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After finishing her first year as an associate at Bass, Berry & Sims, find out what advice Margaret Dodson offers to new attorneys. Read more>


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On December 1, 2016, Parker Hannifin Corporation and CLARCOR Inc. announced that the companies have entered into a definitive agreement under which Parker will acquire CLARCOR for approximately $4.3 billion in cash, including the assumption of net debt. The transaction has been unanimously approved by the board of directors of each company. Upon closing of the transaction, expected to be completed by or during the first quarter of Parker’s fiscal year 2018, CLARCOR will be combined with Parker’s Filtration Group to form a leading and diverse global filtration business. Bass, Berry & Sims has served CLARCOR as primary corporate and securities counsel for 10 years and served as lead counsel on this transaction. Read more here.

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Blueprint for an IPO

Companies go public to raise capital to fuel growth, pay down debt and provide liquidity to shareholders. Although all issuers and offerings are different, the basic process of going public remains relatively constant. Blueprint for an IPO identifies the key players, details the process and identifies the obligations companies will face after going public.

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FinCEN Advises Financial Institutions to Expand Mandatory Reporting of Cyber-Attacks

Firm Publication


October 26, 2016

To enhance prevention and detection of cybercrimes which pose a "significant threat" to the security of the nation's financial system, the U. S. Treasury's office of Financial Crimes Enforcement Network (FinCEN) issued an Advisory on October 25, 2016, to encourage reporting of suspected or known cyber-attacks, and to clarify the responsibilities outlined in the Bank Secrecy Act related to such attacks. 

Reporting of suspicious transactions or attempted transactions is mandatory in cases involving $5,000 or more in money or assets. The Advisory concludes that if a cyber-attack involves a suspicious transaction, all information about the cyber-attack should be included in the filed Suspicious Activity Report (SAR). 

The Advisory also notes that while cyber-attacks often constitute criminal activity, they can also be a means to commit unauthorized transactions. Improperly obtaining funds indirectly through ransomware attacks, or sale of stolen credit card numbers and proprietary information, constitutes a criminal offense just as does direct access by fraud, identity theft and misappropriation. Financial institutions should be aware of FinCEN's conclusion outlined in the Advisory that if a financial institution "knows, suspects or has reason to suspect that a cyber-event [an attempt to obtain unauthorized electronic access to an electronic systems or information] was intended, in whole or in part, to conduct, facilitate or affect a transaction …, it should be considered part of an attempt to conduct a suspicious transaction or series of transactions." According to the Advisory, most any cyber-attack attempt on a financial institution would trigger a mandatory SAR filing.

FinCEN's Advisory included a reminder of various other obligations required by financial institutions regulators when filing cyber event SARs.

To read the full FinCEN Advisory, click here.

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