Despite SLUSA, Plaintiffs File IPO Lawsuits in State Court

By | The D&O Diary | February 25, 2015

As The D&O Diary recently noted, there has been an increase in securities class actions filed in state court in recent years, the majority of them in California. This increase results not only from a surge in IPO activity, but from widespread confusion and disagreement among federal district courts regarding whether, after SLUSA, state courts retain concurrent jurisdiction over class actions asserting claims under the Securities Act of 1933, and whether such actions filed in state court may be removed.

Hong Kong Launches New Supervisory Requirements for Systemically Important Banks

Hong Kong Launches New Supervisory Requirements for Systemically Important Banks

The Hong Kong Monetary Authority (HKMA) issued a new module on Systemically Important Banks (CA-B-2) (SIB Module) to its Supervisory Policy Manual on 18 February 2015. The SIB Module constitutes a statutory guideline under the Banking Ordinance and applies to all Authorised Institutions (AIs) whether locally incorporated or not.

President Directs Department of Labor to Propose a Fiduciary Standard for Brokers Advising On Retirement Savings

President Directs Department of Labor to Propose a Fiduciary Standard for Brokers Advising On Retirement Savings

On February 23, 2015, the White House announced that President Obama has directed the Department of Labor (DOL) to move forward with proposed rulemaking to require advisers, including broker-dealers, that provide advice regarding retirement plans that are subject to the Employee Retirement Income Security Act (ERISA), including Individual Retirement Accounts (IRAs), to observe a fiduciary standard in rendering advice.