In The Swatch Group Management Services Ltd. v. Bloomberg L.P., 12-2412-cv (2d Cir. Jan. 27, 2014), a Second Circuit panel unanimously decided that Bloomberg L.P. (Bloomberg), the prominent financial news and data reporting service, did not infringe on The Swatch Group Management Services Ltd's (Swatch) copyright in an invitation-only recorded Swatch earnings call, by obtaining a copy of the recording without authorization and making it available to Bloomberg's paying subscribers. Despite the failure of Bloomberg to manifestly transform the recording in any way before publication, the Second Circuit nonetheless held that Bloomberg's use of the recording qualified as fair use under Section 107 of the Copyright Act. The court emphasized that American investors and analysts are entitled to receive newsworthy financial information and that Bloomberg's conduct is protected by the First Amendment.
Multinational companies with substantive connections to the United States have long established systems to comply with the requirements of the U.S. Foreign Corrupt Practices Act (FCPA). In addition, many multinationals also have systems to comply with the anticorruption laws of the respective host countries where they operate (in particular, the UK Bribery Act and the EU Criminal Law Convention on Corruption). Fewer companies, however, have developed and put in place compliance systems designed specifically to ensure compliance with Chinese anticorruption laws. With the increased focus by Chinese regulators on anticorruption enforcement, companies must work to understand Chinese anticorruption law and take appropriate remedial measures in response.
The federal government has been heavily criticized for not pursuing legal claims against financial institutions and their senior executives in connection with the financial crisis.
Candidate for the New York State Court of Appeals, Recommended to NYS Governor Andrew Cuomo by the NYS Commission on Judicial Nomination to serve on New York’s highest court
Murphy & McGonigle, P.C. announced today that Brian Walsh has joined the firm's Washington, D.C. office. Mr. Walsh's arrival enhances the financial services law boutique's ability to serve futures market participants and marks the firm's continued attraction of top litigation and regulatory talent since first opening its doors in 2010.
The purpose of this paper is to explain and interpret the Securities and Exchange Commission's (SEC's) recently announced charges against 23 firms for violation of short selling restrictions set out in Rule 105 under Regulation M of the Securities Exchange Act of 1934.