Last Year, Wilson Sonsini Goodrich & Rosati surveyed the 45 venture-backed companies involved in the largest IPOs regarding their corporate governance and disclosure practices. The firm recently published the results. The survey covers director selection, composition, and independence, as well as law firm and underwriter choice. Wilson Sonsini represented the most issuers, while Davis Polk represented the most underwriters. Morgan Stanley and J.P. Morgan were the most frequently chosen lead underwriters.
On October 11, the CFTC issued two interpretive letters offering guidance on which securitization vehicles and real estate investment trusts may enter swaps and still not register as a “commodity pool” subject to regulation and registration requirements of the CFTC. In general, the CFTC is “less likely to find that an entity is a commodity pool” if 1) the entity enters swaps only to hedge or mitigate risks from its primary business, and 2)the swaps are not expected to contribute materially to the profits of the entity. In a recent News Bulletin, Morrison & Foerster explains the requirements and places them in the context of the Dodd-Frank Act.
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