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Corporate and Financial Weekly Digest - Volume IX, Issue 39

In this issse: - ISS Publishes Results of Annual Global Voting Policy Survey - FINRA Requests Comment on a Rule Proposal to Implement the Comprehensive Automated Risk Data System - NFA Issues Notice...more

Think High Stakes Whistleblowing is Just a U.S. Phenomenon? Think Again.

Today the SEC announced that it will pay $30 million to a whistleblower in the largest award ever doled out by the agency. This news is monumental and will send shock waves around the financial world—along with gut...more

Corporate and Financial Weekly Digest - Volume IX, Issue 34

In this issue: - Oregon State Court Refuses to Enforce Forum Selection Bylaw - SEC Announces Pilot Program to Widen Tick Sizes for Smaller Companies - NFA Issues Notice Setting Effective Date for Risk...more

Managing legal risks arising from cloud computing

On 26 June 2014, the European Commission announced that it had been presented with guidelines on the standardisation of Service Level Agreements (SLAs) for cloud computing services. The publication of the guidelines...more

Global Boardroom Risk Solutions Newsletter

Now more than ever, there is a need for risk solutions in the boardroom. Any organization can be faced with a significant crisis, whether a fraud investigation, a regulatory infringement, allegations of anticompetitive...more

Article 29 Working Party Publishes Statement on the Risk-Based Approach to Data Protection

On May 30, 2014, the European Union’s Article 29 Data Protection Working Party adopted “Statement on the role of a risk-based approach in data protection legal frameworks” (WP281). The Working Party, made up of EU member...more

Basel III Framework: Large Exposures

Even banks with strong capital ratios may fail as a result of the sudden failure of a counterparty or group of connected counterparties. To address this risk and to complement the now near-final Basel III framework, the Basel...more

Analysis of Recent Trends in Warranty Insurance in Private Equity M&A Transactions

Although Warranty Insurance in M&A transactions was a novelty product five to ten years ago, Warranty Insurance has now become an industry standard in Europe, largely thanks to its wide use by private equity firms who have...more

Spanish Insolvency Act Amendment Offers Comfort to Parties in Sareb Transactions

On November 30, 2013, the Spanish legislator approved a recent amendment to Spanish insolvency law, introduced in March 2013, to clarify that a claim transferred to Spanish “bad bank” Sareb, and subsequently sold by Sareb to...more

Obligations Under European Market Infrastructure Regulation Imminent

With certain EMIR provisions set to go live in September, both EU counterparties and many non-EU counterparties must take action to comply with risk management requirements, which involve some overlap with Dodd-Frank....more

Technology & Sourcing News - August 2013

Is gambling law about to liberalise in the Czech Republic? - Foreign entrepreneurs may benefit from the Czech Government's approval of new gambling regulations needed to comply with EU requirements. Data Centre Risk...more

European Banking Authority Publishes Responses to Consultation Paper on the Definition of Material Risk Takers for Remuneration...

The European Banking Authority (EBA) published a list of responses received to its May 2013 consultation paper on draft regulatory technical standards on criteria to identify categories of staff whose professional activities...more

Orrick's Financial Industry Week in Review - August 26, 2013

European Banking Authority Publishes Responses to Consultation Paper on the Definition of Material Risk Takers for Remuneration Purposes - The European Banking Authority (EBA) published a list of responses received to...more

The Projects and Construction Review, Chapter 22 "Italy"

The current state of Italian project finance is the result of a trend initiated more than 20 years ago, when public resources started to become scarce and the construction or infrastructure needed private funds to be carried...more

EBA Report on Risks and Vulnerabilities of the EU Banking System

On July 17, the European Banking Authority (EBA) published a report on risks and vulnerabilities of the EU banking system. The report considered EBA key risk indicators and EBA risk assessment questionnaires for banks and...more

Governance & Securities Law Focus: Asia Edition, July 2013

In this issue: ASIAN DEVELOPMENTS - - HKEx Launches Consultation on Reform of Connected Transaction Rules US DEVELOPMENTS - - SEC Developments - Noteworthy US Securities Law...more

More Leverage for the Unleveraged—Basel Committee Proposes Specific Leverage Capital Framework for Banking Organizations

On June 26, the Basel Committee on Banking Supervision (“Basel Committee”) published a Consultative Document that proposes specific leverage capital requirements, and related disclosure requirements (the “Proposal”), that...more

Financial Services Quarterly Report - Second Quarter 2013: UK: New Regulators; New Powers

The UK Financial Services Authority (“FSA”) was abolished on 1 April 2013 and replaced by three new regulators. The Financial Services Act 2012 introduced the Financial Conduct Authority (“FCA”), the Prudential Regulatory...more

AIFMD: Impact on US Investment Advisers - June 2013: Delegating to an EEA based sub-adviser

In cases where a US investment adviser appoints an EEA sub-adviser, the parties concerned will need to analyse which entity will be the AIFM. Whether such arrangements relate to group entities or third parties, the parties...more

FCA Fines J.P. Morgan Over £3.076M Over Systems and Control Failings

On May 23, the new UK conduct regulator, the Financial Conduct Authority (FCA), fined J.P. Morgan for failings in its wealth management business that persisted for two years until 2012. Specifically, the bank failed to retain...more

Irish Central Bank Opens Its Door for AIFMD Business

The Central Bank of Ireland (Central Bank) is now accepting applications for authorisation under the Alternative Investment Fund Managers Directive (AIFMD) on an informal basis. Applications can be made on the Central Bank’s...more

Reporting, clearing and risk mitigation rules for derivatives under European law in 2013 – the impact on buy side entities

A few provisions of the Regulation on Derivative Transactions, Central Counterparties and Trade Repositories, known as the European Market Infrastructure Regulation 648/2012 (“EMIR”) are now in effect throughout the European...more

REGULATORY: EU Competition Law: EU Competition Law and Joint Sales in LNG

Liberalization of the EU natural gas sector began almost two decades ago. Since then, the European Commission (the “Commission”) has used various mechanisms to facilitate market opening including competition law enforcement,...more

Recent ECJ VAT Decisions on Investment Management

Two recent decisions of the European Court of Justice (“ECJ”) on the VAT treatment of investment management services illustrate that this is still an area of some uncertainty that is continuing to evolve. The first decision,...more

EU Customs Practice Group - January/February 2013

In This Issue: *EU CUSTOMS POLICY: - MCC recast/UCC - Commission Communication on Customs Risk Management Security of the Supply Chain *TARIFFS: - Update on duty suspensions/tariff quotas - GSP...more

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