Organization for Economic Co-operation and Development

News & Analysis as of

UK Financial Regulatory Developments - May 2016 #11

The Law Society responds to ESMA’s EU MAR consultation - The Law Society has published the Law Society and City of London Law Society Company Law Committees Joint Market Abuse Working Party’s response to ESMA’s...more

New Public Country-by-Country Reporting of Financial Information Proposed by European Commission

Country-by-country reporting (“CBCR”) is one of the OECD BEPS deliverables (under Action 13). It is expected to be a significant tool used by tax authorities’ auditors in evaluating a multinational group’s transfer pricing...more

Wrap-Up of Federal and State Chemical Regulatory Developments, May 2016

TSCA/FIFRA/IRIS/NTP/TRI - Office Of Inspector General Considers Pesticide Imports: In a memorandum dated April 22, 2016, the U.S. Environmental Protection Agency (EPA) Office of Inspector General (OIG) informed EPA that...more

In Case You Missed It - Interesting Items for Corporate Counsel - May 2016

The SEC, along with the Department of the Treasury, the Federal Reserve System, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, and the National Credit Union Administration, proposed a joint...more

Recent Indian Tax Treaty Changes Affecting Nonresident Investments into India - Termination of Capital Gains Exemption under the...

India and Mauritius entered into a Protocol amending the double-tax treaty between India and Mauritius (the “2016 Protocol”) on May 10, 2016. Under the 2016 Protocol, following a grace period and subject to a grandfather...more

Trade & Manufacturing - May 2016

Relief from Unfair Imports of Plastic Retail Carrier Bags to Continue for Five More Years - On April 27, the International Trade Commission (Commission) issued the public views of its unanimous determination in favor of...more

WCO Technical Committee on Customs Valuation Sanctions Use of Transfer Pricing Studies

To support the use of transfer pricing studies as an aid in establishing that prices paid or payable are not influenced by the relationship between vendor and purchaser, the World Customs Organization (WCO) has sought for...more

NCA and HMRC to Lead Taskforce to Investigate the Panama Papers

From early 2015, 11.5 million documents belonging to a Panamanian law firm, Mossack Fonseca, were provided to a German newspaper, Süddeutsche Zeitung, who shared them with the International Consortium of Investigative...more

The Global Steel Crisis: Where Do We Go from Here?

Hearings held by the U.S. Trade Representative (USTR) and Congressional Steel Caucus during April 12-14 provided a direct look at how steel overcapacity in foreign countries has drastically affected the domestic steel...more

Potential tax consequences of Brexit from a UK perspective

This alert considers the possible impact of Brexit on some key UK tax aspects. However, this is only one side of the perspective: we will shortly be publishing a second article considering the potential impact of Brexit on...more

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

CSSF Press Release 16/17 on Global Situation of UCIs and SIFs at the End of February 2016 - CSSF press release 16/17 of 31 March 2016 summarizes the global situation of Undertakings for Collective Investment and...more

Blog: OECD Issues New Edition Of OECD Due Diligence Guidance On Conflict Minerals And Declassifies Report On Implementation Of...

Just in time for those Forms SD and conflict minerals reports, due May 31, the OECD has posted a new edition of the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk...more

Panel Offers Insights on Doing Business in Colombia

As Colombia moves toward a peace agreement with FARC rebels and works to accomplish reforms necessary for OECD accession, the nation stands poised at the threshold of significant growth and transformation. Such was the...more

Federal Budget Update

The Australian Government continued its attack on Multinational Tax Avoidance with the release of its 2016-2017 Federal Budget. Central to its Budget initiatives is the introduction of a 40% Diverted Profits Tax on large...more

WCO TCCV approves case study on TNMM transfer pricing documentation and customs valuation

During the week of 18-22 April 2016 the World Custom's Organizations Technical Committee on Customs Valuation (TCCV) held its 42nd Session in Brussels. At this session a new instrument was approved by the TCCV that contains a...more

Blog: Ethics And Compliance Initiative Provides Guidance On Establishing High Quality E&C Programs

The Ethics and Compliance Initiative has released a report of its blue ribbon panel on the Principles and Practices of High-Quality Ethics & Compliance Programs, designed to provide practical guidance for companies that want...more

Brazilian Voluntary Disclosure Program: The Cost of The Medicine for Contaminated Funds

On January 14, a voluntary disclosure program, the Special Regime for Foreign Exchange and Tax Regularization (RERCT), was enacted in Brazil. It gives Brazilian residents an opportunity to voluntarily disclose unreported...more

Can You Hear The Whistle Blowing?: OECD Releases Report On Global Whistleblower Protections

The Organisation for Economic Cooperation and Development (“OECD”), an international organization whose goal is to promote policies that will improve the economic and social well-being of people across the world, recently...more

New International e-Commerce Guidelines

On April 4, 2016, the Federal Trade Commission (“FTC”) welcomed from the Organization for Economic Cooperation and Development (“OECD”) new guidelines for protecting e-commerce consumers. Founded by the United States more...more

European Commission proposes public CBC reporting: key takeaways

The European Commission has published a proposed amendment to the existing EU Accounting Directive that, if adopted, would introduce a form of public country-by-country (CbC) reporting for qualifying companies in the EU. ...more

The Panama Papers: Managing Corporate Risk and Uncertainty

On April 3, 2016, it became public that an anonymous source had leaked 11 million confidential documents, known as the “Panama Papers,” belonging to the Panama-headquartered international law firm Mossack Fonseca. As more of...more

European Organizations Issue Declaration on Waste Containing Nanomaterials

On April 13, 2016, the Center for International Environmental Law (CIEL), the European Environmental Citizens’ Organization for Standardization (ECOS), and the Oeko-Institut issued a press release announcing the availability...more

Tough Exams for Investments in the Education Sector

The growth of private spending on education presents an opportunity for private equity. While public spending on education in the OECD as a proportion of gross domestic product decreased slightly between 2003 and 2012, the...more

Wrap-Up of Federal and State Chemical Regulatory Developments, April 2016

EPA Issues SNUR For TCE: On April 8, 2016, the U.S. Environmental Protection Agency (EPA) issued a final Significant New Use Rule (SNUR) under the Toxic Substances Control Act (TSCA) for trichloroethylene (TCE). 81 Fed. Reg....more

Cayman Islands FATCA/CRS Compliance Deadlines (2016)

Cayman Islands investment entities are currently subject to three separate regimes relating to financial account information reporting: U.S. FATCA, U.K. FATCA and the OECD Common Reporting Standard (CRS). Although these...more

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