Administrative Law, Securities Law, International Law & Trade

AIFMD: ESMA Final Guidelines on Sound Remuneration Policies

by Orrick - Structured Finance Group on 2/21/2013

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

Justice Department and SEC Issue Guidance on Anti-Bribery Law

by David Dubberly | Nexsen Pruet, PLLC on 1/23/2013

Originally published in Swampfox - January 22, 2013. In November 2012 the Department of Justice and the Securities and Exchange Commission issued a 120-page “resource guide” to the U.S. Foreign Corrupt Practices Act. ...more

AIFMD: Level 2 Regulation adopted by the European Commission

by Aki Corsoni-Husain, Philip Graham, Jonathan Law, Sean Scott | Harney Westwood & Riegels on 1/18/2013

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

The Cutting Edge Of Anti-Corruption Compliance: Proactive Audits

by Michael Volkov on 1/17/2013

The FCPA world is fast-becoming the leader in new compliance strategies. The Justice Department and the SEC have embraced the requirement for conducting “proactive audits.”...more

Year-End Developments And Compliance Checklists

by Cole Beaubouef, Richard Bernstein, George Danenhauer, Marie DeFalco, David Goret, Peter Greene, Elaine Hughes, Allen Levithan, Matthew Magidson, Robert Minion, Scott H. Moss | Lowenstein Sandler LLP on 1/17/2013

Lowenstein Sandler’s Investment Management Group is pleased to provide you with (i) a summary of recent legislative and regulatory developments that impact the investment management community; and (ii) checklists of year-end...more

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

by Michael Innes, Desmond Lee | Osler, Hoskin & Harcourt LLP on 1/16/2013

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

by Proskauer Rose LLP on 1/16/2013

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

Will High-Frequency Trading (HFT) Get The German Treatment In The U.S.?

by Elan Mendel | Shipkevich PLLC on 1/16/2013

German regulators have increased the pressure on high-frequency traders, prompting concerns from the market that the country risks damaging its financial sector....more

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

by Benji Jones, A. Heath Tripp | Smith, Anderson, Blount, Dorsett, Mitchell &... on 1/15/2013

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

by Orrick - Structured Finance Group on 1/15/2013

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

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

by Abby Matousek, Jason M. Rosenstock | Mintz Levin - Public Finance on 1/14/2013

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

Orrick's Financial Industry Week in Review - January 7, 2013

by Orrick, Herrington & Sutcliffe LLP on 1/14/2013

In This Issue: *Financial Industry Developments - OCC Guidance on Transition Periods under Section 716 of the Dodd-Frank Act - CFTC Reporting of Swap Transactions and Swap Dealer Registration - Department...more

"CFTC Issues Final Exemptive Order on Cross-Border Application of Certain Swap Regulations"

by Maureen A. Donley, Ryan Elsey, Theodore M. Kneller, Mark D. Young | Skadden, Arps, Slate, Meagher & Flom LLP on 1/12/2013

Swaps trade in a global market. Title VII of the Dodd-Frank Act amended the Commodity Exchange Act (CEA) to impose a panoply of regulation on the swaps market mostly through regulations adopted by the Commodity Futures...more

EC Technical Standards for European Markets Infrastructure Regulation

by Orrick - Structured Finance Group on 1/11/2013

On December 19, 2012, the European Commission adopted nine regulatory and implementing technical standards to complement obligations defined under the European Markets Infrastructure Regulation on OTC derivatives, central...more

Liquidity Coverage Ratio: New Basel Measurement Published

by Jeremy C. Jennings-Mares, Dwight C. Smith, III | Morrison & Foerster LLP on 1/11/2013

On January 6, 2013, the Group of Governors and Heads of Supervision (“GHOS”), which oversees the Basel Committee on Banking Supervision (“BCBS”), approved a significantly revised version of the liquidity coverage ratio...more

Focus on Securities - January 2013: TMX Group Consultation Paper On Emerging Market Issuers

by Corrine M. Fiesel | Dentons on 1/10/2013

On December 17, 2012 the Toronto Stock Exchange (“TSX”) and TSX Venture Exchange (“TSXV” and together with the TSX the “Exchanges”) published a consultation paper on their respective listing requirements applicable to issuers...more

Internal Audit Review of Charitable Donations Under the FCPA

by Thomas Fox on 1/10/2013

When is a rose not a rose? When it is a charitable donation not made for philanthropic purposes and it violates the Foreign Corrupt Practices Act (FCPA). I thought about that concept when reviewing the Eli Lilly and Company...more

No Knowledge, but Hints of Omissions in the Allianz FCPA Settlement

by Mark Jensen, Matthew Riemer | Sheppard Mullin Richter & Hampton LLP on 1/10/2013

On December 17, 2012, the Securities and Exchange Commission (“SEC”) announced a settlement under the U.S. Foreign Corrupt Practices Act (“FCPA”) with Allianz SE (“Allianz”), the insurance company based in Germany, resulting...more

Canadian Securities Regulators Issue Discussion Paper on Mutual Fund Fees

by John Black, Breann Kirincich | Osler, Hoskin & Harcourt LLP on 1/8/2013

On December 13, 2012 the Canadian Securities Administrators (CSA) published Discussion Paper and Request for Comment 81-407 Mutual Fund Fees (Discussion Paper) focused on the regulation of mutual fund fees in Canada. The...more

Top Ten Enforcement Actions for 2012

by Thomas Fox on 1/8/2013

As we welcome in 2013, it is appropriate to reflect back on some of the things which have occurred over 2012 and in the Foreign Corrupt Practices Act (FCPA) enforcement world, it was quite a significant year. The Department...more

Five Biggest FCPA Stories Of 2012

by Michael Volkov on 1/7/2013

One of my favorite “Seinfeld” episodes is when Jerry and George go to NBC to pitch their new television show which is about “nothing.” There are some parallels to this posting. FCPA settlements have dwindled during 2012....more

FinCEN Announces Third Extension for Certain FBAR Filers

by Richard LaFalce, Charles Lubar, Gabriel Quihuis, Richard Zarin, William P. Zimmerman | Morgan Lewis on 1/7/2013

Certain individuals having only signature authority over foreign financial accounts now have until June 30, 2014, to file the Report of Foreign Bank and Financial Accounts. ...more

CSRC Scraps Quantitative Thresholds for Offshore Listings by PRC Companies and Paves the Way for Direct Overseas Listings by...

by Melody Junhua He-Chen, Ling Jin, Xiaohu Ma, Sherry Yin | Morrison & Foerster LLP on 1/7/2013

China Securities Regulatory Commission (“CSRC”), the securities regulator of the People’s Republic China (the “PRC” or “China”), has scrapped quantitative threshold requirements for Chinese companies applying for offshore...more

IOSCO and FSB Recommend Additional Money Market Fund Reform, Putting International Pressure on the SEC to Take Action

by Stephen Cohen, Robert Helm, Robert Rhatigan | Dechert LLP on 1/4/2013

Introduction - The International Organization of Securities Commissions (IOSCO), an international organization of securities regulators, recently published its “Policy Recommendations for Money Market Funds” (Final...more

The Lilly FCPA Enforcement Action (Part III) Lessons Learned from Russia

by Thomas Fox on 1/4/2013

This Part III is the final installment of my review of the Eli Lilly and Company (Lilly) FCPA enforcement action brought by the Securities and Exchange Commission (SEC). In this Part III, I will review the FCPA issues that...more

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Administrative Law › Securities Law › International Law & Trade