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Securities Updates

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

Supreme Court: Certain Securities Class Actions to Remain in State Court

by Dorsey & Whitney LLP on

The Supreme Court concluded that a securities class action based solely on claims arising under the Securities Act can proceed in state court and can not be removed to federal court. In reaching its conclusion the Court...more

Investment Services Regulatory Update - March 2018

by Vedder Price on

New Rules, Proposed Rules, Guidance and Alerts - PROPOSED RULES - SEC Proposes Changes to Fund Liquidity Disclosure Requirements - On March 14, 2018, the SEC issued proposed amendments to the disclosure requirements...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The European Commission has drafted a new set of digital taxes as an answer to last year’s US tax overhaul that imposed a new minimum tax on the overseas efforts of companies with US operations. The EU’s plan would require...more

Supreme Court Rules That State Courts Can Adjudicate Class Actions Under the Securities Act of 1933

by Proskauer Rose LLP on

The Supreme Court ruled today that the 1998 amendments to the federal securities laws did not strip state courts of jurisdiction over class actions alleging violations of only the Securities Act of 1933. The Court further...more

The Final Rule: DOL Fiduciary Rule Affirmed and Revoked

During the week of March 12, two federal appeals courts separately upheld and vacated the DOL fiduciary rule under the Administrative Procedure Act, and DOL suspended enforcement of the rule pending further review. Please...more

U.S. Supreme Court Holds that Securities Act Class Actions May Be Brought in State Courts

Today, the Supreme Court of the United States held that state courts have jurisdiction over class actions brought under the Securities Act of 1933 (Securities Act) and that such actions filed in state court may not be removed...more

Another Vantage Case, South Carolina style

by Ary Rosenbaum on

Knight’s Companies, a septic tank, trucking and concrete block business in sued Vantage Benefits and their principals Jeff and Wendy Richie in Federal District Court in South Carolina, The suit claims that Vantage and the...more

Why dealmakers have great expectations for 2018

In 2017 global dealmaking surpassed expectations, with M&A above US$3 trillion for the fourth year in a row. Will 2018 also exceed expectations? ...more

ASX Releases Continuous Disclosure Guidance on the Insolvent Trading Safe Harbour

by Jones Day on

On 9 March 2018, an updated version of the Australian Securities Exchange's ("ASX") Guidance Note 8 came into effect to include guidance on a listed entity's continuous disclosure obligations in the context of the new...more

The Supreme Court - March 20, 2018

by Dorsey & Whitney LLP on

The Supreme Court of the United States issued one decision today: Cyan, Inc. v. Beaver County Employees Retirement Fund, No. 15-1439: Respondents are three pension funds and an individual who purchased shares of Cyan, Inc....more

CAQ Releases New Non-GAAP Measures Tool for Audit Committees

by WilmerHale on

While the frequency of SEC comments on companies’ disclosure of non-GAAP measures has subsided, it remains important for audit committees to ensure their companies’ disclosures comply with applicable non-GAAP disclosure...more

Compliance into the Weeds-Episode 75, SEC Enforcement Action Against Holmes

by Thomas Fox on

In this episode, Matt Kelly and I take a deep dive into the recent SEC enforcement action against Elizabeth Holmes, the disgraced founder of Theranos, for her massive fraud around the former unicorn. Holmes claimed to have...more

Virtual Currencies, the Regulators and the Future

by Dorsey & Whitney LLP on

Virtual currencies have risen from a little known tech curiosity to what some see as the next great investment opportunity in contrast to others who see little but fraud. An alphabet soup of regulators are struggling to apply...more

Health Care Investors Beware: U.S. Attorney Sues Private Equity Firm For Portfolio Company’s Alleged Billing Fraud

The U.S. Attorney for the Southern District of Florida has recently decided to intervene in a lawsuit brought under the Federal False Claims Act and initiated by a whistleblower. The U.S. Attorney has filed his own...more

Cyan And The California Company

by Allen Matkins on

On March 20, 2018, the United States Supreme Court issued its decision in Cyan, Inc. v. Beaver County Employees Retirement Fund, reaffirming that a class action alleging only violations of the federal Securities Act of 1933...more

Investor Perspectives - Corporate Venture Capital

by WilmerHale on

This continues our series of blog posts recapping our January QuickLaunch University webinar on VC investing and what to expect in 2018. ...more

Fifth Circuit Vacates Department of Labor’s Fiduciary Rule

On March 15, 2018, in a 2-1 decision, the U.S. Court of Appeals for the Fifth Circuit vacated entirely the conflict of interest regulation of the Department of Labor (DOL) and its related prohibited transaction exemptions...more

Fiduciary Rule cancelled, subject to further appeal by DOL

by McAfee & Taft on

For several years now, many in the retirement plan industry have been talking about the U.S. Department of Labor’s (DOL) new regulations and rules collectively referred to as the “Fiduciary Rule,” which significantly expanded...more

Cryptocurrencies and ICOs: Key Market, Legal, and Regulatory Developments

Texas Judge Issues Preliminary Injunction Against Dubai-Based Officer of Allegedly Fraudulent Cryptocurrency Offering - Earlier this year, the United States District Court for the Northern District of Texas entered an ex...more

Supreme Court Decides Cyan, Inc. v. Beaver County Employees Retirement Fund

by Faegre Baker Daniels on

On March 20, 2018, the Supreme Court decided Cyan, Inc. v. Beaver County Employees Retirement Fund, No. 15-1439, unanimously holding that the Securities Litigation Uniform Standards Act of 1998 (SLUSA) does not remove state...more

SEC Proposes Targeted Changes to Public Liquidity Risk Management Disclosure

On March 14, 2018, the Securities and Exchange Commission (“SEC“) “proposed amendments to public liquidity-related disclosure requirements for certain open-end investment management companies.” The proposed amendments, and...more

Low Vote Share Debate Heats Up

The debate over the propriety of offering low or no-vote shares in IPOs has been at a slow boil for years. But since no-vote shares were first offered to the public in March 2017, things have heated up. What had been...more

Blog: SCOTUS upholds state court jurisdiction over class actions asserting only ’33 Act claims

by Cooley LLP on

Yesterday, SCOTUS issued its opinion in Cyan Inc. v. Beaver County Employees Retirement Fund. The opinion by Justice Kagan for a unanimous Court answered two questions: Did the Securities Litigation Uniform Standards Act of...more

U.S. Supreme Court Rules State Courts Can Hear Certain ’33 Act Claims

by Alston & Bird on

On March 20, 2018, the U.S. Supreme Court issued a much-anticipated decision in Cyan Inc. v. Beaver County Employees Retirement Fund, ruling that, pursuant to the Securities Litigation Uniform Standards Act of 1998 (SLUSA),...more

Fifth Circuit Court of Appeals Vacates DOL Fiduciary Rule

On March 15, 2018, the U.S. Court of Appeals for the Fifth Circuit ruled, in a 2-to-1 decision, that the U.S. Department of Labor (DOL) abused its authority and acted unreasonably in promulgating its 2016 fiduciary rule and...more

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