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Read need-to-know updates, commentary, and analysis on Securities issues written by leading professionals.

SFC (the “Commission”) Expresses Concern over Irregularities in Asset Management Activities

•The Commission has identified a number of regulatory concerns with respect to private funds and discretionary accounts, in particular, funds with concentrated, illiquid and interconnected investments. •The Commission has...more

SFC Proposes Rules and Code for Open-Ended Fund Companies

by Dechert LLP on

Recently, the Hong Kong Securities and Futures Commission (SFC) published a consultation paper on the Securities and Futures (Open-ended Fund Companies) Rules (Rules) and Code on Open-ended Fund Companies (Code) which, if...more

U.S. Withholding on Synthetic Trades over U.S. Equities—Further Delay of Full Implementation Until 2019 (Notice 2017-42)

In response to perceived abuses in taxpayers’ use of swaps and other derivative transactions (e.g., options, futures or forwards) to avoid withholding tax on U.S. source dividends, Congress added Section 871(m) to the...more

Orrick's Financial Industry Week In Review

On August 8, 2017, the Federal Reserve Board and Federal Deposit Insurance Corp. extended the deadline for 19 foreign banks and two domestic bank holding companies to file their next round of "living wills" detailing how they...more

Loans to U.S. Subsidiaries Should Be Carefully Structured and Documented to Obtain U.S. Tax Benefits

by Dorsey & Whitney LLP on

Canadian companies should carefully structure and document loans and advances to their U.S. subsidiaries. If loans to U.S. subsidiaries are not properly structured and documented, such loans may be recharacterized as equity...more

This Week in FCPA-Episode 66, the Take a Stand Edition

by Thomas Fox on

Jay and I return for a wide-ranging discussion on some of the week’s top compliance and ethics related stories, including:   1. The SEC charges KPMG and partner with blown oil and gas company audit. 2. BSRG raises its...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

We got our dose of Fed minutes yesterday, and it appears that the Fed—like the rest of us—is scratching its head over the “new reality” of concurrent low inflation and low unemployment. Fed officials are hoping that the low...more

Compliance into the Weeds-Episode 50, Where's the Upside?

by Thomas Fox on

In this very topical episode Matt Kelly and I take a deep dive into the administration’s response to the events over the weekend in Charlottesville and what it means for business leaders, compliance practitioners and others...more

Developments in the U.S. Tax Treatment of UK Charities

by DLA Piper on

The Internal Revenue Service has revoked the U.S. tax exempt status of 195 prominent UK charities by posting their names on a website. These UK charities will find it harder to attract support from U.S. individuals and...more

Day 12 of One Month to More Effective Continuous Improvement-Keeping Track of Current Events

by Thomas Fox on

In 2015, the Securities and Exchange Commission (SEC) announced resolution of a Foreign Corrupt Practices Act (FCPA) enforcement action involving the Hitachi Ltd (Hitachi). There were several interesting aspects to this...more

LIBOR Replacement Plans Bring Regulatory Considerations for Derivatives

Plans to end the long reign of the London Interbank Offered Rate (LIBOR) as one of the world's most often-used interest rate benchmarks have recently been confirmed by several top financial regulators. On July 27, 2017,...more

Day 13 of One Month to More Effective Continuous Improvement-Big Data and Continuous Monitoring

by Thomas Fox on

I continue my discussion of continuous improvement using big data in a best practices compliance program, with some thoughts on how to use it going forward. In an eBook, entitled “Planning for Big Data – A CIO’s Handbook to...more

Day 11 of One Month to More Effective Continuous Improvement-the Desktop Risk Assessment

by Thomas Fox on

Another mechanism to facilitate continuous improve comes from ideas around risk assessments. Both the Department of Justice (DOJ) and Securities and Exchange Commission (SEC) make clear the need for a risk assessment to...more

Leadership Lessons from Dunkirk

by Thomas Fox on

In this episode Richard Lummis and I consider the movie Dunkirk and the leadership lessons which can be drawn from the movie and historical events. If you have not seen it, I would suggest you go to see what I believe is the...more

News Round Up - August 2017

by Morrison & Foerster LLP on

SEC Permits Draft Registration Statements for All Initial Public Offerings and Direct Listings - On June 29, 2017, the Securities and Exchange Commission (SEC) announced that the Division of Corporation Finance will permit...more

Announcement Clarifies Regulatory Position on Digital Token Offerings in Singapore

by Jones Day on

In the wake of a recent increase in the number of initial coin (or token) offerings ("ICOs") in Singapore as a means of raising funds, as well as announcements from other concerned regulators, including in the United States,...more

Bridging the Week - August 2017 #2

Trader’s Spoofing Conviction and Sentence Upheld by Federal Appeals Court: Last week, a three-judge Federal Court of Appeals panel in Chicago unanimously upheld Michael Coscia’s criminal conviction and sentencing for...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Mr. Buffett’s decided to sell his massive 10.6 million share stake in General Electric, withdrawing from the company to which he lent roughly $3 billion to help see it through the 2008 financial crisis....more

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

by Dechert LLP on

AIFMD and UCITS - ESMA Publishes Updated Q&As - ESMA published updated Q&As on AIFMD and UCITS V on 11 July 2017. The AIFMD Q&As include three new questions and answers on the reporting requirements for...more

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

by Dechert LLP on

FCA Publishes Draft Rules to Extend the Senior Managers and Certification Regime to all Firms - The FCA published its long-expected consultation paper (CP17/25) on 26 July, with proposed rules to extend the senior managers...more

UK Implementation of MiFID II (for Hong Kong and Other Asian Managers)

The release by the UK Financial Conduct Authority (FCA) on 3 July 2017 of its final rules on the implementation of the revised Markets in Financial Instruments Directive 2014/65/EU and the new Markets in Financial Instruments...more

Day 10 of One Month to More Effective Continuous Improvement-Controls Testing

by Thomas Fox on

Continuous improvement requires that you not only audit and monitor but also that you test your controls. In addition to the language set out in the 2012 FCPA Guidance, two of the seven compliance elements in the US...more

FCPA Compliance Report-Episode 345-Mike Volkov on Linde Gas and CDM Smith declinations

by Thomas Fox on

In this episode Mike Volkov and I discuss the two official pronouncements from the Sessions’ Justice Department regarding FCPA enforcement. They were both declinations used under the FCPA Pilot Program, which was announced in...more

Chinese buyers act quickly – Parallel UK & EU foreign takeover control systems proposed

by Bryan Cave on

On the 14th August 2017, it was widely reported in the UK press how Jean-Claude Juncker, the European Commission President, is preparing to unveil EU foreign takeover controls at a keynote speech in September. Such a system...more

Key Regulatory Topics: Weekly Update - 4 August - 10 August 2017

by Allen & Overy LLP on

Brexit - Brexit – PRA letter to HoC Treasury Committee on firms' contingency planning - On 9 August, the HoC Treasury Committee published a letter (dated 2 August) from Sam Woods, BoE Deputy Governor, Prudential...more

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