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AIFMD Goes Live

After a one-year transitional period, the Alternative Investment Fund Managers Directive (AIFMD) officially went into effect on July 22, 2014. ...more

Stacking the Deck: SEC’s Use of Administrative Proceedings

The SEC has a real perception problem. They cannot win in court. Whether this is fair or not, the SEC needs to move beyond this fear of losing since it only undermines the integrity of its enforcement program....more

Jury Convicts Investment Adviser on Multiple Counts of Fraud

James Tagliaferri, the former President of TAG Virgin Islands, a registered investment adviser, was found guilty by a jury of one count of investment adviser fraud, six counts of violating the Travel Act, one count of...more

BVI advice necessary in relation to BVI company claims: Wong v Wang

The Hong Kong Court of First Instance confirmed in its recent decision in Wong Ming Bun v Wang Ming Fan [2014] 1 HKLRD 1108 that in any claim by way of derivative action on behalf of a company incorporated in the British...more

SEC Settlement: The FCPA Risks of Entering New Markets

Entering into new, international markets may be good for developing business, but it also carries certain risks. This is particularly true in many countries where doing business may include making gifts, paying gratuities and...more

Guns and More Guns: SEC Hits Smith & Wesson for FCPA Violations

One thing the SEC likes to do is bring cases with a lot of deterrent value. That is, cases that it hopes will scare other people and companies into complying with the law. Often that means cases with large price tags...more

Orrick's Financial Industry Week in Review

Amendments to Offshore Fund Rules to Reflect Finance Act 2014 AIFM Partnership Tax Changes - Regulations amending the Offshore Funds Regulations 2009 (the 2009 Regulations) to reflect the Finance Act 2014 changes to...more

Form SHL: Foreign Resident’s Holdings of U.S. Securities Due August 2014

The U.S. Department of the Treasury requires U.S. resident issuers (including U.S. resident investment funds) and investment advisers managing foreign investment funds to report foreign residents’ holdings of U.S. securities,...more

Saudi Opens Market to Foreign Financial Institutions

In a long anticipated measure, the Saudi Council of Ministers (which is the highest authority in the Kingdom) issued a resolution on 21 July, 2014 authorizing foreign financial institutions to directly buy and sell stocks...more

FCPA Mid-Year Assessments

The Internet is littered with FCPA Mid-Year Assessments and reports on enforcement activity and so-called trends and developments. Talk about making mountains out of molehills. Some of the reports are excellent; others are...more

The Financial Report - Volume 3, No. 14 • July 24, 2014 (Global)

Discussion and Analysis - Monday of this week was the fourth anniversary of the signing of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Like all anniversaries, it is a time for looking back. As would...more

Designing Cost Effective Risk Assessment Programs May 21, 2014 [Video]

The foundation of every anti-corruption ethics and compliance program is a risk assessment. It is important to design and implement a process to conduct an initial risk assessment, to update the risk assessment, and to ensure...more

Managing Your Internal Investigation Program June 3 2014 [Video]

Global companies have to design and implement an efficient process for conducting internal investigations. An effective ethics and compliance program requires companies to screen complaints, assign appropriate resources to...more

This Week In Securities Litigation (Week ending July 25, 2014)

The Commission issued its long discussed rules reforming money markets this week, requiring that institutional prime money market funds have a floating NAV. The vote was 3-2....more

US China Trade–Developments In Trade, IP, Antitrust And Securities

Dear Friends, There have been major developments in the trade, policy, US Exports to China, CFIUS, Chinese Antidumping, US/Chinese antitrust, and securities areas....more

U.S. District Court Limits the Extraterritorial Application of U.S. Bankruptcy Law but Important Considerations for Foreign...

On July 6, 2014, Judge Jed S. Rakoff, United States District Judge for the Southern District of New York, declined to extend the reaches of section 550(a) of the Bankruptcy Code abroad to permit the recovery of funds that...more

AIFMD: Renewed Focus on Its Impact on Non-EU Managers of Private Funds

Although AIFMD took effect in key EU member states in 2013, in practice, its one-year grace period largely gave managers of alternative investment funds an opportunity to postpone compliance until 22 July 2014....more

CFTC Seeks Comment on ICE Clear Europe Portfolio Margining Proposal

The Commodity Futures Trading Commission has requested public comment on a petition submitted by ICE Clear Europe Limited to amend an order issued by the CFTC on May 30...more

ISDA Section 2(a)(iii) Amendment Limits Prerogatives of Non-Defaulting Parties

On June 19, the International Swaps and Derivatives Association (ISDA) published a long-awaited standard amendment to Section 2(a)(iii) of the ISDA Master Agreement (the Master Agreement). Section 2(a)(iii) of the Master...more

New SAFE Rules Facilitate Registration for Overseas Financing and Investment by Chinese Domestic Residents

The Chinese foreign exchange control authority recently adopted material changes to the regulatory framework on overseas financing and investment via special purpose vehicles undertaken by Chinese domestic residents and the...more

AML BSA and Sanctions Compliance Part II of II June 24, 2014  [Video]

The Department of Justice and the Treasury Department have stepped up AML/BSA and Sanctions Enforcement. With the ever-increasing expansion and modification of sanctions, risks for all businesses, not just financial...more

AML BSA and Sanctions Compliance I of II June 10 2014 [Video]

The Department of Justice and the Treasury Department have stepped up AML/BSA and Sanctions Enforcement. With the ever-increasing expansion and modification of sanctions, risks for all businesses, not just financial...more

New Credit Default Swap Terms to Be Implemented in September 2014

Earlier this year, the International Swaps and Derivatives Association Inc. (ISDA) published the 2014 Credit Derivatives Definitions (the 2014 Definitions). The 2014 Definitions introduce a new government bail-in Credit Event...more

Shearman & Sterling's Recent Trends and Patterns in the Enforcement of the Foreign Corrupt Practices Act (FCPA)/FCPA Digest

In this issue: - Recent Trends and Patterns in FCPA Enforcement - Recent Trends and Patterns in FCPA Enforcement Enforcement - Actions and Strategies - Statistics - Types of Settlements...more

Code of Conduct, Compliance Policies and Procedures-Part I

For the remainder of this week, I will have a four-part episode on your Code of Conduct and anti-corruption compliance policies and procedures. In today’s post I will review the underlying legal and statutory basis for the...more

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