Safe harbor: Difference between revisions
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My port in your heavy storm. | {{g}}My port in your heavy storm. | ||
A favourite {{tag|metaphor}} for U.S. Securities lawyers, who find [[safe harbor]]s in many unexpected places, to shelter them and their clients from the vicissitudes of: | A favourite {{tag|metaphor}} for U.S. Securities lawyers, who find [[safe harbor]]s in many unexpected places, to shelter them and their clients from the vicissitudes of: | ||
*The [[Bankruptcy Code]], when | *The [[Bankruptcy Code]], when [[close out|closing out]] a derivative [[master agreement]]s against a U.S. corporations (and — perhaps not — [[ERISA]] plans); | ||
*The [[Investment Advisers Act of 1940]], for [[broker/dealer]]s wishing to bundle fees for [[research services]] into their [[commissions]] for [[equity brokerage]]; | *The [[Investment Advisers Act of 1940]], for [[broker/dealer]]s wishing to bundle fees for [[research services]] into their [[commissions]] for [[equity brokerage]]; | ||
*The onerous registration requirements of the [[Securities Act of 1933]], to be found under [[Rule 144A]] of that spectacular statute when selling [[securities]] to [[qualifying institutional buyer]]s, and under [[Regulation S]] for non-[[US person]]s. | *The onerous registration requirements of the [[Securities Act of 1933]], to be found under [[Rule 144A]] of that spectacular statute when selling [[securities]] to [[qualifying institutional buyer]]s, and under [[Regulation S]] for non-[[US person]]s. | ||
There are doubtless many more. | There are doubtless many more. | ||
{{c|US Securities Regulation}} | {{c|US Securities Regulation}} | ||
Revision as of 09:48, 18 September 2019
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My port in your heavy storm.
A favourite metaphor for U.S. Securities lawyers, who find safe harbors in many unexpected places, to shelter them and their clients from the vicissitudes of:
- The Bankruptcy Code, when closing out a derivative master agreements against a U.S. corporations (and — perhaps not — ERISA plans);
- The Investment Advisers Act of 1940, for broker/dealers wishing to bundle fees for research services into their commissions for equity brokerage;
- The onerous registration requirements of the Securities Act of 1933, to be found under Rule 144A of that spectacular statute when selling securities to qualifying institutional buyers, and under Regulation S for non-US persons.
There are doubtless many more.