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|Eligibility Criteria Relaxed for Citizenship by Investment Program|
Fragomen Del Rey Bernsen Loewy LLP;
October 17, 2016, previously published on October 7, 2016Foreign entrepreneurs, investors and their families will be subject to more flexible citizenship eligibility criteria on or after October 31, 2016, including a lower minimum investment amount and more investment options.
|In GAMCO v. Vivendi, the Second Circuit Affirms that Value Investors Can Rely on the Fraud-on-the-Market Presumption Unless Specific Facts Establish Non-Reliance|
Joel D. Rothman; Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.;
October 13, 2016, previously published on October 11, 2016On September 27, 2016, the Second Circuit ruled against an opt-out action brought in the continuing Vivendi litigation. The recently issued opinion, however, does have positive implications for institutional investor class participants. First, the opinion confirms the availability of the...
|In The Wake of the Yahoo Breach, the CSA Offers Timely Guidance to Public Companies|
Joseph DiPonio; Borden Ladner Gervais LLP;
October 13, 2016, previously published on October 7, 2016On September 22nd, 2016 Yahoo Inc. ("Yahoo") - in the midst of a US$4.8 billion deal to sell its core business to Verizon Communications Inc. - disclosed that certain user account information, such as names, email addresses, telephone numbers, dates of birth and passwords, were swiped...
|Canadian Appellate Court Confirms That Judges Must Consider Evidence From Both Parties when Deciding a Motion for Leave to Bring a Class Action|
John F. Nucci; Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.;
October 13, 2016, previously published on October 5, 2016As detailed repeatedly in this space, the Canadian court system has issued a number of decisions which have altered the practice of bringing - or defending against - a securities class action for secondary market misrepresentation. In its recent decision in Mask v. Silvercorp Metals, Inc....
|Choosing an Investment Adviser for a Special Needs Trust|
Chambliss Bahner Stophel P.C.;
October 11, 2016, previously published on October 5, 2016Money exchangeTrustees of special needs trusts have a duty to properly manage the funds in their care. However, most trustees, especially non-professional ones, are not sophisticated investors and they should not be directly managing the investment of large sums of money. This does not mean that...
|New Proposed RIC Regulations|
John Kaufmann, Carl J. Riley; Greenberg Traurig, LLP;
October 10, 2016, previously published on October 5, 2016It is a good thing to qualify as a Regulated Investment Company (a “RIC”). All domestic corporations are subject to income tax on their net taxable income. Regular domestic corporations (“subchapter C corporations”) are taxed on their income before they distribute dividends...
|A Review of the STADA Arzneimittel Proxy Contest and the Activism Landscape in Germany|
Ron S. Berenblat, Andrew M. Freedman, Steve Wolosky; Olshan Frome Wolosky LLP;
October 3, 2016, previously published on September 27, 2016Active Ownership Capital (“AOC”), an activist investment company that takes minority positions in undervalued small to mid-size publicly traded companies in Western Europe and the Nordics, recently won a small, but significant, victory in a proxy battle it waged against STADA...
|Court in LendingClub Class Action Requires Due Diligence by Lead Plaintiff Before Approving Lead Counsel|
John S. "Terry" McMahon; Mintz Levin Cohn Ferris Glovsky Popeo P.C.;
September 28, 2016, previously published on September 27, 2016In a recent decision in the now-consolidated LendingClub class action cases, Judge William Alsup of the Northern District of California appointed a lead plaintiff but unexpectedly declined to appoint lead counsel at the same time. Instead, the judge ordered that candidates for lead counsel must...
|Access to Capital for Small and Medium-Sized Businesses - ASC Adopts New Capital-Raising Initiatives for Start-Up Businesses|
Alex Bruvels, Jonathan L. Doll; Borden Ladner Gervais LLP;
September 23, 2016, previously published on September 19, 2016The Alberta Securities Commission (ASC) has adopted ASC Rule 45-517 Prospectus Exemption for Start-Up Businesses (Start-Up Exemption) which came into effect July 19, 2016. The Start-Up Exemption is a prospectus exemption intended to allow Alberta-based small and start-up issuers to raise modest...
|Update on the New Saudi Arabian Companies Law and SAGIA Announcements|
Mahmoud Alsaif, Prem Anand; Jones Day;
September 22, 2016, previously published on September 2016The new Saudi Arabian Companies Law, discussed in our November 2015 Commentary, came into effect on May 2, 2016. In connection with the new law coming into force, the Ministry of Commerce and Investment ("MOCI") has published model forms for the Articles of Association and By-Laws for...