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Today, the staff of the Division of Corporation Finance (the “Staff”) of the Securities and Exchange Commission issued a no-action letter to Davis Polk, Cleary Gottlieb and O’Melven...
After a sharply divided vote of 3-2, the FDIC Board voted to request public comment on whether compensation policies should be incorporated as a factor in the risk-based insurance premium...
For the second time since adopting its Final Statement of Policy for Failed Bank Acquisitions (the “Policy Statement”), the FDIC has issued “Questions and Answers” (the “Revised...
The loan markets began 2009 in the shadow of the credit crunch that began in the summer of 2007 and escalated to a credit meltdown in the fall of 2008. The average secondary bid for insti...
SEC Rules and Regulations
SEC Adopts Amendments to the Custody Rule
SEC Extends Expiration Date for Temporary Rule on Principal Trades with Certain Advisory Clients
SEC Adopts Rule...
On December 16, 2009, the SEC approved final rules relating to key risk, corporate governance and compensation matters. The new rules become effective February 28, 2010 and will affect mo...
Yesterday, the SEC issued a proposal that would amend Rule 163 of the Securities Act to allow underwriters or dealers, acting on behalf of well-known seasoned issuers (WKSIs), to offer se...
Marshall S. Huebner, who co-heads Davis Polk’s Insolvency and Restructuring Group and served as lead counsel in several airline restructurings, testified by invitation before Congress o...
At an open meeting today, the SEC voted to adopt amendments intended to enhance compensation and corporate governance disclosures. The new rule, which becomes effective February 28, 2010,...
What follows is a summary of the Wall Street Reform and Consumer Protection Act passed by the House of Representatives on December 11, 2009. The Act, like Senate Banking Committee Chairma...