News & Analysis as of

EB-5 Visas: a Source of Funding for US Businesses but not Without Risk

China’s wealthy investors are known for seeking secure havens for their money overseas. In addition to being considered a secure environment for their money, the US offers the EB-5 program providing the investor and his or...more

The Financial Report - Volume 3, No. 5 • March 2014 (Global)

Discussion and Analysis - Last week, the Financial Industry Regulatory Authority issued one of its most important rule proposals in some time. Regulatory Notice 14-09 solicits comments on a proposed new regulatory...more

SEC Files Insider Trading Action Despite Unknown Tipper

On February 6, the Securities and Exchange Commission filed insider trading charges against Hao He a/k/a Jimmy He in federal district court in Atlanta, Georgia. The SEC alleged that He obtained material, nonpublic information...more

SDNY Rejects SEC’s Proposed Alternative Service For Two Chinese Nationals

On January 30, the U.S. District Court for the Southern District of New York denied the SEC’s motion for an order authorizing alternative means of service for two Chinese nationals residing in the People’s Republic of China....more

SEC Administrative Judge Censures Accounting Firms Over Failure To Produce Work For China-Based Companies

On January 22, an SEC administrative law judge (ALJ) prohibited the Chinese affiliates of four major accounting firms from practicing or appearing before the SEC for six months for allegedly failing to turn over certain...more

The Financial Report - Volume 3, No. 2 • January 23, 2014 (Global)

IN THIS ISSUE: • Discussion and Analysis • News from the Americas • News from Asia and the Pacific • News from Europe • Global Regulators • US Securities and Exchange Commission...more

U.S. Administrative Law Judge Suspends Chinese Affiliates of “Big Four” Accounting Firms

In a surprising turn in the long-running and widely reported dispute between the Securities and Exchange Commission (“SEC”) and the Chinese affiliates of the “Big Four” accounting firms, on January 22, 2014, a U.S....more

"SEC Judge Issues Initial Decision Regarding Chinese Affiliates of the Big Four Accounting Firms"

On January 22, 2014, U.S. Securities and Exchange Commission Administrative Law Judge Cameron Elliot (the ALJ) issued an initial decision censuring the Chinese accounting firms affiliated with Ernst & Young LLP, KPMG LLP...more

The SEC: The Future Path of Enforcement (Part II)

PRC based issuers, and the reliability of the financial information for these companies, continued to be a key issue for the Commission as well as the PCAOB in 2013. An action brought by the Commission against Subaye, Inc....more

Business Forum: Overseas Firms Look To U.S. For IPOs

When China's e-commerce giant Alibaba -- with a valuation that may make it the world's third-largest Internet company behind only Google and Amazon -- made the decision to go public, listing in Hong Kong was its natural first...more

The Financial Report - Volume 2, No. 21 • November 2013 (Global)

Discussion and Analysis - This week, the Oxford Dictionaries chose “selfie” as the word of the year. It beat out a number of other relatively new Internet and social-media related terms, including “bitcoin.” In...more

Of Princelings And Princess-lings – Does Their Employment Have Corrupt Intent?

There was an excellent article this weekend in the Financial Times (FT), entitled “Finance: Plugged Into the Party”, where reporters Henry Sender and Tom Mitchell explored the hiring of sons and daughters of Chinese...more

Where Else? JP Morgan Chase Investigation Into Hiring Practices Expands

One of the most dreaded questions in any Foreign Corrupt Practices Act (FCPA) investigation is: Where Else? By this I mean that if you have a systemic failure of internal controls in one geographic area it may well be that...more

US China Trade War Developments –Trade, False Claims Act, Patents, US/Chinese Antitrust And Securities

On December 3, 2013, former Congressman Don Bonker of APCO and I will be speaking in Vancouver, Canada at a breakfast conference held by the American Chamber of Commerce on “The Trans-Pacific Partnership Demystified: A...more

The Financial Report - Volume 2, No. 19. October 2013 (Global)

Discussion and Analysis - Most of us have seen those top-rated TV commercials for a wireless provider featuring a conservatively dressed man sitting at a little table with several children and asking them, “Is it...more

The Financial Report - Volume 2, No. 18 • October 10, 2013 (Global)

IN THIS ISSUE: - Discussion and Analysis - News from the Americas - News from Asia and the Pacific - News from Europe - Global Regulators - US Securities and Exchange Commission Developments - US Commodity...more

US China Trade War–Developments In Trade, Customs, Patents, Antitrust And Securities

There have been some major developments in the trade, solar cells, Customs, 337/patents, antitrust and securities areas. On September 26th there were reports that the United States and China have been negotiating for the past...more

Montage IPO – Are The U.S. Markets Re-Opening To Chinese Companies?

The U.S. capital markets—the largest in the world—have been all but closed to Chinese companies for more than two years. The successful IPO of Montage Technology, and e-commerce giant Alibaba’s announcement that it will seek...more

The Financial Report - Volume 2, No. 17 • September 2013

Discussion and Analysis - Even some financial services industry professionals are confused. The 80-year-old prohibition on general solicitation ended on Monday of last week. This means it is now legal for companies to...more

The Financial Report - Volume 2, No. 16 • September 12, 2013

Discussion and Analysis - No doubt about it. The machines have taken over. Wednesday’s issue of The Wall Street Journal reports that automakers are focusing their efforts on developing self-driving automobiles....more

Star Trek Premiers And Hiring Practices Under The FCPA

Today is the 46th anniversary of the premier episode of the most iconic science fiction related television show during my lifetime – Star Trek. I am a self-confessed uber-trekkie and I can still remember watching the first...more

Business News Digest – September 2013

In this issue: - What to Expect When You're Selling Your Company – Indemnification - Association Membership and Program Restrictions and the Antitrust Laws: Don’t Stumble Out of the Gate - CFPB: July...more

Dancing Around The Edges: Renewed Focus On Gifts And Hospitality

A confident person is willing to admit a mistake. ...more

How To Trap a Tiger – Regulators’ Nets Tighten Around Tiger Asia on Both Sides of the Pacific

Government securities enforcement agencies in Hong Kong and the United States have been pursuing Tiger Asia Management and its affiliates for four years with claims of insider trading and market manipulation on the Hong Kong...more

The Financial Report - Volume 2, No. 15 • August 15, 2013

ESMA proposes delay in reporting date for exchange traded derivatives. The European Securities and Markets Authority has sent the European Commission its Final Report proposing an amendment to Article 5 of the Commission...more

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