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Morrison & Foerster LLP


SEC Updates Financial Reporting Manual

USA - September 7 2017 On August 25, 2016, the SEC’s Division of Corporation Finance (“Corp Fin”) updated its Financial Reporting Manual by making the following changes:

PRC Court Recognizes a U.S. Court Judgment for First Time Based on Principle of Reciprocity

China, USA - September 11 2017 On June 30, 2017, the Wuhan Intermediate People’s Court (the “Wuhan Court”) issued a decision recognizing and enforcing a civil money judgment issued

Employment Law Commentary, August 2017

USA - September 7 2017 The Third Circuit has recently taken steps to resolve inconsistent precedent regarding the standard for pleading hostile work environment harassment

Congress Passes H.R. 2864 (Improving Access to Capital Act), Expanding Scope of Regulation A to Cover Reporting Companies

USA - September 8 2017 On September 5, 2017, the U.S. House of Representatives approved H.R. 2864 (Improving Access to Capital Act) by a vote of 403-3. The bill, which was

Section 3(a)(2) and offerings by banks

USA - September 9 2010 Section 3(a)(2) of the Securities Act of 1933 (the "Securities Act") exempts from registration under the Securities Act any security issued or guaranteed by a bank

A First Time for EverythingCFPB Issues Its First No-Action Letter

USA - September 20 2017 The Consumer Financial Protection Bureau (the "CFPB" or the "Bureau") recently announced the issuance of its first no-action letter ("NAL") to Upstart

Capital Formation Bills Advance in the Senate

USA - September 19 2017 Last week, the Senate passed three bipartisan bills that promote access to capital for small businesses and startups. The Senate bills, the House

Austria’s GDPR Implementation Law

Austria - September 19 2017 Austria is the second EU country after Germany that has adopted a new national Data Protection Act (the “New Act”) implementing the GDPR. The New Act

Financial Services Report - Fall 2015

USA - September 19 2017 Through hurricanes, wild fires, the publication of Hillary Clinton’s book, the birth of Amal and George Clooney’s twins, and the Dodgers’ historic

SEC Issues New C&DIs on Regulation A

USA - September 18 2017 On September 14, 2017, the staff of the SEC’s Division of Corporation Finance (the “Staff”) issued three new compliance and disclosure interpretations