Legal News

The Securities and Exchange Commission (the "SEC") recently adopted amendments to Regulation S-X and related rules and forms that will streamline and reduce the financial statements required to be filed in connection with significant business acquisitions by all SEC registrants. As part of these amendments, the SEC overhauled Rule 3-14 of Regulation S-X, which applies to acquisitions of real estate operations and is therefore of critical importance to real estate investment trusts (“REITs”)......

The Securities and Exchange Commission (the “SEC”) recently adopted final rules (the “Final Rules”) amending Regulation S-X and related rules and forms in a manner that directly impacts registered investment companies and business development companies (“BDCs”, and together with registered investment companies, “investment companies”) by substantially rewriting the rules that require reporting companies to file certain pre-acquisition financial statements, as well as certain financial st...

30 June - The Financial Conduct Authority (“FCA”) announced that the deadline for solo-regulated firms to have undertaken the first assessment of the fitness and propriety of their Certified Persons will be delayed from 9 December 2020 until 31 March 2021. The FCA published a statement setting out its expectations to help benchmark administrators and firms using Appointed Representative arrangements to apply the Approved Persons Regime during the Covid-19 pandemic....By: Proskauer Rose LLP

27 May - The Financial Conduct Authority (“FCA”) published a new webpage that explains that it is allowing firms to defer individuals' uncompleted continuing professional development (“CPD”) hours to the next CPD year in the light of the COVID-19...By: Proskauer Rose LLP

A recent, highly anticipated ruling by a Bankruptcy Court in Delaware has reilluminated the concept of a "golden share". While an appeal of the ruling seems likely, this latest ruling by Delaware Bankruptcy Judge Mary F. Walrath suggests that as the...By: Proskauer Rose LLP

Given the current impact of COVID-19 on the financial services industry, please tune in to our podcast discussion on the key considerations that businesses should be aware of while facing potential insolvency and other challenges caused by the...By: Proskauer Rose LLP

Many markets, including the private credit markets, are facing market declines, disruptions and dislocations stemming from the policies enacted to combat the ongoing spread of COVID-19. The private credit industry has seen rapid growth in the years...By: Proskauer Rose LLP

Following the February 13, 2020 effective date of the U.S. Department of Treasury's final regulations (the "Final Rules") implementing the majority of the Foreign Investment Risk Review Modernization Act of 2018 ("FIRRMA"), foreign investment in the...By: Proskauer Rose LLP

As the Coronavirus (COVID-19) continues to disrupt travel and almost every other aspect of day-to-day life, the hospitality industry faces unprecedented challenges. Hotel closings, employee furloughs and other drastic measures have been implemented...By: Proskauer Rose LLP

The unexpected emergence of the COVID-19 virus presents a wide range of new challenges and opportunities. The initial reaction of the syndicated market has been to pull back. In these times, private credit lenders act as ready sources of capital and...By: Proskauer Rose LLP