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"Facilitation": A New Tool for Extraterritorial Sanctions Enforcement?

Recent OFAC and DOJ actions have focused on certain entities – overseas financial institutions – and particular conduct – US dollar clearing and associated “stripping.” The DOJ’s recent $232 million settlement and negotiated...more

Financial Services Weekly News Roundup - April 2015 #3

DOL Fiduciary Standard Proposal. The Department of Labor issued a notice of proposed rulemaking including a definition of the term “fiduciary,” a conflict of interest rule for retirement investments, new exemptions and...more

Inside the New York Budget Bill: 2015 – 2016 Budget Legislation

In This Issue: - Technical Correction .. Economic Nexus .. Tax Base and Income Classifications .. Tax Rates and Qualified New York Manufacturers .. Apportionment .. Combined Reporting .. Net...more

Tenants are Left in the Cold after the Sunset of the Protecting Tenants in Foreclosure Act

For a time, the Protecting Tenants in Foreclosure Act of 2009 (“the Act”) provided some protection for tenants against foreclosures on a landlord’s property. The law gave tenants in foreclosed properties protections against...more

Bipartisan Legislation Would Designate "Manufacturing Universities"

On March 18, a bipartisan group of lawmakers in the House and Senate introduced the Manufacturing Universities Act of 2015, which aims to strengthen engineering programs at America's universities and better prepare students...more

Contribution Caution: Mitigating Risks From Pay-To-Play

With the record-breaking campaign expenditures of the 2014 midterm elections behind us, and the 2016 campaign cycle already heating up, this is an ideal moment for investment advisers (including advisers to venture capital...more

Inside the New York Budget Bill: Combined Reporting

The New York Legislature has passed bills related to the 2015–2016 budget (S2009-B/A3009-B and S4610-A/A6721-A, collectively referred to herein as the Budget Bill) containing several significant “technical corrections” to the...more

Inside the New York Budget Bill: Tax Base and Income Classifications

The New York Legislature has passed bills related to the 2015–2016 budget (S2009-B/A3009-B and S4610-A/A6721-A, collectively referred to herein as the Budget Bill) containing several significant “technical corrections” to the...more

Congressman Delaney Talks Infrastructure Funding at IBBTA Conference

On March 31, 2015, Congressman John K. Delaney (D-MD) spoke at the Washington Briefing of the International Bridge, Tunnel and Turnpike Association (IBBTA) in Washington, DC. At the event, Congressman Delaney provided an...more

SEC 2015 Budget Impacts Investment Management Industry

This past December, President Obama signed an appropriations bill that provides an $11.8 million budget increase for the SEC’s Division of Economic and Risk Analysis (DERA) intended to bolster the agency’s cost-benefit...more

Why PE Should Stick with Entrepreneurs’ Relief Over the New Employee Shareholder Status

Over the years the UK has seen a variety of tax efficient schemes available to incentivize management; and in 2014 the Employee Shareholder Status (ESS) regime was added into the mix. ESS essentially allows an employee...more

OFAC Announces Settlement with Money Services Business for Violations of Sanctions Programs

On March 23, Department of the Treasury’s OFAC announced a settlement agreement with a large money services business (MSB) for failing to implement an effective compliance program “to identify, interdict, and prevent...more

Court of Appeal Strikes Down 2011 S.F. Charter Requirement that SFERS Be "Fully Funded" Before Vested Supplemental COLAs May be...

In a March 27, 2015 opinion, the First District Court of Appeal unanimously declared a voter-approved amendment to the Charter of the City and County of San Francisco (City) to be unconstitutional as applied to current City...more

Government of Québec 2015-16 Budget: A Balanced Budget and Ambitious Economic Plan

On March 26, 2015, the Quebec government (Government) unveiled the 2015-16 budget (Budget). After six years of deficits and further to a significant reduction of Government expenses, Quebec is anticipating returning to a...more

Week in Review - March 2015 #4

House Republican Budget - The budget outline House GOP leaders released Tuesday proposes $2 billion in tax cuts as part of their two-year budget plan. It also spends nearly $40 billion, excluding their recently...more

A Modern Approach to Tackling CFIUS Concerns

Foreign direct investment (FDI) into American businesses is a major component of the U.S. economy. American companies use FDI to fund domestic manufacturing plants, research and development facilities, and support the growth...more

UK Budget 2015 – Key Tax Measures

The Chancellor of the Exchequer’s final Budget of the current Parliament, given on 18 March 2015, was held in the shadow of the UK’s general election on 7 May 2015. With the backdrop of the UK’s GDP growth increasing,...more

Commerzbank: Remediation Under the Government Hammer and Microscope (Part III of III)

The Commerzbank bank case provides a chilling story of a systemic breakdown in compliance, and the far-reaching consequences of such a breakdown. Even in the context of a systemic breakdown, there are valuable lessons to be...more

Bridging the Week - March 2015 #3

CFTC Chairman Suggests European-CFTC Agreement on Clearinghouse Equivalency May Come Soon; Skin in the Game Debate Needs More Study - In an address before the 40th annual FIA Boca Raton International Futures Industry...more

Commerzbank’s Compliance Catastrophe — Flouting Sanctions and BSA/AML Laws (Part II of III)

Sometimes a picture is very clear but legal words and concepts are proffered in an attempt to disguise and even deceive. As set forth in the factual statements outlined by the government, and agreed to by Commerzbank, it is...more

Amendment to the PA Power of Attorney Statute

On March 2, 2015, the Pennsylvania House of Representatives referred to the House Judiciary Committee HB665, introduced by Representative M. K. Keller, which contains the proposed “fix” to the Power of Attorney statute which...more

Commerzbank’s Settlement — The Government’s Frustration Boils Over (Part I of III)

Global banks are caught in US prosecutor’s cross hairs. Not only do they have to worry about basic AML compliance and enforcement, they now have major risks in sanctions compliance. For some inexplicable reasons, global...more

US Imposes Additional Ukraine/Russia- Related Sanctions By Designating Individuals and Entities Pursuant to Executive Orders 13660...

On March 11, 2015, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued further designations pursuant to Executive Order 13660 (EO 13660) and Executive Order 13685 (EO 13685). EO 13660, which was...more

U.S. Implements Targeted Sanctions on Venezuela

On March 9, 2015, following failed diplomatic efforts to bring Venezuela in line with its human rights commitments under international law, President Obama issued an Executive Order (E.O.) declaring Venezuela a national...more

EU asset freeze developments: Ukraine state fund misappropriation list, Syria, Libya

The EU has recently removed four persons from its asset freeze list featuring persons deemed responsible for misappropriation of Ukrainian state funds, and added 13 parties to the Syria related asset freeze list. In addition,...more

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