Mayer Brown

Recently, FINRA refiled with the SEC proposed rule changes to its Corporate Financing Rule, which is Rule 5110.  We had previously posted regarding FINRA’s proposed amendments, which were withdrawn.  This new set of changes addresses a number of areas, including the filing requirements under the rule, the requirements applicable to shelf takedown, the items of value deemed part of underwriting compensation, the various exceptions available for venture capital exceptions, and lock-up restrictions.  See the text…
The House Financial Services Committee recently passed H.R. 1815, which is the Securities and Exchange Commission Disclosure Effectiveness Testing Act.  The legislation would require that the SEC engage in investor testing of any new disclosure intended for retail investors.  The testing should include a qualitative testing in the form of one-on-one interviews with retail investors, as well as a nationwide survey of retail investors.  The testing results would be required to be made public. …
Effective May 1, 2019, the US Embassy in Tel Aviv will begin accepting E-2 visa applications filed by Israeli citizens.  This long-awaited announcement comes close to seven years after President Obama signed legislation in 2012 implementing a bilateral investment treaty with Israel on the condition that Israel provide reciprocal immigration status for American investors.  The Israeli government did not approve the reciprocal agreement until 2014, and it took an additional four years for both the…
The Staff of the Division of Corporation Finance released guidance regarding the process for seeking extensions of confidential treatment.  There is a new short form application for issuers that have previously received a confidential treatment order.  Here is a link to the new short form application:  https://www.sec.gov/divisions/corpfin/short-form-extension-requests.pdf.  The one-page document requires that the issuer affirm that the most recently considered application continues to be true, complete and accurate regarding the information for which the…
After the EU Copyright Directive was passed by the EU Parliament last month (see our original blog post for further details), it was formally approved by the Council of the European Union on April 15, 2019. Nineteen EU member states, including Germany, France and the UK, voted in favor. Six member states – namely Finland, Italy, Luxembourg, the Netherlands, Poland and Sweden – voted against the Directive, while three countries abstained from the vote.…
On April 10, Mayer Brown held the latest in a series of interactive workshops to assist employers in responding to the impending changes in free movement.  Alongside a practical and useful discussion on the measures employers can take in the face of the continued uncertainty regarding Brexit, we shared a ‘decision tree’ setting out current options in the UK in the event of a ‘Deal’ or ‘No Deal’ Brexit.…
The case of Hargreaves v Department for Work and Pensions provides a useful reminder of what employers should keep in mind when managing an employee with a disability, including the following: Discuss suitable reasonable adjustments at the very first opportunity and seek input from the employee’s treating health professional and occupational health as well as the employee. Consider whether the application of a ‘provision, criterion or practice’ within the organisation, such as rigid working hours,…
On Wednesday, April 10, Mayer Brown co-hosted with Fitch Ratings a “CLOs and Direct Lending in Chicago” seminar. This was the 7th consecutive annual iteration of this event with Fitch. An audience of over 120 attendees (and in excess of 200 registrants) heard from middle market participants and researchers. The agenda included a macroeconomic update by Fitch’s Chief Economist, a panel on the Growth and Appeal of Direct Lending as an Asset Class, a Regulatory…
Mayer Brown Partners Paul Jorissen and Lauren Pryor will speak at the 6th Annual Residential Mortgage Servicing Rights Forum being held April 15-16, 2019 in New York City. This conference explores the key industry issues, including the origination trends, views from the regulators, and more. Paul Jorissen will moderate the panel on “Financing in the MSR Market” and Lauren Pryor will moderate the panel on “Buying a Mortgage Servicer/Originator vs. Rights vs. Subservice” on April…
In today’s interconnected, “always-on” environment, it is easy to forget how dependent we all are on records and, more importantly, on the people we trust to make these records correctly and to hold them securely. One solution has been the “trusted third party,” who maintains a single ledger for a group. Blockchain is another solution. From a legal perspective, there are challenges with both the blockchain technology and the idea of adopting smart contracts. Mayer…