TOP NEWS from Across the Securities Regulation Space: SEC Sought to Expand Private Investor Rules

EU Securities Markets Regulation Enters Homestretch

The finish line for implementing a vast swath of rules aimed at creating more competitive, integrated securities markets across the European Union is now in sight after EU leaders passed another piece of the massive legislation and agreed to a January 2018 start date.

Small Biz Group Urges SEC To Expand Private Investor Rules

A committee advising the U.S. Securities and Exchange Commission on emerging companies expressed support Wednesday for expanding the definition of an accredited investor, potentially increasing the pool of those considered qualified to invest in small, non-public companies.

EU Workers’ Advisory Panel Backs Prospectus Reform Plans

The European Union’s advisory body representing workers’ and employers’ organizations endorsed a proposal Wednesday to streamline requirements for securities prospectuses, saying the measure should reduce costs and improve investor confidence.

SEC Seeks Comments On NYSE’s Tracking Stock Fee Proposal

The U.S. Securities and Exchange Commission on Wednesday sought public comments on the New York Stock Exchange’s latest round of amendments to a proposed rule on equity investment tracking stocks, saying the NYSE wants to limit fees on tracking stocks to a maximum of $200,000 compared with the $500,000 maximum for listed companies.

Dell Sells $20B In Bonds To Fund EMC Buy

Dell priced one of the largest bond offerings on record Tuesday, raising $20 billion across six tranches to help fund its $67 billion purchase of data storage giant EMC.

EQUITY

DLA Piper Guides REIT LaSalle Hotel On $150M Offering

DLA Piper has steered real estate investment trust LaSalle Hotel Properties’ pricing of a $150 million public offering of 6 million preferred shares at a price of $25 per share, the REIT said Wednesday.

Deals Rumor Mill: Monsanto, Goldman, Hotel Lotte

The president of Monsanto denied rumors that it could be acquired by Bayer or others, Goldman Sachs Asset Management is selling Australian equities and fixed income businesses that oversee more than $6 billion, and South Korea’s Hotel Lotte is planning a $4.85 billion IPO for next month.

DEBT

Egyptian Bros. Seek Atty Sanctions For Refiled ‘Ambush’ Depo

Two Egyptian businessmen trying to avoid being pulled into arbitration over $100 million in defaulted bonds issued by their companies urged a New York federal judge on Tuesday to sanction the bondholders’ lawyers at Mintz Levin Cohn Ferris Glovsky & Popeo PC and elsewhere for refiling a thrice-rejected “ambush deposition.”

INTEREST RATES

Ex-Barclays Trader Pushed For ‘Honest’ Libor Tweaks

A former Barclays trader accused of manipulating Libor admitted at trial Wednesday to pushing the bank’s rate submitters to put in higher or lower figures to suit the New York swaps desk, but claimed he always expected the submitters to do so “properly and honestly.”

EXPERT ANALYSIS

Proposed ‘Political Subdivision’ Test Presents Challenges

The IRS’ proposed three-part test to determine if an entity qualifies as a “political subdivision” for purposes of issuing tax-exempt bonds would inject significant uncertainty into many tax-exempt financing transactions and potentially have a material impact on the structure and operations of many joint action agencies, state and local authorities, and other government entities, say Scott Harty and Peter Floyd of Alston & Bird LLP.

LEGAL INDUSTRY

5 Ways GCs Can Make Law Firms More Diverse

As paying clients, corporate legal departments have the clout to demand more diversity from their law firms, and many of them are playing a proactive role in changing the profile of the industry. Here are the diversity-driving measures that six current and former general counsels say every law department can adopt.

How Minority Attys Encounter BigLaw Bias

Racially insensitive comments. “Low expectation” assignments. Professional or social isolation. Beyond the challenges of subtle bias, many BigLaw attorneys of color say they have also faced instances of more overt prejudice and racial stereotyping in the course of their legal careers.

BigLaw Still Losing Women Of Color, Researcher Says

Women of color are continuing to leave BigLaw at a high rate despite efforts to change firm culture, a fact reflected in their “unicorn” status at the partnership level, according to a diversity researcher whose work has focused on the legal industry.

3 Skills No Partner Can Do Without

BigLaw partners take pride in their sharp legal skills, but simply analyzing clients’ problems and drafting killer motions aren’t enough to truly thrive in a partnership role. Here, attorneys with decades of experience share the three skills partners need to stand out within their firms.

Joke’s On Trump: Court Pick Mocked The Donald On Twitter

Texas Supreme Court Justice Don Willett is a top judge who is also a rare social media all-star with a busy Twitter feed that includes several cracks at presidential candidate Donald Trump — who on Wednesday placed Justice Willett on his list of 11 potential U.S. Supreme Court nominees.

Trump Releases List Of 11 Potential Supreme Court Nominees

Republican presidential nominee Donald Trump on Wednesday released a list of 11 people he says he would consider naming to the U.S. Supreme Court, if elected to office this November.

Senate Judiciary Dems Push Garland’s Case In Mock Hearing

Advocates for U.S. Supreme Court nominee Judge Merrick Garland on Wednesday urged lawmakers to cast aside politics and move forward with his nomination, in a faux confirmation hearing convened by Democrats on the Senate Judiciary Committee.

Judge Posner Slams Courts’ Use Of ‘Stale, Opaque’ Jargon

The opinionated Seventh Circuit Judge Richard Posner on Tuesday weighed in against the use of legal jargon and convoluted rhetoric, even by the U.S. Supreme Court, using a concurring opinion affirming a Wisconsin man’s jury conviction for selling prescription drug ingredients on the internet to slam “stale, opaque” legal writing.

NJ High Court Panel Posts Atty Ad Rules Warning

The New Jersey Supreme Court Committee on Attorney Advertising on Wednesday issued a warning that lawyers can only promote themselves using titles like “Super Lawyers” and “Rising Stars” if those honors stem from their qualifications and not a rating organization’s popularity contest.

UK High Court Backs Predictive Coding In Shareholder Suit

The U.K. High Court ruled Tuesday in favor of allowing BCA Trading to use predictive coding in a case brought by minority shareholders, handing a further win to British law firms seeking to partially automate their document review process.

 

Leave a Reply

Your email address will not be published. Required fields are marked *