Category Archives: Banking and Finance law

Banking and Finance Law news articles, reiews, notes and blog examples.

SEC Adopts Rules to Implement FAST Act Mandate to Modernize and Simplify Disclosure

The Securities and Exchange Commission today voted to adopt amendments to modernize and simplify disclosure requirements for public companies, investment advisers, and investment companies. These amendments are expected to benefit investors by eliminating outdated and unnecessary disclosure and making it easier for them to access and analyze material information.  The amendments, consistent with the Commission’s mandate under the Fixing America’s Surface Transportation (FAST) Act, are based on recommendations in the staff’s FAST Act Report as well as a broader review of the Commission’s disclosure rules. The amendments are intended to improve the readability and navigability of company disclosures, and to discourage repetition and disclosure of immaterial information. Specifically, the amendments will, among other things, increase flexibility in the discussion of historical periods in Management’s Discussion and Analysis, allow….. To continue reading this legal news please click Read full information...

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NC Business Court: Something For Antitrust Lawyers

State law antitrust claims in North Carolina seem to go together with unfair and deceptive trade practices claims (Chapter 75 claims) like peanut butter and jelly.  Section 75-2 of the General Statutes says that “any act, contract, combination in the form of trust, or conspiracy in restraint of trade or commerce which violates the principles of the common law” is a violation of the unfair and deceptive trade practices law. So why did Business Court Judge Robinson dismiss the UDTPA claim in the antitrust lawsuit (at the Rule 12 stage) in DiCesare v. Charlotte-Mecklenburg Hospital Auth., 2019 NCBC 13 ? He did so because of his decision that quasi-municipal corporations are exempt from liability under Chapter 75. Never heard of a quasi-municipal corporation?  It is defined as “a corporation vested with . . . municipal powers for the accomplishment of a limited municipal purpose.”  The Charlotte-Mecklenburg Hospital Authority, the Defendant,….. To continue reading this legal news please click Read full information...

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Working Group on Sterling Risk-Free Reference Rates’ report on conventions for referencing SONIA

On 19 March 2019, the Bank of England’s Working Group on Sterling Risk-Free Reference Rates published a discussion paper on conventions for referencing SONIA in new contracts. The discussion paper is intended to raise market awareness of the identified conventions for referencing SONIA. The discussion paper has been divided into three parts: Section 1 is a summary of conventions that already exist in SONIA-referencing markets; Section 2 outlines considerations for new products referencing SONIA; and Section 3 sets out questions for suggested feedback from market participants. The discussion paper does not contain all conventions for using SONIA in relevant markets, only those which the Working Group considers to be most significant. It is intended to support preparations being made by market participants to reference SONIA directly; thus it does not discuss referencing Term SONIA Reference Rates in new contracts. The paper specifically discusses those existing conventions….. To continue reading this legal news please click Read full information...

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Corp Fin Director’s “Cheat Sheet” for Brexit Disclosure

It’s no surprise that the uncertainty surrounding Brexit continues to impact business – I blogged last month that it might be one of this year’s “top risks.” And in December, I wrote that the SEC is monitoring disclosure. In remarks late last week, Corp Fin Director Bill Hinman reiterated that the UK’s withdrawal from the European Union may be material not just to UK- and EU-headquartered companies – but to any company with extensive international operations – and explained how companies should be applying the SEC’s “principles-based” disclosure rules to Brexit’s evolving business risks (he also touched on sustainability disclosure, as noted in this blog from Stinson Leonard Street). Bill shared six topics for companies to consider as a starting point when assessing & drafting tailored Brexit disclosures. This Cooley blog highlights that these are the types of questions Corp Fin will be asking during….. To continue reading this legal news please click Read full information...

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Canadian authorities roll out framework for regulation of crypto-asset trading platforms

By John Filar Atwood The Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC) are seeking public input on the appropriate way to regulate Canadian platforms that trade crypto-assets. The regulators offered a proposed regulatory framework, but are seeking feedback on core issues such as how to address custody and verification of assets, price determination, market surveillance, and clearing and settlement. The CSA and IIROC noted in a news release that crypto-asset trading platforms may be subject to securities and/or derivatives regulation depending on how they operate and the assets they make available for trading. They are concerned that the exiting regulatory system may not fully address the novel features and potential risks of crypto-assets. Where securities legislation applies to the platforms, the CSA and IIROC said that they are considering a tailored regulatory framework to address the novel features and risks.….. To continue reading this legal news please click Read full information...

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