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Day 14 of 30 Days to a Better Compliance Program-Design of Your Compliance Training Program [Video]

For compliance training to be effective its needs to risk-based in its focus. This means employees with highest risk of exposure to bribery and corruption need to receive the highest levels of training and refreshers. From...more

NY Expands Jurisdictional Reach Over Foreign Banks Using Correspondent Accounts

The New York Court of Appeals recently gave a leg-up to plaintiffs seeking to hale foreign banks before New York state courts, clarifying that the use of a New York-based correspondent account could, under certain...more

Challenge to ITC’s Extraterritorial Authority over Trade Secret Dispute Launched by Chinese Corporation

The United States International Trade Commission (“ITC”) is an independent, quasijudicial Federal agency with broad oversight over trade matters. In addition to trade practices such as dumping and subsidies, the ITC...more

Commercial Division Refuses to Disturb Judgment Based On “Newly Discovered” Evidence That Was Available in Russian Public Records...

What is the ability of a litigant in the Commercial Division to use evidence located in the public records outside of the United States to re-open a New York court judgment? On December 7, 2016, in Alexander Gliklad v....more

Art Advisors are Not Always Fiduciaries—Lawsuit over Cady Noland "Log Cabin" Dismissed

The ongoing saga between Yves Bouvier and Dmitri Rybolovlev over Bouvier’s sale to the Russian billionaire of Leonardo’s Salvator Mundi (and a recent preemptive suit by Sotheby’s against the original sellers of the work to...more

New York Court of Appeals Finds 'Repeated, Deliberate Use' of Correspondent Account Sufficient to Establish Personal Jurisdiction...

In a decision that has implications for non-U.S. financial institutions with correspondent accounts in New York, a closely divided New York Court of Appeals held on November 22, 2016, that the “[r]epeated, deliberate use [of...more

International Arbitration Newsletter - October 2016

London has long enjoyed a reputation as one of the most popular and trusted arbitral seats in the world. The use of arbitration in England is long-standing and a legislative framework recognizing and seeking to encourage the...more

Brexit: Potential Implications for International Arbitration in London

This note discusses the reasons why Brexit is unlikely to adversely impact London’s position as a leading centre for international arbitration. It further sets out some of the areas in which international arbitration in...more

Residents Must be Alert to Property Fraudsters, UAE Legal Experts Warn

Legal experts say there are precautions residents can take to prevent being defrauded by bogus landlords and property agents. “Unfortunately, fraud pertaining to house hunters and tenants is on the rise,” said Hassan...more

UK Financial Conduct Authority Fines Aviva for Client Asset and Money Failings

The Financial Conduct Authority published the final notice issued to Aviva Pension Trustees UK Limited and Aviva Wrap UK Limited, fining the firms £8,246,800 for failing to have adequate controls and oversight arrangements to...more

Market Manipulation Using High Frequency Trading and Issues Facing Japan

Centuries ago, a classic tactic to manipulate prices in the Amsterdam Stock Exchange was to spread false rumors that incoming trading companies’ ships were full of furs and diamonds, in attempt to run up prices. Back then,...more

Ninth Circuit Rules Trader Joe’s May Pursue Infringement Claim Against Infringing Activity in Canada

The Ninth Circuit recently became the latest appeals court to address the extraterritorial reach of the Lanham Act, holding that a U.S. trademark holder can pursue a Lanham Act claim in the U.S. against infringing activity...more

UK Regulator Bans Sole Trader Investment Business from the UK Financial Services Industry  

The FCA concluded that Ms. Parry’s actions amounted to a failure to act with integrity and were therefore in contravention of Statement of Principle 1 of the FCA’s Statements of Principle. Furthermore, the FCA concluded that...more

Alien Tort Case Development: Plaintiffs Overcome Presumption against Extraterritoriality, but Still No Corporate Liability in the...

On August 24, the Second Circuit Court of Appeals affirmed the dismissal of plaintiffs’ claims in a case filed against Lebanese Canadian Bank pursuant to the Alien Tort Statute (“ATS”). Plaintiffs in the case, Licci et al. v....more

After Adopting the “Fraud-on-the-Market” Presumption of Reliance, Australia is Poised to Become a Plaintiff-Friendly Venue

The United States is a popular location for securities class actions, due in large part to its reputation as a generally plaintiff-friendly system. A key contributor to that reputation is the acceptance of the...more

ITC Puts 337 Case on Imports of Steel on Hold

On April 26, the United States Steel Corporation (U.S. Steel) filed a complaint with the International Trade Commission (ITC) alleging that certain unfair trade practices relating to the import of steel carbon and alloy steel...more

Focus on Middle East Arbitration: Arbitral Awards

Recent court decisions highlight a few of the challenges parties may face in relation to the enforcement of arbitral awards in the onshore UAE courts. A summary of those decisions is set out in this article. ...more

"EU Market Abuse Regulation — New Requirements for Issuers of Debt Securities Admitted to Trading in Europe"

On 3 July 2016, Regulation 596/2014 of the European Parliament and of the Council of the European Union (the Market Abuse Regulation) repealed and replaced Directive 2003/6/EC on Market Abuse (the Market Abuse Directive)....more

Orrick's Financial Industry Week in Review

Federal Reserve Announces Extension of Conformance Period under Section 13 of the Bank Holding Company Act - On July 7, 2016, the Federal Reserve announced that it will extend until July 21, 2017 the conformance period...more

After Favorable LIBOR Ruling from the Second Circuit, Investors Now Allege Anticompetitive SIBOR Manipulation

On July 5, 2016, investors filed a federal class action in the Southern District of New York alleging defendant banks had manipulated the Singapore Interbank Offered Rate (SIBOR) “and/or” Singapore Swap Offer Rate (SOR)...more

Further Limiting the Extraterritorial Reach of US Law, the US Supreme Court Limits the Use of the RICO Statute

Further Limiting the Extraterritorial Reach of US Law, the US Supreme Court Limits the Use of the RICO Statute in RJR Nabisco v. European Community - In RJR Nabisco, Inc. v. European Community, the US Supreme Court not...more

Australia: An Increasingly Attractive Plaintiffs’ Forum for Securities Class Actions

The United States has long been the primary home for securities class actions around the world. This trend, however, was curtailed to some degree with the Supreme Court decision in Morrison v. National Australia Bank, 130 S....more

Orrick's Financial Industry Week in Review

SEC Adopts Trade Acknowledgment and Verification Rules for Security-Based Swap Transactions - On June 8, 2016, the Securities and Exchange Commission publicized the implementation of "rules that will establish timely and...more

Update Kapitalmarkt- und Gesellschaftsrecht: Sind Sie vorbereitet auf die MAR (Marktmissbrauchsverordnung)?

Ab dem 3. Juli 2016 gelten die Vorgaben der Marktmissbrauchsverordnung (Verordnung (EU) Nr. 596/2014 des Europäischen Parlaments und des Rates vom 16. April 2014). Ihre Regelungen gelten für alle börsennotierten...more

Orrick's Financial Industry Week in Review

Council of EU Adopts Regulation Extending Exemptions for Commodity Dealers under CRR - On May 30, 2016, the Council of the EU published a press release confirming that it has adopted a Regulation amending the Capital...more

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