Capital Markets

  • September 22, 2017

    SEC Takes Walk In Businesses' Shoes With Database Hack

    The U.S. Securities and Exchange Commission provided companies with a crash course in what to do — and what not to do — when it recently revealed that its electronic public document filing system had been hacked last year. 

  • September 22, 2017

    SunEdison Slams 'Disgruntled' Investors' Appeal Over Ch. 11

    Aiming to shoot down an appeal stemming from its now-confirmed Chapter 11 bankruptcy plan, renewable energy giant SunEdison Inc. told a New York federal court this week that investors accusing the company of using an exit financing agreement to buy creditor support are improperly seeking to advance a “self-interested agenda.”

  • September 22, 2017

    5 Firms To Guide IPOs Totaling $1.25B As Deals Gain Steam

    Five firms are set to steer a busy slate of six initial public offerings that could raise $1.25 billion during the week of Sept. 25, led by private-equity backed chemical producer PQ Group Holdings Inc. and digital streaming pioneer Roku Inc.

  • September 22, 2017

    SEC Halts Trading In Stock That Touted Hurricane’s Upside

    The U.S. Securities and Exchange Commission on Friday halted trading of a penny stock that announced it was mobilizing resources and hiring key staff to respond to Hurricane Harvey, reiterating its warning that scammers might try to capitalize on crises to lure investors.

  • September 22, 2017

    BofA, Merrill Unit Pay $5M To Settle 'Pre-Hedging' Probes

    Bank of America Corp. and its Merrill Lynch Pierce Fenner & Smith Inc. broker-dealer unit agreed to pay a total of $5 million to settle allegations they misled prosecutors and regulators investigating former New York swaps traders for executing futures trades after learning big trades were in the pipeline, federal authorities announced Friday.

  • September 22, 2017

    Alleged Bitcoin Fraudster Faces NY Criminal Charges

    A Brooklyn, New York, computer programmer who was accused by the U.S. Commodity Futures Trading Commission on Thursday of embezzling $600,000 from his bitcoin trading enterprise has been arrested and charged with fraud by the Manhattan district attorney.

  • September 22, 2017

    Companies Must Prepare For Life After 'Emerging Growth'

    Federal exemptions that relieve "emerging growth" companies from certain disclosure requirements that typically apply to public companies will begin sunsetting at year’s end for many issuers — a significant shift that attorneys say companies must start bracing for now. Here are some key changes that former EGCs will have to enact to stay on regulators’ good side as grown-ups.

  • September 21, 2017

    SEC Unveils Guidance On Pay-Ratio Rule Compliance

    The U.S. Securities and Exchange Commission released guidance Thursday advising companies on how to comply with controversial new pay-ratio rules designed to illustrate difference between the pay of chief executives and median employees in a manner the agency says is flexible and less costly.

  • September 21, 2017

    Steptoe & Johnson Partner Tapped To Head CFTC Division

    The U.S. Commodity Futures Trading Commission said Wednesday that a Steptoe & Johnson LLP partner has been appointed to serve as director of the agency's Division of Swap Dealer and Intermediary Oversight.

  • September 21, 2017

    IRS To Issue Letter Rulings On Tax-Free Distributions

    The Internal Revenue Service announced Thursday it will issue rulings on tax questions regarding a corporation’s stock distributions under a section of the Internal Revenue Code that allows for tax-free distributions to shareholders in certain circumstances.

  • September 21, 2017

    CFTC Accuses Brooklyn Programmer Of $600K Bitcoin Scam

    The U.S. Commodity Futures Trading Commission sued a Brooklyn computer programmer on Thursday in Manhattan federal court for allegedly stealing $600,000 in bitcoin from dozens of investors in his company and claiming that he had been hacked in an effort to cover it up.

  • September 21, 2017

    Trump Lines Up Bank-Targeted North Korea Sanctions

    U.S. President Donald Trump said Thursday that his administration will impose new sanctions on any international banks or other companies that conduct business with North Korea, a move aimed at curbing the country’s nuclear weapons program.

  • September 21, 2017

    MLP Oasis Midstream Raises $128M In Below-Range IPO

    Oasis Midstream Partners LP, a master limited partnership formed by energy giant Oasis Petroleum Inc. to operate assets in the Williston Basin, debuted Thursday on the New York Stock Exchange after completing a $127.5 million initial public offering that priced below range.

  • September 21, 2017

    No New Trial For Commodities Pool Chief In Fraud Case

    An Illinois federal judge refused Wednesday to grant a new trial for a Nebraska-based commodities pool operator found liable for fraud by a jury, and granted a highly dialed-back version of the monetary punishment requested by the Commodity Futures Trading Commission.

  • September 21, 2017

    SEC Failed To Heed Warnings Of Weak Cyber Defenses

    A July government watchdog report warned the U.S. Securities and Exchange Commission that it had not fully put in place a system for monitoring cyber intrusions on its financial systems, even as the hack of a key electronic filing system for public company disclosures, which was revealed Wednesday, may have enabled insider trading.

  • September 21, 2017

    European Officials Begin Work On Euribor Replacement

    European financial authorities announced Thursday the launch of a working group tasked with developing a risk-free overnight interest rate that will replace scandal-hit benchmarks currently under reform.

  • September 20, 2017

    SEC Says Hackers Hit Its Database, May Have Traded Off Info

    The U.S. Securities and Exchange Commission’s electronic filing system for public company disclosures was hacked last year, and the agency last month learned that the cyber-intruders may have traded off the nonpublic information that was exposed, agency Chairman Jay Clayton said in a statement Wednesday night.

  • September 20, 2017

    US Warns Banks To Watch Out For Corrupt Venezuelan Cash

    A government financial crimes watchdog on Wednesday warned U.S. banks to be on the lookout for attempts by Venezuelan government officials to funnel illicit funds into American real estate and other markets.

  • September 20, 2017

    Deals Rumor Mill: Google, AIA Group, SIX Group

    Google is closing in on a deal to buy assets from struggling smartphone maker HTC, AIA Group is nearing an agreement to buy the roughly $4 billion insurance business of Commonwealth Bank of Australia, and Switzerland's stock exchange operator is mulling a sale of its multibillion-dollar payments business.

  • September 20, 2017

    Yellen Says Fed Looking At Potential Wells Fargo Sanctions

    Federal Reserve Chair Janet Yellen on Wednesday warned that the central bank was looking closely at taking actions against Wells Fargo & Co. for its “egregious and unacceptable” sales practices and other problems.

Expert Analysis

  • What To Expect In Forex Fraud Trial Of Ex-HSBC Exec

    Scott Schirick

    The prosecution of HSBC’s former global head of foreign exchange spot trading — whose trial begins on Monday in the Eastern District of New York — will test whether the government can turn sharp dealing and deception in the unregulated institutional spot forex market into criminal fraud, says Scott Schirick of Pryor Cashman LLP​.

  • The North Korea Executive Order And How It May Affect You

    Brendan Hanifin

    A new executive order represents a significant escalation of U.S. sanctions targeting North Korea and presents new compliance considerations for companies that conduct business with North Korean trading partners, including China, India and Russia, say Brendan Hanifin and Emerson Siegle of Ropes & Gray LLP.

  • Why Kokesh Really Matters

    Matthew Martens

    In the aftermath of Kokesh, the U.S. Securities and Exchange Commission has continued filing enforcement actions in federal district courts seeking disgorgement, as if the import of the decision is only that disgorgement is subject to a five-year statute of limitations. This overlooks two far more significant ramifications of Kokesh for SEC enforcement practice, say attorneys with WilmerHale.

  • Opinion

    Digital Realty Trust V. Somers May Kill Corporate Compliance

    Stephen Kohn

    During its upcoming term, in Digital Realty Trust v. Somers, the U.S. Supreme Court will decide whether employees who report violations internally are protected under Dodd-Frank. If the court requires whistleblowers to report violations directly to the U.S. Securities and Exchange Commission, internal corporate compliance programs will be crippled, says Stephen Kohn of Kohn Kohn & Colapinto LLP.

  • The Role Legal Finance Can Play In Firm Year-End Collections

    Travis Lenkner

    Payment collection delays have caused law firms to seek new options, one of which is litigation finance. In this context, litigation finance can offer alternative avenues to firms as they approach the end of a fiscal year or partnership distribution dates, says Travis Lenkner of Burford Capital LLC.

  • 'Per-Doc' Pricing Can Improve Document Review

    file folder

    Imagine going to a restaurant and ordering your steak medium-rare. The steak arrives burned. You expect the kitchen to bring you another one properly done, right? And you don’t expect to pay for two steaks, do you? Paying a vendor for document review should be no different, says Lisa Prowse, an attorney and vice president at e-discovery firm BIA Inc.

  • The Regulatory Risks Of A Deregulatory Environment

    Mark Schonfeld

    Now that we are several months into an administration with an agenda of financial deregulation, one might reasonably believe financial institutions are in for several years of relative quiet from regulators. However, at least two factors raise the potential risk for a future wave of investigative activity, says Mark Schonfeld of Gibson Dunn & Crutcher LLP.

  • Financial Crisis Anniversary

    2 Pillars Of Commonsense Reform

    Norm Champ

    The financial crisis was deepened by the unintended consequences of government action, and recovery was stifled by a regulatory response that neither addressed the fundamental causes of the crisis nor helped protect against a future one, says Norm Champ, partner at Kirkland & Ellis LLP and former director of the SEC Division of Investment Management.

  • Financial Crisis Anniversary

    Trends In Credit Crisis Settlements

    Faten Sabry

    Between 2007 and July 2017, settlements related to the financial crisis totaled $133.2 billion. Ten years after the onset of the crisis, members of NERA Economic Consulting analyze the “settlement ratio” for select mortgage-backed securities settlements and other trends.

  • Insider Trading After Martoma: Benefits Without Friends?

    Nathan Bull

    The Second Circuit's recent Martoma decision potentially expands the category of persons that, upon the disclosure of confidential information without pecuniary or tangible benefit, may constitute tippers or tippees subject to insider trading liability, say attorneys with Cadwalader Wickersham & Taft LLP.