International Trade Residential Real Estate

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NAIC Report – 2014 Summer National Meeting

The National Association of Insurance Commissioners (NAIC) met for its Summer National Meeting in Louisville, Kentucky, August 14-19. International regulatory standards were a prime focus of the meeting, as the International...more

Miami Developers Utilizing Non Traditional Sources of Venture Capital

With all the current and planned building projects taking place in South Florida, it seems the recent real estate crash has largely been forgotten. However, the collapse still haunts traditional lending institutions, many of...more

Orrick's Financial Industry Week in Review

Financial Stability Board Publishes Responses to Consultation on Proposed Reforms of the Forex Market - On August 20, the Financial Stability Board (FSB) published responses to its consultation in respect of proposed...more

Foreign Investors Still Stimulating Miami’s Real Estate Boom

Miami, once the poster child for the recent housing bubble and subsequent crash, now has the strongest housing market in the U.S. and is one of the exclusive high-end real estate “export” economies in the world. This...more

Hastings-Bass and Mistake: Should the BVI follow Jersey’s example?

On 25 October 2013 the States of Jersey introduced never before seen statutory provisions which seek to clarify, as a matter of Jersey law, the existence and nature of the Hastings-Bass principle and the doctrine which allows...more

New Circular to Relax the Filing Process for Foreign-Invested Real Estate Enterprises

In June 2014, the Ministry of Commerce (“MOFCOM”) and the State Administration of Foreign Exchange (“SAFE”) jointly promulgated the Circular Concerning Improvement of Filing Process for Foreign Invested Real Estate...more

Orrick's Financial Industry Week in Review

Bank of England Publishes Statement on Enforcement Action Against Lloyds Bank PLC and Bank of Scotland PLC - On July 28, the Bank of England published a statement on Financial Conduct Authority enforcement action...more

What is Happening Now in the Market for EB-5 Financing for Hotel, Multi-Family and Mixed Use Real Estate Developments

Competition for EB-5 Financing is Strong. Demand for EB-5 financing among U.S. real estate developers is at record high levels, and demand for high quality EB-5 investments in China remains strong. Marketing agents in...more

Orrick's Financial Industry Week in Review

ESMA Launches Consultations on New Market Abuse Regime Under MAR - ESMA has published two consultation papers on the draft technical standards and the draft technical advice it is developing for the implementation of a...more

Orrick's Financial Industry Week in Review

New York's Highest Court Will Review First Department Decision on RMBS Putback Statute of Limitations - On June 27, the Court of Appeals for the State of New York agreed to review the First Department's December 2013...more

Credit Crunch Digest

This issue of the Credit Crunch Digest focuses on ongoing civil lawsuits and regulatory investigations into Libor manipulation by large banks, including the possible imposition of new criminal penalties by U.K. authorities...more

3 Red Lights And 3 Green Lights For Non-US Investors In US Real Estate: Tax Challenges And Solutions

Investment in US real estate by non-US investors is increasing. Non-US investors acquired almost $23 billion in US real estate, representing a 9% increase over 2012 and accounting for 13% of all real estate transactions in...more

FinCrimes Update - Summary, Volume 1, Issue 4

FDIC RESTRICTS BANK’S CARD BUSINESSES PENDING BSA COMPLIANCE ENHANCEMENTS - On June 5, the FDIC and a Delaware bank entered a consent order that prohibits the bank from entering into any new relationships with...more

Draft of the Amendment to the Investment Ordinance - Effects on Fund Investments

The Federal Ministry of Finance (BMF) issued a draft ordinance for the amendment of the Investment Ordinance (Anlageverordnung – AnlV) and the Pension Fund Capital Investment Ordinance for consultation (“Amendment Ordinance”)...more

Government to Remove Rules Preventing Short-Term Renting of Residential Properties in London

The rules were introduced by the Greater London Council (General Powers) Act 1973 (and amended by the Greater London Council (General Powers) Act 1983). Under these Acts, use as temporary sleeping accommodation in exchange...more

Orrick's Financial Industry Week in Review

FMLC Publishes Response on Bail-in Powers - In response to a consultation by HM Treasury, the UK's Financial Markets Law Committee (FMLC) published a letter on June 4 relating to the bail-in powers introduced by the...more

Maine Adopts New National SAFE MLO Test with Uniform State Component

Maine is the latest state to announce that it will be adopting the new National SAFE Mortgage Loan Originator (MLO) Test with the Uniform State Test (UST) component. The Maine Bureau of Consumer Credit Protection (the Bureau)...more

Orrick's Financial Industry Week In Review

Council of EU Publishes Compromise Proposal on ELTIF Regulation - On May 27, the Council of the EU published a compromise proposal (10215/14), dated May 23, 2014, in respect of the European Commission's proposed...more

Buying bad loans and distressed debt in Europe (and Italy)

Some are calling it the “distressed real estate gold rush in Europe.” Others who have been expecting 1990s-style opportunistic investment opportunities for several years, now are seeing a change in European banks’ willingness...more

Orrick's Financial Industry Week in Review

FCA Updates AIFMD Web Page - The Financial Conduct Authority (FCA) has updated its "latest news" Web page on the Alternative Investment Fund Managers Directive (AIFMD) with additional information relating to...more

Mi Casa es Su Casa! - Planning Considerations Non-Resident Aliens Purchasing a Home in America

Overview - In spite of our many problems as a nation, the quality of life and level of economic opportunity as well as the overall respect for the rule of law, places the United States in a very unique position when...more

UK Shale Exploitation: Securing Subsurface Access Rights

In February, King & Spalding was invited to participate in an access rights workshop run by UK oil and gas regulator, the Department for Energy & Climate Change ("DECC"). The purpose of the workshop was to invite...more

Blame It on the Bossa Nova! A One Note Samba for Inbound Real Estate in the U.S

As an undergraduate at West Point, I was a Spanish and Portuguese major. My Brazilian “thing” had already started a decade earlier as a ten year old growing up in the Panama Canal Zone seeing Pele play for his Brazilian team...more

Orrick's Financial Industry Week in Review

ESMA Reports on Information that Competent Authorities Should Provide to it Under the AIFMD - The European Securities and Markets Authority (ESMA), has published a final report of technical advice for the European...more

Taxing Non-Residents on Capital Gains from UK Residential Property – UK Government Consults on New Rules

The UK does not generally impose tax on capital gains of non-UK residents in relation to real estate properties in the UK. However, the Government has announced that tax will be imposed on future capital gains made by non-UK...more

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