News & Analysis as of

Foreign Currency

Your Daily Dose of Financial News

by Robins Kaplan LLP on

China’s infamous shadow banking industry—an $8.5 trillion marketplace that’s sprung up in reaction to the government’s “campaign against financial leverage”—is back and bigger than ever these days....more

SEC Staff Relaxes Limitations under 1940 Act to Permit Certain Global “Master-Feeder” Arrangements, Although Obstacles Remain

by Dechert LLP on

The Staff of the U.S. Securities and Exchange Commission (SEC) on March 8, 2017 issued a no-action letter (Staff Letter) in response to a request from Dechert LLP for assurance under Section 12(d)(1) of the Investment Company...more

New initiatives of NBU open opportunities for secondary Debt Trading

by DLA Piper on

The National Bank of Ukraine (NBU) introduced important changes to the procedure for registration of cross-border loans advanced by foreign lenders to Ukrainian borrowers. Among other initiatives, new rules simplify the...more

DOJ and SDNY US Attorney’s Office Indict Three Dealers in Foreign Currency Exchange Spot Market Conspiracy Case

by McDermott Will & Emery on

A grand jury has indicted three foreign currency exchange spot market dealers for alleged violations of the Sherman Act, 15 U.S.C. § 1, in a case brought jointly by the DOJ’s Antitrust Division and the US Attorney’s Office...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

News emerged in past weeks that North Korean hackers were likely behind the theft of $81 million from the central bank of Bangladesh. You can add to that an attack on more than 20 Polish banks and an attempt at other...more

Ukrainian sanctions enacted against certain banks with Russian capital - changes in foreign currency regulation

by DLA Piper on

On March 16, 2017, Ukrainian President signed a decree approving the decision allowing the National Security and Defense Council (NSDC) and the National Bank of Ukraine to impose sanctions against Ukrainian banks funded by...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

While Wall Street’s been waiting with bated breath for the big Snap IPO, Jose Cuervo (yes, that Jose Cuervo, via parent company Becle) has briefly stolen a bit of its public offering thunder with its plans to sell shares on...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The headline a few days ago was the arrest of VW exec Oliver Schmidt during an ill-advised trip to Miami last week. But the DOJ also indicted five other top executives over their role in VW’s emissions cheating scandal. No...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Some early signs of the focus of SoftBank’s “hugely ambitious” $100 billion investment fund are beginning to emerge, and at first blush, it appears a majority of the cash will land in private and public markets rather than...more

China's Stringent New Rules on Yuan Transfers Could Hinder EB-5 Fundraising

by Ballard Spahr LLP on

The Chinese government has enacted new rules severely limiting foreign currency transfers out of China. The scope of the limitations are not clear but the Xinhua News Agency reported that Chinese banks advised their customers...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Former NJ Senator and Governor Jon Corzine has reached a $5 million settlement with regulators over the collapse of his MF Global firm, which filed bankruptcy in 2011 and lost more than $1 billion in customer investments....more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Lynn Tilton’s very public spat with the SEC over the agency’s in-house court system may be heading to the Supreme Court, thanks in part to a recent 10th Circuit opinion last week that created a Circuit split over the...more

Ukraine fosters currency control rules for ECAs’ backed cross-border loans

by Dentons on

The National Bank of Ukraine (“NBU”) continues to implement anti-crisis measures aimed at stabilizing the situation in the money and foreign exchange market of Ukraine. ...more

New Rules on Conducting Foreign Currency Operations by Residents and Non-Residents in Azerbaijan

by Dentons on

On 28 November 2016 the Central Bank of the Republic of Azerbaijan signed new Rules On Conducting Foreign Currency Operations by Residents and Non-Residents in Azerbaijan, which came into force on 8 December 2016 (the...more

Update on amendments to FX transactions and market

by DLA Piper on

The National Bank of Ukraine (NBU) has made a further step towards liberalising the currency regime for ECA supported lending. These amendments became effective on 30 November 2016. Pursuant to them Ukrainian borrowers and...more

The World in US Courts: Orrick's Quarterly Review of Decisions Applying US Law to Global Business and Cross-Border Activities

Alien Tort Statute (ATS)/Torture Victims Protection Act (TVPA)/Anti-Terrorism Act (ATA) - District Court Dismisses ATS Claim Where Alleged Conduct in US Was Not Directly Linked to Injuries Claimed in Other Countries...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Some good news for the UK after a brutal few days for the pound? It appears that the pound’s precipitous fall has acted as a sort of “giant shock absorber” against Brexit—a release valve of sorts that has meant decreased...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

It’s not quite in the 9-year AIG/Greenberg territory, but it’s been five years since the Feds started investigating former NJ Senator and Governor Jon Corzine and his role in overseeing the collapse of brokerage firm MF...more

ManattJones Global Strategies - October 2016

CEO’s Executive Summary: The economy dominated the news in September. The President presented an austere 2017 federal budget that concentrates 42% of its cuts on Pemex, forcing the firm to further deepen spending cuts. The...more

Your daily dose of financial news - The Brief – 9.14.16

by Robins Kaplan LLP on

Following news of Starboard Value’s plan to shake things up at Perrigo, we have this take from Breakingviews, which suggests that fending off a hostile takeover (as Perrigo did from Mylan) tends to “make fertile turf for an...more

Argentina’s New Leadership and How it Affects Insurance

by Zelle LLP on

Following last year’s elections, the political and economic landscape is changing in Argentina. Where new economic opportunities arise, (re)insurance follows. Along with new demand for commercial insurance products, the legal...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

The Commission settled another FCPA action centered on the efforts of a Chilean airline to resolve its labor issues. The agency also filed four offering fraud actions: one based on an internet fraud; a second centered on the...more

Your daily dose of financial news - The Brief – 7.27.16

by Robins Kaplan LLP on

We heard last week about Unilever’s $1 billion acquisition of start-up Dollar Shave Club. With a few days to reflect, the Deal Professor suggests that this relatively innocuous deal should make “every other company . . . very...more

Your daily dose of financial news - The Brief – 7.14.16

by Robins Kaplan LLP on

The German bund broke new ground yesterday by going negative—the first 10-year debt offering in the Eurozone to do so—and still going like gangbusters.  Germany sold $5.3 billion in the bonds....more

Recent China Development – Outbound Investment in Renminbi

by Morrison & Foerster LLP on

BACKGROUND - Due to the recent strong desire to convert Renminbi (“RMB”) funds into foreign currency and remit foreign currency amounts outside of China (“China” or the “PRC”, which excludes Hong Kong, Macau and Taiwan...more

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