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Designing Cost Effective Risk Assessment Programs May 21, 2014 [Video]

The foundation of every anti-corruption ethics and compliance program is a risk assessment. It is important to design and implement a process to conduct an initial risk assessment, to update the risk assessment, and to ensure...more

Managing Your Internal Investigation Program June 3 2014 [Video]

Global companies have to design and implement an efficient process for conducting internal investigations. An effective ethics and compliance program requires companies to screen complaints, assign appropriate resources to...more

New SAFE Rules Facilitate Registration for Overseas Financing and Investment by Chinese Domestic Residents

The Chinese foreign exchange control authority recently adopted material changes to the regulatory framework on overseas financing and investment via special purpose vehicles undertaken by Chinese domestic residents and the...more

Australia Welcomes Changes to the Australian Managed Investment Fund Regime for Foreign Pension Funds

Following its announcement in November 2013, the Australian Government has released draft legislation to enable foreign pension funds to access concessional withholding tax rates under Australia's Managed Investment Trust...more

Investment Management Update

In July 2014, the SEC settled the previously reported proceeding involving Chariot Advisors, and its former owner, Elliott Shifman, concerning charges of violating and aiding and abetting the violation of Section 15(c) of the...more

Banking & Financial Services E-Note

In This Issue: - 70 Countries Agree to Share Bank Information in Tax Evasion Probe - Financial Industry Pushes Back Against Proposed ERISA Requirements - Federal Reserve Proposes Tougher Stress Tests for...more

IRS Issues Revenue Ruling on Applicability of Section 457A to Options and Stock Appreciation Rights

On June 10, 2014, the IRS issued Revenue Ruling 2014-18, which holds that nonqualified stock options, as well as stock-settled stock appreciation rights (SARs), do not constitute nonqualified deferred compensation subject to...more

IRS Ruling Allows Tax-Deferred Stock Rights for Fund Managers

Section 457A of the Internal Revenue Code (the Code) generally restricts the ability of offshore funds and other entities domiciled in tax-indifferent jurisdictions to offer tax-advantaged deferred compensation to U.S....more

An Appreciation for Hedging Your Bets on Deferred Compensation: IRS Issues Revenue Ruling 2014-18 Under Section 457A of the...

Under Section 457A of the Internal Revenue Code of 1986 (the “Code”), certain offshore and other entities are limited in their ability to provide tax-effective deferred compensation to providers of services to those entities....more

VAT recovery and pension schemes: Where are we now?

HMRC’s policy on reclaiming VAT on investment management and other costs remains under review in the light of two recent decisions from the Court of Justice of the European Union. The first of these cases, PPG...more

Non-U.S. Retirement Plans Must Comply with or Claim Exemption from FATCA by July 1

In January 2013, the Internal Revenue Service (IRS) published final regulations under the Foreign Account Tax Compliance Act (FATCA). FATCA is intended to make it more difficult for U.S. taxpayers to conceal assets held in...more

Doing Business in Latin America and The Caribbean: Turks & Caicos Islands

The Turks and Caicos Islands (TCI) lie 575 miles southeast of Miami and 39 miles southeast of The Bahamas. There are eight principal inhabited islands which have an estimated population of 35,000. The legal system is based...more

International Transfer Window Now Open for Irish Pensions

The Irish High Court recently considered the transferability of personal retirement savings accounts (“PRSAs”) to overseas jurisdictions. This decision could have important implications for the Irish pensions industry, which...more

VAT Recovery And Pension Schemes - ATP Pension Service A/S

The judgment in ATP PensionService A/S v Skatteministeriet (Case C-464/12) was delivered by the European Court of Justice on 13 March 2014. It was the latest in a line of cases concerning the VAT treatment of costs incurred...more

Chilean Pension Funds Market Officially Open for Business for Irish UCITS.

Following Dechert’s series of reports in relation to the Chilean pension funds market and its accessibility to Irish UCITS, see Dechert OnPoint - Moody’s Upgrade Points to Reopening of the Chilean Pension Market to Irish...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

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

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

Doing Business in Latin America and The Caribbean: Brazil

With more than 196 million inhabitants and over 8.5 million square kilometers, Brazil is the largest country and economy in Latin America (its GNP in 2011 was roughly USD2.07 trillion). It is a federative republic, consisting...more

Doing Business in Latin America and The Caribbean: Bolivia

Bolivia is a country with amazing natural beauty and a diverse landscape, sheltering a fourth of the world’s greatest biodiversity. Bolivia’s riches also include raw material, industrialized material and of course, tourism....more

OECD Proposes Revisions to Tax Treaties to Prevent “Treaty Abuse”

On March 14, 2014, the OECD released a discussion draft for public consultation, BEPS Action 6: Preventing the Granting of Treaty Benefits in Inappropriate Circumstances (the Discussion Draft), as action item 6 in the OECD’s...more

Your 401(k) Plan and the Shape of the Earth

I used to work with a very smart lawyer who said that he could give a legal opinion that the world was flat if his qualifying language was not limited. In that case, he would have stated something on the order of: this...more

Recent Diversity Mandates Impacting US Financial Regulators and Financial Institutions on Both Sides of the Atlantic

There has been no shortage of press coverage about the lack of employment diversity in the financial services sector. Now, both the US Congress and the European Union have taken action in an attempt to remedy historical...more

The Boricua Option – The Taxation of Incentive Stock Options (ISOs) as a Puerto Rican Resident - Another Good Reason to Move to La...

Overview - Many professional living and working in Silicon Valley over the last twenty years have become very wealthy as a result of their participation in company stock options plans – qualified and non-qualified....more

Subsoil Use: Additional Contributions to Unified Cumulative Pension Fund

A list of the production areas, jobs and employee occupations for which employers are to make occupational pension contributions at their own expense has been approved. As of 1 January 2014, the Law “On Provision of...more

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