The SEC, in a unanimous vote, adopted final rules on December 14, 2022 amending Rule 10b5-1 under the Securities Exchange Act of 1934. Additionally, it includes related amendments concerning disclosures about insider trading policies, disclosures about equity awards made close in time to the disclosure of material nonpublic information and the reporting of gifts by insiders ...
On May 9, 2019, the U.S ...
Following the enactment of the Economic Growth, Regulatory Relief, and Consumer Protection Act, the Securities and Exchange Commission (SEC) has adopted an amendment to Rule 701(e) increasing the threshold amount of securities that can be sold during a 12-month period from $5 million to $10 million. Securities sold in excess of the threshold trigger enhanced disclosure obligations for the issuer ...
In the last week, the Securities and Exchange Commission has announced charges in two separate investigations related to its “Broken Windows” initiative, signaling that the Commission’s focus on what some may characterize as “minor violations” will continue ...
A recent Fifth Circuit ruling suggests a softening of the SEC’s obligation to return disgorgement awards directly to victims, says Elisha Kobre, a partner at Bradley Arant Boult Cummings LLP. The issue is relevant because the Dodd-Frank Act created a specific fund to hold monetary sanctions collected by the SEC, including disgorgement amounts not directly distributed to victims or used in other specified ways, he explains. The U.S ...
Labour party donor and entrepreneur, Dale Vince, has put the spotlight back on the controversy surrounding the tax treatment of carried interest received by private equity fund managers, by instructing The Good Law Project to serve a “pre-action protocol” letter on HMRC seeking judicial review of its practice of taxing such carried interest as capital gains as opposed to income ...
The Secure and Fair Enforcement for Mortgage Licensing Act (the “SAFE” Act), enacted on July 30, 2008, mandates a federal registration system for employees of banks, credit unions and their subsidiaries who engage in the business of residential mortgage loan origination ...
The role that Asian banks will play in film financing in Asia is a challenging and necessary one as we continue to see the fast paced growth of the Asian film industries. Asia is, so far, an untapped resource of ideas, stories, shooting locations, skilled crew, talent and effective film making techniques ...
With the lifting of the restrictions on the presentation of winding up petitions, and the likely cash flow pressures caused by price inflation, it is widely anticipated that we will see an increase in the number of companies subject to winding up proceedings ...
The venture capital industry has one goal: making startups incredibly lucrative and, thus, maximizing returns to venture capital investors. For the venture capital investor these outstanding returns are generally materialized 5 or 6 years after the Series A investment round, when the investor makes an exit and the startup either performs an initial public offering of its shares (IPO) or is sold to a strategic acquirer or a private equity fund ...
Are you an influencer? Do you earn money or other benefits by creating content on social media? Influencers that are offered deals to advertise a brand’s products over social media platforms will qualify as traders and should thus disclose their adverts in a transparent manner. Over the coming weeks, the European Commission will be screening online posts to identify any sponsored posts uploaded to social media by influencers which could mislead consumers ...
Traditionally, investment decisions have focused primarily on increasing economic value. Over the past few decades, however, an investment philosophy focused on creating non-economic value by advancing social or charitable causes has become increasingly commonplace. This investment philosophy, traditionally referred to as socially responsible investing, has historically been assumed to involve the sacrifice of economic gains in furtherance of non-economic objectives ...
Another week brings another round of COVID-19-related lawsuits. We are identifying some early trends and provide a synopsis of the more relevant lawsuits below. Will nursing homes be overwhelmed by wrongful death lawsuits? The daughter of a woman suspected to have died from COVID-19 has filed a wrongful death suit against the company who owns the Life Care Center of Kirkland where her mother was a resident ...
Another week brings another round of COVID-19-related lawsuits. Even after a month, we already can identify some early trends: refund lawsuits and second amendment claims continue to boom. A rise in takings claims may signal another trend, or a recent adverse decision from the Pennsylvania Supreme Court may throw cold water on business owners and citizens’ efforts to be compensated for government-directed impacts ...
As the first of several deadlines under the Qualified Opportunity Zone (“QOZ”) program rapidly approaches, investors still on the sidelines are discovering that time is running out on the ability to take advantage of the full suite of tax benefits under the program. December 31, 2019 marks the last day in which investors may roll over capital gains into Qualified Opportunity Funds (“QOF”) and obtain a 15% reduction in the amount of the deferred gain ...
In this article, Goh Hui Wen examines the proposed regulatory framework for digital banks in Malaysia. INTRODUCTION The global financial services industry has seen a momentous evolution over the past decades driven by new technology innovations. As customers gravitate towards digital experiences and products, the transformation of the traditional banking system has become inevitable ...
The Pre-Insolvency Bill (‘the Bill’) is at its second reading in Parliament. The Bill is being proposed as an Act to partially transpose EU Directive 2019/1023 (‘the Directive’) on preventive restructuring frameworks, on discharge of debt and disqualifications, and on measures to increase the efficiency of procedures concerning restructuring, insolvency and discharge of debt ...
The Oregon legislature is currently considering, as part of its February 2022 session, three bills that form a comprehensive set of changes to the Oregon Forest Practices Act (Senate Bill 1501), create a small forestland owner tax credit (Senate Bill 1502), and update the forest harvest tax (House Bill 4055). The bills stem from negotiations between private forestry companies, small woodland owners, conservation groups, and fishing organizations ...
general principles Legal professional privilege applies to communications between a client and legal advisor, where the legal advisor is acting in a professional capacity and is consulted in confidence for the purpose of the client obtaining legal advice (other than advice facilitating crime or fraud), and where legal professional privilege is claimed by that client ...
Amidst price wars, a global pandemic, and the diminished demand for oil, E&P borrowers and secured lenders face inevitable credit agreement defaults ahead (if not already). Although real property foreclosure of oil and gas assets is often seen as a secured lender’s primary remedy, negative oil prices, operational challenges and the potential for liability may leave some banks contemplating whether a real property foreclosure is the best course of action ...
Shortly after his administration began, President Biden signed Executive Order 13985, "Advancing Racial Equity and Support for Underserved Communities Through The Federal Government." In April 2022, in accordance with this Executive Order, the Equal Employment Opportunity Commission ("EEOC") released its "Equity Action Plan," which contains several items that may impact employers ...
Following the introduction in the British Virgin Islands (BVI) of the Economic Substance (Companies and Limited Partnerships) Act, 2018 (ESA), which became effective on January 1st, 2019, some questioned the sustainability of BVI’s position as a leading international financial centre. While we cannot underestimate those concerns, we believe that there is also evidence that ESA will not have a negative impact on the BVI ...
It’s 8 am, and you just learned that a material cyber-incident occurred in your organization. You fire up your Incident Response Plan. You engage outside counsel, and outside counsel engages a forensic firm. Your company, your outside counsel, and your forensic firm all sign an agreement that the forensic firm will work at the direction of outside counsel ...
Recent research from the insurer Royal London found more than half of the UK adult population has not made a will, and a quarter of those have no intention of making one. Death, it seems, remains something of a taboo subject in the UK. This is in stark contrast to some other countries, such as Mexico, where each year the population celebrates Día de los Muertos, or the Day of the Dead ...
