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CFTC Votes To Codify CPO/CTA Registration Relief at Open Meeting

By Todd P. Zerega, Andrew P. Cross & Shekida A. (Anna) Smith-Sandy

December 10, 2019

In its November 25, 2019 Open Meeting, U.S. Commodity Futures Trading Commission (“CFTC”) commissioners voted to approve final rules amending Part 4 of the CFTC rules addressing registration and compliance requirements for commodity pool operators (“CPOs”) and commodity trading advisors (“CTAs”). The CFTC proposed amendments to Part 4 in October 2018. The final rule will be effective thirty days after publication in the Federal Register. This post summarizes select key amendments in the rule and…

White Collar Briefly

First Circuit Considers a Spouse’s “Duty of Trust” to a Corporate Insider

By Christopher P. Eby

December 9, 2019

In a recent decision showing how courts evaluate insider trading in the marital context, the First Circuit Court of Appeals affirmed a Massachusetts real estate investor’s conviction on insider trading securities fraud and related conspiracy offenses arising from his role in passing information he learned from his corporate insider wife to two of his friends. The government’s theory of the case was that defendant Amit Kanodia violated Section 10(b) of the Securities Exchange Act of…

Asset Management ADVocate

The Federal Reserve Is Considering Oversight of Data Storage TSPs

By Thomas Ahmadifar, Andrew P. Cross & Val Dahiya

December 9, 2019

The Wall Street Journal reported on November 21, 2019, that the Federal Reserve is considering whether to begin examining data storage technology service providers (“TSPs”) of the banks that it regulates. While financial regulators have long scrutinized TSPs generally, this report indicates a new interest by a federal regulator in direct oversight of TSPs, particularly those that provide data storage on media such as the cloud.…

California Land Use & Development Law Report

No Subdivision of Williamson Act Land Unless Residential Development is Closely Associated With Agricultural Use

By Christian Termyn

December 9, 2019

The County of San Diego violated the Subdivision Map Act by approving residential development of land restricted to agricultural use under the Williamson Act when the development was neither closely related to nor necessary for agricultural use. Cleveland Nat. Forest Foundation v. County of San Diego, 37 Cal. App. 5th 1021 (2019). Genesee Properties, Inc., sought tentative map approval for a 24-lot residential subdivision on nearly 1,500 acres of land in San Diego County. Most…

California Land Use & Development Law Report

Plaintiffs Failed to Exhaust Administrative Remedies When Their Consultant Did Not Expressly Raise Takings Claim

By Rachael Rutkowski

December 6, 2019

Continuing a trend toward stricter application of the administrative exhaustion doctrine, an appellate court held that plaintiffs could not bring a takings claims against the Coastal Commission because they did not “present the exact issue” during the administrative proceedings. Greene v. California Coastal Commission, 40 Cal.App.5th 1227 (2019). Plaintiffs’ beachfront duplex bordered the designated location for Los Angeles’ public walkway to the beach. Plaintiffs proposed to expand their home, diminishing the beachfront setback from 15…

California Land Use & Development Law Report

Increase in San Francisco Office and Laboratory Use Development Fees to Pay for Affordable Housing

By Allan E. Low & Rachael Rutkowski

December 6, 2019

The San Francisco Jobs Housing Linkage Fee (JHLF) is set to more than double under the “Housing for SF Workers” ordinance recently passed by the San Francisco Board of Supervisors (Ordinance). Mayor London Breed refused to sign the Ordinance, but even without the Mayor’s signature, Housing for SF Workers becomes effective on December 15, 2019. Increase in Jobs Housing Linkage Fee and Inclusionary Housing The City creates seven jobs for every one unit of housing,…

Derivatives & Repo Report

Mutual Fund Corner: Treatment of Leveraged/Inverse Funds

By Stephen A. Keen

December 5, 2019

We are still digesting the SEC’s reproposal for regulating how mutual funds, ETFs, closed-end funds and BDCs (“funds”) may use derivatives in compliance with Section 18 of the Investment Company Act of 1940 (proposed Rule 18f-4), but one surprising aspect is proposed Rule 15l-2 under the Securities Exchange Act of 1934. As explained more fully below, Rule 15l-2 would increase the due diligence required before a broker/dealer permits a customer to trade in “leveraged/inverse investment vehicles.” Including…

Asset Management ADVocate

Reproposed Rule 18f-4—Leveraged/Inverse Funds vs. Margin Accounts

By Stephen A. Keen

December 5, 2019

We previously explored the treatment of “leveraged/inverse investment vehicles” under SEC’s reproposal for regulating how funds use derivatives in compliance with Section 18 of the Investment Company Act of 1940 (proposed Rule 18f-4), and related proposed Rule 15l-2 under the Securities and Exchange Act of 1934 and Rule 211h-1 under the Investment Advisers Act of 1940. In this post we consider the options available to retail investors for leveraged trading and whether a more consistent…

Food Litigation News

Industry Insights: Multiple CBD Class Actions Filed With More Expected

By Barak Cohen, David T. Biderman, Tommy Tobin & Michael Bleicher

December 5, 2019

On the heels of the U.S. Food and Drug Administration’s (FDA) recent declarations regarding the safety of products containing cannabidiol (CBD), several companies have been hit with class action lawsuits alleging that that the company’s CBD-containing products are mislabeled and falsely advertised in violation of state law. Further class action litigation is expected given the language of the FDA’s recent pronouncements and the widespread availability of CBD-containing products. Companies should prepare for the possibility of litigation and…

Asset Management ADVocate

Reproposed Rule 18f-4—Treatment of Leveraged/Inverse Funds

By Stephen A. Keen

December 4, 2019

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CFTC Votes To Codify CPO/CTA Registration Relief at Open Meeting

First Circuit Considers a Spouse’s “Duty of Trust” to a Corporate Insider

The Federal Reserve Is Considering Oversight of Data Storage TSPs

No Subdivision of Williamson Act Land Unless Residential Development is Closely Associated With Agricultural Use

Plaintiffs Failed to Exhaust Administrative Remedies When Their Consultant Did Not Expressly Raise Takings Claim

Increase in San Francisco Office and Laboratory Use Development Fees to Pay for Affordable Housing

Mutual Fund Corner: Treatment of Leveraged/Inverse Funds

Reproposed Rule 18f-4—Leveraged/Inverse Funds vs. Margin Accounts

Industry Insights: Multiple CBD Class Actions Filed With More Expected

Reproposed Rule 18f-4—Treatment of Leveraged/Inverse Funds

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