Category Archives: Banking and Finance law

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

SEC News – Ponzi Scheme, Misleading Customers, Insider Trading

SEC Shuts Down $102 Million Ponzi SchemeThe SEC filed charges and obtained an asset freeze against the individuals and companies behind a $102 million Ponzi scheme that bilked investors throughout the U.S.Merrill Lynch Admits to Misleading Customers about Trading VenuesMerrill Lynch, Pierce, Fenner & Smith has been charged with misleading customers about how it handled their orders. Merrill Lynch agreed to settle the charges, admit wrongdoing, and pay a $42 million penalty.Wells Fargo Advisors Settles SEC ChargesWells Fargo Advisors LLC agreed to settle charges of misconduct in the sale of financial products known as market-linked investments, or MLIs, to retail investors.SEC Charges Credit Ratings Analyst and Two Friends with Insider TradingThe SEC charged a credit ratings agency employee with tipping two friends about The Sherwin-Williams Co.’s confidential plans to acquire The Valspar Corp., which he learned of through his work. The SEC also charged the two….. To continue reading this legal news please click Read full information...

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Insurance – Is a stationary tractor spraying herbicide being used?

This insurance dispute went all the way to the Court of Justice of the European Union which found that the phrase ‘use of vehicles’ in EU law covered any use of a vehicle as a means of transport. The fact that a vehicle is stationary when the accident occurs does not itself preclude the use at the time being insured use. But where the vehicle is intended, apart from normal use as a means of transport, to be used as a machine for carrying out work it is necessary to determine whether at the time of the accident the vehicle was being used principally as a means of transport or as a means of carrying out work. The concept did not cover the situation in this case in which the tractor had been involved in an accident when its principal function at the time of the accident was to use its motive power to drive the pump of a herbicide sprayer. Whilst the tractor was being used to spray herbicide, heavy rainfall caused a landslip. The tractor fell down the terraces and….. To continue reading this legal news please click Read full information...

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SEC News – Stock Manipulation, FCPA Violations, and Illegal Sales

SEC Files Additional Charges in Fitbit Stock Manipulation SchemeThe SEC filed fraud charges against a second defendant in connection with a scheme to manipulate the price of Fitbit securities through false regulatory filings. Former CEO and CFO of ITT Barred and Ordered to Pay PenaltiesThe SEC announced settlements with two former senior executives of ITT Educational Services Inc., which the SEC charged hid its true financial condition from investors. This resolution successfully concludes the SEC’s case, which was scheduled to begin trial on July 9.Credit Suisse Charged With FCPA ViolationsCredit Suisse Group AG will pay approximately $30 million to resolve SEC charges that it obtained investment banking business in the Asia-Pacific region by corruptly influencing foreign officials in violation of Foreign Corrupt Practices Act (FCPA). Attorney and Law Firm Business Manager Charged With Illegal Sales of UBI Blockchain Internet StockTwo men have been charged with….. To continue reading this legal news please click Read full information...

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Commisison adopts AIFMD and UCITS Delegated Regulations clarifying depositaries’ safe keeping obligations

On 12 July 2018, the European Commission published: Delegated Regulation amending Commission Delegated Regulation (EU) No. 231/2013 with regard to the safekeeping duties of depositaries; and Delegated Regulation amending Commission Delegated Regulation (EU) No. 2016/438 with regard to the safekeeping duties of depositaries. Both Delegated Regulations clarify that assets of UCITS, alternative investment funds and other clients can be commingled at the level of the first custodian provided that they are initially held by the same depositary (or are initially held by the same custodian where the latter further delegates the custody of assets down the custody chain). The next step is for the Delegated Regulations to be considered by the European Parliament and the Council of the EU... To continue reading this legal news please click Read full information...

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5 Documents You Must Know Before Selling Your Business

When selling a business the owner will be inundated with multiple tasks. Working through due diligence, managing employee questions, and still running the business are only but a few balls the owner will be juggling. It is critical that an owner prepare for a sale well in advance of entering the market. Part of the preparation should be to develop an understanding of some of the documents they are sure to encounter. Below we look at five documents that every seller should know before selling a business. 1. Investment Banking Engagement Letter If you enlist the services of an investment banker as your sell side advisor then you need to understand what the engagement letter will encompass. Think of the engagement letter as a statement of work between the business owner and the banker. The letter should outline the scope of the relationship and, if done correctly, should align the interests of the seller and the banker. The following are some key components of the engagement….. To continue reading this legal news please click Read full information...

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