PDF VersionOn November 3, 2010, the U.S. Securities and Exchange Commission ("SEC") proposed a rule to implement the new whistleblower program mandated by Section 922 of the Dodd-Frank Act. The proposed rule establishes standards and procedures pursuant to which the SEC would reward whistleblowers who provide high quality tips to the agency that lead to successful SEC enforcement actions.
November 5, 2010
Washington, D.C. of counsel Susan K. Grafton is the author of "The Impact of the Dodd-Frank Act on the Securities Industry: What Broker-Dealers and Investment Advisers Need to Know" [PDF] published by Thomson Reuters' Informer magazine in the Autumn 2010, Issue 15 edition.
November 5, 2010
On October 27, 2010, the European Union adopted a sanctions regime against the Islamic Republic of Iran in furtherance of diplomatic efforts to find a negotiated solution to ensure that the country's nuclear program is exclusively for peaceful purposes.
November 3, 2010
As the Supreme Court begins the second month of its 2010 Term, Gibson Dunn's Supreme Court Round-Up is summarizing the issues presented in cases that will be argued, as well as other key developments at the Court. The Court has already accepted more than sixty cases for argument this Term, including eight cases in which Gibson Dunn is involved. With many important issues scheduled for argument in the near future, the Round-Up provides a snapshot of the issues that are at the forefront of the Court's docket.Spearheaded by former Solicitor General Theodore B.
November 3, 2010
On October 28, 2010, the IRS released the inflation-adjusted limitations applicable to tax-qualified retirement plans for 2011. Due to low inflation, the limitations have not changed from those applicable for 2010. In addition to the impact of these limitations on tax-qualified retirement plans, the compensation limit under section 401(a)(17) of the Internal Revenue Code also affects the amount of severance pay that may be excludable from coverage under section 409A of the Code in certain circumstances.
November 1, 2010
Denver partner Jessica Brown and associate Scott Campbell are the authors of "Social Media Marketing," published by Law Journal Newsletters' Law Firm Partnership and Benefits Report, Volume 16, Number 9, November 2010. Reprinted with permission from Law Journal Newsletters (November 2010), © ALM Media Properties, LLC.
November 1, 2010
The United States Labor Department has proposed an important amendment to its regulations defining fiduciary status under the Employee Retirement Income Security Act of 1974, as amended ("ERISA"). If the amendment is finalized in its proposed form, it will substantially expand the classes of service providers subject to ERISA's fiduciary duty and prohibited transaction rules.
November 1, 2010
In a previous alert published in July, The UK's Blueprint for Financial Regulation, we looked at the UK Government's proposals for an overhaul of the UK financial regulatory infrastructure. These proposals were issued upon the initiation of the new Government, aimed at addressing a systemic failure in the UK domestic regime to recognise and respond in a timely and adequate manner to the global financial crisis.
November 1, 2010
Printable PDFIn an important development for U.S.
October 27, 2010
Individual account plan administrators should consider amendments to their 401(k) and 403(b) plans and summary plan descriptions (SPDs) in order to implement two recent legislative and regulatory items. First, the Department of Labor recently released a final rule requiring plan administrators to provide participants and beneficiaries with certain investment fee and expense information. Plan SPDs will need to be amended in order to comply with these new requirements. Second, legislation was recently enacted authorizing 401(k) and 403(b) plans to allow in-plan Roth conversions. A plan amendment is required to authorize the conversions. The details of these new items are outlined below.
October 26, 2010
New York partner Lawrence Zweifach and associate Sophia Khan are the authors of "Recent Developments in Ponzi Scheme Litigation" [PDF] that appeared in Auditor Liability in the Current Environment: How To Protect Yourself published by Practising Law Institute on October 22, 2010.
October 22, 2010
The curtain is slowly closing on the era of (relatively) light regulation of Alternative Investment Funds in Europe. Key developments flowing from a meeting of European Finance Ministers on 19 October to discuss the 'AIFM Directive' include agreement on a slightly less onerous regime for depositaries and confirmation that there will eventually be a 'passport' regime allowing marketing of non-EU Funds on a pan-European basis. Although progress has been made, we are nonetheless concerned that the overall effect of the Directive will be to render meaningless over time the distinction between alternative funds marketed to professional investors and the (higher cost) retail funds established under the UCITS regime.BackgroundAs with related initiatives around the world, the proposal
October 21, 2010
On October 11, 2010, the French Parliament adopted the French Banking and Financial Regulation Statute (loi de regulation bancaire et financière). The 100 page long Statute contains provisions significantly amending existing laws and regulations regarding, inter alia, (i) the activities and liabilities of credit rating agencies, (ii) short selling and naked short sales, (iii) temporary holding of shares before shareholders' meetings, and (iv) mandatory takeovers.Credit Rating Agencies In furtherance of EC Regulation no.
October 19, 2010
Printable PDFOn October 18, 2010, the Securities and Exchange Commission ("SEC") proposed rules, available here, to implement the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") relating to: (1) shareholder advisory votes on executive compensation ("say-on-pay"); (2) shareholder advisory votes on the frequency of say-on-pay votes ("say-on-frequency"); and (3) shareholder advisory votes on compensation arrangements in connection with significant corporate transactions ("say-on-golden-parachutes"). The proposal includes transition provisions that companies may rely on until final rules are adopted. The SEC also proposed rules, available here, relating to
October 19, 2010
On September 1, 2010, a division bench of the Bombay High Court held that consensual preemptive arrangements between shareholders in a public listed company do not violate the principle of free transferability of shares enshrined in section 111A of the Indian Companies Act, 1956 ("Companies Act").
October 15, 2010
In Quan v. Computer Sciences Corp., __ F.3d __, 2010 U.S. App. Lexis 20199 (9th Cir. 2010), the Ninth Circuit held that the presumption of prudence first articulated by the Third Circuit in Moench v. Robertson, 62 F.3d 553 (3d Cir.
October 15, 2010
Recognizing the "collective anxiety" in the legal community about preservation and sanctions in e-discovery, Chief Magistrate Judge Paul W. Grimm of the U.S.
October 14, 2010
Dubai partner Nick Tomlinson and associate Hanna Chalhoub are the authors of "An Introduction to the Principal Stock Exchanges of the UAE, Saudi Arabia, Kuwait and Bahrain" [PDF].
October 14, 2010
On October 11, 2010, the French Parliament adopted a significant amendment to the 2005 French Safeguard Procedure (procedure de sauvegarde), itself heavily inspired by the US Chapter 11 mechanisms.
October 14, 2010
Orange County partner Craig Millet is the author of "Beware The Constructive Trust Claim" [PDF] published by Law360 on October 13, 2010 at www.law360.com.
October 13, 2010