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OFAC Provides Helpful New Guidance for Cuba

The Office of Foreign Assets Control (OFAC) updated its FAQs for Cuba on April 21, 2016 with substantive guidance that addresses U-turn transactions, export policy, insurance, educational and humanitarian activities and...more

Blog: Solvency II: EIOPA Consults On Treatment Of Infrastructure Corporates

The European Insurance and Occupational Pensions Authority (EIOPA) has published a consultation paper on the European Commission’s “… request to EIOPA for further technical advice on the identification and calibration of...more

Blog: #IDD / #IMD2: EIOPA Publishes Preparatory Guidelines On Product Oversight & Governance

The European Insurance & Occupational Pensions Authority (EIOPA) has published its “Final Report … on Preparatory Guidelines on Product Oversight and Governance arrangements by insurance undertakings and insurance...more

Poland: new tax on banks and other financial institutions

Poland’s Banking Tax Act, introducing a tax on banks and insurance companies in Poland, is in force. The Banking Tax Act applies to selected financial institutions - domestic banks, consumer lending institutions and...more

Securities Regulation and Class Action Trends in Canada [Video]

From the 2016 PLUS D&O Symposium session “Shareholder Activism and Litigation in Canada,” David Conklin (Goodmans LLP), Orestes Pasparakis (Norton Rose Fulbright Canada), Paul Emerson (Berkshire Hathaway Specialty Insurance)...more

The Financial Report - Volume 5, No. 5 - March 2016 (Global)

The buzz phrase of the moment in the financial services industry is robo adviser. On Monday, February 29, The Wall Street Journal published a Journal Report in the Personal Finance Section of that day’s newspaper. The...more

Important Decision Impacting Waiver of Attorney-Client Privilege

In a recent opinion issued in the matter of Certain Underwriters at Lloyd's London v. Nat'l R.R. Passenger Corp., No. 14-CV-04717 FB CLP (E.D.N.Y. Feb. 19, 2016), the Eastern District of New York held that communications from...more

UK Financial Regulatory Developments - February 2016 #13

Treasury renews TAFA designation - Treasury has renewed two designations under the Terrorist Asset Financing etc Act (TAFA). (Source: Treasury renews TAFA designation)... DBIS updates PSC guidance - DBIS has...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

"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

Exchange International: Financial Services Regulation Newsletter - Issue 27

DLA Piper’s Financial Services International Regulatory Team welcomes you to the twenty-seventh edition of ‘Exchange – International’ – an international newsletter designed to keep you informed of regulatory developments in...more

Tax Policy Update

NUMBER OF THE WEEK: 10 percent. Rate of the one-time deemed repatriation tax on U.S. multinationals’ foreign earnings under GOP presidential candidate Donald Trump’s tax plan released Sept. 28. The revenue raised through...more

Commerce Department Extends Deadline for BE-10 Reports and Important Clarifications for Asset Managers and Insurance Companies

On Thursday, May 28, the Bureau of Economic Analysis (BEA) issued an automatic one month extension to all first time filers of the BE-10 Benchmark Survey of U.S. Direct Investment Abroad. The extension grant, coming one day...more

Locke Lord QuickStudy: Validus Court of Appeals Decision - Wholly-Foreign Retrocessions Not Subject to Federal Excise Tax

On May 26, 2015, the United States Court of Appeals for the District of Columbia upheld a District Court decision and ruled that the Internal Revenue Service could not impose excise tax on certain wholly-foreign retrocessions...more

Locke Lord QuickStudy: Proposed Regulations Issued On Hedge Fund Reinsurance Transactions

The Internal Revenue Service (IRS) recently issued proposed regulations addressing what constitutes the “active conduct of an insurance business” for purposes of the passive foreign investment company (PFIC) rules (the...more

2015 Federal Budget – Selected Tax Measures

On April 21, 2015, the Minister of Finance presented Canada’s long-awaited 2015 Federal Budget (the 2015 Budget). The 2015 Budget includes a number of taxpayer-friendly measures, including limited relief from Canadian source...more

New Thai insurance acts facilitate foreign ownership of insurers

The Life and Non-Life Insurance Acts (No. 3) were issued earlier this month. Their provisions make it substantially easier for permission for majority or total foreign ownership of insurers to be granted, and also regulate...more

Association of British Insurers Releases New Best Practice Guidelines for Lock-Up Periods

The Association of British Insurers’ guidelines recommend greater transparency in disclosures relating to lock-up agreements. On 14 April, the Association of British Insurers (ABI) published best practice...more

SEC Charges Allianz with FCPA Violations

On December 17th, the SEC brought a settled administrative FCPA action against Allianz SE, a German insurance company with a subsidiary in Indonesia. The order does not allege violations of the FCPA’s antibribery provisions,...more

The Allianz FCPA Enforcement Action – What the Compliance Practitioner Needs to Know

Who is your favorite character from the Iliad? Is it Agamemnon the king who brings the Greek Armada to Troy for his brother’s honor; perhaps Ajax the mountain of a man who is the most loyal Greek warrior; how about Achilles...more

The FCPA and Insurance Coverage: Five Strategies for Protecting Against the Financial Costs of an FCPA Claim

In an era of high profile Wall Street prosecutions and shareholder derivative suits, the phrase “Foreign Corruption Practices Act” (“FCPA”) surely should have corporate officers and executives deeply concerned and vigilant....more

Construction Insurance Rates Rise

Construction companies need experienced insurance attorneys to guide them now more than ever. That’s because the market for construction-related commercial general liability (CGL) insurance, and umbrella and excess liability...more

Strategic Investment Tax Planning for Non-Resident Aliens Using Private Placement Variable Annuities – Part II

Part I of this article addressed the potential benefits of private placement variable annuities (PPVA) for wealthy non-resident alien taxpayers. Generally, tax treaties make all of this possible. As a result, annuities are...more

ObamaCare’s Impact on Expatriate Investment Fund Partners

The United States Supreme Court upheld the constitutionality of the Health Care and Education Reconciliation Act of 2010 (commonly referred to as ObamaCare) in a decision released June 28, 2012. A copy of the decision...more

Showing Substance - Offshore Independent Directors for PE Funds - www.privateequitymanager.com

More emerging market fund managers are seeking the services of offshore non-executive directors. David Charles Lloyd of Walkers Management Services explains some of the intricacies around their function....more

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