International Trade Insurance

Read need-to-know updates, commentary, and analysis on International Trade issues written by leading professionals.
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Changes to Iran Sanctions Provide a Few Business Opportunities, but Many Hurdles

On January 16, 2016, the International Atomic Energy Agency verified that Iran had implemented nuclear reforms negotiated among the United States, the European Union and Iran, a milestone in the agreement referred to as the...more

IRS Revokes Ruling That Imposed Excise Tax On Wholly Foreign Reinsurance Transactions

The Internal Revenue Service recently revoked a 2008 ruling that a 1% excise tax under section 4371(3) of the Internal Revenue Code applied to “reinsurance premiums paid by one foreign insurer or reinsurer to another.” The...more

The Long Long Game: The EU Financial Regulatory Agenda Into 2016 and Beyond

2016 will mark the eighth anniversary of the collapse of Lehman Brothers and the raft of regulatory reforms introduced in the aftermath of that event and the wider financial crisis will continue to be implemented during the...more

Federal Tax Advisory: Extraterritorial Taxation: Rev. Rul. 2016-03

Not a State Tax – State tax disputes commonly involve claims that a state cannot tax beyond its geographical boundaries. That principle is at the root of Quill Corp. v. N.D., 504 U.S. 298 (1992), requiring that a...more

European Supervisory Authorities Request Response from European Commissioner to Inconsistencies in Cross-Selling Legislation

On 26 January 2016, the Chairpersons of the European Supervisory Authorities (ESAs) (i.e. EBA, EIOPA and ESMA) sent a letter to the European Commissioner for the Directorate General Financial Stability, Financial Services and...more

“Implementation Day” Marks Lifting of Certain Nuclear-Related “Secondary” Sanctions on Iran by the United States in Accordance...

On January 16, 2016, the International Atomic Energy Agency (“IAEA”) verified that the Islamic Republic of Iran (“Iran”) had satisfied its commitments under the Joint Comprehensive Plan of Action (“JCPOA”), which was entered...more

US Policy Scan 2016

Virtually the only certain political outcome of 2016 is that voters will select a new president to enter the White House in 2017. Against this backdrop, the legislative and electoral outlook in Washington, DC, remains steeped...more

Disclose of Cash Real Estate Purchases

The purchase of real estate without bank financing presents an opportunity for those with unclean funds to launder those funds and make them appear legitimate, at least in the opinion of the Financial Crimes Enforcement...more

Split-dollar Life Insurance – A Tax-Leveraged Derivative for Hedge Fund Managers

The Emergency Economic Stabilization Act of 2008 ended the not so discrete secret of hedge fund managers, the deferred compensation arrangement with their offshore funds or as the New York Times described, “an unlimited Super...more

FinCEN Geographic Targeting Order Affects Miami-Dade County Residential Purchases Exceeding $1 Million

The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) on Jan. 13, 2016, issued a Geographic Targeting Order (GTO or the Order) requiring title insurance companies, subsidiaries and agents (each a...more

UK Financial Regulatory Developments - January 2016 #8

PRA bans former Co-op Bank individuals - PRA has prohibited Barry Tootell, former Chief Financial Officer and Chief Executive of the Co-operative Bank Plc (Co-op Bank) and Keith Alderson, former Managing Director of the...more

The Iran Nuclear Deal: Nuclear Sanctions Lifted for Foreign Companies, Restrictions on U.S. Firms Remain

On January 16, 2016 , the United States lifted nuclear-related sanctions on Iran, after the International Atomic Energy Agency (“IAEA”) verified that Iran complied with key measures designed to limit the country’s nuclear...more

"Indian Insurance Sector Welcomes Foreign Investment With Limits on Control"

As part of the Indian government’s plans to encourage foreign investment, in 2015 it increased the foreign ownership cap in the Indian insurance sector from 26 percent to 49 percent. The increase, however, did not affect the...more

From Park Avenue to Ocean Drive, High End Residential Real Estate Transactions Under the Microscope

The U.S. government’s aggressive push to combat international money laundering is entering a new phase by focusing on real estate investments. On January 13, 2016, the Financial Crimes Enforcement Network (FinCEN), the U.S....more

UK Financial Regulatory Developments - January 2016 #6

Commission reports on volatility of own funds - The Commission has reported to EP and the Council on the effect of the revised International Accounting Standard (IAS) 19 on employee benefits, on the volatility of own...more

US and EU Iran Sanctions Lifted: How to Proceed in the Aviation Sector?

On 16 January 2016, the United States and the EU lifted certain sanctions against Iran in compliance with the Joint Comprehensive Plan of Action (JCPOA) agreed among Iran, China, France, Germany, the Russian Federation, the...more

U.S. Treasury Seeks to Stanch Flow of Proceeds of Corruption and Other Crimes Into Manhattan and Miami Luxury Real Estate

On January 13, 2016, the U.S. Treasury’s financial intelligence unit, known as the Financial Crimes Enforcement Network (FinCEN), announced the issuance of geographic targeting orders (GTOs) to certain unnamed real estate...more

FinCEN Targets High-Value Real Estate Transactions in New York and Miami

On January 13, 2016, the Financial Crimes Enforcement Network (“FinCEN”) announced that it had issued a Geographic Targeting Order (“GTO”) which will temporarily require certain title insurance companies to report the...more

Six Crucial Points About Iran Sanctions Liberalization

Crucial Points - - The U.S. government has, by and large, left in place its embargo generally forbidding U.S. companies, citizens and residents, and others in the United States to engage in Iran-related...more

UK Financial Regulatory Developments - January 2016 #3

FCA publishes pensions report - FCA has published its Retirement Income Market Data report for the period of July to September 2015. It covers: - choices made by consumers accessing their pensions; -...more

UK Financial Regulatory Developments - January 2016 #1

TIA publishes guidance on paperless transfers - TIA has published industry guidance on paperless renunciation or transfer of units or shares in authorised investment funds. The guidance sets out measures that operators...more

Solvency 2 and SRM take effect

The single resolution mechanism (SRM) took effect throughout the 19-Member-State eurozone from 1 January....more

Blog: Insurance Distribution Directive: EIOPA Online Survey, As Preparation For A Commission Call For Advice On The Delegated Acts

The European Insurance and Occupational Pensions Authority (EIOPA) is carrying out an on-line survey, in anticipation of a “Call for Advice from the European Commission on the delegated acts under the Insurance Distribution...more

Council adopts IDD

The Council has adopted the Insurance Distribution Directive (IDD). It agreed the text previously released (see FReD 11 December) without further discussion. The Council had previously published an item note to the Permanent...more

ECON writes to EU lawmakers on Solvency 2 delegated legislation delay

The Economic and Monetary Affairs Committee (ECON) of EP has written to the Council and Commission notifying them of a three-month extension to the deadline for raising objections to a delegated regulation on calculation of...more

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