Foreign Banks

Tax Compliance Update: IRS Aggressively Pursues Foreign Banks; Offshore Voluntary Disclosure Program to Remain Open Indefinitely

by Fuerst Ittleman David & Joseph, PL on 5/15/2013

In our most recent discussion of the IRS’s Offshore Enforcement Initiatives, we discussed the John Doe Summons recently issued by the U.S. Department of Justice to Wells Fargo seeking information about First Caribbean...more

CIS Legal Update - May 2013: New Restrictions Imposed on Russian State Officials

by Andrey Dukhin | Dechert LLP on 5/15/2013

On April 27, 2013 the Federal Council of the Russian Federation approved a law prohibiting certain categories of individuals from opening and maintaining accounts and cash deposits in foreign banks situated outside of Russia,...more

Unprecedented FCPA Wake-Up Call for U.S. Broker-Dealers and Foreign Banks: Has the Perfect FCPA Storm Finally Arrived for U.S....

by John Goselin, Mauro Wolfe | Duane Morris LLP on 5/14/2013

On May 7, 2013, the U.S. Attorney's Office for the Southern District of New York (SDNY) unsealed extraordinary criminal charges against two registered representatives of a U.S. broker-dealer and a high-level Venezuelan...more

"New York’s Highest Court Refuses to Allow Judgment Enforcement Against International Bank Subsidiaries"

by Lea Haber Kuck, Gregory Litt, Scott Musoff, Timothy Nelson | Skadden, Arps, Slate, Meagher & Flom LLP on 5/3/2013

This week, the New York Court of Appeals, New York’s highest state court, issued a unanimous opinion in Commonwealth of the Northern Mariana Islands v. Canadian Imperial Bank of Commerce, 2013 N.Y. Slip Op. 03018 (N.Y. Apr....more

Grand Jury Indicts Swiss Lawyer and Banker in Tax Evasion Scheme

by Tenley Mochizuki, Emily Stern | Katten Muchin Rosenman LLP on 5/1/2013

A New York federal grand jury recently indicted a Swiss lawyer and bank executive for their roles in allegedly assisting US citizens with hiding assets in Swiss bank accounts, allowing the US citizens to evade income taxes....more

Government Announces New Complaints Regulations for Bank Customers, Oversight by Federal Consumer Agency of Canada

by Kashif Zaman | Osler, Hoskin & Harcourt LLP on 4/15/2013

On April 10, 2013, the Canadian federal government announced the final publication of new regulations that will govern the system for resolving complaints regarding products or services provided by banks and authorized...more

As Foreign Banks May Disclose U.S. Depositors, Foreign Account Holders Should Consider IRS OVDI Program

by Joan C. Arnold, Kevin M. Johnson | Pepper Hamilton LLP on 3/29/2013

In December, Bank Leumi le-Israel BM issued a letter notifying its U.S. account holders about the IRS Offshore Voluntary Disclosure Initiative (the OVDI). The IRS OVDI is a type of amnesty program under which U.S. citizens...more

US Court Orders Wegelin to Pay a Total Penalty of $74 Million

by Fuerst Ittleman David & Joseph, PL on 3/14/2013

As has been widely reported, the United States District Court for the Southern District of New York sentenced Wegelin & Co, the oldest Swiss private bank, to pay an additional $58 million after it admitted to helping wealthy...more

Third Circuit Court of Appeals Affirms Tax Court Decision on CARDS Tax Shelter

by Fuerst Ittleman David & Joseph, PL on 3/13/2013

On February 25, 2013, the United States Court of Appeals for the Third Circuit in the case of Crispin v. Commissioner, ___ F.3d ___, 2013 U.S. App. LEXIS 3852 (3d Cir. 2013), available here, affirmed the decision of the Tax...more

Federal Reserve Board Extends Comment Period For Foreign Bank Rule

by BuckleySandler LLP on 3/5/2013

On February 22, the Federal Reserve Board, citing the “range and complexity of the issues addressed in the rulemaking,” as well as a “request from the public” for more time, extended the public comment period from March 31,...more

Federal Reserve Board Extends Comment Period to Implement Enhanced Prudential Standards and Early Remediation Requirements Until...

by Jeffrey M. Werthan | Katten Muchin Rosenman LLP on 2/27/2013

Due to “the range and complexity of the issues addressed in the rulemaking,” the Federal Reserve Board (Board) has extended until April 30, 2013, the comment period on a proposed rule to implement the enhanced prudential...more

Penalties Getting Tougher for Wayward Financial Institutions

by Thomas I. Elkind | Foley & Lardner LLP on 2/25/2013

Senator Elizabeth Warren wants regulators to take more banks accused of financial misconduct to trial instead of settling with them before trial. But she is not the only one in Washington looking for ways to send a message to...more

Fed Extends Comment Period for Prudential Standards Rule

by Orrick - Structured Finance Group on 2/25/2013

On February 22, the Fed extended, until April 30, the comment period on a proposed rule to implement the enhanced prudential standards and early remediation requirements under Sections 165 and 166 of the Dodd-Frank Act for...more

FDIC Proposes to Nix Insurance for Dually Payable Deposits—With an Upside and a Nod to International Cooperation

by Charles M. Horn, Jeremy C. Jennings-Mares, Barbara R. Mendelson | Morrison & Foerster LLP on 2/22/2013

On February 12, the Federal Deposit Insurance Corporation (“FDIC”) proposed for public comment a rule that would exclude from federal deposit insurance coverage those deposits made at insured U.S. banks that are payable at a...more

The United States Court of Appeals for the Second Circuit Rejects Aiding and Abetting Liability for Civil Damage Claims Under the...

by Linda Goldstein | Dechert LLP on 2/20/2013

The United States Court of Appeals for the Second Circuit issued an opinion on February 14, 2013, holding that the civil liability provision of the Anti-Terrorism Act of 1990, 18 U.S.C.§ 2333(a) (the “ATA”) does not permit...more

Federal Reserve Board Releases Proposed Rules to Strengthen the Oversight of U.S. Operations of Foreign Banks

by King & Spalding on 2/15/2013

The Federal Reserve Board last month proposed new rules intended to strengthen the oversight of U.S. operations of foreign banks. The proposal implements provisions of the Dodd-Frank Wall Street Reform and Consumer Protection...more

Highlights of Recently Released FATCA Regulations

by Allen Littman, Michael Nydegger, Paul Schmidt | BakerHostetler on 2/13/2013

On January 17, the Internal Revenue Service issued long-awaited final regulations (the Final Regulations) for implementing the Foreign Account Tax Compliance Act (FATCA) (the Final Regulations are contained in T.D. 9610). For...more

Stricter Anti-Money Laundering Controls on Tap for EU Banks and Financial Companies

by Raymond Sweigart | Pillsbury Winthrop Shaw Pittman LLP on 2/13/2013

Financial businesses operating in the European Union will need to consider implementing stricter anti-money-laundering and anti-terrorism-financing controls or face a potential fine of up to 10 percent of their annual...more

Structured Thoughts -- Volume 4, Issue 3 -- February 6, 2013

by Bradley Berman, Lloyd S. Harmetz, Charles M. Horn, Anna T. Pinedo | Morrison Foerster - Structured Products on 2/7/2013

In This Issue: Reverse Inquiry Transactions in the Spotlight; How Will the Fed’s Proposed Foreign Bank Rules Affect Foreign Bank Debt Financing Activities in the U.S.?; IOSCO Commences Consultation on Benchmarks; and...more

Structured Thoughts -- Volume 4, Issue 3 -- February 6, 2013

by Bradley Berman, Lloyd S. Harmetz, Charles M. Horn, Anna T. Pinedo | Morrison & Foerster LLP on 2/7/2013

In This Issue: Reverse Inquiry Transactions in the Spotlight; How Will the Fed’s Proposed Foreign Bank Rules Affect Foreign Bank Debt Financing Activities in the U.S.?; IOSCO Commences Consultation on Benchmarks; and...more

Credit Crunch Digest -- January 2013

by Jennifer Quinn Broda, Ryan Chapoteau, Matthew Ferguson, Todd McCormick, Thomas R. Orofino, Eric C. Scheiner | Sedgwick LLP on 2/5/2013

This issue of the Credit Crunch Digest focuses on a potential imminent regulatory settlement involving Royal Bank of Scotland’s role in alleged Libor manipulation; the profits obtained by Deutsche Bank for its investments in...more

Washington Insight - January 2013

by King & Spalding on 2/5/2013

In This Issue: - President Obama Sworn in for a Second Term - 113th Congress Underway - More Fiscal Challenges in Store - Cabinet Re-Shuffle - A Game of Musical Chairs - Tax Reform and...more

Group Issues Report To Harmonize U.S. And E.U. Swaps Clearing

by Elan Mendel | Shipkevich PLLC on 2/4/2013

The Committee on Capital Markets Regulation (CCMR) issued a letter to derivatives regulators for the European Securities and Markets Authority (ESMA), the European Commission, and the Commodity Futures Trading Commission...more

U.S. Federal Reserve Board Proposes Major Changes in How the U.S.Operations of Foreign Banks and Their Subsidiaries Are Supervised

by David Ansell, Gordon L. Miller | Dechert LLP on 2/1/2013

While several foreign banking organizations (“FBOs”) were restructuring their U.S. presence to reduce the impact of U.S. regulation, the Board of Governors of the Federal Reserve System (“Board”) recently countered with...more

I.R.S. Issues FATCA Final Regulations

by Jonathan E. Gopman, Elysa R. Merlin, Barbara E. Ruiz-Gonzalez, Sherwin P. Simmons, II | Akerman Senterfitt on 1/31/2013

On January 17, 2013, the IRS released final regulations for the Foreign Account Tax Compliance Act ("FATCA") to be effective on January 28, 2013. Enacted by Congress in 2010, FATCA targets non-compliant U.S. taxpayers using...more

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Tax Compliance Update: IRS Aggressively Pursues Foreign Banks; Offshore Voluntary Disclosure Program to Remain Open Indefinitely

CIS Legal Update - May 2013: New Restrictions Imposed on Russian State Officials

Unprecedented FCPA Wake-Up Call for U.S. Broker-Dealers and Foreign Banks: Has the Perfect FCPA Storm Finally Arrived for U.S....

"New York’s Highest Court Refuses to Allow Judgment Enforcement Against International Bank Subsidiaries"

Grand Jury Indicts Swiss Lawyer and Banker in Tax Evasion Scheme

Government Announces New Complaints Regulations for Bank Customers, Oversight by Federal Consumer Agency of Canada

As Foreign Banks May Disclose U.S. Depositors, Foreign Account Holders Should Consider IRS OVDI Program

US Court Orders Wegelin to Pay a Total Penalty of $74 Million

Third Circuit Court of Appeals Affirms Tax Court Decision on CARDS Tax Shelter

Federal Reserve Board Extends Comment Period For Foreign Bank Rule

Federal Reserve Board Extends Comment Period to Implement Enhanced Prudential Standards and Early Remediation Requirements Until...

Penalties Getting Tougher for Wayward Financial Institutions

Fed Extends Comment Period for Prudential Standards Rule

FDIC Proposes to Nix Insurance for Dually Payable Deposits—With an Upside and a Nod to International Cooperation

The United States Court of Appeals for the Second Circuit Rejects Aiding and Abetting Liability for Civil Damage Claims Under the...

Federal Reserve Board Releases Proposed Rules to Strengthen the Oversight of U.S. Operations of Foreign Banks

Highlights of Recently Released FATCA Regulations

Stricter Anti-Money Laundering Controls on Tap for EU Banks and Financial Companies

Structured Thoughts -- Volume 4, Issue 3 -- February 6, 2013

Structured Thoughts -- Volume 4, Issue 3 -- February 6, 2013

Credit Crunch Digest -- January 2013

Washington Insight - January 2013

Group Issues Report To Harmonize U.S. And E.U. Swaps Clearing

U.S. Federal Reserve Board Proposes Major Changes in How the U.S.Operations of Foreign Banks and Their Subsidiaries Are Supervised

I.R.S. Issues FATCA Final Regulations

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