Brian D. Hirshberg, J. Paul Forrester, and Anna T. Pinedo discuss the SEC’s new rule establishing a non-exclusive research report safe harbor (“Rule 139b”) for unaffiliated brokers or dealers that publish or distribute research reports regarding qualifying investment funds in Harvard Law School’s Forum on Corporate Governance and Financial Regulation.

Reprinted with permission.

Counsel Bradley Berman and associate Michael Russo discuss the requirements and application of FINRA Rule 2210 in Mayer Brown’s latest On point

Beth Brown, a senior associate in our Pensions Group in London, looks at some recent Pensions Ombudsman determinations of interest.

On December 20, 2018, the US Department of Treasury and the Internal Revenue Service released proposed regulations under Section 864(c)(8) of the Code on the treatment of a foreign partner’s transfer of an interest in a partnership that is engaged in the conduct of a trade or business in the United States.

The US Securities and Exchange Commission (SEC) recently gave a strong reminder of the importance of providing equal or greater prominence to the most directly comparable financial measures calculated and presented in accordance with Generally Accepted Accounting Principles (GAAP) in disclosures containing non-GAAP financial measures.

Mayer Brown has been working on subscription credit facilities and other fund financings for two decades.

Nick is joined by Omar El-Khattabi, who works in our Corporate practice and is a member of our Middle East Practice. He discusses some of the legal issues which he has come across for employers taking on staff in Saudi Arabia and UAE.

The Class Licence for Offer of Telecommunications Services (CLOTS) regime was introduced in 2007. Its main purpose was to regulate the offer of telecommunications services to the public without operation or establishment or maintenance of means of telecommunications equipment, such as for example, the provision of public WiFi services, in-building telecommunications systems, etc. Over the last decade, major changes have occurred in the Hong Kong telecommunications market (e.g. increased use of online platforms or smartphone apps and increased number of consumer complaints regarding CLOTS licensees).

On September 23, 2018, the North American Securities Administrators Association, Inc. (“NASAA”) released a proposed model rule for state-registered investment advisers that would impose new information security and privacy requirements (the “Cyber Proposal”). This Legal Update (i) describes the relevant scope of the Cyber Proposal, (ii) explains its substantive requirements and (iii) highlights some takeaways for the investment adviser industry.

The ultimate form of the UK's exit from the European Union remains a hotly debated topic. Unless some form of extension of the period of notice served by the UK is agreed in the next few weeks or the notice is withdrawn, the UK will leave the European Union on 29 March 2019.

With preparations shifting into high gear for calendar-year companies that file annual reports on Form 10-K and proxy statements with the US Securities and Exchange Commission, this Legal Update provides tips to consider when drafting these documents.

With 2018 now in the rearview mirror, we summarize several of the encouraging regulatory developments for business development companies (“BDCs”) that occurred during 2018.

Please see the latest issue of The Pensions Brief.