Securities

Expert Analysis

• DOJ's Citgo Case Highlights Reach, And Limits, Of FCPA

  

  The bribes a Miami businessman recently admitted paying to executives of gasoline retailer Citgo violated the Foreign Corrupt Practices Act, because Citgo is owned by the Venezuelan government. But there is scant case law for the U.S. Department of Justice to rely on in a case against Citgo itself, says Timothy Belevetz of Ice Miller.

• Financial Services Regulation For Fintech Companies: Part 2

  

  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

  

  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

  

  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.

• How New IRS Rules Help Tribes Holding Special Benefit Bonds

  

  Recent Internal Revenue Service guidance gives tribal economic development bond issuers more flexibility to alter bond terms without losing tax advantages and a greater opportunity to realize debt-service savings, say attorneys at Greenberg Traurig.

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

  

  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

  

  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

  

  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

  

  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

  

  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

  

  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

  

  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

  

  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

  

  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.

• Companies In Canada Must Prepare For Shareholder Activism

  

  The trend of increased shareholder activism in Canada continues in 2019, with 10 public proxy contests launched since January. It is important that boards and management try to listen and understand the views of shareholders — including activists — in good faith, say Jonathan Feldman and Michael Partridge of Goodmans.