On March 21, 2014, the Division of Swap Dealer and Intermediary Oversight (“Division”) of the CFTC issued a no-action relief letter (the “2014 Letter”),1 to temporarily allow entities to deal in utility operations-related swaps, as defined in the 2014 … Read more
The following post comes to us from John F. Coyle, Assistant Professor of Law at the University of North Carolina at Chapel Hill, and Joseph M. Green, Associate at Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP in New York, … Read more
In March 2014, the Financial Industry Regulatory Authority (FINRA) fined a broker-dealer $950,000 for supervisory deficiencies related to its failure to adequately supervise the sale of “alternative investments.” These investments include a laundry list of products that have been at … Read more
The following comes to us from Paul C. Hilal, a Partner at Pershing Square Capital Management, a New York City-based hedge fund founded in 2004.
Is shareholder activism good for the world?
A simple question, and yet it’s the subject … Read more
Our Blog’s most recent Marketplace for Ideas series has considered whether the SEC should tighten its rules under the Williams Act, which now require that investors must disclose purchases of a 5% or greater stake in public companies within ten … Read more
This year’s “SEC Speaks” conference in Washington, D.C., was most notable for an obvious shift in the SEC’s enforcement priorities. Several significant issues and efforts that had been the subject of extensive discussion last year – including financial crisis and … Read more
On February 25, 2014, Chairman of the House Committee on Ways and Means, Representative Dave Camp (R.-Mich.), published the proposed Tax Reform Act of 2014 and an accompanying technical explanation written by the Joint Committee on Taxation (together, the “Camp … Read more
On March 6, 2014, the Division of Clearing and Risk (the “DCR”) of the Commodity Futures Trading Commission (the “CFTC”) issued a time-limited no action letter, extending the temporary alternative compliance frameworks available to “Eligible Affiliate Counterparties” (as defined in … Read more
The Federal Reserve’s recent Dodd-Frank enhanced prudential standards final rule subjects foreign banking organizations with ≥ $50 billion in U.S. assets (“Foreign Bank”) to a qualitative liquidity framework. Among other things, the qualitative liquidity framework requires a Foreign … Read more
The following remarks were delivered by Commissioner Daniel M. Gallagher of the U.S. Securities and Exchange Commission in Washington, D.C. at the Institute of International Bankers 25th Annual Washington Conference on March 3, 2014. A copy of the speech is … Read more
The following post comes to us from Kevin S. Haeberle, Post-Doctoral Research Scholar, Program in the Law & Economics of Capital Markets, Columbia Law School & Columbia Business School.
It is well understood that society is better off when … Read more
It is well known that the Fed injected massive amounts of liquidity into the financial system during the 2007-2009 financial crisis. Far less well known is that the Fed was not the only place banks obtained government-backed liquidity when market … Read more
Although Davis Polk does not yet accept Bitcoin, we have been closely following the rapid-fire booms, busts and arrests in the Bitcoin and the larger cryptocurrency space.
Cryptocurrencies – including Bitcoin, Ripple, Litecoin, Dogecoin and about a hundred others – … Read more
The Basel Committee on Banking Supervision (the “Basel Committee”) has published a second Consultative Document containing revised proposals for the Basel securitisation framework (the “Revised Proposals”). The Revised Proposals describe a revised set of approaches for determining the regulatory capital … Read more
The following post is based on an article by Professor Steven Schwarcz of Duke Law School entitled Intrinsic Imbalance: The Impact of Income Disparity on Financial Regulation, which documents and examines the consequences of the extraordinary two-to-one income disparity … Read more
On February 18th, the Board of Governors of the Federal Reserve System (Federal Reserve) voted unanimously to approve a final rule (Final Rule) implementing the enhanced prudential standards contained in Section 165 of the Dodd-Frank Act. This Client Alert discusses … Read more
The following post comes to us from Charles Korsmo, Assistant Professor of Law, Case Western University School of Law and is based on his recent article, “Venture Capital and Preferred Stock,” 78 Brook. L. Rev. 1163 (2013). The full paper … Read more