Corporate > AG Deal Diary
21 May '18

Beginning May 11, 2018, the new Financial Crimes Enforcement Network (FinCEN) customer due diligence rule (the “CDD Rule”) will require covered financial institutions to identify, and verify the identity of, the beneficial owners of all legal entity customers (i.e., corporations, limited liability companies, partnerships or other business entities) at the time a new account is opened, subject to certain exceptions, including limited exceptions allowing reliance on previously collected information from a customer who certifies or confirms that the information is current and accurate. Covered financial institutions include federally regulated banks and federally insured credit unions, mutual funds, brokers or dealers in securities, futures commission merchants, and introducing brokers in commodities. Significantly for underwritten securities offerings, the CDD Rule has been interpreted to require beneficial owner identification and verification each time a new account is opened, including establishment of a formal relationship with a broker or dealer in securities to effect transactions in securities. 

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10 May '18

Akin Gump has released an alert on President Trump’s announcement that the U.S. government has withdrawn from the Iran Nuclear Deal and that secondary sanctions will be re-imposed. The sanctions will restrict non-U.S. persons from engaging in a broad range of business in Iran and it remains to be seen how the sanctions will square with the policies in the other countries that plan to continue their commitment to the deal.

Click here to read the full alert.

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30 Mar '18

This week we highlight a report by ACCA on the difference one year makes in auditor reporting standards since the IAASB’s changes. The analysis looks across the implementation of the new standards in eleven countries and draws upon a detailed analysis of 560 new-style audit reports and feedback from roundtables, at which stakeholders gave their perspectives on the new reports.

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19 Mar '18

Bloomberg Law's Securities Regulation & Law Report has published the article “Big Data and the Risks of Insider Trading,” written by Peter Altman and Kelly Handschumacher, litigation partner and associate, respectively, at Akin Gump, and Jennifer Hustwitt, a vice president in the financial institutions group at Marsh & McLennan. The article looks at how investment advisors can prevent, or even mitigate, liability for insider trading in connection with the use of alternative data.

To read the full article, please click here.

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28 Feb '18

Akin Gump has issued an alert on SEC guidance regarding disclosure of material cybersecurity risks and incidents to investors, comprehensive policies and procedures related to cybersecurity risks and insider trading policies of public companies that should address and protect against misuse of nonpublic information related to cybersecurity risks.

Click here to read the full alert.

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22 Feb '18

Akin Gump recently attended a conference held by Advisen that focused on exploring cyber risks and how companies can mitigate potential exposure. The key takeaways and trends include reputational-harm coverage, strengthened laws for data breaches and a preview for what to expect from GDPR implementation.

Click here to read the full alert.

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16 Jan '18

Akin Gump has issued an alert on administration and congressional activity since President Trump’s inauguration. The report highlights key regulatory and legislative developments across a range of policy areas. This document also previews the policy agenda for the coming year and concludes with a political update and analysis of the 2018 congressional elections.

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