White & Case
Our lawyers share their expertise through by-lined articles in leading legal, business and scholarly journals and through White & Case newsletters, updates and white papers.

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California Passes Student Data Privacy Law
October 2014
Daren M. Orzechowski, Ruchita Dhawan

On September 29, 2014, California Governor Jerry Brown, signed a bill into law that mandates the protection of the personal data of school children that use online educational programs. The Student Online Personal Information Protection Act ("SOPIPA") targets operators of websites, online services, online applications, and mobile applications that provide educational services to children from kindergarten through high school. Such operators must refrain from engaging in a host of activities that might be deemed misuse of the personal information of children.
PDF SEC Announces First-Ever Market Manipulation Case Against High-Frequency Trading Firm
October 2014
Paul Carberry, Gregory G. Little, Owen C. Pell

On October 16, 2014, the US Securities and Exchange Commission (SEC) announced a settlement in the amount of US$1 million with Athena Capital Research LLC to resolve claims of market manipulation involving Athena’s use of complex trading algorithms to manipulate the closing prices of thousands of stocks by flooding the market with massive numbers of buy or sell orders during the final seconds of the trading day, a manipulative practice typically known as “banging the close.” This action represents the first-ever market manipulation case brought by the agency against a high-frequency trading (“HFT”) firm.
PDF Prorated Expenses, Finally Deductible
October 2014
Vicente Corta Fernández, Ismael Reyes Retana Tello, Guillermo Aguayo-Garza, Juan Ignacio López Domínguez

As of October 17, 2014, expenses incurred abroad on a pro-rated basis with parties that are not income tax payers in Mexico will be fully deductible to the extent certain requirements are met. The foregoing is pursuant to a new rule issued by the Mexican Revenue Service Administration ("SAT") and published in the Official Gazette on October 16, 2014.
PDF Non-EU investment firms' access to EU investors under MiFID 2
October 2014
Stuart Willey, Carmen Reynolds, Dennis Heuer, Daniel Baierlein, Andreas Wieland, Cristiano Martinez

The recast Markets in Financial Instruments Directive (MiFID 2), along with its accompanying Regulation (MiFIR), were published in the Official Journal of the EU in June. The new legislation is currently expected to come into effect in January 2017.
PDF 2014 – The times they are a changin'
October 2014
Jeremy Duffy, Martin Forbes, Rob Mathews, R. Jake Mincemoyer, Justin Wagstaff

While some of us are old enough to remember the heady days of straight forward senior / mezzanine deals (sometimes with a PIK thrown in for good measure), it is clear that in the current market you can no longer predict what type of deal will next hit your desk.

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