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Grecian Magnesite: Tax Court Finds Reliance on a US Tax Advisor Establishes Reasonable Cause

On July 13, 2017, the Tax Court, in Grecian Magnesite, Industrial & Shipping Co., SA v. Commissioner, 149 T.C. 3 (2017), rejected Internal Revenue Service (IRS) arguments that, in order to establish good faith reliance, the...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

The Commission affirmed by a divided vote an Initial Decision dismissing insider trading charges against Wells Fargo trader Joseph Ruggieri. At a hearing the Division of Enforcement failed to prove that in six instances Mr....more

Day 13 of One Month to More Effective Internal Controls-Code of Conduct as an Internal Control

by Thomas Fox on

Last year, one of the most interesting non-Foreign Corrupt Practices Act (FCPA) enforcement actions was announced by the Securities and Exchange Commission (SEC). It involved a clear quid pro quo benefit paid out by United...more

Tax Court Rejects IRS’ Position in Rev. Rul. 91-32

Grecian Magnesite Mining, a Greek corporation (GMM), owned an interest in Premier Chemicals LLC, a Delaware limited liability company classified as a partnership for US income tax purposes (Premier). Premier conducted a trade...more

Everything Compliance-Episode 14

by Thomas Fox on

Show Notes for Everything Compliance-Episode 14 Topics from Matt: 1.Trump Administration & FCPA enforcement— we have two declinations now; maybe a compare-and-contrast, and speculation on what a tough Trump Admin...more

Top Ten International Anti-Corruption Developments for June 2017

by Morrison & Foerster LLP on

In order to provide an overview for busy in-house counsel and compliance professionals, we summarize below some of the most important international anti-corruption developments from the past month, with links to primary...more

German Government Increases Foreign Investment Oversight

by Latham & Watkins LLP on

Changes to the German Foreign Trade and Payments Ordinance (Außenwirtschaftsverordnung – FTPO) will impact certain cross-border transactions. Key Points: ..The changes, which entered into force on 18 July 2017, allow...more

Recent case law update: Treatment of Trust Assets — Akers (and others) v. Samba Financial Group (2017)

by Latham & Watkins LLP on

The English Supreme Court has delivered a ruling that provides helpful guidance on the enforceability of trusts in respect of assets located in foreign jurisdictions that do not recognise trusts. The ruling also highlights...more

Day 12 of One Month to More Effective Internal Controls-Board Oversight as an Internal Control

by Thomas Fox on

Is a Board of Directors a compliance internal control? I think the clear answer is yes. In the FCPA Guidance, in the Ten Hallmarks of an Effective Compliance Program, there are two specific references to the obligations of a...more

New EU Prospectus Regulation published

by Dentons on

The EU Prospectus Regulation (the Regulation), which will replace the current Prospectus Directive, has been officially published. A couple of the Regulation's provisions will apply from 20 July 2017, while most of it will...more

Foreign Investment Reporting to the United States: Out-Bound Investment from the United States Specific Survey Report Forms 5-year...

by McNair Law Firm, P.A. on

The U.S. Department of Commerce, Bureau of Economic Analysis (BEA), conducts mandatory surveys to collect information on direct investment. There are three (3) specific surveys which track “out-bound” foreign investment: a...more

Governance & Securities Law Focus: Europe Edition - July 2017

by Shearman & Sterling LLP on

In this newsletter, we provide a snapshot of the principal European, US and selected international governance and securities law developments of interest to European corporates. Please see full Newsletter below for more...more

Amended German Investment Controls: Increased Scrutiny and Delays for German Target M&A Deals with Non-EU Buyers

by Dorsey & Whitney LLP on

In line with an apparent trend towards tighter trade and investment controls in various countries, the German government last week adopted stricter rules on investments in German companies by non-EU parties (an EFTA-based...more

Selling to China: Four Key Questions All Private Equity Deal Teams Should Ask on an Exit

by Latham & Watkins LLP on

Chinese acquirers are playing an increasingly important role as buyers of private equity sponsored companies — nearly 200 portfolio companies were sold to Chinese entities in 2016. However, in our view, measures taken by the...more

Key Regulatory Topics: Weekly Update - 7 July 2017 – 13 July 2017

by Allen & Overy LLP on

BREXIT - Brexit - EU (Withdrawal) Bill published - On 13 July, the DExEU published the European Union (Withdrawal) Bill (Bill), which: (i) repeals the ECA 1972; (ii) converts EU law into UK law where appropriate; and...more

Day 11 of One Month to More Effective Internal Controls-Internal Controls for Gifts, Travel and Entertainment

by Thomas Fox on

It is reasonable to expect that internal controls over gifts, travel and entertainment (GTE) be designed to ensure that all satisfy the criteria as defined in company policies. Generally speaking, these are fairly narrow,...more

The Financial Report, Volume 6, Number 13

by DLA Piper on

Discussion and Analysis - Two of our items today focus on remarks by new SEC Chairman Jay Clayton and, if they are any indication of the direction the new Chairman intends to take the Commission, they could go a long way...more

Day 10 of One Month to More Effective Internal Controls-Internal Controls for Third Parties

by Thomas Fox on

Today I want to look at internal controls for third parties. One of the questions that GSK faced during the bribery and corruption investigation of its Chinese operations is how an allegedly massive bribery and corruption...more

Leadership Lesson from Andrew Jackson and Veto of the Second Bank Charter

by Thomas Fox on

In this episode, I consider the leadership lessons which can be drawn from our 7th President Andrew Jackson. I focus largely on the crisis surrounding the charter of the Second National Bank of the United States, which played...more

US Tax Court Exempts Gain on Sale of a Partnership Interest

by Latham & Watkins LLP on

Decision could open planning opportunities for non-US partners regarding sale of a partnership interest. The Grecian Magnesite Mining, Industrial & Shipping Co., SA v. Commissioner 1 case — which the US Tax Court decided...more

Corporate and Financial Weekly Digest - Volume XII, Issue 27

BROKER-DEALER - Proposed Rule Change Relating To Revisions To the Definition of Non-public Arbitrator - On July 11, the Financial Industry Regulatory Authority filed a proposed rule amendment to change the definition of...more

Asset Management Regulatory Roundup - July 2017 - Issue 1

by Dechert LLP on

A compact summary of the most recent regulatory developments relevant to the UK asset management industry. In this issue we look at the extension of the PSC regime to Scottish limited partnerships and AIM listed companies,...more

The new EU Prospectus Regulation: immediate benefits for equity issuers

by Dentons on

The new EU Prospectus Regulation 2017/1129 (the Regulation) comes into force on 20 July 2017. The Regulation repeals and replaces the Prospectus Directive and will apply to all prospectuses issued on or after 21 July 2019....more

Foreign investment in Indonesia

by Dentons on

Indonesia is the largest economy in Southeast Asia. It is rich in natural resources, such as coal, minerals and metals, oil and gas, and agricultural products such as rice, rubber and cocoa. With the fourth biggest population...more

FCPA Compliance Report-Episode 342, Melanie Johnson

by Thomas Fox on

In this episode, I visit with Melanie Johnson, co-founder of Elite Online Publishing, which aids entrepreneurs, business leaders, and professional athletes to create, publish, and market their books, to build their business...more

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