McGuire Woods – On November 16, 2017, U.S. Securities and Exchange Commission (SEC) Chairman Jay Clayton announced in a symposium on cybersecurity and financial crimes that the SEC would start taking enforcement action against coin offering issuers who fail to register with the SEC. As cryptocurrencies, like Bitcoin, have become increasingly popular, startup companies have …
An SEC Crackdown Coming for Initial Coin Offerings Read More »
Skadden Arps – On September 20, 2016, Skadden presented a seminar titled “Government Enforcement Investigations – Trends and Perspectives from the UK, US and China” in London. The UK Financial Conduct Authority (FCA) Director of Enforcement and Market Oversight Mark Steward gave introductory remarks. A panel discussion followed, moderated by Keith Krakaur, who heads Skadden’s …
Skadden Seminar on Government Enforcement Investigations in UK, US and China Read More »
Allen & Overy – On 3 July 2016, the Market Abuse Regulation (596/2014/EU) (MAR) came into force. Even though guidance and clarity from the European Securities and Markets Authority is still awaited in relation to certain key aspects of MAR, in-house lawyers at financial institutions still need to be ready to manage and advise on …
New EU Market Abuse Regime Creates A Long Road to Navigate Read More »
Skadden Arps – Encouraged by the success of proxy access proposals in the 2015 proxy season, shareholder proponents have submitted almost 200 proxy access shareholder proposals for 2016 annual meetings. As of mid-June, approximately 65 percent of companies receiving a proxy access shareholder proposal have adopted or proposed a 3 percent proxy access bylaw or …
Dorsey & Whitney – The lure of big profits from the settlement of large personal injury law suits was the hook used by a lawyer and his partner to attract investors to Prometheus Law. The thought of all those dollars — virtually riskless profits — drew investors. But in a world that is constantly changing …
Investing in Lawsuits is Just Another Fraud Says the SEC Read More »
DLA Piper – The loss of David Bowie at the start of this year prompted much discussion of his musical legacy, but less well-publicised was his contribution to finance. In 1997, rather than renew a long-term record label contract, LA banker David Pullman convinced Bowie to securitise the rights to receivables from his back catalogue …
Skadden – Recent events relating to the fixed-income markets — including volatility in the high-yield markets and the high-profile closings of a number of funds invested in high-yield and distressed assets — have raised concerns among investors and led many to question whether broader market instability may follow. We have divided the below into two …
Risks Relating to Liquidity Concerns & Market Instability Read More »
King & Spalding – The Federal Trade Commission (“FTC”) announced on February 18 that it has reached settlements with three affiliated companies accused of selling the financial and other personal information of “hundreds of thousands” of consumers to illegitimate buyers. The settlements include a judgment against the defendants totaling $5.7 million and a prohibition on …
Brokers Selling Private Financial Information – FTC Reaches Settlement Read More »
Perkins Coie – At the annual “SEC Speaks” conference held February 19-20, 2016, in Washington, D.C., the U.S. Securities and Exchange Commission’s senior leadership reviewed the agency’s efforts and priorities in 2015 and previewed upcoming trends for 2016 and beyond. SEC Chairman Mary Jo White’s opening remarks cautioned that the SEC should not be considered …
Skadden Arps – On November 6, 2015, the Securities and Exchange Commission (the SEC) approved the MSRB’s proposed amendments to Rule G-20 on gifts, which (1) extend Rule G-20 to municipal advisors, and (2) make changes to Rule G-20 applicable to both municipal advisors and municipal securities dealers. The amendments also make conforming changes to …
