Commercial Law & Contracts, International Law & Trade, Securities Law

The Top 5 FCPA Fallacies

by NAVEX Global on 5/23/2013

In 2010, the number of federal prosecutions for violation of the Foreign Corrupt Practices Act (FCPA) more than quadrupled. The Department of Justice (DOJ) set a new record for fines and penalties – collecting nearly $1B. The...more

CIS Legal Update - May 2013: Russia and the United Arab Emirates Take Measures to Encourage and Improve Investment Security

by Elizaveta Molosnova | Dechert LLP on 5/23/2013

Russia ratified an intergovernmental Agreement with the United Arab Emirates (hereinafter - UAE) on the Encouragement and Mutual Security of Investments (executed on June, 28, 2010) along with the accompanying Protocol...more

Employers With Share Option Schemes Take Note…

by Richard Cook, James Ross | McDermott Will & Emery on 5/23/2013

A recent decision of the United Kingdom’s First Tier (Tax) Tribunal has provided a timely reminder of the importance for employers of notifying their employees of the requirement to promptly reimburse the employer for income...more

HM Treasury Rethinks the UK Tax Treatment of Fee Rebates

by David Gubbay, Daniel Hawthorne, Mark Stapleton | Dechert LLP on 5/22/2013

In a Written Ministerial Statement made in UK Parliament on 21 May 2013, Treasury Economic Secretary Sajid Javid MP announced the Treasury’s intention to make a crucial and very welcome clarification to the recent HMRC Brief...more

Lessons from Ralph Lauren: Designing Better Ways to Manage Third Party Risk

by NAVEX Global on 5/21/2013

Trying to avoid the unusually strict import controls in Argentina and facilitate faster clearance of its products through customs, a subsidiary of Ralph Lauren Corp. was found to have bribed local officials between 2005 and...more

Hong Kong – Applying Securities Laws to Sales of Hotel Units

by Jeffrey Horwitz, Jeremy Leifer, Yuval Tal | Proskauer Rose LLP on 5/20/2013

In a move that represents a first in Hong Kong, one of the territory's largest listed property developers, Cheung Kong (Holdings) Limited and certain of its subsidiaries have entered into an agreement with the Securities and...more

Client Alert: SEC Publishes Cross-Border Release and Reopens Comment Period for Dodd-Frank Rules

by Mara Giorgio, Micah Green, Matthew Kulkin | Patton Boggs LLP on 5/20/2013

On May 1, 2013, the Securities and Exchange Commission (SEC or Commission) held an open meeting to consider: - Whether to propose new rules and interpretive guidance for cross-border security-based swap (SBS)...more

The Panel takes AIM

by Alex Gibson, Thomas Sibert | K&L Gates LLP on 5/20/2013

On 15 May 2013, the Code Committee of the Takeover Panel published its response statement in connection with its public consultation paper from 5 July 2012 relating to "Companies subject to the Takeover Code" (PCP 2012/3)....more

UK Treasury Plans to Extend AIFMD Transition Period for Non-UK Fund Managers

by Jeffrey D. Collins, Diana W. Lo | Foley Hoag LLP on 5/20/2013

The HM Treasury has issued a Q&A in which it suggests upcoming changes to the timetable for implementing the Alternative Investment Fund Managers Directive (the “AIFMD”) in the United Kingdom. The HM Treasury is the UK...more

European Union Pending Legislation Requiring Additional Transparency from Extractive Industries

by Raymond Banoun | Cadwalader, Wickersham & Taft LLP on 5/20/2013

On April 9, 2013, the European Union agreed to a preliminary deal requiring oil, gas, mining and forestry companies to report in greater detail any payments at or above €100,000 (approximately $130,000) they make to foreign...more

CIS Legal Update - May 2013: New Orders Adopted to Facilitate the Activity of the Central Depository

by Andrey Dukhin, Evgenia Korotkova | Dechert LLP on 5/20/2013

A number of orders were adopted in the second part of 2012 by the Federal Service for Financial Markets (the “FSFM”) in order to facilitate the activity of the central depository of the Russian Federation (the “Central...more

The European Alternative Investment Fund Managers Directive—a non-EU Fund Manager’s Perspective

by Jay G. Baris, Afia Fening, Jeremy C. Jennings-Mares | Morrison & Foerster LLP on 5/20/2013

Introduction - The European Member States must implement the Directive on Alternative Investment Fund Managers (the “AIFMD”), which came into force on July 21, 2011, into their national laws by July 22, 2013. Once the...more

Playing With Ralph Lauren: A Fair Settlement?

by Michael Volkov on 5/20/2013

The FCPA Paparazzi has been at it again – it is fascinating to watch the reaction of practitioners and commentators in the FCPA arena. ...more

"Extension of UK Takeover Code Jurisdiction"

by Michael Hatchard, Scott Hopkins | Skadden, Arps, Slate, Meagher & Flom LLP on 5/16/2013

On 15 May, the U.K. Takeover Panel (the Panel) published its response to a consultation paper proposing to extend the jurisdiction of the U.K. Takeover Code (the Code). The Panel has concluded that the Code’s jurisdiction...more

Continuous Disclosure – What to Say and When?

by Adam Levine, Su Sze Ting | K&L Gates LLP on 5/16/2013

Key Points - Continuous disclosure is one of the key elements of ensuring market integrity. With the recent amendments to the Listing Rules and the introduction by the Australian Securities Exchange (ASX) of a new...more

DOJ Turns FCPA Spotlight on Financial Services Sector as Enforcement Efforts in Latin America Continue

by Demme Doufekias, Adam S. Hoffinger, Robert A. Salerno | Morrison & Foerster LLP on 5/16/2013

Last week, the U.S. Department of Justice (DOJ) announced the indictment of two employees of a U.S. broker-dealer, Direct Access Partners, and a senior official in Venezuela’s state economic development bank, Banco de...more

SEC Roundtable Discusses Current Securities Law Topics at 33rd Annual Ray Garrett Jr. Corporate and Securities Law Institute

by Mark Reyes, Mark Wood | Katten Muchin Rosenman LLP on 5/15/2013

On May 2, Lona Nallengara and Shelley E. Parratt, the acting director and the deputy director, respectively, of the Securities and Exchange Commission’s Division of Corporation Finance, participated in a roundtable...more

New EU rules on online and alternative dispute resolution - a win/win?

by Susan McLean | Morrison & Foerster LLP on 5/15/2013

On 22 April 2013, the Council of the European Union (the “Council”) adopted a regulation on online dispute resolution (“ODR”) and a directive on alternative dispute resolution (“ADR”). Tonio Borg, the EU's Commissioner for...more

International Bribery Charges Against Broker-Dealer Employees Result From SEC Exam

by BuckleySandler LLP on 5/14/2013

On May 7, the DOJ charged two employees of a U.S. broker-dealer and a senior official in Venezuela’s state economic development bank for their alleged roles in what the DOJ describes as a “massive international bribery...more

Use Planes, Trains And Automobiles To Get To Compliance Week 2013

by Thomas Fox on 5/10/2013

To say I am excited would be putting it mildly. Yes that most premier of compliance related conferences is on the short horizon; Compliance Week 2013 is nearly upon us. It will be from May 20-22 at the Mayflower Hotel in...more

Improving Your Anti-Corruption Training Program

by Michael Volkov on 5/8/2013

Chief Compliance Officers are usually very proud of their anti-corruption training programs. Most companies rely on a combination of live and on-line training programs to communicate the message of compliance....more

Global Connection - May 2013: DOJ Investigation of a Media Company Shows that FCPA Is Best Viewed Broadly; Sting Operations Will...

by Sara J. Agne | Snell & Wilmer L.L.P. on 5/8/2013

The news this month that the FBI will continue to use sting operations to net Foreign Corrupt Practices Act (FCPA or the Act) violators only serves to emphasize that the FCPA is best viewed broadly. The net cast by the...more

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Commercial Law & Contracts › International Law & Trade › Securities Law