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.

Hong Kong’s District Court (the "Court") in 庄裕安 v 关淑馨及另二人 [2018] HKDC 1589 struck out the Applicant's discrimination claim against the Respondents, who were the judges who dismissed the Applicant's appeal in a Court of Appeal case CACV 185/2017. The Court also gave a Restricted Proceedings Order against the Applicant.

The US Tax Cuts and Jobs Act of 2017 added new sections 245A(e) and 267A to the Code. Section 245A(e) denies the section 245A dividends-received deduction for “hybrid” dividends.

Effective January 1, 2019, California Senate Bill No. 954 will require California lawyers representing clients in connection with mediation to (1) provide written disclosures to their clients about confidentiality restrictions applicable to statements made during or in connection with mediation and (2) obtain written acknowledgments from clients indicating that they have read and understand the confidentiality restrictions before theyagree to participate in mediation.

2018 was an active year for the California legislature in enacting laws that will impact the financial services industry—both directly and indirectly. In this Legal Update, we summarize the most pertinent, many of which become effective on January 1, 2019.

A manufacturing company was recently served with a complaint filed in the United States District Court for the Northern District of Illinois.

On December 18, 2018, the US Securities and Exchange Commission adopted a final rule requiring companies to disclose their hedging policies and practices for employees, officers and directors. This Legal Update discusses details of the requirements as well as related practical considerations for companies.

This update covers the key differences between the current 2004 Law on Competition and the 2018 Law on Competition, and highlights the key abuse of dominance enforcement trends from the past decade.

On December 20, 2018, the staff (Staff) of the Division of Investment Management of the US Securities and Exchange Commission (SEC) granted conditional no-action relief to Madison Capital under Section 206(4) of the Investment Advisers Act of 1940, as amended (Advisers Act), and Rule 206(4)-2 (Custody Rule) thereunder for administrative agents (Administrative Agents) under syndicated loans that also act (or that have affiliates that also act) as investment advisers for pooled investment vehicles or separately managed accounts that are also lenders under such syndicated loans.

On December 19, the EU Commission ("Commission") published its report to the European Parliament and the Council on the second review of the functioning of the EU-US Privacy Shield (the "Report").

Partner Anna Pinedo and associate Joanne Sur-Young discuss the top 10 practice tips relating to registered direct offerings.

Partner Anna Pinedo and associate Joanne Sur-Young discuss the top 10 practice tips to consider in drafting and negotiating lock-up agreements.

Partner Anna Pinedo and associate Ryan Castillo discuss the top 10 practice tips for navigating the task of reviewing and negotiating comfort letters.

Innovative companies face stiff challenges when trying to comply with moribund US consumer protection rules that have not kept pace with technological advancements in the financial services industry.

28 U.S.C. § 1782 allows requests for US discovery in aid of a foreign proceeding. In the latest case to address the scope of that section, Judge Edgardo Ramos of the Southern District of New York (SDNY) partially denied an application for discovery from Banco Santander for lack of personal jurisdiction.

On December 19, 2018, the US Securities and Exchange Commission (the Commission) amended Rule 251 and Rule 257 of the Securities Act of 1933, as amended (the Securities Act), which are part of Regulation A, in order to allow companies subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended (the Exchange Act) to make offerings in reliance on the Regulation A exemption.