Regulators have recently clarified two important aspects of the prospectus regime that applies across the European Economic Area pursuant to the Prospectus Directive (Directive 2003/71/EC as amended by Directive 2010/73/EU). The Prospectus Directive provides the overarching European regulatory framework for the publication of prospectuses in connection with debt and equity securities being offered to the public or admitted to trading on regulated markets in the EEA.
Prospectus Disclosure Regime in Europe — the Proportionate Disclosure Regime and Supplementary Prospectuses
Crowdfunding: A Dream or Reality?
Last Wednesday, the Securities and Exchange Commission released new rules for crowdfunding under the 2012 Jumpstart Our Business Startups (JOBS) Act. Crowdfunding gives startups a way to raise capital through the Internet and thereby reach a large, diverse set of investors.
Recent Developments in the LIBOR Scandal
In the last two weeks there have been important developments in what is commonly referred to as the “LIBOR Scandal,” a scam concerning the manipulation of the London Interbank Offered Rate (LIBOR). Britain’s Serious Fraud Office has notified twenty-two people at various banks of potential prosecution.
Potential “Big Law” Merger: Pillsbury and Orrick
A potential merger is on its way as two of high-profile firms prepare to merge which could result in one the biggest firms in the United States. Orrick Herrington & Sutcliffe, which has a very strong base in Silicon Valley, is set to merge with Pillsbury Winthrop Shaw Pittman, which has an equally strong base in New York and Washington DC. One of the leading global law firms in the field of public finance, Orrick also is particularly focused in serving companies in the sectors of technology, energy and project finance. On the other hand, Pillsbury also has a strong presence in the fields of asset finance, technology, energy, and natural resources. This merger would form one of the ten largest firms in the country. In terms of attorney head count, it would be one of the world’s twenty largest firms with a total of approximately 1,700 attorneys and is expected to have an annual revenue of about $1.4 billion.