A blog post by Anna Gaudoin, published on the WilmerHale W.I.R.E. UK blog. 

2018-02-09T00:00:00-05:002018-02-09T15:38:23ZAnna Gaudoinhttps://www.wilmerhale.com/anna_gaudoin/anna.gaudoin@wilmerhale.com

The company thanked WilmerHale, and four other law firms, for its efforts to recruit, develop and promote diverse lawyers.

2018-02-09T00:00:00-05:002018-02-12T14:56:16Z

The firm has been recognized by Law360 as a Native American Practice Group of the year, highlighting some of the firm's most favorable settlements in water, land and natural resources disputes, and litigation in district and appellate courts.

2018-02-08T00:00:00-05:002018-02-09T15:00:51Z

An article written by Rachel Jacobson, Nathaniel Custer and Mark Hanin, published by the ABA's Superfund and Natural Resource Damages Litigation Committee Newsletter, Vol. 13, No. 1, discusses a recent innovation in the natural resource damage assessment process. 

2018-02-08T00:00:00-05:002018-02-08T18:28:28ZRachel Jacobsonhttps://www.wilmerhale.com/rachel_jacobson/rachel.jacobson@wilmerhale.comNathaniel B. Custerhttps://www.wilmerhale.com/nathaniel_custer/nathaniel.custer@wilmerhale.com

WilmerHale served as legal counsel in connection with the creation of Valence Media, a new diversified media company formed through the combination of three successful media companies: Billboard-Hollywood Reporter Media Group, dick clark productions and MRC.

2018-02-08T00:00:00-05:002018-02-08T20:09:55Z

Westmount Asset Management, one of the oldest and largest independent investment firms in Los Angeles, has closed on the sale of Rosemont Investment Partners' stake in the firm to Temperance Partners.

2018-02-08T00:00:00-05:002018-02-08T15:55:21Z

Yoshi, Inc., which provides subscription service for on-site car maintenance and gas delivery, announced that it closed $13.7 million in Series A funding to further accelerate its rapid growth.

2018-02-08T00:00:00-05:002018-02-08T15:53:39Z

The firm has been recognized for the second consecutive year by Law360 as a Technology Practice Group of the year for its knowledge and ability to serve the vast needs of today's most innovative technology companies. 

2018-02-07T00:00:00-05:002018-02-07T20:31:34Z

Last week, the US Court of Appeals for the Ninth Circuit ruled that the Clean Water Act (CWA) does not require that pollutants be discharged directly from a point source into navigable waters for liability to attach.

2018-02-07T00:00:00-05:002018-02-07T19:41:02ZRachel Jacobsonhttps://www.wilmerhale.com/rachel_jacobson/rachel.jacobson@wilmerhale.comAndrew L. Spielmanhttps://www.wilmerhale.com/andy_spielman/andy.spielman@wilmerhale.comSarah C. Judkinshttps://www.wilmerhale.com/sarah_judkins/sarah.judkins@wilmerhale.com

An article written by Glenn Luinenburg, published by Xconomy on February 5, 2018, discussing trends in angel funding and practical advice for founders who want to get to the next level.

2018-02-07T00:00:00-05:002018-02-06T22:30:23ZGlenn Luinenburghttps://www.wilmerhale.com/glenn_luinenburg/glenn.luinenburg@wilmerhale.com

A blog post by Leila Gaafar, published on the WilmerHale W.I.R.E. UK blog.2018-02-07T00:00:00-05:002018-02-07T20:29:45ZLeila Gaafarhttps://www.wilmerhale.com/leila_gaafar/leila.gaafar@wilmerhale.com

In 2017, under the leadership of new Chairman J. Christopher Giancarlo, the Commodity Futures Trading Commission (CFTC or Commission) adopted a notable shift in its enforcement priorities and regulatory agenda.

2018-02-06T00:00:00-05:002018-02-06T15:58:46ZPaul M. Architzelhttps://www.wilmerhale.com/Paul_Architzel/paul.architzel@wilmerhale.comAnjan Sahnihttps://www.wilmerhale.com/anjan_sahni/anjan.sahni@wilmerhale.comMatthew Bevillehttps://www.wilmerhale.com/matthew_beville/matthew.beville@wilmerhale.comDaniel J. Martinhttps://www.wilmerhale.com/daniel_martin/daniel.martin@wilmerhale.com

Midterm congressional elections are expected to see a historic number of candidates competing.1 The record number of candidates comes as individual races become increasingly expensive2 and trends portend record spending.3 All of these developments pose legal and reputational risk for regulated entities subject to pay-to-play restrictions.

The SEC actively enforces Rule 206(4)-5 under the Investment Advisers Act (the Rule).4 The Rule is designed to deter investment advisers and their key personnel from participating in pay-to-play practices.5The Rule carries heavy penalties. It prohibits investment advisers from receiving any compensation from a government entity for two years after a violative contribution by the adviser or any covered employee to an official or candidate to be an official of a government entity.

A key facet of the Rule that investment advisers and their personnel may overlook is that the Rule not only covers contributions to candidates for state and local offices or incumbents in those offices running for reelection, it also covers contributions made to a candidate's campaign for federal office when that candidate holds a state or local office at the time of the contribution. This aspect of the Rule has often been the basis of SEC action under the Rule. Such a scenario accounts for one recent enforcement action and several of the exemptive applications filed under the Rule, including examples from the latest presidential campaign, where a number of sitting governors made bids for the White House. As noted above, the large number of congressional candidates in this cycle increases the likelihood of current local and state officials running for federal office. Accordingly, pay-to-play policies and procedures need to account for contributions to campaigns for federal office where the candidate is currently a state or local official.

This is a good time for advisers to review their policies and procedures to ensure that contributions to federal campaigns are highlighted as a potential trip wire. Some advisers implement preclearance for all political contributions so that compliance can review and confirm that each planned contribution is acceptable. Additionally, periodic checks of public federal campaign contribution databases for donations in states and localities where the adviser has government-entity clients would be prudent. Finally, it is worth considering supplemental training and/or compliance alerts for personnel in order to highlight this issue. The best policies won't protect a firm if they are not effectively communicated and enforced. 

Our team has experience designing and working with clients to implement effective pay-to-play policies and procedures focused on meeting the expectations of regulators.

1 David Weigel and Michael Scherer, The 2018 midterms are fast approaching. First up: Primary fights for both parties' future, Washington Post, PowerPost (Jan. 6, 2018).

2 Elena Schneider, Georgia special election smashes all-time spending record. It's official: It will be the most expensive House race in U.S. history, Politico (May 6, 2017).

3See generally Lesley Clark, Coming soon to a TV or web site near you: A record-breaking, expensive 2018 election, McClatchyDC (Nov. 6, 2017).

4See Press Release, U.S. Securities and Exchange Commission, 10 Firms Violated Pay-to-Play Rule By Accepting Pension Fund Fees Following Campaign Contributions (Jan. 17, 2017).

5 Political Contributions by Certain Investment Advisers, Advisers Act Release No. 3043 (July 1, 2010).

2018-02-05T00:00:00-05:002018-02-05T21:38:46ZBenjamin Neaderlandhttps://www.wilmerhale.com/benjamin_neaderland/benjamin.neaderland@wilmerhale.comJoseph M. Tonerhttps://www.wilmerhale.com/joseph_toner/joseph.toner@wilmerhale.com

An article written by Partner Louis Tompros, Associate Alexis Pfeiffer, Former Associate Richard Crudo and Former Summer Associate Rahel Boghossian, published by the Harvard Journal of Law & Technology, Volume 31, Number 1, Fall 2017. 

2018-02-05T00:00:00-05:002018-02-05T20:28:44ZLouis W. Tomproshttps://www.wilmerhale.com/louis_tompros/louis.tompros@wilmerhale.comAlexis Pfeifferhttps://www.wilmerhale.com/alexis_pfeiffer/alexis.pfeiffer@wilmerhale.com

On January 25, Associate Attorney General Rachel Brand issued a memorandum to all components of the Department of Justice with civil litigating authority limiting the use of agency guidance documents in affirmative civil enforcement cases.

2018-02-05T00:00:00-05:002018-02-06T15:18:00ZCarl J. Nicholshttps://www.wilmerhale.com/carl_nichols/carl.nichols@wilmerhale.comJonathan G. Cedarbaumhttps://www.wilmerhale.com/Jonathan_Cedarbaum/jonathan.cedarbaum@wilmerhale.comDavid W. Ogdenhttps://www.wilmerhale.com/david_ogden/david.ogden@wilmerhale.comBrian Boyntonhttps://www.wilmerhale.com/brian_boynton/brian.boynton@wilmerhale.comEd Williamshttps://www.wilmerhale.com/ed_williams/ed.williams@wilmerhale.com

A blog post by Frederick Saugman and Lloyd Firth, published on the WilmerHale W.I.R.E. UK blog.2018-02-02T00:00:00-05:002018-02-02T15:45:46ZFrederick Saugmanhttps://www.wilmerhale.com/frederick_saugman/frederick.saugman@wilmerhale.comLloyd Firthhttps://www.wilmerhale.com/lloyd_firth/lloyd.firth@wilmerhale.com

In an op-ed in the Raleigh News & Observer, Debo Adegbile, in his role as a commissioner of the US Commission on Civil Rights (USCCR), previewed the panel's Friday visit to North Carolina by explaining how the USCCR helps to safeguard voting rights. 

2018-02-02T00:00:00-05:002018-02-02T14:42:19ZDebo P. Adegbilehttps://www.wilmerhale.com/debo_adegbile/debo.adegbile@wilmerhale.com

Summaries of and links to recent precedential and informative opinions.

2018-01-30T00:00:00-05:002018-02-02T20:58:12Z

David Gammell, in this article published by Xconomy, discusses key factors for founders to consider when making decisions regarding how and when to grant stock options to employees.

2018-01-30T00:00:00-05:002018-01-30T21:11:37ZDavid D. Gammellhttps://www.wilmerhale.com/david_gammell/david.gammell@wilmerhale.com

Ocular Therapeutix™, Inc. announced the closing of its underwritten public offering of 7,475,000 shares of its common stock at a public offering price of $5.00 per share. 

2018-01-30T00:00:00-05:002018-01-30T16:03:15Z