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US Government Modifies Sanctions Against Russia/Crimea

The U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) imposed sanctions on additional Russian and Crimean persons while also issuing a general license authorizing certain transactions with a...more

Following CFIUS Recommendation, President Obama Blocks Chinese Acquisition of US-German Semiconductor Equipment Manufacturer

President Obama issued an executive order on December 2, 2016 blocking the sale of the U.S. business of Aixtron SE (“Aixtron”), a German semiconductor manufacturer, to a German subsidiary of a Chinese fund, Fujian Grand Chip...more

Anti-bribery compliance in India: Both sword and shield

In recent years, both the United States Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) have stepped up their enforcement of the Foreign Corrupt Practices Act (FCPA), including to address...more

Recent Developments on Review of Foreign Investment into Germany: Is the German Government Tightening the Rules?

A brief orientation on the German foreign investment approval procedure - Highlights - - For the first time ever the German Federal Ministry for Economic Affairs and Energy has withdrawn an already granted...more

U.S.-Russia Business Climate Likely to Change Under Trump Presidency

Donald Trump’s election has the potential to significantly reshape U.S.-Russia relations, but whether any change occurs will depend largely on his willingness to offer Russia a clean slate and whether the U.S. Congress...more

FCPA Enforcement Action Highlights Risks for the Financial Services Industry and Individual Executives

New York-based hedge fund Och-Ziff Capital Management Group (the “Hedge Fund”) agreed to pay approximately $412 million to resolve charges brought by the U.S. Securities and Exchange Commission (“SEC”) and Department of...more

Financial Services Quarterly Report - Third Quarter 2016: Managing the Compliance Aspects of Private Equity Investments

International business transactions can be subject to intense scrutiny due to the broad scope of the U.S. Foreign Corrupt Practices Act (FCPA) and the UK Bribery Act, in addition to other similar anti-corruption measures...more

District Court Upholds Indictment of Turkish/Iranian Billionaire Charged with Evading US Economic Sanctions against Iran

U.S. District Court Judge Richard M. Berman denied a motion to dismiss the indictment in the closely followed criminal prosecution of Reza Zarrab, a Turkish/Iranian businessman charged with conspiring to evade U.S. economic...more

U.S. Government Issues Guidance to Reassure U.S. Banks Involved in Foreign Correspondent Relationships

The U.S. Department of the Treasury, together with other U.S. government agencies responsible for enforcing anti-money laundering (AML) and economic sanctions regulations, released guidance on August 30, 2016 in the form of a...more

United States Further Eases Economic Sanctions on Burma/Myanmar

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) eased certain sanctions against Burma/Myanmar on May 17, 2016, including by allowing most transactions involving Burmese financial institutions....more

Foreign Financial Institutions Beware: United States Expands Economic Sanctions Against Hizballah

Effective April 16, 2016, the United States will implement sanctions pursuant to the Hizballah International Financing Prevention Act of 2015. The new sanctions target Hizballah (or Hezbollah) and non-U.S. persons who support...more

UK Financial Sanctions Enforcement – New Powers and Tougher Sentences

The UK Government put a package of proposals to Parliament in February to increase both the type and the potential severity of consequences for persons and companies who breach EU financial sanctions. If approved, these...more

US Commerce and Treasury Departments Further Ease Restrictions Against Cuba

The U.S. Commerce and Treasury Departments announced on January 26, 2016, actions to ease certain restrictions on transactions involving Cuba. The new actions do not significantly expand the types of activities in which U.S....more

Iran Sanctions: What is Prohibited or Licensable for EU Businesses?

Despite the easing of sanctions on Iran on 16 January under the Joint Comprehensive Programme of Action (JCPOA), some prohibitions and licensing requirements continue to apply to EU businesses. These are summarised below,...more

Implementation Day: Iran Sanctions Eased Today

On Saturday, 16 January 2016, the International Atomic Energy Association (IAEA) submitted a report to the United Nations Security Council (UNSC) certifying that Iran has satisfied its obligations under the Joint...more

Iran Sanctions: Early Easing of Sanctions Increasingly Possible

Public officials from the United States increasingly are making public statements regarding the likelihood that “Implementation Day” – the day on which many US and EU sanctions against Iran will be eased – will arrive in the...more

Adoption Day in Iran Sanctions Deal: US and EU Give Clarification, But No Lifting of Sanctions Yet

The United States and European Union took preparatory steps on 18 October 2015 to begin fulfilling their commitments to suspend certain sanctions against Iran pursuant to the Joint Comprehensive Plan of Action (“JCPOA”)...more

Macroeconomic Surveys from the BEA: A Primer for Asset Managers and the Financial Services Industry

For many U.S. asset managers and other financial services providers, the recent BE-10 Benchmark Survey of U.S. Direct Investment Abroad (BE-10) and the upcoming BE-180 Benchmark Survey of Financial Services Transactions...more

The Trans-Pacific Partnership agreement (TPP), which promises significant trade liberalization and investment protection, is...

After 10 years of negotiations, trade ministers from 12 Pacific Rim countries representing 40% of the world’s economy and one-third of global trade have reached a trade agreement, referred to as the Trans-Pacific Partnership...more

U.S. Government Takes Steps to Further Ease Restrictions on Cuba

U.S. Commerce and Treasury Department measures intended to further ease existing export and sanctions restrictions regarding Cuba took effect on September 21, 2015. These amendments to the Cuban Assets Control Regulations...more

FinCEN Proposes Anti-Money Laundering Regulation for Investment Advisers

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a notice of proposed rulemaking on August 25, 2015,1 pertaining to all investment advisers registered or required to be registered...more

BEA’s BE-180 Benchmark Survey of Financial Services Providers: Implications for U.S. Asset Managers

In the fall of 2015, the U.S. Department of Commerce’s Bureau of Economic Analysis (BEA) will administer its next Benchmark Survey of Financial Services Transactions between U.S. Financial Services Providers and Foreign...more

Iran Deal “Clears” Congress, But No Sanctions Relief Yet

On September 10, 2015, Senate Democrats in the U.S. Congress blocked a vote on a widely anticipated resolution to reject the Joint Comprehensive Plan of Action (“JCPOA”) regarding Iran’s nuclear program. On September 11, the...more

US Imposes Significant Export Restrictions on Russian Oil and Gas Field

The U.S. Department of Commerce’s Bureau of Industry and Security (“BIS”) added the Yuzhno-Kirinskoye Field, a Russian oil and gas field, to the Entity List on August 7, 2015. The action effectively prohibits all persons from...more

Additional U.S. Sanctions Imposed on Russian and Ukrainian Persons, But No Significant Escalation

On July 30, 2015, the U.S. Government added dozens of Russian and Ukrainian individuals and entities to the Ukraine-related sanctions lists.1 U.S. officials have stated that these new additions are not an escalation of U.S....more

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