Capital Markets

253 Search Results

SEC Adopts New Rules to Replace Use of Credit Ratings in Short-Form Eligibility Criteria

On July 26, 2011, the Securities and Exchange Commission ("SEC") adopted new rules to eliminate an issuer's credit rating as one of the "transaction requirement" criteria by which an issuer can qualify for the short-form registration process on Forms S-3 and F-3.

Client Alert | August 2, 2011

The SEC Begins to Part Ways with Credit Ratings Pursuant to Dodd-Frank Stricture

On February 9, 2011, the Securities and Exchange Commission ("SEC") proposed to amend the SEC's rules to eliminate credit rating as one of the "transaction requirement" criteria by which an issuer can qualify for the short-form registration process, most notably under Forms S-3 and F-3.

Client Alert | February 15, 2011

2010 Year-End German Law Update

The improvements in the German economy in 2010 have eased some of the restructuring pain, but have not prevented lawmakers from responding to certain deficiencies that are widely believed to have caused the financial crisis.

Client Alert | January 14, 2011

Bombay High Court Holds That Public Listed Company Shares Can Be Subjected to Preemptive Rights

On September 1, 2010, a division bench of the Bombay High Court held that consensual preemptive arrangements between shareholders in a public listed company do not violate the principle of free transferability of shares enshrined in section 111A of the Indian Companies Act, 1956 ("Companies Act").

Client Alert | October 15, 2010

Prospectus Directive amendments – discussion of key changes

London partner Dorothee Fischer-Appelt is the author of "Prospectus Directive amendments - discussion of key changes" [PDF] published in the September 2010 issue of Law and Financial Markets Review (pp.

Client Alert | September 27, 2010

U.S. Regulatory Reform Heads to the Implementation Phase

Printable PDF Dodd-Frank Wall Street Reform and Consumer Protection Act Signed by the President On July 21, 2010, President Barack Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act, the most sweeping financial reform legislation in over a generation.

Client Alert | July 23, 2010

Restructuring in SEC Division of Corporation Finance

PDF Version On July 16, 2010, the U.S. Securities and Exchange Commission (the "SEC") announced that the Division of Corporation Finance (the "Division") will create three new specialized offices that are intended to focus the Division's resources on critically important institutions and financial products.

Client Alert | July 16, 2010

Amendments to the EU Prospectus Directive: Summary of Key Changes

This Alert summarizes certain key changes to the EU Prospectus Directive (2003/71/EC) which were approved by the EU Parliament on June 17, 2010 (the "Amending Directive").

Client Alert | June 23, 2010

Preparing for the Conference: A Comprehensive Review of the Senate Financial Reform Bill

On May 20, 2010, after three weeks of floor debate, five cloture votes, and nearly a year of development, the "Restoring American Financial Stability Act of 2010" passed the Senate by a vote of 59-39.

Client Alert | May 27, 2010

Restoring American Financial Stability Act of 2010 – A Comprehensive Review of the U.S. Senate Banking Reform Bill

On March 22, 2010, a bill seeking general reform of financial industry regulation in response to the recent financial crisis was adopted on a party-line vote by the Senate Banking Committee as the "Restoring American Financial Stability Act of 2010." It subsequently was reported to the Senate as Senate Bill 3217 (posted on the Committee's website on April 15, 2010).

Client Alert | April 23, 2010

Financial Regulatory Reform: Chairman Dodd Releases New Legislation to Reform Financial Services Industry Regulation and Enhance Consumer Protection

Gibson Dunn is closely tracking government responses to the recent turmoil that has catalyzed a dramatic and rapid reshaping of our capital and credit markets.

Client Alert | March 17, 2010

2009 Year-End German Law Update

As the German economy continues to suffer heavily from the consequences of the global financial crisis, 2009 saw the introduction of many changes in the fields of corporate, securities and banking law.

Client Alert | January 20, 2010

SEC Proposes to Amend Securities Act Rule 163 – Proposed Change May Facilitate “Wall-Crossed” Offerings by WKSIs

On December 21, 2009, the Securities and Exchange Commission issued a proposed amendment to paragraph (c) of Rule 163 under the Securities Act of 1933, as amended.

Client Alert | January 4, 2010

Financial Regulatory Reform: Consumer Financial Protection Agency Moves Forward

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is closely tracking government responses to the turmoil that has catalyzed a dramatic and rapid reshaping of our capital and credit markets.

Client Alert | October 22, 2009

Financial Regulatory Reform: Derivatives Legislation Moves Forward in House

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is closely tracking government responses to the turmoil that has catalyzed a dramatic and rapid reshaping of our capital and credit markets.

Client Alert | October 15, 2009

Remuneration Reform: G20 – Breakthrough?

London partner Selina Sagayam is the author of "Remuneration Reform: G20 - Breakthrough?" [PDF] published in the September 30, 2009 issue of Euro Watch.

Client Alert | September 30, 2009

Financial Crisis Inquiry Commission to Begin Investigations Next Month

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is closely tracking government responses to the turmoil that has catalyzed a dramatic and rapid reshaping of our capital and credit markets.

Client Alert | September 17, 2009

Convertible Debt Exchange Offers: Considerations for Distressed Issuers

Orange County partner James Moloney and New York partner Glenn Pollner and associate Matthew Shaw are the authors of "Convertible Debt Exchange Offers: Considerations for Distressed Issuers" [PDF] published in the September-October 2009 issue of Deal Lawyers.

Article | September 1, 2009

Financial Crisis Inquiry Commission: Commissioners Appointed; Commission Likely to Begin Investigations in September

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is closely tracking government responses to the turmoil that has catalyzed a dramatic and rapid reshaping of our capital and credit markets.

Client Alert | July 15, 2009

Financial Markets in Crisis: Administration Releases “White Paper” on Reforming the Financial Regulatory System

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.

Client Alert | June 17, 2009

Debt-for-Debt Exchanges and Other Debt Modification Strategies in the Current Environment

In recent months, the equity markets have become increasingly more volatile, while the debt markets remain largely inaccessible for all but the most creditworthy issuers.

Client Alert | April 13, 2009

Stimulus Bill Tax Provisions

The American Recovery and Reinvestment Act of 2009 (the "Stimulus Act") is expected to be signed into law by President Obama today. The approximately 11oo pages of the Stimulus Act include a number of tax provisions.

Client Alert | February 17, 2009

Financial Markets in Crisis: Details of Federal Reserve MBS Purchase Program

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.We are providing updates on key regulatory and legislative issues, as well as information on legal issues that we believe could prove useful as firms and other entities navigate these challenging times.This update focuses on the Federal Reserve Board's announcement that it expects to begin purchasing mortgage-backed securities (MBS) in early January 2009.On November 25, 2008, the Federal Reserve announced three major new initiatives as follows: The Term Asset-Backed Securities Loan Facility (TALF) -- under which the Federal Reserve Bank of New York, with Treasury credit protection in

Client Alert | January 5, 2009

Financial Markets in Crisis: TARP Covers Automakers; More TALF Details Announced

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.

Client Alert | December 24, 2008

Financial Markets in Crisis: Oversight of Federal Rescue Efforts Ramps Up

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.

Client Alert | December 16, 2008

Financial Markets in Crisis: Housing and Credit Markets Get TARP Boost

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.

Client Alert | November 25, 2008

Financial Markets in Crisis: Final TLGP Rule

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.We are providing updates on key regulatory and legislative issues, as well as information on legal issues that we believe could prove useful as firms and other entities navigate these challenging times.This update focuses on the final rule issued today by the Federal Deposit Insurance Corporation (the "FDIC") governing its Temporary Liquidity Guarantee Program (the "TLGP").On October 13, 2008, the FDIC adopted the TLGP, which guarantees newly issued senior unsecured debt of banks, thrifts, and most holding companies of federally insured depository institutions (the &quo

Client Alert | November 21, 2008

Financial Markets in Crisis: The Waxman Hearings; TARP Update

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.We are providing updates on key regulatory and legislative issues, as well as information on legal issues that we believe could prove useful as firms and other entities navigate these challenging times.This update focuses on a series of hearings which are being conducted by Congressman Henry Waxman, chair of the House Committee on Oversight and Government Reform, and, in particular, the recent hearing on hedge funds' role in the financial crisis.BackgroundOn Thursday, October 2, 2008, Representative Waxman announced that the House Committee on Oversight and Government Reform would hold a seri

Client Alert | November 19, 2008

Financial Markets in Crisis: TARP Roadmap Revised

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.

Client Alert | November 13, 2008

Financial Markets in Crisis: Expanding Authorities to Promote Liquidity and Protect Homeowners

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.

Client Alert | November 7, 2008

Financial Markets in Crisis: Regulation of Credit Default Swaps

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.

Client Alert | October 23, 2008

Financial Markets in Crisis: Congress Takes a Closer Look; FDIC Issues Interim Rule

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.

Client Alert | October 23, 2008

Financial Markets in Crisis: Fed Announces a Third Funding Facility Designed to Increase Market Liquidity

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.

Client Alert | October 21, 2008

Financial Markets in Crisis: The Capital Purchase Program Takes Shape

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.

Client Alert | October 20, 2008

Financial Markets in Crisis: TARP Takes Shape: President Announces Additional Measures

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.

Client Alert | October 14, 2008

Financial Markets in Crisis: Applications Are In

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.

Client Alert | October 9, 2008

Financial Markets in Crisis: Treasury Moves to Implement TARP

With the Emergency Economic Stabilization Act (EESA) now law, Treasury is moving quickly to choose advisers, issue regulations, and hire companies to serve as asset managers for the Troubled Asset Relief Program (TARP).Today, Secretary Paulson announced that he has selected Neel Kashkari to be the interim head of the new Office of Financial Stability, which will implement the Troubled Asset Relief Program.  Kashkari is currently Assistant Secretary for International Economics and Development and has been a key adviser to Secretary Paulson.  It is our understanding that Secretary Paulson intends to hire a small staff with expertise in asset management, accounting, and legal issues to commence the Troubled Asset Relief Program.

Client Alert | October 6, 2008

Ban on Short Selling the Securities of Financial Institutions To Expire

As a result of President Bush's signing of the Emergency Economic Stabilization Act of 2008 (H.R. 1424), the Securities and Exchange Commission's Division of Trading and Markets announced today that the prohibition on short sales in the securities of financial institutions will expire at 11:59 p.m.

Client Alert | October 3, 2008

Financial Markets in Crisis: Rescue Bill Reaches Finish Line

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.

Client Alert | October 3, 2008

Financial Markets in Crisis: Section-By-Section Analysis of the Emergency Economic Stabilization Act of 2008

We are pleased to provide our clients and friends with a section-by-section analysis of the Emergency Economic Stabilization Act of 2008 (hereinafter, the "Act") as passed by the Senate, by a vote of 74-25, on October 2, 2008.

Client Alert | October 2, 2008

Financial Markets in Crisis: Overview of FDIC’s Authority with Respect to Bank Failures

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.

Client Alert | September 30, 2008

Financial Markets in Crisis: Rescue Bill Fails in House

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.What follows is our latest in a series of updates on key regulatory and legislative issues.Bipartisan RejectionLawmakers labored over the weekend to craft a financial package that would be palatable to both Democrats and Republicans, as well as to constituents back home.  Draft legislation was circulated and tinkered with all weekend until the House Rules Committee, at 12:01 a.m.

Client Alert | September 29, 2008

Short Selling Update: Global Regulators Take Additional Action*

* Updated to reflect additional regulatory guidance and action. Responding to current market conditions, the U.S. Securities and Exchange Commission (the "SEC" or "Commission") and other regulatory and governmental authorities around the globe have taken dramatic steps to address the current market turmoil resulting from potentially manipulative short selling.

Client Alert | September 26, 2008

Financial Markets in Crisis: Silence on the Rescue Deal Is Golden; Banking Giant WMBank Falls but DIF Held Harmless

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.What follows is our latest in a series of updates on key regulatory and legislative issues.Debate on the HillIn contrast to yesterday's public display of political and policy wrangling, today's activity was largely behind the scenes as designated negotiators worked to hash out the details of a rescue plan.  Though congressional leaders reported yesterday that they had reached a compromise agreement, Republicans announced that they had developed a competing proposal late Thursday night.  House Minority Leader John Boehner wrote Speaker Pelosi today to express concern that the Democra

Client Alert | September 26, 2008

Financial Markets Crisis: Issues for Hedge Funds and Private Equity Funds

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking government responses to the turmoil that has reshaped our capital and credit markets.  The following is an update on key regulatory and legislative issues that are of particular interest to and are likely to affect hedge funds and private equity funds.Federal Reserve Board Enhances Passive Investment Framework for Minority Investors in Bank Holding Companies and BanksIn connection with its various efforts to increase the capital and liquidity available to the banking industry, on September 22, 2008 the Federal Reserve Board (the "Fed") issued a new policy statement providing additional guidance on making equity investments in a bank or bank holding company ("BHC").  Importantly, the iss

Client Alert | September 26, 2008

Financial Markets in Crisis: Deal on Rescue Bill Appears Likely, but What Will It Contain?

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.

Client Alert | September 25, 2008

Financial Markets Crisis: Congress and Administration Lurch Toward a Rescue Plan; Federal Reserve Relaxes Restrictions on Investments in Banks

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.What follows is our latest in a series of updates on key regulatory and legislative issues.Congressional HearingsToday, Treasury Secretary Henry Paulson and Federal Reserve Board Chairman Ben Bernanke testified before the House Financial Services Committee.  Both Secretary Paulson and Chairman Bernanke reiterated the message they conveyed to the Senate Banking Committee yesterday, urging Congress to pass legislation quickly and warning of dire economic consequences if the federal government does not intervene soon.  Tomorrow, the House Financial Services Committee will hear testimon

Client Alert | September 24, 2008

Capital Markets in Crisis: The Government Formulates a Response

Gibson, Dunn & Crutcher Deploys a Team of ExpertsMany of our clients are facing new challenges because of the dramatic economic events that have occurred over the last two weeks and as a result of changes that in their scope and reach we have not seen since the Depression.  Financial markets are literally being reshaped in Washington on a real-time basis.  As the Administration and Congress move forward to address the liquidity crisis and related problems, we are positioned to keep our clients apprised of key developments and to ensure that their voices are heard in the debate about how to repair our financial infrastructure.To that end, Gibson, Dunn has assembled a team of attorneys with a broad range of experience in the securities, financial, corporate, real estate, tax, b

Client Alert | September 22, 2008

SEC Proposes Numerous Changes to Foreign Issuer Disclosure and Reporting Requirements

At its open meeting on February 13, 2007, the SEC voted to propose several amendments to its disclosure and reporting requirements for foreign private issuers.

Client Alert | February 20, 2008

SEC to Accept IFRS Financial Statements from Foreign Private Issuers without US GAAP Reconciliation

The US Securities and Exchange Commission (the "SEC") recently announced its adoption of rules under which it will accept filings from foreign private issuers containing financial statements prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board (the "IASB") without requiring reconciliation to US generally accepted accounting principles ("US GAAP").

Client Alert | January 11, 2008

The Sarbanes-Oxley Act and Foreign Private Issuers

New York Partner Kevin Kelley is the author of "The Sarbanes-Oxley Act and Foreign Private Issuers," [PDF] Chapter 7 of City & Financial's  U.S.

Client Alert | October 17, 2007

Implementation of the Transparency Directive – room for variations across the EEA

London Partner Dorothee Fischer-Appelt is the author of "Implementation of the Transparency Directive--room for variations across the EEA," published in the Capital Markets Law Journal, an Oxford University Press publication, April 23, 2007.Reprinted with permission, Capital Markets Law Journal, Oxford University Press, © 2007 Dorothee Fischer-Appelt. 

Client Alert | April 23, 2007

Acting in Concert

Munich partner Philip Martinius and associate Markus Nauheim are authors of "Acting in Concert" [PDF in German] published in the German capital markets magazine GoingPublic.  The article deals with the legal watch-outs regarding the acting in concert of investors as stock holders of German companies.Reprinted with Permission

Client Alert | May 13, 2006