News & Analysis as of

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

Central Bank Issues "Dear Chairman" Letter Regarding Directors' Time Commitments for Each Sub Fund - The Central Bank of Ireland issued a “Dear Chairman” letter on 8 September 2016, concerning its review of the number of...more

Digesting the €13 Billion Apple-EU Tax Ruling

King & Spalding experts assess what international businesses need to be aware of following the EC's ruling on State Aid in the Apple case - Partners in King & Spalding’s tax department have shared their perspectives and...more

With-Hold on a second?! New ISE rule leads to automatic de-listing of debt securities at scheduled maturity

Picture this: it’s 1793. In England, George III is on the throne and the Bank of England issues the first ever ‘fiver’. In the U.S.A, George Washington hosts the first US cabinet meeting as President and the capital moves...more

Investment Funds Update - Europe - Legal and regulatory updates for the funds industry from the key asset management centres and...

Central Bank Personnel Update - The Central Bank of Ireland (the “CBI”) announced that Gareth Murphy, Director of Markets Supervision, has resigned his position on 22 August 2016. He will remain with the CBI until...more

Your daily dose of financial news - The Brief – 9.12.16

The past 2 years have been just short of disastrous for most hedge funds. But even without much to show in the form of results, the world’s biggest fund manager—Bridgewater Associates—has attracted $22.5 billion in investor...more

Your daily dose of financial news - The Brief – 9.6.16

Dealbook gives us the story of Airgas, where founder Peter McCausland’s reticence to sell (despite serious shareholder pressure) resulted in a $5 billion windfall rather than the all-too-often result of a later sale for...more

"Privacy & Cybersecurity Update - August 2016"

In this edition of our Privacy & Cybersecurity Update, we highlight guidance issued by the Irish data protection authority regarding the use of location data, as well as the FTC's request for comment on its Standards for...more

Battle Heats Up Over Who Can Regulate Tax on International Companies

In a decision that again pits the United States against the European Union in that ongoing battle over which entity can primarily tax international business, Margrethe Vestager, the European Union commissioner for...more

Please Don’t Do This With Your US NDAs

Over the past two weeks, I’ve reviewed two non-disclosure agreements (NDAs) for Northern Irish companies that are expanding to the US. I’ve written about NDAs in the past: NDAs and You: Perfect Together. The NDAs were...more

Location Data Poses Risks To Individual Privacy Says Irish Regulator

With the proliferation of location-based app services like traffic alerts and ride-sharing programs, the collection of consumers’ location information has exploded in recent years. It comes as no surprise, therefore, that...more

DOJ Responds to Microsoft Ireland' Decision With Proposed Legislation and Bilateral Agreements Allowing Cross-Border Data Searches

The recent appellate court decision in Microsoft Corp. v. United States, No. 14-2985, slip op. (2d Cir. July 14, 2016) (Microsoft Ireland), represents an important setback for the U.S. government’s aggressive extraterritorial...more

You’ve Got (Foreign) Mail: Can Law Enforcement Get to it?

Even though Microsoft is a U.S. corporation subject to domestic subpoenas and warrants, prosecutors are not entitled to emails stored on its servers abroad, the Second Circuit ruled last week in Microsoft Corp. v. United...more

ECJ Ruling Opens Door To Withholding Tax Refunds

The European Court of Justice (ECJ), in the case of Brisal, has determined on 13 July 2016 that national law which prohibits a non-resident taxpayer from deducting financing/operating costs from interest withholding tax...more

The Stored Communications Act’s Warrant Provisions Do Not Apply Extraterritorially

On July 14, the Second Circuit in Microsoft v. United States ruled that the Stored Communications Act (SCA) “does not authorize a U.S. court to issue and enforce an SCA warrant against a United States-based service provider...more

Microsoft-Ireland: Decision underscores tension between privacy principles and the digital environment

The Second Circuit has rendered its long-awaited opinion in Microsoft Corp. v. United States (Microsoft-Ireland), finding that Microsoft was not obligated to turn over to the government a customer’s emails stored exclusively...more

Court: Stored Communications Act Warrant Cannot Be Used to Seize Data Held Overseas

In a case that may have significant impact for companies providing public Internet and cloud services, the Second Circuit has ruled that a federal court may not issue a criminal warrant ordering a U.S. company to produce...more

In the Matter of Microsoft: Why It Matters

On July 14, 2016, the Second Circuit released its decision in Microsoft Corp. v. United States, No. 14-2985, slip op. (2d Cir. July 14, 2016). The Second Circuit rejected the Government’s efforts to require Microsoft to turn...more

“Run for the Hills” Validated by the Second Circuit: Warrants for Electronic Communications Cannot Apply Across International...

In the lore of the Wild West, when an outlaw needed to escape the hangman’s noose, he made a run for the border, hoping to cross the border before the sheriff could catch him. Today, with the Wild West of the Internet, where...more

Second Circuit Rules that Federal Warrants Do Not Apply to Electronic Information Stored Overseas

On July 14. 2016, the Second Circuit ruled that the government cannot lawfully use a search warrant to compel access to consumer data stored by Microsoft Corporation (Microsoft) overseas. In its decision, the court overturned...more

Decision Holds That Search Warrant Cannot Compel Data Stored Overseas

The landmark ruling is the first by a federal court of appeals to address the extraterritoriality of the Stored Communications Act. Microsoft and other US-based internet service providers won a major victory on July 14...more

EU Commission Adopts EU-U.S. Privacy Shield

On July 12, 2016, the European Commission formally adopted the EU-U.S. Privacy Shield to replace the previously invalidated Safe Harbor Framework as an adequate method of transferring personal data from the European Economic...more

Your daily dose of financial news - The Brief – 7.13.16

On Tuesday, the SEC announced that Citigroup would pay $7 million and admit that it submitted “inaccurate trade data” to the Commission over a period of 15 years in order to resolve claims that it left out “thousands of...more

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

Investor Money Regulations Update - The Investor Money Regulations (IMR) became effective on 1 July 2016. The Irish Funds IMR Working Group is in the process of finalising an IMR Q&A document due to be released...more

Responding to uncertainty

If there is one thing that can be agreed on after the Brexit vote, it is that there is a lot of uncertainty. And this uncertainty not only affects Britain, it affects each and every company doing business in Britain, and in...more

U.S. Government Petitions to Join Data Privacy Litigation Against Facebook in Ireland

On June 13, 2016, the United States government asked the Irish High Court to be joined as amicus curiae (friend of the court) in the case brought by the Austrian privacy activist Max Schrems against Facebook attacking the use...more

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