Capital Markets

Expert Analysis

• CFTC's Silence Stings In Wheat Futures Manipulation Case

  

  The U.S. Commodity Futures Trading Commission v. Kraft and Mondelez case was expected to clarify new standards for prosecuting market manipulation, but instead ended in a settlement that failed to provide any guidance or context, and even barred the CFTC from publicly commenting on the case, says Braden Perry at Kennyhertz Perry.

• Crisis Messaging To Protect Law Firm Brand And Bottom Line

  

  When crises occur, such as data security incidents or gender bias suits, a well-prepared law firm has a thoroughly tested communications plan at the ready, which ensures the firm is the most proactive news source, prevents the crisis from escalating and notifies stakeholders about mitigation efforts, says Zach Olsen at Infinite Global.

• Perspectives

  What You Should Know About Courtroom Closures

  

  At attorney Greg Craig’s trial in D.C. federal court this week, the courtroom was cleared so prospective jurors could answer sensitive questions. Even seasoned litigators were left wondering about the nature of this subtle, yet significant, issue involving Sixth Amendment public trial rights, says Luke Cass at Quarles & Brady.

• Chancery Decision Demonstrates When To Skip Appraisal

  

  The Delaware Chancery Court's Appraisal of Jarden opinion shows that stockholders should seek out appraisal proceedings arising from mergers with caution, and consider a fiduciary duty action based on an inadequate sales process if the buyer is a strategic buyer, say Michael Maimone and Joseph Schoell at Drinker Biddle.

• Series

  Why I Became A Lawyer: A Seaweed Scientist's Odyssey

  

  In the early 1980s, I was working on my Ph.D. in marine biology and ecology. As part of an international team of scientists studying oil spill impacts on marine ecosystems, I saw a niche opportunity to combine science and law, says Andrew Davis of Shipman & Goodwin.

• SEC's Amendments Streamline Reporting — In Some Cases

  Excerpt from Lexis Practice Advisor

  

  In light of the U.S. Securities and Exchange Commission's newly adopted amendments to Regulation S‑K, reporting companies should take a fresh look at quarterly reports on Form 10‑Q, as well as exhibits in their Form 10‑K, Form 10‑Q or registration statements, say attorneys at Gibson Dunn.

• Blockstack Token Offering Establishes Reg A+ Prototype

  

  The market's first-ever regulated digital token offering — from Blockstack in July — outlines the U.S. Securities and Exchange Commission's position on issuing digital securities under Reg A+, but token-specific guidance is still needed to fill in the gaps, says Daniel Payne at Murphy & McGonigle.

• Opinion

  Insurance Industry Needs To Build Trust In Digital Securities

  

  Traditionally, the role of the insurance industry has been to combine technology and reasonable regulation with risk transfer products, and the time has come for insurance to help integrate digital securities into society, says Ty Sagalow at Assurely.

• 3rd Circ. Decision Limits Liability Of Board Observers

  

  The Third Circuit's ruling that nonvoting board observers did not carry the same fiduciary duties as actual board members in Obasi Investment v. Tibet Pharmaceuticals holds broad applicability for private equity, venture capital funds and other third parties that frequently designate board observers, say attorneys at White and Williams.

• Opinion

  Clients Benefit From Law Firm Expense Growth

  

  Although there continue to be corporate clients who are seduced by the idea that cheapest is always best when it comes to outside counsel, there are many negative implications on service delivery that result from myopically focusing only on cost reduction at the expense of quality and innovation, says Keith Maziarek at Katten Muchin.

• Opinion

  Changing Ethics Rules Is Key To Law Firm Innovation

  

  As demonstrated by the California bar proposal to allow nonlawyers to invest in law firms, we can change the legal ethics rules in a way that protects clients while permitting firms to innovate and serve clients better, say Todd Richheimer of ​​​​​​​Lawfty and Peter Joy of Washington University Law School.

• 9th Circ. Opinion Validates Broader CFTC Authority

  

  The Ninth Circuit's decision last month in U.S. Commodity Futures Trading Commission v. Monex is consistent with the Commodity Exchange Act amendments' intention to expand the regulator's reach beyond futures contracts and into leveraged metals transactions, despite the court's sometimes conflicting reasoning, says Thomas Gorman at Dorsey & Whitney.

• Series

  Judging A Book: Castillo Reviews 'Raising The Bar'

  

  A timely new book, “Raising the Bar: Diversifying Big Law," is one of the first honest assessments of the challenging battleground for people of color at large law firms, and I hope that firm management committee members read it, says U.S. District Judge Rubén Castillo of the Northern District of Illinois.

• SEC Changes Make Requesting Confidential Treatment Easier

  Excerpt from Lexis Practice Advisor

  

  The U.S. Securities and Exchange Commission expects its recent changes to the way companies obtain confidential treatment for competitively sensitive information in public disclosures will eliminate burdensome filing requirements and costs for reporting companies, while expediting the petition process, say Craig Arcella and Aashim Usgaonkar of Cravath.

• A Road Map For A Cryptocurrency Crackdown: Part 3

  

  By supporting a U.S. Securities and Exchange Commission-led sweep of the cryptocurrency arena, President Donald Trump could prevent crypto crime, fortify the capital markets, and reinforce the SEC's mission of investor protection, says cybersecurity consultant John Reed Stark.