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Federal Court Chips Away at SEC’s Use of In-House Administrative Proceedings Against Insider Trading Defendants

On June 8, 2015, U.S. District Judge Leigh Martin May handed down an important decision affecting the SEC’s practice of bringing insider trading enforcement actions in the form of in-house administrative proceedings instead of civil court actions. In a 45-page opinion, Judge May enjoined the SEC from continuing with an ongoing administrative proceeding on the…

Client Alerts | June 11, 2015 | Securities and Corporate Finance | Hedge Funds

Foreign Bank Account Reports (FBARs)

OVERVIEW This newsletter serves as our annual reminder of the requirement to file Reports of Foreign Bank and Financial Accounts (“FBARs”). For calendar year 2014, FBARs are required to be filed on or before June 30, 2015. The form, which was formerly known as Form TD F 90-22.1, is now known as FinCEN Report 114.…

Client Alerts | June 9, 2015 | Hedge Funds

Cayman Islands Again Extends FATCA Registration and Reporting Deadlines

The Cayman Islands Tax Information Authority (the “TIA”) has recently extended the deadline to register on its AEOI Portal. The deadline is now May 29, 2015. The original deadline was March 31st, but has been extended several times. Cayman Islands funds must also report certain information, including name, address, TIN, and account balance, on specified…

Client Alerts | May 22, 2015 | Hedge Funds

SEC Issues Guidance Regarding Administrative Proceedings

On Friday, May 8, 2015, the Securities and Exchange Commission issued guidance to its staff to assist in determining whether to bring enforcement actions in federal district court or as administrative proceedings before an Administrative Law Judge. The administrative proceedings have become highly controversial in recent years, as many defendants in the proceedings have complained…

Client Alerts | May 11, 2015 | Hedge Funds

Treasury Postpones The Effective Date for Dividend Equivalent Withholding Regulations for One Year Until January 1, 2017!

Senior counsel for the Treasury Office of Tax Legislative Counsel announced today that the effective date for proposed regulations regarding U.S. withholding tax on dividend equivalent payments (e.g., payments on certain equity swaps or other derivatives referencing U.S. equity securities) has been postponed for one year from January 1, 2016, to January 1, 2017. As…

Client Alerts | May 8, 2015 | Hedge Funds

Class Assertion of State Law Fraud Claims relating to Certain Securities Is Now Easier in New York, Connecticut and Vermont

The U.S. Court of Appeals for the Second Circuit, in In re Kingate Management Limited Litigation, recently made it significantly easier for plaintiffs in the Second Circuit and New York, Connecticut and Vermont state courts to bring class actions alleging violations of state law in litigation involving certain types of securities. By allowing these claims…

Client Alerts | May 5, 2015

Civil Insider Trading Case Survives Newman

On April 6, 2015, a federal district court in Manhattan permitted the U.S. Securities and Exchange Commission to pursue a civil enforcement action against two defendants accused of insider trading, notwithstanding the recently reshaped insider trading rules articulated in U.S. v. Newman. This week’s decision, in S.E.C. v. Payton, represents the first direct effort to…

Client Alerts | April 8, 2015 | Securities and Corporate Finance