Markets of the Securities and Exchange Commission released a "Statement on...more

SEC Fines Private Company in First Enforcement Action Resulting from Rule 701 Option Grants Investigation

by Fenwick & West LLP on

The U.S. Securities and Exchange Commission brought an action against San Francisco-based Credit Karma on March 12 for issuing employee stock options without a valid registration exemption because the issuer failed to satisfy...more

Separate Duty to Notify Revives Untimely Subprime Mortgage Claims

by Farrell Fritz, P.C. on

In a thorough opinion last week by Justice Marcy Friedman in Bank of N.Y. Mellon v WMC Mtge., LLC, the New York County Supreme Court upheld the timeliness of “Failure to Notify” claims arising from subprime mortgage-backed...more

Business Judgment or Entire Fairness: The Meaning of Delaware’s Interested Director Statute

Cummings v. Eden et al was a case where the Delaware Court of Chancery examined allegations that members of a board of directors breached their fiduciary duties in connection with the approval an asset acquisition at an...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

There’s falling from grace, and then there’s Elizabeth Holmes. Once compared glowingly to Steve Jobs, Holmes’ well-documented Theranos ills (including exaggerated and faked blood-test results) have landed her with SEC...more

Financial Services Weekly News - March 2018 #2

by Goodwin on

Editor's Note - Judge Rules for Defendants in Mutual Fund Excessive Fee Lawsuit. On March 9, the U.S. District Court for the Southern District of Ohio entered summary judgment for defendants in an action brought under...more

SEC Commissioners Provide Guidance on Cybersecurity Disclosures After Wave of Record Incidents

The Commission's "new" cybersecurity guidance largely rehashes existing guidance, as is highlighted by objections from two commissioners. At most, the additional qualitative guidance is incremental. It reiterates the need to...more

China Issues New Measures to Regulate Equity Holdings in Insurance Companies

by Hogan Lovells on

After two rounds of consultation, the China Insurance Regulatory Commission (“CIRC“) released the final version of the Administrative Measures for Equity Interests in Insurance Companies (the “New Measures“) on March 7, 2018,...more

SEC Issues Guidance to Cryptocurrency Exchanges

by White and Williams LLP on

On March 7, 2018, the US Securities and Exchange Commission (SEC) issued additional guidance with respect to digital assets trading platforms, affirming that platforms that offer trading of cryptocurrencies that are...more

3 Ways to Avoid Surprises in Cross-Border Investigations Involving the Hong Kong SFC

by Kobre & Kim on

As global securities investigations and enforcement actions continue to proliferate, Hong Kong’s Securities and Futures Commission (SFC) recently strengthened its cross-border cooperation with peer agencies around the world,...more

New AIM Rules in force this month: all AIM issuers must now comply with a recognised corporate governance code

by Hogan Lovells on

The London Stock Exchange (LSE) has announced that its new AIM Rules for Companies (AIM Rules) and AIM Rules for Nominated Advisers (Nomad Rules) will come into force on 30 March 2018. ...more

Asset Management Regulatory Roundup - March 2018 - Issue 5

by Dechert LLP on

A compact summary of the most recent regulatory developments relevant to the UK asset management industry.This issue includes details of proposed changes to the Financial Services Register to accommodate the Senior Managers...more

SEC Cracks Down on "Initial Coin Offerings"

Last week, the Securities and Exchange Commission (SEC) released a public statement clarifying that cryptocurrencies may indeed be subject to federal securities laws, and warns investors and market participants alike of the...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Notwithstanding Lloyd’s assurances that the rumors of his demise are premature, Goldman has cleared the path forward for David Solomon (aka, one of its current co-Presidents, aka, DJ D-Sol) to assume the CEO position when Mr....more

New SEC Probe of ICO Issuers and SAFT Structure

The Wall Street Journal recently reported that the SEC has issued dozens of subpoenas and information requests in connection with sales and pre-sales of initial coin offerings. As we have previously noted, the SEC Enforcement...more

Blockchain: Coming to a CMBS Near You

by Polsinelli on

Although at first glance the underlying technology behind Bitcoin and mortgaged backed securities have little in common, blockchain technology has the potential to revolutionize securitizations because it permits value and...more

Eikon App Studio: A powerful tool for internal apps

Eikon App Studio is a single platform for accessing and hosting apps, making it a powerful tool in the delivery of data, analytics and in-house capabilities such as internal apps....more

Federal Judge Upholds CFTC’s Determination that Virtual Currencies Are Commodities

by Morrison & Foerster LLP on

In September 2015, the Commodity Futures Trading Commission (CFTC) stated in a settlement order that “Bitcoin and other virtual currencies are encompassed in the definition and properly defined as commodities” under the...more

Reminders for Annual Meeting Proxy Materials

When finalizing proxy materials for upcoming annual shareholder meetings, we recommend that public companies consider the following requirements under the Securities and Exchange Commission (SEC) rules and stock exchange...more

Bridging the Weeks - March 2018

A US federal court, the US Department of Treasury and the Securities and Exchange Commission all issued views on the regulation of cryptocurrencies that portend increasing complexity for market participants. A defendant in a...more

Monday Briefing: Hacks, Public Companies and the SEC

With the U.S. Securities and Exchange Commission’s updated cybersecurity guidance hot off the press, let’s start the week by taking a look at public company cyberattack reporting statistics....more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The Journal dropped something of a bomb on Friday with news that Goldman Sachs’ CEO Lloyd Blankfein is heading out the door as soon as the end of the year. If true, Goldman will likely look for his replacement within its...more

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