All Articles
Private Equity
SEC Adopts Rule Defining "Venture Capital Fund" For Purposes Of Exemption From The Investment Advisers Act
Many venturecapital and private equity fund managers eagerly anticipated the recent adoption by the Securities and Exchange Commission (the "SEC") of Rule 203(l)-11(the "Rule") under the Investment Advisers Act of 1940 (the "Advisers Act") defining the term "...
Read MoreBankruptcy & Restructuring
FDIC Issues Final Rule On Orderly Liquidation Authority
On July 6, 2011, the FDIC issued a final rule (the "Final Rule") to implement certain provisions of its orderly liquidation authority to resolve covered financial companies (including nonbank financial companies) under Title II of the Dodd-Frank Act. The Final Rule is a culmination of...
Read MoreInformation Governance
Key Congressional Leaders Advance Efforts To Strengthen Consumer Privacy Protections
Leading congressional proponents of strong privacy protections for consumers' personal information have recently introduced legislation that advances the debate in Congress regarding whether and how such increased protections should be implemented. As discussed below, these bills are quite...
Read MoreRegulatory & Compliance
Treasury Department Issues Revised Rules For Reporting Foreign Financial Accounts HIRE Act Requires Reporting on the Federal Income Tax Return of Certain Foreign Financial Assets
The U.S. Financial Crimes Enforcement Network ("FinCEN"), a bureau of the U.S. Department of the Treasury (the "Treasury Department"), issued final regulations in February 2011 to clarify the requirement that certain U.S. persons annually report foreign bank and other...
Read MoreFederal Agencies Issue Proposed Rule Regarding Financial Institutions' Incentive-Based Compensation
Pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act"), on March 30, 2011, the Office of the Comptroller of the Currency ("OCC"), the Board of Governors of the Federal Reserve System ("Federal Reserve"), the Board of...
Read MoreNYC Bar Program, "Litigation Contingency Reporting: Where Are We With FASB And The SEC?" New FASB Exposure Draft And SEC Scrutiny
Editor's Note: The following synopsis is based on a transcript of a program presented at the New York City Bar Association on January 28, 2011 regarding the controversial and high-profile issue of reporting on litigation contingencies in financial statements. The Editor relied entirely on the...
Read MoreSecond Circuit Court Of Appeals Holds "Gift" From Secured Creditor To Shareholder Under A Chapter 11 Plan Violates Absolute Priority Rule
In a recent decision,1the United States Court of Appeals for the Second Circuit added to a growing body of jurisprudence questioning the use of "senior class gifting" to resolve intercreditor disputes in chapter 11 cases. For decades, debtors and their senior creditors have often resolved disputes...
Read More