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Luxembourg draft budget for 2015 submitted to Parliament

On 15 October 2014, the Luxembourg Minister of Finance submitted the draft budget for 2015 (the Budget Bill) to the Parliament. The Budget Bill does not overhaul the Luxembourg corporate tax environment, however, it proposes...more

The Year to Review Your Whistleblowing Policy

This year, the UK Financial Conduct Authority (FCA) has placed an increased emphasis on whistleblowing activity, both in relation to whistleblowing within authorised firms and the process of whistleblowing to the regulator....more

Status of Canadian Resource Revenue Transparency Reporting

In June 2013, Prime Minister Harper announced that within two years the federal government would establish mandatory reporting standards for Canadian extractive companies to enhance transparency on the payments they make to...more

DoD's Updated FOIA Program and Exemption 4 Guidance

On September 3, 2014, the Department of Defense (DoD) issued a proposed rule updating its policies and procedures implementing the Freedom of Information Act (FOIA), including FOIA Exemption 4. FOIA Exemption 4 exempts from...more

Insider Trading Restrictions – Recent Decision by the Bureau de décision et de révision

On September 19, 2014, the Bureau de décision et de révision (BDR) granted a request by the Autorité des marchés financiers (AMF) for an administrative penalty of $9,000 against Jacques Gauthier (Gauthier), who was President...more

What public companies and their Officers, Directors and Significant Shareholders should do about the SEC’s crackdown on the...

Earlier this month, the Securities and Exchange Commission announced enforcement charges against 28 officers, directors and significant shareholders, including hedge funds and large financial institutions, for failing to...more

Barclays Is Sanctioned By The FCA and The SEC

Barclays took a double hit from regulators yesterday. First the Financial Conduct Authority in the UK fined Barclays Bank Plc, about £38 million for putting £16.5 billion of client assets at risk. Then the SEC imposed a $15...more

Liquidity Coverage Ratio Rule: Birds Gotta Fly, Fish Gotta Swim…and Regulators Gotta Regulate

With apologies to Jerome Kern and Oscar Hammerstein, and in the afterglow of a relatively amiable final AB Rule, we are reminded this week that our business remains hogtied to a regulatory establishment that can’t seem to...more

SEC Charges Executive Officers with Fraud and Violations of Sarbanes-Oxley

On July 30, 2014, the Securities and Exchange Commission (the “SEC”) announced enforcement actions against Marc Sherman and Edward Cummings, CEO and former CFO, respectively, of QSGI, Inc., a publicly traded computer...more

Wells Fargo Admits Violating Law, Pays SEC $5 Million Penalty

Wells Fargo was named by the Commission in a proceeding for failing to establish, maintain and enforce policies and procedures to prevent the misuse of inside information. The firm added to its difficulties during the...more

Investment Firm Fined $15 Million for Cherry Picking and Soft Dollar Schemes

An investment firm's plan to defraud clients out of $10.9 million landed it a $15 million penalty from the U.S. Securities and Exchange Commission (SEC). On top of the penalty, the firm must disgorge — or give up the profits...more

SEC’s Broken Window Enforcement Program Gets a Boost from “Quantitative Analytics” and “Algorithms”

The SEC announced last week that it had charged, in settled administrative proceedings, 28 individuals and investment firms that failed to “promptly report information about their holdings and transactions in company stock”...more

Global Financial Markets Insight

Change continues to be the main theme running through Summer 2014. There is the usual raft of new regulations to contend with but also welcome noises from policy makers including the European Central Bank and the Bank of...more

Merchants Ask Supreme Court to Consider Interchange Fees

A coalition of merchants and retailers has requested that the U.S. Supreme Court weigh in on interchange fees. In March, the D.C. Circuit Court of Appeals upheld the rules promulgated by the Board of Governors of the...more

The EU General Court Gets a Rap on Its Knuckles

In Groupement des cartes bancaires, the EU Court of Justice severely reprimanded the General Court for its failure to properly analyze a restriction of competition ‘by object’ within the meaning of Article 101(1) TFEU....more

SEC Staff Grants Relief for Adjustment to Mutual Fund Subadvisory Fee Without Shareholder Approval

The staff of the SEC’s Division of Investment Management (the “Staff”) granted no-action relief for the implementation of an adjustment in the fee paid by a mutual fund’s adviser to the fund’s subadviser, without shareholder...more

SEC Proceedings Against IAs Center On Conflicts of Interest

Conflicts of interest are at the center of two administrative proceedings recently instituted by the SEC. One involved the failure to adequately disclose the conflict. The other focuses on a failure to institute appropriate...more

SEC Settles with Dually Registered Adviser Over Best Execution, Disclosure and Principal Transactions

The SEC settled administrative proceedings against an investment adviser, Dominick & Dominick LLC, a firm registered with the SEC both as an investment adviser and a broker-dealer (the “Adviser” or “D&D”), and Robert X....more

Finally Certainty About Licensing SPVs Under the FCA Consumer Credit Regime

From 1 April 2014, responsibility for the regulation of consumer credit in the UK was transferred from the Office of Fair Trading (“OFT”) to the Financial Conduct Authority (“FCA”), drawing certain activities relating to...more

Judge Rakoff’s “Sour Grapes”: SEC v. Citigroup Settlement Approved

On August 5, 2014, U.S. District Judge Jed Rakoff reluctantly approved a$285 million settlement in the SEC’s enforcement action against Citigroup. In SEC v. Citigroup, the SEC alleged that after Citigroup realized in early...more

When Goods Are Shipped from Overseas, When Are They Considered “Received by the Debtor” for Purposes of Asserting a Section...

A bankruptcy court in Pennsylvania recently held that trade creditors who supplied goods to a debtor prior to its bankruptcy filing were not entitled to administrative priority status under Bankruptcy Code section 503(b)(9)...more

SEC Gives Itself the Home Court Advantage in an Accounting Fraud / Internal Controls Action Against a Corporate CEO

An otherwise mundane SEC announcement on July 30, 2014 of an enforcement action charging a public company CEO and CFO with accounting fraud and internal controls violations is significant because the SEC is proceeding against...more

U.S. Brokers Doing Business Overseas

Recently, regulators have made inquiries about the lawfulness of U.S. brokerage firms soliciting foreign clients. The regulators want to know under what exemptions or rules U.S. firms can do business overseas. This is a new...more

PCAOB Standard-Setting Agenda Offers Insight into Rulemaking Activities

The Office of the Chief Auditor of the PCAOB issued an updated standard-setting agenda, providing the expected timing and key milestones for various PCAOB rulemaking projects. Some of the highlights from the agenda, which was...more

Second Circuit Overturns District Court’s Rejection of SEC-Citigroup Fraud Settlement

In a closely-watched decision involving judicial review of agency settlements, the Unites States Court of Appeals for the Second Circuit vacated United States District Court Judge Jed Rakoff’s 2011 order rejecting a proposed...more

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