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Privy Council rules on Fairfield

On 16 April 2014, the Privy Council ruled in the claims brought by the liquidators of Fairfield, one of the largest feeder funds into Bernard Madoff’s investment company. The BVI Commercial Court and the Eastern...more

Doing Business in Latin America and The Caribbean: Costa Rica

In the last ten to fifteen years, Costa Rica has expanded its economy to include strong technology, services and tourism sectors. Its 2012 population was estimated at just over 4.6 million people. The Costa Rican legal...more

CFTC Seeks Comments on ICE Clear Europe Petition

On April 7, the Commodity Futures Trading Commission requested public comment on a petition submitted by ICE Clear Europe Limited (ICE Clear Europe) to amend an earlier CFTC order permitting ICE Clear Europe and futures...more

Foreign Listed Stock Index Futures and Options Approval Chart April 16, 2014

Attached please find the updated Foreign Listed Stock Index Futures and Options Approvals Chart, current as of April 16, 2014. All prior versions are superseded and should be discarded. Please note the following developments...more

UCITS V - Aligning with AIFMD!

The European Parliament voted to adopt the UCITS V Directive (“UCITS V”) on 15 April 2014, in advance of Parliamentary elections next month. The final vote followed a period of uncertainty where there was potential for the...more

Financial Regulatory Developments Focus - April 2014

In this issue: - Derivatives - Compensation - Regulatory Capital - Financial Services - Financial Crime - Excerpt from Derivatives: European Commission Consults on Definition...more

Survey Finds Money Laundering Becoming a Top Priority for Management

Financial institutions are making significant adjustments in their approach to anti-money laundering (AML) compliance issues in the face of escalating global regulatory enforcement. According to KPMG’s 2014 AML Survey, 88% of...more

The British (Financial Regulatory Principles) Are Coming!

Regulation of financial products and services in the U.S. historically has relied on rules-based regulatory policy, governing business processes including disclosures relating to terms, pricing, structure and marketing. The...more

AML Enforcement And Sanctions

AML enforcement often includes sanctions violations. The Office of Foreign Asset Control (OFAC) is responsible for regulating and enforcing the sanctions regime....more

Germany's Draft Bill on Combating Late Payment in Commercial Transactions: Potential Consequences for Businesses on Both the Legal...

On April 1, 2014, the German cabinet (Bundeskabinett) agreed upon a draft bill on combating late payment in commercial transactions in order to transform certain articles of the Directive 2011/7/EU1 into German law. The...more

New Registration Requirements and Deadline for PRC Domestic PE Funds and Managers

Domestic Chinese private equity managers should take notice of new provisional regulations requiring registration of domestic Chinese private equity managers and filings with the Asset Management Association of China...more

Corporate and Financial Weekly Digest - Volume IX, Issue 15

In this issue: - SEC Issues New FAQs on Conflict Minerals - SEC Issues Frequently Asked Questions Regarding the Amendments to the Broker-Dealer Reporting Rule - FINRA Requests Comment on Rules Regarding...more

Litigation Funding in the Offshore World

Offshore litigation of claims against professionals may have entered a new era. Numerous recent decisions have blessed the use of commercial litigation funding and confirm that it should not offend rules against champerty...more

Cross-Border RTS Starts Countdown For EMIR Obligations For Non-EU Counterparties

OTC derivative contracts which have a counterparty located outside of the European Union (“EU”) may now be subject to the requirements of the European Market Infrastructure Regulation(“EMIR”). ...more

Private Equity Investors Are Not Immune to Antitrust Risks in the EU

Earlier this month, the European Commission imposed fines totaling nearly EUR 302 million on producers of underground and high-voltage power cables, based on allegations that the producers had engaged in illicit market...more

Governance & Securities Law Focus: Europe Edition, April 2014

In this issue: - EU Developments - German Developments - UK Developments - Us Developments - Excerpt from EU Developments - European Commission Proposes to Introduce Shareholder "Say...more

U.S. Supreme Court Decision Reinstates $185 Million Arbitral Award - Placing New Focus on Clear Prerequisites to Arbitration in...

In an opinion issued in BG Group PLC v. Republic of Argentina, 134 S. Ct. 1198 (2014), the United States Supreme Court found that a prerequisite to arbitration was a procedural issue to be decided by the arbitration panel and...more

Doing Business in Latin America and The Caribbean: Chili

Chile’s business environment is the result of a policy-driven strategy that has focused on building sound macroeconomic fundamentals and strong institutions, promoting competition and international integration, and creating a...more

Structured Thoughts: Volume 5, Issue 3 - April 9, 2014

In This Issue: - The SEC Issues Its Long-Awaited Sweep Letter on ETNs - FINRA Proposes Amendments to Communication Rules – Relief from Filing for Certain FWPs - Comprehensive Surveillance Sharing Agreements -...more

Focus on Private Equity - April 2014

In This Issue: - Private Equity Firms Face Potential Liability Under Plant Closing Laws - Incentivising Management Across the Pond - Excerpt from Private Equity Firms Face Potential Liability Under Plant...more

Casino AML Compliance Update: Las Vegas Sands Corp. Places Macau Casino Junkets Under Increased Scrutiny.

On April 4, 2014, Bloomberg reported that the Las Vegas Sands Corp. (“Sands”) has increased its scrutiny of casino junket operators in Macau. The decision comes as casinos seek to meet the increased demands of federal...more

Ukraine-related sanctions – a month in: Key issues for financial institutions

What is the status of the evolving international sanctions against Ukraine and Russia? Since the recent escalation of the Ukraine crisis in March, there have been almost daily developments regarding economic sanctions...more

AML Enforcement Jitters And Due Diligence

The Justice Department and the financial regulatory agencies have sent a strong message of enforcement, suggesting that financial institutions are not adequately implementing AML compliance controls....more

SEC Officials Provide Promising Reports on the SEC Whistleblower Program

One of the questions I’m most frequently asked by clients, other lawyers and friends is “what’s happening inside the SEC with respect to the whistleblower program?” Recently, several top SEC officials have provided insight...more

Starving the Bear: The United States Restricts Exports to Russia

The pressure on Russia continues to build. As we previously reported here and here, throughout March, the United States and other Western powers implemented a series of sanctions against individuals and entities deemed to be...more

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