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This post highlights what we believe to be the most significant developments and trends during 2015 for financial institutions with respect to U.S. Bank Secrecy Act/anti-money-laundering (“BSA/AML”) and U.S. sanctions programs, including sanctions administered by the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”). In 2015, the overarching trend continued to be an intense focus on BSA/AML and sanctions compliance by multiple government agencies, combined with increasing regulatory expectations and significant enforcement actions and penalties, and an increased focus on individuals. Government agencies continued to emphasize money-laundering and terrorist-financing risks, threats and vulnerabilities seen in prior years, as well as the emergence of certain new threats associated with advances in technology. We do not see these trends abating in the near term.
Work done by women pays less because women do it, research shows.
Hedge funds wounded by recent stock market gyrations may struggle to pressure companies and reap the benefits of their activist campaigns, lawyers and bankers at Tulane Law School's corporate law conference in New Orleans said this week.
At the Singapore air show, the only real bit of good news for Bombardier came from back home, where Air Canada said it could buy up to 75 C Series jets
The province’s recent budget introduced a reduced tax rate for business income derived from innovation, the first of its kind in Canada
Activist investors are bigger and hungrier than ever. Here’s how to keep them at bay.
Bill Ackman may be losing money in beleagued drug company Valeant Pharmaceuticals, but San Francisco hedge fund ValueAct is raking it in
Evercore's Roger Altman offered an optimistic outlook on M&A and some thoughts on the rise of activist investors at Tulane University's annual mergers-and-acquisitions confab in New Orleans.
On March 4, 2016, in Tongue v. Sanofi, [1] the Second Circuit interpreted and applied for the first time the Supreme Court’s decision in Omnicare Inc. v. Laborers Dist. Council Const. Indus. Pension Fund, [2] which addressed the circumstances under which issuers can be liable for statements of opinion or projections.
Outside the United States, seemingly independent listed firms can be controlled as a unit via pyramiding. Chart 1 illustrates: An apex firm, often a family firm, holds enough equity in each subsidiary to control its shareholder meeting, letting public shareholders own the rest (its public float). Because public shareholders rarely vote, the Canada Business Corporations Act infers control from 20% stakes, but recognizes de facto control from smaller stakes. Subsidiaries repeat this, as do their subsidiaries, their subsidiaries’ subsidiaries, and so on ad valorem. A large Canadian pyramid contained over 500 listed and unlisted firms in 16 tiers of subsidiaries at its peak around 1990.
A shareholder of patent servicesprovider plans to nominate three directors for thecompany's board, after talks with RPX's CEO failed to head off aproxy fight.
Valeant is again getting hammered, but there are ways for investors to try to profit from this misfortune.
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Legislation introduced yesterday [March 17, 2016] in Congress calls for substantial steps to be taken towards increasing transparency and fairness in the public equity markets. If adopted, the Brokaw Act would direct the Securities and Exchange Commission to amend the Section 13(d) reporting rules. The proposed amendments would include shortening the filing window applicable to the acquisition of a 5% stake in an equity security from ten days to two business days and requiring the public reporting of significant “short” positions. The legislation would also broaden the scope of the rules by recognizing that possession of a pecuniary interest in a security constitutes beneficial ownership, and by specifically targeting the covert collusion of activist “wolf packs.”
Pay disparities between men and women are under scrutiny at the Securities and Exchange Commission, as a result of a new comment letter asking that public companies be required to furnish data on the subject.
Looking for $100 million in annual savings.
As company seeks bailout from Canadian taxpayers, proposal to shift assembly of turboprop components to Mexico and China remains on table
Michael Pearson said in a statement that he ‘regrets the controversies that have adversely impacted our business over the past several months’
Activists are trying to shake up United Continental's board, just as the struggling airline is finally starting to make improvements.
Family-controlled pyramidal business groups were important in Canada early in the 20th century, amid rapid catch-up industrialization, but largely gave way to w
Congress has a new target: activist investors. Democratic Sens. Tammy Baldwin and Jeff Merkley introduced a bill meant to stem negative impact on companies by ‘wolf packs’ of activists.
On March 16 and 17, Glass Lewis hosted two Proxy Talk conference calls looking ahead to this year's proxy seasons in Europe, and North America & Asia. Robert McCormick, Chief Policy Officer, and Andrew Gebelin, Senior Director of Research, led discussions with Glass Lewis Analysts on noteworthy voting issues in key markets and anticipated contentious proposals.
SPEAKERS
Following the 2008 financial crisis, government regulators and prosecutors have been under tremendous public pressure to prosecute individuals. Senior government officials have responded by speaking forcefully about their desires to sue or prosecute more individuals. What does the government’s heated rhetoric and renewed focus on individual liability mean for corporate directors? As the chairman of the Securities and Exchange Commission (“SEC”) recently noted, “[s]ervice as a director is not for the faint of heart….”But the good news is that directors who perform their role with even a modicum of reasonableness are highly unlikely to be held personally liable in carrying out their responsibilities. Of course, most directors aspire to more than staying out of trouble. As a former SEC chairman put it: “It is not an adequate ethical standard to aspire to get through the day without being indicted.”
Starbucks Corporation SBUX. Vote FOR proxy access, AGAINST pay package, bonus plan, members of the compensation committee & NCPPR proposal.
Bombardier wants the money to help finance its new CSeries passenger jet, which faces tough competition from majors Airbus Group SE and Boeing Co.
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