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Russian Legislation Update: May 2016

Currency Control - On 13 April the Government adopted Resolution No. 300 regarding, among other things, currency control bodies. Due to the abolishment of the Federal Service for Fiscal and Budgetary Supervision,...more

IRS Offers Tax Guidance Relating to Money Market Fund Rules

The IRS recently provided relief from the RIC distribution requirement for money market funds that receive contributions in connection with the transition to a floating NAV, enabling RICs to top up their NAVs without having...more

ERISA Preemption: Don't Tread on my Uniform System of Plan Administration

On March 1 the U.S. Supreme Court again reinforced the broad preemptive scope of the Employee Retirement Income Security Act of 1974, 29 U.S.C.A. §1001. In Gobeille v. Liberty Mutual Insurance Co., 136 S. Ct. 936, the court...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

Federal Reserve Announces Enforcement Action Against State Bank for Alleged Violation of the National Flood Insurance Act

On May 17, the Federal Reserve announced the execution of a settlement agreement with a state bank resolving alleged violations of the National Flood Insurance Act (“NFIA”), 42 U.S.C. § 4012a(f), and Regulation H, 12 C.F.R....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

UK Financial Regulatory Developments - May 2016 #8

FCA announces insider dealing convictions - FCA has announced two convictions in the case it brought as part of Operation Tabernula. Martyn Dodgson, an investment banker, and Andrew Hind, a property developer and...more

Portfolio Company Litigation: Some Practical Considerations for Board-Designees of Private Funds

Individuals affiliated with private fund managers are increasingly being named as defendants in lawsuits involving fund portfolio companies, particularly where the fund controls one or more seats on the portfolio company’s...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

CMS Issues Revised Rules for CO-OPs and Special Enrollment Periods

As implementation of the Affordable Care Act (ACA) continues, the federal government continues to make adjustments to its rules to respond to the needs and circumstances arising from this transformational legislation. On...more

Beyond Bitcoin: Blockchain - The Essential Building Block in Designing the Future

Bitcoin relies on its peer-to-peer network to do two things: maintain the authoritative ledger of transactions and issue new currency. The application of the blockchain is anticipated to extend far beyond financial services...more

IRS Notice Offers Relief to Issuers of Variable Insurance Products in Response to Pending Money Market Fund Reforms

On May 5, 2016, the IRS issued Notice 2016-32, 2016-21 I.R.B. 1, which affords relief with respect to the application of the diversification requirements of IRC § 817(h) to variable life insurance and annuity contracts...more

.Insurance: What You Need to Know About the Newest Internet Domain Name

Yesterday, the new .insurance Internet top-level domain opens up to members of the insurance industry and will be awarded on a “first-come, first-served” basis. Below is what your organization needs to know about...more

Real Property & Title Insurance Update: Weeks Ending April 29 & May 6, 2016

REAL PROPERTY UPDATE - Foreclosure/Requests for Admission: trial court erred by involuntarily dismissing foreclosure action based solely on lender’s failure to respond to requests for admission because lender’s...more

UK Financial Regulatory Developments - May 2016 #3

FCA extends COBS 13 and 14 modification by consent - FCA has published a revised direction to extend the modification by consent of its Conduct of Business Sourcebook (COBS) in relation to pension schemes. The...more

House Passes Private Flood Insurance Bill by Unanimous Vote

On April 28, the U.S. House of Representatives passed the Flood Insurance Market Parity and Modernization Act (H.R. 2901) by a unanimous vote of 419-0. The bill, which was introduced in June 2015 by Rep. Dennis Ross,...more

Rating Agency Developments

On May 3, 2016, DBRS published its rating methodology for pooled aircraft lease securitizations. Report. On May 3, 2016, DBRS published its master U.S. ABS surveillance methodology. Report. On May 3, 2016, S&P published its...more

FINRA Issues Largest Fine Regarding Variable Annuities Contracts

On May 3, 2016, the Financial Industry Regulatory Authority announced that MetLife Securities, Inc. agreed to pay $25 million to settle allegations that the company misled its customers in tens of thousands of variable...more

UK Financial Regulatory Developments - May 2016 #1

LSE prepares AIM for EU MAR - LSE has published an “Inside AIM” newsletter outlining the preparation underway for the implementation of EU MAR. It sets out information to support nominated advisers as they work with...more

Outlook for Nordic PE: An insider perspective on 2016: Despite rising valuations, PE professionals are optimistic about the year...

In 2016, private equity (PE) in the Nordic region is likely to meet or exceed 2015 performance, according to investment professionals we interviewed early this year. But insiders also say that firms are adjusting their...more

Basic-Supplemental Life Insurance Plan Pricing Structure Upheld in ERISA Class Action

An employee benefit plan that includes an alleged subsidization component for its basic and supplemental options is neither prohibited by the Employee Retirement Income Security Act of 1974 (ERISA) nor a violation of the plan...more

Blog: Part VII Transfers: UK Court makes an order affecting a New York excess & surplus lines trust

The Copenhagen Reinsurance Company (CopRe) asked the UK High Court to make an Order sanctioning the intra-group transfer of the whole of its (re)insurance business to the Marlon Insurance Company (Marlon). Each of CopRe and...more

No Closure Yet on the Issue of Aggregation of Claims Against Solicitors

The Court of Appeal in AIG Europe Ltd v OC320301 LLP (formerly The International Law Partnership LLP) has ordered a retrial of the question of whether actions brought by 214 investors in two failed holiday property schemes in...more

Your daily dose of financial news The Brief – 5.4.16

MetLife, accused by regulators of misleading tens of thousands of customers about variable annuities—“a product that retirees seek out for safety,” will pay a $25 million dollar fine for its actions. It’s the second-largest...more

UK Regulator Consults on Regulation of Secondary Annuity Market

The Financial Conduct Authority published a consultation paper on its proposed rules and guidance for the secondary annuity market due to start in April 2017. The consultation is aimed at parties interested in pensions and...more

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