Foreign Corrupt Practices Act (FCPA) enforcement is becoming stricter and is rapidly expanding into a number of areas; banking and finance being highlighted as particular regions of focus for potential investigations. There are steps that can be taken to avoid monetary penalties and a damaged reputation. Learn about the pitfalls that hedge fund and private equity managers can encounter and how to effectively prevent the risks of a potential violation.
The advisory is provided in PDF on the Alston & Bird website: www.alston.com/advisories/hedge-fund-FCPA
Written by Edward Kang, Partner, and Brian Frey, Senior Associate, Litigation & Trial Practice | Alston & Bird LLP
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On February 15, 2011, NYSE Euronext and Deutsche Böerse AG announced that they had entered into a business combination agreement. The combined group will be headquartered in both Frankfurt and New York.
The transaction is structured as a combination of NYSE Euronext and Deutsche Böerse under a newly created Dutch holding company which will be effected through a merger and a public exchange offer. NYSE Euronext will merge with a US subsidiary of the new holding company, and each NYSE Euronext share will be converted into 0.47 of a share of the new holding company. The new holding company will also launch a public exchange offer, and Deutsche Böerse shareholders may tender their Deutsche Böerse stock on a one-to-one basis for shares of the new holding company.
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The financial services industry experienced one of its slowest M&A markets in 2009, and strategic buyers dominated what little activity there was by taking advantage of distressed deals (mainly acquisitions of assets from FDIC receiverships and distressed loan portfolios) to gain market share, expand their geographic footprint,to build their portfolios and acquire strategic assets.
As the economy improves, there are reasons to be optimistic about M&A activity in the financial services sector. A recent report issued by PricewaterhouseCoopers (“PWC”) predicts an improved M&A market in 2010 with a more balanced mix of distressed and non-distressed deals and strategic and financial buyers.
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This advisory discusses the Securities and Exchange Commission (SEC) three-to-two vote to adopt new rules regulating short selling. The new rules will significantly alter current short-selling practices. In addition, the SEC voted unanimously to reiterate its continuing support for the convergence of U.S. Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS).
The advisory is provided in PDF on the Alston & Bird web site: http://www.alston.com/securities_shortselling
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