Privacy, Finance & Banking, International Law & Trade

SEC and CFTC Issue Identity Theft Rules

by Ana-Maria Ignat, Daniel A. Nathan | Morrison & Foerster LLP on 4/22/2013

Today, April 19, 2013, the Securities and Exchange Commission (“SEC”) and the Commodity Futures Trading Commission (“CFTC”) published in the Federal Register rules and guidelines requiring their respective regulated financial...more

Business News Digest – April 2013

by Michael Baader, Jamie Barnett, Andrew Bigart, Amanda C. Blunt, Edward Boyle, Gregory Braker, Robert Burton, Emilio W. Cividanes, John F. Cooney, Krista Coons, Ashley Craig, Daniel Danello, more +Robert P. Davis, Paul Debolt, Douglas Emhoff, Lisa Jose Fales, Matthew R. Farley, Kathryn Floyd, Thomas Gilbertsen, Nancy Grunberg, Michael Hartmere, J. Scott Hommer, Stuart P. Ingis, Jay Johnson, Jonathan King, Mitchell Kolkin, George Kostolampros, Dismas Locaria, Elizabeth Lowe, Melissa McLaughlin, Lindsay B. Meyer, Parker B. Morrill, Jonathan L. Pompan, Hillary Profita, Matthew R. Rabinowitz, Megan Roberts-Satinsky, Anthony Rosso, Martin Saad, Sejal Shah, Raymond Shepherd, Eric R. Smith, Robert Smith, Margaret Strand, Joeann Walker, Ariel S. Wolf, Jason Wool, Brian Zimmet | Venable LLP on 4/15/2013

In this issue: - Finders May Pose Risk in Private Capital Raising - NIST Holds First Workshop on Executive Order Cybersecurity Framework - NIST Issues Request for Information, Begins Developing...more

FinCEN Issues Virtual Currency Guidance

by Keith R. Fisher, Alan S. Kaplinsky, Beth Moskow-Schnoll, Mercedes Kelley Tunstall | Ballard Spahr LLP on 3/25/2013

The Financial Crimes Enforcement Network (FinCEN) has issued formal guidance to clarify the anti-money laundering obligations of administrators and exchangers of convertible virtual currency. “Virtual” currency, unlike...more

Banking secrecy in Cyprus: When can account information be divulged?

by Demetris Nicolaou | Harney Westwood & Riegels on 3/19/2013

Banking secrecy has been under scrutiny during the past few years, with Swiss and Luxembourg banks under pressure to relax banking secrecy rules. In Cyprus, the Banking Law (66(I)/97, as amended) contains several provisions...more

European Commission Publishes Cybersecurity Strategy and a Proposed Directive on Network and Information Security that Would...

by King & Spalding on 2/25/2013

On 7 February 2013, the European Commission published two cybersecurity documents designed to provide a comprehensive vision of how European Union Member States, national authorities, and private industry will prevent and...more

New IRS reporting rules raise privacy concerns

by Bilzin Sumberg Baena Price & Axelrod LLP on 10/17/2012

Originally published in the Daily Business Review on October 16, 2012. New IRS regulations that require banks to report non-U.S. taxpayers' bank deposit interest, which could then be shared with their home countries,...more

Defending the Homefront: A Cybersecurity Executive Order

by Proskauer - Privacy & Data Security on 10/9/2012

The simultaneous denial of service attacks on the three largest U.S. banks which occurred two weeks ago were reported to have originated in Iran. After years of stealth cyber attacks on American interests, U.S. intelligence...more

Will The IRS Report Non-U.S. Taxpayers’ Bank Deposit Interest To Foreign Governments?

by Bilzin Sumberg Baena Price & Axelrod LLP on 9/26/2012

Banks’ Reporting Requirements Raise Privacy Concerns - Effective January 1, 2013, U.S. financial institutions will be required to annually report bank deposit interest earned by non-U.S. residents to the IRS. Currently,...more

French Employment News – What You Missed During the Summer

by K&L Gates LLP on 9/7/2012

New Legislation - Compensation & Benefits – Modification of the tax regime for severance amounts paid as of September 1, 2012 Article 30 of the public finance act (modifying the 2012 budget) substantially reduced...more

Gearing Up For The Complicated Worlds of Outsourcing and Offshoring - May 14, 2012

by Dechert LLP on 5/15/2012

In This Issue: - Head in the Cloud? Achieving Savings While Managing Risks in the United States - Country Risk: Illustrated - Consumer Financial Protection Bureau Issues Outsourcing Guidance Excerpt from...more

An Intergovernmental Approach to FATCA: US Treasury Issues Joint Statement From the United States, France, Germany, Italy, Spain...

by White & Case LLP on 3/16/2012

On February 8, 2012, the Department of Treasury (the “Treasury”) and the Internal Revenue Service (the “Service”) issued proposed regulations under the Foreign Account Tax Compliance Act (“FATCA”). FATCA establishes a new US...more

ABA Urges Respect For Foreign Privacy Laws

by Dechert LLP on 2/13/2012

“Commerce among nations should be fair and equitable.” -- Benjamin Franklin The global economy of the 21st century has given rise to an important international conflict of laws, the...more

January 20, 2012 - The Federal Crimes Watch Daily

by McNabb Associates, P.C. on 1/20/2012

The Federal Crimes Watch Daily is a daily newspaper that discusses current federal criminal issues written by a federal criminal defense attorney....more

Confidentiality in the BVI and Cayman Islands

by Harney Westwood & Riegels on 11/4/2011

The issue of confidentiality in offshore financial centres is high on the agenda in the financial press. Whether it is banking secrecy or the disclosure requirements governing the establishment of offshore companies and...more

The Legal Counselor - September 13, 2011

by Michael Diaz Jr. - Diaz Reus International... on 10/10/2011

In this issue: The Royal Wedding and IP Rights in the Fashion Industry; New Privacy Laws in India and China - A Barrier to Outsourcing; Foreign Direct Investment in Venezuela; and The Future of Islamic Finance in the Middle...more

FinCEN Publishes a Final Rule and Interpretive Guidance Clarifying the Scope of SARs Confidentiality Provisions

by King & Spalding on 12/29/2010

As part of the ongoing effort to increase efficiency and effectiveness of its anti-money laundering (AML) policies, on December 3, 2010, the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) published a...more

Summer’s Last Gasp: Notice 2010-60- Preliminary Guidance Under FATCA

by Sutherland Asbill & Brennan LLP on 12/10/2010

INTRODUCTION Issued during the afternoon of the last Friday in August, Notice 2010-60 1 (the Notice) was soon emailed around the world even though it was evening in Europe and the middle of the night in Asia. Eagerly...more

HSBC Next Tax Haven Bank Under Attack?

by Sanford Millar on 10/27/2010

According to press reports a former employee of HSBC Private Bank in Geneva, Switzerland stole computerized account data on 80,000 accounts and delivered the information to French authorities. There is no indication how many...more

Data Protection Regulator for Germany's Schleswig-Holstein Calls for European Review of FTC's Safe-Harbor Program

by Duane Morris LLP on 8/6/2010

An earlier Alert, "German Privacy Regulators Issue Decision on Data Protection and Safe-Harbor Self-Certification of US Companies," analyzed the Düsseldorfer Kreis decision that appeared to undermine the US Department of...more

IRS-UBS Deal Likely Brought to Swiss Voters

by Darrin Mish, Tampa Tax Attorney on 6/28/2010

Last year, the IRS and Switzerland’s UBS Bank hammered out a deal where UBS agreed to disclose names of 4,450 American depositors suspected of stashing the cash in their UBS accounts to avoid paying taxes, against Swiss...more

Advertising Law - February 8, 2010

by Manatt, Phelps & Phillips, LLP on 2/10/2010

In This Issue: *States Consider Action on Gift Card Laws *ICC Releases Guidelines on International Green Marketing *The Little “i” That Could *Twitter Defamation Suit Dismissed – Tweets Are “Rambling Hyperbole” *Trade...more

Potential New Data Protection Obligations for Credit Reporting Agencies in China

by Morrison & Foerster LLP on 10/22/2009

Legal assistant Fang Jingxiao in the firm's Beijing office provided valuable assistance on this article. The People’s Republic of China (“PRC”) does not possess a comprehensive legal framework to regulate the use and...more

FSA Imposes Biggest Ever Fine on HSBC in the UK for Data Breaches

by Morrison & Foerster LLP on 7/24/2009

The UK Financial Services Authority (FSA) announced that it has fined HSBC almost £3.2 million in respect of data security breaches by three of the banks' units. HSBC Life UK Limited was fined £1,610,000, HSBC Actuaries and...more

Financial Services Report: Staying Ahead of the Summons - Winter 2008

by Morrison & Foerster LLP on 12/8/2008

IN THIS ISSUE: *Beltway Report, Pg. 2 *Credit Card Report, Pg. 4 *Operations Report, Pg. 5 *Mortgage Report, Pg. 6 *Preemption Report; Privacy Report, Pg. 8 *Arbitration Report, Pg. 9 Please see full Report for...more

Lang Michener InBrief Winter 2008/2009

by Lang Michener LLP on 11/12/2008

Lang Michener lawyers are committed to keeping our clients informed on the latest legal news and strategies that affect their businesses. We regularly write articles and briefs on key topics with a direct impact on business...more

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Privacy › Finance & Banking › International Law & Trade