Proposed Rule 9J-1: swap markets will need much more regulatory clarity *

USA - November 19 2010
Only one thing is certain about new Rule 9j-1, proposed by the Securities and Exchange Commission (the "SEC") on November 3, 2010 - in its current form, it has the potential to create regulatory uncertainty in the derivatives markets for years to come.

Co-authors: Julia Lu, Eva Marie Carney.

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Credibly defending against insider trading allegations: SEC v. Rorech *

USA - October 21 2010
Insider trading cases are rarely decided on the basis of "smoking gun" evidence or a confession of wrongdoing.

Co-authors: Eva Marie Carney.

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U.S. financial reform legislation does not authorize private aiding and abetting actions, but expressly clarifies and enhances the SEC’s ability to pursue secondary actors *

USA - July 16 2010
Many people were worried in connection with the U.S. financial reform legislation that is about to become law as the Dodd-Frank Wall Street Reform and Consumer Protection Act that Congress would take the opportunity to overrule two Supreme Court decisions establishing that there is no private right of action for aiding and abetting securities law violations.

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Supreme Court decision limiting extraterritorial reach of § 10(b) may be undercut by financial reform legislation *

USA - June 29 2010
The Supreme Court announced on June 24, 2010 in Morrison v. National Australia Bank Ltd. that the primary antifraud provision of the federal securities laws, § 10(b) of the Securities Exchange Act, applies only to transactions in securities listed on U.S. exchanges and transactions in other securities if they occur within the territorial jurisdiction of the United States.

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The dustbin of history? Second Circuit makes clear that champerty won’t impede the rights of secondary purchasers *

USA - January 13 2010
In a case of great significance to the United States secondary loan market, on January 11, 2010, the U.S. Court of Appeals for the Second Circuit firmly established that the ancient doctrine of "champerty" – originally a prohibition on the transfer of litigation claims – has no further relevance to transactions in the loan market that are governed by New York law.

Co-authors: Brian S Fraser.

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