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Securities Updates

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

SEC Action Highlights Importance of Specific Language in Directors and Officers Insurance for Fintech and Other Startup Companies

The founder of Mozido, the fintech startup once claimed to be valued at $5.6 billion, has been named as a defendant in a civil lawsuit filed by the Securities and Exchange Commission (SEC). The complaint names Michael Liberty...more

Second Circuit Limits Reach of SLUSA Preclusion in State Law Variable Annuity Class Action

In O’Donnell v. AXA Equitable Life Insurance Co., No. 17-cv-1085, 2018 WL 1720808 (2d Cir. Apr. 10, 2018), the United States Court of Appeals for the Second Circuit reversed an order dismissing a variable annuity...more

Second Circuit Holds That SLUSA Is Not Triggered By A Holder's Passive Retention Of A Security Following An Alleged...

by Shearman & Sterling LLP on

On April 10, 2018, the United States Court of Appeals for the Second Circuit revived and remanded to state court a putative class action brought against AXA Equitable Life Insurance Company. O’Donnell v. AXA Equitable Life...more

Structured Thoughts: News for the financial services community Volume 9, Issue 3

FINAL CANADIAN BAIL-IN RULES: IMPACT ON STRUCTURED NOTES OFFERED IN THE UNITED STATES - In March 2018, the Canadian government released its final regulations relating to “bail-in instruments” issued by Canadian...more

SEC, Under New Safe Harbor, Awards More Than $2.2 Million To Whistleblower Who First Reported To Another Federal Agency

by Shearman & Sterling LLP on

On April 5, 2018, the Securities and Exchange Commission (“SEC”) announced a whistleblower award of more than $2.2 million in connection with a report of misconduct. The whistleblower, a former company insider, first reported...more

Southern District Deals Blow to FCPA-Based Securities Class Actions

by Dechert LLP on

When a public company resolves a Foreign Corrupt Practices Act (FCPA) investigation by either the U.S. Department of Justice (DOJ) or Securities and Exchange Commission (SEC), private litigation by investors under the...more

Home Depot is the next 401(k) lawsuit target

by Ary Rosenbaum on

The company that told us we can do home improvement by ourselves might not have been able to properly run their 401(k) plan. Home Depot is now the target of a $140 million class-action lawsuit that was filed in the U.S....more

NAIC Disclosure Developments

by Carlton Fields on

Annuity Illustration Standard Changes: On March 2, the Annuity Disclosure (A) Working Group of the National Association of Insurance Commissioners agreed to recommend the adoption of a revision to the NAIC’s Annuity...more

2018 Proposed Amendments to the Delaware General Corporation Law on Appraisal Rights and Ratification of Defective Acts

by White and Williams LLP on

The Corporate Council of the Corporation Law Section of the Delaware State Bar Association recently released its proposed amendments to the Delaware General Corporation Law (DGCL) for 2018. Noticeably, the proposed amendments...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The White House has chosen Columbia University economist Richard Clarida as Fed Vice Chair—the number 2 spot at the central bank. Clarida is a “monetary policy scholar” and former Bush II administration Treasury official....more

Another Bout in the NAIC Best Interest Standard Title Fight

by Carlton Fields on

In response to the National Association of Insurance Commissioners’ (NAIC) Annuity Suitability Working Group’s (Suitability WG) proposed revisions to the "Suitability and Best Interest Standard of Conduct in Annuity...more

Highlights from CSA’s Report on Climate Change-Related Disclosure Project

The Canadian Securities Administrators (CSA) recently released Staff Notice 51-354 – Report on Climate change-related Disclosure Project (Report), providing the results of their review of climate change-related disclosure...more

Innovation in Compliance Episode 5: The Future of Disrupting Risk with Dan Torpey

by Thomas Fox on

Dan Torpey is a forensic accountant CPA and former auditor with over 30 years of public accounting experience. He’s a partner at Ernst & Young and the US leader of EY’s Investigation and Compliance services. With all those...more

FINRA Enforcement: New Direction for the Regulator

by McGuireWoods LLP on

With new leadership at the helm of the Financial Industry Regulatory Authority (FINRA), the broker-dealer industry’s primary self-regulator, and the FINRA Enforcement Department, there is an opportunity for real and...more

Blog: Center For Audit Quality Issues Tool For Board Oversight Of Cybersecurity Risk

by Cooley LLP on

The Center for Audit Quality has just issued Cybersecurity Risk Management Oversight: A Tool for Board Members. The tool offers questions that directors can ask of management and the auditors as part of their oversight of...more

Listing Companies with Dual Class Shares

by Allen & Overy LLP on

The Singapore Exchange (SGX) has proposed amendments to the SGX-ST Mainboard Listing Rules to implement a framework for the listing of companies with a dual class share structure. Feedback received from the earlier concept...more

Window On Washington - Vol. 2, Issue 15

by Clark Hill PLC on

Outlook for This Week in the Nation's Capital - Omnibus Rescissions. The White House is continuing to press forward with pledges to rescind spending from the FY18 Omnibus despite multiple House and Senate Republicans...more

Courts Give SEC Split Decisions on Same Day

by Dorsey & Whitney LLP on

March 29, 2018 was a significant day for the Commission. The agency obtained decisions in two different cases. In one, the Commission prevailed against two defendants in a bench trial held seven years ago arising from the...more

Are Your Employees Trading Bitcoin? Addressing Cryptocurrencies in Compliance Policies

by Latham & Watkins LLP on

How should broker-dealers, investment advisers, and other registered firms in the US, UK, and Hong Kong address cryptocurrencies in their compliance programs? Originally published on bloombergbna.com on April 16,...more

Bridging the Weeks - April 2018 #3

Last week, a broker-dealer was fined US $1.575 million by the Financial Industry Regulatory Authority and other self-regulatory organizations for not complying with market access requirements for gatekeepers, while the...more

European Banking Authority Proposes Extending the Scope of the Complaints-Handling Guidelines

by Shearman & Sterling LLP on

The European Banking Authority has published proposals to extend the Joint Committee Guidelines on complaints-handling for the securities and banking sectors to the new institutions established under the revised Payment...more

Retail and Consumer Products Law Roundup - April 2018

New Guidance From SEC, New York’s DFS - Hoping to help covered entities, the Securities and Exchange Commission (SEC) released an update on cybersecurity while New York’s Department of Financial Services (DFS) published...more

ISS Launches New Online Communications Portal, Updates U.S. Voting Policy FAQs

New ISS Help Center - On April 9, 2018, Institutional Shareholder Services Inc. (ISS) launched a new online communications portal, the ISS Help Center, to provide a simplified interface for submitting questions to ISS...more

Quarterly Investment Update - 1st Quarter 2018

by Perkins Coie on

Stock Market Commentary - Volatility returned to markets with a vengeance in the first quarter of 2018. After surging nearly 6% in January, the strongest start to the year since 1997, the S&P 500 plummeted by 10% from its...more

FTC Issues Updated Guidance for Avoiding Antitrust Liability for “Gun Jumping” During M&A Negotiation and Due Diligence

by White and Williams LLP on

On March 20, 2018, the U.S. Federal Trade Commission (FTC) issued updated guidance regarding compliance with antitrust laws for companies considering acquisitions, mergers, or joint ventures. While the FTC recognizes that...more

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