Capital Markets

  • March 22, 2017

    Judge Nixes Gov't's 'Rough Justice' In 1MDB Forfeiture Case

    A California federal judge rejected what he called the government's “rough justice” attempt to keep offshore trusts from contesting forfeiture of music rights, real estate and other assets tied to an alleged fraud on Malaysia's sovereign wealth fund, allowing the trustees to file late claims on Wednesday.

  • March 22, 2017

    4 Firms Lead Canadian Biotech Aurinia's $173M Follow-On

    Canadian biotech Aurinia Pharmaceuticals Inc. said Monday it closed a $173 million follow-on offering to help fund its top drug candidate treating lupus, a deal guided by four law firms.

  • March 22, 2017

    SEC Shrinks Settlement Cycle For Securities Trades To 2 Days

    The U.S. Securities and Exchange Commission agreed Wednesday to shorten the settlement cycle for most securities trades from three to two days, calling the expedited timetable an overdue revision that catches up with modern technology and that could potentially be further accelerated.

  • March 22, 2017

    Deals Rumor Mill: Deutsche Boerse, Souq, Generali

    The European Commission will block the proposed $30 billion merger of Deutsche Boerse and the London Stock Exchange, has agreed to buy United Arab Emirates-based online retailer and marketplace, and Italian insurance giant Generali intends to sell its businesses in Colombia, Ecuador and Panama.

  • March 22, 2017

    Bank Deregulation Faces Long Odds, Hensarling Says

    A leading House Republican on Wednesday expressed doubts that his proposed large-scale rewrite of U.S. financial regulations would pass through the Senate, even after it makes it through the lower chamber.

  • March 22, 2017

    Don't Stall CEO-Worker Pay Ratio Rule, Investors Tell SEC

    A group of 100-plus institutional investors sent a letter Wednesday to the U.S. Securities and Exchange Commission urging Acting Chairman Michael Piwowar to not delay implementation of a Dodd-Frank CEO-to-employee pay ratio disclosure mandate, saying any wait imposes “significant costs” on investors.

  • March 22, 2017

    SEC Says Couple Blew Chance To Settle EB-5 Fraud Suit

    The U.S. Securities and Exchange Commission has urged the Central District of California to rule against a husband and wife facing allegations that they misappropriated the bulk of $26.9 million raised in an EB-5 immigrant investor program, as the couple purportedly have not followed through on their promises as part of a possible settlement.

  • March 21, 2017

    Don't Halt CEO Pay Ratio Disclosure Rule, Dem Sens. Tell SEC

    Democratic lawmakers on Tuesday urged Acting U.S. Securities and Exchange Commission Chairman Michael S. Piwowar not to delay implementation of a rule requiring public companies to disclose the pay gap between their chief executives and their typical workers, saying that he had inexplicably halted the rule.

  • March 21, 2017

    Commerzbank’s $1B BNY Mellon RMBS Case Clears Hurdle

    A New York federal judge declined on Tuesday to dismiss Commerzbank AG’s billion-dollar suit against Bank of New York Mellon Corp. for allegedly failing to vet residential mortgage-backed securities it was supposed to oversee, finding several of the claims have legs.

  • March 21, 2017

    Forum Merger SPAC Launches $125M IPO To Fund Purchase

    Forum Merger Corp., a blank check company formed by executives with private equity experience, on Tuesday launched a $125 million initial public offering to fund an acquisition under guidance from Ellenoff Grossman & Schole LLP.

  • March 21, 2017

    Scottsdale Urges Supreme Court To Revive FINRA Challenge

    Microcap broker-dealer Scottsdale Capital Advisors Corp. has asked the U.S. Supreme Court to review a Fourth Circuit opinion rebuffing its challenge to the Financial Industry Regulatory Authority’s power, saying forcing firms to face first FINRA and then the U.S. Securities and Exchange Commission would "gut" high court precedent.

  • March 21, 2017

    Hong Kong Regulator To Ease Derivative Position Limits

    The Hong Kong Securities and Futures Commission said Tuesday it will implement a proposal to relax position limits on trading listed derivatives, a move designed to broaden appeal of the region’s futures and options markets.

  • March 21, 2017

    Canada Regulators Launch Climate Change Disclosure Review

    Canadian securities regulators said Tuesday they will launch a project scrutinizing how well public companies are disclosing risks and financial impacts relating to climate change, joining a growing global movement that officials say reflects demand from investors for better information about environmental risks.

  • March 21, 2017

    FINRA Charges Clearing Firm Over Supervisory Failures

    The Financial Industry Regulatory Authority on Monday filed a complaint against high-frequency clearing firm Electronic Transaction Clearing Inc., alleging the firm failed to implement anti-money laundering policies and committed a host of customer protection and supervisory violations.

  • March 21, 2017

    Real Estate Rumors: HNA Group, Berenberg, Patron Spirits

    An HNA Group venture is reportedly under contract to pay $2.21 billion for 245 Park Ave. in New York City, Bank Berenberg subsidiary Berenberg Capital Markets is said to be taking 31,700 square feet in New York, and Patron Spirits' CEO Edward Brown has reportedly sold a Florida estate for $40 million.

  • March 21, 2017

    SEC Judge Finds Atty Liable In Marijuana-Related Co.'s Fraud

    A U.S. Securities and Exchange Commission administrative law judge found Tuesday that a California lawyer violated securities law by signing attorney opinion letters that improperly enabled a marijuana growing pod company to conduct illegal sales of restricted, unregistered stock.

  • March 21, 2017

    SEC Fights Atty's Bid to Toss $9.6M EB-5 Investor Suit

    The U.S. Securities and Exchange Commission has shot back at a bid by an attorney to toss accusations that he stole $9.6 million from foreigners participating in the EB-5 immigrant investor program, saying the court already denied his arguments when it issued an asset freeze.

  • March 21, 2017

    Exec Orders, Personnel To Reform Bank Rules, VP Aide Says

    A top aide to Vice President Mike Pence on Tuesday said that the Trump administration will look to use executive orders and appoint new financial regulators to ease up rules on banks while a review of financial regulations moves forward.

  • March 21, 2017

    Sen. Brown Shoots Down Full-Scale Dodd-Frank Rewrite

    A key Senate Democrat on Tuesday said that a complete legislative rollback of the Dodd-Frank Act was “not going to happen” and could serve to be counterproductive by destabilizing the regulatory framework that he said was working for banks.

  • March 20, 2017

    Davis Polk Advises Spanish Telecom On $3.5B Debt Offering

    The Spanish telecommunications company Telefonica SA and one of its affiliates turned to Davis Polk & Wardwell LLP for a debt offering that raised $3.5 billion for its general corporate purposes, according to the firm and securities filings.

Expert Analysis

  • Monthly Column

    Gray Matters: Decision Error

    Gray Matters

    Lawyers make hundreds of decisions during the course of advising a client, consummating a transaction or litigating a case. In this new column, dispute resolution experts Bob Creo and Selina Shultz explore the theory, science and practical aspects of how decisions are made in the legal community.

  • Law Schools And Law Firms: Seeking Common Ground

    Randy Gordon

    What we don’t know is whether the teaching and practice of law are undergoing massive structural changes or we’re still digging out from the worst economic collapse since the Depression. But what we do know is that the missions of the most forward-looking law schools and law firms are converging in ways that were unimaginable 10 years ago, says Randy Gordon, a partner at Gardere Wynne Sewell LLP and executive professor of law at Te... (continued)

  • A Look At Market Trends In Reverse Mergers

    Excerpt from Lexis Practice Advisor
    Paul Rodel

    Early indicators point to a rebound year for the initial public offering market in 2017, which could also mean a rebound in the reverse merger market. In addition, the new administration and Congress are likely to take an active role in shaping the regulatory environment in areas potentially relevant to surviving reverse merger companies, say attorneys with Debevoise & Plimpton LLP.

  • Not From Around Here? Trying A Case As An Out-Of-Towner

    William Oxley

    The importance of authenticity is magnified when trying a case outside your home jurisdiction. While using references to local landmarks or history can help make arguments relatable, adopting local expressions or style in an attempt to ingratiate oneself with the judge and jury almost always backfires, say William Oxley and Meghan Rohling Kelly of Dechert LLP.

  • What Should Puerto Rico Offer Its Creditors?

    Richard J. Cooper

    Attorneys with Cleary Gottlieb Steen & Hamilton LLP offer four recommendations to keep in mind when designing the type of instrument that creditors will receive in a restructuring of Puerto Rico’s debt.

  • Considerations For Exhibit Hyperlinks In SEC Filings

    Laura D. Richman

    Companies should begin to prepare for the mechanics of the new hyperlink requirements for U.S. Securities and Exchange Commission filings and to design disclosure controls and procedures so that they will be ready to comply on a timely basis. Some companies may even choose to comply early in order to get corporate governance “credit,” say Laura Richman and Michael Hermsen of Mayer Brown LLP.

  • A Comparison Of Reg CF And Reg A-Plus

    Excerpt from Lexis Practice Advisor
    Amy Wan Headshot.jpg

    Regulation A-Plus is often termed a “mini initial public offering” for good reason. In contrast with Regulation Crowdfunding, which is largely geared toward newer businesses trying to prove a concept or gain early traction, Reg A-Plus is better suited for more established companies that have already proven a concept, says Amy Wan of Trowbridge Sidoti LLP.

  • 9th Circ. Widens Split Over Dodd-Frank Whistleblowers

    Steven J. Pearlman

    In Somers v. Digital Realty Trust, the Ninth Circuit recently ruled that the anti-retaliation provision in Dodd-Frank protects whistleblowers who make internal complaints but do not complain to the U.S. Securities and Exchange Commission. The decision deepens the current circuit split on the issue and there is now a realistic possibility this case could ascend to the U.S. Supreme Court, say Steven Pearlman and Edward Young of Proskauer Rose LLP.

  • How The Most Profitable Law Firms Structure Their C-Suites

    Anita Turner

    The most successful Am Law 200 law firms have evolved from being partner-run to being run by a group of highly skilled professionals reporting to firm shareholders. The data collected from our recent survey indicates this model is generally conducive to increased profitability, says Anita Turner, senior director at Colliers International.

  • Settlement Strategy: What Does The Client Really Want?

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    The best outside counsel think like the client. That includes understanding the client’s perspectives and goals with regard to reaching a settlement — because “good results” mean different things for different clients. Outside counsel must ask themselves the right questions, and know the answers, to shape a client-focused settlement strategy, say Kate Jackson of Cummins Inc. and Patrick Reilly of Faegre Baker Daniels LLP.