Securities International Trade

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Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

Capital Markets Union - New Resolution from European Parliament - The European Parliament published a press release on 9 July 2015 announcing the adoption of a non-binding resolution on building a capital markets union...more

CPMI and IOSCO Consult on Harmonizing Unique Transaction Identifier

On August 19, 2015, the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) issued a consultative report on harmonization of the unique transaction...more

SEC probes US Banks for Mexican Drug Cartel Ties

The US Securities and Exchange Commission (SEC) is investigating two prominent US banks for ties to Mexican drug cartels. Reuters has reported that the SEC is conducting a sweep of the brokerage industry to ensure compliance...more

"AIFMD Passport: Europe Must Try Harder"

On July 30, 2015, the pan-EU securities regulator, European Securities and Markets Authority (ESMA), published two papers covering the application of the marketing “passport” under the Alternative Investment Fund Managers...more

Financial Services Weekly News - August 2015 #3

Regulatory Developments - FinCEN Rules Digital Precious Metal Certificates Provider is a Money Transmitter: On Aug. 14 FinCEN issued a ruling applying its virtual currency rules to an e-precious metals company. The...more

FCPA Compliance and Ethics Report-Episode 188-the BNY Mellon FCPA Enforcement Action  [Video]

The FCPA Compliance and Ethics Report is out. Today I take a deep dive into the Bank of New York Mellon, FCPA enforcement action around the hiring of close family members violating the FCPA. I discuss the enforcement...more

Blog: New GAO Report On Conflict Minerals Compliance

By coincidence, the same day that the three-judge panel of the D.C. Circuit struck down (again) a portion of the conflict minerals rule (see this post), the GAO issued a report to Congressional Committees entitled “SEC...more

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

CCSF Lifts Suspensions on Trading in Certain Financial Instruments in Relation to Greece - Following recent developments concerning the situation in Greece, the Commission de Surveillance du Secteur Financier (CSSF) has...more

Updated NBP and Beach terms and conditions: Key differences between the old terms and the new 2015 terms

For many years the Short Term Flat NBP Trading Terms and Conditions 1997 (the “NBP 1997 Terms”) have been the standard terms for trading gas on the UK’s national transmission system for natural gas (the “UK NTS”) and the...more

Section 236 of the UK Insolvency Act 1986 – extra-territorial effect?

The English High Court rejects an application by the Joint Special Administrators of MF Global UK Limited (“MF Global”) for an order seeking the production of documents pursuant to section 236 of the Insolvency Act 1986 (the...more

Financial Regulatory Developments Focus - August 2015 #3

In this week's newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

International Hacking and Insider Trading Scheme Exposes Cybersecurity Vulnerabilities at Third-Party Vendors

On August 11, 2015, the SEC announced that it was bringing fraud charges against 32 defendants for their alleged participation in a five-year, international hacking and insider trading scheme. According to the SEC, two...more

BNY Mellon Settles First Sons and Daughters (and Nephews) FCPA Hiring Matter – Part I

Yesterday the Securities and Exchange Commission (SEC) announced a resolution with Bank of New York Mellon Corporation (BNY Mellon) for violations of the Foreign Corrupt Practices Act (FCPA). This was the first enforcement...more

Dodd-Frank Turns Five, What Comes Next?

The 2008 credit crisis was the beginning of an era of unprecedented government management of the capital markets. July 21, 2015 marked the fifth anniversary of the hallmark congressional response, the Dodd-Frank Wall Street...more

Orrick's Financial Industry Week in Review

5th Circuit Revives FDIC's Suit Against Goldman, Deutsche Bank, and Royal Bank of Scotland - On August 10, 2015, the Fifth Circuit revived a securities fraud suit brought by the Federal Deposit Insurance Corporation...more

HKSFC Issues Circular on Application Process for Exemptive Relief Under CFTC Regulation 30.10

On August 13, the Hong Kong Securities and Futures Commission (HKSFC) issued a circular describing the application procedure for certain licensed corporations to deal directly with customers in the United States pursuant to...more

Macron Law: its major changes

The law for growth, activity and equal opportunities, known as “Macron Law” (hereafter referred as “the Law”) has been approved on 6 August, 2015. From the reform of the procedure before employment tribunals to the...more

Former SAP Executive Pleads Guilty to Paying “Necessary” Bribes

On August 12, the DOJ and SEC announced joint enforcement actions against software giant SAP International’s former head of Latin American sales, Vicente Garcia. Garcia pleaded guilty to conspiracy to violate the FCPA and...more

5th Circuit Revives FDIC’s Suit Against Goldman, Deutsche Bank, and Royal Bank of Scotland

On August 10, 2015, the Fifth Circuit revived a securities fraud suit brought by the Federal Deposit Insurance Corporation (“FDIC”) as receiver for Guaranty Bank against Goldman Sachs & Co., Deutsche Bank AG, and the Royal...more

ESMA Reports to European Commission on Functioning of EMIR Framework

On August 13, 2015, the European Securities and Markets Authority (ESMA) published four reports on how the EMIR (the Regulation on over the counter derivative transactions, central counterparties and trade...more

FCPA Compliance and Ethics Report-Episode 187-Francine McKenna from Market Watch at the Wall Street Journal [Video]

In this episode I visit with Francine McKenna, well known writer and speaker about Big 3 auditing and auditors. She has recently taken her considerable skills and talents to the Wall Street Journal where she now writes as the...more

EBA Final Guidelines on Passport Notifications for Mortgage Credit Intermediaries

On August 11, 2015, the European Banking Authority (EBA) published its final guidelines (EBA/GL/2015/19) on passport notifications for mortgage credit intermediaries under the Mortgage Credit Directive (2014/17/EU) (MCD). The...more

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

Luxembourg Holds Presidency of the Council of the EU for 12th Time One of Luxembourg’s priorities, as it takes on presidency of the Council of the European Union, is to stimulate investment to boost growth and...more

White & Case ECB News – Issue 1, 2015

How global events shape local labour laws - Giving employers the better deal? The global economic crisis squeezed corporate profits, reduced demand for goods and services and shrank workforces. Now, new labour laws...more

Orthofix Deferred Prosecution Agreement Extended for Two Months

In a recently-filed status report, the DOJ and medical device manufacturer Orthofix revealed that the company’s Deferred Prosecution Agreement (DPA) will be extended by two months. The DPA was due to expire on July 17, 2015,...more

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