The U.S. Department of Commerce’s Bureau of Industry and Security (BIS) recently issued two proposed rules that substantially increase the scope of controls under the Export Administration Regulations (EAR) applicable to...more
The Russian president issued Decree No. 844 on November 8, establishing the framework for release of blocked shares held by foreigners in Russia and their exchange for assets of Russian investors blocked abroad....more
Aristotle cites the “tragelaph” (the mythical “goat-stag”) as an example of how a concept can have meaning without existing. A “security future” is the US financial system’s “goat-stag”: a concept packed with meaning but...more
On February 15, 2023, the Securities and Exchange Commission (SEC or the Commission) voted to adopt rule changes to shorten the standard settlement cycle for broker-dealer transactions in securities from two business days...more
Every five years, the Department of the Treasury conducts a benchmark survey on the ownership of foreign securities by US residents. Data is collected on Form SHC. Reporting is mandatory for all US resident custodians and US...more
In March 2022, the U.S. Department of the Treasury (Treasury) and the Federal Reserve Bank of New York (FRBNY) will conduct a benchmark survey of U.S. ownership of foreign securities....more
1. Treasury Mandates Reporting of Foreign Securities Holdings of $200M or More- All U.S. persons (custodians and end investors) who manage $200 million or more in foreign securities for themselves or others must file a...more
Key Points - All U.S.-resident end-investors (including funds and fund managers) and custodians must file a Form SHC if they either (i) hold more than $200 million of reportable foreign securities (such as securities...more
Lowenstein Sandler’s Investment Management Group is pleased to provide you with (i) background information on the purpose and applicability of Form SHC (“Form SHC”); (ii) a summary of its contents; (iii) considerations for...more
The U.S. Department of the Treasury (Treasury) published a notice to the public on Dec. 8, 2021, that it is commencing a mandatory survey of foreign securities ownership beginning Dec. 31, 2021. The survey is mandatory for...more
On December 19, 2020, China’s National Development and Reform Commission (“NDRC”) and Ministry of Commerce (“MOFCOM”) jointly issued the Measures on National Security Review of Foreign Investments (“Review Measures”). ...more
On December 26, 2018, the Securities and Exchange Commission (“SEC”) announced that a fourth depositary bank (“the Bank”) had agreed to pay a civil monetary penalty and disgorgement totaling $135.1 million to resolve...more
The surge in cryptocurrency activity has led to an increase in attention from enforcement authorities at both the state and national levels. The Texas State Securities Board launched an investigation into cryptocurrency...more
La "Ley de reducción de impuestos y empleos" (la "Ley") contiene una provisión que es una "acompañante hermana" de la Deducción por Dividendos Recibidos (DRD) que implica ventas o transferencias que envuelven un 10% de la ...more
The “Tax Cuts and Jobs Act” (the “Act”) contains a provision that is a “sister companion” to the Deduction for Dividends Received (DRD) that involves sales or transfers that involve specified 10% ownership in foreign...more
While the SEC has worked over the last several months to provide meaningful guidance around the offer and sale of digital tokens, state securities regulators have now begun to take action, with Texas leading the way. In the...more
On August 18, 2017, the Securities and Exchange Commission (“SEC”) announced that broker-dealer Banca IMI Securities Corp. (“BISC”), an indirect, wholly-owned U.S. subsidiary of Italian bank Intesa Sanpaolo SpA, agreed to pay...more
The English Supreme Court has delivered a ruling that provides helpful guidance on the enforceability of trusts in respect of assets located in foreign jurisdictions that do not recognise trusts. The ruling also highlights...more
In In re Petrobras Securities Litigation, the Second Circuit Court of Appeals recently issued an opinion regarding the standards for certifying a class involving foreign securities. Petrobras is a multinational Brazilian gas...more
The Second Circuit held recently that putative securities class actions involving transactions in non-U.S.-listed foreign securities require careful scrutiny to determine whether the class members' claims can be litigated on...more
Investigations and enforcement actions by the U.S. Securities and Exchange Commission (SEC) and U.S. Department of Justice (DOJ) targeting potential illegal insider trading by foreign nationals, particularly by those in...more
This Foreign Listed Stock Index Futures and Options Approvals chart is current as of June 2017. ...more
The U.S. Department of the Treasury recently released a revised Form SHC (with corresponding instructions), which is part of the Treasury International Capital (TIC) data reporting system. Form SHC is the mandatory five-year...more
Investment advisers are reminded to review their filing obligations under the TIC Form SHC as reporting on this 5-year benchmark survey is due on March 3, 2017. The survey collects information on holdings by U.S....more
Form Deadline Is March 3, 2017 - Introduction - The U.S. Department of the Treasury recently released a revised Form SHC (with corresponding instructions), which is part of the Treasury International Capital (TIC)...more