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|Investment Fund Managers - A Regulatory Check-up|
Cristian O. Blidariu, Michael C. Nicholas, Sean D. Sadler, Rene R. Sorell; McCarthy Tétrault LLP;
July 28, 2014, previously published on July 21, 2014The Ontario Securities Commission (“OSC”) has recently released two notices providing helpful guidance on the compliance operations of investment fund managers (“IFMs”). This guidance is contained in the 2013 annual review summary report for dealers, advisers and investment...
|Halliburton II: A Triumph for Investors’ Rights and Market Integrity|
Thomas C. Goldstein; Bernstein Litowitz Berger Grossmann LLP;
July 25, 2014, previously published on Summer 2014In an important victory for investors’ rights in Halliburton Co. v. Erica P. John Fund, Inc. (Halliburton II), the United States Supreme Court reaffirmed on June 23, 2014 that investors are entitled to rely on the integrity of the prices of securities that are traded in well-developed...
|SEC Brings First Whistleblower Anti-Retaliation Claim Under the Dodd-Frank Act|
Matthew T. Bohenek, Steven W. Hansen; Bingham McCutchen LLP;
July 25, 2014, previously published on July 10, 2014Dealing with a whistleblower who remains an employee after going to the Government has always been something like traversing a mine field. When the Securities and Exchange Commission (“SEC”) adopted Rule 21F-2, defining a “whistleblower” and making a violation of the...
|Secretary Lew Calls on Financial Institutions to Strengthen Their Cybersecurity Defenses|
Steven G. Brody, Jason E. Glass; Bingham McCutchen LLP;
July 25, 2014, previously published on July 17, 2014On July 16, 2014, U.S. Treasury Secretary Jacob J. Lew delivered the keynote speech at the Delivering Alpha conference, a gathering of hedge fund industry participants. Secretary Lew used this event to issue strongly-worded remarks on the serious nature of cyber-incursions, in particular the...
|SEC Staff Issues Proxy Voting Guidance|
Abigail Bertumen, Lea Anne Copenhefer, Barry N. Hurwitz, Christopher D. Menconi; Bingham McCutchen LLP;
July 25, 2014, previously published on July 11, 2014Just before the July 4th holiday, the SEC’s Division of Investment Management and Division of Corporate Finance issued guidance on proxy voting. The guidance, which is a staff bulletin in the form of a Q&A, is the next chapter in an ongoing discussion about how investment advisers satisfy...
|SEC Orders a Pilot Program on Tick Sizes to Study Trading Behavior|
Russell M. Fecteau; Bingham McCutchen LLP;
July 25, 2014, previously published on July 15, 2014On June 24, 2014, the Securities and Exchange Commission (SEC) ordered national stock exchanges and the Financial Industry Regulatory Authority (FINRA) to craft a yearlong pilot program that requires specific stocks (“Pilot Securities”) to trade in five-cent increments rather than...
|SEC Adopts Rules and Guidance on Cross-Border Security-Based Swap Activities|
Luke B. Falgoust; Jones Walker LLP;
July 25, 2014, previously published on July 17, 2014On June 25, 2014, the Securities and Exchange Commission ("SEC") adopted the first of a series of rules and guidance on cross-border security-based swap activities for market participants. The rules and guidance explain when a cross-border transaction must be counted toward the...
|ISDA Section 2(a)(iii) Amendment Limits Prerogatives of Non-Defaulting Parties|
James M. Cain, Daphne G. Frydman, David T. McIndoe, Mark D. Sherrill, R. Michael Sweeney; Sutherland Asbill & Brennan LLP;
July 24, 2014, previously published on July 22, 2014On June 19, the International Swaps and Derivatives Association (ISDA) published a long-awaited standard amendment to Section 2(a)(iii) of the ISDA Master Agreement (the Master Agreement). Section 2(a)(iii) of the Master Agreement (Section 2(a)(iii)) is a condition precedent that suspends a...
|SEC Fulfills Promise to Bring Whistleblower Retaliation Actions under Dodd-Frank Act|
Jackson Lewis P.C.;
July 24, 2014, previously published on July 17, 2014Faced with a mounting caseload of whistleblower complaints (more than 6,000 since 2011), the Securities and Exchange Commission has brought its first-ever whistleblower retaliation case under the Dodd-Frank Wall Street Reform and Consumer Protection Act.
|The Troubled Track Record of the Proxy Strike Suit|
Mintz Levin Cohn Ferris Glovsky Popeo P.C.;
July 23, 2014, previously published on July 7, 2014The recent wave of proxy strike litigation, once thought to be on the rise in 2012 and 2013, has now gone two years without a significant court victory. After one notable early success, decision after decision has gone against plaintiffs in courts across the country. The question is: what now?