What Are the Drastic Ramifications of the New York State Anti-Money Laundering Actions and Penalty Enforcement?
This guide considers some of the key issues related to lending activities in Canada by foreign entities.
Part I discusses the regulatory environment in which the foreign lender might be considered a “foreign bank” for...more
On November 27, 2013 the Bank of Italy submitted for public consultation a draft circular setting forth the new prudential supervision rules (“disposizioni di vigilanza prudenziale”) for banks and banking groups (the “Draft...more
Section 1: Basel III implementation -
1.1 How advanced is Basel III implementation in your jurisdiction?
The Japan Financial Services Agency (JFSA) has issued the following revised notifications: Notification 19...more
In This Issue:
Launching an Exempt Structured Products Program in the United States: Issues for Non-U.S. Banks to Consider; “Big-Boy Letters” Revisited: Pharos Decision Upheld by the Sixth Circuit.; SEC Addresses...more
In This Issue:
Governor’s tax Reform Commission Issues Final Report; Third Department Affirms tribunal: Government Financing Arrangements Are not Investment Capital; Appellate Division holds taxpayer Failed to Prove...more
The recently announced voluntary bank disclosure program between Switzerland and the US offers worried Swiss banks the possibility of peace of mind from future prosecution. The question now confronting Swiss banks is whether...more
On November 5, 2013 the Department of Justice issued a letter of explanation to Swiss banks. A portion of the warning is restated:
“Each eligible Swiss bank should carefully weigh the benefits of coming forward, and...more
United States Department of Justice issues further information on amnesty program for Swiss banks, including details on the selection of an Independent Examiner.
On November 5, 2013, United States Department of Justice...more
In this issue:
- Swiss Bank Settlement Dilemma
- District Court Upholds STARS Transaction Ruling Payment Is Included in Pre-Tax Profit
- Court of Federal Claims Holds for Government in BB&T STARS...more
Over the past decade, six out of the 10 fastest growing economies in the world have been located in Sub-Saharan Africa. With the continent continuing to derive benefit from increased stability and the growth of civil...more
On October 29, the European Banking Authority (EBA) published its first risk dashboard, summarizing the main risks and vulnerabilities in the EU banking sector.
I am pleased to present to you DLA Piper’s “Doing Business in Japan” Guide.
Japan is the world’s third largest economy and remains cutting-edge in business. In 2012, 68 Global 500 Companies were headquartered in...more
On October 18, the U.S. Court of Appeals for the Second Circuit vacated and remanded a district court’s judgment and held that subjecting a foreign bank to personal jurisdiction in New York was within the reach of New York’s...more
On October 17, the PRA published a speech given by Andrew Baily, Deputy Governor of the Bank of England, which sets out the PRA’s approach towards non-EEA branches. In particular, the PRA intends to let Chinese banks open...more
Tax Notes reports that private Swiss bank Bank Frey & Co. AG announced October 17 that it will cease operations, further fallout from the United States’ enforcement efforts against offshore banks generally and Swiss banks in...more
The appetite for Sukuk in Qatar has been on the rise, with US$3.1 billion raised through eleven issuances of Sukuk in the first half of 2013.
The political turmoil in Egypt continues to have an effect on Qatari...more
This newsletter provides an overview of some of the main EU and UK banking, securities and derivatives markets regulatory developments during the period 1 June to 30 September 2013.
Banking Regulation Basel III...more
DLA Piper’s Financial Services International Regulatory team welcomes you to the twentieth edition of ‘Exchange - International’ - an international newsletter designed to keep you...more
In This Issue:
..New grandfathering regulations coinciding with the commencement of FOFA
..ASIC increases NTA requirements for custodians
..New Basel III disclosure requirements
In recent years, the US Department of Justice has been aggressively investigating the use of bank accounts outside the US to evade tax. While emphasizing that its enforcement activities are and must remain global, the DOJ has...more
In keeping with the commitments it made prior to joining the World Trade Organization (WTO) to remove inconsistencies in legislation regulating the Russian banking sector, the Russian Government passed the Federal Law “On...more
Bloomberg BNA reports that Switzerland's parliament approved a six-month delay to enforce a bilateral Swiss-U.S. agreement on implementation of the U.S. Foreign Account Tax Compliance Act. The two chambers of the Swiss...more
Tax Analysts Tax Notes reports that Kathryn Keneally, assistant attorney general for the Justice Department Tax Division, said that Swiss banks that enter the IRS’s newly-offered program will receive no credit for customers...more
In my last post, I discussed the possibility that Bitcoins and other virtual currencies could replace Swiss bank accounts as the tax havens of the future. Recent developments in the government’s war on offshore accounts...more
Bloomberg reports that a client of UBS AG was sentenced to a year and a day in prison for using a Swiss bank account to evade more than $1 million in taxes. ...more