On Dec. 23, 2019, the New York State Department of Financial Services (DFS) issued a letter to New York-regulated depository and non-depository institutions, insurers and pension funds directing them to submit their plans for...more
On Dec. 18, 2019, the Securities and Exchange Commission (SEC) proposed changes to the definition of “accredited investor” under Regulation D to broaden the definition and identify more effectively the pool of investors that...more
12/20/2019
/ Accredited Investors ,
Comment Period ,
Investors ,
Proposed Rules ,
Qualified Institutional Buyers ,
Regulation D ,
Regulatory Agenda ,
Rule 506 Offerings ,
Rulemaking Process ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
On Dec. 19, 2019, the Financial Stability Board issued a report titled “Vulnerabilities Associated with Leveraged Loans and Collateralised Loan Obligations”. The Financial Stability Board (FSB) coordinates at the...more
On Dec. 5, 2019, the U.S. House of Representatives passed the Insider Trading Prohibition Act (ITPA) by a vote of 410-13. If passed by the Senate and signed into law by the President, the bill will establish the first...more
12/16/2019
/ 10b5-1 Plans ,
Fiduciary Duty ,
Financial Regulatory Reform ,
Illegal Tipping ,
Insider Trading ,
Legislative Agendas ,
Material Nonpublic Information ,
Non-Public Information ,
Personal Benefit ,
Proposed Legislation ,
Regulatory Agenda ,
Securities Fraud
Thomas Cook Group Plc’s (Thomas Cook) recent attempt at a restructuring and its ultimate downfall received numerous headlines. As the world’s oldest travel company spiraled toward a liquidation, the inner workings of the...more
On Nov. 4, 2019, the Securities and Exchange Commission (SEC) filed an amended complaint against Collectors Café and its CEO, Mykalai Kontilai, to add charges against defendants for alleged violations of whistleblower...more
12/3/2019
/ Amended Complaints ,
Anti-Fraud Provisions ,
Confidentiality Agreements ,
Contract Terms ,
Corporate Counsel ,
Enforcement Actions ,
Investment Fraud ,
Investment Funds ,
Misappropriation ,
Rule 21F-17 ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Securities Regulation ,
Securities Violations ,
Wealth Management ,
Whistleblower Protection Policies ,
Whistleblowers ,
Willful Misconduct
Entro il 1° gennaio 2020, tutte le imprese aventi più di 11 dipendenti in Francia devono aver eletto il proprio “Comité social et économique” cd. CSE....more
On Nov. 25, the Securities and Exchange Commission (SEC) voted 5-0 to propose or repropose new rules revamping the framework for permissible use of derivatives and short sales by investment companies (other than money market...more
On Nov. 15, 2019, the Board of Governors of the Federal Reserve (the “Board”) released its semiannual Financial Stability Report. The report presents the Board’s current assessment of the resilience of the U.S. financial...more
11/20/2019
/ Board of Governors ,
Consumer Financial Products ,
Debt Market ,
Economic Impact Analysis ,
Economic Reform ,
Federal Reserve ,
Financial Institutions ,
Financial Markets ,
Financial Services Industry ,
FRB ,
GDP ,
High Yield Bonds ,
Lenders ,
Leveraged Finance ,
Leveraged Loans ,
Loans ,
Mutual Funds ,
Regulatory Oversight
On Sept. 27, 2019, the Securities and Exchange Commission (SEC) announced that Mylan N.V., a global pharma company that manufactures and sells EpiPen, which is used to treat serious allergic reactions, agreed to pay $30...more
10/24/2019
/ Accounting Standards ,
Centers for Medicare & Medicaid Services (CMS) ,
Department of Justice (DOJ) ,
Disclosure Requirements ,
Enforcement Actions ,
Failure To Disclose ,
False Claims Act (FCA) ,
Food Allergies ,
Form 10-K ,
Generic Drugs ,
Government Investigations ,
Medical Devices ,
Misclassification ,
Mylan Pharmaceuticals ,
Pharmaceutical Industry ,
Prescription Drugs ,
Regulation S-K ,
Reporting Requirements ,
Risk Factors ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Settlement Agreements ,
Tolling Agreement
Con l’inizio delle negoziazioni commerciali, bisogna tener presente che le novità introdotte dalla c.d. legge EGalim (n° 2018-938 del 30 ottobre 2018) per l’equilibrio delle relazioni commerciali nel settore alimentare e...more
10/17/2019
/ Agricultural Sector ,
Distributors ,
EU ,
Food Supply ,
France ,
French Commercial Code ,
Italy ,
Retail Market ,
Sales & Distribution Agreements ,
Suppliers ,
Supply Chain ,
Trade Relations ,
Transparency ,
Unfair or Deceptive Trade Practices
Recently in In Re: 180 Equipment, LLC, a case of first impression, the United States Court of Appeals for the Seventh Circuit determined that the Illinois version of Article 9 of the Uniform Commercial Code (Illinois UCC)...more
ISDA has extended the closing date for the CDS NTCE Protocol by two weeks. The Protocol will now close on Oct. 28. This extension of the adherence period is due to the relatively modest rate of adherence so far. ...more
Lenders and other constituencies will under certain circumstances request and be granted “board observer” rights pursuant to a loan agreement or other contract. The potential legal liability of board observers under various...more
9/12/2019
/ Appeals ,
Board of Directors ,
Contract Terms ,
Lenders ,
Misleading Statements ,
Omissions ,
Professional Liability ,
Public Offerings ,
Registration Statement ,
Sales of Securities ,
Section 11 ,
Securities Act of 1933 ,
Securities Transactions
In its first fee rate advisory for fiscal year 2020, the SEC announced that filing fees applicable to securities registrations by public companies and other issuers will be increased by 7.1%: from $121.20 to $129.80 per...more
9/6/2019
/ Corporate Issuers ,
Filing Fees ,
Financial Regulatory Reform ,
Proxy Solicitations ,
Publicly-Traded Companies ,
Regulatory Oversight ,
Regulatory Requirements ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Securities Transactions ,
Stock Repurchases
On Aug. 20, 2019, the Securities and Exchange Commission (SEC) announced that it had charged public pharmaceutical company TherapeuticsMD, Inc. for violations of Regulation FD and Section 13(a) of the Exchange Act related to...more
8/26/2019
/ Disclosure Requirements ,
Enforcement Actions ,
FDA Approval ,
Financial Markets ,
Food and Drug Administration (FDA) ,
Form 8-K ,
Insider Trading ,
Non-Public Information ,
Pharmaceutical Industry ,
Publicly-Traded Companies ,
Regulation FD ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Securities Violations ,
Stock Prices
In a continuing effort to address the advent of narrowly tailored credit events (NTCEs) in the CDS market, ISDA is now preparing for the implementation of the changes designed to deter market participants from running these...more
As reported in a press release issued by the Securities and Exchange Comission (the SEC) on Aug. 8, 2019, the SEC voted to propose amendments to modernize Regulation S-K disclosures, in particular, Item 101(a) (the...more
On July 12, the staffs of the Division of Corporation Finance, Division of Investment Management, Division of Trading and Markets, and Office of the Chief Accountant (the “Staffs”) of the Securities and Exchange Commission...more
On April 18, 2019, the final text amending the European Market Infrastructure Regulation (EMIR) was adopted by the European Parliament. The update to EMIR is widely referred to as EMIR REFIT and will come into effect on June...more
In response to the increasingly aggressive activism by holders of net short positions that are in debt by way of credit default swaps, the leveraged loan market has responded with the inclusion in a recent market...more
Federal Reserve Board of Governors Chairman Jerome H. Powell, in remarks made yesterday in Amelia Island, Florida, at the 24th Annual Financial Markets Conference, sponsored by the Federal Reserve Bank of Atlanta, stated that...more
On May 9, 2019, the SEC proposed amendments to the accelerated filer and large accelerated filer definitions under the Exchange Act....more
On May 3, the Securities and Exchange Commission (the SEC) proposed amendments to its rules governing financial disclosures relating to acquisitions and dispositions of businesses....more
5/16/2019
/ Disclosure Requirements ,
Financial Regulatory Reform ,
Financial Reporting ,
High Yield Bonds ,
Income Test ,
Investment Test ,
Leveraged Finance ,
Pro Forma Financial Information ,
Proposed Rules ,
Public Offerings ,
Securities and Exchange Commission (SEC)
On May 6, 2019, the Board of Governors of the Federal Reserve System (the Board) published its annual Financial Stability Report....more
5/10/2019
/ Banks ,
Bonds ,
Collateralized Loan Obligations ,
Debt ,
Exchange-Traded Products ,
Federal Reserve ,
Financial Markets ,
FSOC ,
High Yield Bonds ,
Intermediaries ,
Leveraged Finance ,
Mutual Funds