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The Truth About Shareholder Activism
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 …
Our Debate on the Williams Act and Shareholder Activism: Takeaways for the SEC
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 …
PricewaterhouseCoopers discusses EU bonus cap
The following post comes to us from Dan Ryan, Financial Services Advisory Leader at PricewaterhouseCoopers LLP, and is based on a PwC publication.
Overview:
On February 25th, the EU’s two legislative bodies, the European Parliament (EP) and the …
Weil Gotshal discusses SEC Speaks 2014: Charting a New Course for Enforcement Efforts
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 …
Cadwalader discusses Revisions to the Securitisation Framework: Second Consultative Document published by the Basel Committee
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”).[1] The Revised Proposals describe a revised set of approaches for determining the regulatory capital …
Gibson Dunn discusses The Federal Reserve’s Section 165 Rule for Foreign Banks
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 …
Ralph Lauren, Transnational Bribery, and Voluntary Disclosure Under the Foreign Corrupt Practices Act: When is it Strategically Wise (or Not) to Self-Report FCPA Violations to the SEC?
The following post comes to us from Peter R. Reilly, Associate Professor of Law, Texas A&M School of Law and is based on his paper, “Ralph Lauren, Transnational Bribery, and Voluntary Disclosure Under the Foreign Corrupt Practices Act: When is …
Managing Regulatory Arbitrage: A Conflict of Laws Approach
The following comes to us from Annelise Riles, Jack G. Clarke Professor of Far East Legal Studies and Professor of Anthropology, Cornell Law School.
American International Group (AIG), the very name of this company screams out its US origins. And …
Clifford Chance on Exemptions for Inter-Affiliate and Intragroup Transactions Under Dodd-Frank and EMIR
On January 16, 2014, Clifford Chance released a briefing, available here, on exemptions for inter-affiliate and intragroup transactions under the U.S. Dodd-Frank Act and the European Market Infrastructure Regulation (“EMIR”). Both impose obligations requiring the clearing and reporting of …
Rise of IntercontinentalExchange and Implications of its Merger with NYSE Euronext
The following comes to us from Latoya C. Brown, a practicing attorney in Florida and a former intern at the US Securities & Exchange Commission. The views expressed herein are those of the author and not necessarily those of the …
The Volcker Rule Prohibitions on Proprietary Trading: Considerations for Broker-Dealer Affiliates of Foreign Banking Organizations
The Volcker Rule imposes significant restrictions on “proprietary trading” by banking organizations and their affiliates. The purpose of this Memorandum is to discuss how these restrictions may impact broker-dealer affiliates of foreign banking organizations that conduct business in the United
Rules, Standards, and Complexity in the Cost Benefit Analysis of Capital Regulation
The following comes to us from Prasad Krishnamurthy, Assistant Professor of Law, U.C. Berkeley Law School.
The prudential regulation of banks by the federal banking agencies has traditionally been grounded in discretionary standards. Recent calls for cost-benefit analysis of agency …
Clifford Chance discusses new EU securitisation risk retention rules – redrawing the roadmap
The new EU regulatory capital regime came into force on 1 January 2014 and with it a recasting of the securitisation risk retention rules. To accompany these new rules, the European Banking Authority (EBA) published final draft regulatory technical standards …
The Philosophies of Capital Requirements
The following remarks were delivered by Commissioner Daniel M. Gallagher of the U.S. Securities and Exchange Commission in Washington D.C. on January 15, 2014.
Thank you, Sarah [Kelsey, Exchequer Club Secretary], for that introduction. I’m very pleased to be here …
Increasing Transparency, Consistency, and Fairness in Pre-Trial Bargaining Under the Foreign Corrupt Practices Act
The following comes to us from Peter Reilly, Associate Professor of Law, Texas A&M School of Law.
Wal-Mart is one of the wealthiest and most powerful companies in the world. And billionaire gambling magnate Sheldon Adelson is one of the …
Shadow Banking: The Regulatory Landscape at the Dawn of 2014
In the wake of the 2008 crisis, it soon became apparent that the fault lines of the global financial system extended far beyond the regulated banking sector to the less regulated “shadow banking” sector. Nonbank financial entities including (but not …
Shearman & Sterling discusses Basel III Framework: The Credit Valuation Adjustment (CVA) Charge for OTC Derivative Trades
The credit valuation adjustment charge in Basel III appears, at first glance, to be the preserve of quantitative analysts and the like. However, while complex, the CVA charge requires more widespread attention as it materially increases the required capital for
Morrison Foerster’s Regulatory Reform Glossary
On Monday, December 16th, Morrison Foerster released what may be a first-of-its-kind regulatory reform glossary. The glossary, which is not comprehensive, is intended to serve as a helpful summary of neologisms and other acronyms (e.g., SIFI), nicknames (e.g., repo), and …
