Foreign Affiliates

News & Analysis as of

SEC Adopts Rules on Cross-Border Security-Based Swap Activities

On June 25, 2014, the Securities and Exchange Commission (“SEC” or “Commission”) unanimously adopted final rules regarding the application of “Security-Based Swap Dealer” and “Major Security-based Swap Participant”...more

Secondment Guessing?

Often, it makes practical sense to send an experienced worker from his/her home country to another country rather than engage an independent contractor or hire a new employee in that destination country. This is precisely...more

U.S. Imposes Further Economic Sanctions on Russian Officials and Entities in Connection with the Crisis in Crimea

On April 28, 2014, the Office of Foreign Assets Control (OFAC) imposed a new round of Ukraine-related sanctions on more than two dozen Russian companies and government officials. The latest sanctions, supplementing previous...more

Misconduct Not Grounds to Terminate Chapter 15 Recognition

A recent ruling from the U.S. Bankruptcy Court for the Southern District of New York illustrates the limited, specific grounds for changing or terminating chapter 15 recognition. The ruling demonstrates that recognition may...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

The Volcker Rule Prohibition on Proprietary Trading: Considerations for Broker-Dealer Affiliates of Foreign Banking Organizations

The Volcker Rule imposes significant restrictions on “proprietary trading” by banking organizations and their affiliates. The purpose of this Memorandum is to discuss how these restrictions may impact broker-dealer affiliates...more

Corporate and Financial Weekly Digest - October 25, 2013

In this issue: - SEC Proposes New Rules for Crowdfunding Exemption - CFTC Provides Clarification for SD and MSP Employees Acting in Clerical or Ministerial Capacities - CFTC Requests Public Comment on MAT...more

CIS Legal Update - September 2013: Review of Russian Commercial Court Practice in Proceedings Involving Foreign Entities

The Presidium of the Supreme Arbitrazh (Commercial) Court of the Russian Federation (the “Presidium”) published Information Letter No. 158 on 9 July 2013 containing a review of judicial practice in cases involving foreign...more

Export Control Compliance Sharing Sensitive Technologies Between International Affiliates General Concepts and Transfer Patterns

In the normal course of operations between U.S. and foreign affiliates, inter-company communications and data conveyances are frequent and occur both intentionally and inadvertently. The U.S.-foreign affiliation can be in the...more

Further Revisions Proposed to Canada’s Foreign Affiliate Dumping Regime

The “foreign affiliate dumping” rules (the FA dumping rules), which came into force in 2012, have had a significant impact on foreign-based multinationals with Canadian subsidiaries and on acquisitions by non-resident...more

Foreign Affiliate and Other Tax Changes Proposed

On July 12, 2013, federal Finance Minister Jim Flaherty released legislative proposals (the Proposals) affecting certain international tax rules in the Income Tax Act (Canada) (the ITA) and the Regulations under the ITA. The...more

Global HR Hot Topic - July 2013: Structuring Expatriate Postings

Multinationals inevitably post expatriates abroad. But in setting up expat postings, employers too often either ignore the question of how best to structure the expat assignment or else they struggle with the expat...more

Tax Technical Bill Receives Royal Assent

The most significant Canadian tax technical bill in over a decade (Bill C-48) is now law, receiving royal assent on June 26, 2013. The bill included over 900 pages of technical amendments that impact foreign affiliates,...more

New Iran Sanctions Enactments Apply to U.S. Companies’ Foreign Affiliates and Subsidiaries, and Require SEC Reporting by Public...

The Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury enforces comprehensive sanctions that regulate, and largely forbid, most forms of trade and financial transactions by U.S. persons with Iran....more

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