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SEC Adopts Final Rule Amendments To Reporting, Notification And Audit Rules For Broker-Dealers (Financial Services Alert - August 20, 2013)
This article summarizes the principal elements of the Reporting and Audit Amendments, which amend Rule 17a-5 under the Securities Exchange Act of 1934, make technical and conforming amendments to Rule 17a-11 under the Exchange Act, and adopt new Form Custody.
United States
27 Aug 2013
Class Certification Challenging Validity Of Assignments In Foreclosure Actions Denied
The United States District Court for the District of Massachusetts recently denied a motion for class certification in a case asserting that defendants failed to obtain valid assignments prior to foreclosing.
United States
25 May 2012
Bankruptcy Ruling Favors IP Licensees In Cross-Border Transactions
In the Chapter 15 bankruptcy case of Qimonda AG, a manufacturer of semiconductor memory devices with headquarters in Munich, Germany, the U.S. Bankruptcy Court for the Eastern District of Virginia refused to permit a German Insolvency Administrator to apply German law to abrogate intellectual property license agreements and deprive licensees of the option to retain their rights.
United States
28 Nov 2011
Jefferson County, Alabama, Files Historic Municipal Bankruptcy
Jefferson County, Alabama, has filed for Chapter 9 bankruptcy protection after failing to reach a final agreement on terms with creditors to settle a $3.14 billion sewer-system bond debt.
United States
23 Nov 2011
New California Law Will Restrict Cities' Access To Bankruptcy Under Chapter 9
Like many other states, California is in the midst of a financial crisis often referred to as "the next Greece." California’s fiscal crisis has heightened fears that its other cities or municipal agencies will follow the City of Vallejo into federal bankruptcy protection under Chapter 9 ("Chapter 9") of Title 11 of the United States Code (the "Bankruptcy Code").
United States
27 Oct 2011
Third Circuit Decision in In re Philadelphia Newspapers Has Ramifications for Secured Creditors’ Credit Bid Rights
A recent decision by the Third Circuit Court of Appeals has significant ramifications for relationships between borrowers and lenders that extend beyond the boundaries of bankruptcy proceedings.
United States
8 Apr 2010
FFIEC Issues Proposed Guidance On Reverse Mortgage Products
The FFIEC released proposed guidance on reverse mortgage products for comment. The guidance covers the compliance and reputation risks raised by reverse mortgage lending.
United States
4 Jan 2010
Lehman Bankruptcy Court Declares “Bankruptcy Default” Under Swap Agreement To Be Unenforceable
When Lehman Brothers Holdings, Inc. filed for bankruptcy protection on September 15, 2008, Lehman (directly and through its subsidiaries and affiliates) was party to more than 900,000 derivative contracts.
United States
29 Sep 2009
GGP Ruling Exposes Weaknesses In Popular Bankruptcy Remote SPE Structures
In a recent ruling declining to dismiss the Chapter 11 cases of several subsidiaries of General Growth Properties ("GGP"), the U.S. Bankruptcy Court for the Southern District of New York demonstrated that special purpose entities ("SPEs"), designed to avoid bankruptcy, can nonetheless be subject to bankruptcy proceedings.
United States
25 Aug 2009
FBAR Reporting Obligations With Respect To Offshore Hedge Funds And Private Investment Funds
Recent statements by Internal Revenue Service (“IRS”) personnel have signaled that the IRS may take the position that U.S. persons are required to file Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts, commonly known as the “FBAR,” with respect to hedge funds and perhaps other private investment funds organized outside the United States as a foreign partnership or foreign corporation.
United States
21 Jul 2009
Bankruptcy Auctions: The New Buyout Market?
What is a private equity firm to do in the current leverage constrained market? The days of bidding up the prices of profitable and growing businesses in robust auctions fueled by stapled financing featuring PIK/toggle covenant light terms at 7x EBITDA are a thing of the past.
United States
29 Apr 2009
Using Existing Registration Statements After A Decline In Market Capitalization
Substantial decreases in the trading prices of many companies’ common stock in recent months have left these companies with reduced market capitalization.
United States
28 Jan 2009
SEC Adopts Interim Final Rule 10a-3T Requiring Institutional Managers To Report Certain Short Positions To The SEC On Form SH
The SEC yesterday issued new interim final Rule 10a-3T, which requires certain large institutional managers (i.e., those with $100 million or more in assets under management) to report to the SEC on Form SH their short positions in “13f” securities, other than options. Rule 10a-3T extends the current emergency order issued by the SEC on September 18, 2008 (the “September 18th Order”, as amended on September 21, 2008), which currently requires managers to file non-public Form SH reports with the
United States
17 Oct 2008
FASB Staff And SEC Propose Clarifications On Fair Value Determinations In Inactive Markets
The staff of the Financial Accounting Standards Board (“FASB”) and the SEC’s Office of the Chief Accountant issued a joint press release, and FASB has proposed complementary interpretative guidance, on how to determine the fair value of a financial asset when the market for that asset is inactive.
United States
8 Oct 2008
Bankruptcy Court Rejects Cayman Proceedings Of Bear Stearns Hedge Funds
The refusal by a U.S. Bankruptcy Judge to provide assistance to Cayman liquidation proceedings of failed Bear Stearns hedge funds raises the question of what country should conduct the bankruptcy of a hedge fund that is registered offshore but that conducts all of its business in the United States.
United States
13 Sep 2007
Final Section 409A Regulations Require Prompt Action On Non-Qualified Deferred Compensation Arrangements
Section 409A substantially changed the federal income tax treatment of non-qualified deferred compensation ("NQDC") arrangements maintained by employers and other entities that receive services from employees, partners, directors, and other individuals. Failure to comply with the new requirements will result in early taxation of NQDC, as well as a 20% penalty tax and additional interest payable to the IRS.
United States
9 May 2007
Final Section 409A Regulations And Equity Compensation Arrangements
equity based arrangements, 409A, compensation, stock options
United States
9 May 2007
Conference Summary: Basel II and Basel IA: Framework, Issues and Opportunities
On December 13, 2006, Goodwin Procter LLP and Boston University School of Law’s Morin Center for Banking and Financial Law jointly presented a one-day conference in New York on Basel II and Basel IA. Speakers included representatives from all four federal banking regulators and the New York State Banking Department, the SEC, three rating agencies, affected financial institutions, trade groups and publications, as well as partners in Goodwin Procter’s Financial Services Group.
United States
10 Jan 2007
Federal Banking Agencies Propose Amended Market Risk Capital Rules
Four federal banking agencies (the "Agencies") have issued a notice of proposed rulemaking seeking comment on the US implementation of the New Basel Capital Accord ("Basel II").
United States
27 Sep 2006
Federal Bank Regulators and SEC Testify on Capital Rules; Banking Agencies also Address CRE Guidance
Representatives of the four federal banking agencies (the "Banking Agencies") the Conference of State Bank Supervisors ("CSBS") and others spoke before the Financial Institutions Subcommittee of the House of Representatives on the recently published US Basel II NPR, as well as developments with respect to the outstanding proposals concerning so-called Basel IA and the guidance on commercial real estate ("CRE") concentrations.
United States
20 Sep 2006
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