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China Moves to Repatriate Its Auditing Profession

by Barry Epstein on 5/23/2012

In China, management of entities subject to statutory audit requirements may choose the CPA firm to employ, but in order to audit listed companies' and foreign investment enterprises' financial statements CPA firms must first...more

Big Four to Localize in China

by Sheppard Mullin Richter & Hampton LLP on 5/23/2012

Earlier this month, China’s Ministry of Finance, State Administration for Industry and Commerce, Ministry of Commerce, State Administration of Foreign Exchange, and China Securities Regulatory Commission issued the Notice on...more

Assessing Risk? ethiXbase is an Invaluable Tool

by Thomas Fox on 5/23/2012

Put another way, what is the best one-stop database site for anti-corruption and anti-bribery on a worldwide basis? I think that the answer is will lead you to one resource that I would suggest you take a very hard look and...more

Mergers & Acquisitions Law Report - May 7, 2012: Summary of Required Financial Statements of Businesses Acquired or to Be Acquired

by Orrick, Herrington & Sutcliffe LLP on 5/22/2012

Reproduced with permission from Mergers & Acquisitions Law Report, 15 MALR 686, 05/07/2012. Copyright 2012 by The Bureau of National Affairs, Inc. Rule 3-05 of Regulation S-X requires audited financial statements to be...more

Orrick's Financial Industry Week In Review - May 21, 2012

by Orrick, Herrington & Sutcliffe LLP on 5/22/2012

In This Issue: - Financial Industry Developments · FHFA Releases Draft Strategic Plan · Large Bank Stress Testing Guidance Finalized · Stress Testing for Community Banks · CFTC Rule on Swap...more

Financial Services Legislative And Regulatory Update -- May 21, 2012

by Mintz Levin - Public Finance on 5/22/2012

In This Issue: Leading The Past Week; Legislative Branch; House of Representatives; Executive Branch; OCC; CFTC; SEC; FHFA; and Upcoming Hearings. Excerpt from Leading The Past Week The news last week was...more

Assured Guaranty Sues GMAC Entities in Connection with RMBS Insurance

by Orrick, Herrington & Sutcliffe LLP on 5/22/2012

On May 11, 2012, Assured Guaranty filed suit in the United States District Court for the Southern District of New York against several GMAC entities alleging that the defendants induced Assured to issue financial guaranty...more

Assured Guaranty and Deutsche Bank Settle RMBS Claims for $165.6 Million

by Orrick, Herrington & Sutcliffe LLP on 5/22/2012

On May 10, 2012, Assured Guaranty announced that it had reached a $165.6 million settlement with Deutsche Bank resolving claims related to RMBS transactions issued, underwritten or sponsored by Deutsche Bank that were insured...more

Martin Marietta Materials, Inc. v. Vulcan Materials Co., C.A. 7102-CS (Del. Ch. May 4, 2012) (Strine, C.) - May 04, 2012

by Potter Anderson & Corroon LLP on 5/22/2012

In this memorandum opinion, the Court of Chancery construed two confidentiality agreements executed by direct competitors at the outset of friendly negotiations regarding a possible business combination. Although neither of...more

FSA Fines Martin Currie £3.5 million for Conflict of Interests Failures

by Katten Muchin Rosenman LLP on 5/22/2012

On May 10, the UK Financial Services Authority (FSA) announced that it fined Martin Currie Investment Management Limited and Martin Currie Inc (together, Martin Currie) £3.5 million (approximately $5.5 million) for conflict...more

CFTC Rule on Aggregation for Position Limits for Futures and Swaps

by Orrick, Herrington & Sutcliffe LLP on 5/22/2012

On May 18, the CFTC approved a proposed rule that would modify the aggregation provisions for limits on futures and swaps. The proposed rule would permit any person with greater than 10% ownership or equity interest in an...more

The Troubles With The New Crowdfunding Law?

by Davis Wright Tremaine LLP on 5/22/2012

Everyone is very excited about the new crowdfunding-for-securities law. Crowdfunding is a great idea–in concept. And now we have a new law which is about to make crowdfunding for securities a reality, at least in some sense....more

I Can’t Drive 55: The Uselessness of a ‘Custom and Practice’ Defense under the FCPA

by Thomas Fox on 5/22/2012

Perhaps the defendants became confused about the inclusion of a local law defense in the Foreign Corrupt Practices Act (FCPA) under which payments to foreign governmental officials that are otherwise prohibited are permitted...more

SEC Registered Covered Bonds

by Morrison & Foerster LLP on 5/21/2012

We recently advised Royal Bank of Canada on its filing of a registration statement with the United States Securities and Exchange Commission for the first public offer of covered bonds in the United States. This filing was...more

CJEU Ruling in Santander: Withholding Tax on Dividends Distributed to Non-Resident UCITS Infringes EU Freedoms

by McDermott Will & Emery on 5/21/2012

On 10 May 2012, the Court of Justice of the European Union (CJEU) issued its judgment in Santander (joined cases C-338/11 to C-347/11), stating that the French legislation that imposes a withholding tax on French-sourced...more

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Securities Law Updates – May 24, 2012

China Moves to Repatriate Its Auditing Profession

Big Four to Localize in China

Assessing Risk? ethiXbase is an Invaluable Tool

Mergers & Acquisitions Law Report - May 7, 2012: Summary of Required Financial Statements of Businesses Acquired or to Be Acquired

Orrick's Financial Industry Week In Review - May 21, 2012

Financial Services Legislative And Regulatory Update -- May 21, 2012

Assured Guaranty Sues GMAC Entities in Connection with RMBS Insurance

Assured Guaranty and Deutsche Bank Settle RMBS Claims for $165.6 Million

Martin Marietta Materials, Inc. v. Vulcan Materials Co., C.A. 7102-CS (Del. Ch. May 4, 2012) (Strine, C.) - May 04, 2012

FSA Fines Martin Currie £3.5 million for Conflict of Interests Failures

CFTC Rule on Aggregation for Position Limits for Futures and Swaps

The Troubles With The New Crowdfunding Law?

I Can’t Drive 55: The Uselessness of a ‘Custom and Practice’ Defense under the FCPA

SEC Registered Covered Bonds

CJEU Ruling in Santander: Withholding Tax on Dividends Distributed to Non-Resident UCITS Infringes EU Freedoms

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