Finance & Banking, International Law & Trade

BVI Trusts: VISTA Trusts

by Harney Westwood & Riegels on 5/23/2013

INTRODUCTION The Virgin Islands Special Trusts Act (“VISTA”) came into force on 1 March 2004 and was introduced in order to allow a shareholder to establish a BVI trust over a BVI company which disengages the trustee from...more

CIS Legal Update - May 2013: Russia and the United Arab Emirates Take Measures to Encourage and Improve Investment Security

by Elizaveta Molosnova | Dechert LLP on 5/23/2013

Russia ratified an intergovernmental Agreement with the United Arab Emirates (hereinafter - UAE) on the Encouragement and Mutual Security of Investments (executed on June, 28, 2010) along with the accompanying Protocol...more

Legal Alert: Supreme Court Unanimously Rules in Favor of Taxpayer, Holds U.K. Windfall Tax Creditable

by Sutherland Asbill & Brennan LLP on 5/23/2013

The United States Supreme Court held Monday in PPL Corporation v. Commissioner (No. 12-43) that a U.S. taxpayer was entitled to claim a foreign tax credit on its share of a “windfall tax” imposed on the taxpayer’s United...more

Terror Tactics: Report Urges Government To Use Financial, Immigration, Trade And Immigration Systems To Squeeze Theft Of IP

by Sophie Yu | Orrick - Trade Secrets Group on 5/23/2013

A new report on halting the theft of trade secrets and other intellectual property reads like a blueprint for fighting terrorism—not surprising, given that it was co-authored by the nation’s former spy chief and a member of...more

Renminbi Qualified Foreign Limited Partner: an incremental step toward RMB internationalization in the private equity industry

by Sheppard Mullin Richter & Hampton LLP on 5/23/2013

In a number of incremental steps, the PRC government has been easing restrictions on the cross-border movement of RMB. The latest step for the private equity industry is the Renminbi Qualified Foreign Limited Partner Program...more

New amendments keep BVI trusts at cutting edge

by Henry Mander | Harney Westwood & Riegels on 5/23/2013

The British Virgin Islands is a well respected and sophisticated jurisdiction for the establishment of trusts. The general principles of BVI trust law are derived from those of English law and they have been supplemented by...more

FDIC Division Director James R. Wigand Testifies on Cross-Border Resolution Plans

by Jeffrey M. Werthan | Katten Muchin Rosenman LLP on 5/22/2013

On May 15, James R. Wigand, Director, Office of Complex Financial Institutions of the Federal Deposit Insurance Corporation (FDIC) testified before the U.S. Senate Subcommittee on National Security and International Trade and...more

MoFo BioMeter - Volume 2, Issue 2: May 2013 - Flat BioMeter Value and Decline in Deal Volume are Hallmarks of Q1

by Anelia V. Delcheva, Stephen B. Thau | Morrison & Foerster LLP on 5/22/2013

The Morrison & Foerster BioMeter for the first quarter of 2013 shows a flat quarter for BioMeter value and a decline in dealmaking activity. A small number of large deals dominate an otherwise quiet quarter. In the...more

Closing Your Business in Colombia

by Marcela Cristina Blanco | Michael Diaz Jr. - Diaz Reus International... on 5/22/2013

In Colombia, as in many other countries, closing down or dissolving a business is often more complicated than setting up a new one. Although there is a lot of information related to setting up a company in this country, there...more

More than 50 parties file recourse proceedings in the Cyprus Supreme Court

by Pavlos Aristodemou | Harney Westwood & Riegels on 5/22/2013

As noted in our previous update, several clients have considered legal challenges to the new laws based on the resolution measures agreed by the Eurogroup and the Republic of Cyprus. These resolution measures on Bank of...more

The Offshore Voluntary Disclosure Program: A Brief History And Overview Of The Complexities Involved In Disclosing Foreign Assets

by CMCP - California Minority Counsel Program on 5/22/2013

The IRS and the Justice Department have increased their efforts regarding criminal investigation of international tax evasion. ...more

CFTC Reviewing Over 1 Million E-mails In ISDAfix Interest-Rate Swaps Investigation

by Felix Shipkevich | Shipkevich PLLC on 5/22/2013

CFTC investigators are reviewing over one million e-mails and instant messages as part of an investigation into possible price manipulation of ISDAfix interest-rate swaps....more

HM Treasury Rethinks the UK Tax Treatment of Fee Rebates

by David Gubbay, Daniel Hawthorne, Mark Stapleton | Dechert LLP on 5/22/2013

In a Written Ministerial Statement made in UK Parliament on 21 May 2013, Treasury Economic Secretary Sajid Javid MP announced the Treasury’s intention to make a crucial and very welcome clarification to the recent HMRC Brief...more

A Whiter Shade of Pale -- Building a Private Label Investment Program with Private Placement Life Insurance and Annuities

by Gerald Nowotny on 5/22/2013

Overview - Poor John Paulsen! Now that's an oxymoron! He has to be the most radioactive man on the Planet when it comes to tax planning. Everything he touches in business seems to be couched in subversive tax planning...more

Federal Reserve Division Director Michael S. Gibson Testifies on Cross-Border Resolution Plans

by Jeffrey M. Werthan | Katten Muchin Rosenman LLP on 5/22/2013

On May 15, Michael S. Gibson, Director, Division of Banking Supervision and Regulation of the Federal Reserve, testified before the Subcommittee on National Security and International Trade and Finance of the U.S. Senate...more

United Kingdom Aims to Minimise the Transition and Marketing Requirements For AIFMs Under AIFMD

by Proskauer Rose LLP on 5/22/2013

INTRODUCTION - On 13 May 2013, HM Treasury published a response document to its earlier consultation regarding transposition of the Alternative Investment Fund Managers Directive (AIFMD) in the UK, along with amended...more

International Tax Compliance Update: Florida Couple Indicted for Failing to Report Offshore Bank Accounts as IRS Continues...

by Fuerst Ittleman David & Joseph, PL on 5/22/2013

In line with our recent coverage of the Internal Revenue Service’s initiatives to pursue illegal offshore tax havens, on May 16, 2013 a Florida couple – Drs. David Leon Fredrick and Patricia Lynn Hough – was indicted by a...more

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Finance & Banking › International Law & Trade

BVI Trusts: VISTA Trusts

CIS Legal Update - May 2013: Russia and the United Arab Emirates Take Measures to Encourage and Improve Investment Security

Legal Alert: Supreme Court Unanimously Rules in Favor of Taxpayer, Holds U.K. Windfall Tax Creditable

Terror Tactics: Report Urges Government To Use Financial, Immigration, Trade And Immigration Systems To Squeeze Theft Of IP

Renminbi Qualified Foreign Limited Partner: an incremental step toward RMB internationalization in the private equity industry

New amendments keep BVI trusts at cutting edge

FDIC Division Director James R. Wigand Testifies on Cross-Border Resolution Plans

MoFo BioMeter - Volume 2, Issue 2: May 2013 - Flat BioMeter Value and Decline in Deal Volume are Hallmarks of Q1

Closing Your Business in Colombia

More than 50 parties file recourse proceedings in the Cyprus Supreme Court

The Offshore Voluntary Disclosure Program: A Brief History And Overview Of The Complexities Involved In Disclosing Foreign Assets

CFTC Reviewing Over 1 Million E-mails In ISDAfix Interest-Rate Swaps Investigation

HM Treasury Rethinks the UK Tax Treatment of Fee Rebates

A Whiter Shade of Pale -- Building a Private Label Investment Program with Private Placement Life Insurance and Annuities

Federal Reserve Division Director Michael S. Gibson Testifies on Cross-Border Resolution Plans

United Kingdom Aims to Minimise the Transition and Marketing Requirements For AIFMs Under AIFMD

International Tax Compliance Update: Florida Couple Indicted for Failing to Report Offshore Bank Accounts as IRS Continues...

What Are The Essential Elements Of A Corporate Compliance Program?

Lessons from Ralph Lauren: Designing Better Ways to Manage Third Party Risk

Indian American Neurosurgeon Sentenced to Probation for Unreported Offshore Bank Accounts

European Commission Consults on EU Banking Structural Reforms

Government Runs Its Record to 4-0 in Compelling Production of Records of Offshore Bank Accounts

European Commission Requests ESMA Deliver Draft Regulatory Technical Standards on Cross-Border Application of EMIR

Supreme Court Settles Fifth Amendment Required Records Issue in Context of Offshore Bank Accounts

The AIFMD Developments

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