In January, the five regulatory agencies responsible for carrying out the Volcker Rule—the Federal Reserve, Commodity Futures Trading Commission, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, and the Securities and Exchange Commission—issued an interim final rule modifying portions of the initial version of the final rule released in December.1 The modifications …
Continue reading “ABA Drops Suit Against Volcker Rule but Issues Remain”
On January 22, 2014, U.S. Securities and Exchange Commission (SEC) Administrative Law Judge Cameron Elliot censured Chinese affiliates of the “Big Four” accounting firms (Ernst & Young LLP, KPMG LLP, PricewaterhouseCoopers LLP, and Deloitte LLP) along with BDO China Dahua CPA Co., Ltd. for willful violation of Section 106(e) of the Sarbanes-Oxley Act of 2002 …
Continue reading “Dilemma for Big Four Auditors in China in the Midst of Conflicting Laws”
We welcome you to join the Michigan Journal of Private Equity and Venture Capital and the Asia Law Society for the Corporate Law in Asia: Trends and Opportunities symposium. It is being held this Friday, February 21, 2014 in South Hall Room 1020 at the University of Michigan Law School. Registration begins at 8:30 AM, and the program …
Continue reading “Corporate Law in Asia Symposium This Week”
On December 10, 2013, five agencies, the Board of Governors of the Federal Reserve Board (“Federal Reserve”), the Commodity Futures Trading Commission (“CFTC”), the Federal Deposit Insurance Corporation (“FDIC”), the Office of the Comptroller of the Currency (“OCC”), and the Securities and Exchange Commission (“SEC”), promulgated a 71-page Final Rule to implement the Volcker Rule …
Continue reading “Volcker Rule Revised in Response to Concerns of Smaller Banks”
Paul Volcker, former United States Federal Reserve Chairman and originator of the Volcker Rule, was appointed to the President’s Economic Recovery Advisory Board in early 20091 The board was created with the intent to advise the Obama Administration on economic recovery matters. The creation of the board also gave Volcker the platform to lay the …
Continue reading “The Volcker Rule: Implementation Imminent or Unlikely?”
In February of last year, Facebook issued a press release announcing that it had filed the required paperwork for its upcoming initial public offering (IPO) with the Securities and Exchange Commission.1 Shortly thereafter, the SEC published Facebook’s 150-page filing, making it immediately available for public scrutiny.2 Just a few weeks ago, Twitter published a similar …
Continue reading “The JOBS Act Seen Through the Twitter Lens”
Unlike the U.S. government, the Korean government plays an active and major role in its nation’s venture capital market. Under the “Special Law to Promote Venture Capital Companies (SLPVCC)” passed in 1997, the Korean government is permitted to provide subsidies to select venture capital-backed companies (e.g., companies involved in energy, IT, and electronics), grant tax …
Continue reading “The South Korean Government and Venture Capital: The Costs of Planned Growth”
Traditionally, most private equity funds use placement agencies to market, provide access to investors, and sell securities in their funds.1 The resulting relationship between the placement agencies and private equity funds essentially allows powerful agencies to control investor entrance to attractive funds.2 However, several start-up technology platforms have emerged in an effort to provide an …
On July 21, 2010 Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act. One of the more notable provisions contained in the act is referred to as the Volcker Rule. A portion of the Volcker Rule deals with the relationship between banking entities and hedge funds and/or private equity funds. The general rule …
Overview and History After the Asian Financial Crisis in 1997, South Korea’s private equity market attracted a multitude of global investors, particularly in the distressed and buyout market.1 In fact, foreign funds such as New Bridge Capital and Carlyle were major players in the corporate restructuring process after the financial crisis.2 It was only in …