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THE REGULATORS

THE REGULATORS. The Regulators. MODERATOR : Debra Wong Yang, Esq., Partner, Gibson, Dunn & Crutcher LLP PANELISTS: George B. Curtis, Esq., Partner, Gibson, Dunn & Crutcher LLP Simon M. Lorne, Esq., Vice Chairman & Chief Legal Officer, Millennium Management LLC

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THE REGULATORS

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  1. THE REGULATORS New York City ~ February 2 & 3, 2011

  2. The Regulators MODERATOR: Debra Wong Yang, Esq., Partner, Gibson,Dunn & CrutcherLLP PANELISTS: George B. Curtis, Esq., Partner, Gibson, Dunn & CrutcherLLP Simon M. Lorne, Esq., Vice Chairman & Chief Legal Officer, Millennium Management LLC Brian C. McCormally, Esq., Partner, Arnold & Porter LLP Timothy J. Treanor, Partner, SIDLEY AUSTIN LLP

  3. OVERVIEW OF THE CREDIT CRISIS • To what extent would current changes in law and enforcement be happening if it were not for the credit crisis? • To what extent is the credit crisis still ongoing?

  4. INSIDER TRADING • Market Researchers: When do you cross the line between research and material information? • Issue of Experts • Aggressive Posture re:10(b)(5) • Research vs. MaterialInformation • Jiau & Chiesi

  5. INSIDER TRADING • Companies’ Ability to Control Their Supply Chain

  6. FAILED BANKS • The Growing Wave of Bank Failures • 2010 – 157 • 2009 – 140 • 2008 – 25 • Number of FDIC Suits Authorized in 2010: • Actions against 109 individuals for D&O liability. • Four suits against Fidelity Bond Carriers and Attorney Malpractice • Damage Claims of approximately $2.5 billion

  7. FAILED BANKS • How have different regulators been affected by the recent bank failures? • FDIC? • SEC? • DOJ?

  8. FAILED BANKS Notable Issues In These Cases: • Selection of counsel by D&O’s • Multiple representation/potential conflicts • Insurance coverage issues • Parallel criminal proceedings • Holding company vs. bank receivership issues

  9. MUNICIPAL BONDS • Trend: Especially in distressed municipalities, regulators are coming on strong in terms of disclosure requirements. • D&O Liability: How does this trend impact individuals and their liability?

  10. THE DODD-FRANK ACT • Is this Act too much, or too little? • What is the impact on Directors and Officers?

  11. THE DODD-FRANK ACTWHISTLEBLOWER PROVISIONS • What will the impact of these new provisions be? • How will these provisions impact whistleblowers in other countries?

  12. THE DODD-FRANK ACTWHISTLEBLOWER PROVISIONS • Will the increased monetary rewards trigger increased reporting? • What will the impact be on internal reporting mechanisms? • How will the government respondto whistleblowers? • Will there be any check on veracity?

  13. THE DODD-FRANK ACT • What will the impact be of the provisions allowing for heightened supervision of banks?

  14. THE DODD-FRANK ACT • What agencies have responsibility for enforcement under the Dodd-Frank Act? • SEC? • DOJ? • FDIC?

  15. THE UK BRIBERY ACT • What is the scope of this Act? • Will this Act further cooperation or competition with U.S. regulators?

  16. CURRENT TRENDS IN GOVERNMENT INVESTIGATIONS • How are the various regulators allocating their resources these days?  • What are their priorities for enforcement?

  17. CURRENT TRENDS IN GOVERNMENT INVESTIGATIONS • How will some of the recent cases impact future investigations? • Ruehle • Appeals to SEC post-American Lawyer article

  18. WHAT’S AN HONEST CORPORATION TO DO? • Do self-reporting companies get as much credit and leniency as they may expect/hope for? • When if ever is it ever in a company’s interest to actively pursue claims against former Directors and Officers?

  19. WHAT’S NEXT? • What are each of the agencies expecting to happen and planning to do? • What types of developments just can’t be anticipated? • How is Social Media going to impact these companies in the future?

  20. The Regulators QUESTIONS?

  21. The Regulators MODERATOR: Debra Wong Yang, Esq., Partner, Gibson,Dunn & CrutcherLLP PANELISTS: George B. Curtis, Esq., Partner, Gibson, Dunn & CrutcherLLP Simon M. Lorne, Esq., Vice Chairman & Chief Legal Officer, Millennium Management LLC Brian C. McCormally, Esq., Partner, Arnold & Porter LLP Timothy J. Treanor, Partner, SIDLEY AUSTIN LLP

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