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House Tax Bill Would Fundamentally Change Executive Compensation and Employee Benefit Practices

by Morrison & Foerster LLP on

On November 2, 2017, the House Ways and Means Committee unveiled the Tax Cuts and Jobs Act (the “Bill”), which, if enacted, could dramatically impact certain aspects of executive compensation and employee benefit issues. The...more

Anti-Inversion Regulations Held to Violate Administrative Procedure Act

by King & Spalding on

On September 29, 2017, the United States District Court for the Western District of Texas struck down a 2016 temporary regulation designed to limit corporate inversions(the “Rule”). Rule was simultaneously issued as a...more

Significant Changes In Anti-Bribery Laws In Mexico And Colombia Signal A New Commitment To Anti-Corruption Efforts

by Morgan Lewis on

For companies with global operations, the Foreign Corrupt Practices Act (FCPA) is no longer the only anticorruption law of significance. Mexico and Colombia recently enacted sweeping anti-corruption legislation aimed at...more

Celltrion May Apply for FDA Approval for Rituximab and Trastuzumab by June

by Goodwin on

The Korea Herald reports that Celltrion is on track to file applications for U.S. FDA approval for its rituximab and trastuzumab biosimilars by June. According to the article (and as previously reported), once approved, the...more

OPBAS: An AML “Super” Supervisor?

by WilmerHale on

On 15 March 2017, the Government announced its plans to launch a new anti-money laundering (“AML”) watchdog, the Office for Professional Body AML Supervision (“OPBAS”). OPBAS is intended to complement the soon-to-be updated...more

New Administrative Penalties Against Individuals and Private Companies as Part of Mexico's Fight Against Corruption

by White & Case LLP on

On July 19, 2017, Mexico's new General Law on Administrative Accountability will take effect, imposing serious penalties on individuals and private companies that violate it, and requiring companies to adopt and implement...more

What The FCC’s Foreign Ownership Move Means To You

by Womble Bond Dickinson on

In a notice of proposed rule making that impacts existing US radio broadcasters in only a most ancillary way, the FCC is proposing to streamline and make more transparent its review and coordination of foreign ownership...more

Recognition of foreign insolvency processes in Colombia

by Dentons on

On the 10th of June, during the second part of a hearing with a massive attendance the Superintendence of Corporations (the "Superintendence"), such authority recognized in Colombia the process of insolvency that Pacific...more

SGX to Set Up Subsidiary Company ‘Regco’ for Regulatory Functions

by Morgan Lewis on

Market players hail the establishment of a separate subsidiary to handle regulatory functions in response to concerns about conflicts of interest in SGX’s self-regulatory structure. On 18 July, Singapore Exchange (SGX)...more

Financial Regulatory Developments Focus - June 2016 #2

by Shearman & Sterling LLP on

In this week's newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

DOJ Fraud Section to Require Cooperation Certifications Before Corporate Settlement

by McGuireWoods LLP on

Before settling with the U.S. Department of Justice’s Fraud Section, companies must now certify that they disclosed all information about individuals involved in the underlying misconduct. According to a recent Wall Street...more

Is a Hungarian trust a clone of the Anglo-American trust, or just a type of contract?: Parsing the asset-management provisions of...

by Charles E. Rounds, Jr. on

On March 15, 2014, the Hungarian Parliament enacted into law the New Hungarian Civil Code (NHCC). The NHCC creates out of whole cloth a civil law fiduciary asset-management vehicle (FAM) that in form and function bears some...more

The UK Appoints New Anti-Corruption Unit: A Look at the Global Ramifications

Given London’s role in international business and finance, the UK Bribery Act 2010 promised to form a potential strong counterpart to the U.S. Foreign Corrupt Practices Act (FCPA). Now, the UK government is taking steps which...more

Tax Court: Stock based Compensation Costs Need not be Included in International Cost-Sharing Arrangements

The Stunning Altera Case - Employee stock options are an important part of compensation—both as income to the executives and as a deduction for the employer. But when stock options are used by multinational companies,...more

Cooperation, the SEC and FOIA

by Dorsey & Whitney LLP on

A critical part of cooperating with an SEC or DOJ investigation for FCPA or other possible violations is the production of documents. In order for the company to assess what happened it must conduct an internal investigation...more

BEA Filing Deadline Looms For US Persons With Foreign Affiliates

Every five years, the US Department of Commerce's Bureau of Economic Analysis (BEA) conducts a survey concerning the extent of investment abroad by US individuals and entities (US persons). In the past, only US persons...more

DOJ: Companies Need Not Expend Exorbitant Fees to Get Full Cooperation Credit

by Morgan Lewis on

During an FCPA panel event, the Chief of the US Department of Justice’s Fraud Section advised companies to conduct “targeted” FCPA investigations, dismissing the suggestion that companies must spend hundreds of millions of...more

New Capital Raising Alternatives for Non-SEC Reporting Companies: Regulation A+

by Shearman & Sterling LLP on

Non-SEC Reporting US and Canadian companies may now raise up to $50 million in a 12-month period under an expanded exemption from the registration requirements of the Securities Act of 1933 (the “Securities Act”) under...more

New UAE Commercial Companies Law: A Move Towards Global Standards

by Reed Smith on

On 1 April 2015, His Highness Sheikh Khalifa Bin Zayed Al Nahyan, President of the United Arab Emirates, enacted Federal Law No 2 of 2015 (the Commercial Companies Law, or Law). The Law brings to a close several years of...more

SEC Files Financial Fraud Action Against Japan Based Controller

by Dorsey & Whitney LLP on

The Commission filed a financial fraud action against a former senior accounting officer and controller of Molex Japan Co., Ltd., the Japanese based subsidiary of publically traded Molex Inc. The scheme, which took place in...more

Luxleaks - Challenging the challenges to tax rulings in the EU

by DLA Piper on

The European Commission's recent state aid crusade against so-called sweet deals in the form of tax rulings may have unwelcome consequences never contemplated by the Commission....more

Federal Reserve Board Proposes to Include Legal Entity Identifiers in Certain Banking Organization Reporting

by White & Case LLP on

One difficulty encountered by national banking authorities during the course of the 2008 global financial crisis was identifying the ultimate parent for the trades made by various subsidiaries of dealers. To assist in...more

Investment Funds Update - Europe: Key legal and regulatory updates for the funds industry from the primary European asset...

by Dechert LLP on

Central Bank Publishes Enforcement Priorities for 2015 - The Central Bank of Ireland published its statement of enforcement priorities for 2015 on 9 February 2015. The Central Bank entered into 11 enforcement settlements...more

Broken Windows Continues: SEC Brings Group of Actions Centered on Section 13(d)(2) Violations

by Dorsey & Whitney LLP on

The “broken windows” approach to enforcement is alive, well and continuing. This time the Commission bundled together three groups of actions and eight proceedings, all centered on a failure to update disclosures tied to...more

The Companion and SEC Enforcement of the FCPA – Part II

by Thomas Fox on

I will use Agatha Christie’s short story The Companion as the introduction to today’s blog post. This story, related by one of the Tuesday story-telling group of detective aficionados, Dr. Lloyd, and is about two people who...more

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