Cross-Border Transactions

News & Analysis as of

Brexit: What are the implications for tax law?

The precise impact of a Brexit on UK tax law is not possible to determine without knowing the terms of the exit negotiated by the UK with the EU and future government decisions. There are various ways the relationship between...more

Brexit: Implications for the Financial Services Industry

The UK has voted to cease being an EU member state. Yesterday, June 23, 2016, the UK held a referendum on its future in the European Union (EU)—the "Brexit". The result this morning shows that 51.9% of voters in the UK...more

Brexit: How a Departure from the European Union Could Impact Your Dispute in the United Kingdom

If the United Kingdom (UK) votes to depart from the European Union (EU), the potential impact on litigation in the UK ranges from profound to negligible. Some UK laws owe their existence to direct European legislation, and...more

European Commission Consults on Cross-border Distribution of Funds and Capital Markets Union

The European Commission published a consultation paper on how the cross-border distribution of funds could be improved in the context of the Capital Markets Union. The CMU is intended to mobilize capital in Europe and channel...more

European Commission moves to restrict geoblocking

On 25 May 2016 the European Commission published draft legislation aimed at restricting the use of geoblocking and similar practices by websites selling to into the European Union. The European Commission has published a...more

The Financial Report - Volume 5, No. 11 • June 2016 (Global)

Discussion and Analysis - A few years ago, David Blass, then Chief Counsel of the SEC’s Division of Trading and Markets, created a stir when he said in a speech that private fund advisers should be concerned about some...more

Massachusetts Court Issues 'True Debt' Decision

On June 8, the Massachusetts Appeals Court once again denied a taxpayer’s claimed deductions from the income and net worth tax base of the corporate excise tax. In a decision that will be a disappointment for taxpayers...more

CFTC Issues Final Rules Regarding the Cross-Border Application of its Uncleared Swaps Margin Requirements - June 2016

On May 24, 2016, the Commodity Futures Trading Commission (“CFTC”) in a much anticipated action approved the issuance of final rules (“Final Rules”) regarding the cross-border application of its uncleared swaps margin...more

Financial Regulatory Developments Focus - May 2016 #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

Corporate and Financial Weekly Digest - Volume XI, Issue 21

SEC/CORPORATE - SEC Releases Target Dates for Proposed and Final Rulemaking - The Securities and Exchange Commission recently published its agenda with respect to upcoming rulemaking, including rulemaking...more

US Commodity Futures Trading Commission Issues Final Cross-Border Margin Rule

The US Commodity Futures Trading Commission issued a rule implementing a cross-border approach to the CFTC’s margin requirements for uncleared swaps. The CFTC’s margin rule applies to CFTC-registered swap dealers and major...more

Dodd-Frank Implementation Update: Key Differences Between the CFTC and SEC Final Business Conduct Standards and Related...

The Securities and Exchange Commission (SEC) recently adopted final business conduct rules for security-based swap dealers (SBSDs) and major security-based swap participants (MSBSPs) under Section 15F(h) of the Securities...more

First FATCA Conviction!

On May 9, 2016, the Department of Justice (DOJ) announced its first FATCA conviction. It appears to be the beginning of criminal prosecutions by the DOJ against apparent or alleged violations of FATCA reporting requirements....more

China’s Central Bank Issues Further Guidance on Inbound Foreign Debt

On 29 April 2016, the People’s Bank of China (“PBOC”) promulgated the Circular on the Nationwide Implementation of Prudent Administration of Cross-Border Financings (the “PBOC Circular”). The PBOC Circular came into effect on...more

Update: Proposed Rules Will Limit Buy-Side Remedies in a Financial Institution Failure

The Board of Governors of the Federal Reserve System (the “Board”) has proposed rules (the “Proposed Rules”) that represent a significant shift in the terms of over-the-counter derivatives, repurchase agreement and securities...more

Federal Reserve Bank of New York President Proposes Providing Securities Firms with Access to Discount Window

Federal Reserve Bank of New York President William Dudley delivered remarks at the Federal Reserve Bank of Atlanta 2016 Financial Markets Conference, focusing on the connection between liquidity and financial stability....more

Financial Regulatory Developments Focus - May 2016

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

Federal Reserve Bank of New York President Discusses Challenges of Cross-Border Regulation

New York Fed President William Dudley discussed the importance to the global economy of economic growth and prosperity in the United States and the European Union. He applauded progress that has been made to date towards...more

Asia Region Funds Passport – Memorandum of Cooperation Signed

Representatives from Australia, Japan, South Korea and New Zealand have this week signed the final Memorandum of Cooperation (Memorandum) setting out the internationally agreed rules and cooperation mechanisms for the Asia...more

Reality and Trend of China’s Regulation on Payment Service by Non-Financial Institutions 2016

Understanding the payments regulatory environment in China—both the existing regime and pending developments—is essential for companies engaged in cross-border payments activities (particularly non-financial institutions). At...more

"Insights Conversations: Debunking CFIUS Myths"

The Committee on Foreign Investment in the United States (CFIUS) is a critical component of cross-border deals involving U.S. targets. The head of Skadden's CFIUS practice, Ivan Schlager, and Palo Alto corporate partner Ken...more

"Brexit Bites": Implications for Financial Services Firms

Much of the regulation of financial services in the UK is governed by EU law. This includes the regulation of banks, broker-dealers, insurers and reinsurers, insurance intermediaries, fund managers, mortgage providers and...more

Treasury Targets Related-Party Debt with Proposed Regulations to Treat Debt as Equity

Proposed regulations would establish a sweeping framework to treat debt as equity in an effort to curb the use of “excessive” related-party debt. On April 4, 2016, the US Department of the Treasury (Treasury) and the...more

BEA Proposes Changes to Reporting Requirements for Private Funds

The Bureau of Economic Analysis (BEA), in collaboration with the U.S. Department of the Treasury (Treasury Department) and the Federal Reserve Bank of New York, has proposed changes to certain cross-border investments that...more

Data Localization and the TPP: Financial Institutions Beware

After five years of negotiations, the Trans-Pacific Partnership (TPP) Agreement was finally signed in early February 2016 in Auckland, New Zealand. The TPP, which President Obama describes as a strategic "pivot" toward Asia,...more

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