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Capital Markets

  • June 19, 2019

    Facebook's Libra Prepared To Counter Privacy Concerns

    Scrutiny of Facebook’s new cryptocurrency Libra is expected to be intense, but experts say early regulatory inspection, a carefully designed governance system and a slate of established partners put the digital token on solid footing.

  • June 19, 2019

    Regulatory Inaction Will Drive Crypto Cos. Abroad, Rep. Says

    Facebook’s decision to base its planned cryptocurrency in Switzerland rather than the U.S. could be the start of a bigger trend if Congress keeps stalling on legislation, an Ohio representative who co-authored a bill that seeks to exclude digital tokens from the statutory definition of a security said during a House hearing Wednesday.

  • June 19, 2019

    Mass. Regulator Ready To Rumble On SEC Broker Standards

    Massachusetts securities regulator William F. Galvin is confident that federal law leaves room for states to pass their own fiduciary duty rule for broker-dealers and is vigorously pursuing one of the nation’s first, telling Law360 that investors deserve better than the standards recently set by the U.S. Securities and Exchange Commission.

  • June 19, 2019

    Deals Rumor Mill: Slack, KKR, GlaxoSmithKline

    The reference price for Slack Technologies’ initial public offering is set at $26 per share, KKR is getting ready to sell part of its stake in Weststar Aviation Services, and GlaxoSmithKline has launched an effort to sell some of its consumer health brands.

  • June 19, 2019

    Mass. Securities Regulator Examining Cannabis Investments

    Massachusetts' state securities enforcement division will be taking a closer look at investment offerings involving the state's cannabis businesses, it said Wednesday, after charging a man with selling $1.3 million in unregistered cannabis securities.

  • June 19, 2019

    US Steel Says Investors Can't 'Skate By' With Class Cert. Bid

    U.S. Steel challenged a class certification bid in Pennsylvania federal court Tuesday, arguing the investors who accuse the company of misrepresenting maintenance plans for its plants and equipment are improperly trying to “skate by on generalities” in their proposed securities class action.

  • June 19, 2019

    Bancor To Block US Users Amid Regulatory Uncertainty

    Decentralized exchange platform Bancor is planning to block U.S. residents from trading digital tokens using its web application due to "increased regulatory uncertainty" in the cryptocurrency space.

  • June 19, 2019

    Feds Say HSBC Holding Out On Key Docs In FIRREA Case

    A Brooklyn federal prosecutor asked a judge on Tuesday to compel HSBC to comply with a year-old subpoena in a civil fraud case against a former Deutsche Bank trader over the financial crisis, saying the government needs the files to prove its case under the Financial Institutions Reform, Recovery, and Enforcement Act.

  • June 19, 2019

    Pulling Up Stakes: Nelson Mullins, MoFo, Akin Gump

    In our latest roundup of deal makers on the move, Nelson Mullins snagged a corporate and securities specialist in Washington, D.C., Morrison & Foerster brought on a Los Angeles funds partner and strengthened its Chinese capital markets and corporate practices, and Akin Gump added a capital markets pro in Dubai.

  • June 19, 2019

    MoFo Launches Latin America Desk With New Miami Office

    Morrison & Foerster LLP launched a new Latin America desk Wednesday to build out its capabilities in the region, as it officially opened its Miami office with nine Latin America-focused transactional attorneys from Greenberg Traurig LLP.

  • June 19, 2019

    Fenwick-Led Stoke Therapeutics Prices Upsized $142M IPO

    Venture-backed Stoke Therapeutics Inc., a biotechnology firm developing therapies for genetic diseases, went public Wednesday after raising $142 million in an upsized initial public offering, steered by Fenwick & West LLP and underwriters' counsel Davis Polk & Wardwell LLP.

  • June 19, 2019

    Credit Suisse Hit With Disclosure Fine In Hong Kong

    Hong Kong's securities watchdog said Wednesday it has fined Credit Suisse for failing to comply with disclosure requirements in reports released by the investment bank focusing on Hong Kong-listed securities.

  • June 19, 2019

    Hexion Floats $450M Debt Offering Ahead Of Bankruptcy Exit

    Polymer maker Hexion Inc. on Wednesday said it wants to issue $450 million in new debt to help repay funds secured by the Columbus, Ohio-based company during its trip through bankruptcy.

  • June 18, 2019

    FHFA, Wells Fargo Agree To Put Suit Over $1B RMBS On Hold

    The Federal Housing Finance Agency has agreed to pause its lawsuit against Wells Fargo over $1 billion in pre-crisis residential mortgage-backed securities purchased by Freddie Mac, a truce that means the agency will proceed first with its Second Circuit fight to have the case's claims excluded from a related $165 million settlement.

  • June 18, 2019

    Exchanges Want Another 2nd Circ. Look At 'Flash Boys' Suits

    A group of seven major U.S. stock exchanges are hoping the Second Circuit will take a second look at a consolidated group of class actions inspired by the high-frequency trading exposé “Flash Boys” that recently survived a dismissal bid.

  • June 18, 2019

    Wedbush To Pay $8.1M To Settle SEC's ADR Handling Claims

    The U.S. Securities and Exchange Commission said Tuesday that Wedbush Securities Inc. will pay $8.1 million to resolve claims over its alleged mishandling of “pre-released” American depositary receipts, the latest of nearly a dozen such settlements that the agency has reached with banks and brokers since 2017.

  • June 18, 2019

    PE-Backed Grocery Outlet Raises IPO Target To $318M

    Private equity-backed retailer Grocery Outlet Holding Corp. on Tuesday raised funding expectations just ahead of the scheduled pricing of its initial public offering to about $318 million, a potentially bullish sign from the Simpson Thacher-led company.

  • June 18, 2019

    SEC Mulls Opening Private Offerings To A Wider Audience

    The U.S. Securities and Exchange Commission on Tuesday requested input on potential changes surrounding its regulation of private offerings, including whether rules should be eased to allow more individuals to invest in riskier securities that are normally limited to wealthy individuals.

  • June 18, 2019

    Wells Fargo Dodges Philly, Baltimore Bond Rate-Rigging Suit

    Philadelphia and Baltimore officials agreed in New York federal court Monday to let Wells Fargo out of their suit accusing several financial institutions of conspiring to inflate the interest rates on bonds used to fund major municipal projects.

  • June 18, 2019

    DC Circ. Upholds SEC's Pay-To-Play Rule Over GOP Protest

    The D.C. Circuit affirmed Tuesday the U.S. Securities and Exchange Commission's authority to implement a rule meant to address "pay-to-play" practices by which government officials managing public funds might hire investment advisers based on their political contributions.

  • June 18, 2019

    Deals Rumor Mill: Dish, Chi-Med, NiSource

    Dish Network is said to be close to dropping $6 billion to buy assets from Sprint and T-Mobile, Hutchison China MediTech has reportedly postponed the launch of a planned Hong Kong listing, and NiSource is said to be considering selling a subsidiary tied to last year’s deadly pipeline explosions in Massachusetts.

  • June 18, 2019

    Singapore REIT Eyeing $110M Raise Through 2 Share Sales

    ESR-REIT is seeking to raise as much as 150 million Singapore dollars ($109.7 million) through a pair of share sales and plans to use the proceeds to pay for several recent acquisitions and pay down existing debt, according to an announcement from the Singapore-based real estate investment trust on Tuesday.

  • June 18, 2019

    Samarco Escapes Investor Suit Over Deadly Dam Collapse

    A New York federal judge said Tuesday that a bank branch’s proposed class action accusing a Brazilian mining company of misleading investors about the safety of an iron ore dam that collapsed in 2015 falls outside of U.S. jurisdiction.

  • June 18, 2019

    French Firm Tikehau Gears Up For $980M Share Issue

    French asset management and investment firm Tikehau Capital said Tuesday it is planning to raise €875 million ($979.6 million) through a new share issue that will be used to build out its asset management platform and break into new regions.

  • June 18, 2019

    Ebix Looks Toward IPO For Indian Financial Exchange Unit

    Software and e-commerce services firm Ebix on Tuesday said it is looking to take its financial exchange platform public, setting out to hire underwriters as it looks to hit the Indian stock markets.

Expert Analysis

  • Financial Services Regulation For Fintech Companies: Part 2

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    In the second part of this series on regulatory challenges faced by fintech innovators, Nathan Greene and Justin Reda of Shearman & Sterling caution entrepreneurs in the financial space to be aware of when their products could be categorized as securities, and of the many regulatory obligations that can arise as a result.

  • 5 Ways Law Firms Can Improve Their Job Interviews

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    When evaluating potential new hires, law firms should utilize structured interviews in order to create a consistent rating system that accurately and effectively assesses candidates' skills and competencies, says Jennifer Henderson of Major Lindsey.

  • Financial Services Regulation For Fintech Companies: Part 1

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    Firms in the U.S. financial sector are surrounded by a virtual moat of complex regulations, mandatory disclosures and compliance infrastructure. Nathan Greene and Justin Reda of Shearman & Sterling offer an overview of the regulatory context — and some of the crocodiles lurking in that moat — for fintech entrepreneurs entering the sector.

  • What To Expect When You're Expecting The End Of Libor

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    The significant adjustments that market participants need to make when Libor is phased out will be undertaken while replacement rates and fallback provisions remain unresolved. Now is the time to take stock of your company’s exposures and map a path forward, say Gregory Harrington and Arturo Caraballo at Arnold & Porter.

  • SEC Proposes Welcome Streamlining Of M&A Disclosures

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    The U.S. Securities and Exchange Commission recently proposed extensive changes to financial disclosure requirements under Regulation S-X for business acquisitions and dispositions. These changes should further simplify line-item disclosures with respect to capital formation, and reduce the time and expense associated with preparing them, say attorneys at Skadden. 

  • Opinion

    Retailers Should Stay Away From Cryptocurrency

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    A number of big-name retailers are reportedly poised to begin accepting bitcoin and other digital currency, but given cryptocurrency's complete and utter lack of oversight, these companies run a perilous gamut of legal, regulatory, financial, ethical and reputational dangers, says cybersecurity consultant John Reed Stark.

  • The SEC Is Cracking Down On Insider Trading By Lawyers

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    A recent series of actions brought by the U.S. Securities and Exchange Commission suggests that insider trading by lawyers may be on the rise. Legal departments and law firms should understand the four types of cases the SEC is pursuing in this area, says Daniel Hawke of Arnold & Porter.

  • Series

    Why I Became A Lawyer: A Fateful Phone Call

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    When I was growing up, my mother was always the more mild-mannered parent. But during a trans-Atlantic phone call in 1991, when I told her I wanted to go to culinary school instead of law school, she started yelling — at a volume I had never heard from her, says Jason Brookner of Gray Reed.

  • Law Firms Can Do Better With Their Mentoring Programs

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    There are a few practical, proactive steps law firms can take to create a mentoring program that pays dividends — instead of creating a mediocre program that both parties see as an obligation, says Kate Sheikh of Major Lindsey & Africa.

  • Opinion

    The SEC Should Let Broker-Dealers Unbundle Research Costs

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    The U.S. Securities and Exchange Commission has the tools to allow U.S. money managers to unbundle research from execution, and pay for research with hard dollars — a legally well-founded and common-sense policy outcome, say attorneys with Sidley Austin.

  • The Latest Developments In Criminal Cases Against Execs

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    This spring, there was some noteworthy news in white collar government investigations impacting executives, including the first successful prosecution in the opioid bribery scheme and the first criminal charges for failure to report under the Consumer Product Safety Act, say attorneys at Miller & Chevalier.

  • 'Rocket Docket' Justifies Its Name For 11th Straight Year

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    The U.S. District Court for the Eastern District of Virginia “rocket docket” is still the fastest federal civil trial court in the country despite some recent trends causing its median time to trial to grow to 13.2 months, says Robert Tata of Hunton.

  • What Securities Pros Need To Know About SEC Data Analytics

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    The U.S. Securities and Exchange Commission’s data analytics efforts have been repeatedly cited in SEC press releases announcing successful investigations and cases. Understanding the commission's work in this area is essential for compliance professionals at investment advisers and broker-dealers, say Charles Riely and Danielle Muniz of Jenner & Block.

  • What May Be Ahead For PE Infrastructure Investment In Asia

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    Despite some softening in Asian infrastructure deal volumes in 2018 and the first part of 2019, both fundraising targets and long-term investment prospects remain strong for private equity sponsors, say Scott Jalowayski and James Jackson at Gibson Dunn.

  • Measuring The Value Of A Law Firm's Social Media Efforts

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    Most legal marketers struggle to show the return on investment of their social media efforts, but establishing and answering several key questions can help demonstrate exactly how social media programs contribute to a law firm's bottom line, say Guy Alvarez of Good2bSocial and communications consultant Tom Orewyler.