Sky Blog
On August 27, 2014, the Securities and Exchange Commission (the “SEC”) adopted final rules[1] (the “Final Rules”) implementing, among other things, provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd-Frank Act”) relating to third-party …
The following post comes to us from Susan Chaplinsky, Tipton R. Snavely Professor of Business Administration at the University of Virginia Darden School of Business; Kathleen Weiss Hanley, Visiting Associate Professor of Finance and Senior Academic Advisor to the Center …
On September 9, 2014, in US v. Robert Bandfield, et al., federal prosecutors in the Eastern District of New York announced the indictment of a US citizen and others, including offshore corporate service providers (CSPs) and investment managers, for …
In a September 9 letter (“Letter”),[1] the Division of Swap Dealer and Intermediary Oversight (“DSIO”) of the Commodity Futures Trading Commission (“CFTC”) granted exemptive relief permitting general solicitation under certain circumstances by commodity pool operators (“CPOs”) that rely on CFTC …
Not since Felix and Oscar teamed up in the Odd Couple has there been a more curious collaboration.[1] Pershing Square Capital Management L.P. and Valeant Pharmaceuticals International, Inc. have entered into a short-term marriage of convenience to facilitate Valeant’s hostile …
SUMMARY
On September 8, 2014, the Securities and Exchange Commission proposed a rule under the Securities Act of 1933 to provide that the publication or distribution of price quotes relating to security-based swaps that may be purchased only by eligible …
On August 29, 2014, the Securities and Exchange Commission (“SEC”) announced a whistleblower award of more than $300,000 for a company employee who performed audit and compliance functions.[1] The award, twenty percent of the amount the SEC collected in an …
The following Dissenting Statement was delivered by Commissioner Luis A. Aguilar of the U.S. Securities and Exchange Commission in the Matter of Lynn R. Blodgett and Kevin R. Kyser, CPA, Respondents. A copy of the Statement is also available here…
On August 7, 2014, the Ninth Circuit issued its decision in Loos v. Immersion Corporation, addressing for the first time whether a company’s announcement of an internal investigation into fraud is, alone, sufficient to establish “loss causation” for claims …
SUMMARY
On August 15, 2014, in a case of first impression involving cross-border securities-based swap transactions, the Second Circuit held that the presumption against the extraterritorial application of Section 10(b), announced by the U.S. Supreme Court in Morrison v. National …
On July 30, 2014, the Securities and Exchange Commission (“SEC”) charged the CEO and former CFO of QSGI, Inc., a computer equipment company, with misrepresenting to the company’s outside auditors and investors the condition of the company’s internal controls over …
The following post comes to us from John C. Coates IV, John F. Cogan Jr. Professor of Law and Economics at Harvard Law School. It is based on his recent article, “Securities Litigation in the Roberts Court: An Early Assessment,” …
The following post comes to us from Geoffrey Christopher Rapp, Harold A. Anderson Professor of Law and Values at the University of Toledo College of Law. It is based on his recent article, “Intelligence Design: An Analysis of the SEC’s …
In Kaess v. Deutsche Bank AG, No. 13-2364 (2d Cir. July 16, 2014), the Second Circuit applied the reasoning in its 2011 decision in Fait v. Regions Financial Corporation, 655 F.3d 105 (2d Cir. 2011), to hold that …
The following post comes to us from Benjamin P. Edwards, Director of the Investor Advocacy Clinic at Michigan State University College of Law. It is based on his working paper, “Securities Fraud, Federalism, and the Rise of the Disaggregated Class: …
The treatment of special purposes vehicles (“SPVs”) used to facilitate investments in portfolio companies has presented issues under Rule 206(4)-2 under the U.S. Investment Advisers Act of 1940 (the “Custody Rule”) since the current version of the Custody Rule was …
On July 23, 2014, the Securities and Exchange Commission voted 3-2 to adopt amendments to the rules that govern money market funds under the Investment Company Act of 1940. The amendments include the following:
Registered investment companies that pursue alternative investment strategies (also referred to as “liquid alts”) are a relatively new form of offering for investment managers accustomed to operating private investment funds. Unlike a private fund, which invests without restrictions, the Investment …
With over $186 billion in average daily trading volume, the To-Be-Announced (“TBA”) market serves as a significant funding and hedging vehicle for consumer mortgage origination. Although a large portion of the TBA market is comprised of highly liquid agency MBS, …
The following remarks were delivered by SEC Chair Mary Jo White before the Economic Club of New York. A copy of the speech is also available here.
Today, I want to speak to you about the current state of …