Brett Hillis

Brett Hillis

Reed Smith

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Brexit & Financial Services: The Big Question

The prospect of the UK leaving the EU has raised a host of questions for the financial services industry. This client alert is principally concerned with how firms in the UK may access the EU single market post Brexit without...more

7/20/2016 - AIFMD Cross-Border Transactions EEA EMIR EU EU Passport EU Single Market European Commission European Securities and Markets Authority (ESMA) Exclusions Financial Services Industry Fund Managers Member State MiFID II MiFIR UK UK Brexit

Brexit, Export Controls, Preferential Trade and Sanctions Programmes – Strategies and Tactics for Success Post-Brexit

On June 23, 2016, the United Kingdom voted to exit the European Union in a historic referendum. Following the referendum, legal issues relating to export control, sanctions programmes, and preferential trade have arisen for...more

7/9/2016 - Dual Use Goods EAR Economic Sanctions EU EU Single Market Export Controls Free Trade Agreements ITAR Joint Comprehensive Plan of Action (JCPOA) Member State Military Goods Russia Supply Chain Syria Tariffs Trade Preferences Rules UK UK Brexit UN Security Council

New sanctions impose further restrictions on North Korea

The United Nations, the European Union and United States recently expanded sanctions on North Korea, issuing new restrictions which impact the mineral, energy, shipping, banking, finance, and aviation industries. United...more

5/18/2016 - Air Cargo Aircraft Asset Freeze Aviation Industry Banking Sector Economic Sanctions Energy Sector Export Controls Financial Sector General Licenses Minerals North Korea OFAC SDN List Shipping Shipping Cargo UN Security Council Vessels

Recent Amendments to the Cuba Sanctions Ease Restrictions for Travel and Shipping Sectors

This client alert addresses the recent amendments to the Cuba sanctions regime in the wake of President Obama’s historic visit to Cuba. The recent changes represent the increasing efforts of the U.S. government to restore...more

3/23/2016 - Banking Sector Barack Obama BIS Cuba Cuban Assets Control Regulations (CACR) EAR Grants OFAC Popular Sanctions Telecommunications Trade Relations Travel Permits

Energy & commodities: portfolio acquisitions

There have been a number of trading portfolios acquired and disposed of in the commodities trading sector in the last 18 to 24 months (commodities acquisition(s)). This activity has been due to a number of factors, such as...more

3/3/2016 - Acquisitions Commodities Commodity Sale Agreements Corporate Taxes Derivatives EMIR Energy Sector EU ISDA Master Agreement Novation Oil & Gas Private Equity Funds Risk Management Share Purchase Agreements TUPE

Implementation Day - 16 January 2016

Implementation Day is here. On the evening of 16 January 2016, the EU and the United States lifted nuclear-related sanctions on Iran, in accordance with the Joint Comprehensive Plan of Action (JCPOA)....more

1/21/2016 - EU Financial Transactions Implementation Day International Atomic Energy Agency Iran Sanctions Joint Comprehensive Plan of Action (JCPOA) Nuclear Power OFAC SDN List UN Security Council

SFTR and the Commodities Market – What will the impact be?

The Regulation on Transparency of Securities Financing Transactions (SFTR) was published in the Official Journal on 23 December 2015 and entered into force on 12 January 2016. At first glance it might appear that the...more

1/20/2016 - Commodities EMIR EU European Securities and Markets Authority (ESMA) Securities Financing Transactions (SFTs) Transparency

Iran: Adoption Day of the Joint Comprehensive Plan of Action

On 14 July 2015, the Joint Comprehensive Plan of Action (JCPOA) was agreed between the E3/EU+3 (or the P5+1, comprising the United States, Russia, China, the United Kingdom, France and Germany), together with Iran. This was...more

10/22/2015 - EU IAEA Iran Iran Sanctions Iran Threat Reduction and Syria Human Rights Act Joint Comprehensive Plan of Action (JCPOA) Nuclear Power Nuclear Weapons OFAC P5+1 Nations Presidential Directives Secretary of State

Updated NBP and Beach terms and conditions: Key differences between the old terms and the new 2015 terms

For many years the Short Term Flat NBP Trading Terms and Conditions 1997 (the “NBP 1997 Terms”) have been the standard terms for trading gas on the UK’s national transmission system for natural gas (the “UK NTS”) and the...more

8/19/2015 - Beach 2000 Terms Energy Market Energy Trading ISDA Natural Gas NBP 2015 Terms Oil & Gas Terms and Conditions Transmission Lines UK

EMIR Collateral Damage

Last month the EBA, ESMA and EIOPA (together, the ESAs) published their long-awaited revised draft of the regulatory technical standards on the requirement to collect and post margin in respect of uncleared OTC derivative...more

7/29/2015 - Basel Committee Derivatives EBA EIOPA EMIR EU European Securities and Markets Authority (ESMA) IOSCO Margin Requirements OTC

Anti-suit injunctions, OW Bunker and ISDA Master Agreements

Anti-suit injunctions, OW Bunker and ISDA Master Agreements SwissMarine Corporation Limited v O.W. Supply & Trading A/S (in bankruptcy) [2015] EWHC 1571 (Comm) - The Commercial Court has recently refused to grant an...more

6/30/2015 - Anti-Suit Injunctions Commercial Bankruptcy Cross-Border Denmark Insolvency Maritime Transport UK

Continuation of Russian Sanctions

Since March 2014, Reed Smith has been closely monitoring developments relating to the situation in the Ukraine and reporting them as Client Alerts and blog updates. We have set out below a brief summary of the EU’s...more

3/27/2015 - EU Russia Sanctions Ukraine

REMIT Registration: What do you need to know?

The EU Regulation on Wholesale Energy Market Integrity and Transparency (REMIT)1 came into force on 28 December 2011. It establishes an insider trading, market manipulation, disclosure, registration and transaction reporting...more

3/18/2015 - Energy Sector EU REMIT

FCA issues guidance on how firms should use social media for financial promotions

The UK’s Financial Conduct Authority (FCA) has published its guidance on using social media for financial promotions. In the guidance, the FCA made it clear that they understand the power of social media as a...more

3/18/2015 - Consumer Financial Products Financial Conduct Authority (FCA) Financial Promotions New Guidance Social Networks UK

Emergency Response II: Press Reports and False Markets

Introduction - On 10 December 2014 a report was published relating to the mishandling of the UK Financial Conduct Authority’s (FCA) announcement of its thematic review into certain insurance business. The mishandling...more

12/15/2014 - Emergency Management Plans Emergency Response Financial Conduct Authority (FCA) Insurance Industry UK

EU clarifies Russian sanctions

This alert follows our previous alerts on the Russia/Ukraine sanctions. On 5 December 2014, the European Commission published Regulation 1290/2014 (the Amending Regulation) with effect from 6 December 2014. This...more

12/15/2014 - EU Russia Sanctions Ukraine

UK power generation assets: optimisation and monetisation

In recent years, the UK power sector has seen owners and/or operators of generation assets increasingly reflect on their commercial strategies with respect to their operations. In the case of power plants, this has involved a...more

8/6/2014 - Energy Power Plants UK Utilities Sector

EMIR – Summary of Key Requirements

The European Markets Infrastructure Regulation (EMIR) introduces requirements aimed at improving transparency and the reduction of risks associated with the derivatives market. EMIR also establishes organisational, conduct of...more

6/17/2013 - EEA EMIR European Securities and Markets Authority (ESMA) Investment Portfolios Mandatory Clearing Requirements OTC Reporting Requirements Risk Mitigation

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