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On 15 October 2014, the European Banking Authority (EBA) issued a formal Opinion and Report regarding the so-called "banker bonus cap." With bonus season fast approaching, the opinion— which states that role-based allowances should not be treated as fixed compensation, but rather as variable compensation subject to the banker bonus cap — has increased tensions between the EBA and European Commission on the one hand, and the U.K. on the other. A primary question for banks and their boards is whether the Opinion is immediately enforceable.
October 2014 | Skadden, Arps, Slate, Meagher & Flom LLP | Simon Baxter, Jon L Christianson, Frederic Depoortere, Jack P. DiCanio, Mitchell S. Ettinger, Warren Feldman, Patrick Fitzgerald, Steven R. Glaser, Eric J. Gorman, Christopher J. Gunther, Ryan D. Junck, David Kavanagh, Bradley A. Klein, Keith D. Krakaur, Andrew M. Lawrence, David B. Leland, Bruce Macaulay, Colleen P. Mahoney, Richard Marmaro, Bernd R. Mayer, Rory A. McAlpine, David Meister, Karyl Nairn QC, Stephen C. Robinson, Erich T. Schwartz, Michael Y. Scudder, Pierre Servan-Schreiber, Anke C. Sessler, Matthew E. Sloan, Charles F. (Chuck) Smith, Lawrence S. Spiegel, William J. Sweet, Jr., Ingrid Vandenborre, James S. Venit, Charles F. Walker, David M. Zornow, Gregoire Bertrou, Calvin Chan, Matthew Cowie, Francois Michaud, Jocelyn E. Strauber, Paul M. Kerlin, Angela Kim, Sean P. Shecter, Caroline Wojtylak
As cross-border investigations have grown in scope and complexity, staying current on the latest developments has become even more crucial for businesses. To facilitate these efforts, Skadden has launched a new semiannual newsletter highlighting important recent cross-border developments.
October 8, 2014 | Skadden, Arps, Slate, Meagher & Flom LLP | Kenneth A. Gross, Ki P. Hong, Matthew Bobys, Melissa L. Miles, Patricia M. Zweibel, Rachel L. Applestein, Shayla K. Parker, Charles M. Ricciardelli, Tyler Rosen, Tanya Sehgal
On September 30, 2014, Judge Beryl A. Howell of the U.S. District Court for the District of Columbia dismissed for lack a challenge to the SEC's "pay to play" Rule 206(4)-5. The court found that subject matter jurisdiction for review of the rule lies exclusively with the Court of Appeals for the District of Columbia Circuit. In addition, in dicta contained in a lengthy footnote, Judge Howell also cast serious doubt over the plaintiffs' standing to bring the suit.
October 7, 2014 | Skadden, Arps, Slate, Meagher & Flom LLP | Richard B. Aftanas, Brian V. Breheny, Adrian J. S. Deitz, Rajeev P. Duggal, Gregory A. Fernicola, Z. Julie Gao, Michelle Gasaway, David J. Goldschmidt, Stephan Hutter, Thomas J. Ivey, Stacy J. Kanter, Laura A. Kaufmann Belkhayat, Jonathan B. Ko, Riccardo A. Leofanti, James A. McDonald, Andrea L. Nicolas, Gregg A. Noel, Jonathan B. Stone, Alec P. Tracy, Danny Tricot, Pranav L. Trivedi, Yossi Vebman, Richard C. Witzel, Jr., Dwight S. Yoo, Michael J. Zeidel, Phyllis G. Korff
As the end of the year approaches, reporting companies should be aware of the various SEC filing deadlines for 2015. Companies also should be mindful of the 2015 financial statement "staleness" dates (when financial statements must be updated in order to consummate a securities offering).