Cross-Border Transactions

News & Analysis as of

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

Trade in the balance: Europe's new Union Customs Code

The European Union — the world's largest trader of manufactured goods and services — is adopting a new framework of customs rules, the Union Customs Code (UCC). From cutting-edge California mobile devices and Chinese...more

"Brexit Bites": Implications and Issues for Firms in the Financial Services Sector

This is the third in our series of "Brexit Bites" which focuses on Financial Services. Much of the regulation of financial services in the UK is governed by EU law. This includes the regulation of banks, broker-dealers,...more

Canada/US Policy Scan 2016

Earlier this year, US President Barack Obama welcomed Canadian Prime Minister Justin Trudeau and his delegation, the first official visit by a Canadian PM to the US in nearly two decades. By mid-summer of this year, the two...more

UK Payment Systems Regulator Issues Guidance Setting Credit and Debit Interchange Caps

On March 24th, the United Kingdom’s Payment Systems Regulator (PSR) issued final guidance establishing interchange fee caps on credit and debit card transactions where the point of sale is located in the United Kingdom. The...more

[Webinar] Practical Guidance for U.S. Companies Expanding into Europe Through Commercial Arrangements - April 6th, 9am PST, 11am...

Please join us for a discussion focused on providing practical guidance to U.S. multi-national companies looking to grow their businesses in the European market. Panelists will consider various types of commercial...more

China Eases Access to Interbank Bond Market by Overseas Financial Institutions

According to the Announcement of 2016 No. 3 (the “Announcement”) promulgated by the People’s Bank of China (the “PBOC”) on February 17, 2016, eligible offshore commercial banks, insurers, securities companies, asset managers,...more

Alert: Newly-Released Data Reveal 50% Increase in CFIUS Filings Over Prior Year

Each year, the US government releases a public version of a classified report to Congress summarizing the government's confidential review of certain foreign investments in the United States. The entity responsible for the...more

SEC Adopts Additional Rule for Cross-Border Security-Based Swaps

The Security Exchange Commission has added an additional piece to its array of cross-border rules for security-based swaps (SBS). The new rule confirms that, consistent with the position taken by the Commodities Futures...more

Travelling With Your Online Account in Europe

The European Commission’s proposal for cross-border portability of online content services for consumers is poised to bring changes to territorial licensing in the EU - Last year, we reported on the Commission’s...more

I’m OK, Eur OK; At Long Last, U.S.-EU CCP Recognition is Mutual

On February 10, the U.S. Commodity Futures Trading Commission (“CFTC”) and the European Commission (“EC”) announced a much-anticipated transatlantic agreement to harmonize European Union (“EU”) and U.S. regulations concerning...more

E.U.-U.S. Agreement on Equivalence for Central Clearing Parties: Building Cross-Border Harmony

Despite the consensus reached over six years ago among G-20 regulators on general principles for derivatives regulation, implementation of those principles in cross-border contexts has not always been smooth. ...more

SEC Adopts Rule Amendments Addressing Dealing Transactions Between Non-U.S. Persons that are “Arranged, Negotiated, or Executed”...

On February 10, 2016, the U.S. Securities and Exchange Commission (“SEC”) approved final rule amendments to its cross border rules that address how the security-based swap dealer definition applies to security-based swap...more

SEC Adopts Cross-Border Security-Based Swap Rules

On February 10, the SEC released a fact sheet on rules that would require non-U.S. companies using personnel located in a U.S. branch or office “to arrange, negotiate, or execute a security-based swap transaction in...more

Orrick's Financial Industry Week in Review

Financial Industry Developments - The SEC Adopts Cross-Border Security-Based Swap Rules - On February 10, the Securities and Exchange Commission (the "SEC") adopted rules under the Dodd-Frank Wall Street Reform and...more

Federal Reserve Releases Progress Report on Efforts to Improve US Payment System

On February 2, the Federal Reserve published a report titled, “Progress Report: Strategies for Improving the U.S. Payment System.” The report details “progress made and outlin[es] anticipated steps for moving forward with...more

The SEC Adopts Cross-Border Security-Based Swap Rules

On February 10, the Securities and Exchange Commission (the “SEC”) adopted rules under the Dodd-Frank Wall Street Reform and Consumer Protection Act to regulate both U.S. and foreign dealers who engage in security-based swap...more

A reset for debt in 2015?

At the beginning of 2015, it was believed that the high yield bond and leveraged loan markets would continue at the levels seen in 2014. Issuance had peaked and terms were loosening. Indeed, the first quarter started...more

M&A Team News - January 2016

Here is a look back at the top M&A developments that affected deal-making last year and a look forward to our expectations for 2016....more

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