This article was published by CounselWorks and is reprinted here with permission. April 12, 2013 Dear Friends, Yesterday, the SEC testified before Congress providing an update on the implementation of the JOBS Act. Regarding the implementation of the lift on the prohibition against general solicitation, the SEC said its staff…
Written by Bruce A. Ericson The U.S. Supreme Court’s recent decision in Gabelli v. Securities Exchange Commission (Feb. 27, 2013) rejects an attempt by the Securities and Exchange Commission to extend a statute of limitations by invoking a “discovery rule.” The SEC had proposed that, in an action by the…
Written by: G. Derek Andreson, James L. Kelly, Christopher M. Zochowski, and Ryan R. Sparacino This article was also published in Law360. Until a few years ago, private equity firms enjoyed relative insulation from regulatory scrutiny of overseas acquisitions and the operations of multi-national portfolio companies. No longer is that…
Written by: Jessica R. Bogo A Financial Industry Regulatory Authority (“FINRA”) hearing panel held that FINRA’s own rules prohibiting judicial class action waivers in broker-dealer customer arbitration agreements are preempted by the Federal Arbitration Act and unenforceable. Once this decision becomes final, it will likely change the landscape of broker-dealer…
Written by: Louis A. Bevilacqua On January 10, 2013 the Financial Industry Regulatory Authority (“FINRA”) issued a voluntary Interim Form for funding portals (the “Interim Form”). The Interim Form is designed for prospective crowdfunding portals under the Jumpstart our Business Startups Act (the “JOBS Act”), which was enacted on April…
This article was published by Wolters Kluwer in its February 2013 Special Report. The Treasury and IRS have adopted final regulations implementing the Foreign Account Tax Compliance Act (FATCA). The regulations provide additional certainty for financial institutions and government counterparts by finalizing the step-by-step process for U.S. account identification,…
This guest post from the Margolis Advisory Group, co-authored by River Communications, is reprinted with permission. The Executive Summary appears below and the full text is available here. The JOBS Act is bringing change to the hedge fund industry, and, most likely, this change will accelerate the trend towards institutionalization.…
Written by guest contributor, Bruce Frumerman, Frumerman & Nemeth Inc. This article first appeared in FINAlternatives on January 30, 2012 and is re-printed with permission below. It’s one thing when people who are not part of the hedge fund investor universe say hedge funds are money management firms that reveal…