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Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

Direct Lending by French Funds - The Autorité des Marchés Financiers (the French financial markets regulator, the “AMF”) has published on 1 April 2016 the results from the public consultation organized at the end of last...more

WCO TCCV approves case study on TNMM transfer pricing documentation and customs valuation

During the week of 18-22 April 2016 the World Custom's Organizations Technical Committee on Customs Valuation (TCCV) held its 42nd Session in Brussels. At this session a new instrument was approved by the TCCV that contains a...more

UK Financial Regulatory Developments - April 2016 #20

Treasury Committee publishes systemic risk buffer dispute - Andrew Tyrie MP, Chairman of the Treasury Committee, has published correspondence from BoE’s Governor, Mark Carney, in relation to a disagreement between Sir...more

OFAC Issues Hizballah Financial Sanctions Regulations

On April 15, OFAC issued new regulations to implement the Hizballah International Financing Prevention Act of 2015. The regulations authorize the Secretary of the Treasury to prohibit U.S. financial institutions from opening...more

The Panama Effect: UK Government accelerates proposals to criminalise failure to prevent tax evasion

10 considerations for professionals and corporates worldwide in advance of the new law. Overview - In a move widely seen as a response to the so-called “Panama Papers” revelations, the UK Government has enhanced...more

Colorado Mining Company Announces FCPA Investigation

Recently, a gold mining company based in Colorado disclosed in its quarterly filings an investigation of certain business activities of the company and its affiliates outside the U.S. for possible violations of the FCPA....more

UK Financial Regulatory Developments - April 2016 #19

FCA decides to ban former LIBOR trader - FCA has published its Decision Notice concerning a former derivatives trader at UBS, Arif Hussein, banning him from performing any significant influence function relating to any...more

Renewable Alert Letter 25: Introduction of Listed Renewable Energy Funds

Procedures began in April 2016 for the long awaited listing of the first infrastructure fund on the Tokyo Stock Exchange targeted at investments in renewable energy plants and other infrastructure facilities. Among the...more

ECB Offers Opinion on Proposed Regulation to Establish a European Deposit Insurance Scheme

On April 20, 2016, the European Central Bank (ECB) published an opinion on a proposal for a regulation amending Regulation (EU) No. 8.6/2014 in order to establish a European Deposit Insurance Scheme (EDIS)....more

A transatlantic consideration of recent developments in corporate self-reporting

More carrot, less stick? On 5 April 2016, the Fraud Section of the US Department of Justice’s (DOJ) Criminal Division issued an Enforcement Plan and Guidance (the DOJ Guidance), setting out the steps that it is taking to...more

The Continued Migration of US Covenant-Lite Structures into the European Leveraged Loan Market

At the start of 2016, global sponsors and their advisers are the US leveraged loan and global bond markets to the European leveraged loan market. Healthy investor appetite over the last several years means attractive terms...more

Loan agreements: when can terms be challenged as unfair or unreasonable?

English law contains no general principle that contractual terms must be fair or reasonable: parties must live with the bargain they have made. This is one of the ways in which English law is "lender-friendly": it enables...more

Brexit: issues to consider for the banking and finance industry

Nobody yet knows the true likelihood of a so-called "Brexit" following Britain's "Leave" or "Remain" referendum on membership of the European Union (EU). The results of the 2015 general election suggest that relying on the...more

Saudi Arabia Update – April 2016

Legal Developments - New incentives for achieving Saudization requirements - The Human Resources Development Fund (HRDF), which is an affiliate of the Ministry of Labor (MOL), has proposed a new system to reward...more

US Financial Stability Oversight Council Focuses on Asset Management Products and Activities

On April 18, 2016, the US Financial Stability Oversight Council issued an update on its multi-year review of potential financial stability risks in the asset management industry. This note highlights takeaways from that...more

Reserve-based lending in Nigeria

2015 was a relatively active year for financing transactions in Nigeria's oil and gas sector. As well as facilities to fund the development of oil and gas assets, a significant number of facilities were provided to Nigerian...more

State Tax Fallout From Federal Proposed Related-Party Debt Regulations

Recently proposed Treasury regulations under IRC § 385 (the Proposed Regulations) would create sweeping changes to the federal income tax treatment of related-party debt. The Proposed Regulations could also have far-reaching...more

"FIRPTA Reform Impacts Investment Opportunities in US Real Estate"

In recent months, much has been written to describe the reforms to the Foreign Investment in Real Property Tax Act of 1980 (FIRPTA) contained in the Protecting Americans From Tax Hikes Act of 2015 (the Act), which have been...more

"Insights Conversations: Debunking CFIUS Myths"

The Committee on Foreign Investment in the United States (CFIUS) is a critical component of cross-border deals involving U.S. targets. The head of Skadden's CFIUS practice, Ivan Schlager, and Palo Alto corporate partner Ken...more

Yankee Loans – "Lost in Translation" – a Look Back at Market Trends in 2015

This chapter takes a look at market trends for Yankee Loan issuance in 2015. "Yankee Loans" are US dollar denominated term loans that are syndicated in the US Term Loan B market to institutional investors and provided to...more

Turkey: Amendments to PPP legislation on way

The Republic of Turkey has been undergoing a largescale reform in the healthcare sector in the past decade, spearheaded by the Ministry of Health under its Health Transformation Program which was launched in 2003. The EUR 20...more

Latin American countries focus on new legislation around tax and transfer pricing – independence limitations in Ecuador

A recent report published by the United Nations’ Economic Commission for Latin America and the Caribbean (CEPAL) calculated that Latin American countries have lost more than US$98 billion in tax revenues simply due to...more

EBA Publishes Final Report on Provision of Information in Summary or Collective Form

On April 19, 2016, the European Banking Authority published its final report providing guidelines on the provision of information in summary or collective form for the purposes of Article 84(3) of Directive 2014/59/EU. ...more

As Panama Papers Illustrates, IRS Discovery of Undisclosed Assets Just a Matter of Time

As the recent leak of the "Panama Papers" reminded the world, some secrets don't keep well, particularly those related to undisclosed foreign assets. And once a person's identity is disclosed as a holder of undisclosed...more

French Anti-Corruption Reform Expected In 2016

France to introduce significant changes affecting large companies and top management, to improve current anti-bribery system. The French Parliament is expected to enact “Sapin II” on transparency, anti-corruption and...more

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