Get Ready for the Distressed Debt Wave (HONEST!)
As I was saying in my last commentary, it’s time to stay calm and carry on in a market that is flashing green, red and yellow signals simultaneously. These are market conditions in which nimbleness...
View ArticleFederal Reserve Board of Governors Issues Guidelines for Federal Reserve...
The Board of Governors of the Federal Reserve System (Federal Reserve) approved final guidelines (Guidelines) on August 15, 2022, to be used by Federal Reserve Banks (Reserve Banks) to evaluate...
View ArticleIn the Battle of Pay vs. Performance, SEC Declares that Increased Disclosure...
The U.S. Securities and Exchange Commission (the “SEC”) on August 25, 2022 finalized the “Pay-versus-Performance” disclosure requirements (the “Final Rules”)1 that originally were proposed on April...
View ArticleCollateralized Fund Obligations (CFOs): The Technicolor Dreamcoat of Fund...
Over the past several years as Collateralized Loan Obligations (“CLOs”) reached new and dizzying heights in issuance volume, CFOs have been quietly, and under the radar, gaining market acceptance and...
View ArticleEDPB Rules on Conflict Between Data Protection Authorities
The European Data Protection Board (“EDPB”) on June 15, 2022 issued a final decision in a rare exercise of its authority under Article 65 GDPR to resolve cross-border disputes between different data...
View ArticleOFAC Sanctions Virtual Currency Mixer Tornado Cash
The U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) on August 8, 2022, imposed sanctions against the popular decentralized virtual currency mixer Tornado Cash alleging that it has...
View ArticleDechert Cyber Bits - Issue 20
Pelosi Statement Dims the Lights on ADPPA - The prospects for the nation’s first comprehensive data privacy law, the American Data Privacy and Protection Act (the “ADPPA” or the “Bill”), dimmed after...
View ArticleFrance issues its first guidelines on the control of foreign direct investments
On 8 September 2022, the French Ministry of Economy and Finance, in charge of approving foreign direct investments (FDI) into strategic sectors, issued its first guidelines, intended to make the...
View ArticleAsk Not What CFIUS Can Do For You – Ask What You Can Do For CFIUS
On September 15, 2022, President Biden issued an Executive Order (the “CFIUS EO”) that provides clear signals to dealmakers regarding areas of heightened interest to the Committee on Foreign...
View ArticleDOJ Announces Substantial Revisions to Corporate Enforcement Policy
Late last week, the Department of Justice’s Deputy Attorney General, Lisa Monaco, announced several new guidelines for prosecutors to use when determining how to assess and treat corporate offenders.
View ArticleEuropean Commission prohibits acquisition of Grail by Illumina
Following a Phase II investigation, the European Commission (the “Commission”) on 6 September 2022 prohibited the acquisition of Grail by Illumina, on the basis that the merger would stifle innovation...
View ArticleUpcoming Regulatory Initiatives Impacting Private Fund Managers - September 2022
This latest edition of the regulatory initiatives paper sets out at a high level the core regulatory issues that are likely to impact private fund managers in the coming months, including an overview...
View ArticleDOJ Expands Cryptocurrency Enforcement with Formation of Prosecutors Network
In response to President Biden’s March 9, 2022 Executive Order on digital assets, the DOJ announced the formation of a new network of prosecutors tasked with becoming specialists in investigating and...
View ArticleESG Alert – CSSF announces Fast Track Approval Process for SFDR Level 2...
The Commission de Surveillance du Secteur Financier (CSSF), the Luxembourg financial services regulator, on 27 July 2022 issued a communication to the investment fund industry reminding it of the...
View ArticleDechert Cyber Bits - Issue 21
US Federal Appellate Court Issues Opinion on Proof of Injury in Data Breach Cases - On September 2, 2022, the U.S. Court of Appeals for the Third Circuit reinstated a class action lawsuit that had...
View ArticleSEC Publishes Staff Bulletin on the Standards of Conduct for Broker-Dealers’...
The Securities and Exchange Commission in 2019 issued significant new rules and interpretations addressing the standards of conduct for broker-dealers, in the form of Regulation Best Interest, and the...
View ArticleThe German Financial Regulator BaFin clarifies the EU Commission’s Q&As...
The German Financial Regulator, ("BaFin"), published guidance ("Guidance") on 5 September 2022, that provides some further clarity on various questions on the Sustainable Finance Disclosure Regulation...
View ArticleWhite House Releases Fact Sheet on Digital Asset Development
The White House released a fact sheet on September 16, 2022, issuing the “First-Ever Comprehensive Framework for Responsible Development of Digital Assets” (Fact Sheet), which provides insight into...
View ArticleCompensation Clawback Crackdowns – an Emerging Enforcement Focus
DOJ and the SEC Enforcement Division have launched initiatives targeting executive compensation clawbacks. The SEC is aggressively pursuing SOX 304 compensation clawbacks from Chief Executive Officers...
View ArticleEconomic Crime (Transparency and Enforcement) Act 2022 (the "Act") –...
This note summarizes those provisions of the Act applicable to England and Wales that deal with the new register of overseas entities ("ROE") that has been established at Companies House in the UK. It...
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