News


Upcoming Programs & CLE
Reports
Committees
APRIL 2013

Securities & Finance Law Seminar Series: Volunteers-Advisors Needed
The Office for Diversity Pipeline Initiatives is seeking attorneys with securities and finance law experience to participate as Advisor-Volunteers at the final installment of our inaugural Securities and Finance Law Seminar Series on April 19. Immediately following the seminar, there will be a reception to celebrate and network with the law students who graduated from the series. For more information about the series and to RSVP, please visit the program webpage. Interested attorneys can also email Gabrielle Brown at gbrown@nycbar.org.

Programs

Training for Volunteers to Provide Basic Consumer Debt Collection Legal Advice
Monday, April 29, 6:00 pm-9:00 pm

Class Action Arbitration and the Supreme Court: Implications for the Future of Antitrust and Arbitration Law

Monday, May 6, 8:30 am-10:00 am

Translating the Business Deal into Contract Concepts
2013 Professional Development Workshop Series
Thursday, May 16, 8:30 am-10:15 am

Legacy Liabilities in Chapter 11: Addressing Collective Bargaining Agreement and Pension Obligations in Large Chapter 11 Cases
Thursday, May 16, 6:30 pm-8:30 pm

So, You Have an Unreported Foreign Account: What Are Your Options, and How Risky Are They?
The Herman Goldman Memorial Lecture
Thursday, May 23, 6:00 pm-7:30 pm

CLE Programs

The Challenges of Regulatory Implementation Faced by Private Investment Funds & Their Managers
Wednesday, May 1, 6:00 pm-9:00 pm CLE

Securities Litigation: Updates on Developments Post-Morrison
Thursday, May 2, 6:00 pm-8:00 pm

Futures & Derivatives 2013: Regulations of Derivatives in a Post Dodd-Frank World
Monday, May 6, 9:00 am-5:00 pm

Securities Arbitration & Mediation Hot Topics 2013: “The” Program for Attorneys, Experts, Arbitrators & Mediators
Tuesday, June 4, 9:00 am-12:00 pm

The Third Annual Law Firm CFO/CIO/COO Forum
Thursday, June 6, 9:00 am-5:00 pm

(VIDEO REPLAY) Bankruptcy 101
Friday, June 21, 9:00 am-12:30 pm


Missed a Program? You Can Still Benefit! CLE Programs' CDs, DVDs and other course
materials can be found on the website.

Use of the Term Notional Amount
In a letter to the Commodity Futures Trading Commission and the Securities and Exchange Commission, the Committee on Futures and Derivatives offered comments on the term "notional amount" as used in recent rulemaking promulgated by the Commissions. The letter highlights two issues: that the term which appears in rules is not defined and that calculating the notional amount is not easy or intuitive. Because the standards for calculating notional amounts vary with the type of transaction being analyzed, the letter urges that the Commissions consider providing a safe harbor for calculations of notional amounts made reasonably and in good faith or alternatively define the term.

Calling for Changes to NYSE Risk Management Rule
The Financial Reporting Committee urges the New York Stock Exchange ("NYSE") to reconsider its rule placing responsibility for oversight of risk management within the audit committee of the listed companies. In a letter to NYSE Regulation Inc., the Committee proposes revisions to Rule 303A.07 of the NYSE Listed Company Rules which would provide that while audit committees should retain responsibility for the oversight of the rules associated with financial reporting, they should not be required to assume broader risks beyond the risks associated with financial reporting.

In addition, the letter notes that as drafted, the current rule is ambiguous as to the parameters of the audit committee's role as compared to other board committees and the board of directors as a whole. The letter suggests a useful approach to this problem would be to elevate the rules of responsibility to the board of directors as a whole.

Sovereign Debt
With the continuing sovereign debt crisis centered in southern Europe, the current market practice regarding governing-law provisions (“choice of law” provisions) in sovereign debt litigation has become a growing issue. In an effort to address this, the Committee on Foreign and Comparative Law has issued a report entitled, Governing Law in Sovereign Debt: Lessons from the Greek Crisis and Argentina Dispute of 2012. The report makes observations about the legal consequences, to issuers and debt holders, of selecting the issuer’s law as the contractually stipulated governing law, and undertakes a very preliminary survey of market practice in this area, with the possible result that the views that led to the debt terms facilitating the Greek workout could be reexamined and the underlying theories held up for critical review.

Committee Involvement--It's Never too Late
Committees are how the City Bar’s work gets done. Working on a committee can give you great experience while opening up a number of career doors, some you may not even anticipate.

A full list of the City Bar committees along with a brief description of each and an application form can be found on the City Bar’s website. As a number of City Bar committees have more applicants than available slots, please consider applying to more than one committee.