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Latest from Mayer Brown

The Securities and Exchange Commission posted an Open Meeting Agenda for June 5, 2019, when the Commission will vote on whether to adopt Regulation Best Interest, the related Form CRS Relationship Summary and a standard of conduct for registered investment advisers (“RIAs”). The agenda is available at: https://www.sec.gov/news/openmeetings/2019/agenda060519.htm.  It is not known whether the final Regulation Best Interest, Form CRS and the standard of conduct will be significantly revised based on comments received since…
On October 31, 2018, the Securities and Exchange Commission (the “SEC”) adopted new property disclosure requirements for mining company registrants. The new rules, codified in Subpart 1300 of Regulation S-K, aim to replace the SEC’s thirty-year-old Industry Guide 7 by providing investors with a more comprehensive disclosure of a public company’s mining properties. Changes include: closer alignment with the Committee for Reserves International Reporting Standards (“CRIRSCO”), disclosure of mineral resources using technical report summary, disclosure…
On May 20, 2019, the Supreme Court decided Mission Product Holdings, Inc. v. Tempnology, LLC, No. 17-1657.  In an 8-1 decision, and in a majority opinion authored by Justice Kagan, the Court held that  the debtor-licensor’s rejection of a trademark license under Section 365 of the Bankruptcy Code “has the same effect as a breach outside bankruptcy” and, as such,  the debtor, through such a rejection, could not rescind the non-debtor’s licensee’s right to continue…
The SEC announced an upcoming roundtable (date and details to come) that will focus on the causes of short-termism, including the role of quarterly disclosures.  At the end of 2018, the SEC had published a request for comment regarding the timing of earnings releases and quarterly reports by public companies.  The statement regarding the roundtable identifies potential topics for discussion, including the following: The role, if any, that short-termism plays in the declining number of…
Yesterday, in an 8-1 decision, the US Supreme Court held in Mission Product Holdings, Inc. v. Tempnology, LLC1 that under Section 365 of the Bankruptcy Code, a debtor-licensor’s rejection of a trademark license agreement does not terminate the rights of the licensee to continue using the trademark where those rights would otherwise survive the licensor’s breach of the agreement under non-bankruptcy law.2  The Tempnology decision resolves the most significant unanswered question regarding the treatment…
On April 23, 2019, the United States District Court for the Southern District of New York, in fraudulent transfer litigation arising out of the 2007 leveraged buyout of the Tribune Company, ruled on one of the significant issues left unresolved by the US Supreme Court in its Merit Management decision last year (which we addressed in a previous post).  The district court held Tribune’s post-bankruptcy litigation trustee was barred from asserting certain constructive fraudulent transfer claims…
In less than 24 hours beginning on May 1, 2019, Sungard Availability Services Capital, Inc., and its affiliates (collectively, “Sungard”) commenced and completed Chapter 11 proceedings in what has been described as the fastest Chapter 11 case ever. Sungard filed its Chapter 11 cases just before 9pm on May 1 in the Bankruptcy Court for the Southern District of New York, White Plains Division, and, before 6pm the next day, Judge Robert Drain entered an…
White House at night
Last Thursday, President Trump unveiled an immigration plan that prioritizes skilled workers entering the United States and introduces a new “Build America” visa based on a points-based system.  Law360 spoke to Mayer Brown’s Elizabeth Espin Stern and Paul Virtue about the potential impact of the plan, including whether raising the bar for what constitutes a skilled worker might reduce the overall number of skilled workers admitted into the United States. Read the article here. …
White House Day
President Trump unveiled his plan to “transform” the US immigration system, during a speech given at the White House on May 16, 2019. He emphasized two goals for his plan: “First, it stops illegal immigration and fully secures the border.  And, second, it establishes a new legal immigration system that protects American wages, promotes American values, and attracts the best and brightest from all around the world.” In his remarks, he addressed legal immigration, including…