ArticleJOBS Act Becoming LawOur Business Startups Act, or the JOBS Act, has been overwhelmingly passed by the House and Senate, and President Obama has said he will sign it.United StatesCorporate/Commercial LawDechert
ArticleAbsent CLARITY, The SEC Charts Its Own Path (For Now)The SEC has proposed Regulation Crypto Assets, a comprehensive framework introducing two new offering exemptions and a conditional safe harbor for crypto investment contracts. This regulatory initiative aims to address the challenges of applying traditional securities laws to digital assets while providing clarity on when crypto assets cease to be investment contracts.United StatesFinance and BankingDechert
ArticleNew Section 892 Proposed Regulations: Transition Relief And GrandfatheringThe U.S. Treasury Department and IRS have issued new proposed regulations addressing transition relief and grandfathering provisions for foreign government investors under Section 892. United StatesFinance and BankingDechert
ArticleFunders Keepers: Growth In Litigation Funding In England Continues Despite Legal ChallengesOver the past decade, the litigation funding market in England has grown significantly, enabling mass tort litigation and multi-claimant litigation, such as competition and Environmental, Social, and Governance ("ESG") impact claims, on an unprecedented scale.United KingdomLitigation, Mediation & ArbitrationDechert
ArticleNew Channel of Mutual Fund Distribution In Mainland ChinaOn 23 February 2012, the China Securities Regulatory Commission (the "CSRC") issued mutual fund distribution licences to four independent financial advisors in Mainland China. ChinaGovernment, Public SectorDechert
ArticleGermany Increases Scrutiny Of Foreign Defense InvestmentsIn a rare move, the German Federal Ministry of Defense (BMVG) has published guidance on how it evaluates foreign investments in the security and defense sector.GermanyGovernment, Public SectorDechert
ArticleIn ControlIn July 2017, the German government amended the German Foreign Trade and Payments Ordinance (Außenwirtschaftsverordnung or AWV), with a view to tightening its foreign investment regime ...GermanyInternational LawDechert LLP
ArticleTermination Of EmploymentThe Labor Code stipulates detailed procedures for terminating employment.RussiaEmployment and HRDechert
ArticleFirst Conviction Under The UK Bribery Act 2010The UK saw its first successful prosecution under the new Bribery Act ("the Act") on 14 October 2011. United KingdomCorporate/Commercial LawDechert
ArticleEffect Of New FINRA Anti-Spinning Rule On Private FundsEffective May 27, 2011, new FINRA Rule 5131 will prohibit "quid pro quo" allocations and "spinning" of new issues to favored customers, such as certain executive officers and directors of potential investment banking clients, in exchange for investment banking business.United KingdomFinance and BankingDechert
ArticleIt's About T-IME: Reviewing The Proposed Reforms Of The UK Investment Manager ExemptionOn April 28, 2025, the UK government published proposed reforms to the Investment Manager Exemption ("IME") in the form of draft legislation and a revised HMRC Statement of Practice (non-statutory guidance). United KingdomFinance and BankingDechert
ArticleEnforcement Against A Sovereign State: A Relaxation Of The Rules Of ServiceSovereign States have, for a long time, enjoyed a degree of protection from the English courts under the State Immunity Act 1978.United KingdomLitigation, Mediation & ArbitrationDechert
ArticlePost-Serta Uptiering Transactions In Q1 2025: New Workarounds And TrendsAt the close of 2024, when the Fifth Circuit rejected one of the original liability management maneuvers employed by creditors of Serta Simmons, it was an open question as to whether it would slow down aggressive liability management transactions. United StatesCorporate/Commercial LawDechert
ArticleThe Gist Of The JOBS ActThe Jumpstart Our Business Startups Act, or JOBS Act, has been overwhelmingly passed by the House and Senate, and President Obama has said he will sign it. Here is a summary of the changes the act will effect. United StatesCorporate/Commercial LawDechert
ArticleSEC Exam Priorities: Key Topics For Asset ManagersThe SEC's Division of Examinations ("EXAMS") has released its annual examination priorities for fiscal year 2026 (the "2026 Examination Priorities").United StatesFinance and BankingDechert
ArticleSEC IM Director Shares Views On Proxy VotingSEC Division of Investment Management Director Brian Daly recently delivered remarks on investment advisers voting client proxies.United StatesFinance and BankingDechert
ArticleSEC Tightens Performance Fee RuleThe U.S. Securities and Exchange Commission on February 15, 2012 adopted amendments (the "Amendments") to Rule 205-3 under the Investment Advisers Act of 1940 ("Advisers Act"), which tighten the net worth eligibility requirements for "qualified clients" who may pay performance fees to a registered invest- ment adviser.United StatesFinance and BankingDechert
ArticleUnlocking Liquidity: The Growing Appeal Of Private Credit SecondariesDemand for private credit (lending by non-bank investors) has grown rapidly since the global financial crisis to fill a lending void left by banks and meet investor demand for flexible financing.United StatesFinance and BankingDechert
ArticleNew Order Revises Mass Tort Litigation In PhiladelphiaParties who litigate in the Mass Tort Programs established by the Philadelphia Court of Common Pleas’ Complex Litigation Center received major news last week, when Hon. John W. Herron, Administrative Judge of the Court’s Trial Division, issued an order revising how mass tort litigation will be conducted in Philadelphia. United StatesLitigation, Mediation & ArbitrationDechert
ArticleThe Delaware Bankruptcy Court Confirms That Lenders In Multiple-Level Financing Structures Are Entitled To The Protections Of Corporate SeparatenessThe Delaware Bankruptcy Court has confirmed that in multiple-debtor chapter 11 cases, the cramdown rules set forth in section 1129(a)(10) of the Bankruptcy Code must be applied on a per debtor basis as opposed to a per plan basis. United StatesLitigation, Mediation & ArbitrationDechert