Securities

Expert Analysis

• Tax Considerations For REITs In A Coronavirus-Driven Market

  

  Notwithstanding their well-deserved reputation for complexity, commercial mortgage real estate investment trusts possess a number of creative solutions to what can at first appear to be intractable problems at the intersection of tax law and finance when it comes to adapting to the pandemic, say attorneys at Skadden.

• Key Risks For Green Bond Issuers When Plans Change

  

  Green bond issuers struggling to adhere to their frameworks amid a pandemic-prompted economic downturn should prioritize communication with investors consistent with their reporting obligations under the relevant securities laws, contracts and listing rules, say attorneys at Latham.

• Early Securities Class Actions Highlight COVID Litigation Risk

  

  Securities class actions against Norwegian Cruise Lines and Inovio Pharmaceuticals in Florida and Pennsylvania federal courts underscore the precautions companies should consider when evaluating whether their public filings appropriately disclose coronavirus-related exposure, say attorneys at Alston & Bird.

• A Look At Fed's New Facility For Money Market Mutual Funds

  

  By quickly establishing the Money Market Mutual Fund Liquidity Facility, the Federal Reserve has taken early action aimed at stabilizing the money markets and avoiding further significant financing dislocation as a result of the COVID-19 pandemic, say attorneys at Simpson Thacher.

• Don't Forget Firm Culture When Adapting To Remote Work

  

  While law firms suddenly pivoting to remote work due to coronavirus restrictions are busy dealing with logistical challenges, an equally pressing and perhaps more difficult task may be adjusting a long-standing brick-and-mortar culture to working remotely for the first time, say Heather Clauson Haughian and Grant Walsh at Culhane Meadows.

• SEC's New Variable Contract Disclosures Promote Readability

  

  The U.S. Securities and Exchange Commission's recent updates to variable annuity and variable life insurance contract disclosures — which introduce a new summary prospectus — should improve investors' understanding of their investments' features, fees and risks, say Ronald Holinsky at Lincoln Financial Group and Robert Robertson at Dechert.

• Ghosn Flight Shows Need For Extradition Treaty Cooperation

  

  Ex-Nissan CEO Carlos Ghosn's escape from financial misconduct charges in Japan demonstrates the importance of governments working together to shore up extradition treaties, provide resources to Interpol, and support cross-border enforcement, say Tai-Heng Cheng and Ariel Atlas at Sidley.

• Beware Intense Insider Trading Scrutiny In Current Climate

  

  Ongoing investigations into several senators' stock transactions following confidential COVID-19 briefings should serve as a cautionary tale for companies — insider trading is now an area of heightened scrutiny by both public and private actors, say Haimavathi Marlier and David Newman at MoFo.

• ERISA Fiduciary Best Practices During Market Instability

  

  Plan fiduciaries can assist participants and mitigate Employee Retirement Income Security Act risk amid market uncertainty due to the coronavirus pandemic by closely monitoring investments, maintaining a diverse lineup, paying attention to employer stock funds, planning ahead and documenting processes, say attorneys at Mayer Brown.

• How To Prepare Clients For Ponzi Schemes Amid COVID-19

  

  As the major market indexes free-fall because of pandemic fears, practitioners should be on alert for Ponzi schemes and up to speed on how to manage their fallout in coordination with various federal agencies, say attorneys Dennis Cohen and Marianne Recher.

• Minimizing Lender Risk In Health Care Finance

  

  As growth in health care spending creates lucrative opportunities, lenders can mitigate unique financing issues by considering traditional collateral during the underwriting process, maximizing security over government receivables, understanding their borrower's regulatory framework, and including transaction-specific representations and warranties in credit agreements, says David Wilhelmsen at Snell & Wilmer.

• Filling Void Of Consumer Collections Limits Amid Pandemic

  

  Attorneys at Cleary examine a series of state and federal proposals that may fill the current lack of restrictions on consumer debt collection during the global pandemic, as well as enforcement risks arising from COVID-19-related defaults.

• Inside Shareholder Rights Plans Adopted Amid COVID-19

  

  Companies including Williams, Occidental Petroleum, Dave & Buster's and Delek have recently adopted shareholder rights plans to protect against unauthorized accumulations of stock as prices decline due to the pandemic. Attorneys at Fried Frank take an in-depth look at these plans and what other companies should consider.

• Oil And Gas Cos. Must Prepare For Counterparty Bankruptcies

  

  With many U.S. oil and gas producers, midstream companies and oil field service businesses struggling to survive the economic shocks from COVID-19 and the Saudi Arabia/Russia standoff, players in this space should be ready for counterparties to seek bankruptcy protection, say attorneys at Reed Smith.

• Conducting Court Hearings Remotely: 12 Considerations

  

  As more courts begin to explore remote hearings during the COVID-19 crisis, attorneys and courts should be aware of some of the common concerns accompanying video- and teleconferencing technology and make allowances to avoid these issues, say Attison Barnes III and Krystal Swendsboe at Wiley Rein.