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Although still subject to Senate approval, the House of Representatives' June 30, 2010 vote to approve the Bill* moves broker-dealers that much closer to sweeping changes to their business and operations.
Client Alert | July 12, 2010
I. Overview of the First Half of 2010Nearly a year and a half ago, Mary Schapiro took over as Chairman of the SEC with a promise to reinvigorate the Enforcement Division. Shortly thereafter, Robert Khuzami, the Director of the Division of Enforcement, announced a series of initiatives with the goal of making the Enforcement Division more effective. The first six months of this year have seen those initiatives take shape with a reorganization of the Enforcement Division into specialized units and the formal announcement of a cooperation initiative for individuals. But of greater significance is the extent to which the Enforcement Division is filing cases against major financial institutions and senior executives -- and without negotiating settlements in advance of fi
Client Alert | July 12, 2010
Gibson Dunn New York partner Lee Dunst, London partner Philip Rocher, London senior counsel Charles Falconer and New York associate Elizabeth Goergen are the authors of "The Long Arms of UK and US Law," which is an extract from Latin Lawyer Magazine, Volume 9, Issue 6.
Client Alert | July 12, 2010
Munich partner Mark Zimmer is the author of "Gute Berufsperspektiven für Offiziere als Compliance-Beauftragte in Großunternehmen" [PDF] published in the July 2010 issue of Die Bundeswehr.
Client Alert | July 9, 2010
Many consider the False Claims Act (the "FCA") to be the "fastest growing area of federal litigation." At the outset of the federal government's fiscal year 2010, Senator Charles Grassley (R-Iowa) reported that the government had more than 1,000 qui tam cases awaiting its decision on intervention.
Client Alert | July 9, 2010
New York partner Joel M. Cohen and associates Mary Kay Dunning and Gregory H. Shill are the authors of "Erosion of the Fiduciary-Duty Requirement in Insider-Trading Actions" [PDF] which appeared in the Volume 10, Number 3, Spring 2010 issue of the American Bar Association's Securities Litigation Journal.
Client Alert | July 9, 2010
On January 18, 2010, hundreds of law enforcement agents from the Federal Bureau of Investigation and City of London Police launched a coordinated, bi-continental strike, executing twenty-one search warrants and arresting twenty-two people in what Assistant Attorney General Lanny Breuer described as "the largest action ever undertaken by the Justice Department against individuals for FCPA violations." Thus began the year in Foreign Corrupt Practices Act enforcement, a juggernaut that each annum surpasses the record heights set the year before. This client update provides an overview of the Foreign Corrupt Practices Act ("FCPA") and a survey of FCPA enforcement activities during the first half of 2010. It also analyzes recent enforcement trends and offer
Client Alert | July 8, 2010
New York partner Joel M. Cohen and associate Adam P. Wolf are the authors of "Narrow, Don’t Abolish, FCPA Facilitating Payments Exception" [PDF] which appeared in the July 8, 2010 issue of New York Law Journal.
Client Alert | July 8, 2010
In a dramatic move, initially trailed this time last year, the Conservatives (now in coalition with the Liberal Democrats) have confirmed that they will in their term of service, abolish Britain's tripartite financial services regime, to replace it with a form of "twin peaks" style of regulation.
Client Alert | July 8, 2010
As the Supreme Court's 2009 Term drew to a close, the Court issued an array of blockbuster opinions on issues such as separation of powers, the Second Amendment, and the proper interpretation of the "honest services" fraud statute. Gibson Dunn's Supreme Court Round-Up, which has been tracking the Court's opinions and actions throughout the Term, now contains a summary of each opinion that the Court issued this Term.
Client Alert | July 8, 2010
As has been the case for the last several years, the first half of 2010 has been a busy one for criminal antitrust enforcement around the globe. In past years, we have reported on the consistently and dramatically increased numbers of pleas, fines, and prison sentences in cartel cases resulting from increased and coordinated global enforcement of antitrust laws. Although 2010 continues to provide numerous success stories for global competition enforcers, it also saw a few notable setbacks and was marked by a relative lull in large fines and prison sentences imposed by the U.S.
Client Alert | July 7, 2010
Munich partner Hans Martin Schmid is the author of "Tauschgeschäfte bei Immobiliengesellschaften (Debt/Equity Swaps with Real Estate Holding Companies" [PDF] published in the July 8, 2010 issue of Immobilienmanager.
Client Alert | July 7, 2010
On 1 July 2010, the European General Court, the EU's second highest court and formerly the European Court of First Instance, handed down its decision in Case T-321/05 AstraZeneca v Commission. The General Court, for the most part, upheld the Commission's decision that AstraZeneca, the Anglo-Swedish group, had abused its dominant position contrary to Article 102 of the Treaty on the Functioning of the European Union. It did, however, reduce the fine imposed on AstraZeneca by the Commission from EUR 60 million to EUR 52.5 million. The case dates back to an investigation into omeprazole IP rights in early 2000. The Commission found in June 2005 that from 1993 - 2000 AstraZeneca had blocked or delayed market access in a number of EU and EEA Member States for generics of
Client Alert | July 6, 2010
Indonesia's Law No. 4 of 2009 on Minerals and Coal Mining (the 'New Mining Law') replaces Law No. 11 of 1967 (the 'Old Mining Law'). The New Mining law was approved by the President on 12 January 2009 and is now the prevailing law of Indonesia.As is commonplace in Indonesia, the legislation is augmented by implementing regulations, which provide details of the new regulatory regime.
Client Alert | July 2, 2010
Printable PDFOn June 30, 2010, the U.S.
Client Alert | June 30, 2010
On June 28, 2010, the United States Supreme Court issued its decision in Bilski v. Kappos, No. 08-964.In Bilski, the Court affirmed the rejection of an application seeking patent protection for a method of managing risk. In so doing, the Court expressly declined to adopt the Federal Circuit's analysis or its recent case law, relying instead on the statutory text and the Court's own opinions on patent eligibility. The Court held that the Federal Circuit had erred in its holding that the "machine-or-transformation" test was the exclusive test for patent eligibility under 35 U.S.C.
Client Alert | June 28, 2010
Today, the United States Supreme Court issued its opinion in Free Enterprise Fund v. Public Company Accounting Oversight Board, No.
Client Alert | June 28, 2010
The United States Department of Commerce's Bureau of Industry and Security (BIS) issued an interim final rule today that reduces restrictions on products with ancillary cryptography as well as increases the efficiency of its review and reporting process.
Client Alert | June 25, 2010
On June 23, 2010, U.S. District Judge Harold Baer, Jr. of the Southern District of New York issued his decision in Gucci America, Inc. v. Frontline Processing Corp., 09 Civ.
Client Alert | June 25, 2010
In a landmark decision on the extraterritorial application of the United States securities laws, the Supreme Court held today that plaintiffs who purchase securities on foreign exchanges cannot bring a federal securities fraud lawsuit under Section 10(b) of the Securities Exchange Act and SEC Rule 10b-5, promulgated thereunder. See Morrison v. National Australia Bank, 561 U.S.
Client Alert | June 24, 2010