International Law & Trade, Administrative Law, Business Torts

Libor Fixing Probe – UBS Facing Potential $1 Billion Fine

by Sedgwick LLP on 12/16/2012

UBS, Switzerland’s largest bank, is set to become the second financial institution to enter into a settlement arising out of the Libor rate-fixing scandal. The potential agreement would reportedly allow UBS to pay...more

Orrick's Financial Industry Week in Review - December 3, 2012

by Orrick, Herrington & Sutcliffe LLP on 12/6/2012

In This Issue: - Financial Industry Developments · CFTC Final Rule on Clearing of Credit Default Swaps and Interest Rate Swaps · Fed, Treasury Proposed Amendments to Bank Secrecy Act Definitions...more

FSA Fines Manager for Systemic Suitability Failings

by Katten Muchin Rosenman LLP on 11/20/2012

On November 14, the UK Financial Services Authority (FSA) announced that it had fined Savoy Investment Management Limited (Savoy) £412,000 (approximately $653,000) for failing to take reasonable care to ensure the suitability...more

Amendment to Japanese Investment Management Regulations in Response to AIJ Incident

by Robyn Nadler, Mitsutoshi Uchida | Morrison & Foerster LLP on 11/15/2012

On October 12, 2012, in response to the recent AIJ scandal, the Financial Services Agency of Japan (the “Japanese FSA”) published a draft amendment to certain rules (“Draft Rules”) intended to revamp the regulation and...more

Structured Thoughts -- Volume 3, Issue 13 -- November 13, 2012

by Morrison & Foerster LLP on 11/14/2012

In This Issue: EU Regulation on Short Selling: Impact on U.S. Issuers of Structured Notes - On November 1, 2012, the regulation (the “Regulation”) of the European Parliament and Council of the European Union on...more

Orrick's Financial Industry Week in Review - October 29, 2012

by Orrick, Herrington & Sutcliffe LLP on 10/31/2012

In This Issue: Financial Industry Developments - CFTC Proposal for Enhanced FCM and DCO Protections - CFTC Final Interpretive Guidance on Foreign Regulators’ Indemnification and Confidentiality Obligations -...more

FSA Bans and Fines Former Managing Director of Welcome Financial Services Ltd for Market Abuse

by Orrick - Structured Finance Group on 10/17/2012

The FSA published its final notice dated October 8 in relation to John Blake, the former managing director of Welcome Financial Services Ltd (Welcome). In its final notice the FSA states that Mr. Blake engaged in market...more

Tribunal Upholds FSA Decision to Ban and Fine Swiss Fund Manager and Two Former Cantor Fitzgerald Traders for Market Abuse

by Orrick - Structured Finance Group on 10/4/2012

The Upper Tribunal (Tax and Chancery Chamber) (the “Tribunal”) has directed the FSA to fine Stefan Chaligné, a Swiss-based hedge fund manager £900,000, (plus disgorgement of the financial benefit he obtained of €362,950) and...more

Orrick's Financial Industry Week In Review - October 1, 2012

by Orrick, Herrington & Sutcliffe LLP on 10/1/2012

In This Issue: -Financial Industry Developments - Treasury Pushes for Money Market Fund Reforms - Agencies Reopen Comment Period on Swap Margin and Capital Proposed Rulemaking - CFTC Time Extension for...more

Orrick's Financial Industry Week In Review - September 17, 2012

by Orrick, Herrington & Sutcliffe LLP on 9/18/2012

In This Issue: -Financial Industry Developments ·FHFA, Fannie and Freddie Launch Representation and Warranty Framework ·First Winning Bidder Announced for FHFA REO Pilot Initiative ·CFTC Seeks Public...more

Corporate and Financial Weekly Digest - September 14, 2012

by Katten Muchin Rosenman LLP on 9/17/2012

In this issue: - PCAOB Adopts New Auditing Standard relating to Communications Between Auditors and Audit Committees, Subject to SEC Approval - FINRA Rule Change Relating to Private Placements of Securities -...more

The Implications of Private LIBOR Litigation

by Michael Volkov on 9/11/2012

Like other major financial controversies, the London Interbank Offered Rate (“LIBOR”) case is spawning private litigation in the United States. The dangers of an antitrust violation include treble damages in private suits...more

Increasing Investor Disclosure Requirements and Restrictions for UCITS Funds

by K&L Gates LLP on 9/6/2012

The European Commission (the Commission) and European Securities and Markets Authority (ESMA) recently published additional guidelines for Undertakings for the Collective Investment in Transferable Securities funds (UCITS)...more

Orrick's Financial Industry Week In Review - September 4, 2012

by Orrick, Herrington & Sutcliffe LLP on 9/4/2012

In This Issue: - Financial Industry Developments · Eliminating General Solicitation and Advertising Prohibitions under Rule 506 and Rule 144A · FIA and ISDA Cleared Derivatives Addendum · Updated Stress...more

Details of LIBOR Reform Taking Shape

by Shipkevich PLLC on 8/21/2012

In the wake of revelations that several major banks engaged in manipulation of LIBOR, the U.K. Financial Services Authority (FSA) is moving quickly to shore up confidence to the benchmark rate....more

Orrick's Financial Industry Week in Review - August 20, 2012

by Orrick, Herrington & Sutcliffe LLP on 8/20/2012

In This Issue: - Financial Industry Developments · Steps to Expedite Wind Down of Fannie Mae and Freddie Mac · CFTC Proposed Order on Non-Financial Energy Derivative Transactions · CFTC Conforming Rule...more

U.S. Senate Hearing On Corporate Sustainability and Social Responsibility

by Robert Freedman - Partner at Tharpe & Howell,... on 8/4/2012

The need to standardize methods for measuring a company’s environmental performance was discussed by several environmental policy executives for major corporations, testifying on May 16, 2012 in Washington D.C. before the...more

Credit Crunch Digest -- July 2012

by Sedgwick LLP on 8/2/2012

This digest collects and summarizes recent media reports regarding potential liability, government initiatives, litigation and regulatory actions arising from the subprime mortgage crisis and credit crunch, as well as a...more

IRS Victory In FBAR Wilfulness Penalty Case

by Charles (Chuck) Rubin on 7/24/2012

In an unpublished opinion, the Fourth Circuit Court of Appeals in U.S. v. Williams, reversed the district court’s holding that the taxpayer’s failure to file Form TD F 90-22.1 (“FBAR”) was not willful and in so holding, gave...more

HM Treasury Consults on Sanctions for Directors of Failed Banks

by Orrick - Structured Finance Group on 7/13/2012

On July 3, HM Treasury published a consultation paper on sanctions for the directors of failed banks. ...more

Orrick's Financial Industry Week In Review - July 9, 2012

by Orrick, Herrington & Sutcliffe LLP on 7/12/2012

In This Issue: - Financial Industry Developments · Winning Bidders Selected in FHFA REO Pilot Program · FDIC Makes Available Parts of Resolution Plans · CFTC Approves Guidance on Cross-Border...more

SFO Press Release on Manipulation of LIBOR

by Orrick - Structured Finance Group on 7/11/2012

On July 2, the Serious Fraud Office (SFO) published a press release regarding the manipulation of the setting of the London Interbank Offered Rate (LIBOR). In the press release, the SFO stated that it had been working...more

Corporate E-Review: July 2012 -- SEC Adopts Final Rules on Listing Standards for Compensation Committees

by Osler, Hoskin & Harcourt LLP on 7/10/2012

On June 20, 2012, the U.S. Securities and Exchange Commission (SEC) adopted new Rule 10C-1 under the U.S. Securities Exchange Act of 1934 (Exchange Act) to implement Section 952 of the Dodd-Frank Wall Street Reform and...more

Speech by Tracey McDermott on FCA’s Approach to Enforcement

by Orrick, Herrington & Sutcliffe LLP on 7/10/2012

On July 2, the FSA published a speech by Tracey McDermott, acting director of the FSA’s Enforcement and Financial Crime Division. The speech focused on credible deterrence and the approach that the Financial Conduct Authority...more

Explanation of the Alleged LIBOR Manipulation Scheme

by Howard Ullman on 7/6/2012

Good background on the alleged scheme to manipulate LIBOR. Via NPR’s Planet Money program, again. About halfway through, the program discusses allegations of interbank agreements to manipulate reported LIBOR rates. (It’s...more

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International Law & Trade › Administrative Law › Business Torts