In a memorandum titled: "2016 Year in Review: Corporate Governance Litigation and Regulation," Cadwalader attorneys discuss significant judicial and regulatory developments in mergers and acquisitions, controlling shareholders, indemnifications and jurisdictions, and shareholder and proxy access.
The New York Department of Financial Services requested comments on proposed revisions to cybersecurity rules that apply to a wide range of insurance, banking and financial services companies under its supervision.
The House of Representatives passed the National Securities Exchange Regulatory Parity Act, which amends the Securities Act by clarifying that the exemption from state registration applies to all national exchanges.
The New York Department of Financial Services adopted standards for filtering programs that monitor transactions for potential anti-money laundering and Bank Secrecy Act violations and block transactions that are prohibited by the Treasury's Office of Foreign Assets Control.
Based on the findings of a 50-state review of local government disclosure, issuance and audit practices, SIFMA asserted that state governments are in a "unique position" to ensure that local governments issuing bonds make complete and timely disclosure of financial information and comply with all federal contracting requirements.
The Corporation Finance Section of the North American Securities Administrators Association requested public comments on the proposed (i) new multistate Form U-1 and revised Form U-2, and (ii) revisions to several NASAA Corporation Finance Statements of Policy.
The North American Securities Administrators Association now offers a training program for state regulators to teach broker-dealers and investment advisers to identify signs of financial abuse of seniors.
The Investment Company Institute criticized a State of California final feasibility report recommending the establishment of state-run, tax-advantaged, retirement investment plans for workers who do not have access to an employer-sponsored retirement savings plan.
The Vermont Department of Financial Regulation is seeking public comments on Securities Rule S-2016-01, which would establish a comprehensive set of regulations to govern the sale of securities in the State.
The North American Securities Administrators Association adopted a model act titled "An Act to Protect Vulnerable Adults from Financial Exploitation." The model act (i) applies to adults age 65 and older, and to individuals who qualify for protection under a state adult protective services statute, and (ii) defines "qualified individuals" as broker-dealer agents; investment adviser representatives; those who serve in a supervisory, compliance or legal capacity for broker-dealers and investment advisers; and any independent contractors who may be fulfilling any of those roles.
Following an investigation by New York Attorney General Eric T. Schneiderman, Peabody Energy Corporation agreed to resolve allegations that it failed to adequately disclose the company's financial risks related to climate change.
The New York Department of Financial Services ("NYDFS") released a final "BitLicense" framework that establishes a licensing and regulatory regime for New York businesses engaged in activities related to Bitcoin and other virtual currencies. According to NYDFS, the rules will apply to persons...
The New York Department of Financial Services ("NY DFS") released the revised proposal for its first-ever license for virtual currency operators, which includes a conditional version of a license for startups, as well as state-level anti-money laundering requirements and enhanced consumer...