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Luxleaks - Challenging the challenges to tax rulings in the EU

The European Commission's recent state aid crusade against so-called sweet deals in the form of tax rulings may have unwelcome consequences never contemplated by the Commission....more

Switzerland introduces corporate tax reform III aiming to maintain its global competitiveness: 6 key points

Anticipating ongoing pressure from the European Union and the OECD, Switzerland has launched a draft corporate tax reform, called CTR III, focusing on increasing the competitiveness of Switzerland as a global corporate...more

Difficulty in Understanding? ESMA Consultation Paper on Complex Debt Instruments and Structured Deposits

On 24 March 2015, the European Securities and Markets Authority (ESMA) published a Consultation Paper setting out draft guidelines on complex debt instruments and structured deposits. Background - The...more

"Dutch Authority Follows EU by Finding Private Equity Firms Liable for Antitrust Violations of Minority Held Companies"

The Dutch competition authority (the Authority for Consumers and Markets, or ACM) has issued two decisions imposing fines on private equity firms for the participation of their portfolio company in the so-called flour cartel....more

Three Practical Steps to Oversee Enterprise Risk Management (ERM)

Introduction - Oversight of enterprise risk management, or ERM, continues to challenge boards and occupy a prominent place on the governance agenda. Effective ERM seeks to balance risk and opportunity while enhancing...more

Act on Equal Participation of Women and Men in Executive Positions in the Private and the Public Sector (Germany) (Aktuelles Zum...

This Client Alert deals with the impact of the German "Act on Equal Participation of Women and Men in Executive Positions in the Private and the Public Sector". The Act was adopted on March 6, 2015 and will come into force in...more

Domestic International Sales Corporations—A Tax Saving Tool for U.S. Companies

Does your business earn income from making and exporting goods, such as agricultural products, apparel or software? If so, in connection with such exports, does your company use a “domestic international sales corporation,”...more

The FCPA Implications of China’s Plan to Consolidate State-Owned Enterprises

China’s recently announced plan to restructure and consolidate its state-owned enterprises (SOEs) focuses on bolstering the private sector of its economy and creating economies of scale to allow Chinese companies to better...more

The Financial Report - Volume 4, No. 6 • March 2015 (Global)

OSC Investor Advisory Panel annual report. The Ontario Securities Commission (OSC) Investor Advisory Panel submitted its 2013-14 annual report. The report summarizes the Panel’s current activities and priorities as well...more

The Gathering Momentum of Anti-Bribery Enforcement in Australia

Today’s interview is with Julian Fenwick and Jane Ellis, both Anti-Bribery Compliance Professionals in Australia. Given the recent reporting concerning anti-bribery, corruption, and compliance issues in Australia, I thought...more

Recidivism revisited

Court of Justice holds parent companies may be fined for repeat infringements even without being an addressee of the earlier decisions - On 5 March 2015, the European Court of Justice (CoJ) handed down its judgment in...more

Stating Proper Purpose Doesn’t Guarantee Books-and-Records Entitlement

It is well settled that stockholders of Delaware companies generally have the right to inspect the company's books and records upon the showing of a proper purpose. However, as demonstrated in the Court of Chancery's decision...more

China’s New Foreign Investment Guidance Catalogue

On March 10, 2015 the National Development and Reform Commission (NDRC) and Ministry of Commerce (MOFCOM) of the People’s Republic of China (PRC) jointly released a new Foreign Investment Guidance Catalogue, which will come...more

Overview of Anguillan Company Law

Although not normally regarded as being in the first tier of traditional offshore jurisdictions, 2015 is shaping up to be an exciting year for financial services in Anguilla (or “British Anguilla”, as it sometimes likes to...more

Proving the Business Value of a Strong Organisational Culture: Four Keys to Serco’s Success

We’re thrilled to have U.K.-based Robert Smith, Director Assurance at Serco Group PLC (Serco), a NAVEX Global client, share his thoughts on how he and his team are helping Serco build and sustain a strong organisational...more

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

Federal Ministry of Finance Guidance on Tax for Closed-Ended AIFs - The Federal Ministry of Finance has issued guidance on 12 February 2015 that broadens the favorable tax regime for investment partnerships applicable to...more

The Companion and SEC Enforcement of the FCPA – Part II

I will use Agatha Christie’s short story The Companion as the introduction to today’s blog post. This story, related by one of the Tuesday story-telling group of detective aficionados, Dr. Lloyd, and is about two people who...more

Sharing Sensitive Technologies Between International Affiliates

In the normal course of operations between U.S. and foreign affiliates, inter-company communications and data conveyances are frequent and occur both intentionally and inadvertently. The U.S.-foreign affiliation can be in the...more

Recent Developments - Australian Transfer Pricing (TP) Rules: Time To Step Up

With the Australian Taxation Office's (ATO) escalating focus on international profit shifting, it is essential for multinational taxpayers (MNEs) to properly understand the new Australian Transfer Pricing (TP) rules, assess...more

With No Civil Penalty, Goodyear FCPA Settlement Highlights Benefits of Cooperation and Remedial Actions

The Securities & Exchange Commission (“SEC”) announced last week that it charged The Goodyear Tire & Rubber Company (“Goodyear”) with violating the Foreign Corrupt Practices Act (“FCPA”), and that Goodyear agreed to pay more...more

Goodyear FCPA Settlement Highlights Importance of Thorough Pre-Acquisition Due Diligence

On February 24 the SEC charged Ohio-based Goodyear Tire and Rubber Company with violating the books and records provisions of the Foreign Corrupt Practices Act (FCPA). Goodyear agreed to  pay $16.2 million to settle the...more

The Bribery Act Bites: Convictions for Foreign Bribery as Government Publishes Anti-Corruption Plan

In December 2014, the Serious Fraud Office (the SFO) secured landmark convictions in two separate cases: its first convictions against individuals under the Bribery Act 2010 (the Bribery Act) and its first conviction against...more

The Financial Report - Volume 4, No. 5 • March 2015 (Global)

Discussion and Analysis - In “Conflicts, Conflicts Everywhere,” her speech at the recent IA Watch 17th Annual Compliance Conference, Julie M. Riewe, Co-Chief of the Securities and Exchange Commission Enforcement...more

SEC Enforcement Director Discusses Issues for Pharmaceutical and Medical Technology Companies

In a wide-ranging speech on Tuesday, Securities and Exchange Commission Director of Enforcement Andrew Ceresney discussed recent SEC actions and current concerns involving the pharmaceutical and medical technology industries....more

Overview of the Taxation of Foreign Currency

In this Newsletter: - Determination of the Functional Currency and Definition of a “QBU” - Section 988 — Non Functional Currency Transactions - Section 986 — Translation Rules for Earnings and Profits and...more

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