Most public companies will need to provide new disclosures about corporate governance, director qualifications and compensation matters in proxy statements for their 2010 annual meetings. …
Read More Client Advisory – SEC Requires Additional Corporate Governance and Compensation Disclosure for 2010 Annual Meetings

Privacy and data breaches are part of every company’s nightmare of what can go wrong. There is no company in any industry that is not exposed to risks and liabilities related to unauthorized access to personal information of individuals. The risk of data breaches, and the regulations governing company obligations to secure data, and to provide notification in the event of a breach, are increasing dramatically. …
Read More EAPD WEBINAR LINK: Privacy and Data Breaches

Sen. John McCain, R-Arizona, and Sen. Maria Cantwell, D-Washington, proposed on December 16, 2009 rebuilding the barriers separating commercial banks, investment banks and insurers established under the Depression Era Glass-Steagall Act.  In 1999, the requirements that the three industries remain separate were eliminated by the Gramm-Leach-Bliley Act. …
Read More Unscrambling the Gramm-Leach-Bliley Omelet

On November 30, 2009, the United States Supreme Court granted certiorari to hear the appeal of a Second Circuit Court of Appeals decision affirming the dismissal of an “F-Cubed” securities class action — i.e., a securities class action brought by foreign investors who purchased shares in a foreign company on a foreign stock exchange — on subject matter jurisdiction grounds. 

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Read More The U.S. Supreme Court Grants Certiorari in F-Cubed Case

According to recent reports in the New York Times and Financial Times, A.I.G. plans to list its Asian life insurance unit, American International Assurance (“A.I.A.”), on the Hong Kong stock exchange by year’s end.  The IPO, which is expected to raise as much as $20 billion, would be one of the largest public stock offerings in the exchange’s history. 

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Read More A.I.G. to List American International Assurance on the Hong Kong Stock Exchange

In National Navigation Co v Endesa Generacion SA [2009] EWCA Civ 1397 the Court of Appeal overturned the first instance judgment of Mrs Justice Gloster (previously reported on the blog here) and held that the English court was bound by an earlier decision of the Spanish court to the effect that no arbitration clause was incorporated into the relevant contract. 

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Read More UK: Court of Appeal Clarifies the Scope of the West Tankers Decision

Congress recently approved another short-term extension of The National Flood Insurance Program (“NFIP”) through February 28, 2010.  The NFIP extension was included in a defense appropriations measure, and was approved shortly before the program was to expire. 

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Read More UPDATE: Congress Approves Another Short-Term Extension of the NFIP through February 28, 2010

Media reports indicate that Senator Patrick Leahy’s (D-VT) amendment to repeal the antitrust exemption under the McCarran-Ferguson Act for health insurers and medical mal practice insurers, last discussed here, has been removed from the latest version of the Patient Protection and Affordable Care Act (H.R. 3590). 

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Read More Partial Repeal of McCarran-Ferguson Act Dropped from Senate Health Reform Bill

On December 16, 2009, the Maryland Insurance Administration (“MIA”) issued a media advisory announcing that Ralph S. Tyler will step down as Commissioner of the MIA effective January 8, 2010.  Tyler, who has been Maryland’s Insurance Commissioner since 2007, has accepted the position as Chief Counsel with the Federal Food and Drug Administration. 

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Read More Maryland Insurance Commissioner Steps Down

Healthcare reform efforts were marked with uncertainty and skepticism in the Senate last week, as Democratic leaders continued their scramble to reach a consensus on the controversial bill before Christmas.  Those efforts continued behind the scenes into the weekend, and a compromise was finally unveiled on Saturday. 

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Read More Last Week in DC: The Healthcare Reform Debate – December 21, 2009