A banking industry group on Monday said that federal regulators' inability to complete a final version of the Volcker Rule, the Dodd-Frank Act's ban on proprietary trading, was a sign that Congress should either repeal or streamline the hotly contested provision.
When dealing with high-stakes litigation, there are four top-notch firms that in-house counsel dread seeing on the other side of the courtroom, according to a new survey of corporate counsel.
Financial reform advocates said Tuesday that exceptions embedded in a recent U.S. Commodity Futures Trading Commission guidance for cross-border enforcement of Dodd-Frank Act swaps rules left several loopholes that could allow banks to evade rules by simply changing the registration of their subsidiaries.
The U.S. Commodity Futures Trading Commission on Monday finalized new record-keeping and registration requirements for participants in the $700 trillion over-the-counter derivatives market.
After hearing concerns about midsize banks' abilities to carry out company-run stress tests, federal regulators said Monday they were considering giving banks with assets of $10 billion to $50 billion more time to begin performing those tests, mandated under the 2010 Dodd-Frank Act.
The U.S. Department of the Treasury issued a proposed rule Tuesday that would require its contractors to make good-faith efforts to hire women and minorities, implementing a requirement that stems from the Dodd-Frank Wall Street Reform and Consumer Protection Act.
The Office of the Comptroller of the Currency on Monday announced that Julie Williams, its longtime chief counsel and point person for Dodd-Frank Act reforms, would step down from her position at the end of September and retire from public service at the end of the year.
Foreign banks including Societe Generale SA urged the U.S. Commodity Futures Trading Commission to delay the October deadline for non-U.S. banks to register as swap dealers because the regulator won't have yet issued guidance for new swaps rules.
The Federal Reserve's Office of Inspector General has cleared the Board of Governors of the Federal Reserve System and the Federal Reserve Bank of New York in an investigation into the early, unauthorized release of a draft of the Volcker rule in early October, according to a report released Tuesday.
The House Financial Services Committee is looking for an alternative to the Volcker Rule that would be less burdensome to private equity firms and hedge funds seeking to raise capital, saying Tuesday that the rule in its current form could be devastating to the economy.
Wall Street lobbying groups on Tuesday asked the Office of the Comptroller of the Currency to delay implementation of new Dodd-Frank rules limiting the size of loans banks can have with a single counterparty, arguing they need more time to change their accounting methods.
Congressional Republicans on Thursday introduced legislation that would bar federal regulators from placing insurance companies and other nonbanks under the Federal Reserve’s supervision by designating them systemically significant, but critics say such a move risks a financial panic similar to 2008.
The U.S. Small Business Administration made public two amendments on Thursday implementing 2011 amendments to the its small business technology loan program, including a safe harbor for small companies backed by private funds.
Banking industry groups on Friday waded into the reinvigorated debate over the size of U.S. banks by pushing back against former Citigroup Inc. Sanford “Sandy” Weill's call to break up the country's biggest financial institutions.
The U.S. Department of Energy knowingly broke a federal law when it asked Solyndra LLC's backers to invest more in the faltering solar panel manufacturer in exchange for the government's taking a backseat to private equity investors in the ensuing loan restructuring, lawmakers said Wednesday.
Insurance industry representatives expressed concern to lawmakers Tuesday that certain provisions of the Dodd-Frank Act would lead to unnecessarily burdensome regulation that would damage the economy and harm consumers and small businesses.
The U.S. Department of the Treasury plans to auction off its stake in 12 small banks that received bailout money from the 2008 Troubled Asset Relief Program, the agency announced Monday.
The U.S. Securities and Exchange Commission has issued guidance that temporarily defines the creditworthiness necessary for a security to meet the definition of “mortgage-related security” as the commission works on permanent rules mandated by the Dodd-Frank Act.
In trying to regulate municipal bond advisers under the Dodd-Frank Act, the U.S. Securities and Exchange Commission vastly overshot the mark and crafted a rule that could burden banks, elected officials and college boards with unnecessary and costly agency requirements, industry groups say.
With the second anniversary of the Dodd-Frank Act coming up Saturday, the sprawling law's ban on proprietary trading and several other unfinished rules scheduled to take effect this weekend are leaving banks wondering how to advance.
Perhaps the real lesson of the Trados Inc. case for private equity and venture investors is that relying on the blind squirrel approach can be far more costly and time consuming than ensuring that rights to force a sale, if necessary, are agreed upon in advance, says Gordon Caplan of Willkie Farr & Gallagher LLP and corporate attorney Saroj Tharisayi.
Every law firm knows the importance of a conflicts check before beginning a representation, but what happens when it serves discovery requests or a subpoena on a third party, only to discover that the third party is a current or former client? As firms get larger, and litigations become more complex, this issue is bound to come up, say Shari Klevens and Alanna Clair of McKenna Long & Aldridge LLP.
In the current enforcement environment, it would be a mistake for senior executives and board members to take for granted the enthusiastic and highly effective efforts of the chief compliance officer, who is often overworked and underappreciated, says Sharie Brown of Troutman Sanders LLP.
From an investor perspective, a simultaneous signing and closing of a private investment in public equity is preferable in order to avoid being exposed to any negative developments with respect to the issuer or the markets that may occur between signing and closing. Then again, where closing will have to be delayed, the parties may desire to sign prior to closing in order to lock in pricing, say attorneys with Schulte Roth & Zabel LLP and Lowenstein Sandler PC.
The key impact of recent and impending changes to the U.K. Takeover Code for private equity bidders is that a bidder is now required to disclose its plans for employer contributions to the target’s defined benefit pension schemes, including the current arrangements for funding any scheme deficit, say attorneys with Debevoise & Plimpton LLP.
The Delaware Courts have made clear that fair value in the context of an appraisal of a corporation’s going concern is distinct from a market-based merger price for the stock of that corporation, say Jeremy Anderson and José Sierra of Fish & Richardson PC.
Even before U.S. Securities Exchange Commission Rule 506(d) becomes effective on Sept. 23, companies planning to conduct a private offering must learn the rule and keep it in mind as they seek investors, recruit officers and directors, and work with certain other persons and entities. For offerings after that date, if someone turns up as a "bad actor," Rule 506 is no longer available, says Jonathan Guest of McCarter & English LLP.
Since the beginning of the year, there has been a steady stream of notable and somewhat unanticipated announcements and new rules from the IRS that impact the private equity community, and not all of them relate to the scandals that have gotten so much attention in the press, say David Schnabel and Vadim Mahmoudov of Debevoise & Plimpton LLP.
Recently in Coakley v. Bangor Hydro-Electric Co., Judge Michael Cianci found the New England transmission owners’ current base return on equity unjust, which brought up questions regarding ROEs for new transmission facilities. If ROEs for such facilities were fixed on the basis of transmission developers' market proposals, investors' returns would remain stable, says G. Philip Nowak of Akin Gump Strauss Hauer & Feld LLP.
Congress passed the Jumpstart Our Business Startups Act to facilitate access to early-stage capital by loosening general solicitation restrictions, and while this is an improvement, it is not likely to bridge the funding gap for startup biotech ventures. A possible solution for the funding gap problem is for the U.S. Securities and Exchange Commission to revise its broker-dealer regulations, say Brian Goldstein and Tobin Sullivan of Choate Hall & Stewart LLP.