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Blockchain Week in Review – August 2017 #6

by Perkins Coie on

Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of...more

New Tax Court Decision Provides Planning Opportunities for Foreign Investors Investing in U.S. Partnerships

by Mintz Levin on

On July 13, 2017, the U.S. Tax Court issued its opinion in Grecian Magnesite Mining, Industrial & Shipping Co., SA v. Commissioner, in which the Tax Court held that a non-U.S. person who sells an interest in a partnership...more

Corporate and Financial Weekly Digest - Volume XII, Issue 31

CFTC - CFTC Suspends Need of Formal Notice for Position Disaggregation Relief - On August 10, the Commodity Futures Trading Commission (the CFTC) issued no-action relief, eliminating the need for certain persons...more

Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017

by DLA Piper on

The Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 (Amendment Act) received Royal assent on 10 August 2017. The Amendment Act makes a number of changes to the Anti-Money Laundering and...more

Corporate News – August 2017

by Hogan Lovells on

FCA proposes a new premium listing category for sovereign controlled companies - On 13 July 2017, the Financial Conduct Authority published consultation paper CP 17/21 which proposes to create a new premium listing...more

Key Regulatory Topics: Weekly Update - 11 August 2017 – 17 August 2017

by Allen & Overy LLP on

BREXIT - ECB interview on Brexit preparations - On 16 August, the ECB published the transcript of an interview, given by Sabine Lautenschlager, ECB Executive Board Member and Supervisory Board Vice-Chair, on the...more

Tax Incentives For Qualified Treasury Centres In Thailand

by Allen & Overy LLP on

In 2015, the Royal Decree on Tax Reduction (No. 586) B.E. 2558 (2015) was issued, pursuant to the Revenue Code, to provide exemption from and reduce certain types of taxation in relation to international headquarter...more

SFC (the “Commission”) Expresses Concern over Irregularities in Asset Management Activities

•The Commission has identified a number of regulatory concerns with respect to private funds and discretionary accounts, in particular, funds with concentrated, illiquid and interconnected investments. •The Commission has...more

SFC Proposes Rules and Code for Open-Ended Fund Companies

by Dechert LLP on

Recently, the Hong Kong Securities and Futures Commission (SFC) published a consultation paper on the Securities and Futures (Open-ended Fund Companies) Rules (Rules) and Code on Open-ended Fund Companies (Code) which, if...more

NAFTA Renegotiations – Are You Prepared for Changes in Supply Chain Operations and Market Growth Planning?

by Snell & Wilmer on

On August 16, 2017, the United States, Canada, and Mexico began renegotiating the North American Free Trade Agreement (“NAFTA”). According to reports, the negotiations are scheduled to be expedited in an effort to be complete...more

U.S. Withholding on Synthetic Trades over U.S. Equities—Further Delay of Full Implementation Until 2019 (Notice 2017-42)

In response to perceived abuses in taxpayers’ use of swaps and other derivative transactions (e.g., options, futures or forwards) to avoid withholding tax on U.S. source dividends, Congress added Section 871(m) to the...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Mylan will pay $465 million to federal authorities to resolve claims that it overcharged the Medicaid program by millions for its EpiPen products. Though large, the figure represents about a third of the estimated...more

Orrick's Financial Industry Week In Review

On August 8, 2017, the Federal Reserve Board and Federal Deposit Insurance Corp. extended the deadline for 19 foreign banks and two domestic bank holding companies to file their next round of "living wills" detailing how they...more

Foreign Investment in the U.S.: How The Trump Presidency Could Change Things

by Pepper Hamilton LLP on

Twelve years have passed since publication of the article Uncle Sam Watches Nervously: Foreign Investment in U.S. Industries in 2004. That article discussed the review process under the Exon-Florio Amendment delegated to the...more

This Week in FCPA-Episode 66, the Take a Stand Edition

by Thomas Fox on

Jay and I return for a wide-ranging discussion on some of the week’s top compliance and ethics related stories, including:   1. The SEC charges KPMG and partner with blown oil and gas company audit. 2. BSRG raises its...more

Justice Department’s Latest Offshore Bank Resolution Confirms Value Of Self-Disclosure And Voluntary Remediation By At-Risk...

by Fox Rothschild LLP on

The Justice Department revealed its latest offshore bank resolution by announcing that it had entered into a non-prosecution agreement with a Swiss asset management firm called Prime Partners. This means that Prime Partners...more

European Commission Requests Feedback on a Roadmap for Widening Access to Centralized Bank and Payment Account Registries

On August 9, 2017, the European Commission published an inception impact assessment (Ares (2017)3971182) (also called a roadmap) on access to centralized bank account registries. In the roadmap, the Commission explains...more

AFRICA - A Legal Guide for Business Investment and Expansion: Tunisia

1. What role does the government of Tunisia play in approving and regulating foreign direct investment? The Tunisian government places a priority on attracting foreign direct investment. The Tunisian government...more

U.S. Tax Court Ruling Exempts Gain on Foreign Partner's Sale of a Partnership Interest

by Foley & Lardner LLP on

On July 13, 2017, the U.S. Tax Court issued a decision in Grecian Magnesite Mining, Industrial & Shipping Co., SA v. Commissioner, 149 T.C. No. 3, which could have a significant impact on how non-U.S. investors invest in U.S....more

Saudi Council of Ministers Approves 100% Foreign Ownership of Engineering Consultancies

by Jones Day on

Currently, Saudi Arabian law permits foreign direct investment in engineering consultancies operating in the private sector only through a professional company licensed by the Ministry of Commerce and Industry ("MOCI")....more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

We got our dose of Fed minutes yesterday, and it appears that the Fed—like the rest of us—is scratching its head over the “new reality” of concurrent low inflation and low unemployment. Fed officials are hoping that the low...more

Why Wells Fargo Needs Compliance Expertise on its Board

by Thomas Fox on

In a New York Times (NYT) Dealb%k article, entitled “Wells Fargo Vice Chairwoman to Succeed Departing Chairman”, Stacy Cowley reported that the Wells Fargo Board of Directors Chairperson, Stephen W. Sanger, will retire at the...more

Compliance into the Weeds-Episode 50, Where's the Upside?

by Thomas Fox on

In this very topical episode Matt Kelly and I take a deep dive into the administration’s response to the events over the weekend in Charlottesville and what it means for business leaders, compliance practitioners and others...more

Second Circuit Affirms Bankruptcy Court’s Nullification of Chapter 15 Debtor’s Sale of Claim Due to Woefully Inadequate Price

by Jones Day on

In the March/April 2013 edition of the Business Restructuring Review, we reported on an opinion by the U.S. Bankruptcy Court for the Southern District of New York concluding that a chapter 15 debtor’s sale of claims against...more

Day 12 of One Month to More Effective Continuous Improvement-Keeping Track of Current Events

by Thomas Fox on

In 2015, the Securities and Exchange Commission (SEC) announced resolution of a Foreign Corrupt Practices Act (FCPA) enforcement action involving the Hitachi Ltd (Hitachi). There were several interesting aspects to this...more

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