ANTI-CORRUPTION DILIGENCE IN M&A
Corruption issues can present unique challenges to the structure of a deal and a party’s approach to diligence. Anti-corruption deal diligence should be considered at the presigning stage, in connection with the deal structure and after closing for a successful merger or acquisition.
TRUMP TAX PLAN AND COMPENSATION
If enacted, the Trump administration's proposal to overhaul the federal income tax system could lead to opportunities for substantial savings regarding corporate compensation plans and arrangements, both in 2017 and over the long term.
2017 PROXY SEASON
Investor interest in proxy access remains strong as the 2017 proxy season comes to a close. Most of the companies adopting proxy access in the second half of 2017 and into 2018 will be large-cap companies, and the percentage of S&P 500 companies with proxy access will likely exceed 75 or 80 percent by early 2018.
SUPREME COURT 2016-17 RECAP
As the 2016-17 term draws to a close, the Court has issued unanimous opinions in many cases, including several of note to the business community.
ROLLING BACK NET NEUTRALITY
The FCC’s proposed changes to net neutrality regulations have again kicked off fractious regulatory and political debate regarding the classification of broadband internet access services. The proposed changes are likely to be adopted and promptly challenged in court, creating uncertainty over the next step in setting open internet guidelines.
IRS Issues Guidance on Stock/Cash Dividends for REITs and RICs
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
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
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.