Insider Trading & Disclosure Update December 2015 Volume 2, Issue 2 36 Insider Trading & Disclosure Update Insider Trading & Disclosure Update is a publication of Debevoise & Plimpton LLP Editorial Board New York 919 Third Avenue New York, New York 10022 +1 212 909 6000 www.debevoise.com Jonathan R. Tuttle Co-Editor-In-Chief Washington, D.C. 555 13th Street, N.W. Washington, D.C. 20004 +1 202 383 8000 Morgan J. Hayes Co-Managing Editor London +44 20 7786 9000 Miranda H.

Turner Co-Managing Editor Paris +33 1 40 73 12 12 Pooja N. Patel Member Frankfurt +49 69 2097 5000 Steven J. Slutzky Member Moscow +7 495 956 3858 Contributors Shanghai +86 21 5047 1800 Hong Kong +852 2160 9800 Matthew E.

Kaplan Co-Editor-In-Chief Ada Fernandez Johnson Executive Editor Nina Kostyukovsky Co-Managing Editor Lee Turnier Barnum Y. Rupa Rao Ebunoluwa A. Taiwo Jil Simon Capital Markets Practice Group Partner/Counsel All lawyers based in New York, except where noted Katherine Ashton - London Lee Turnier Barnum E.

Raman Bet-Mansour - London Pierre Clermontel - Paris Natalia A. Drebezgina - Moscow Ethan T. James Matthew E.

Kaplan Alan V. Kartashkin - Moscow Deborah P. Kubiak Vera Losonci - London Peter J.

Loughran Anne C. Meyer Alan H. Paley Paul M.

Rodel Joshua M. Samit James C. Scoville - London Steven J.

Slutzky White Collar Criminal Defense/ Internal Investigations Practice Group Partner/Counsel All lawyers based in New York, except where noted Scott N. Auby - D.C. Paul R. Berger - D.C. Helen V.

Cantwell Jennifer R. Cowan Frederick T. Davis - Paris Eric R.

Dinallo Matthew E. Fishbein Mark W. Friedman www.debevoise.com Lord (Peter) Goldsmith QC, PC - London & Hong Kong Mark P.

Goodman Erich O. Grosz Sean Hecker Mary Beth Hogan Ada Fernandez Johnson - D.C. James E. Johnson Mark Johnson - Hong Kong Robert B.

Kaplan - D.C. Kristin D. Kiehn Antoine F. Kirry - Paris Andrew M.

Levine Steven S. Michaels Michael B. Mukasey David O’Neil - D.C. Jim Pastore Philip Rohlik - Shanghai David Sarratt Karolos Seeger - London Shannon Rose Selden Robert N.

Shwartz Colby A. Smith - D.C. Andy Y. Soh - Hong Kong Jonathan R.

Tuttle - D.C. Bruce E. Yannett All content © 2015 Debevoise & Plimpton LLP. All rights reserved.

The articles appearing in this publication provide summary information only and are not intended as legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein. Any discussion of U.S.

federal tax law contained in these articles was not intended or written to be used, and it cannot be used by any taxpayer, for the purpose of avoiding penalties that may be imposed on the taxpayer under U.S. federal tax law. .