Funds Talk: October 2018

Topics covered in this issue include: 

• SEC Takes Its Initial Aim at Crypto Funds
  The SEC has taken aim at funds investing in cryptocurrencies and further expresses its view regarding the assets in which they invest.
  
  
• Ensuring Your Anti-Sexual Harassment Training and Policy Comply With New York State’s New Laws
  Effective Oct. 9, 2018, New York State employers will be required to provide annual anti-sexual harassment training to all employees, adopt a sexual harassment prevention policy and provide to employees a complaint form for reporting sexual harassment.
  
  
• U.S. Resolution Stay Regulations — Final Rules and ISDA Protocol
  U.S. banking regulators recently issued new regulations designed to facilitate the resolution of a global systemically important bank. In order to streamline and expedite the process of amending qualifying financial contracts to include these limitations, ISDA has published the U.S. Resolution Stay Protocol.
  
  
• New ‘Divisive Merger’ Rules Could Have Outsize Impact on Credit Agreements
  Delaware limited liability companies (LLCs) may now divide their assets, rights and obligations among two or more newly created LLCs, in what is known as a “divisive merger.”
  
  
• UK Court of Appeal Extends Privilege in Internal Investigations
  The Court of Appeal of England and Wales unanimously overturned a High Court decision concerning the application of legal privilege during the course of internal investigations. Though based on British law, the decision offers broader lessons about legal privilege and the need to be aware of the differing levels of protection afforded across jurisdictions, especially in multijurisdictional anticorruption investigations.