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China issues new CBRC Guidelines Is China putting the squeeze on foreign investment in its banking industry?

A new set of regulations issued by the China Banking Regulatory Commission has fuelled concerns that China intends to squeeze foreign investment in its banking industry....more

Data centres: The linchpins of the new digital economy

Data centres are the unseen yet integral part of the digital infrastructure of today’s global cities. The market in the specialist provision of data centres around the world is growing dramatically—and it shows no signs of...more

Bridging the Week - February 2015 #2

Industry Watchdogs Warn Brokers and Advisory Firms on Cybersecurity Threats - Both the Securities and Exchange Commission and the Financial Industry Regulatory Authority published observations of their review of...more

New Opportunities in Cuba for U.S. Travel and Medical Companies – Cigars but not Commerce

After President Obama's announcement that his Administration will pursue a policy aimed at improving U.S.-Cuba diplomatic relations and ultimately eliminating the economic embargo on Cuba, the U.S. Treasury and Commerce...more

European Banking Authority Releases Internet Payment Guidelines

The European Banking Authority (EBA) released ‘Final guidelines on the security of internet payments’ (Guidelines). These Guidelines are based on the work published by the European Forum on the Security of Retail Payments...more

Bitcoin – The Ever “Curiouser and Curiouser” Bitcoin Wonderland – Part Eleven

“Virtual currencies” in general, and bitcoin in particular, continue to attract media attention as well as intense public and regulatory scrutiny. In the United States, the recent establishment of the Digital Currency...more

President Obama Announces New Cybersecurity Proposals

On January 13, President Obama visited the National Cybersecurity and Communications Integration Center to announce a variety of legislative and administrative proposals, many of which were updates to his 2011 Cybersecurity...more

EDPS publishes Guidelines on data protection in EU financial services regulation

The European Data Protection Supervisor published ‘Guidelines on data protection in EU financial services regulation’ (Guidelines) to be used as a “practical toolkit for ensuring that EU data protection rules are integrated...more

The World Wide Tax Web: FATCA Data Sharing Goes Online

The IRS has unveiled a secure web application, the International Data Exchange Service (IDES), for cross-border data sharing. IDES will allow Foreign Financial Institutions (FFIs) and tax authorities from other countries to...more

U.S. Relaxes the Half-Century-Old Embargo on Cuba

As promised by President Obama in December 2014, the Commerce Department's Bureau of Industry and Security (BIS) and the Treasury Department's Office of Foreign Assets Control (OFAC) today issued regulations that lessen the...more

US Implements Measures to Liberalize Cuba Sanctions and Export Controls

On January 16, 2015, the United States amended existing regulations to implement the changes announced by President Obama on December 17, 2014, liberalizing US sanctions and export controls targeting Cuba. As a result, the US...more

This Is One Form 8-K, You’ll Never Want To File

In a recently filed Form 8-K, an international money transmitter, Xoom Corporation, reported that been the victim of a criminal fraud. This was no small heist. According to company, over $30 million had been transferred to...more

Popular European Bitcoin Exchange Suffers Breach

BitStamp, one of the largest Bitcoin exchanges, suspended its services last week and asked customers not to make deposits following a security breach. On January 4, some of BitStamp’s “virtual wallets,” which permit customers...more

Alert: The Regulation of Virtual, Digital and Crypto-currencies

There are more than 6004 virtual currencies in use around the world today. Bitcoin is one of the best known and most widely used in Europe and North America. ...more

Australian Tax Alert: Bitcoin And Crypto-Currencies: Why The GST Law Should Change

The ATO released a draft ruling on the GST treatment of bitcoin transactions on 20 August 2014. A final version of that ruling, GSTR 2014/3, was released on 17 December 2014. While the ruling deals specifically with bitcoin,...more

FinCrimes Update - December 2014, Volumn 1, Issue 10

In this Issue: BSA/AML & OFAC | Virtual Currency & Payment Systems | FCPA & Anti-Corruption | Criminal Enforcement...more

US Issues Executive Order Imposing Sanctions with Respect to North Korea in Response to Recent Provocations

On January 2, 2015, President Obama signed an Executive Order (EO) authorizing the imposition of sanctions against the Government of North Korea and the Workers’ Party of Korea. Pursuant to this EO, the United States added...more

Currency Conversion Concerns: New York Issues Guidance on Virtual Currencies

On December 5, 2014, the New York Department of Taxation and Finance (Department) released TSB-M-14(5)C, (7)I, (17)S. This (relatively short) bulletin sets forth the treatment of convertible virtual currency for sales,...more

Healthcare & Life Sciences Private Equity Deal Tracker: CardioDx Secures $35 Million in Financing

CardioDx, headquartered in Redwood City, Calif., is a molecular diagnostics company specializing in cardiovascular genomics. Participants in this round of financing included Alberta Investment Management Corp. and the...more

Orrick's Derivatives in Review - December 2014

The Bitcoin Marketplace and Regulatory Environment: An Overview - Startup companies and financial products focused on bitcoin continue to burgeon, resulting in various regulators recently proposing regulations, making...more

Spotlight On Federal Tax Developments In 2014

This article highlights a number of interesting federal tax developments that were brought to the table during the 2014 calendar year. Developments discussed in this article include the 18-month transitional period for the...more

FinCrimes Update - November 2014 Summary, Volume 1, Issue 9

IN THIS ISSUE: BSA/AML & OFAC | Virtual Currency & Payment Systems | FCPA & Anti-Corruption | Criminal Enforcement. ...more

UPDATED – Russia Issues Draft Legislation Prohibiting Virtual Currencies – Translation Available

The Ministry of Finance recently revised its proposed legislation banning virtual currency activity, reducing the applicable fines by approximately 20-50%. However...more

EDPS has published Guidelines on Data Protection in EU Financial Services Regulation

On November 25, the European Data Protection Supervisor (EDPS) published guidelines on data protection in EU financial services regulation. The EDPS aims to ensure that the EU institutions and bodies are aware of data...more

Cyber Monday – December 1, 2014

Welcome to December – we hope you had a restful and enjoyable Thanksgiving holiday. Here are a few privacy bits and bytes to start your week. 1. ICYMI – 60 Minutes Explains Credit Card Hacking...more

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