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The Latest from the SEC: An Analysis
On October 15, 2003, David Lynn, Chief Counsel of the Division of Corporation Finance for the U.S. Securities and Exchange Commission (SEC), discussed recent rulings in a conference call sponsored by Glasser Legal Works. The call was moderated by Brian Lane, Gibson, Dunn & Crutcher LLP; David Martin, Covington & Burling; and Meredith Cross, Wilmer, Cutler & Pickering. Each of the moderators had formerly been in a significant position with the SEC's Division of Corporation Finance. Mr. Lynn disclaimed any relationship between his views and those of the SEC or any member of the SEC staff.
Introduction
As a result of the Sarbanes-Oxley Act of 2002 (the Act) securities laws and regulations have been changing rapidly, making compliance take longer and cost more. The conference call was a general overview of some of the changes affecting disclosure compliance – including those under Section 404 of the Act — and other new reporting issues at the SEC. A full transcript of the call is available at http://www.realcorporatelawyer.com/programs/cle10-15-03tran.html. What follows is a summary of some parts of that discussion, mixed with some references to the text of the proposed rules.
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
Legal Possession: What Does It Mean?
Possession of real property is a matter of physical fact. Having the right or legal entitlement to possession is not "possession," possession is "the fact of having or holding property in one's power." That power means having physical dominion and control over the property.
The Anti-Assignment Override Provisions
UCC Sections 9406(d) and 9408(a) are one of the most powerful, yet least understood, sections of the Uniform Commercial Code. On their face, they appear to override anti-assignment provisions in agreements that would limit the grant of a security interest. But do these sections really work?