Securities International Trade

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Oil & Gas Sector in Mexico: The Mexican Government Announces Round Two | Publications

On July 20, 2016, the Mexican government, through the Comisión Nacional de Hidrocarburos (National Hydrocarbons Commission) (“CNH”), published in the Diario Oficial de la Federación (the Federal Official Gazette) the Bidding...more

ESMA Advice on Extending the AIFMD Passport to Non-EU Countries

ESMA sees no significant obstacles to extending the AIFMD passport to nine key countries. The European Securities and Markets Authority (ESMA) has published advice to the European Commission, the European Parliament, and...more

U.S. Customs Aims to Increase Enforcement of the Jones Act

In what could foretell a significant increase in the enforcement of the coastwise trade provisions of the Jones Act, U.S. Customs and Border Protection (Customs) announced on July 18 the creation of the National Jones Act...more

"EU Market Abuse Regulation — New Requirements for Issuers of Debt Securities Admitted to Trading in Europe"

On 3 July 2016, Regulation 596/2014 of the European Parliament and of the Council of the European Union (the Market Abuse Regulation) repealed and replaced Directive 2003/6/EC on Market Abuse (the Market Abuse Directive)....more

SGX to Set Up Subsidiary Company ‘Regco’ for Regulatory Functions

Market players hail the establishment of a separate subsidiary to handle regulatory functions in response to concerns about conflicts of interest in SGX’s self-regulatory structure. On 18 July, Singapore Exchange (SGX)...more

New Legislation Modernizes Luxembourg Company Law

The Luxembourg Parliament adopted two new laws on 18 July 2016 (the “New Laws”), which update key features of some of Luxembourg’s long-established and most frequently used corporate structures and introduce new structures....more

"Brexit: Implications for UK Capital Markets"

On 23 June 2016, a majority of the UK electorate voted to leave the European Union (EU). This decision, referred to as “Brexit”, has already caused significant domestic political upheaval, but the ultimate legal implications...more

ESMA Guidance Published On Application Of AIFMD Passport to Non-EU Jurisdictions

Four things you need to know: - ESMA has been undertaking a review of whether or not a number of jurisdictions outside the EU might be eligible to benefit from the various passporting rights, which could be extended...more

DOJ’s FCPA Pilot Program Keeps Heat on Individuals

In April, the Department of Justice (DOJ) announced a one-year pilot program offering certain violators of the Foreign Corrupt Practices Act (FCPA) the possibility of reduced sanctions on top of any credit provided for by the...more

Brexit & Financial Services: The Big Question

The prospect of the UK leaving the EU has raised a host of questions for the financial services industry. This client alert is principally concerned with how firms in the UK may access the EU single market post Brexit without...more

Brexit: How will it impact asset and fund managers?

Following the result of the UK referendum on 23 June 2016 to leave the EU, there is still a considerable amount of uncertainty about the impact of the decision on the financial services industry, including asset and fund...more

Quarterly Investment Update - 2nd Quarter 2016

Stock Market Commentary - The markets endured much drama in the two weeks leading up to quarter - end as the surprise exit of the U.K. from the European Union rattled investors. Brexit knocked over 5% off of the S&P...more

Governance & Securities Law Focus: Europe Edition, July 2016

In this newsletter, we provide a snapshot of the principal European, US and selected international governance and securities law developments of interest to European corporates. Please see full Newsletter below for more...more

ESMA Consultation on Validation and Review of Credit Rating Agencies’ Methodologies

On July 13, 2016 the European Securities and Markets Authority published a new consultation paper relating to Credit Rating Agency methodologies. This follows on from a discussion paper published on November 17, 2015 and an...more

ESMA issues advice on extension of the AIFMD Third Country Passport to 12 non-EU countries, including the United States

On July 19, 2016, the European Securities and Markets Authority (ESMA) published its final advice (Advice) on extending the application of the marketing passport under the Alternative Investment Fund Managers Directive...more

Listing Indian Companies on the Hong Kong Stock Exchange

India is now included as an “acceptable jurisdiction” by The Stock Exchange of Hong Kong Limited (the “HKEx”). The HKEx also published a new “Country Guide – India” (the “India Guide”) relating to India-incorporated issuers....more

Johnson Controls Pays $14 Million for China FCPA Violations: DOJ Declines Prosecution

At first glance, the SEC’s recent enforcement action against Johnson Controls for $14 million for FCPA violations in China, along with a Justice Department declination under its new Pilot Program, appears to be a “routine”...more

Enforcement Week II: The Johnson Controls FCPA Enforcement Action – Part I

I continue my exploration of recent enforcement matters and issues by turning to the Johnson Controls, Inc. (JCI) Foreign Corrupt Practices Act (FCPA) enforcement action, which was announced last week. Mike Volkov has called...more

Orrick's Financial Industry Week in Review

Federal Reserve Announces Extension of Conformance Period under Section 13 of the Bank Holding Company Act - On July 7, 2016, the Federal Reserve announced that it will extend until July 21, 2017 the conformance period...more

European Margin Rules for Non-Cleared OTC Derivatives – Final Draft RTS are adopted by the European Supervisory Authorities

On 8 March 2016, the European supervisory authorities (the "ESAs") adopted the long-awaited final draft RTS on margin requirements for non-cleared derivatives (the "Margin Rules"). The Margin Rules constitute the risk...more

In Case You Missed It: Launch Links - July 2016

Some interesting links we found across the web this week: Europe Approves New Trans-Atlantic Data Transfer Deal - Amid the Brexit fallout, the EU is pushing forward on its new “Privacy Shield” agreement with the...more

The Financial Report, Volume 5, Number 13

On June 23, just hours after we published our last edition, the United Kingdom voted to exit the European Union. Brexit, as it has come to be known, immediately raised a number of issues of potentially enormous significance...more

EU Proposal to Address Virtual Currency Exchanges & Wallet Providers in Anti-Money Laundering Laws

The European Commission recently published a proposal to amend the Fourth Anti-Money Laundering Directive, the legislation that specifies the anti-money laundering, or AML, and counter terrorist financing rules for EU Member...more

Congressmen Question IPO Fees

Congressman Himes (CT) and eight other members of Congress wrote to FINRA and to the Securities and Exchange Commission questioning the typical 7% gross spread in U.S. IPOs. The letter appears to have been prompted by a...more

Your daily dose of financial news - The Brief – 7.18.16

William Ackman’s multi-year effort to expose Herbalife as a Ponzi scheme (and make good on his massive short of its stock) saw something of a moral victory last week, with the FTC imposing big-time sanctions ($200 million in...more

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