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Share valuation provisions

United Kingdom - March 1 2012 Shareholders' and joint venture agreements and articles of association often include leaver provisions which require a departing employee member to sell his or her shares to existing members for fair value, as determined by an independent accountant appointed by the parties....

Andrew Pearson, Richard Ufland.

Wall crossings and insider dealing Financial Services Authority levies the second highest ever fine against Greenlight Capital hedge fund trader David Einhorn

United Kingdom - February 1 2012 On 12 January 2012, the Financial Services Authority ("FSA") levied its second highest ever fine of £3,638,000 against US hedge fund trader David Einhorn and a fine of £3,650,795 against Greenlight Capital Inc for market abuse....

Tom Brassington, Richard Ufland.

Extension of market abuse sunset clauses in FSMA

United Kingdom - February 1 2012 Following an informal consultation by HM Treasury in September 2011, The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2011 (the "Regulations") were published on 8 December 2011....

Tom Brassington, Richard Ufland.

ESMA's guidance that dividend policy can constitute inside information

European Union - February 1 2012 On 9 January 2012, the European Securities and Markets Authority ("ESMA") published a Question and Answer paper on the common operation of MAD (the "Paper")....

Tom Brassington, Richard Ufland.

European Commission proposal to amend the Transparency Directive

European Union - December 1 2011 The European Commission (the "Commission") has recently published a provisional text of a proposal for a directive to amend the Transparency Directive (the "TD")....

Richard Ufland.