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UK Financial Regulatory Developments - May 2016 #13

Pensions guidance rules come into force - The second commencement order under the Bank of England and Financial Services Act 2016 brings into force from 13 May the provisions on pensions guidance, which extend the...more

The SEC, CCOs and Compliance Programs

Compliance programs, Chief Compliance Officers and liability have been the subject of a great deal of debate in recent months. Members of the Commission, for example, debated charging decisions regarding CCOs last year in...more

"US Further Eases Burma Sanctions"

In response to Burma’s peaceful and competitive elections in November 2015, on May 18, 2016, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) further eased U.S. sanctions against Burma (Myanmar). These...more

New Economic Opportunities with Cuba Present Financial Rewards Along with Associated Compliance Challenges

The opening of Cuba to greater commercial and financial activity offers many possibilities for U.S. financial institutions but, with those possibilities, comes a responsibility to meet the complex compliance challenges that...more

Your daily dose of financial news The Brief – 5.24.16

Tribune’s not only given a hard “no” to Gannett, but it’s got some new firepower (and capital) on its side thanks to a $70.5 million investment by Nant Capital—a group “founded by Patrick Soon-Shiong, a billionaire who has...more

Up Close and Personal: Individual CCO Liability – Part II

Yesterday I began an exploration of the potential individual liability of a Chief Compliance Officer (CCO) based upon the Financial Industry Regulatory Authority (FINRA) enforcement action against Raymond James Inc. and its...more

UK Financial Regulatory Developments - May 2016 #12

FCA publishes draft margin exemption form - FCA has published a draft application form relating to the exemption from the requirement to exchange margin for intragroup transactions under the European Market...more

Monaco-Based Company Alleges Extortion Following Media Reports of Mass Bribery

On May 16, a Monaco-based industrial solutions company released a statement denying claims made in a media report that linked the company to allegations of bribing foreign government officials to secure contracts within the...more

Singapore Bond Market: Issuing Retail Bonds without a Prospectus

New regulations facilitate retail investor participation in the Singapore bond market. On May 19, the Monetary Authority of Singapore (MAS) promulgated two new regulations, effective immediately, to facilitate retail...more

The Financial Report, Volume 5, Number 10 - May 2016 (Global)

Two stories prominent in the financial media this week highlight the interesting policy challenges facing the nation’s lawmakers. On Monday, the so-called equity crowdfunding rules went into effect. The rules,...more

Up Close and Personal: Individual CCO Liability – Part I

A horse is a horse, of course, of course, and no one can talk to a horse, of course. That is, of course, unless the horse is the famous Mister Ed. Those lines were the opening verse to the theme song of the TV...more

Ground-breaking referral: Are arbitration clauses in BITs between EU Member States void?

In recent years, the number and economic relevance of bilateral investment treaties (“BITs”) has significantly increased. BITs are international treaties which provide for assurances in favour of investors from the...more

Four Things You Need to Know About the Mauritius-India Protocol

International investors have frequently used Mauritius holding companies for their Indian investments, seeking to take advantage of the exemption under the India-Mauritius income tax treaty (the “Mauritius Treaty”) from...more

European securitisation: Making a comeback? After seven years in the doldrums, moves are afoot to revitalise the European...

How likely is a successful revival of the market under qualifying securitisation — simple, transparent and standardized (STS) — going to be? That all depends on the results of the "trilogue" discussions between the European...more

US Further Liberalizes Burma Sanctions

On May 17, 2016, the US Department of Treasury's Office of Foreign Assets Control (OFAC) further eased the sanctions on Burma by issuing and expanding general licenses and removing certain parties from the Specially...more

United States Further Eases Economic Sanctions on Burma/Myanmar

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) eased certain sanctions against Burma/Myanmar on May 17, 2016, including by allowing most transactions involving Burmese financial institutions....more

The Great Brexit Debate - Germany - View from other parts of the World

What does the business community in Germany think about the UK’s EU referendum? There are close economic ties between the UK and Germany – around 2500 German companies have a UK branch, employing 370,000 people. From a...more

In Wake of the Panama Papers, Treasury Proposes New Reporting Requirements for Foreign-Owned Legal Entities

On May 10, 2016, the Treasury Department issued proposed regulations that, if approved, will require business entities formed in the United States that are owned by a single foreign person to obtain an employer identification...more

Taking Rights over Third Party Insurances

Following the publication of our client alert dated 20th January 2016, we have been asked to consider a series of issues relating to insurance arrangements designed to maximise the benefit of cover for the interests of a...more

IRS Issues Proposed Regulations That Would Recast Certain Debt Instruments as Equity

On April 4, 2016, the IRS and U.S. Treasury Department, in connection with a package of anti-inversion regulations prompted by news of the recent spate of corporate inversions (particularly the $160 billion Pfizer-Allergan...more

In Wake of Panama Papers Scandal Obama Calls for Stricter Bank Regulations, Tax Rules

In a news conference May 6, President Obama addressed recently announced rules and proposed regulations intended to help the U.S. fight tax evasion and other crimes connected to anonymous offshore companies and accounts. The...more

UK Financial Regulatory Developments - May 2016 #7

MAS updates business plan - MAS has published an updated business plan for 2016-2017. The changes reflect criticism that MAS was spending too much time and money building its own brand and developing its own website. It...more

FinCEN Issues Final Rules for Customer Due Diligence Requirements

On May 11, 2016, the Financial Crimes Enforcement Network (“FinCEN”) issued the final version of its long-awaited “Customer Due Diligence Rules” under the Bank Secrecy Act. The final rules impose a new requirement on...more

Corporate and Financial Weekly Digest - Volume XI, Issue 19

SEC/CORPORATE - SEC Approves PCAOB Rules Requiring Disclosure of Audit Participants - On May 9, the Securities and Exchange Commission adopted the proposed new rules and related amendments to auditing standards...more

FinCEN Unveils “Fifth Pillar” of Anti-Money Laundering Compliance

The idea that a “fifth pillar” of Anti-Money Laundering (“AML”) compliance – customer due diligence requiring U.S. banks, broker-dealers, mutual funds, commodity futures merchants, and introducing brokers (“covered financial...more

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