Foreign Currency

News & Analysis as of

BNA INSIGHTS: Enforcement Actions Decline But Fines Hit Historic Highs in 2014

During 2014, the number of enforcement actions brought by federal banking agencies1 continued a downward trend that began in 2011. Federal banking agencies issued 661 formal enforcement actions, representing more than a 55...more

Focus on Tax Strategies & Developments - June 2015

In This Issue: - Distinguishing Between Captive Insurance and Related Party Derivatives: Chief Counsel Advice Memorandum 201511021 - Achieving Tax-Free ‘Rollover’ Treatment for Certain Shareholders in Acquisition of...more

UK Regulators Address Manipulation of Trading Benchmarks and Other Misconduct

Concluding a year-long review, UK regulators issued the final report of the Fair and Effective Markets Review Committee last week, making a number of recommendations intended to restore confidence in the trading markets for...more

Kyiv Tax Newsletter (Ukrainian)

Cancellation of the Military Tax on Currency Exchange Transactions - On 12 May 2015 the Verkhovna Rada of Ukraine adopted the Law of Ukraine “On Amendments to the Tax Code of Ukraine in Respect of the Military Tax” which...more

Kyiv Tax Newsletter

Cancellation of the Military Tax on Currency Exchange Transactions - On 12 May 2015 the Verkhovna Rada of Ukraine adopted the Law of Ukraine “On Amendments to the Tax Code of Ukraine in Respect of the Military Tax” which...more

Kruger: FX Derivatives Gains/Losses Taxed Only When Realized

In Kruger Incorporated v. The Queen (2015 TCC 119), the Tax Court held that the taxpayer could not value its foreign exchange options contracts on a mark-to-market basis, with the result that certain losses were not...more

Constitutional Court of Azerbaijan Rules on Legality of Loans Denominated in Foreign Currency

One consequence of this move was that loans granted by local banks to local customers in foreign currency became more expensive, because the Azerbaijani Manat was weakened by 25 percent. This raised a question of whether...more

DOJ Announces Plea Agreements with Five Major Banks for Manipulating Foreign Currency Exchange Markets

On May 20, the DOJ announced plea agreements with five major banks relating to manipulations of foreign currency exchange markets. Four of the banks pled guilty to felony charges of “conspiring to manipulate the price of U.S....more

US China Trade War — TPA Passes Senate–Developments in Trade, Customs, IP/337, Antitrust and Securities

The major trade issue is Trade Promotion Authority (“TPA”) and the Trans Pacific Partnership. On May 22, 2015, after another close cloture vote, the TPA bill passed the Senate by a majority vote of 62 to 37 votes. The...more

Settlement Reached in Forex Lawsuit

For the past few weeks, it has been reported through various outlets that at least five banks were in negotiations with the U.S. Department of Justice (DOJ) and the U.K. Financial Conduct Authority (FAC) to settle...more

Limitations on foreign exchange in Kazakhstan

On 16 March 2015 the Management Board of the National Bank of the Republic of Kazakhstan by its Resolution ?32 resolved to amend the Rules on Currency Operations in the Republic of Kazakhstan (Rules). The Rules inter alia...more

Generation ¥ RMB: The New Global Currency

In this issue: - Foreword - Executive summary - Part 1: The big picture - A&O view: Coming to China and carrying renminbi - Part 2: Why paying in RMB is paying off - A&O view:...more

Trade & Manufacturing - March 2015

In This Issue: - Foreign Currency Manipulation Front and Center in U.S. Trade Talks - United States Challenges Chinese Export Subsidies at the WTO - Executive Branch Launches Plan to Combat Wildlife...more

Foreign Currency Manipulation Front and Center in U.S. Trade Talks

As the Obama Administration vigorously pursues its trade agenda, bipartisan groups in the House and Senate have brought the issue of currency manipulation to the forefront of the trade policy debate. On February 10,...more

Overview of the Taxation of Foreign Currency

In this Newsletter: - Determination of the Functional Currency and Definition of a “QBU” - Section 988 — Non Functional Currency Transactions - Section 986 — Translation Rules for Earnings and Profits and...more

NBU tightens restrictions on certain operations on the foreign exchange market

At the beginning of last week the National Bank of Ukraine ("NBU") approved further restrictions regarding certain operations on the foreign exchange market. In particular, the amendments to banking legislation introduced...more

Quirky Question #254, Foreign currency fluctuations and expat employees

Question: I am an HR manager working for a US company that sends employees on long term assignment abroad. One of our senior assignees recently rang me to say how worried he is about Greek politics and the potential...more

Bridging the Week - January 2015 #4

Swiss Franc-Euro Decoupling Spurs Worldwide Legal and Regulatory Fallout - Following the unexpected decoupling by the Swiss National Bank (SNB) of the Swiss franc-Euro exchange rate on January 15; the subsequent...more

The Financial Report - Volume 4, No. 2 • January 2015 (Global)

Discussion and Analysis - Last week, several of the world’s largest banks and brokerage firms lost hundreds of millions of dollars when the Swiss franc surged suddenly and surprisingly against the euro. It is eerily...more

Latest Cyprus decrees issued

The Republic of Cyprus has issued new decrees providing further relaxation to banking restrictions as follows: - Payments and/or transfers of funds abroad do not require the approval of the Central Bank (previously,...more

Financial Institutions and a Lack of Ethics

If there is one industry that needs an ethics overhaul, it has to be the financial industry. The list of transgressions continues to grow – AML/sanctions, LIBOR, Foreign Exchange Currency Cartels and Market Manipulations,...more

New Cyprus decrees further relax banking restrictions

The Republic of Cyprus issued new decrees on 8 December 2014. The new decrees provide further relaxation to banking restrictions, notably: Payments and/or transfers of funds abroad up to €2.000.000 (previously...more

Russian Legislation Update

In This Issue: - Currency Control - Banking - Patronage of Arts - Environment - Employment/Foreign Citizens - Excerpt from Patronage of Arts: On 4 November 2014 the President signed Federal...more

National Bank Of Ukraine softened regime of currency regulation under product sharing agreements

On 8 November 2014 Resolution of the National Bank of Ukraine No. 712* came into effect. This Resolution facilitated the regime of currency regulation for transactions made by foreign investors or their representative offices...more

National Bank of Ukraine cancels restriction on certain foreign currency transactions

With effect from 3 November 2014, the National Bank of Ukraine cancelled* recently imposed prohibition to conduct the following transactions in foreign currency: - to settle import transactions made without importation...more

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