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European Commission Launches Review of EMIR

On May 21, the European Commission (EC) issued a consultation paper (CP) as part of its review of the European Market Infrastructure Regulation (EMIR). Article 85(1) of EMIR requires the EC to prepare a report by August 17 on...more

The CSRC and the SFC Announces Launch of the Mainland-Hong Kong Mutual Recognition of Funds Scheme

Introduction - On May 22, 2015, the Hong Kong Securities and Futures Commission (“SFC”) and the China Securities Regulatory Commission (“CSRC”) issued a joint announcement on the decision to implement the Mainland-Hong...more

FCPA Compliance and Ethics Report-Episode 163-the FIFA Indictments, with Mike Brown [Video]

In this episode, Mike Brown, Managing Director at Infortal, and I discuss the recently released indictments against FIFA officials. We review the implications for US companies under the FCPA and discuss steps you should take...more

The CSMAD: Forthcoming Changes to EU Market Abuse and Insider Dealing Rules

On July 3, 2016, the European Union’s Market Abuse Regulation (MAR) will replace the EU’s Market Abuse Directive (MAD). The directive on criminal sanctions for insider dealing and market manipulation (CSMAD) will be...more

SEC Proposes Additional Cross-Border Rules for Security-Based Swaps

If finalized, the proposed rule would be the SEC’s second major step toward finalizing the cross-border rules for security-based swaps under the Dodd-Frank Act. On April 29, 2015, the US Securities and Exchange...more

Financial Services Weekly News Roundup - May 2015 #5

SEC Enforcement Action on FCPA Compliance – Check the Box Is Not Enough. On May 20 the SEC announced that global resources company BHP Billiton had agreed to pay $25 million to settle charges that it had violated the...more

ESMA, ISDA, and FIA Europe Publish Capital Markets Union Responses

The European Securities and Markets Authority (“ESMA”), the International Swaps and Derivatives Association (“ISDA”) and FIA Europe have published their responses to the European Commission’s Green Paper on Building a Capital...more

Is it US taxable income? Unintended consequences when US residents receive assets from their family’s foreign corporations

It is not uncommon for affluent families from certain countries to maintain offshore structures to hold a portion, and often times a significant portion, of their wealth. The reasons for holding assets outside of their...more

Shining a Light on Payments to Governments: The Current State of “Publish What You Pay” Rulemaking Around the World

Over the last few years, a number of key jurisdictions have adopted regulations requiring companies engaged in natural resource extraction activities to disclose the payments they make to governments and state-owned...more

CFTC Staff Issues No-Action Letters Relating to Swaps Trading Platforms in Australia

On May 19, the Commodity Futures Trading Commission issued two no-action letters granting relief to certain swaps trading platforms in Australia and participants executing swaps transactions on such platforms....more

Bill Of Law Enables Banks’ T3 Or Senior Subordinated Notes In Spain

In the process of implementation of the Bank Recovery and Resolution Directive (BRRD) in Spain, the draft bill is proposing a change in the ranking of claims which will enable Spanish banks to issue the so-called senior...more

Securities and Governance Update

With a single statement the SEC upended the private ordering of how shareholder proposals are often dealt with in the height of proxy season. Historically, it has been well settled that companies may exclude shareholder...more

BEA Filing Deadline Looms For US Persons With Foreign Affiliates

Every five years, the US Department of Commerce's Bureau of Economic Analysis (BEA) conducts a survey concerning the extent of investment abroad by US individuals and entities (US persons). In the past, only US persons...more

ESMA Responds to Prospective Directive and Securitization Consultations

ESMA has responded to the European Commission’s consultations on the Prospective Directive and Securitization, recommending, in relation to prospectuses, an approach that would facilitate access to capital, while stressing...more

EBA Issues Guidance on the Implementation of Resolution Tools

The EBA has published three sets of final guidelines aimed at facilitating the implementation of resolution tools in the banking sector across the EU. The guidelines have been developed under Articles 39, 42 and 65 of the EU...more

Forex trading probes: what is the legal position of the individual?

Forex trading cases are back in the headlines after record settlements by a group of banks with UK and U.S. authorities. The best coverage is in the FT....more

Mercuria v Citigroup: The issues and implications for the commodities market

The judgment on the claim brought by Mercuria Energy Trading Pte Ltd and Mercuria Energy Group Ltd (Mercuria) against Citibank NA and Citigroup Capital Markets Ltd (Citi), has now been published by the English Commercial...more

CFTC Revises Seven-Part Test for Forward Contracts with Embedded Volumetric Optionality

On May 18, 2015, the Commodity Futures Trading Commission (“CFTC”) published a final interpretation on forward contracts with embedded volumetric optionality (“Final EVO Interpretation”).1 In the Final EVO...more

ICMA Publishes Updated Model Sovereign Bond Clauses

The model clauses should lead to greater consistency and efficiency in sovereign bond restructurings. On May 11, the International Capital Market Association (ICMA) published a revised version of its model collective...more

EB What? Considering Other Alternatives to the EB-5 Visa

Overview - The EB-5 Visa program has been widely promoted as a legal basis for foreign business owners to gain conditional residency followed by permanent residency in the United States. The program is a great solution...more

'Commercial' Bribery: No Hiding Places

Graham Marchment was a British engineer in the oil and gas industry, with responsibilities for procurement. He accepted money, described as ‘commission’, from various bidders, in exchange for confidential information about...more

SEC’s Proposed SBS Rules on Cross-Border Security-Based Swap Activities

When the Securities and Exchange Commission (SEC) adopted final rules in June 2014 on the cross-border activities of security-based swap (SBS) dealers and major SBS participants, the SEC indicated that it would reserve the...more

Trade Promotion Authority Bill Advances

The Trade Promotion Authority (TPA) legislation to facilitate the consideration of trade agreements such as the Trans-Pacific Partnership (TPP) and the Transatlantic Trade and Investment Partnership (TTIP) continues to be...more

Reporting Requirement for All U.S. Persons That Hold Interests in Foreign Affiliates

Pursuant to the requirements of the International Investment and Trade and Services Survey Act and related statutes, the U.S. Department of Commerce’s Bureau of Economic Analysis (BEA) collects information on international...more

Corruption Risks for Investors

Instances of corruption can have a significant impact on a company’s finances and reputation. Violations of regulations such as the Foreign Corrupt Practices Act (FCPA) or the UK Bribery Act can mean substantial penalties,...more

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