Administrative Agency International Trade Finance & Banking

Read need-to-know updates, commentary, and analysis on Administrative Agency issues written by leading professionals.
News & Analysis as of

New Reporting Requirements Regarding Foreign Investment and Ownership

This article originally was published in the Winter 2015 Edition of the Dechert Private Equity Newsletter but has been updated to reflect recent guidance from the U.S. Commerce Department’s Bureau of Economic Affairs (BEA) on...more

SEC Files Financial Fraud Action Against Japan Based Controller

The Commission filed a financial fraud action against a former senior accounting officer and controller of Molex Japan Co., Ltd., the Japanese based subsidiary of publically traded Molex Inc. The scheme, which took place in...more

D.C. District Court Dismisses Delta’s Appeals Against U.S. Ex-Im Bank

In a series of three decisions published on March 30, 2015, the U.S. District Court for the District of Columbia has dismissed appeals brought by Delta Air Lines and other plaintiffs against the U.S. Export-Import Bank...more

PayPal’s Settlement with OFAC Demonstrates Importance of Effective Sanctions Compliance Programs for Financial Institutions

On March 25, 2015, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced a settlement with PayPal, Inc., the money services business, to resolve apparent violations of multiple U.S. economic...more

This Week In Securities Litigation

The SEC filed another FCPA action, this time against the company that financed a “world tour” as part of the bribes paid by employees to secure business. Previously, the Commission filed an action against the employees. ...more

Financial Regulatory Developments Focus - April 2015

In this issue: - US Banking Agencies Issue FAQs on the Regulatory Capital Rule - US Banking Agencies Permit Wells Fargo to Begin Using Advanced Approaches Framework - Regulation on Reporting of...more

Paying the Piper: PayPal Inc. Settles Sanctions Violations with OFAC for $7.7 Million

On March 25, 2015, the Department of Treasury’s Office of Foreign Assets Control (OFAC) announced that PayPal Inc. (“PayPal”) agreed to pay $7.7 million to settle 486 violations of U.S. economic sanctions. According to OFAC,...more

WKSI Waivers: SEC Chair Defends Policy in Wake of Public Criticism

U.S. Securities and Exchange Commission (SEC) Chair Mary Jo White explained and defended the SEC’s policy for granting so-called “WKSI waivers” in a speech she made at the Corporate Counsel Institute on March 12, 2015. ...more

The Broader Problem: European Bank Creates an Easy Catch for the Long Arm of U.S. Jurisdiction

On March 12, 2015, Commerzbank AG, Germany’s second largest bank and a global financial institution, agreed to pay $1.45 Billion (yes, with a “B”) in forfeitures and fines to the U.S. Government for violating U.S. sanctions...more

BSI Account Holders Now Face 50 Percent Penalty On All Undisclosed Offshore Accounts

On Monday, March 30, 2015, the Department of Justice (the "Department") announced its first settlement under the Swiss Bank Program, potentially exposing thousands of U.S. taxpayers to a steep 50 percent penalty for failure...more

BSI Is First Bank to Reach Resolution in DOJ’s Program for Swiss Banks

BSI of Lugano, Switzerland, became the first bank to earn a non-prosecution agreement under the U.S. DOJ’s Program for Swiss Banks, paying a penalty of $211 million. First announced on August 29, 2013, the program offered...more

OFAC Announces Settlement with Money Services Business for Violations of Sanctions Programs

On March 23, Department of the Treasury’s OFAC announced a settlement agreement with a large money services business (MSB) for failing to implement an effective compliance program “to identify, interdict, and prevent...more

U.S. Government Announces Significant Sanctions Enforcement Actions Against Schlumberger and PayPal

The U.S. Government announced two major sanctions enforcement actions this week that reinforce the compliance challenges faced by both U.S. companies with international activities and non-U.S. companies subject to U.S....more

Inadequate Screening Processes Result in $7.65 Million Settlement for Violations of Various U.S. Sanctions Programs

On March 25, 2015, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) and PayPal, Inc. (“PayPal”) agreed to a $7.65 million settlement to settle potential civil liability for 486 apparent...more

UK Regulator Announces Its Approach to Financial Promotions in Social Media

On March 13, the UK regulator, the Financial Conduct Authority (FCA) published finalized guidance on its supervisory approach to financial promotions in social media (the “Guidance”). The range of social media within the...more

Restrictions Eased for Communications-Related Items Exported to Sudan

On February 18, 2015, in a coordinated action, the Commerce Department's Bureau of Industry and Security (BIS) and Treasury Department's Office of Foreign Assets Control (OFAC) announced and implemented changes to the...more

Federal Reserve Board Proposes to Include Legal Entity Identifiers in Certain Banking Organization Reporting

One difficulty encountered by national banking authorities during the course of the 2008 global financial crisis was identifying the ultimate parent for the trades made by various subsidiaries of dealers. To assist in...more

Despite the Regulatory Hurdles France is Open to Investment

Even though France is perceived to have a burdensome regulatory regime, it is clearly open to investment. M&A transactions involving French targets totaled €120.6 billion in 2014, a sharp increase on 2013 when just €28.6...more

Investment Funds Update - Europe: Key legal and regulatory updates for the funds industry from the primary European asset...

Central Bank Publishes Enforcement Priorities for 2015 - The Central Bank of Ireland published its statement of enforcement priorities for 2015 on 9 February 2015. The Central Bank entered into 11 enforcement settlements...more

SEC Obtains Freeze Order In Microcap Manipulation Action

Microcap fraud is an on-going enforcement priority of the Commission. In SEC v. Craven, Civil Action No. 15-cv-1820 (S.D.N.Y. Filed March 11, 2015), the Commission brought a manipulation action against a father and son team,...more

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

Broken Windows Continues: SEC Brings Group of Actions Centered on Section 13(d)(2) Violations

The “broken windows” approach to enforcement is alive, well and continuing. This time the Commission bundled together three groups of actions and eight proceedings, all centered on a failure to update disclosures tied to...more

New York DFS Takes Action Against Bank for BSA/AML Compliance Deficiencies

On March 12, the New York DFS issued a consent order against a Germany-based global bank for alleged Bank Secrecy Act and other anti-money laundering (BSA/AML) compliance violations that occurred between 2002 and 2008....more

New York's Lawsky Proposes SOX-Style Personal Accountability for Anti-Money Laundering, Foreign Asset Compliance

It is, by now, common practice for financial institutions (and other businesses as well) to adopt and maintain comprehensive and costly Anti-Money Laundering (AML) and Office of Foreign Assets Control (OFAC) compliance...more

CFIUS Releases Annual Report to Congress

The Committee on Foreign Investment in the United States (CFIUS) was established decades ago to identify and recommend responses to threats to US national security posed by acquisitions by non-US entities of controlling...more

1,227 Results
|
View per page
Page: of 50

Follow Administrative Agency Updates on:

All the intelligence you need, in one easy email:

Great! Your first step to building an email digest of JD Supra authors and topics. Log in with LinkedIn so we can start sending your digest...

Sign up for your custom alerts now, using LinkedIn ›

* With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name.
×