A wave of settlements with municipal underwriting firms under the SEC’s Municipalities Continuing Disclosure Cooperation (MCDC) Initiative has brought renewed attention to continuing disclosure obligations in municipal offerings. But, it also raises questions about the initiative’s purportedly favorable settlement terms. On July 18, 2015, the SEC announced settlements with 36 municipal underwriters for willfully violating Section 17(a)(2) of the Securities Act ...
Directors’ liability for payroll withholding taxes Due diligence: An evolving standard To what risks of liability or being found guilty are directors exposed? Environmental liability of directors and officers DIRECTORS’ LIABILITY FOR PAYROLL WITHHOLDING TAXES Luc Pariseau and Audrey Gibeault
Recently adopted regulations from the Securities and Exchange Commission (the “SEC”) came into effect on June 19, 2015, facilitating qualifying companies’ access to capital and providing investors with additional investment choices. Commonly referred to as Regulation A+, the regulations amend and expand the exemption for smaller public offerings under Regulation A (Rules 251 to 263 under the Securities Act of 1933, as amended (the “Securities Act”)) ...
Internal investigations conducted by enterprises in-house when irregularities are suspected offer many advantages to businesses compared to initiatives undertaken by public law enforcement authorities ...
FIFA Kickback and Bribery Allegations & Insurance For Related Third-Party Investigations Bribes of $40,000 stuffed in envelopes, a flight to Europe solely to retrieve a briefcase full of cash and a$10 million payoff to secure votes for choosing the World Cup host country are among the allegations in the recent indictment against FIFA representatives and related business associates ...
Bribes of $40,000 stuffed in envelopes, a flight to Europe solely to retrieve a briefcase full of cash, and a $10 million payoff to secure votes for choosing the World Cup host country are among the allegations in the recent indictment against FIFA representatives and related business associates. The indictment contains charges of racketeering, wire fraud and money laundering arising out of alleged kickbacks and bribes that the defendants gave or received ...
On April 21, 2015, the State Council of China (i.e. the central government) adopted the proposed draft of Administrative Measures on Concession of Infrastructure and Public Utilities Projects (the “Infrastructure Measures”) ...
Merger control in Ukraine: overviewRegulatory framework1. What (if any) merger control rules apply to mergers and acquisitions in your jurisdiction? What is the regulatory authority?Regulatory frameworkMergers and acquisitions, as well as establishment of an undertaking and appointments to corporate positions under certain circumstances, are subject to merger control in Ukraine ...
Prolonged and torrential rains have caused widespread flooding in Texas, Oklahoma and surrounding areas. It is important that policyholders remain mindful of the substantial benefits that may be available to them for resulting economic and physical losses under ordinary business insurance policies ...
The Securities and Exchange Commission (“SEC”) touted 2014 as a record year for its enforcement program and noted cases that spanned the spectrum of the securities industry. Actions against municipal securities issuers and underwriters particularly stand out among the many areas of aggressive enforcement in 2014 ...
In employees’ compensation or personal injuries claims, it is not uncommon for the employer or its insurers to directly settle a claim with the injured person before any legal proceedings are commenced. The recent case of Chan Kwok Man v New World First Bus Services Limited DCEC No.186 of 2013 highlights the importance of ensuring that the wording used in discharge forms is clear, unambiguous and consistent and that the discharge form is properly executed ...
While the worst of the housing crisis may be over, a significant number of existing foreclosures remain, and new foreclosures continue apace. According to RealtyTrac, there were 122,060 new foreclosure filings in March 2015,and there are 842,773 properties in the U.S. in some stage of foreclosure.For those properties that are subject to judicial foreclosure, many will involve borrowers, who have asserted a variety of counterclaims against the mortgagee ...
Because American courts have interpreted insurance policies in some unexpected ways over the past several decades, many insurance carriers and policyholders have shied away from U.S.-based insurance coverage and have flocked to Bermuda to use what are commonly referred to as “Bermuda Form” policies. The idea is that the use of these foreign policies can mitigate some of the perceived risks posed by the American court system ...
When purchasing liability insurance coverage, it is naturally important to assess the scope of the coverage offered in the various proposed policy forms. In evaluating the scope of coverage, policyholders and their counsel often focus on the scope of liability policies’ insuring agreements and any potentially applicable exclusions. However, this should not be the end of the analysis ...
The Wills and Probate Registry in the Dubai International Financial Centre (the “Registry”) opened in late April of this year. It is now possible to register a will in Dubai, and to have a high degree of confidence that it will be enforced in accordance with its terms. Prior to the establishment of the Registry, it hadn’t been possible to be so confident that foreign wills would be enforced in the United Arab Emirates ...
The SEC’s Division of Investment Management issued a guidance update last week reminding registered investment advisers and registered investment companies of the importance of cybersecurity and providing recommendations on specific measures that advisers and investment companies should consider in addressing their cybersecurity risks. Last week’s guidance update demonstrates the SEC’s continued focus on cybersecurity as part of its compliance initiatives ...
The Securities Exchange Commission (“SEC”) is continuing to promote its whistleblower reward program and recently announced awards to two individuals who provided key information leading to successful SEC enforcement actions. One whistleblower, a compliance officer, will receive an award of approximately $1.5 million. The other whistleblower, a former head trader, will receive a maximum payout of 30 percent of the amounts collected (which totals over $600,000) ...
Last week the U.S. Department of Justice’s Cybersecurity Unit (“DOJ”) issued guidance to organizations concerning preparing for, responding to, and remediating cyber incidents. DOJ based its publication on lessons learned by federal prosecutors who handle cyber investigations and prosecutions, as well as feedback from private sector victims of cyber attacks and intrusions ...
In recent enforcement actions, the Consumer Financial Protection Bureau (CFPB) sued four payment processing companies – not for engaging in illegal debt collection – but rather, for ignoring warning signs in processing payments for debt collectors who were engaged in fraudulent debt collection schemes. The CFPB charged the payment processors with violating 12 U.S.C ...
In recent years, representation and warranty insurance has gained popularity as a tool to decrease transaction liability exposure in M&A transactions. These policies can be particularly useful in the context of cross-border transactions, for both financial and strategic parties, to facilitate middle-market transactions involving foreign buyers or sellers of domestic U.S.-based businesses. The product is also beginning to gain traction in transactions outside of the United States ...
Target Corporation recently announced that it entered into a settlement agreement with MasterCard International Incorporated, agreeing to pay up to $19 million to MasterCard for payments to reimburse issuing banks for card-replacement and fraud losses allegedly associated with the 2013 data breach at Target ...
SyCipLaw Partner Rose Marie M. King-Dominguez and Senior Associate Franco Aristotle G. Larcinacontributed to the Philippine section of the Asia-Pacific Property Investment Guide, a publication produced by Ashurst Australia and Jones Lang LaSalle ...
It is well known that insurance companies negotiate low attorney hourly rates for defense of their policyholders.1 When a conflict arises that requires policyholders to retain independent counsel, insurers frequently try to impose those same rates on the policyholders’ selected attorneys. The ensuing fight over billing rates can discourage policyholders from selecting the best attorneys for the job ...
There are two reasons why Latin American clients keep coming to US law firms to handle their cross-border M&A deals. The first reason is our execution capabilities: US law firms have been advising on cross-border M&As for more than 100 years. The second reason is the predictability of a tried and tested legal system: US law remains the preeminent choice for large cross-border M&A deals because of the certainties and guarantees it offers to everyone involved ...
Insurance is a part of virtually every transaction. Lenders want the security for a credit facility appropriately insured. Lessors and lessees alike want real and personal property protected by insurance. Buyers and sellers look to first-party and third-party policies to insure items sold and support the allocation of risk in indemnity provisions ...
