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Delaware Court Affirms Limited Director Duty to Preferred Shares

On April 14, 2017 (corrected April 25, 2017), the Delaware Court of Chancery partially rejected a motion to dismiss a complaint (the “Complaint”).  The Complaint was brought by the trust of founder of a venture capital company who was also a common stockholder against an investor in Series A Preferred Stock (the “Preferred”) of ODN Holding... Read more »

U.K. Anti-Money Laundering Regulation Updated

The United Kingdom has published a near final regulation, the Money Laundering and Transfer of Funds (Information on the Payer) Regulations 2017 (the “Regulation”) under the E.U. Fourth Money Laundering Directive, to replace the Money Laundering Regulations 2007.  The Regulation is due to go into effect on June 26, 2017, although it may be delayed.  Under the... Read more »

Non-EU AIFs to be Subject to EU Rules

On May 4, 2017, the EU Commission adopted proposals to amend the current European Market Infrastructure Regulation (“EMIR”).  The proposals contain a number of possible changes, but among them is a proposed change to the definition “financial counterparty” to include an Alternative Investment Fund (“AIF”), whether established in the EU or outside the EU, even if its manager is... Read more »

FINRA Seeks Comment on Proposed Revisions to Unfair Underwriting Rule

On April 15, 2017, the Financial Industry Regulatory Authority (“FINRA”) published Regulatory Notice 17-15, seeking comments on its proposed revisions to FINRA Rule 5110, which prohibits broker-dealers from being involved in unfair underwritings.  The changes are, according to FINRA, designed to modernize the rule, first adopted in 1992 and updated last in 2004.  The changes... Read more »

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