International Finance

News & Analysis as of

October 2016: U.S. Claims Ability to Prosecute Foreign Actors Acting Abroad for Violating U.S. Sanctions Laws

On March 19, 2016, FBI agents arrested Turkish citizen and resident Reza Zarrab at Miami International Airport, soon after he landed with his wife and young child to visit Disney World. The principal charge, brought by the...more

US Federal Reserve Board Governor Delivers Remarks on Distributed Ledger Technology

As part of remarks delivered at an Institute of International Finance panel on blockchain, US Federal Reserve Board Governor Lael Brainard addressed distributed ledger technology, noting that this technology may represent the...more

The Big Picture: EU's Financial Regulation Offensive

In the aftermath of the financial crisis, the national and international response by legislators and regulators has been to substantially overhaul and increase financial regulation applicable to banks and other financial...more

International Task Force to Review Cyber Security of Wholesale Payments

The Bank for International Settlements' Committee on Payments and Market Infrastructures announced that it had established a task force to review the security of wholesale payments that involve banks, financial market...more

Second Circuit Highlights Bank Regulators' Actions in Weighing Alien Tort Statute Claims

In Licci v. Lebanese Canadian Bank, the Second Circuit reaffirmed its prior rulings that international law does not recognize corporate liability for crimes under international law, and so dismissed claims by foreign...more

Sukuk: The cornerstone of Islamic finance

Sukuk have emerged as one of the most significant financing tools in Islamic finance. These securities form a bridge between issuers—primarily sovereigns and corporations—and investors located in the Middle East and...more

CFTC Rule 3.10(c)(3): CFTC proposed amendments

On July 27, 2016 the Commodity Futures Trading Commission ("CFTC") released proposed amendments to the exemption from registration as an IB, a CTA or a CPO contained in CFTC Rule 3.10(c)(3) that remove the clearing...more

UK Votes to Leave the European Union: What Does This Mean for U.S. Companies With European Subsidiaries?

The people of the United Kingdom have spoken on the issue of whether the United Kingdom should leave or remain in the European Union (EU), and by a narrow margin have decided to leave. In fact, by region, the voters of...more

The UK has voted to leave the EU: What now?

The British public have voted that the UK should leave the EU. The EU Referendum vote (the Leave Vote) does not by itself result in an automatic UK exit from the EU. The EU Treaty provides for a framework for a...more

Brexit Headline Checklist

This checklist is designed to set out some of the key questions which businesses will need to consider in their initial planning phase as they evaluate their existing structures and operations and the potential impact of...more

A New Wave of CIS Restructurings Poses Unique Challenges

While the CIS nations have recently provided a multitude of sizeable restructuring cases, the region’s dominant force, Russia, has stood up reasonably well to lengthy economic decline, economic sanctions and the collapse of...more

UK Regulator Publishes Paper on Issues and Contributions of Market-Based Finance

The Financial Conduct Authority published an Occasional Paper on the emerging issues and market contributions associated with market-based finance. The paper focuses on the more comprehensive concept of market-based finance,...more

UN and U.S. Sanctions Target North Korea: Impacts for Asia and Beyond

The United Nations and United States recently took significant new steps to expand sanctions on North Korea, with implications for international banking; shipping and port activities; air transport; energy and mining sectors;...more

UN and U.S. Sanctions Target North Korea: Impacts for Asia and Beyond

The United Nations and United States recently took significant new steps to expand sanctions on North Korea, with implications for international banking; shipping and port activities; air transport; energy and mining sectors;...more

US Federal Deposit Insurance Corporation Chairman Addresses Supervisory Challenges and Cross-Border Resolution of Systemically...

US Federal Deposit Insurance Corporation Chairman Martin Gruenberg discussed the improved financial condition of US banks, supervisory challenges that the FDIC is focused on, and developments in cross-border cooperation with...more

Beyond Bitcoin: The blockchain revolution in financial services

Blockchain technology is poised to transform the financial sector by increasing efficiency, transparency and security; reducing costs; and unleashing an unprecedented wave of innovation. Blockchain, the technology...more

Massachusetts Net Worth “True Debt” Litigation Moves Forward—Oral Argument Held, Awaiting Decision

With oral argument and briefing complete, the Massachusetts Department of Revenue’s authority to increase the net worth component of a taxpayer’s corporate excise using its “true debt” analysis is under review by the Appeals...more

BREXIT? Are You Prepared?

Late on Friday night in Brussels, European leaders agreed on a package they hope will keep the United Kingdom as part of the EU. The British people will now be asked whether they want to stay in the EU or leave, in a...more

Hong Kong Competition Ordinance Takes Effect: The Latest Jurisdiction Regulating How Companies Compete

On December 14, 2015, Hong Kong became the latest jurisdiction to prohibit anticompetitive agreements and unilateral conduct. The Competition Ordinance (Ordinance) is Hong Kong’s first cross-sector competition law for this...more

China's inclusion in the IMF's SDR valuation—Another illustration of China's integration in the global economy

The inclusion by the International Monetary Fund (IMF) of China's renminbi (RMB) in the basket of currencies used to calculate the value of the Special Drawing Right (SDR) is a notable development in the international...more

FSB Publishes Final TLAC Standard

On 9 November 2015, the Financial Stability Board (FSB) issued its Principles establishing a new international standard for “total loss absorbing capacity” (TLAC) for global systemically important banks (G-SIBs). According to...more

Renewable Energy and Climate Change Update

International negotiations on climate change have been ramping up. It is looking increasingly likely that a new global treaty on climate change will be concluded by the end of the year in Paris. Based on the current state...more

LEIROC consults on data in the GLEIS

LEIROC has launched a consultation on incorporating data on branches into the Global Legal Entity Identifier System (GLEIS). LEIROC proposes a policy standard for the GLEIS that would allow Legal Entity Identifiers (LEIs) to...more

BEA Reporting Requirements for US Financial Services Providers

The US Department of Commerce Bureau of Economic Analysis (“BEA”) is conducting its 2014 Benchmark Survey of Financial Services Transactions between US Financial Services Providers and Foreign Persons (Form BE-180). This...more

In Canada, Foreign Workers Seek to Use International Norms as the Standard of Care in Negligence Claims Against Multinationals...

Non-Canadian workers are increasingly suing their employers in Canadian courts for human rights violations allegedly committed outside Canada by the companies themselves or by other entities in their supply chains. This...more

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