McGuireWoods LLP

Hearings/Markups House Judiciary Committee: “TBA Markup on CREATES Act, Pay-for-Delay Legislation” The House Judiciary Committee is planning a markup on the CREATES Act and pay-for-delay legislation. The date of the markup is to be announced. Last month, Judiciary Committee Chair Jerrold Nadler (D-NY) said he intended to introduce a bill to prohibit deals in which a brand drug maker pays a generic competitor to abandon a patent challenge, delaying their entry into the market. Rep. Nadler…
On April 15, the New Jersey Bureau of Securities (the “Bureau”) issued a rule proposal to establish a uniform fiduciary duty standard applicable to investment advisers, brokers-dealers and their registered representatives and agents.  Specifically, the proposed rule (N.J.A.C. 13:47A-6.4), which could take effect as early as the end of the year, will require all investment professionals registered with the Bureau to provide investment advice, recommend investment strategies, open or transfer assets to any type of…
Shore Capital announced it has closed its third institutional healthcare private equity fund, Shore Capital Healthcare Partners Fund III, having raised $293 million. The fund surpassed its original target of $250 million, with investments coming from existing investors and new limited partners The firm indicated the new fund will primarily invest in control buyouts, focusing on microcap healthcare businesses with revenues between $5 million and $100 million. Shore Capital Partners, founded in 2009 and…
Proposed Bill Makes Dramatic Changes To North Carolina Security Breach Notification Law Some of the proposed changes include: Businesses would have to “[i]implement and maintain reasonable security procedures and practices, appropriate to the nature of the personal information and the size, complexity, and capabilities of the business.”; Businesses would be required to offer at least two years of free credit monitoring; and Replacing the current “without unreasonable delay” standard for breach notification to “as soon…
The next in our series of posts sharing key takeaways from panels at the Healthcare & Life Sciences Private Equity and Lending Conference focuses on how sellers of healthcare companies can increase business value prior to a sale. It is authored by Rebecca Brophy and Greg Hawver of McGuireWoods LLP and Brett Martin of RSM US LLP. * * * Preparing to Exit and Assessing Risk: Compliance Assessments, Financial Metrics and Other Pre-Sale Strategies for…
Congressional Delegations Travel to Argentina, Brazil and U.K. The House and Senate are in a two-week recess, set to return to Washington the week of April 29. In the meantime, a congressional delegation visited Argentina and Brazil this week for bilateral discussions on issues of mutual interest. House Minority Leader McCarthy (R-CA), House Armed Services Committee Ranking Member Thornberry (R-TX), House Homeland Security Committee Ranking Member Rogers (R-AL), as well as Senator Scott (R-SC), were…
On Wednesday, Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger delivered her first policy speech since succeeding Mick Mulvaney as head of the CFPB in December. Forecasting the Bureau’s agenda over the coming months, Kraninger promised that, among other things, the Bureau will publish within weeks proposed rules to implement the Fair Debt Collection Practices Act (FDCPA) and will convene a “symposium” on “clarifying the meaning of abusive acts or practices under Section 1031 of…
Make no mistake about it, the Department of Homeland Security’s newest agency, the Cybersecurity and Infrastructure Security Agency (CISA) is serious about cyber. Not even one year old, CISA has taken on the responsibility of protecting the nation’s critical infrastructure from cyber threats. Taking a collaborative approach, the agency states the following as its mission: CISA partners with industry and government to understand and manage risk to our Nation’s critical infrastructure On April 3, 2019,…
McGuireWoods has long been an avid supporter of the advancement of professional women. As part of our initiative seeking to expand the leadership of women in private equity, we are continuing our series of profiling women leaders in private equity. We are hopeful that this series will serve to inspire other women to pursue their careers in private equity in a way that best challenges and motivates them, which these impressive women have all done.…
As recognized by new guidance from the Financial Industry Regulatory Authority (FINRA), the departure of a registered representative often prompts customer questions about the departing representative and the continued servicing of a customer’s account. In light of the continued frequency of movement of registered representatives from, or among, member firms, FINRA issued guidance on April 5, 2019, regarding what information it expects member firms to communicate to customers upon the departure of a registered representative.…