Latest From Skadden

  • IRS Issues Guidance on Stock/Cash Dividends for REITs and RICs
    Skadden, Arps, Slate, Meagher & Flom LLP
    David J. Goldschmidt, Laura A. Kaufmann Belkhayat, David F. Levy, David Polster, Sarah E. Ralph, Michael J. Schwartz, Nickolas Gianou, Sarah Beth Rizzo
    The IRS recently issued guidance allowing certain real estate investment trusts and regulated investment companies to pay 80/20 stock/cash dividends without obtaining a private letter ruling.
  • CFTC Case Updates: Settlement Highlights Agency’s New Premium on Cooperation; 7th Circuit Upholds Criminal Spoofing Conviction
    Skadden, Arps, Slate, Meagher & Flom LLP
    David Meister, Mark D. Young, Jonathan Marcus, Theodore M. Kneller, Chad E. Silverman, Trevor A. Levine
    On August 7, 2017, the CFTC's director of enforcement announced that a "substantially reduced penalty" was imposed in a settlement with Bank of Tokyo Mitsubishi for alleged spoofing activity. The director cited the benefits of self-reporting and cooperation, which resulted in the comparatively low penalty of $600,000. On the same day, the 7th Circuit Court of Appeals upheld the conviction of commodity futures trader Michael Coscia for violating the Commodity Exchange Act’s anti-spoofing provision, rejecting his arguments that the provision is unconstitutionally vague.
  • LIBOR Replacement Plans Bring Regulatory Considerations for Derivatives
    Skadden, Arps, Slate, Meagher & Flom LLP
    Mark D. Young, Maureen A. Donley, Daniel B. O'Connell, Shekida A. Smith
    Plans to end LIBOR's long reign of as one of the world's most often-used interest rate benchmarks have recently been confirmed by several top financial regulators. These endorsements for transitioning from LIBOR to alternative rates have triggered implementation questions for derivatives markets, market regulators and counterparties.