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Prudential Regulators and CFTC Re-Propose Margin Requirements for Non-Cleared Swaps

September 19, 2014 | Skadden, Arps, Slate, Meagher & Flom LLP | Mark D. Young, Maureen A. Donley, Elizabeth A. Mastrogiacomo

Federal banking regulators and the CFTC have re-proposed regulations to require certain dealers and major participants in the swap and security-based swap markets to collect initial and variation margin for non-cleared swaps. The re-proposals make several significant changes to the proposed rules first issued by the regulators in 2011. This client alert answers some of the basic questions about the re-proposals, summarizes the proposed margin counterparty categories and gives an overview of how margin calculations would be made.

Inside the Courts: An Update From Skadden Securities Litigators

September 2014 | Skadden, Arps, Slate, Meagher & Flom LLP | Jay B. Kasner, Matthew J. Matule, Edward B. Micheletti, Peter B. Morrison, Amy S. Park, Charles F. (Chuck) Smith and other members of the Securities Litigation Group

This issue of Inside the Courts, Skadden’s securities litigation newsletter, includes summaries and associated court opinions of selected cases principally decided between May and early September 2014. The cases address developing federal court trends in class certification, fiduciary duties, foreign corporations, insider trading, interpreting the U.S. Supreme Court’s Janus decision, PSLRA matters and applications of the securities laws to corporations.

Georgetown and Fordham Global Antitrust Law Symposia Focus on Trends in Cartel Enforcement, Merger Control, IP and Financial Services

September 16, 2014 | Skadden, Arps, Slate, Meagher & Flom LLP | Matthew P. Hendrickson, James A. Keyte, Sharis A. Pozen, Steven C. Sunshine, Ingrid Vandenborre

Last week, Georgetown University Law Center hosted its Eighth Annual Global Antitrust Enforcement Symposium, and Fordham University School of Law hosted its 41st Annual International Antitrust Law and Policy Conference. These symposia provide key antitrust regulators a forum to discuss recent developments and signal future enforcement priorities. This year’s events focused on trends in cartel enforcement, merger control, intellectual property and financial services.

Hong Kong Regulatory Update

September 15, 2014 | Skadden, Arps, Slate, Meagher & Flom LLP | Christopher W. Betts, Will H. Cai, Edward Lam, Alec P. Tracy

This Hong Kong regulatory update is intended to provide a brief overview of the principal Hong Kong regulatory developments in the preceding three months relevant to companies listed or proposed to be listed on The Stock Exchange of Hong Kong Limited (the HKEx) and their advisers, including HKEx announcements and rule changes, Securities and Futures Commission (SFC) decisions and updates, and both HKEx and SFC enforcement related news.

European Central Bank Publishes Final List of 'Significant Supervised Entities' in Preparation for Banking Union

September 12, 2014 | Skadden, Arps, Slate, Meagher & Flom LLP | Sven G. Mickisch, William J. Sweet, Jr., Patrick Brandt

On 4 September, the EU's European Central Bank published its final list of 'significant supervised entities' and 'less significant institutions' for the purposes of the Eurozone's single supervisory mechanism (SSM), which comes into effect in November 2014. The list constitutes a significant step in the new EU bank regulatory framework, as the SSM regulations will subject significant and non-significant entities to differing supervisory regimes.

EU Debate on Enforcement of the 'Banker Bonus Cap' Approaches End Game

September 12, 2014 | Skadden, Arps, Slate, Meagher & Flom LLP | James Anderson, Stephen G. Sims, Helena J. Derbyshire, Patrick Brandt, Gregory P. Norman

The debate over the EU's ‘Banker Bonus Cap’ is moving towards its end game as European Commission vice president, Michel Barnier, has asked the European Banking Authority for a decision this month on whether allowances paid by EU banks to key staff constitute variable compensation. This alert explains the background to the debate and suggests some possible next steps.

FTC Doubles Down in Challenge to Pharmaceutical Settlement

September 10, 2014 | Skadden, Arps, Slate, Meagher & Flom LLP | Paul M. Eckles, Karen Hoffman Lent, Sharis A. Pozen, Steven C. Sunshine

On Sept. 8, 2014, the FTC filed a federal antitrust complaint against five pharmaceutical defendants — AbbVie, Abbott Laboratories, Unimed Pharmaceuticals, Besins Healthcare and Teva Pharmaceuticals — alleging that the companies entered into an agreement to maintain a monopoly over and restrain generic competition to AndroGel, a testosterone replacement therapy product. The complaint — the first FTC reverse-payment case to be filed in the wake of the Supreme Court's seminal Actavis decision — alleges that the underlying patent infringement litigation was baseless and motivated by anti-competitive purposes (i.e., a “sham”), which marks a departure from the FTC's previous approach in these cases.