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|Board Members Beware: The SEC is Watching|
James J. Giszczak, Dominic A. Paluzzi, Adam C. Smith; McDonald Hopkins LLC;
August 28, 2014, previously published on August 22, 2014Data breaches have increased dramatically. In fact, according to a 2014 Internet security threat report published by Symantec, data breaches increased in 2013 by 62 percent. Therefore, it is not surprising that the Securities and Exchange (SEC) Commissioner, Luis A. Aguilar, recently addressed what...
|FinCEN Customer Due Diligence Rule Proposal|
Eric A. Arnold, Clifford E. Kirsch, Michael B. Koffler, Susan S. Krawczyk, Yasho Lahiri; Sutherland Asbill & Brennan LLP;
August 27, 2014, previously published on August 19, 2014On July 30, 2014, the U.S. Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) issued proposed rules (the “Proposed Rules”) to clarify and strengthen customer due diligence requirements for banks, securities broker-dealers, mutual funds, and futures...
|Presumption Against Extraterritoriality in Morrison v. National Australia Bank Extended to Private Party Whistleblower Retaliation Cases|
Matthew Bisanz, Marcus Christian, Mark G. Hanchet, Alex C. Lakatos, Richard M. Rosenfeld; Mayer Brown LLP;
August 27, 2014, previously published on August 25, 2014The US Court of Appeals for the Second Circuit has ruled that the presumption against extraterritoriality applies to private party actions under Section 21(h) of the Securities Exchange Act of 1934 (“Exchange Act”). The Second Circuit’s August 14, 2014 decision in Liu v. Siemens...
|Florida Legislature Relaxes Agency Licensing Requirements for Broker-Dealer Branch Offices Selling Insurance Products but Creates New Disclosure Requirements for Surrenders|
Eric A. Arnold, Clifford E. Kirsch, Michael B. Koffler, Susan S. Krawczyk, Holly H. Smith; Sutherland Asbill & Brennan LLP;
August 27, 2014, previously published on August 25, 2014Under current Florida insurance laws, branch offices of broker-dealers selling insurance products in Florida are required to either “license” or “register” as agency branches (in addition to satisfying insurance producer licensing requirements). However, Florida recently...
|Alberta Insider Trading Cases|
John Blair; Borden Ladner Gervais LLP;
August 27, 2014, previously published on August 20, 2014The July 8 2014 acquittal of Rengam Rajaratnam in New York District Court ended a long streak of insider trading convictions in that jurisdiction. In Canada, such cases tend not to be brought in courts where the standard of proof is reasonable doubt, but before Securities Commission tribunals where...
|SEC Announces Municipal Advisor Examination Initiative|
Matthew Bobys, Kenneth A. Gross, Ki P. Hong, Melissa L. Miles, Patricia M. Zweibel; Skadden, Arps, Slate, Meagher & Flom LLP;
August 26, 2014, previously published on August 20, 2014On August 19, 2014, the Securities and Exchange Commission (SEC) announced that its Office of Compliance Inspections and Examinations (OCIE) will begin a two-year examination initiative (the initiative) through the National Exam Program (NEP) aimed at municipal advisors that are newly registered...
|Time to Leave: Supreme Court to Determine Securities Class Action Limitation Period|
Elder C. Marques, Michael J.P. O'Brien; McCarthy Tétrault LLP;
August 25, 2014, previously published on August 13, 2014The Supreme Court of Canada has granted leave to appeal in a case that will determine how to apply the statutory limitation period for investors in Ontario who decide to sue public issuers and their executives under the Securities Act. Given similar legislation in other provinces, the case will be...
|SEC FCPA Settlement Sends Wake-Up Call to Small and Medium-Sized Businesses|
Mayling C. Blanco, Ariel S. Glasner, Carlos F. Ortiz, Shawn M. Wright; Blank Rome LLP;
August 21, 2014, previously published on August 2014On July 28, 2014, Smith & Wesson Holding Corp. (“Smith & Wesson”), the firearms manufacturer based in Springfield, Massachusetts, agreed to resolve charges brought by the Securities and Exchange Commission (“SEC”) for violations of the Foreign Corrupt Practices Act...
|Defeating Class Certification: Halliburton II Ruling Impacts Securities Class Action Issues|
Turner A. Broughton, Lauren M. Wheeling; Williams Mullen;
August 21, 2014, previously published on August 19, 2014In its June 23, 2014 opinion in Halliburton Co. v. Erica P. John Fund, Inc. (“Halliburton II”), the United States Supreme Court addressed two securities class action issues:
|Litigation for Profit in Australia—Court Imposes Limits Where Serious Conflicts of Interest Exist|
John Emmerig, Michael Legg; Jones Day;
August 21, 2014, previously published on August 2014In the last six to eight months, Australia has witnessed a spike in shareholder class action activity that appears to be driven, at least in part, by new lawyers and litigation funders entering the market.