Blog
European Union’s AIFMD Amended with New Rules on “Pre-Marketing” and “Reverse Solicitation”
On April 6, 2019, the European Parliament approved a new Directive and a new Regulation, each on Cross-Border Distribution of Collective Investment Undertakings (respectively, the “CBDF Directive” and the “CBDF Regulation”; together, the “CBDF Legislation”). Among other things, the CBDF Legislation amends the Alternative Investment Funds Directive (the “AIFMD”) to make clear that to be... Read more »
Supreme Court Finds Bankrupt Licensor of Cannot Rescind Trademark
On May 20, 2019, the Supreme Court, in an 8-1 decision authored by Justice Elena Kagan, decided that a trademark holder who becomes bankrupt can reject, but not rescind, a license contract. In Mission Product Holdings, Inc. v. Tempnology, LLC, 587 U.S. ___, No. 17-1657, Slip op. (May 20, 2019), Kagan wrote that Section 365... Read more »
FinCEN Extends Program to Identify Beneficial Owners of Real Estate Entities to November
The Financial Crimes Enforcement Enforcement Network (“FinCEN”) of the U.S. Treasury has extended to November its program to require title insurance agencies in certain cities to collect and report to it the beneficial owners of legal entities used to purchase real estate. The “Geographic Targeting Order” applies to acquisitions of residential real estate in certain... Read more »
SEC Issues Cease and Desist Against Prosper for Overstating “Annualized Net Returns”
On April 19, 2019, the Securities and Exchange Commission (the “SEC”) issued a Cease and Desist Order against Prosper Funding, LLC (“Prosper”), for overstating “Annualized Net Returns” to its investors for nearly two years. Prosper is an on-line lender which raises funds by selling securities linked to the performance of consumer loans and related rights. ... Read more »