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Decision restores certainty to out-of-court debt restructurings
In a surprising 2014 decision, the District Court for the Southern District of New York held that the Trust Indenture Act ...
The following is the Davis Polk visual memorandum analyzing the Federal Reserve’s final rule on total loss-absorbing capacity (TLAC), eligible long-term debt (LTD) and clean holding com...
Or, Some Perspective on Indenture Language Restoring the Commercial Understanding of “Make-Whole” Premiums That Prevailed Before Summer 2016
A covenant review service recently procla...
The SEC Staff determined that a shareholder proposal on greenhouses gases (GHGs) could be excluded from Apple and Deere’s proxy statements as relating to ordinary business operations be...
On Friday, in response to a question after delivering a speech, Fed Governor Jay Powell criticized the proprietary trading restrictions of the Volcker Rule. He was quoted in the press as...
Last week, the House of Representatives passed two bills and considered another that would dramatically expand Congress’s role in the oversight of agency rulemaking. Although we think t...
CFTC Chairman Timothy Massad announced this week that he will be stepping down on January 20. Commissioner J. Christopher Giancarlo, who is the sole Republican currently serving on the Co...
The Tenth and D.C. Circuit Courts of Appeal have come to opposite conclusions in response to constitutional challenges to the Securities Exchange Commission’s (the “SEC’s”) appoin...
On December 22, 2016, the Federal Reserve released a staff paper on the implementation of the Volcker Rule and its impact on bond market liquidity, particularly in times of market stress....
The Delaware Court of Chancery recently ruled that a form of fee-shifting bylaw linked to exclusive forum provisions is invalid.
Six months after Delaware adopted DGCL Section 109(b) to r...