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In many respects, 2012 was another year of aggressive SEC enforcement. The SEC's Division of Enforcement again logged a near record number of enforcement actions. More important, the cases reflected a marked increase in the number and proportion of actions against registered investment advisers and broker-dealers, and their associated persons. This increased focus derives from a culmination of factors, including Enforcement's creation of specialized units for the asset management industry and for structured products, the hiring of industry experts, and the close collaboration between staff from Enforcement and the SEC's Office of Compliance Inspections and Examinations ("OCIE"). With the expansion of the registered private fund adviser population under fin
Client Alert | January 9, 2013
For years, the Department of Justice ("DOJ") has sought recoveries under the False Claims Act, 31 U.S.C. §§ 3729-33 (the "FCA" or the "Act"), with a torrid pace.
Client Alert | January 8, 2013
As of January 1, 2013, the Swiss residents taxed on a lump sum basis ("forfait regime") will no longer benefit from the provisions of the tax treaty between France and Switzerland.
Client Alert | January 8, 2013
The past year marked record-level global criminal competition law enforcement. The level of fines imposed continued its upward trajectory, with authorities in the United States, Europe, China, and India imposing record sanctions.
Client Alert | January 7, 2013
"Over the last decade, DPAs [Deferred Prosecution Agreements] have become a mainstay of white collar criminal law enforcement," Lanny Breuer, the head of the U.S.
Client Alert | January 3, 2013
The whispers have begun. By comparison to the blistering pace set in recent years, FCPA prosecutions were down in 2012 (though still far higher than in any of the first 30 of the statute's 35-year existence).
Client Alert | January 2, 2013
New York partner David Debold and associate Matthew Benjamin are the authors of “Is Harris a Mandatory Minimums Ruling Whose Time Has Run Out?” [PDF] published in the January 2, 2012 issue of Bloomberg/BNA's Criminal Law Reporter.
Client Alert | January 2, 2013
Washington, D.C. partner Karen Manos is the author of "Records Retention, Untimely Audits And Cost Allowability" [PDF] published in the January 2013 issue of Government Contract Costs, Pricing & Accounting Report , published by Thomson Reuters/West.
Client Alert | January 1, 2013
The start of a new year frequently serves as a time for sales organizations to take stock of past sales performance and develop commission plans for the coming year. But this year, companies with sales or other commission-based employees who provide services in California are faced with a new legal hurdle: Effective January 1, 2013, all commission-based employment contracts must be in writing and set forth the method by which such commissions are computed and paid. While this law--which amends and revives California Labor Code Section 2751--was purportedly enacted to ensure greater certainty and protection, it raises a number of unanswered questions employers may soon face, including questions about: (1) the geographic reach of the law; (2) what terms should be incl
Client Alert | December 27, 2012
New York partner Jennifer Rearden and associate Sharon Grysman are the authors of “Chancery Court in Brookstone Underscores Primacy of Comity and Efficiency” [PDF] published in the December 27, 2012 issue of the Delaware Business Court Insider.
Client Alert | December 27, 2012
The Iran Threat Reduction and Syria Human Rights Act (the "Threat Reduction Act"), enacted on August 10, 2012, imposes new liabilities on U.S.
Client Alert | December 19, 2012
Los Angeles partner Julian Poon and associate Blaine Evanson are the authors of “The “Next Wave” of Class Certification Issues” [PDF] published in the December 14, 2012 issue of Bloomberg/BNA's Class Action Litigation Report.
Article | December 14, 2012
Dallas partner Robert Little and associate Chris Babcock are the authors of “Walking the High Wire: Guidelines for Board of Director Designees Of Private Equity Funds, Activist Stockholders and Other Investors” [PDF] published in the December 10, 2012 issue of Bloomberg/BNA's Securities Regulation & Law Report.
Client Alert | December 10, 2012
New York partner Jennifer Rearden and associate Darcy Harris are the authors of “Growing Trend Favors Disclosure of Witnesses' Identities” [PDF] published in the Fall 2012 issue of the ABA's Section of Litigation - Securities Litigation.
Client Alert | December 6, 2012
In an opinion with potentially far-reaching ramifications for pharmaceutical and medical device manufacturers, a split panel of the Second Circuit Court of Appeals held on December 3, 2012, that the First Amendment precludes Alfred Caronia's conviction for conspiring to introduce a misbranded drug into interstate commerce in violation of the Federal Food, Drug, and Cosmetic Act (FDCA) because his off-label promotion was constitutionally protected speech.
Client Alert | December 4, 2012
Los Angeles partner Jeffrey Dintzer and associate Matthew Wickersham are the authors of “Calif. Fracking Litigation May Bring Economic Harm” [PDF] published by Law360 at www.law360.com on December 4, 2012.
Client Alert | December 4, 2012
On November 27, 2012, Vice Chancellor Travis Laster of the Court of Chancery of the State of Delaware issued a bench ruling enjoining the enforcement of a "Don't Ask, Don't Waive" provision in a standstill agreement.
Client Alert | December 3, 2012
New York partner James Hallowell and associate Stephen Henrick are the authors of “Chancery Court Continues Close Scrutiny in Section 220 Actions” [PDF] published in the November 28, 2012 issue of the Delaware Business Court Insider.
Client Alert | November 28, 2012
Los Angeles partner Debra Wong Yang, Palo Alto associate Susannah Stroud Wright, and Los Angeles associates Poonam Kumar and Rachel Perahia are the authors of “Learning to Live with FCPA” [PDF] published in the November 26, 2012 issue of the Daily Journal.
Article | November 26, 2012
The UK Financial Services Authority Publishes Consultation Paper on Implementation of AIFMD On November 14, 2012, the UK Financial Services Authority ("FSA") published the first part of its long-awaited consultation paper "CP 12/32 Implementation of the Alternative Investment Fund Managers Directive ("AIFMD") Part 1" ("CP 32").
Client Alert | November 23, 2012