News & Analysis as of

Personal Data Collection Is Getting Trickier

On October 6, 2015, the Court of Justice of the European Union (“EU”) issued a judgment declaring that the United States Safe Harbor Decision is invalid. That Decision had been rendered by the EU Data Protection Commission...more

On the application of personal sanctions by Ukrainian banks (Ukrainian)

By a new Resolution of the National Bank of Ukraine (the "NBU") No. 654 dated 1 October 2015 (the "Resolution") a procedure on application of sanctions was introduced....more

On the application of personal sanctions by Ukrainian banks

By a new Resolution of the National Bank of Ukraine (the "NBU") No. 654 dated 1 October 2015 (the "Resolution") a procedure on application of sanctions was introduced....more

New registration rules and calculation methodology for maximum manufacturer's sale prices for vital and essential drugs

On October 1, 2015, the new versions of the following regulations will come into legal force and effect: - The Rules for the state registration and re-registration of maximum sale prices set by pharmaceutical...more

Creditors Will Struggle in Bankrupt Individuals Cases Starting 1 October 2015 - The New Personal Bankruptcy Law Enters into Force...

The new personal bankruptcy law enters into force on 1 October 2015. Individuals will now be allowed to go bankrupt while creditors are left to struggle. The rules have caused much apprehension and it remains to be seen how...more

The New Russian Data Protection Law: Five Important Things To Know

Early in July 2014, the Russian Federal Act on Data Protection was amended to require that personal data of Russian citizens be first processed and stored on servers located within the territory of Russia. Initially, the...more

The Russian Data Protection Authority, Roskomnadzor, Enforces New Russian Data Localization Law

On September 9, 2015, the Federal Service for Supervision of Communications, Information Technology and Mass Communications (the “Roskomnadzor”) reported on its website that it blocked an extensive online database of more...more

Checking In on Sanctions Enforcement

The Department of Treasury’s Office of Foreign Asset Control continues to ramp up sanctions enforcement. Even with the likely relaxation of the Iran and Cuba sanctions, OFAC has been continuing its aggressive enforcement...more

Extension of EU Economic Sanctions and Trade Measures Targeting Russia

The Council of the European Union (EU) has extended the existing EU framework of trade and economic sanctions targeting specific Russian individuals and entities, and certain sectors of the Russian economy until 15 March...more

Ukraine's decree on application of special sanctions

On September 16, 2015 the President of Ukraine signed Decree No. 549/2015 on the application of special sanctions. By this Decree a variety of personal special economic and other restrictions (the Sanctions) have been...more

Securities Litigation and Enforcement Newsletter

A CD or not a CD, That is the Question… That the Auditors Should Have Answered - A headline-grabbing SEC enforcement action last week against BDO USA and several of its national partners may lead audit firms to insist on...more

Russian Legislation Update

Investments Industrial Clusters and Parks - On 31 July and 4 August 2015, the Government adopted Resolution No. 779 in relation to industrial clusters and their specialized organizations and Resolution No. 794 in...more

Russian Nuclear Official Pleads Guilty in FCPA-Related Case

On August 31, the DOJ announced that Vadim Mikerin, the former president of TENAM Corporation and a director of the Pan American Department of JSC Techsnabexport (TENEX), pleaded guilty to conspiracy to commit money...more

Serving Proceedings in Russia under the Hague Convention

The English High Court has clarified one aspect of service of English proceedings in Russia under the Hague Convention. The English Courts remain an attractive venue for Russian related litigation. A claimant wishing to...more

Russia Sanctions Update

On September 2, 2015, the U.S. Department of Commerce’s Bureau of Industry and Security (BIS) issued a final rule amending the Export Administration Regulations (EAR) by adding 29 parties to its Entity List, a...more

U.S. State Department Targets Russian, Iranian Firms in Sanctions Move Against WMD and Missile Proliferation

The U.S. Department of State imposed sanctions on September 2, 2015, against 23 companies around the world for involvement in the transfer or purchase to or from Iran, North Korea or Syria of goods, services or technology...more

Three Things In-House Counsel Needs to Know About Russia’s New Data Localization Law

On September 1, 2015, Russia’s new law requiring data localization, Russian Federal Law No. 242-FZ (“Russia’s Data Localization Law”) became effective. Although Russia’s Data Localization Law makes multiple changes to...more

Russia’s new data law

Russia’s new Data Localisation Law went live yesterday on 1 September. Many companies with operations in Russia are scratching their heads about how to comply. The Basics - The new law applies to businesses with a...more

Data Localisation Law – clarifications published with one month to go…

Just one month before the new Data Localisation Law (‘the law’) is due to come into force, the Russian Ministry of Communications has published its long-awaited clarifications (in Russian) to the new law....more

Red Notice Newsletter - August 2015

Welcome to the August 2015 edition of Red Notice, a publication of Akin Gump Strauss Hauer & Feld LLP. This month on the anticorruption front, the U.S. Department of Justice (DOJ) and the U.S. Securities and Exchange...more

Briefing on Russia Data Localisation Law

Russia has, today, implemented a Data Localisation Law. It requires information about Russian citizens to be stored in Russia and many businesses are concerned about how best to comply. There has also been some recent...more

Foreign Official Pleads Guilty In Connection with FCPA Conspiracy

The Foreign Corrupt Practices Act was aimed at halting corrupt payments made to improperly influence foreign officials. In drafting the Act Congress chose not to impose liability on the foreign official involved in corrupt...more

US China Trade War — Stock Market Crash, Presidential Trade Politics, Trade Policy, Customs, Antitrust and Securities

The Chinese stock market crash and world- wide effect on stock markets around the World has created a crisis with day to day developments. The World Stock market crash stated on August 24, 2015 and went through to August...more

A Primer on Russia’s New Data Localization Law

Privacy and data security professionals worldwide should circle September 1 on their calendars, as it’s the day Russia’s new data localization law goes into effect – and possibly generates major waves far beyond Russian...more

Civil Code Reform: New Provisions on Contracts and Obligations

On 8 March 2015, the President signed Federal Law No. 42-FZ "On Amending Part 1 of the Russian Civil Code." The amendments aim at increasing the stability and predictability of contractual relations under Russian law at...more

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