Treasury Requests Filing of TIC Form SHC by U.S.-Resident Investment Managers
|
|
- Joella Carter
- 5 years ago
- Views:
Transcription
1 November 2011 / Issue 25 A legal update from Dechert s Financial Services Group Treasury Requests Filing of TIC Form SHC by U.S.-Resident Investment Managers d Some U.S.-resident investment managers or their parent companies have recently received notices from the Federal Reserve Bank of New York ( FRBNY ) informing them that they are required to submit a Report of U.S. Ownership of Foreign Securities, Including Selected Money Market Instruments ( Form SHC or the Report ) to the FRBNY by March 2, Those who have not received the FRBNY notice will nevertheless be required to consider whether they are required to file Form SHC, based on the applicable reporting thresholds. Form SHC is similar in some respects to the TIC Form SLT that many U.S. investment managers or their parent companies have recently filed with the FRBNY, but differs in other respects, including scope, format and timing. This update is designed to provide a short overview of Form SHC and to highlight when U.S. investment managers and their parent companies may have to file the Report. Overview of the Form SHC As a general matter, Form SHC requires that certain entities submit consolidated filings on behalf of themselves and each of their U.S.- resident subsidiaries and their asset management clients if applicable thresholds are met, or if the entity is notified by the FRBNY that it is required to submit the Report. Form SHC is one of a number of mandatory surveys that U.S. governmental agencies 1 Form SHC and related instructions are available at: Documents/shc2011in.pdf. conduct in order to study economic relationships of U.S. residents with foreign parties. It is required by the U.S. Department of the Treasury, which is being assisted by the FRBNY as fiscal agent. It is part of the various TIC reports administered by the FRBNY. Specifically, it is a benchmark survey held every five years that collects data on U.S.- resident holdings of foreign portfolio securities, from any U.S.-resident custodian or endinvestor, including an investment manager on its own behalf and on behalf of its clients. The largest Form SHC reporters will likely be asked by the FRBNY after the filing to submit followup filings annually on TIC Form SHCA. Consolidation Rules Form SHC is filed by U.S.-resident investor entities. A U.S. asset manager is generally considered a resident investor for purposes of the Report, and it needs to include not only its own portfolio investment holdings but also those of its U.S. clients, including its U.S. investment fund clients. In a corporate group, the ultimate U.S. parent is treated as the endinvestor and must consolidate reportable securities held or managed by all U.S.-resident parts of its group, including all of its U.S.- resident branches, offices, and subsidiaries. For purposes of the Report, the term U.S. Resident includes any individual, corporation, or other entity incorporated or legally established in the United States, including branches, subsidiaries and affiliates of foreign entities located in the United States.
2 Reportable Securities Most foreign equity and debt securities are considered reportable securities for purposes of Form SHC. The asset managers who recently considered whether it was necessary to file a TIC Form SLT must note that Form SHC only covers foreign securities held by U.S. parties, and that the universe of reportable securities is broader than the universe covered by TIC SLT. For example, Form SHC covers short-term debt securities and certain money market instruments, while TIC SLT does not. Various other concepts and definitions vary between the two forms (and other TIC forms). securities whose safekeeping it manages for itself and for other U.S. residents or whose safekeeping the investment manager has entrusted directly to foreignresident custodians or U.S. or foreign-resident central securities depositories, is over the threshold amount of $100 million as of December 31, A U.S.-resident investor must report holdings that are entrusted to an unaffiliated U.S.-resident custodian on Schedule 3 of the Report if, on a consolidated basis, the total fair value of the foreign securities is over the threshold amount of $100 million as of December 31. These amounts are much lower than the $1 billion aggregate threshold of TIC SLT. Structure of Form SHC Form SHC is divided into three schedules. Schedule 1 is used to collect certain identifying information about the reporter, including its name, its designated contact person or persons who can respond to FRBNY questions raised by the data reported, and a summary of the data, if any, reported on the other schedules. Schedule 2 is used to report detailed information on foreign securities owned directly, or through securities depositories, by U.S.-resident investors. Of particular relevance to asset managers, foreign securities held through U.S. custodians will usually be reported on Schedule 2 by the U.S. custodian and not the asset manager. But the asset manager may still be required to complete Schedule 3, which is used to report summary amounts for all foreign securities entrusted to the safekeeping of a U.S.-resident custodian. Reporting on Schedules 1, 2 and 3 and Related Thresholds Any U.S.-resident investment manager that is notified by the FRBNY that it is required to file Form SHC usually must file Schedule 1 regardless of whether the reporting thresholds (as discussed below) are met. However, if a U.S.-resident investment adviser that is not the ultimate U.S. parent receives a request to file Form SHC from the FRBNY, it should contact the FRBNY staff. In addition, subject to the consolidation rules discussed above, any U.S.-resident investor with holdings of foreign portfolio securities above the reporting thresholds of Schedule 2 and 3 must also file Schedule 1. A U.S.-resident investor must file on Schedule 2 if, on a consolidated basis, the total fair value of foreign Reporting Dates and Data Submission If required to file on Form SHC, an asset manager (or its ultimate U.S. parent) must submit the Report to the FRBNY by March 2, 2012, reflecting consolidated data as of December 31, Form SHC has strict and technical rules regarding how to submit each Schedule of the Report to the FRBNY. For example, an investment manager required to file the Report must submit Schedule 1 on paper, unless it is submitting Schedule 2 or Schedule 3 electronically via the Federal Reserve System s Internet Electronic Submission ( IESUB ) application. In that case, the U.S.-resident investment manager (or its ultimate U.S. parent) must also submit Schedule 1 using the IESUB application. The reporter is required to submit Schedule 2 on paper or electronically (i.e., on diskette(s), CDs, or via the IESUB application), unless its Schedule 2 consists of more than 200 records, in which case it must be submitted electronically. The reporter is required to submit Schedule 3 on paper or via IESUB application. Penalties for Failure to File Form SHC is authorized and required by an Act of Congress. There is potential civil and criminal liability for failure to file timely and accurate reports for any U.S. person or group subject to the reporting requirements. Any group that fails to provide timely and accurate data may be subject to a civil penalty of between $2,500 and $25,000, or injunctive relief ordering such group to comply, or both. Any U.S. person or group that willfully fails to submit any of the information required in the Report may be subject to a November 2011 / Issue 25 2
3 fine of up to $10,000, and, if an individual, may be subject to imprisonment for up to one year, or both. In addition, the requirement subjects to the same penalties, officers, directors, employees, and agents of any entity with filing obligations, who knowingly participate in such willful violation. Importantly, the person who will sign the filing must certify that he/she is aware of the penalties and that he/she is sufficiently knowledgeable about the activities and functions of the group on behalf of whom the Report is filed and that he/she can knowingly and with reasonable confidence certify that the information provided is accurate and complete. Conclusion U.S. investment managers should consider whether they, or their ultimate U.S. parent, must file the Report. They will need to dedicate sufficient time to prepare and file the Report, which is extremely detailed and technical. Those who determine that they are below the TIC SLT thresholds should nevertheless consider whether reporting is required on Form SHC, as it has lower reporting thresholds. This update was authored by Julien Bourgeois ( ; David J. Harris ( ; and Evan S. Posner ( ; Practice group contacts For more information, please contact the authors, one of the attorneys listed or any Dechert attorney with whom you regularly work. Visit us at Sign up to receive our other DechertOnPoints. Karen L. Anderberg London Thomas C. Bogle Douglas P. Dick David L. Ansell Julien Bourgeois Ruth S. Epstein Margaret A. Bancroft Kevin F. Cahill Orange County Joseph R. Fleming Sander M. Bieber Christopher D. Christian Brendan C. Fox Stephen H. Bier Elliott R. Curzon Robert M. Friedman November 2011 / Issue 25 3
4 David M. Geffen George J. Mazin d Jeremy I. Senderowicz David J. Harris Gordon L. Miller Frederick H. Sherley Charlotte Christopher P. Harvey Jack W. Murphy Michael L. Sherman Robert W. Helm John V. O Hanlon john.ohanlon@dechert.com Stuart Strauss stuart.strauss@dechert.com Richard M. Hervey richard.hervey@dechert.com Reza Pishva reza.pishva@dechert.com Patrick W. D. Turley patrick.turley@dechert.com Richard Horowitz richard.horowitz@dechert.com Edward L. Pittman edward.pittman@dechert.com Brian S. Vargo Philadelphia brian.vargo@dechert.com Jane A. Kanter jane.kanter@dechert.com Jeffrey S. Puretz jeffrey.puretz@dechert.com Thomas P. Vartanian thomas.vartanian@dechert.com Geoffrey R.T. Kenyon geoffrey.kenyon@dechert.com Jon S. Rand jon.rand@dechert.com David A. Vaughan david.vaughan@dechert.com Matthew Kerfoot matthew.kerfoot@dechert.com Robert A. Robertson Orange County robert.robertson@dechert.com M. Holland West holland.west@dechert.com Robert H. Ledig robert.ledig@dechert.com Keith T. Robinson keith.robinson@dechert.com Jennifer Wood London jennifer.wood@dechert.com Angelyn Lim Hong Kong angelyn.lim@dechert.com Kevin P. Scanlan kevin.scanlan@dechert.com Anthony H. Zacharski Hartford anthony.zacharski@dechert.com November 2011 / Issue 25 4
5 D Dechert LLP. All rights reserved. Materials have been abridged from laws, court decisions and administrative rulings and should not be considered as legal opinions on specific facts or as a substitute for legal counsel. This publication, provided by Dechert LLP as a general informational service, may be considered attorney advertising in some jurisdictions. Prior results do not guarantee a similar outcome. U.S. Austin Charlotte Hartford Los Angeles Orange County Philadelphia Princeton San Francisco Silicon Valley EUROPE Brussels Dublin London Luxembourg Moscow Munich Paris ASIA Beijing Hong Kong November 2011 / Issue 25
Frequently Asked Questions About Recent SEC Orders Relating to Short Sales
September 2008 / Issue 26 A legal update from Dechert s Financial Services Group Frequently Asked Questions About Recent SEC Orders Relating to Short Sales The recent emergency amendments made by the Securities
More informationSEC Adopts Interim Rule to Require Disclosure of Short Sales and Short Positions by Institutional Investment Managers
October 2008 / Issue 31 A legal update from Dechert s Financial Services Group SEC Adopts Interim Rule to Require Disclosure of Short Sales and Short Positions by Institutional Investment Managers d On
More informationOpportunities in China for Foreign Asset Managers
September 2009 / Issue 13 A legal update from Dechert s Financial Services Group Opportunities in China for Foreign Asset Managers This DechertOnPoint describes opportunities for foreign asset managers
More informationHedge Fund Advisers and Former Portfolio Manager Settle with SEC for Short Sale Violations
June 2005 / Issue 9 A legal update from Dechert s Financial Services Group Hedge Fund Advisers and Former Portfolio Manager Settle with SEC for Short Sale Violations d Executive Summary On May 19, 2005,
More informationRisk Management by U.S. Mutual Funds Facing European Sovereign Debt Risk
March 2012 / Issue 8 A legal update from Dechert s Financial Services Group Risk Management by U.S. Mutual Funds Facing European Sovereign Debt Risk d Introduction In the face of a potential sovereign
More informationSEC, Fed Propose Regulation R to Implement Bank Broker Provisions of Gramm-Leach- Bliley Act
January 2007 / Issue 1 A legal upate from Dechert s Financial Services Group SEC, Fe Propose Regulation R to Implement Bank Broker Provisions of Gramm-Leach- Bliley Act As we previously reporte, 1 on December
More informationBaFin Report Provides Guidance on Application of New Regulation on PIBs
December 2011 / Issue 18 A legal update from Dechert s Financial Services Group BaFin Report Provides Guidance on Application of New Regulation on PIBs On December 5, 2011, the German Financial Supervisory
More informationMutual Fund Directors Forum Report on Best Practices and Practical Guidance for Independent Directors
September 2004 / Issue 26 A legal update from Dechert s Financial Services Group Mutual Fund Directors Forum Report on Best Practices and Practical Guidance for Independent Directors d I. Introduction
More informationFund Distribution: A Changed Landscape. Independence Commitment Expertise
Fund Distribution: A Changed Landscape Independence Commitment Expertise Welcome Mike Kirby Managing Principal, KB Associates 2 3 International Fund Distribution; Key Trends 2013 Ross Allen Consultant,
More informationTreasury Issues Final Suspicious Activity Reporting Requirements for Mutual Funds
May 2006 / Issue 4 A legal upate from Dechert s Financial Services Group Treasury Issues Final Suspicious Activity Reporting Requirements for Mutual Funs On May 4, 2006, the Treasury Department s Financial
More informationU.S. Financial Stability Oversight Council Proposes Recommendations for Money Market Fund Reform
December 2012 / Special Alert A legal update from Dechert s Financial Services Group U.S. Financial Stability Oversight Council Proposes Recommendations for Money Market Fund Reform d Introduction On November
More informationA New Regime for Venture Capital
October 2011 / Issue 15 A legal update from Dechert s Financial Services Group A New Regime for Venture Capital There has, for a number of years, been a feeling within the European venture capital community
More informationEstablishing a European ETF in Ireland
Establishing a European ETF in Ireland D Introduction An exchange traded fund (ETF) is an investment fund that is structured to allow intra-day trading of its shares on a stock exchange using real time
More informationM&A ACADEMY: TAX ISSUES IN M&A TRANSACTIONS
M&A ACADEMY: TAX ISSUES IN M&A TRANSACTIONS Daniel Nelson, Partner Casey August, Partner February 12, 2019 2019 Morgan, Lewis & Bockius LLP Introductory Notes Focus on domestic transactions Cross-border
More informationTAX ISSUES IN M&A TRANSACTIONS
MORGAN LEWIS 2018 M&A ACADEMY PRESENTS: TAX ISSUES IN M&A TRANSACTIONS Daniel Nelson, Partner Casey August, Partner March 6, 2018 2018 Morgan, Lewis & Bockius LLP Introductory Notes Focus on domestic transactions
More informationUNDERSTANDING CLOSED- END INTERVAL FUNDS Sean Graber, Partner Thomas S. Harman, Partner David W. Freese, Associate. June 7, 2017
UNDERSTANDING CLOSED- END INTERVAL FUNDS Sean Graber, Partner Thomas S. Harman, Partner David W. Freese, Associate June 7, 2017 2017 Morgan, Lewis & Bockius LLP Overview What are Interval Funds? How are
More informationTHE TRANSFORMATION OF INVESTMENT ADVICE: DIGITAL ADVISERS AS FIDUCIARIES
THE TRANSFORMATION OF INVESTMENT ADVICE: DIGITAL ADVISERS AS FIDUCIARIES Jennifer L. Klass and Eric L. Perelman Wharton Pension Research Counsel 2018 Symposium: The Disruptive Impact of FinTech on Retirement
More informationPLAN SPONSOR BASICS: RETIREMENT PLAN. Presenters: Lisa H. Barton and Mark J. Simons September 22, 2015
PLAN SPONSOR BASICS: RETIREMENT PLAN CORRECTION ISSUES Presenters: Lisa H. Barton and Mark J. Simons September 22, 2015 WHAT WE WILL COVER Available Correction Programs The IRS Employee Plans Compliance
More informationSEC Adopts Executive Compensation Rules
November 2006 / Issue 15 A legal upate from Dechert s Financial Services Group SEC Aopts Executive Compensation Rules On July 28, 2006, the Securities an Exchange Commission (the SEC ) aopte a number of
More informationInvestment Advisers and Funds New Treasury Report Form for Foreign Claims and Liabilities
February 2014 Practice Groups: Investment Management Hedge Funds and Venture Funds Investment Advisers and Funds New Treasury Report Form for Foreign Claims and Liabilities By Clifford J. Alexander and
More informationDeal Dynamics Under Antitrust Fire: Contrasting AT&T/T-Mobile and Express Scripts/Medco
Deal Dynamics Under Antitrust Fire: Contrasting AT&T/T-Mobile and Express Scripts/Medco January 29, 2013 2013 Dechert LLP Topics Antitrust and politics of Express Scripts/Medco Contrasting AT&T/T-Mobile
More informationREQUIREMENTS AND HIGHLIGHTS OF THE VOLCKER RULE AND ITS REGULATIONS
REQUIREMENTS AND HIGHLIGHTS OF THE VOLCKER RULE AND ITS REGULATIONS July 1, 2015 Charles Horn, Partner Steve Stone, Partner Melissa Hall, Of Counsel Monique Botkin, Investment Adviser Association (Moderator)
More informationSEC PROPOSED STANDARDS OF CONDUCT. FOR RETAIL ADVICE Chris Cox Jennifer Klass Steven Stone Brian Baltz May 9, Morgan, Lewis & Bockius LLP
SEC PROPOSED STANDARDS OF CONDUCT FOR RETAIL ADVICE Chris Cox Jennifer Klass Steven Stone Brian Baltz May 9, 2018 2018 Morgan, Lewis & Bockius LLP Overview Background Overview of the Proposals Regulation
More informationLatham & Watkins Corporate Department
Number 348 November 21, 2003 Client Alert Latham & Watkins Corporate Department However, one important provision will have immediate impact namely the provision that dictates how non-eu issuers can have
More informationFinancial Services. Release IA-3110: Rules Implementing Amendments to the Investment Advisers Act of 1940 DECEMBER 2010
Financial Services DECEMBER 2010 BEIJING CHARLOTTE CHICAGO GENEVA HONG KONG LONDON LOS ANGELES MOSCOW NEW YORK NEWARK PARIS SAN FRANCISCO SHANGHAI WASHINGTON, D.C. www.winston.com Securities and Exchange
More informationClient Alert. IRS Relaxes Standard of Relief for Failing to File Gain Recognition Agreements. Background
Number 1464 February 6, 2013 Client Alert Latham & Watkins Tax Department IRS Relaxes Standard of Relief for Failing to File Gain Recognition Agreements The proposed regulations recognize that full gain
More informationLatham & Watkins Tax Department
Number 556 December 7, 2006 Client Alert Latham & Watkins Tax Department Internal Revenue Service Issues Guidance on Reporting and Withholding Under Section 409A for 2006 Notice 2006-100 is important for
More informationBiography. Mary B. Hevener Washington, D.C. T F
Biography Mary B. Hevener Washington, D.C. T +1.202.739.5982 F +1.202.739.3001 Mary B. Handy Hevener helps US and multinational enterprises minimize corporate payroll taxes and maximize benefits related
More information2016 PLAN SPONSOR BASICS 401(k) ISSUES. Presenters: Lisa Barton and Elizabeth Kennedy November 9, 2016
2016 PLAN SPONSOR BASICS 401(k) ISSUES Presenters: Lisa Barton and Elizabeth Kennedy November 9, 2016 2016 Morgan, Lewis & Bockius LLP SECTION 01 WHAT WE WILL COVER Agenda Description of Correction Principles
More informationSEC adopts requirement for disclosure of hedging policies for employees, officers, and directors
SEC Update January 24, 2019 This is a commercial communication from Hogan Lovells. See note below. SEC adopts requirement for disclosure of hedging policies for employees, officers, and directors On December
More informationFinal Regulations Adopt Most Proposed Regulations
Number 591 April 16, 2007 Client Alert Latham & Watkins Tax Department Final Regulations under Section 409A Important Issues for Stock Options and Other Stock Rights In general, the final regulations under
More informationAffordable Care Act Tasks:
Affordable Care Act Tasks: Shared Responsibility Reporting February 5, 2015 Presenters: Andy R. Anderson Kimberly J. Boggs www.morganlewis.com Today s Material Our assumptions for today: Calendar-year
More informationClient Alert. Number July Latham & Watkins Tax Department
Number 1375 31 July 2012 Client Alert Latham & Watkins Tax Department Spain s Tax Reform Introduces a New Special Tax Applicable to Dividends and Capital Gains Derived From Foreign Subsidiaries not Qualifying
More informationLatham & Watkins Health Care Practice Group
Number 268 March 4, 2003 Client Alert Latham & Watkins Health Care Practice Group OIG Approves One ASC Joint Venture, Declines to Approve Another... ASC joint ventures that do not meet safe harbors will
More informationResponding to Commercial Bribery Investigations What to Do When the Chinese Administration for Industry and Commerce (AIC) Arrives At Your Door
Responding to Commercial Bribery Investigations What to Do When the Chinese Administration for Industry and Commerce (AIC) Arrives At Your Door Eugene Chen Counsel, Hogan Lovells International LLP September
More informationCONFLICTS OF INTEREST
CONFLICTS OF INTEREST SEC STAFF TRAINING Jennifer L. Klass Christine M. Lombardo May 20, 2015 2015 Morgan, Lewis & Bockius LLP Overview What is a Conflict? Regulatory Focus on Conflicts Framework for Addressing
More informationInvestment Funds: U.S.
Investment Funds: U.S. Key Contacts Douglas P. Dick +1 202 261 3305 Richard Horowitz New York +1 212 698 3525 John V. O'Hanlon Boston +1 617 728 7111 Translate Page Harnessing decades of innovation to
More informationDirectors duties under the Companies Act An introduction
Directors duties under the Companies Act 2006 An introduction Contents Introduction and background 4 The duties 5 Duty to promote the success of the company 6 Duty to exercise reasonable care, skill and
More informationDerivatives and Commodities
Derivatives and Commodities Key Contacts Richard Frase +44 20 7184 7692 Matthew K. Kerfoot New York +1 212 641 5694 Philip T. Hinkle Washington, D.C. +1 202 261 3460 Translate Page Delivering integrated,
More informationPRIVACY AND CYBERSECURITY ISSUES IN M&A TRANSACTIONS
PRIVACY AND CYBERSECURITY ISSUES IN M&A TRANSACTIONS Don Shelkey and Ezra Church May 22, 2018 2018 Morgan, Lewis & Bockius LLP Overview Introduction Why should I care? Five Key Legal Requirements Sector-Specific
More informationSHC(A)-SHL(A) Reporting Seminar
SHC(A)-SHL(A) Reporting Seminar Wednesday, October 29, 2014 Overview Edward Sapozhnikov 1 Overview Forms SHC/SHC(A) & SHL/SHL(A) Changes to the Forms Best Practices & Complex Issues Reporting Central 3
More informationA Series of Fortunate Events
Number 973 18 January 2010 Client Alert Latham & Watkins Corporate Department Changes in Regulation of Derivatives and Repo Transactions in Russia The Amendments almost by accident spawned a more general
More informationDEBT FINANCING FOR EARLY STAGE VENTURES
DEBT FINANCING FOR EARLY STAGE VENTURES Matthew E. Schernecke May 16, 2018 2018 Morgan, Lewis & Bockius LLP Morgan Lewis Technology May-rathon 2018 Morgan Lewis is proud to present Technology May-rathon,
More informationSECTION 4062(e) PLANT SHUTDOWN LIABILITY
PLAN SPONSOR BASICS: SECTION 4062(e) PLANT SHUTDOWN LIABILITY Presenters: April 29, 2015 Althea R. Day Brian J. Dougherty 2015 Morgan, Lewis & Bockius LLP PBGC Plant Shutdown Liability Before 2015 Statutory
More informationFebruary 2015
Roundtable Road Show 2015 SEC Examination and Enforcement Trends for Investment Advisers February 2015 www.morganlewis.com Our Team Peter Chan, Chicago pchan@morganlewis.com +1.312.324.1179 Merri Jo Gillette,
More informationMiFID II 31 December MiFID II. Third country access
MiFID II 31 December 2016 1 MiFID II Third country access December 2016 MiFID II 31 December 2016 1 Key Points MiFID II will allow third country (i.e. non-eu) firms to provide cross-border services in
More informationSEC PROPOSES LIQUIDITY RISK- MANAGEMENT RULES. Christopher D. Menconi, Sean Graber, Beau Yanoshik, David W. Freese January 20, 2016
SEC PROPOSES LIQUIDITY RISK- MANAGEMENT RULES Christopher D. Menconi, Sean Graber, Beau Yanoshik, David W. Freese January 20, 2016 2015 Morgan, Lewis & Bockius LLP Overview Introduction Liquidity Risk
More informationNAVIGATING US TAX REFORM:
NAVIGATING US TAX REFORM: WHAT BUSINESSES NEED TO KNOW Inbound Investment: Non-U.S. Taxpayers Investing Into the U.S. Market January 23, 2018 Presenters: Richard LaFalce, Partner Daniel Nelson, Partner
More informationShareholders' Rights in a Russian Joint-Stock Company
Shareholders' Rights in a Russian Joint-Stock Company Further information If you would like further information on any aspect of the issues described in this note please contact a person mentioned below
More informationIMPLEMENTING THE BENEFICIAL OWNERSHIP RULES. April 18, 2018 Charles Horn, Melissa Hall, Ignacio Sandoval
IMPLEMENTING THE BENEFICIAL OWNERSHIP RULES April 18, 2018 Charles Horn, Melissa Hall, Ignacio Sandoval 2018 Morgan, Lewis & Bockius LLP Overview Key Dates Adoption Date: May 2016 Effective Date: July
More informationKey CFTC Considerations for Asset Managers
Key CFTC Considerations for Asset Managers Apex Fund Services Seminar January 25, 2013 Agenda for Discussion Main Points: Overview of CFTC / Commodity Futures Laws Summary of Recent Rule Changes Exemptions
More informationLatham & Watkins Tax Department
Number 584 April 4, 2007 Client Alert Latham & Watkins Tax Department Cross-Border Financings: US Tax Authorities Target Structured Finance Arbitrage and Double Dip Losses There are three categories of
More informationM&A ACADEMY INDEMNIFICATION
M&A ACADEMY INDEMNIFICATION Ben Wills Andrew Budreika December 5, 2017 2017 Morgan, Lewis & Bockius LLP I. Background 1. Scope of Presentation Private Company M&A Strategic deals Some aspects of private
More informationM&A ACADEMY PURCHASE PRICE ADJUSTMENTS & EARN- OUTS
M&A ACADEMY PURCHASE PRICE ADJUSTMENTS & EARN- OUTS Troy Brown Andrew Ray November 9, 2017 2016 Morgan, Lewis & Bockius LLP OVERVIEW OF PRESENTATION Purchase Price Adjustments Net Working Capital, Net
More informationEvolving Audit Committee Standards for Texas Insurers
for Texas Insurers Authors Christopher L. Martin // 713-226-1209 // cmartin@lockelord.com Beniamin D. Smolij // 713-226-1216 // bsmolij@lockelord.com Effective January 1, 2010, the National Association
More informationPREPARING FOR A CHANGE IN CONTROL
GLOBAL PUBLIC COMPANY ACADEMY PREPARING FOR A CHANGE IN CONTROL PLANS AND AGREEMENTS AFFECTED BY A CHANGE IN CONTROL Justin Chairman Jeanie Cogill Amy Pocino Kelly April 4, 2018 2018 Morgan, Lewis & Bockius
More informationM&A ACADEMY CHOOSING AN ACQUISITION STRUCTURE AND STRUCTURING A DEAL
M&A ACADEMY CHOOSING AN ACQUISITION STRUCTURE AND STRUCTURING A DEAL October 24, 2017 John Utzschneider and Gitte Blanchet 2017 Morgan, Lewis & Bockius LLP Agenda Overview of the Acquisition Process Basic
More informationWells Fargo Bank, N.A. as Trustee v. Chukchansi Economic Development Authority, et al., Index No /2013
Robert J. Malionek Direct Dial: 212-906-1816 robert.malionek@lw.com October 15, 2013 Honorable Melvin L. Schweitzer Supreme Court of the State of New York County of New York 26 Broadway New York, NY 10004
More informationLatham & Watkins Employee Benefits and Compensation Practice
Number 488 27 October 2005 Client Alert Latham & Watkins Employee Benefits and Compensation Practice Employee Compensation: A Cautionary Note for Employers with Stock Option Plans... an employee may also
More informationM&A ACADEMY: THIRD PARTY REPRESENTATIONS AND WARRANTIES INSURANCE IN STRATEGIC AND PE DEALS
M&A ACADEMY: THIRD PARTY REPRESENTATIONS AND WARRANTIES INSURANCE IN STRATEGIC AND PE DEALS Kevin Shmelzer Colby Smith December 12, 2017 2017 Morgan, Lewis & Bockius LLP Introduction Representations and
More informationSEC Issues Final Guidance on Executive Compensation Disclosure. December 21, 2009
SEC Issues Final Guidance on Executive Compensation Disclosure December 21, 2009 On December 16, the Securities and Exchange Commissioners adopted final amendments to the proxy disclosure rules to enhance
More informationLatham & Watkins Tax Department
Number 410 October 4, 2004 Client Alert Latham & Watkins Tax Department... the Act imposes additional requirements on California charitable organizations by incorporating many of the so-called corporate
More informationIP ISSUES IN MERGERS & ACQUISITIONS
IP ISSUES IN MERGERS & ACQUISITIONS Louis Beardell, James Carrigan, and Rachelle Dubow June 6, 2017 2016 Morgan, Lewis & Bockius LLP Key IP Issues in Mergers & Acquisitions I. IP due diligence: scope,
More informationAlert Labor & Employment
Alert Labor & Employment Closing the Salary Gap & Practical Tips for Employers November 2017 Given the national spotlight on pay equity, in 2016 there was a radical change in the equal pay legal landscape,
More informationSEC Reopens Comment Period on Proposed Rules Regarding Security-Based Swaps
SEC Reopens Comment Period on Proposed Rules Regarding Security-Based Swaps SEC Reopens Comment Period and Requests Additional Comment on Previously Proposed Rules Regarding Capital, Margin and Collateral
More informationLatham & Watkins Corporate and Litigation Departments. CMS Issues Proposed Regulations Interpreting the Physician Payment Sunshine Act
Number 1266 December 19, 2011 Client Alert Latham & Watkins Corporate and Litigation Departments CMS Issues Proposed Regulations Interpreting the Physician Payment Sunshine Act CMS estimates the average
More informationLatham & Watkins Distressed Credit Markets Advisory Group
Number 842 March 26, 2009 Client Alert Latham & Watkins Distressed Credit Markets Advisory Group Federal Reserve Bank of New York Revises and Expands the Term Asset-Backed Securities Loan Facility We have
More informationDeputy Attorney General Rod Rosenstein Announces Revisions to Yates Memo
Deputy Attorney General Rod Rosenstein Announces Revisions to Yates Memo During a speech delivered Thursday at the International Conference on the Foreign Corrupt Practices Act ( FCPA ) in Oxon Hill, Maryland,
More informationThe Act Amending the Right of Inquiry
The Act Amending the Right of Inquiry Further information If you would like further information on any aspect of the Act amending the right of inquiry please contact a person mentioned below or the person
More informationContents. Introduction 4. Directors conflicts duties 4. What is a conflict? 5. Who can authorise? 6. Authorising conflicts 7
Directors conflicts of interests under the Companies Act 2006 Contents Introduction 4 Directors conflicts duties 4 What is a conflict? 5 Who can authorise? 6 Authorising conflicts 7 Practical steps for
More informationClient Alert. IRS Issues Final Regulations on Noncompensatory Partnership Options
Number 1471 February 19, 2013 Client Alert Latham & Watkins Tax Department IRS Issues Final Regulations on Noncompensatory Partnership Options On February 4, 2013, the Internal Revenue Service (IRS) released
More informationLaw Amendment and the FCPA Best Practices for Responding to a Chinese Government Commercial Bribery Investigation
Presenting a live 90 minute webinar with interactive Q&A New Chinese Anti Corruption Law Amendment and the FCPA Best Practices for Responding to a Chinese Government Commercial Bribery Investigation THURSDAY,
More informationCONSUMER-DRIVEN HEALTHCARE POST-ACA. Presenters: Andy Anderson and Sage Fattahian March 30, 2016
CONSUMER-DRIVEN HEALTHCARE POST-ACA Presenters: Andy Anderson and Sage Fattahian March 30, 2016 2016 Morgan, Lewis & Bockius LLP CONSUMER-DRIVEN HEALTHCARE POST-ACA OVERVIEW Overview Started with ERISA
More informationClient Alert. Recent Changes to CONSOB Rules on Cash Tender Offers and Exchange Offers for Debt Securities Extended into Italy
Number 1230 6 September 2011 Client Alert Latham & Watkins Corporate Department Recent Changes to CONSOB Rules on Cash Tender Offers and Exchange Offers for Debt Securities Extended into Italy Recent changes
More informationLatham & Watkins Litigation Department. By Peter L. Winik, Julia A. Hatcher and Laura H. Neuwirth
Number 642 November 2, 2007 Client Alert Latham & Watkins Litigation Department A Surge of Product Recalls and Investigations Serves to Remind Companies of the Need to Comply with Product Safety Rules
More informationUNDERSTANDING THE NEW BEAT TAX
TEI HOUSTON CHAPTER: FEDERAL UPDATE UNDERSTANDING THE NEW BEAT TAX F. SCOTT FARMER PETER M. DAUB MORGAN LEWIS FEBRUARY 26, 2018 BEAT -- General Rules Base erosion anti-abuse tax ( BEAT, Code Section 59A)
More informationEMPLOYMENT & COMPLIANCE ISSUES & PITFALLS IN CROSS- BORDER M&A TRANSACTIONS
EMPLOYMENT & COMPLIANCE ISSUES & PITFALLS IN CROSS- BORDER M&A TRANSACTIONS Todd Liao, Partner (Shanghai) & K. Lesli Ligorner, Partner (Shanghai) January 16, 2018 2018 Morgan, Lewis & Bockius LLP Agenda
More informationMiFID II Information to clients on costs and charges
MiFID II Information to clients on costs and Key Points associated /ancillary services and financial instruments should be disclosed to clients. This encompasses a wider range of costs than were previously
More informationIN THE UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF NEW YORK
IN THE UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF NEW YORK UNITED STATES OF AMERICA, ) ) Plaintiff, ) ) v. ) Civil No. 1:07-cv-352-TJM-RFT ) ROBERT L. SCHULZ; ) WE THE PEOPLE FOUNDATION
More informationLatham & Watkins Finance Department
Number 475 August 19, 2005 Client Alert Latham & Watkins Finance Department Of particular significance to the electric power industry, the Act repeals the Public Utility Holding Company Act of 1935...
More informationLatham & Watkins Corporate & Finance Departments
Number 1204 June 20, 2011 Client Alert Latham & Watkins Corporate & Finance Departments After the Credit Crunch: Venture Credit Facilities at the Term Sheet Stage This Alert highlights some of the key
More informationDOL Releases Final Disclosure Regulations for Participant-Directed Individual Account Plans. October 26, 2010
DOL Releases Final Disclosure Regulations for Participant-Directed Individual Account Plans October 26, 2010 On October 14, the Department of Labor (DOL) released final regulations that will impose new
More informationLatham & Watkins Corporate Department
Number 242 December 13, 2002 Client Alert Latham & Watkins Corporate Department The proposed rule is designed to force textual MD&A disclosures about off-balance sheet arrangements that have not been prominently
More informationLatham & Watkins Corporate Department
Number 1260 November 22, 2011 Client Alert Latham & Watkins Corporate Department The Limits of Control: Private Funds and the Large Trader Rule... investment advisers to private funds should consider updating
More informationIntroducing the New Multi-Level Marketing Governing Act
March 2014 Practice Group(s): Corporate/M&A Public Policy and Law Introducing the New Multi-Level Marketing By Max Wang Background Taiwan had approximately 369 multi-level marketing (MLM) companies and
More informationLatham & Watkins Venture and Technology Practice
Number 405 September 7, 2004 Client Alert Latham & Watkins Venture and Technology Practice New Law Relating to the Protection of Individuals with Regard to the Processing of Personal Data, Modifying the
More informationCOMPENSATION CLAWBACKS: TAX CONSEQUENCES FOR ISSUERS AND EXECUTIVES
COMPENSATION CLAWBACKS: TAX CONSEQUENCES FOR ISSUERS AND EXECUTIVES Rosina B. Barker Rosina.Barker@morganlewis.com 202.739.5210 2017 Morgan, Lewis & Bockius LLP What is a Clawback? Traditionally: Recoupment
More informationClient Alert. IRS Releases Final FATCA Regulations. Summary. Background
Number 1460 January 29, 2013 Client Alert Latham & Watkins Tax Department IRS Releases Final FATCA Regulations Summary The Regulations represent a significant step towards FATCA implementation, yet considerable
More informationLatham & Watkins Tax Department. The American Jobs Creation Act of 2004 Affects Domestic Mergers and Acquisitions Tax Issues
Number 415 October 26, 2004 Client Alert Latham & Watkins Tax Department The Act makes certain significant reforms that relate to domestic mergers and acquisitions and will be of interest to U.S. taxpayers.
More informationWorld Compass Who We Are
A global web-based service offering investment firms 24/7 access to detailed information on fund marketing, separate accounts and beneficial ownership reporting Dechert LLP World Compass Who We Are World
More informationBENEFITS AND COMPENSATION: MISSION CRITICAL FOR TECH COMPANY SUCCESS
TECHNOLOGY MAY-RATHON BENEFITS AND COMPENSATION: MISSION CRITICAL FOR TECH COMPANY SUCCESS Sage Fattahian Carly Grey Erin Randolph-Williams May 23, 2017 2017 Morgan, Lewis & Bockius LLP SECTION 01 REPEAL
More informationABA Mutual Institutions Council Capital Issues for Mutuals
ABA Mutual Institutions Council Capital Issues for Mutuals Richard A. Schaberg Richard L. Quad October 14, 2012 Contents I. Sources of Capital for Mutuals II. III. Regulatory Issues with Preferred Stock
More informationSEC Approves Amendments to Rule 15c2-12
Number 1039 June 8, 2010 Client Alert Latham & Watkins Tax Department SEC Approves Amendments to Rule 15c2-12 For issuers or obligated parties with any currently outstanding municipal securities, including
More informationMiFID II Best execution and client order handling
2015 MiFID II Best execution and client order handling Key Points The definition of trading venue will include the new MiFID II concept of an organised trading facility A firm's obligation to take steps
More informationFirms will be required to appoint a single officer with specific responsibility for client assets
MiFID II Safeguarding of client assets Key Points Firms will be required to appoint a single officer with specific responsibility for client assets Title transfer collateral arrangements ("TTCAs") will
More informationSEC Approves Final NYSE and NASDAQ Compensation Committee Rules
February 5, 2013 SEC Approves Final NYSE and NASDAQ Compensation Committee Rules Companies are required to comply with certain of the new listing standards relating to compensation adviser independence
More informationClient Alert. In its Denial of a Power Plant Sale, FERC Sheds Light on the Meaning of Control and the Importance of Mitigation.
Number 1492 March 26, 2013 Client Alert Latham & Watkins Finance Department In its Denial of a Power Plant Sale, FERC Sheds Light on the Meaning of Control and the Importance of Mitigation The decision
More informationSEC Proposes Disclosure Rules for Critical Accounting Policies
NUMBER 202 FROM THE LATHAM & WATKINS CORPORATE DEPARTMENT BULLETIN NO. 202 JULY 3, 2002 SEC Proposes Disclosure Rules for Critical Accounting Policies This new rule would add several pages or more of textual
More informationAt a glance dechert.com
At a glance Attorney advertising. Prior results do not guarantee a similar outcome. Dechert is a global specialist law firm. Focused on sectors with the greatest complexities, legal intricacies and highest
More informationNAVIGATING US TAX REFORM:
NAVIGATING US TAX REFORM: What Businesses Need to Know March 20, 2018 2018 Morgan, Lewis & Bockius LLP Agenda Topic Slides Overview...3 Domestic Provisions...4-13 International Provisions...14-29 Immediate
More information