The U.S. Securities and Exchange Commission (“SEC”) has published a final rule implementing Section 1502 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) relating to “conflict minerals” from the Democratic Republic of Congo (“DRC”). The Final Rule imposes new disclosure and reporting requirements on companies already required to file disclosures with the SEC,1 that manufacture or contract to manufacture products for which “conflict minerals” are necessary to functionality or production. In essence, the new rule requires companies...

EACCNY Founding member Pepper Hamilton LLP is pleased to announce that The Hon. Louis J. Freeh and the lawyers of Freeh Sporkin & Sullivan, LLP have joined Pepper Hamilton LLP and Pepper Hamilton LLP has acquired Freeh Group International Solutions, LLC. This transaction creates a new model for delivering efficient, timely, cost-effective solutions to complex problems for clients around the world. The lawyers of Freeh Sporkin & Sullivan, LLP are joining Pepper Hamilton, and Louis J. Freeh is joining Pepper's Executive...

Scott D. Smith joins McCormick & O'Brien LLP's Commercial Litigation Practice as a Partner. Mr. Smith’s practice involves a wide range of corporate and commercial matters, including complex business litigation, contractual disputes, business fraud, and business separations. Mr. Smith has experience in all phases of litigation, both at the trial and appellate levels, in federal district, bankruptcy and state courts throughout New York. He has represented a broad spectrum of clients, both as plaintiffs and defendants, in cases involving breach...

The London interbank offered rate (“LIBOR“) is currently in the news due to a rate manipulation scandal that erupted in the UK.  The scandal looks likely to have an impact on a variety of financial entities. As matters stand, lawyers are dealing with a steady stream of queries about the potential investor impact and class actions in the US are apparently being progressed.  In addition, regulators in both the US and the UK are currently investigating the manipulation, a parliamentary enquiry is underway,...

EACC New York Member Mason Hayes + Curran provided us with a number of updates around UCITS and the AIFMD: I) UCITS IV Update: Requirements for SMICs The Central Bank has issued correspondence regarding the adoption of UCITS IV by self-managed investment companies. The adoption timeline previously set out by the Central Bank for such entities had been suspended pending clarification from it. Read More II. UCITS: Proposals for UCITS V and VI Published The European Commission has issued proposals for UCITS...

The EU Council formally approved the Regulation on OTC derivatives, central counterparties and trade repositories, which the European Parliament had already adopted at first reading on 29 March 2012. The Regulation, which is also known as the European Market Infrastructure Regulation or EMIR, will enter into force shortly after its forthcoming publication in the Official Journal of the EU. EMIR will radically change the OTC derivatives landscape. Market participants will have to review and, in many cases, adapt their current...

With its groundbreaking judgment of 3 July 2012, the Court of Justice of the European Union (CJEU) has decided that the resale of software licences is allowed in spite of contractual prohibitions. The German company UsedSoft GmbH sells "second-hand" licences for Oracle standard software, i.e. licences acquired by UsedSoft from Oracle licensees. After purchasing the second-hand licence, customers of UsedSoft can download the software from Oracle's website. Oracle objected to this resale of its software licences (inter alia because Oracle's...

The ING Foundation is awarding college scholarships to teams of young girls who participated in the ING-Girls Inc. Investment Challenge, a program that provides practical, hands-on investing experience to girls at Girls Inc. affiliates around the country. Teams of girls in the first cycle of the challenge from New York City, Denver, and Los Angeles and Alameda counties in California each spent the past three years building and managing a virtual $50,000 diversified, real-time portfolio as part of an integrated...