News & Analysis as of

The CFTC’S Cross-Border Application of the Dodd-Frank Act

After years of anticipation, the U.S. Commodity Futures Trading Commission in July 2013 issued more than 300 pages of “guidance” ostensibly to assist market participants in understanding the breadth of the extraterritorial...more

Financial Services Bulletin: Action at the SEC

On Wednesday, June 25, 2014, the Securities and Exchange Commission (the "SEC") issued new rules and guidance regarding cross-border security-based swap activities for market participants. The SEC issued the new rules as part...more

SEC Adopts Cross-Border Security-Based Swap Rules

On June 25, the SEC adopted the first of a series of rules and guidance on cross-border security-based swap activities for market participants. The rules and guidance explain when a cross-border transaction must be counted...more

Global Private Equity Outlook

In this report: - Introduction - Overview - Deal Process - Portfolio Strategies - Cross-Border Dealmaking - Exits - Fundraising - Conclusion - Private Equity...more

Impact of the New PRC Cross-Border Security Regulations on Debt Financing

On May 12, 2014, the State Administration of Foreign Exchange (“SAFE”) of the People’s Republic of China (the “PRC”) issued a notice on the Issuance of Administration Rules of Foreign Exchange on Cross-border Security (the...more

Relaxation of PRC cross-border security and guarantee restrictions by SAFE’s New Rules

The Regulation on Foreign Exchange Administration of Cross-border Security together with its operational guidelines (collectively the New Rules) released by the State Administration of Foreign Exchange (SAFE) came into effect...more

CFTC and Reserve Bank of Australia Sign Memorandum of Understanding Regarding Cross-Border Clearing Organizations

The Commodity Futures Trading Commission and Reserve Bank of Australia signed a memorandum of understanding (MOU) regarding the cooperation and the exchange of information in the supervision and oversight of clearing...more

DOJ Issues Further Guidance on Swiss Bank Program

Recently the Justice Department’s Tax Division issued further “comments” regarding its “Program for Non-Prosecution Agreements or Non-Target Letters for Swiss Banks.” In prior posts we have described this program designed to...more

Top Ten Issues when Drafting International Agreements – Part I

Cross-border agreements come in all shapes and sizes, from manufacturing agreements to joint ventures, employment contracts to merger agreements. Each type has its own quirks, but we can boil down the most common legal issues...more

Business Across Borders - Leaving the nest: an overview of companies’ international ventures

With global forecasts for trade growth remaining well below the average of the past 20 years, the last article in our Business Across Borders series, written by the Economist Intelligence Unit, and launched today, examines...more

CFTC Cross-Border Guidance Frequently Asked Questions

Section 722(d) of the Dodd-Frank Act amended the Commodity Exchange Act (“CEA”) by adding section 2(i), which provides that the provisions of the CEA relating to swaps shall not apply to activities outside the United States...more

CFTC Issues Cross-Border Swaps Regulation Guidance and Exemptive Order

The U.S. Commodity Futures Trading Commission (“CFTC”) recently approved and issued its eagerly anticipated: i. final interpretive guidance and policy statement on the cross-border application of the swap regulation...more

Business Across Borders - Smoothing the path: the challenges of operating internationally

The third in our Business Across Borders report series, written by The Economist Intelligence Unit, and launched today, delves into the challenges faced by companies doing business across markets. The report and video...more

China Finance Bulletin - August 2013: New PBOC Regulation Suggests Possible Liberalization of Outbound Security Provided by PRC...

On 5 July 2013, the People’s Bank of China (“PBOC”) issued the “Circular on Simplifying the Cross-Border RMB Business Procedures and Improving Relevant Policies”, the “Circular”). The Circular simplifies the regulatory...more

CFTC Issues Final Guidance and Accompanying Exemptive Order on Cross-Border Application of Certain Swap Regulations

At a public meeting on July 12, 2013, the Commodity Futures Trading Commission (CFTC or Commission) adopted final guidance on how Dodd-Frank Act requirements will apply to cross-border swap activities (Guidance). In...more

Financial Services Legislative and Regulatory Update -- July 22, 2013

In This Issue: Leading the Past Week; Legislative Branch; Executive Branch; International; Miscellaneous; and Upcoming Hearings. Excerpt from Leading the Past Week - Yesterday marked the 3rd Anniversary...more

Orrick's Financial Industry Week in Review - July 22, 2013

SEC and EU Supervisory Cooperation for Asset Management Industry - On July 19, the SEC announced that it signed various memoranda of understanding with the financial regulators of 25 member states of the EU and 3...more

CFTC Issues Interpretive Guidance Regarding Certain Cross-Border Transactions

On July 12, the Commodity Futures Trading Commission adopted interpretive guidance and a policy statement regarding the cross-border application of the swap provisions of the Dodd-Frank Wall Street Reform and Consumer...more

European Commission and CFTC Reach Agreement on “Common Path Forward”

On July 11, the European Commission (EC) issued a memorandum announcing its agreement with the United States Commodity Futures Trading Commission (CFTC) relating to their joint understanding on a package of measures for...more

CFTC Adopts Final Cross Border Swaps Guidance

On Friday, the U.S. Commodity Futures Trading Commission (the “CFTC”) adopted final guidance regarding the cross border application of the new derivatives requirements under the Dodd-Frank Wall Street Reform and Consumer...more

License to travel: how regulation is benefiting business abroad [Video]

Our Business Across Borders report series, written by The Economist Intelligence Unit, investigates the biggest issues facing global business. The first of five reports and video commentary, Licence to travel, examines the...more

Disputes in China: Watch Your Step

As cross-border business in China has exploded, so has the frequency of business disputes there. With both Western and Chinese firms wary of conducting litigation on the other’s home turf, parties can often agree on...more

CFTC Issues Final Order on Cross-Border Swaps

The Commodity Futures Trading Commission has issued a final exemptive order regarding the cross-border application of certain swaps provisions in the Dodd-Frank Wall Street Reform and Consumer Protection Act. Pursuant to the...more

European Commission Publishes 2013 Action Plan on Key Changes to European Company Law and Corporate Governance

The European Commission has published an Action Plan (the Plan) on European company law and corporate governance for 2013. The Plan sets out 16 different priority actions to be taken by the Commission, including proposed...more

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