Administrative Agency International Trade Finance & Banking

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U.S. Brokers Doing Business Overseas

Recently, regulators have made inquiries about the lawfulness of U.S. brokerage firms soliciting foreign clients. The regulators want to know under what exemptions or rules U.S. firms can do business overseas. This is a new...more

Revised GBER Reduces Need For Commission Prior Approval of State Aid But Some Conditions Stricter Than Before

The European Commission (Commission) has adopted new rules that exempt public support given to companies by EU Member States, including regional and local authorities, from the requirement of prior notification to, and...more

U.S. Administrative Law Judge Suspends Chinese Affiliates of “Big Four” Accounting Firms

In a surprising turn in the long-running and widely reported dispute between the Securities and Exchange Commission (“SEC”) and the Chinese affiliates of the “Big Four” accounting firms, on January 22, 2014, a U.S....more

"SEC Judge Issues Initial Decision Regarding Chinese Affiliates of the Big Four Accounting Firms"

On January 22, 2014, U.S. Securities and Exchange Commission Administrative Law Judge Cameron Elliot (the ALJ) issued an initial decision censuring the Chinese accounting firms affiliated with Ernst & Young LLP, KPMG LLP...more

CFTC Faces Court Challenge to Cross-Border Guidance

The Securities Industry and Financial Markets Association (“SIFMA”), International Swaps and Derivatives Association (“ISDA”), and Institute of International Bankers (“IIB”) filed a suit against the CFTC in the U.S. District...more

Taxpayer Wins New York Bank Tax Case: Division of Tax Appeals Determines that Department Violated its Own Published Guidance

In a recent decision, the New York State Division of Tax Appeals soundly rejected a determination by the New York State Department of Taxation and Finance (the "Department") that it could treat a banking corporation’s...more

United States of America v. Ross William Ulbricht

Federal indictment against Silk Road founder Ross Ulbricht for narcotics trafficking, computer hacking, and money laundering

Full text copy of the federal indictment filed September 27, 2013 against Silk Road founder Ross Ulbricht – aka Dread Pirate Roberts, DPR, and Silk Road – for narcotics trafficking, computer hacking, and money laundering (the...more

Petition Questions Lack Of MTA Regulations

Soon, the Office of Administrative Law will decide whether it will determine the merits of a petition for review of underground regulations allegedly being enforced by the Department of Business Oversight (fka Department of...more

The Plight of Billionaires Looking For New Havens to Shield Assets

The Plight of Billionaires Looking For New Havens to Shield Assets by James F. McDonough, Jr. on July 30, 2013 In a recent article in Wealth Management, the author David de Jong and Robert Lafranco describe the...more

Levick Weekly - March 1, 2013: The Libor Scandal; Prosecutors Have A New Plan

In This Issue: - The Food Safety Modernization Act - The LIBOR Scandal - Prosecutors Have a New Plan - Food Safety Compliance - A Hogan Lovells Roundtable - Lessons from the Oldest CEO Succession Plan on...more

AIFMD: ESMA Final Guidelines on Sound Remuneration Policies

On February 11, the European Securities and Markets Authority (ESMA) published its final report in relation to sound remuneration policies under the Alternative Investment Fund Managers Directive (AIFMD). ...more

"Ontario Speech From The Throne", Focus On Public Policy, February 2013

On Tuesday, February 19th, 2013, the Honourable David Onley, Ontario's Lieutenant Governor, delivered the Wynne government’s Speech from the Throne in the Ontario legislature. Entitled The Way Forward, this speech officially...more

U.S. Energy Regulation, Development & Finance

The U.S. energy and infrastructure sectors have undergone dramatic change since 2006, the year of Pillsbury’s first contribution to the Getting the Deal Through publications. Natural gas production and reserves have increased...more

The Financial Services Act 2012 – Misleading Statements, Impressions and Financial Promotions

Background - In our previous DechertOnPoints, The Draft Financial Services Bill in the Contextof the Proposed New UK Financial Regulatory Structure and Draft UK Financial Services Bill and the New UK Financial...more

AIFMD: Level 2 Regulation adopted by the European Commission

Harneys continues to monitor developments related to the EU’s AIFMD with a focus on how it will affect our clients in the Cayman Islands and BVI. The most significant recent development is that the AIFMD Level 2 Regulation...more

How Tobin Tax and certain regulatory duties affect Block Trades in Italy

Italian Law No. 228 dated December 24, 2012, which approved the 2013 budget, contemplates, among others, a new tax applicable to certain financial transactions (the “Tobin Tax”). The Tobin Tax will apply to transactions,...more

2012 Corporate Finance Review – Low Interest Rate Environment Provides Opportunities in the Debt Markets

Osler has published its 2012 Capital Markets Review which includes a look back at the year in Canadian corporate finance by Desmond Lee and Michael Innes....more

UK Treasury Publishes First Consultation on AIFMD Implementation

On 11 January 2013, HM Treasury published its first consultation on Alternative Investment Fund Managers Directive (AIFMD) implementation in the UK, entitled "Transposition of the Alternative Investment Fund Managers...more

New Reporting Requirements Under the Iran Threat Reduction and Syria Human Rights Act of 2012

On August 10, 2012, the United States delivered its latest economic blow to Iran by enacting the Iran Threat Reduction and Syria Human Rights Act of 2012. U.S. companies have long been forbidden from engaging in most...more

Basel Committee on Banking Supervision Endorses Revised Basel III Liquidity Standards for Banks

It was announced on January 6, that the Basel Committee on Banking Supervision’s (BCBS) Group of Governors and Heads of Supervision (GHOS) has endorsed revised Basel III liquidity standards for banks....more

Is the legal environment changing for Russia-related transactions? What new challenges will parties face and how should they...

A dynamic market - Russia is a dynamic, developing growth market, with a constantly changing legal environment. Right now Russia is seeing an upturn of activity in corporate transactions of all kinds: mergers and...more

CRA Releases New APA Report

This is the eleventh year in which the CRA has issued such a report, which is generally intended to enhance taxpayer awareness of the APA program and to describe (i) current operational status, (ii) relevant changes, and...more

Financial Services Legislative And Regulatory Update -- January 14, 2013

In This Issue: Leading the Past Week; Legislative Branch; Executive Branch; Miscellaneous; and International. Excerpt from Leading the Past Week - As was widely anticipated, President Obama announced that he...more

EB-5 Immigrant Investor Process

The U.S. Immigration and Nationality Act currently allocates 10,000 “EB-5” immigrant visas per year to qualified individuals seeking Lawful Permanent Resident (LPR) status - also known as a “green card” - on the basis of...more

Crunched Credit - January 2013

Below are links to some recent CrunchedCredit posts,including a preview of next week’s CREFC conference inMiami. For more information or to subscribe, visit us atCrunchedCredit.com. You can also sign up to receiveemail alerts...more

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