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Securities Updates

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

Your Daily Dose of Financial News

by Robins Kaplan LLP on

It was a busy Thursday in the big pharma world, with drugmaker Shire rejecting a $60 billion takeover offer from Japan’s Takeda, while US rival Allergan disclosed that it was considering a bid of its own for Shire....more

French legal and regulatory update – March 2018

by Hogan Lovells on

The Paris office of Hogan Lovells is pleased to provide this English language edition of our monthly e-newsletter, which offers a legal and regulatory update covering France and Europe for February 2018. Please see full...more

Asset Management Regulatory Roundup - April 2018 - Issue 7

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 the FCA’s statement on the implementation period for Brexit; the requirement for firms...more

SIFMA’s New Data Aggregation Principles and What They Mean for the Financial Sector

Last week, the Securities Industry and Financial Markets Association (“SIFMA”), a trade group for the United States securities industry, issued a set of Data Aggregation Principles (“the Principles”). In general, data...more

Don’t show clients you don’t care

by Ary Rosenbaum on

It’s one of the greatest lines in a movie and even my 11-year-old daughter knows it. Harrison Ford playing Richard Kimble finds the gun that Federal Marshal Samuel Gerard played by Tommy Lee Jones dropped in The Fugitive....more

Broker-Dealer Standard of Care: The SEC Enters the Fray

At an open meeting held earlier today, April 18, 2018, the SEC voted 4-1 to propose a package of rules, forms, and guidance designed to define a new “best interest” standard of care for broker-dealers dealing with retail...more

Anti-Corruption Enforcement: Analyzing the Enforcement Approaches of the US, the UK and France

by Bryan Cave on

Anti-Corruption enforcement is a top priority in France, the UK, and the US. Each of these countries has armed its enforcers with the enforcement tools necessary to investigate and prosecute corporations and individuals. Join...more

Financial Services Weekly Roundup - April 2018 #3

by Goodwin on

Editor's Note - Modest Proposals. Last week, federal banking regulators issued two proposals that would substantively amend certain regulatory capital regulations applicable to the nation’s largest banks. On April 10, the...more

SEC Staff Issues Risk Alert on the Six Most Frequent Fee and Expense Compliance Issues

by Proskauer Rose LLP on

On April 12, 2018, the SEC's Office of Compliance Inspections and Examinations ("OCIE") issued a risk alert listing the most common compliance issues concerning fees and expenses charged by SEC-registered investment advisers....more

Embracing the Quasi-Clawback

by Shearman & Sterling LLP on

In 2015, the SEC proposed rules implementing Dodd-Frank’s requirement that all listed companies adopt and administer a compensation clawback policy. Under the statute, these policies must require, in the event of an...more

SEC Charges Broker With Theft From Pension Plan

by Dorsey & Whitney LLP on

The Commission frequently brings actions in which the defendant is charged with misappropriating investor funds. Typically those cases center on an offering fraud in which the defendant sold investors securities using false...more

New corporate governance requirements for AIM-traded companies

by Dentons on

The London Stock Exchange (LSE) has recently adopted rule changes that will require companies traded on its AIM Market to adopt a recognised corporate governance code from later this year....more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The notoriously close-to-the-vest Amazon revealed for the first time yesterday in a letter to shareholders that its popular Prime program boasts more than 100 million paid members globally....more

SEC Proposes Regulation Best Interest for Broker-Dealers

The SEC has proposed two rules and an interpretation to address retail investor confusion about the relationships that they have with investment professionals and the harm that may result from that confusion....more

New Ontario Securities Commission rule for distributions outside of Canada

by Dentons on

On March 31, 2018, a new “distributions out” regime adopted by the Ontario Securities Commission (the OSC) came into force – changing the rules for Ontario-based issuers and security holders with respect to distributions of...more

Department Of Business Oversight Found Liable For Investors' Attorney Fees

by Allen Matkins on

In 2011, the Department of Business Oversight filed a civil action against Investco Management & Development LLC and its promoters alleging various violations of the securities laws in connection with the offer and sale of...more

Can a majority shareholder force out a minority shareholder by amending company articles?

by Dentons on

The Judicial Committee of the Privy Council (JCPC) has considered the validity of a shareholder resolution amending a company's articles to introduce a share redemption mechanism aimed at forcing out a minority shareholder....more

U.S. Supreme Court Narrows Scope of Section 546(e)’s Safe Harbor for Securities Transaction Payments

by Jones Day on

On February 27, 2018, the U.S. Supreme Court issued a highly anticipated ruling resolving a long-standing circuit split over the scope of the Bankruptcy Code’s "safe harbor" provision exempting certain securities transaction...more

Governance & Securities Law Focus: Europe Edition, April 2018

by Shearman & Sterling LLP on

In this newsletter, we provide a snapshot of the principal European, U.S. and selected international governance and securities law developments of interest to European corporates. Please see full Newsletter below for more...more

Uniform European Union Conflict of Laws Rule to Foster Cross-Border Transfer of Claims

by Jones Day on

The Situation: Regulation (EC) No 593/2008 of the European Parliament and of the Council of June 17, 2008, on the law applicable to contractual obligations (Rome I Regulation) does not cover the question of third-party...more

New York AG Puts Crypto Exchanges In The Crosshairs

by Ifrah PLLC on

Following on the heels of the SEC’s announcement of subpoenas to crypto exchanges and token issuers, yesterday New York Attorney General Eric Schneiderman announced “the Virtual Markets Integrity Initiative,” which he...more

Everything Compliance-Episode 27, the Zuckerberg and Cohen Edition

by Thomas Fox on

This week the gang goes for more of a roundtable Q&A with a couple of topics. We first consider the testimony of Facebook CEO Mark Zuckerberg before Congress and his company’s imbroglio with Cambridge Analytica and then the...more

The SEC’s Scare Tactics May Work On Advisers

by Fox Rothschild LLP on

In rapid succession, the SEC has issued warnings and announced sanctions against registered investment advisers for fee and expense practices, false statements regarding assets under management, and misleading performance...more

Fifth Circuit Opinion Vacates DOL Fiduciary Rule

by Dechert LLP on

The U.S. Court of Appeals for the Fifth Circuit on March 15, 2018 issued an opinion (Opinion) vacating the Department of Labor (DOL) fiduciary rule and related applicable exemptions. The DOL had promulgated the rule and...more

Always be watching

by Ary Rosenbaum on

Who can forget Alec Baldwin’s speech in Glengarry Glenn Ross on how salesmen should “Always Be Closing” and how coffee is for closers only? It was the highpoint of a great movie. I’m not going to go through a discussion on...more

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