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HorrorFest 2015 Celebration I- The Films of Val Lewton and a Win for the DOJ

Today, October 2, is the first Friday in October so I begin my annual month of Friday HorrorFest Film highlights. This year I wanted to highlight the films of one of the great unknowns of horror films, Val Lewton. Lewton, a...more

Securitisation: Keeping it Simple?

On 30 September 2015, the European Commission (the “Commission”) published a proposal for a regulation (the “Proposed Regulation”)1 intended to harmonise existing EU laws applying to securitisations (including proposed...more

Financial Services Quarterly Report Third Quarter 2015: China’s Policy Response to Market Turbulence: What It Means for Fund...

News of the volatile Chinese stock market has dominated international headlines over the past couple of months, and the spotlight has been on the Chinese authorities’ reaction to these developments. Their wide-reaching policy...more

New Opportunities in Cross-Border Special Situations Lending

Recent changes in cross-border leveraged loan documentation requirements open up new possibilities for both borrowers and lenders. Cross-border leveraged loan documentation has become increasingly permissive with respect...more

The Draft EU Securitisation Regulation of 30 September 2015

The new draft regulation ‘laying down common rules on securitisation and creating a European framework for simple, transparent and standardised securitisation’ (the “STSR”) proposes new rules relating to...more

SEC Busts Overseas Social Media Fraud

A settled SEC enforcement action describes an alleged interesting social media fraud. Two defendants that reside in India were alleged to have been behind the fraud. According to the SEC the scheme was an online...more

"OFAC and BIS Further Ease Cuba Restrictions"

On September 21, 2015, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) and the U.S. Department of Commerce’s Bureau of Industry and Security (BIS) amended their respective Cuba regulations to...more

UBS Puerto Rico, Others Tied to SEC Fraud Action

When the bond market collapsed in Puerto Rico many clients at UBS Financial Services Incorporated of Puerto Rico had significant losses. Many had purchased shares of UBS PR closed-end funds or CEFs. UBSPR had been selling...more

Saudi Arabia Update - September 2015

Legal Developments - 100 per cent foreign ownership in retail entities to be allowed - Prior to Saudi Arabia’s 2005 accession to the World Trade Organization (WTO), non-Gulf Cooperation Council (GCC) investors could...more

Orrick's Financial Industry Week in Review

SEC Updates Compliance and Disclosure Interpretations for Legacy Deals - On September 16, the SEC released its updated compliance and disclosure interpretations for the rules adopted under Regulation AB, the Securities...more

"The State of Asset-Based Lending"

Asset-based lending continues to be an important financing tool in today’s market, and one that provides benefits to both lenders and issuers. Lenders benefit from their collateral position and low historical loss rate in...more

Mining & Metals: Weathering the storm no more: Mining companies, including the sector's giants, need to act decisively and swiftly...

Will sustained stress unmake the mining & metals markets? A year ago, the first wave of distress in the mining & metals sector provided the industry’s major and mid-size players with something to think and talk about. It...more

IOSCO reports on cross-border regulation

IOSCO’s task force has reported on cross-border regulation. A range of stakeholders, regulators, policymakers, and supranational institutions responded to the task force. IOSCO will now consider: - how to be more...more

Iran Sanctions Relief: Opportunities and Challenges for US and EU Financial Institutions

Although US and EU sanctions targeting Iran are not likely to be lifted before early 2016, there are a number of issues which US and EU-based financial institutions should be aware of in preparation for sanctions relief as a...more

UK Ratification of the Cape Town Convention

It cannot have escaped the attention of anyone involved in the aviation finance industry that the UK is currently in the process of ratifying the Cape Town Convention (being the Convention on International Interests in Mobile...more

Hong Kong Regulatory Update

This Hong Kong regulatory update is intended to provide a brief overview of the principal Hong Kong regulatory developments in the preceding three months relevant to companies listed or proposed to be listed on The Stock...more

Bitcoin Week in Review 09.19.15 – 09.25.15

Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of...more

CFTC Moves Against Bitcoin Transactions

In the space of just seven days, the CFTC has brought two enforcement actions regarding Bitcoin transactions. Coinflip, Inc. In the first action, the CFTC issued an order filing and simultaneously settling charges...more

Imaging Company Offers $1.6 Million to Settle FCPA Investigation

Analogic Corp., a manufacturer of airport security equipment, offered the SEC $1.6 million to settle the agency’s FCPA investigation of the company, according to a company press release. The company previously reported that...more

Proposed amendments to report of exempt distribution

On August 13, 2015, the Canadian Securities Administrators (CSA) published for comment proposed amendments to National Instrument 45-106 Prospectus Exemptions and its Companion Policy. The proposed amendments seek to...more

US revises Cuba sanctions regulations to further normalize trade with Cuba

On September 18, 2015, the US Department of Treasury and US Department of Commerce released significant revisions to the US embargo on Cuba, as set out in the Cuban Assets Control Regulations (CACR) and the Export...more

ECJ publishes MLD3 due diligence interpretation opinion

ECJ has published an opinion in the case of Safe Interenvíos S.A. v. Liberbank S.A. and Others. Three banks had closed accounts a payment institution held with them, on the basis of money laundering concerns. The request for...more

Orrick's Financial Industry Week in Review

CFTC Announces Proposal to Amend the Definition of "Material Terms" - On September 10, the U.S. Commodity Futures Trading Commission Division announced that it will publish in the Federal Register a proposed amendment to...more

U.S. Proposes to Subject Non-U.S. SEC Registered Investment Advisers to Anti-Money Laundering Rules

The United States is proposing rules that, for the first time, would subject investment advisers registered or required to be registered (RIAs) with the U.S. Securities and Exchange Commission (SEC) under the Investment...more

FCPA Compliance and Ethics Report-Episode 201-Maurice Gilbert on Hiring in Compliance, Part III [Video]

In this final episode of a 3-part interview with Maurice Gilbert, Managing Director of Conselium, Gilbert discusses keys to interview preparation and execution and what to expect in the offer phase of the hiring process. Be...more

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