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Financial Regulatory Developments Focus - January 2015 #3

In this issue: - US Office of the Comptroller of the Currency Releases Community Reinvestment Act Evaluations - Amendment to Regulation on Supervisory Reporting of Institutions on Asset Encumbrance, Single Data...more

"United States: International Cooperation, Anti-Corruption and Tax Remain Key Issues for Enforcement Authorities"

U.S. authorities continue to aggressively pursue cross-border investigations and to scrutinize closely the compliance programs of multinational corporations. Investigative activity by U.S. authorities in 2014 was particularly...more

CMBS – it’s time to dance to the beat!

During the European Autumn CREFC conference, a panel of leading CMBS participants were posed the question of whether European CMBS was stuck at the bar while the market danced. The general consensus of the panel was that...more

Third Circuit Defines "Extraterritorial" Applicability of Federal Securities Laws in United States v. Georgiou

The U.S. Court of Appeals for the Third Circuit added its voice yesterday to the ongoing judicial effort to construe the U.S. Supreme Court's 2010 decision in Morrison v. National Australia Bank, concerning the extent to...more

Orrick's Financial Industry Week in Review

Capital Requirements (Capital Buffers and Macro-prudential Measures) (Amendment) Regulations 2015 published - On January 13, 2015, the Capital Requirements (Capital Buffers and Macro-prudential Measures) (Amendment)...more

"MiFID 2: Reforming the Regulation of EU Securities and Derivatives Markets"

The European Union has begun a wide-ranging and radical reform of its securities and derivatives markets through MiFID 2, which is scheduled to be implemented across the EU by January 3, 2017. Implementation is dependent on a...more

"Shanghai-HK Connect Opens Possibilities for Companies Looking to Tap Chinese Investor Demand"

November 17, 2014, marked the first day of trading under the Shanghai-Hong Kong Stock Connect, a mutual market access platform that effectively opens the Hong Kong market to mainland Chinese investors. The Shanghai-HK Connect...more

Structured Thoughts - Volume 6 , Issue 1 - January 26 , 2015

In This Issue: - FINRA Releases 2015 Regulatory and Exam Priorities Letter: Structured Products Remain an Area of Focus - OCIE Exam Priorities: 2015 - In Re: TVIX Securities Litigation - Second...more

Bitcoin – The Ever “Curiouser and Curiouser” Bitcoin Wonderland – Part Eleven

“Virtual currencies” in general, and bitcoin in particular, continue to attract media attention as well as intense public and regulatory scrutiny. In the United States, the recent establishment of the Digital Currency...more

Preparing for the 2015 AGM and reporting season

As the 2015 AGM and reporting season gets underway, this bulletin gives an overview of the key changes affecting listed companies. Directors' remuneration report The 2015 AGM season will see the second year of...more

"China M&A: Reform Plan Promotes Mixed Ownership of State-Owned Enterprises"

Chinese state-owned enterprises (SOEs) have played a significant role in the world's second-largest economy, with over 155,000 SOEs valued at approximately $17.4 trillion at the end of 2013 spanning almost every industry...more

NFA Increases Minimum Security Deposits for Forex Transactions

National Futures Association (NFA)’s Executive Committee has temporarily increased the minimum security deposits required to be collected and maintained by Forex Dealer Members (FDMs) for foreign exchange transactions...more

"Reconciling Regulatory Requirements in Cross-Border Derivatives Takes Center Stage"

As the Commodity Futures Trading Commission (CFTC) completes the derivatives regulations mandated by the Dodd-Frank Act, the European Union continues to develop its own derivatives rules. Both sets of regulations seek to...more

CFTC Grants Order of Registration to Tokyo Commodity Exchange

The Commodity Futures Trading Commission has issued an order granting the Tokyo Commodity Exchange––an exchange subject to the regulatory supervision of the Japanese Ministry of Economy, Trade and Industry and the Ministry of...more

Bridging the Week - January 2015 #4

Swiss Franc-Euro Decoupling Spurs Worldwide Legal and Regulatory Fallout - Following the unexpected decoupling by the Swiss National Bank (SNB) of the Swiss franc-Euro exchange rate on January 15; the subsequent...more

FIO Issues Report On Global Reinsurance Market And Its Importance To The U.S. Insurance Industry

On December 31, 2014, the Federal Insurance Office (FIO) issued a report entitled “The Breadth and Scope of the Global Reinsurance Market and the Critical Role Such Market Plays in Supporting Insurance in the United States.” ...more

The Financial Report - Volume 4, No. 2 • January 2015 (Global)

Discussion and Analysis - Last week, several of the world’s largest banks and brokerage firms lost hundreds of millions of dollars when the Swiss franc surged suddenly and surprisingly against the euro. It is eerily...more

Rating Agency Developments

On January 22, Fitch released its rating criteria for rating RMBS in Latin America. On January 22, Moody’s released its global methodology for rating small and medium size enterprise balance sheet securitizations. On January...more

FCPA Compliance and Ethics Report-Episode 125, The Oscars and Compliance, Part II with Jay Rosen [Video]

In this Part II of my five part series on the Oscars and Compliance, Jay Rosen and I take a look at the pre-Oscar awards and consider how a language assessment should related to your overall compliance risk assessment. ...more

Anguilla publishes draft bill for new insolvency legislation

The Anguillan government has published a bill for a new Insolvency Act for public review and consultation. Background - Reform of Anguillan insolvency law is long overdue. Personal bankruptcy is presently...more

Reporting Under the AIFMD for Luxembourg AIFMs and Non-EU AIFMs Marketing AIFs in Luxembourg

One of the key drivers for the AIFMD1 is to monitor systemic risk by, among other means, collecting relevant information through harmonized reporting by alternative investment fund managers (“AIFMs”) on their alternative...more

IRS Treats U.S. Fund Manager as Agent of Foreign Investor – Subjecting Investor to US Trade or Business Taxation

In CCA 201501013, the IRS found that an offshore fund making loans to U.S. borrowers was engaged in a U.S. trade or business where multiple loans owned by the fund were originated by an agent of the fund. This conclusion is...more

2015 Economic Outlook. Blue Skies Ahead.

Renowned economist Hugh F. Kelly (PhD, CRE), Clinical Professor in New York University’s Schack Institute of Real Estate and the 2014 national Chairman of The Counselors of Real Estate, led a discussion at a CREW-Miami...more

Banking & Finance Litigation Update - Issue 82 (Global)

We wish to establish a dialogue with our readers.... The Banking & Finance Litigation Update is published monthly and covers current developments affecting the Group's area of practice and its clients during the preceding...more

China removes foreign investment cap on e-commerce business in the Shanghai free trade zone

The PRC Ministry of Industry and Information Technology (MIIT) announced on January 13, 2015 that effective the same date, the investment ratio restriction for foreign investment in e-commerce business (falling under the...more

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