Legal & Regulation

The UK Court of Appeal has today handed down judgment in a case which considers the circumstances in which an individual who enters into a members' agreement in a limited liability partnership may be considered to be an employee. Jonathan Exten-Wright, employment partner, DLA Piper explains… »

International law firm Eversheds has advised leading independent trustee Alexander Forbes Trustee Services in obtaining a judgment in a novel test case that involved suing members who do not exist. »

EFAMA (the European Fund and Asset Management Association) has applauded the EU Commission’s decision to protect European ISIN data users to the extent possible under EU competition law. EFAMA sees this decision as a major victory for the European financial services industry which will save approximately USD100 million per annum in ISIN license fees going forward. »

The Securities and Exchange Commission has charged Wachovia Bank NA with fraudulently engaging in secret arrangements with bidding agents to improperly win business from municipalities and guarantee itself profits in the reinvestment of municipal bond proceeds. »

Proposed EU pension regulations would add significantly to business costs at a time when pension deficits are already holding back company performance, according to a new poll of business leaders. »

Carey Olsen has advised Argentum Capital on the Jersey legal aspects of its multi-million pound listing on the Channel Islands Stock Exchange, the first listing of a litigation fund on the CISX. »

By Commissioner Scott D O’Malia - The Commodity Futures Trading Commission (the “Commission”) has confirmed that our Division of Enforcement is investigating MF Global, Inc. (“MF Global”) for possible violations of the Commodity Exchange Act (“CEA”) and/or Commission regulations. I fully support the Commission’s efforts to conduct a thorough investigation to determine what happened with the customer funds, how we can return all customer funds as soon as possible, and punish any wrongdoing. »

Munib Ali, director at PwC, on the European Commission’s (EC) release of the Market in Financial Instruments Directive (MiFID) II proposals… »

Monique Melis, a Member at financial advisory firm Kinetic Partners, on the sentencing of Raj Rajaratnam to 11 years in prison for insider trading… »

Securities and Exchange Commission Chairman Mary L Schapiro and senior SEC staff met today with the UK Financial Services Authority’s (FSA) chief executive Hector Sants (pictured) and its managing director of the conduct business unit Martin Wheatley as part of the regular, ongoing SEC-FSA Strategic Dialogue to discuss regulatory approaches to current issues. »