On August 31, 2011, the Securities and Exchange Commission (the "SEC") issued a concept release (the "Concept Release") seeking public comment regarding the status of companies engaged in the business of acquiring mortgages and mortgage-related instruments under the Investment Company Act of 1940 (the "Company Act").

On July 26, 2011, the SEC adopted new rules pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 that remove credit ratings from consideration in a registrant's eligibility to use Forms S-3 and F-3

Recent media reports have detailed a confidential inquiry launched by the U.S. Securities and Exchange Commission ("SEC") Division of Enforcement’s Asset Management Unit ("Asset Management Unit") that requires various unnamed private equity fund managers to produce documents and information relating to multiple areas of their operations and practices, including, among others, fundraising and marketing materials, valuations of realized and unrealized investments (including support therefor), acco

Fried Frank's International Arbitration Group is pleased to keep you posted on significant developments in international arbitration. With this edition of the International Arbitration Newsletter", we provide an analysis of selected recent events as well as brief updates from around the world

Three years after the European Commission (EC) fined Belgian electricity and natural gas company Electrabel €20 million (US$26 million) for acquiring Compagnie Nationale de Rhône (CNR) of France without obtaining prior clearance to do so, the European General Court fully upheld the EC decision.

On August 1, 2012, the German Federal Cartel Office (FCO) fined confectionary manufacturer Haribo EUR 2.4 Million (approximately US$ 3 Million) for illegally sharing competitively sensitive information with a competitor. The fine is significant insofar as it was imposed for a "stand-alone" information exchange violation.

The UK's Finance Bill 2009 was published earlier this month, and (as trailed in previous consultations and draft legislation) we now know that the rules on so-called "late" payment of interest, and discounts, between connected companies are to be amended with effect for accounting periods beginning on or after 1 April 2009.

In his Pre-Budget Report on 9 December, 2009, the UK Chancellor of the Exchequer, Alistair Darling, announced that there will be a new punitive tax imposed on remuneration - principally discretionary bonus payments - paid by certain financial institutions.

Under current United Kingdom law, the transfer or issue of UK shares or securities to a depositary receipt system, where depositary receipts are then issued to investors, attracts a one-off charge of 1.5 per cent stamp duty reserve tax ("SDRT") on the value or price paid for the UK shares or securities.

Perhaps it is a sign of the economic times that we at FraudMail Alert could not locate this year that one prosecution by the Department of Justice that makes us laugh out loud as we have in prior years.

The Commodity Futures Trading Commission has issued final rules which require any person claiming an exemption or exclusion from registration as a commodity pool operator under CFTC Regulations 4.5, 4.13(a)(2), 4.13(a)(3), 4.13(a)(5) or an exemption from registration as a commodity trading advisor under CFTC Regulation 4.14(a)(8) to annually affirm their notice of exemption or exclusion within 60 days of the calendar year end.

On July 28, 2008, the Federal Deposit Insurance Corporation (“FDIC”) published for comment a proposed rule that would require certain troubled depository institutions to maintain records of their qualified financial contracts (“QFCs”) in order to provide the FDIC with basic information when the agency is appointed as receiver.

The UK Financial Services Authority ("FSA") announced on 9 September 2008 that it had fined a former hedge fund manager for using restricted and inside information relating to a company undergoing debt restructuring.

In a series of announcements, the Department of the Treasury (“Treasury”) and the federal banking agencies have offered significant guidance on the operation of the Capital Assistance Program (“CAP”), one of the principal elements of the Financial Stability Plan announced on February 10, 2009.

Last week, President Obama introduced his $3.6 trillion budget proposal for 2010. Although many details will be subject to implementing legislation, a number of revenue-raising budget proposals will be of interest to private equity and hedge fund managers.

The Securities and Exchange Commission has proposed amending Rule 163(c) under the Securities Act of 1933 to allow a well-known seasoned issuer ("WKSI") to authorize an underwriter or dealer to act as its agent or representative in communicating about offerings of the WKSI’s securities prior to the filing of a registration statement in a registered public offering.

The SEC took the unusual step yesterday of issuing a Sunday press release to announce that the agency will immediately begin conducting examinations aimed at preventing the "intentional spread of false information intended to manipulate securities prices."

The events in the financial sector this past week have been historic. To assist clients as efficiently as possible, Fried, Frank, Harris, Shriver & Jacobson LLP has today established a multi-practice task force consisting of senior attorneys in its banking, corporate, real estate, bankruptcy, litigation, securities and government contracts practices.

As we have predicted, the continuing efforts of private equity firms to create structures that are consistent with bank control and holding company rules and that can be used to acquire financial institutions, and the willingness of banking regulators to accommodate private investors and put fresh capital to work in the banking business,

The United States Court of Appeals for the Sixth Circuit recently ruled in State Farm Bank, FSB v. Reardon that the Office of Thrift Supervision's ("OTS") lending regulations preempt the Ohio mortgage broker licensing law as it applies to the exclusive agents of a federal savings association.