Capital Markets

Swap Transaction Recordkeeping: Information Hoarding

The Dodd-Frank Wall Street Reform and Consumer Protection Act has many new or updated rules and regulations for organizations in the financial markets. One in particular is Title Seven, which gives the Commodity Futures Trading Commission (“CFTC”) the authority to set rules for swap dealers and major swap participants regarding the records they are required [...]

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POSTED IN Broker-Dealer, Capital Markets, Dodd-Frank, Financial Markets Regulation, Securities Regulation

New Accredited Crowdfunding Platforms

The new registration exemption in connection with Rule 506 offerings and crowdfunding portals  significantly expand the scope of activity that non-broker-dealer registered entities may conduct. Section 201(c) of the JOBS Act provides that in connection with securities offered and sold in compliance with Rule 506 of Regulation D certain intermediary parties will not be subject [...]

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POSTED IN Capital Markets, Securities Regulation

The JOBS Act Turns One-Year-Old and It’s Clear that this Ill-Conceived “IPO On-Ramp” Needs an Off-Ramp

In the wake of a sweeping financial crisis that crippled U.S. capital markets and left millions of Americans out of work, Congress passed the Jumpstart Our Business Startups Act in 2012 to revitalize the economy. Commonly known as the “JOBS Act,” the statute was intended to create jobs for Americans by improving access to public [...]

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POSTED IN Capital Markets, Emerging Growth Companies, Securities Regulation

Pari Passu for The Seven Percent Too; Argentina’s Fight To Turn Veritable Claims into Legal Fiction

On February 27th the Second Circuit Court of Appeals heard oral arguments between plaintiff-appellees, hedge funds NML and Aurelius, and appellants led by the Republic of Argentina (Argentina). Argentina is joined by Bank of New York Mellon (BNY Mellon), the Exchange Bondholders Group, and Fintech Advisory. The appellant’s are challenging the November 21st ruling by [...]

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POSTED IN Capital Markets, Restructuring

Featured Scholarship on the Future of EU Financial Regulation

On February 11, 2013, The Fordham Corporate Law Center and the Fordham Journal of Corporate & Financial Law, in conjunction with the Max-Planck-Institute Luxembourg for International, European and Regulatory Procedural Law, held a symposium on global financial regulation. For more scholarship on the future of EU financial regulation, please see this article from the Oxford Journal of Legal [...]

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POSTED IN Banking & Finance, Capital Markets, Financial Markets Regulation, Securities Regulation

Battle over Herbalife Should Raise Concerns about the Influence of Short Sellers

William Ackman is so sure that Herbalife is a fraudulent company that he is literally willing to bet a billion dollars on it, and in December 2012, that is just what he did. Herbalife, a 30 year old food retailer of weight management shakes and supplements, is estimated to be worth billions and is openly [...]

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POSTED IN Capital Markets, Private Investment Funds, SEC Investigations, Securities Regulation

High Frequency Trading: An Overview

High frequency trading (“HFT,” and also known as low-latency trading) is the use of automated programs to execute securities orders rapidly, generally to take advantage of small market disparities.  Importantly, statistics indicate that HFT currently comprises approximately 50% to 70% of United States daily equity volume. While HFT has undeniably provided important benefits for investors, [...]

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POSTED IN Capital Markets

CFTC’s New Powers Challenged on Multiple Fronts

The Commodity Futures Trading Commission (CFTC) has ramped up Wall Street regulatory enforcement in 2012. The CFTC released its Enforcement Division’s annual results on October 5, 2012, stating that it imposed more than $585 million in sanctions in fiscal year 2012. Only $450 million in sanctions were imposed in fiscal year 2011. This increase is [...]

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POSTED IN Banking & Finance, Capital Markets, Dodd-Frank

The Link Between GSE Reform and QE3

On August 17th, the Treasury Department revamped its financial support of Fannie Mae and Freddie Mac. The new agreements increased the share of profits payable to the Treasury. The Treasury Department also accelerated the pace at which the mortgage-finance giants are required to wind down their mortgage portfolios and pay back the government for their [...]

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POSTED IN Capital Markets, Housing, Real Estate

Early Stage Company Seed Venture Funding Skyrockets, But Dark Clouds May Loom Large

New York’s economy is rapidly transitioning from one based largely on the financial services sector to one that is becoming far more heavily reliant on technology, new media, and other entrepreneurial startups.  New York-area entrepreneurs have been replacing yuppie investment bankers as the heroes of the economy.  In the past two years alone, venture funding [...]

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POSTED IN Capital Markets, Emerging Growth Companies

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