News & Analysis as of

Pay-To-Play

This Week In Securities Litigation

by Dorsey & Whitney LLP on

The DOJ announced the formalization of a new FCPA cooperation policy built on the success of its Pilot Program. That program resulted in a significant increase in firm’s self-reporting and cooperating, the goal of the new...more

Former Mayor Charged by SEC and DOJ with Securities Fraud and Pay-to-Play Scheme

by Bracewell LLP on

On December 1, 2017, the U.S. Securities and Exchange Commission (“SEC”) filed a complaint in the U.S. District Court for the Northern District of Illinois charging David Webb, Jr. (“Webb”), mayor of Markham, Illinois from...more

Corporate and Financial Weekly Digest - Volume XII, Issue 43

by Katten Muchin Rosenman LLP on

SEC/CORPORATE - On November 1, the Division of Corporation Finance of the Securities and Exchange Commission (Division) published Staff Legal Bulletin No. 14I (SLB 14I), which provides new, issuer-friendly guidance on...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

The DOJ unsealed criminal charges against five individuals involved in the Rolls-Royce FCPA action previously brought by the DOJ, SFO and Brazilian authorities. The charges were filed in the Southern District of Ohio. Each...more

FINRA Capital Acquisition Brokers Now Subject to Pay-to-Play Rules

by K&L Gates LLP on

The pay-to-play rules have expanded to FINRA capital acquisition brokers (“CABs”) and the investment advisers who use CABs to solicit governmental entities, which include public pension funds, for investment advisory...more

Massachusetts Court Upholds Record $2.6M Fine against Beer Distributor

by McDermott Will & Emery on

Earlier this month, a Massachusetts state trial court judge issued a decision in the matter of Craft Beer Guild LLC d/b/a Craft Brewers Guild v. Alcoholic Beverages Control Commission. The court upheld a decision by the...more

Pay-to-Play – SEC Expands Scope of Rule to CABs

The SEC’s pay-to-play rule has given advisers reason to worry about potential foot faults since its adoption. As we have noted in prior posts, the rule is filled with landmines and is therefore difficult to navigate. As was...more

Investment Management Special Report - 2017-18 Compliance Developments & Calendar for Private Fund Advisers

Introduction - Despite an anticipated de-regulatory push, there are significant new regulatory concerns for investment advisers to address in connection with their annual review of their compliance manuals....more

Corporate and Financial Weekly Digest - Volume XII, Issue 38

SEC/CORPORATE - SEC Provides Regulatory Relief to Companies Impacted by Recent Hurricanes - On September 28, the Securities and Exchange Commission (SEC) announced its issuance of an order and its adoption of interim...more

Former Broker Sentenced in Pay-to-Play Scheme

by Dorsey & Whitney LLP on

The Commission and the Manhattan U.S. Attorney’s Office have brought a number of pay-to-play cases involving pension funds. In one involving the third largest public pension fund in the country uncovered by the SEC, Deborah...more

No Room for Refunds: Pay-to-Play Limits and New Jersey’s Upcoming Gubernatorial Election

by Genova Burns LLC on

With summer vacations over and the New Jersey political world focused on the November gubernatorial election, Friday, September 8, 2017 marks an important milestone under New Jersey’s pay-to-play laws. Under the law, a...more

Corporate and Financial Weekly Digest - Volume XII, Issue 32

SEC/CORPORATE - SEC Approves NYSE Amendments Regarding Notice Related to Dividends and Stock Distributions - On August 14, the Securities and Exchange Commission approved a rule change which will now require New York...more

Financial Services Weekly News - August 2017 #4

by Goodwin on

Editor's Note - DOJ Emphatically Ends Operation Chokepoint. After four years, the Department of Justice (DOJ) announced the formal end of its controversial Operation Chokepoint initiative. Launched in 2013, Operation...more

Alcohol and Tobacco Tax and Trade Bureau Announces Joint Operation Targeting Alleged “Pay-to-Play” Activities in Florida

by McDermott Will & Emery on

On July 20, 2017, the Federal Alcohol and Tobacco Tax and Trade Bureau (TTB) announced a joint operation it conducted with the Florida Department of Alcoholic Beverages and Tobacco (DABT) to investigate potential trade...more

6th Circuit Rejects GOP Suit Against MA Pay-to-Play Rule

by Burr & Forman on

The Sixth Circuit Court of Appeals dismissed a suit by the Tennessee, Georgia and New York Republican parties challenging the constitutionality of an MSRB extending pay-to-play prohibition to municipal advisors. The Court...more

Lessons Learned from the Della Pello Decision

by Genova Burns LLC on

Earlier this year, a government contractor lost just over $7 million in New Jersey state government contracts because of a single political contribution that was inadvertently made payable to the WRONG political recipient....more

NJ’s Gubernatorial Election – Public Matching Funds and the Role of Outside Money

by Genova Burns LLC on

On the same day that it was announced that Kim Guadagno and Phil Murphy both qualified for public matching funds in New Jersey’s 2017 gubernatorial election, the New Jersey Election Law Enforcement Commission issued a News...more

Does A Political Yard Sign Really Violate Investment Advisers Act?

by Allen Matkins on

“Congress shall make no law . . . abridging the freedom of speech . . . .” Doug Cornelius recently published this post reporting that the SEC staff is taking the position that the pay-to-play rule, Rule 206(4)-5, applies...more

Corporate Venture Capital Survey: Q1 2017

by Morgan Lewis on

During the first quarter of 2017, corporate venture capital (CVC) programs at major companies continued to make significant investments in promising startups and late-stage enterprises. In this survey, we briefly review...more

Trends in Legal Terms in Venture Financings in Israel - Full Year 2016

by Fenwick & West LLP on

Background — We have analyzed the terms of venture financings for Israeli and Israeli-related technology companies that reported raising money during the year 2016. Our survey does not include financing rounds of less than US...more

First Plea Deal Reached In LA Casting Workshop Prosecutions

by Fox Rothschild LLP on

We reported previously that LA City Attorney Mike Feuer had brought misdemeanor criminal charges against five casting workshops and 25 individuals under the Krekorian Talent Scam Prevention Act. Feuer alleged that the...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

The Commission filed one settled administrative proceeding this week involving an investment adviser. The Order charged cherry picking, making misrepresentations to clients regarding certain fees and a failure to trade a fund...more

B/D Executive Pleads Guilty In Bribery Scheme Uncovered by SEC

by Dorsey & Whitney LLP on

A New York public pension fund was at the center of a pay-to-play scheme uncovered by the SEC. The inquiry ended with charges from the Manhattan U.S. Attorney’s Office against a former managing director of a registered...more

Silicon Valley Venture Capital Survey - First Quarter 2017

by Fenwick & West LLP on

We analyzed the terms of 191 venture financings closed in the first quarter of 2017 by companies headquartered in Silicon Valley. Overview of Fenwick & West Results - Venture valuations showed small...more

Political Participation in 2017: Top Legal Concerns for Your Company

by Perkins Coie on

Change has come to Washington, D.C. and state legislatures around the country. The fast pace of political changes ushered in during early 2017 can create both challenges and opportunities when it comes to complying with the...more

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