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U.S. Congress Passes Russia Sanctions Legislation

On Saturday, the U.S. Congress passed the Ukraine Freedom Support Act of 2014 (H.R. 5859), which, once signed by the president, will impose or authorize broad sanctions on Russia’s energy and defense sectors and increase...more

Administrative Changes Will Create Opportunities for Startups

As we recently reported, on November 20, 2014, the President announced a series of executive actions broadly covering immigration law. One such action relates to the implementation of a parole system for inventors,...more

Council of EU Presidency Compromise on Regulation on ECB’s Powers to Impose Sanctions

On December 11, the Council of the EU published a note (dated December 10) that amends the ECB’s powers to impose sanctions. The ECB published its recommendation for a Council Regulation in April 2014....more

EU clarifies Russian sanctions

This alert follows our previous alerts on the Russia/Ukraine sanctions. On 5 December 2014, the European Commission published Regulation 1290/2014 (the Amending Regulation) with effect from 6 December 2014. This...more

US Clarifies Sanctions Provisions and US Senate Passes a Bill to Codify and Expand Sanctions

As noted in previous updates, the United States and European Union continue to impose sanctions against Ukrainian and Russian individuals and entities as a result of the turmoil in Ukraine. On 11 December 2014, the US Senate...more

OFAC Publishes Guidance Relating to Provision of Temporary Sanctions Relief (Iran)

On December 9, 2014, the U.S. Department of the Treasury, Office of Foreign Assets Control (OFAC), published in the Federal Register (Vol. 79, No. 236, pp. 73141–73143) previously issued guidance relating to the provision of...more

Amendments to EU Sanctions against Russia

The EU adopted amendments to the current EU sanctions against Russia on 4 December 2014. These amendments are implemented via Council Regulation (EU) No 833/2014 (as amended) (“Regulation 833/2014”). They are intended to both...more

New Senate Bill Significantly Expands U.S. Sanctions Against Russia

The bill, if passed, would impose severe sanctions on “foreign persons” that make significant investments in Russian crude oil projects....more

The Joint Plan of Action: A Recap of the Easing Of Sanctions Against Iran By The United States And European Union

On 24 November 2013, an agreement was reached between the E3+3 (also known as the P5+1, and which includes the United States, United Kingdom, Russia, China, France and Germany) and Iran....more

OFAC Settles with Independent Manufacturer for Alleged Violations of the Cuban Assets Control Regulations

Recently, OFAC settled with a Portland, Oregon based manufacturer for allegedly violating the Cuban Assets Control Regulations, 31 C.F.R. part 515. The manufacturer agreed to pay $2,057,540 for the actions of its subsidiary,...more

EU Imposes Further Sanctions on Ukrainian Separatists

On 29 November 2014, the European Union (EU) published measures targeting additional individuals and organisations to be added to the scope of EU sanctions measures against Russia. These measures widen the EU sanctions in...more

EU adds separatist names to Ukraine-related asset freeze list

As per a recent request from the EU Council, the EU has extended its sanctions in relation to Ukraine by adding 13 persons and five organizations to the asset freeze list based on their involvement in recent elections in the...more

NY DFS Takes Action Against Foreign Bank Regarding Transactions with Sanctioned Countries

On November 18, the New York DFS announced a consent order with a foreign bank for allegedly misleading regulators regarding its transactions with sanctioned countries, most notably Iran, Sudan, and Myanmar. According to the...more

What The Us Mid-Terms Mean For The Insurance Sector

Last week the Republican party surprised many observers by securing substantial gains in the 2014 mid-term elections at multiple levels of government. Republicans won control of the US Senate and increased their majority in...more

The Lame Duck Has Arrived: What To Expect

In the great tradition of American democracy dating back to the election of the First Congress in 1778, voters cast their ballots last week, giving the Republican Party control of the upcoming 114th Congress. In a...more

Navigating Russia Sanctions: US, EU, and Japan Update

US, EU and Japanese sanctions targeting Russia are becoming increasingly aligned as a result of each jurisdiction’s continued tailoring of sanctions targeting Russia. In each jurisdiction there are now laws which block funds...more

DOMINICAN REPUBLIC—Executive Branch Submits to Senate Bill Aimed at Amending Article 5 of the Renewable Energy Incentive and...

The Executive Branch has submitted to the Senate a bill (Bill) introducing amendments to Article 5 of the Renewable Energy Incentive and Special Regimes Law, promulgated on May 7, 2007 (Law 57-07). The main purposes of such...more

Africa Update - November 2014

In This Issue: - Leading the News - United States – Africa Relations - North Africa - East Africa - West Africa - Sub-Saharan Africa - General Africa News - Excerpt from Leading the...more

Financial Services Weekly News Roundup - November 2014

The Day After: There are still a few undecided races but we know that Republicans will control the House and the Senate in the next session of Congress. This may provide an opportunity for more bipartisan legislation in the...more

CFIUS Review of Foreign Investment in U.S. Businesses Involving U.S. National Security Considerations

The United States has a long history of welcoming foreign investment. As the United States works its way out of the current recession, U.S. companies are increasingly looking for that investment. As a general rule, U.S. laws...more

Africa Update - October 2014 #4

In This Issue: - Leading the News - United States – Africa Relations - North Africa - East Africa - West Africa - Sub-Saharan Africa - General Africa News - Excerpt from...more

Foreign Charities and the Changing Landscape of CRA Charity Audits

There has been a flurry of recent scrutiny and activity in the areas of foreign and domestic charities – few foreign charities remain on the list of qualified donees since the changes to the definition of “qualified donee” in...more

Sanctions Round-Up: Third Quarter 2014

In this issue: - The Revised OFAC 50 Percent Rule - U.S. and E.U. Sectoral Sanctions Targeting Russia - Additional U.S. Sanctions Targeting Iran - Sanctions Targeting Ongoing Conflicts in Syria,...more

Novel U.S. and EU Sanctions Targeting Russian Financing Activities Raise Unique Compliance Considerations for Global Financial...

Since March 2014, the United States and European Union have imposed multiple rounds of sanctions restricting certain activities with Russian and Ukrainian individuals and companies as a result of the ongoing crisis in...more

Global Procurement Quarterly - Summer/Fall 2014

In This Issue: - Recent Trends in FCPA Enforcement – First Half of 2014 - Ukraine/Russia–Related Sanctions - New Executive Order Places Additional Reporting Obligations on Government Contractors and...more

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