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MiFID 2: Reforming the Regulation of EU Securities and Derivatives Markets

January 2015 | Skadden's 2015 Insights - Financial Regulation | Anastasia T. Rockas, William J. Sweet, Jr., Maureen A. Donley, Patrick Brandt

The European Union has begun a wide-ranging and radical reform of its securities and derivatives markets through MiFID 2,1 which is scheduled to be implemented across the EU by January 3, 2017. Implementation is dependent on a large amount of EU-level secondary legislation, drafts of which recently...

Balancing Protection of Information With Employee Rights in Confidentiality Policies

January 2015 | Skadden's 2015 Insights - Regulatory | John P. Furfaro, Risa M. Salins

The developing law on employer confidentiality policies underscores the tension between an employer's ever-increasing need to protect confidential information and an employee's established right to discuss terms and conditions of employment. With the exponential growth of social media,...

New Rules Change Requirements for Federal Contractors

January 2015 | Skadden's 2015 Insights - Regulatory | John P. Furfaro, Risa M. Salins

A string of Executive Orders signed by President Barack Obama and new rules published by the Department of Labor (DOL) in 2014 have imposed additional obligations on federal government contractors and subcontractors. New rules set requirements for the hiring of veterans and those with disabilities,...

Supreme Court May Nix Disparate Impact in Fair Lending Enforcement

January 2015 | Skadden's 2015 Insights - Financial Regulation | Joseph L. Barloon, Anand S. Raman, Darren M. Welch

In recent years, the Consumer Financial Protection Bureau (CFPB) and Department of Justice (DOJ) have increased fair lending enforcement under the disparate impact theory of liability. This term, however, the U.S. Supreme Court is set to rule in a case that could curtail or eliminate the use of...

Challenging the IRS Anti-Inversion Notice: A Hollow Threat

January 2015 | Skadden's 2015 Insights - Regulatory | Christopher P. Bowers, David W. Foster, Kate A. Long, Moshe Spinowitz

On September 22, 2014, Treasury and the IRS issued Notice 2014-52, 2014-42 I.R.B. 712 (the Notice), announcing their intention to issue regulations aimed at blunting certain of the benefits from so-called inversion transactions. The Notice adopts a two-pronged approach: It expands the scope of...

Election Results Bring Hope for Significant Changes in India and Indonesia

January 2015 | Skadden's 2015 Insights - Global M&A | Rajeev P. Duggal, Jonathan B. Stone

This past year brought important political changes for the two largest economies in South/Southeast Asia. Although significant challenges remain, the election of a new government in India and a new president in Indonesia have been met with optimism by many participants in those countries’...

Dudenhoeffer: An Effective Tool to 'Weed Out Meritless' Employer Stock-Drop Claims?

January 2015 | Skadden's 2015 Insights - Regulatory | Michael S. Hines, David C. Olstein

In Fifth Third Bancorp v. Dudenhoeffer, 573 U.S. __, 134 S. Ct. 2459 (2014), a unanimous U.S. Supreme Court held that fiduciaries of an employee stock ownership plan (ESOP) are not entitled to a special presumption that their decisions to hold or buy employer stock satisfy the duty of prudence...

CFPB Defines 'Unfair,' 'Deceptive' and 'Abusive' Practices Through Enforcement Activity

January 2015 | Skadden's 2015 Insights - Financial Regulation | Joseph L. Barloon, Anand S. Raman, Austin K. Brown

Since the Consumer Financial Protection Bureau (CFPB) opened its doors in July 2011, it has aggressively pursued enforcement actions against a wide range of consumer financial services providers. Although the Dodd-Frank Act gives the bureau the authority to enforce numerous financial services...

Significant Ruling Gives Chapter 11 Debtors New Leverage Over Secured Creditors

January 2015 | Skadden's 2015 Insights - Corporate Restructuring | Mark A. McDermott, Ron E. Meisler, David M. Turetsky

The Bankruptcy Code's so-called "cramdown" statute provides debtors with a significant tool that can be used to impose a reorganization plan upon recalcitrant secured lenders, subject to fulfillment of certain requirements. In particular, Section 1129(b) of the Bankruptcy Code allows...

Insider Trading Laws Complicate the Distribution of Research Reports in German IPOs

January 2015 | Skadden's 2015 Insights - Capital Markets | Stephan Hutter, Katja Kaulamo

Under German law, the preparation and distribution of predeal research reports — a common practice for German initial public offerings — raises certain insider trading law issues that recently have changed the manner in which analyst presentations are prepared and published. These...