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Second Circuit upholds dismissal for advisor who recommended Bayou Group hedge fund

  • Locke Lord LLP
  • -
  • USA
  • -
  • July 21 2009

In a highly anticipated decision, the United States Court of Appeals for the Second Circuit affirmed last week that investment advisor Hennessee Group LLC could not be liable on the claims asserted by one of its clients for recommending that the client invest in a hedge fund that turned out to be nothing more than a Ponzi scheme perpetrated by Bayou Group LLC

White House proposes SEC registration and oversight of private equity, venture capital and hedge fund advisors

  • Locke Lord LLP
  • -
  • USA
  • -
  • July 21 2009

The White House proposed legislation to Congress last week that would require investment advisors to private equity, venture capital and hedge funds with more than $30 million in assets under management to register with the Securities and Exchange Commission (SEC

Treasury Department sends systemic risk regulation proposal to Congress, and other financial regulatory overhaul news

  • Locke Lord LLP
  • -
  • USA
  • -
  • July 24 2009

On Wednesday, July 22, 2009, the Treasury Department sent draft legislation to Capitol Hill that would bring all financial firms under federal supervision and regulation, and would establish a new regulatory council the Financial Services Oversight Council to identify and manage emerging risks

Delaware court: right to advancement of defense costs for defamation suit can be modified based on changes in factual circumstances

  • Locke Lord LLP
  • -
  • USA
  • -
  • July 28 2009

In a short letter-to-counsel opinion, Vice Chancellor John Noble of the Delaware Chancery Court held that a prior order granting advancement to two officers and directors can be modified based on changes in factual circumstances

New York State Insurance Department reminds licensees of compliance obligations under federal laws

  • Locke Lord LLP
  • -
  • USA
  • -
  • July 28 2009

The New York State Insurance Department (the "Department") recently issued Circular Letter No. 11 to remind licensees of their obligations to comply with three federal laws: (i) the Bank Secrecy Act set forth in 31 U.S.C. 5311-5330 ("BSA"); (ii) the Foreign Corrupt Practices Act set forth in 15 U.S.C. 78dd-1-78dd-3 ("FCPA"); and (iii) requirements issued by the Office of Foreign Assets Control set forth in 31 U.S.C. 313(a)(6)(c) ("OFAC", collectively with BSA and FCPA, the "Federal Laws"

Treasury Department releases proposal to create Office of National Insurance

  • Locke Lord LLP
  • -
  • USA
  • -
  • July 24 2009

On Wednesday, July 22, 2009, the Obama Administration sent draft legislation to Capitol Hill that would create an Office of National Insurance within the Treasury Department

NY appellate court: insurer’s disclaimer timely and proper despite lack of prejudice resulting from insured’s late notice of claim

  • Locke Lord LLP
  • -
  • USA
  • -
  • July 22 2009

On July 10, 2009, the appellate division reversed the motion court’s ruling in Sevenson Envtl. Serrvices, Inc. v. Sirius Am. Ins. Co., Case No. 0226008 (4th Dept.), and held that (1) the insured’s 15-month delay in providing notice of the claim was unreasonable as a matter of law; (2) the insurer need not prove that it was prejudiced by the insured’s untimely notice to disclaim coverage; and (3) the insurer’s disclaimer of coverage on late notice grounds 24 days after receiving notice of the claim was timely as a matter of law

The Florida Office of Insurance Regulation enters cooperation agreement with the United Kingdom’s financial regulator

  • Locke Lord LLP
  • -
  • USA
  • -
  • July 24 2009

On Tuesday, July 21, 2009, the head of the Florida Office of Insurance Regulation ("FLOIR"), Commissioner Kevin McCarty, announced the signing of a memorandum of understanding ("MoU") with the United Kingdom Financial Services Authority ("FSA"), the United Kingdom’s regulator responsible for regulatory oversight of the insurance, banking and securities markets

N.Y. Insurance Department issues opinion prohibiting contingent annuity contracts

  • Locke Lord LLP
  • -
  • USA
  • -
  • July 29 2009

Last month, the New York Insurance Department’s Office of General Counsel issued Opinion No. 09-06-11 (the “Opinion”) which prohibits contingent annuity contracts on the grounds that such contracts constitute an impermissible form of financial guaranty insurance

FTC announces three-month suspension of Red Flags Rule; new guidance to be released shortly

  • Locke Lord LLP
  • -
  • USA
  • -
  • July 30 2009

On Wednesday, July 29, 2009, the Federal Trade Commission (FTC) announced that it would be suspending enforcement of the Red Flags Rule, its new anti-fraud regulations, for three months, until November 1, 2009