In a decision with significant implications for securities litigation and enforcement, the United States Court of Appeals for the Second Circuit recently rebuffed an attempt by the US Securities and Exchange Commission (SEC) to broaden the scope of “scheme liability” under Section 10(b) of the Securities Exchange Act of 1934 and Section 17(a)
US Second Circuit limits jurisdictional reach over foreign banks
Banks around the world routinely transmit money into and out of New York, a global financial and commercial center. The Second Circuit’s recent opinion in Daou v. BLC Bank, S.A.L. serves as a reminder that New York courts will not open their doors and exercise personal jurisdiction over foreign banks absent a specific connection between
The SEC Plans to Continue Its Brisk and Broad Rule making
On June 22 2022, the SEC published its Spring 2022 regulatory agenda in which it outlined the Commission’s short and long-term regulatory interests. The SEC appears intent on proceeding with its fast-paced stream of proposed rule makings that have dominated the first half of this year. The agenda includes rule making related to climate change,
US SEC proposes new ESG disclosure rules for funds and advisers
On May 25, 2022, the US Securities and Exchange Commission proposed new rules to enhance the regulatory framework for disclosures concerning investment funds and investment advisers’ environmental, social and governance-related (ESG) investing strategies (the Proposed Rules). If adopted, the Proposed Rules would require SEC-registered advisers to include ESG factors and strategies for investors in
US SEC settlement demonstrates the risks to investment advisers of using ESG investment decision-making metrics
The US Securities and Exchange Commission (SEC) has been increasingly vocal about its view that environmental, social and governance (ESG) disclosures can be material to investors. To help combat ESG disclosure violations, the SEC created a Climate and Risk Task Force within the Division of Enforcement. As a result of the Task Force’s efforts, on
Global webinar on 18 November 2021 – ESG regulation: Global themes and what’s on the horizon
We invite you to join our webinar on 18 November 2021 in which our global financial services team will discuss and examine recent ESG related developments across key jurisdictions and provide their views on what’s on the horizon.
The webinar will be held on the following times during 18 November 2021:
- 14:00 SGT and HKT
Global webinar on 18 November 2021 – ESG regulation: Global themes and what’s on the horizon
We invite you to join our webinar on 18 November 2021 in which our global financial services team will discuss and examine recent ESG related developments across key jurisdictions and provide their views on what’s on the horizon.
The webinar will be held on the following times during 18 November 2021:
- 14:00 SGT and HKT
SEC targets climate change disclosures
The SEC remains busy exploring additional, alternative means for requiring public companies to disclose climate risks and greenhouse gas emissions.
House Passes Bill Directing Disclosure of ESG Metrics
On June 16, 2021, the U.S. House of Representatives passed H.R. 1187, the “ESG Disclosure Simplification Act of 2021” (“Act”), by a 215-214 vote. The Act, if passed by the U.S. Senate and signed into law by President Biden, would direct the U.S. Securities and Exchange Commission (“SEC” or “Commission”) to issue rules requiring public
U.S. Reporting Companies Must Disclose Brexit Risks
Brexit—whether it happens or not, and in what form it might (or might not) take—will shock the global marketplace. Yet despite the known unknowns in these tumultuous times, there is one certainty for public reporting companies in the United States: Brexit risks must be disclosed.
On March 15, 2019, William Hinman, Director of the SEC’s