Last week, the Department of Labor published in the Federal Register proposed regulations to implement President Obama's Executive Order requiring that government contracts include provisions regarding employees' unionization rights, that a notice of employees' rights under the federal labor laws be posted by the employer pursuant to those contracts, and authorizing the Secretary of Labor to investigate contractors' compliance with the Order and the accompanying Labor Department regulations. 74 Fed.
August 10, 2009
Washington, D.C. partner John F. Olson is the author of "The Need for a Principled Approach to Compensation Reform" [PDF] published in the August 7, 2009 issue of BNA's Corporate Accountability Report.Reproduced with permissions from Corporate Accountability Report, 7_CARE_32 (Aug.
August 7, 2009
On August 3, 2009, the Securities and Exchange Commission (the "SEC") published for comment new Rule 206(4)-5 under the Investment Advisers Act to prohibit "pay to play" arrangements by most investment advisers.
August 7, 2009
On August 7, 2009, the Internal Revenue Service ("IRS") announced that it was further extending the deadline for filing Reports of Foreign Bank and Financial Accounts ("FBARs") for calendar year 2008 and prior years for certain U.S. persons.
August 7, 2009
In his first speech as Director of the SEC's Division of Enforcement, on August 5, 2009, Robert Khuzami announced changes underway in the Division's procedures and organization that are intended to strengthen the agency's enforcement program. Mr.
August 6, 2009
Orange County partner Nick Hanna and associate Melissa Mills are the authors of "Physician-Consultants: Five Lessons Learned From the Orthopaedic Monitorships" [PDF] published in the August 2009 issue of the Orange County Business Journal.
August 3, 2009
Washington, D.C. partner Jason Schwartz is the author of "Not Your Average Whistleblower Statute" [PDF] published online by Law360 on July 31, 2009 at law360.com.
July 31, 2009
On July 27, 2009, the Securities and Exchange Commission took several actions relating to short selling in anticipation of the expiration of interim final temporary Rules 10a-3T under the Securities Exchange Act of 1934 (the "Exchange Act") and Rule 204T of Regulation SHO. The full text of the press release can be found here. The most significant development is that, after July 31, 2009, institutional investment managers will no longer be required to report short sale and short position information to the SEC on Form SH. The following is a summary of the SEC's actions.Expiration of Short Sale and Short Position ReportingIn October 2008, the SEC adopted interim final temporary Rule 10a-3T, which requires certain institutional investment managers to make dis
July 30, 2009
Washington, D.C. partner Peter E. Seley and associate Zia C. Oatley are the authors of "Insurance and Equity in CERCLA: The Missed Opportunity of Friedland v. TIC" [PDF] published in the July 2009 issue of Bloomberg Law Reports - Environmental Law.
July 30, 2009
On July 22, 2009, the Securities and Exchange Commission (the "SEC") unanimously voted at its open meeting to propose for public comment a rule and amendments to various existing rules under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), intended to curtail so-called "pay to play" practices involving investment advisers.
July 28, 2009
In a settled enforcement action instituted July 21, 2009, the SEC provided significant guidance on the filing obligations of institutional investors under Section 13(d) of the Securities Exchange Act of 1934. Specifically, the guidance addresses the meaning of the "ordinary course of business" prong of Rule 13d-1(b)(1)(i) and reflects an expansive interpretation of Section 13(d). The SEC's administrative order found that the respondent, a registered hedge fund adviser, Perry Corp., should have filed a Schedule 13D within 10 days of acquiring beneficial ownership of more than five percent of the shares of Mylan Inc.
July 27, 2009
In a case that raises important questions about the nature and scope of the remedy provided in Section 304 of Sarbanes-Oxley Act of 2002, the SEC on July 22, 2009, filed a civil suit seeking to "claw back" compensation from a former chief executive officer who has not been accused of any securities law violation. The case is SEC v. Jenkins, Case 2:09-cv-01510-JWS (D.
July 27, 2009
On July 23, 2009, in an opinion authored by Chief Judge Anthony Scirica and joined by Judge Marjorie Rendell and Justice Sandra Day O'Connor (Ret.), the United States Court of Appeals for the Third Circuit issued a seminal decision regarding class certification pursuant to Rule 23(b)(2) and employment cases generally. Hohider v. United Parcel Service, Inc., No.
July 24, 2009
In a decision published July 22, 2009, a California Appellate Court held that rent restrictions for newly constructed housing were preempted by the Costa-Hawkins Rental Housing Act (Costa-Hawkins), California Civil Code Section 1954.50 et seq., finding that limitations on initial rents were "hostile and inimical" to a residential landlord's right under Costa-Hawkins. Palmer/Sixth Street Properties v. City of Los Angeles, No.
July 24, 2009
On 16 July 2009, Sir David Walker, Senior Adviser at Morgan Stanley International, who has been commissioned by the UK Secretary of State for Business, Enterprise and Regulatory Reform and HM Treasury to undertake an independent review of corporate governance of the UK banking industry, published his consultation document -- A Review of Corporate Governance in UK Banks and Other Financial Industries.
July 23, 2009
Washington, D.C. partner F. Joseph Warin, associates Michael Diamant and Matthew P. Hampton are the authors of 'Use of “Conscious Avoidance” Doctrine in Frederic Bourke Conviction Expands Corporate Executives’ FCPA Exposure' published in the July 22, 2009 issue of Securities Docket.
July 22, 2009
Yesterday, the Obama administration (the "Administration") delivered to Congress draft legislation, the Private Fund Investment Advisers Registration Act of 2009. Under the proposed legislation, managers of most hedge funds, private equity funds and venture capital funds in the U.S. would be required to register with the Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940 (the "Advisers Act"). The existing exemption for investment advisers with fewer than 15 clients would be eliminated, and specific information reporting would be required for advisers to any "private fund." A limited exemption will continue to apply to certain "foreign private adviser
July 16, 2009
How to Find and Use Smoking Gun Evidence to Protect Your BusinessOur Program: Gibson Dunn partners Jessica Brown, Karl Nelson and Jason Schwartz are joined by Stroz Friedberg Managing Director Seth Berman to address the legal and practical steps to prevent and/or restrict the loss of key employees to a competitor.
July 16, 2009
On July 10, 2009, the Obama Administration delivered to Congress draft legislation to implement its regulatory reform agenda with respect to financial markets regulation. The draft "Investor Protection Act of 2009" largely tracks the Administration's June 17, 2009 framework for Financial Regulatory Reform.Although we are only now seeing the Administration's rough framework for regulatory reform, we can, and should, begin to anticipate the implications of the proposed changes to financial markets regulation with respect to compliance challenges, customer exposure, risk management, and operational burdens.In her article, Financial regulatory reform: anticipating the compliance challenges for broker-dealers, for Complinet (July 15, 2009), Susan Grafton of Gibson Dunn discusses
July 15, 2009
The Gibson, Dunn & Crutcher Financial Markets Crisis Group is closely tracking government responses to the turmoil that has catalyzed a dramatic and rapid reshaping of our capital and credit markets.
July 15, 2009