The False Claims Act (“FCA”) is one of the most powerful anti-fraud weapons available to the U.S. Department of Justice (“DOJ”). It permits treble damages and makes penalties available for each false claim the defendant submitted to a federal payor. The DOJ effectively deployed the FCA against mortgage lenders in the aftermath of the sub-prime lending crisis to obtain, in some cases, billion-dollar settlements ...
On 13 October 2022, Shoosmiths hosted a webinar on the UK Covid-19 Inquiry (the ‘Inquiry’). The webinar took a closer look at the structure and progress of the Inquiry, alongside the commercial and legal considerations that any potential witness or party should be aware of, including the role of a Core Participant (‘CP’). The webinar was hosted by Paul Eccles (Partner) and included talks by Alex Friston (Associate) and Charles Arrand (Partner) ...
Private open-ended fund companies (OFCs) in Hong Kong are subject to regulation by the Securities and Futures Commission (SFC). The SFC has taken a streamlined approach to regulating private OFCs. (I) High degree of flexibility No investment restrictions: Pursuant to the SFC’s revised Code on Open-Ended Fund Companies (OFC Code) all investment restrictions for private OFCs have been removed ...
The possibility of buying real estate rests normally on the capacity of an individual or company to acquire debt, reason why credit entities play an essential role in the success of the real estate market. Lately, we have noticed that in addition to the traditional loan guaranteed by a mortgage, there is an offer for loans guaranteed by a security trust ...
February marks the start of the second month after Brexit materializing. The Member States have finally understood that the United Kingdom (UK) is no longer in the Europen Union (EU) so that the fairy-tale of the Single Market that has lasted for decades is now over. Although many businesses resolved various legal or regulatory issues before 1st January, new challenges inevitably keep arising now, when Brexit is a reality ...
On December 11, 2015, the U.S. Securities and Exchange Commission (the “SEC,” or the “Commission”) issued re-proposed rules (the “Proposed Rules”), as authorized under Section 1504 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) ...
Pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the Security Exchange Commission’s (Commission’s) 2015 pay ratio rule (Final Rule) required public companies to disclose the annual total compensation of the median employee (excluding the CEO), the annual CEO compensation and the ratio of those amounts ...
On November 5, 2018, the amendments recently adopted by the Securities and Exchange Commission (the “SEC”) to update and simplify certain disclosure requirements will become effective ...
Signals from the SEC regarding the growing importance to the Commission of ESG disclosures keep coming, seemingly daily. The recently appointed acting director of the Division of Corporation Finance has long pushed the agency for “relevant, material, decision-useful ESG disclosure.” More recently, the SEC announced the creation and filling of the position of senior policy advisor for climate and ESG in the office of Acting Chair Allison Herren Lee ...
The Securities and Exchange Commission (SEC) has implemented rule revisions governing beneficial ownership reporting under Section 13(d) and 13 (g) of the Securities Exchange Act of 1934. The SEC also elaborated on its stance concerning the conditions under which it is determined that two or more individuals have established a collective entity for the regulatory scope of Sections 13(d) and (g) of the Securities Exchange Act of 1934 ...
The SEC, in a unanimous vote, adopted final rules on December 14, 2022 amending Rule 10b5-1 under the Securities Exchange Act of 1934. Additionally, it includes related amendments concerning disclosures about insider trading policies, disclosures about equity awards made close in time to the disclosure of material nonpublic information and the reporting of gifts by insiders ...
Following the enactment of the Economic Growth, Regulatory Relief, and Consumer Protection Act, the Securities and Exchange Commission (SEC) has adopted an amendment to Rule 701(e) increasing the threshold amount of securities that can be sold during a 12-month period from $5 million to $10 million. Securities sold in excess of the threshold trigger enhanced disclosure obligations for the issuer ...
A recent Fifth Circuit ruling suggests a softening of the SEC’s obligation to return disgorgement awards directly to victims, says Elisha Kobre, a partner at Bradley Arant Boult Cummings LLP. The issue is relevant because the Dodd-Frank Act created a specific fund to hold monetary sanctions collected by the SEC, including disgorgement amounts not directly distributed to victims or used in other specified ways, he explains. The U.S ...
We’re entering the season of giving. Over the coming weeks, Americans across the nation will gather with family and friends to celebrate the holidays and give selflessly to the people and causes they love. Unfortunately, the Biden administration might be embracing the giving spirit a little too much. Federal officials may soon decide to give away key domestic assets — American intellectual property (IP) — to our rivals ...
The Scottish Government has recently unveiled its long-awaited proposal for financing and delivering major public projects in Scotland. The initiative, the Scottish Futures Trust (the SFT), will replace the widely-criticised Private Finance Initiative (PFI) and heralds a golden opportunity for the delivery of high quality projects which represent value for money for the taxpayer ...
Presentation to the National Investor Relations Institute A Powerpoint presentation covering the following: Impact of SEC Rules Adopted in January 2003 Disclosure Controls and Disclosure Committees Accelerated Filings Real Time Disclosures Certifications M D & A News Releases Update on Regulation FD and Investor Relations Issues Enforcement of Reg ...
Labour party donor and entrepreneur, Dale Vince, has put the spotlight back on the controversy surrounding the tax treatment of carried interest received by private equity fund managers, by instructing The Good Law Project to serve a “pre-action protocol” letter on HMRC seeking judicial review of its practice of taxing such carried interest as capital gains as opposed to income ...
