Firm News | November 1, 2021
Earlier this month, the Federal Trade Commission (“FTC”), with the concurrence of the Antitrust Division of the U.S. Department of Justice, published in the Federal Register proposed changes to the Hart-Scott-Rodino Act (“HSR Act”) regulations regarding foreign entities. The proposed changes are intended to simplify the determination of whether an entity is a foreign person…
Client Alerts | November 18, 2019 | Hedge Funds | Securities and Corporate Finance
On Wednesday, June 29, 2016, the U.S. Federal Trade Commission (the “FTC”) announced that it approved final amendments to Commission Rule 1.98 to increase the maximum civil penalty dollar amounts for various legal violations as required by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. Among such violations, as of August 1,…
Client Alerts | July 7, 2016 | Securities and Corporate Finance | Investor Activism
On June 14, 2016, the SEC issued an order increasing the net worth prong of the “qualified client” test from $2.0 million to $2.1 million, reflecting an adjustment for inflation.[1] This change will become effective on August 15, 2016. Section 205(a)(1) of the Investment Advisers Act of 1940, as amended (the “Advisers Act”), and Rule…
Client Alerts | July 7, 2016 | Securities and Corporate Finance | Hedge Funds
The Securities and Exchange Commission and the Department of Justice recently have sought to persuade companies to self-report violations of the Foreign Corrupt Practices Act. The SEC has announced non-prosecution agreements with two companies, Akamai Technologies and Nortek Inc., respecting bribes paid to Chinese officials by Chinese subsidiaries. Each U.S. company was required to disgorge…
Client Alerts | June 16, 2016 | Securities and Corporate Finance
A Section 475(f) election might help ease the pain for taxable investors in a fund experiencing losses in 2016 or possibly where a fund has significant unrealized losses coming into 2016. Specifically, Section 475(f) provides that a trader in securities or commodities can make elections to “mark-to-market” their securities and/or commodities and treat increases or…
Client Alerts | February 8, 2016 | Securities and Corporate Finance | Hedge Funds
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
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
While recent news has been about decisions which potentially limit liability in insider trading cases, little attention has been paid to one which potentially expands the reach of the securities fraud statutes. In Stratte-McClure v Morgan Stanley, the Court of Appeals for the Second Circuit recently held that mere silence in a required public filing…
Client Alerts | February 18, 2015 | Securities and Corporate Finance | Hedge Funds
The Federal Trade Commission (the “FTC”) is required to annually revise the jurisdictional thresholds for notifications of certain mergers and acquisitions under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”), based on the change in gross national product for the preceding fiscal year. For 2015, the initial notification threshold will be…
Client Alerts | February 4, 2015 | Securities and Corporate Finance | Hedge Funds
On January 22, 2015, a federal district court, in U.S. v. Conradt, vacated the guilty pleas of four men accused of insider trading. This decision is the first to follow U.S. v. Newman, the recent landmark appellate ruling limiting the government’s ability to pursue insider trading cases. In the course of granting the defendants’ motions…
Client Alerts | January 26, 2015 | Securities and Corporate Finance | Hedge Funds
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