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SEC Proposes Rules to Oversee Non-US Firms’ Swap Activity in the United States

On April 29, 2015, the US Securities and Exchange Commission (SEC) proposed new rules to enhance its oversight of non-US firms’ security-based swap activity in the United States. The proposal, if adopted, will have important...more

Bribery Settlements in 2014: A Record-Setting Year

Corporations facing bribery charges under the U.S. Foreign Corrupt Practices Act (“FCPA”) will pay significantly higher fines to resolve their cases, at least if recent settlements are a reliable guide. Last year, FCPA...more

Investment Funds Update - Asia Legal and regulatory updates for the funds industry from the key jurisdictions in Asia: Singapore

Regulation of OTC Derivatives and Singapore Regulatory Reforms - The Monetary Authority of Singapore (“MAS”) published a consultation paper on the proposed amendments to the Securities and Futures Act (the “SFA”) which...more

"FIRPTA Reform Opens Door to Increased Foreign Investment in US Real Estate"

This afternoon, Reps. Kevin Brady (R-Texas) and Joseph Crowley (D-N.Y.) re-introduced in the House of Representatives a bill to significantly reform the Foreign Investment in Real Property Tax Act (FIRPTA). Introduced as H.R....more

European Securities Regulator Calls for Information Concerning Virtual Currency

On April 22, 2015, the European Securities and Markets Authority (“ESMA”) – the European Union’s (“EU”) securities watchdog agency – issued a formal call for evidence regarding investments using virtual currency or...more

Display of FinCEN’s Aggressive Anti-Laundering Approach

On April 21, 2015, the Treasury Department’s Financial Crimes Enforcement Network issued a geographic targeting order, an anti-money laundering device focused on trade-based money laundering schemes used by drug cartels,...more

This Week In Securities Litigation

The SEC announced its first whistleblower award in a retaliation case this week. The agency also brought an insider trading case, an action against an investment adviser, its general counsel and auditor based on a conflict, a...more

Financial Regulatory Developments (FReD)

Headlines - Commission urges EP to accept MLD 4, ESMA consults on knowledge and competence guidelines, EU Court judges on plain and intelligible language, FCA fines Deutsche Bank £227 million for IBOR failings and misleading...more

ESMA

The European Union has recently demonstrated additional interest in the potential uses of blockchain technology for financial services outside of virtual currencies. On April 22, 2015, the European Securities and Markets...more

Red Notice Newsletter - April 2015

Welcome to the April 2015 edition of Red Notice, a publication of Akin Gump Strauss Hauer & Feld LLP. This month in anticorruption developments, Canadian transportation giant faces scrutiny for alleged bribery in South...more

Rating Agency Developments

On April 24, Fitch released its updated U.S. Auto Lease ABS Ratings Criteria. On April 27, DBRS released its Rating Canadian Covered Bonds Methodology. On April 27, S&P updated its Bank Rating Methodology and Assumptions to...more

SEC Proposes Title VII Regulatory Framework for Non-US Dealers Transacting in the United States

The U.S. Securities and Exchange Commission (the “SEC”) reproposed rules addressing the application of certain requirements under Title VII of the Dodd-Frank Act (the “Reproposal”) to non-U.S. persons dealing in...more

Bipartisan deal results in trade promotion authority bills that could pave the way to major trade agreements

On April 16, 2015, senior lawmakers reached a bipartisan agreement on a trade promotion authority bill: The Bipartisan Congressional Trade Priorities and Accountability Act of 2015 (TPA-2015). The bill was marked up in record...more

IRS Publishes Proposed Regulations for Hedge Fund Reinsurance Arrangements

In April 24’s Federal Register, the IRS released proposed regulations (REG-108214-15) to restrict when a foreign insurance company’s income can be excluded as passive income by giving a more strict definition for the “active...more

Tax Newsletter - January/February 2015 (China & Hong Kong)

In This Issue: To People’s Republic of China: -Draft Foreign Investment Law -New Developments On Indirect Transfers Of Properties By Foreign Investors -Exposure Draft Of Revised Tax Collection And Administration...more

FCA Publishes New Procedures and Forms for Disclosure of Material Changes by Non-UK Managers Marketing in the United Kingdom

On April 21, the Financial Conduct Authority (FCA) updated its webpage of guidance on the United Kingdom’s national private placement regime (NPPR) for the marketing of non-EU funds in the United Kingdom by non-UK managers...more

Bank ordered to honour refund guarantees despite foreign court orders prohibiting payment

The Claimant Buyers brought proceedings against the Defendant Bank under refund guarantees issued by the Bank in support of two shipbuilding contracts between the Buyers and Sellers. Pursuant to the contracts, the Claimant...more

European Council Approves Strengthened EU Anti-Money Laundering Rules

On April 20, the European Council of Ministers adopted its version of new rules aimed at preventing money laundering and terrorist financing in the form of a draft new European Union Directive and Regulation (Draft Rules)....more

Financial Regulatory Developments Focus - April 2015 #4

In this issue: - Federal Deposit Insurance Corporation Seeks Comment on Potential New Deposit Account Records Requirements for Banks with a Large Number of Deposit Accounts - Basel Committee Removes Selected...more

ESMA Consults on Knowledge and Competence Requirements

Under the original EU Markets in Financial Instruments Directive (MiFID) framework, investment firms must ensure that their personnel have the “skills, knowledge and experience” necessary for their particular functions....more

Investment Funds Update – Asia: Legal and regulatory updates for the funds industry from the key jurisdictions in Asia: Mainland...

Capital gains tax (“CGT”) has been a key issue surrounding the investment by QFIIs and RQFIIs in the Mainland Chinese securities market. Mainland Chinese tax authorities have publicly decided to retrospectively collect CGT...more

Regulation of Money Remittances – Gaining Traction?

One of the proposals announced in the federal budget last week was the introduction of measures to help ensure Canadians have access to safe, reliable and lower-cost remittance services. Recognizing that international...more

Locke Lord QuickStudy: Proposed Regulations Issued On Hedge Fund Reinsurance Transactions

The Internal Revenue Service (IRS) recently issued proposed regulations addressing what constitutes the “active conduct of an insurance business” for purposes of the passive foreign investment company (PFIC) rules (the...more

New York court orders worldwide discovery from Spanish bank

In a recent decision that is now on appeal, a New York federal judge ordered a Spanish bank that maintained a New York branch to make inquiry of “all branches, within and without New York State,” for account information that...more

DOJ and International Investment Bank Enter Into Plea Agreement to Resolve LIBOR Manipulation Claims, Bank Agrees to Pay $2.5...

On April 23, the DOJ announced that an international investment bank and its subsidiary agreed to plead guilty to wire fraud for its alleged conduct, spanning from 2003 through 2011, in manipulating the London Interbank...more

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