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|ISS Proposes 2015 Policy Updates: No Proposal on Unilateral Bylaw Amendments; U.S. Policy Changes Would Introduce Uncertainty for Independent Chair Shareholder Proposals and Implement a Scorecard for Equity Plan Proposals|
Sullivan Cromwell LLP;
October 19, 2014, previously published on October 16, 2014Yesterday, Institutional Shareholder Services, the proxy advisory firm, published proposed changes to its proxy voting guidelines for the 2015 proxy season. The proposals applicable to U.S. companies are limited and do not include any proposed change relating to unilateral bylaw amendments. ISS had...
|US Department of Justice Brings Its First Criminal Prosecution for Spoofing of Commodities Markets|
Matthew Bisanz, Marcus A. Christian, Mark G. Hanchet, Alex C. Lakatos, Richard M. Rosenfeld; Mayer Brown LLP;
October 17, 2014, previously published on October 14, 2014A Chicago federal grand jury has indicted Michael Coscia, formerly a registered floor trader and sole owner of Panther Energy Trading LLC, for allegedly violating the anti-spoofing provision of the Commodity Exchange Act (“CEA”) and committing commodities fraud. The prosecution is the...
|Effective October 6, 2014, Delivery Settlement Cycle of Securities Traded on Euronext Paris and Alternext Paris Will Be Shortened from Three to Two Trading Days|
Philippe Goutay, Anselme Mialon; Jones Day;
October 16, 2014, previously published on October 2014Effective October 6, 2014, the delivery settlement cycle of securities traded on French-regulated market Euronext Paris and French-organized market Alternext Paris will be shortened from three to two trading days. This move anticipates the EU Regulation on Central Securities Depositories adopted on...
|Regulators At SIFMA Regional Conference Highlight Regulatory, Litigation And Arbitration Risks|
Eugene R. Licker, Jerry S. Phillips; Loeb & Loeb LLP;
October 15, 2014, previously published on October 2014At a recent regional SIFMA conference, the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA) and state regulators discussed the risks inherent in the ongoing low-yield environment. The regulators expressed concern over individuals' investing in products...
|A Reminder of the Importance of Internal Controls Under SOX|
Ahron D. Cohen; Snell & Wilmer L.L.P.;
October 13, 2014, previously published on Fall 2014On July 30, 2014, the SEC announced charges against the CEO and the former CFO of a computer equipment company based in Florida for misrepresenting the state of the Company’s internal controls over financial reporting and failure to disclose to its auditors deficiencies in its internal...
|Opportunistic Acquisitions: Buying Assets Through Bankruptcy|
Nicholas E. Williams; Foley & Lardner LLP;
October 13, 2014, previously published on October 8, 2014Though often overlooked, bankruptcy sales can be a real boon to businesses looking for a great deal. Prospective purchasers must, of course, interface with the bankruptcy court, so these companies must understand the lay of the land when looking for a bargain.
|Compliance Officers’ Liability|
Thomas M. Devaney, Jung Yeon Son; Sheppard, Mullin, Richter & Hampton LLP;
October 10, 2014, previously published on September 23, 2014Andrew Ceresney, the Director of the Division of Enforcement of the SEC, assured compliance officers that compliance officers would not be exposed to liability when compliance officers engage and remediate problems at investment management firms in a speech given in May 2014. Mr. Ceresney...
|The CSA Proposes a New Harmonized Take-Over Bid Approach|
J. Paul D. Barbeau, Eric Chernin, James T. McClary; Bennett Jones LLP;
October 9, 2014, previously published on September 15, 2014On September 11, 2014, the Canadian Securities Administrators (CSA) announced the publication of CSA Staff Notice 62-306, which contemplates a new harmonized regulatory approach to the Canadian take-over bid regime.
|National Securities Regulator Moves Forward; Draft Legislation Published|
James Bartlett, James T. McClary, William S. Osler, Usman M. Sheikh; Bennett Jones LLP;
October 9, 2014, previously published on September 15, 2014On September 8, 2014, the governments of Canada, British Columbia, Ontario, Saskatchewan and New Brunswick announced the signing of a memorandum of agreement formalizing the terms of the Cooperative Capital Markets Regulatory System (the Cooperative System), the proposed national securities...
|A Whistleblower First|
Pessin Katz Law P.A.;
October 8, 2014, previously published on September 30, 2014For the first time the Securities and Exchange Commission (“SEC”) made an award ($300,000) to a whistleblower performing a compliance and audit function within a public company after the company failed to take action on the individual’s internal report to the company within 120...