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United Kingdom: SEC Brings Charges Against Hedge Fund Galleon For "Massive" Insider Trading Scheme - Finers Stephens Innocent

Fri, 20 Nov 2009 00:00:00 GMT

A leading US hedge fund manager and six co-conspirators have been charged by the US Securities and Exchange Commission (SEC) with insider trading in what is believed to be biggest case ever brought for insider trading in the hedge fund industry.

United States: A Compilation Of Enforcement And Non-Enforcement Actions - November 2009 - Foley & Lardner

Fri, 20 Nov 2009 00:00:00 GMT

Earlier this month, the United States Supreme Court (Court) heard the case of Jones v. Harris Associates, which we reported on in our March 2009 Update (http://www.foley.com/publications/pub_detail.aspx?pubid=5873).

Australia: Economic Recovery Drives Amendments To Australia's Foreign Investment Policy - Maddocks

Fri, 20 Nov 2009 00:00:00 GMT

The foreign investment screening framework has recently been reformed to help boost Australia's growth as the global economy recovers.

Canada: Doing Business In Canada - Farris, Vaughan, Wills & Murphy LLP

Thu, 19 Nov 2009 12:15:11 GMT

Canada is a federation comprised of ten provinces and three territories. Legal authority is divided between the federal and provincial or territorial governments, although jurisdiction overlaps in some areas.

United Kingdom: A Review Of Financial Regulations And Tax Issues For FSA-Regulated Businesses - Smith & Williamson

Thu, 19 Nov 2009 09:45:09 GMT

As part of Smith & Williamson’s continued commitment to the financial services industry, we are conducting our 12th annual survey of the sector at a time of uncertain economic recovery, both in the UK and globally

United States: Securities and Exchange Commission Updates Compliance And Disclosure Interpretations For Sections 13(d) And 13(g) Of The Exchange Act And Regulation 13D/13G Beneficial Ownership Reporting - O'Melveny & Myers LLP

Thu, 19 Nov 2009 09:45:09 GMT

The U.S. Securities and Exchange Commission (the “Commission”) recently released updated and consolidated compliance and disclosure interpretations relating to Sections 13(d) and 13(g) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and Regulations 13D/13G beneficial ownership reporting.

United Kingdom: Mid-Market Outlook - Unblocking The Backlog Of M&As - Smith & Williamson

Thu, 19 Nov 2009 09:45:09 GMT

The recession, from which we now appear to be emerging, has been unlike anything we’ve seen before.

United Kingdom: Enterprise – Autumn 2009 - This Time It’s Different - Smith & Williamson

Thu, 19 Nov 2009 09:45:09 GMT

‘This time it’s different’ is a phrase we normally associate with asset bubbles and impending financial turmoil.

China: The Effect Of New Placement Agent Policies On Asia - Morrison & Foerster LLP

Thu, 19 Nov 2009 09:45:09 GMT

The placement agent industry has been under increasing scrutiny in the U.S. following scandals involving U.S. state governmental retirement plans and private equity firms or those raising money for such firms.

United States: SEC Staff Narrows The "Ordinary Business" Exclusion For Shareholder Proposals - Morrison & Foerster LLP

Thu, 19 Nov 2009 09:45:09 GMT

On October 27, 2009, the staff of the Division of Corporation Finance of the Securities and Exchange Commission (the "Staff") announced new guidance on the application of Rule 14a-8(i)(7) of the Securities Exchange Act of 1934 with regard to shareholder proposals relating to company risk assessments and CEO succession planning.

United States: Private Fund Investment Advisers Registration Act Of 2009 - O'Melveny & Myers LLP

Thu, 19 Nov 2009 00:00:00 GMT

On November 10, 2009, Senate Banking Committee Chairman Christopher Dodd (D-CT) introduced to the Senate a draft of the Restoring American Financial Stability Act of 2009 (the "RAFSA").

United Kingdom: Sigma Finance & Pari Passu Wins The Day - CMS Cameron McKenna LLP

Thu, 19 Nov 2009 00:00:00 GMT

The Supreme Court has not allowed a clause in a Security Trust Deed dealing with the distribution of assets in Sigma Finance Corporation (Sigma) between "experienced commercial operators advised by expert lawyers" to permit the preferential distribution of certain assets.

Canada: Duties (Not) Owed To Borrowers - Aird & Berlis LLP

Thu, 19 Nov 2009 00:00:00 GMT

Beyond good faith, there are at least two distinct categories of duty that a financial institution lender might have to a customer borrower: fiduciary duty (a breach of which is called a "breach of fiduciary duty") and duty of care (a breach of which may be called "negligence").

Canada: Canadian Securities Regulators Decide Not To Overhaul Corporate Governance Regime - Torys LLP

Wed, 18 Nov 2009 00:00:00 GMT

Canada’s securities regulators have decided not to proceed with the overhaul of our corporate governance regime proposed last December.

United States: Senator Dodd Introduces Financial Regulatory Reform Bill - Goodwin Procter LLP

Wed, 18 Nov 2009 00:00:00 GMT

Senate Banking Committee Chairman Christopher Dodd has introduced a discussion draft of the Restoring American Financial Stability Act of 2009 (the "Dodd Bill"), which comprehensively addresses financial regulatory reform, encompassing the range of issues covered in the Obama Administration’s proposed legislation and several bills pending in the House of Representatives.

United States: House Financial Services Committee Approves Investor Protection Bill - Proskauer Rose LLP

Wed, 18 Nov 2009 00:00:00 GMT

On November 4, the Financial Services Committee of the House of Representatives approved H.R. 3817, the Investor Protection Act of 2009, by a vote of 4128.

United States: FDIC Expands De Novo Period: Guidance for State, Nonmember Banks That Are Fewer Than Seven Years Old - Miller & Martin

Tue, 17 Nov 2009 19:59:04 GMT

On August 28, 2009, the FDIC issued new supervisory guidance advising the banking industry that the agency is extending the de novo period from three (3) to seven (7) years.

Gibraltar: Asset Protection and Probate Avoidance Plan - Form A Co

Tue, 17 Nov 2009 14:07:44 GMT

Many people like the idea of transferring their wealth into a trust but are hesitant to do so simply because, once they've given their wealth away, they can't get it back. The APPA (Asset Protection and Probate Avoidance plan) is designed to overcome this problem. Instead of your wealth being in the name of a trust, you put it in the name of a company and you retain exactly the same rights over that wealth that you would do if it remained in your name.

Hong Kong: Hong Kong Proposes To Enhance Investor Protection - Dechert

Tue, 17 Nov 2009 11:27:40 GMT

The Hong Kong Securities and Futures Commission ("SFC") has announced landmark proposals to overhaul the existing regulatory framework for unlisted investment products in a bid to further safeguard investor interests.

United States: Obama Administration, U.S. Lawmakers Continue To Push For Private Fund Adviser Registration - Dechert

Tue, 17 Nov 2009 11:27:18 GMT

The Obama administration presented the U.S. Congress with its far-reaching recommendations to overhaul the U.S. financial regulatory system on 17 June 2009.

United States: Senate Banking Committee Introduces The Restoring American Financial Stability Act - Foley & Lardner

Tue, 17 Nov 2009 00:00:00 GMT

In a continuing effort by Congress to address the perceived causes of the recent financial crisis, on November 10, 2009, the Senate Committee on Banking, Housing, and Urban Affairs, through its Chairman, Senator Christopher Dodd (D-Conn.), introduced the Restoring American Financial Stability Act in the U.S. Senate.

Canada: Strict Compliance With Letter Of Credit Not Always Enough – Fairness And Equity In Letter Of Credit Transactions - Borden Ladner Gervais LLP

Tue, 17 Nov 2009 00:00:00 GMT

In the recent decision of "Nareerux Import Co. Ltd. v. Canadian Imperial Bank of Commerce", the Ontario Court of Appeal considered principles of fairness and equity in letter of credit transactions.

United States: Tax-Planning Strategies For Stock Market Gains - Duane Morris LLP

Tue, 17 Nov 2009 00:00:00 GMT

Few can be pleased with the stock market's performance over the last year or so. However, the market's recent rebound has raised the question of whether now is the time to capitalize on some of those newly realized gains on stocks purchased during the downturn.

United States: Investment Activities Could Trigger Taxes For Nonprofits - Schnader Harrison Segal & Lewis LLP

Tue, 17 Nov 2009 00:00:00 GMT

Investment activities that are common for most taxpayers may create complications for tax-exempt entities. The United States Court of Federal Claims recently determined that two charitable trusts were liable for income taxes on profits derived from securities they purchased on margin.

United States: The In Re Tousa, Inc. Fraudulent Transfer Decision: Impacts On Debt Trading, Derivatives Trading, And Commercial Lending - Morrison & Foerster LLP

Mon, 16 Nov 2009 09:00:09 GMT

A recent decision in the U.S. Bankruptcy Court for the Southern District of Florida, In re Tousa,1 has received widespread attention for its near wholesale rejection of insolvency “savings clauses,” and the resulting order requiring lenders to disgorge hundreds of millions of dollars.