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Read need-to-know updates, commentary, and analysis on General Business issues written by leading professionals.

HMT Unveils Strategy for Future of UK's Asset Management Industry

by Dechert LLP on

HM Treasury recently published its Investment Management Strategy II Report. Building on its 2013 strategy report ? which mainly focused on how to improve the UK as a fund domicile ? this report sets out the UK government’s...more

Orrick's Financial Industry Week In Review

CFTC Statement on Self-Certification of Bitcoin Products by CME, CFE and Cantor Exchange - On December 1, 2017, the Commodity Futures Trading Commission ("CFTC") issued a Statement on the Self-Certification of Bitcoin...more

Dorsey Anti-Corruption Digest - December 2017

by Dorsey & Whitney LLP on

Deputy Attorney General Rod Rosenstein announced the addition of a new Department of Justice (DOJ) Foreign Corrupt Practices Act (FCPA) policy, titled the FCPA Corporate Enforcement Policy. The new policy, which was...more

New EU Prospectus Regulation 2017/1129 Entered into Force, European Capital Markets Update

by Jones Day on

On 20 July 2017, the new EU Prospectus Regulation (Regulation (EU) 2017/1129) of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or...more

AIM Companies and the Legal Entity Identifier Requirement, European Capital Markets Update

by Jones Day on

The London Stock Exchange published AIM Notice 47 ("Notice") on 13 October 2017 in respect of the requirement that all AIM companies with securities admitted to trading on AIM obtain a Legal Entity Identifier ("LEI") code. It...more

Regulation Round Up - November 2017

by Proskauer Rose LLP on

3 November - The Financial Conduct Authority (FCA) published an alert setting out key considerations for principals who have appointed representatives or introducer appointed representatives. Among other things, the alert...more

Court of Appeals Ruling Eases the Way for Shareholders to Bring Derivative Suits Against Cayman Islands Companies in the New York...

On Nov. 20, 2017, the New York Court of Appeals held that in a derivative action brought in a New York court against a company incorporated in the Cayman Islands, the plaintiff need not comply with Rule 12A of the Cayman...more

Italy Enacts New Anti-Raider Rules to Protect Strategic Assets

by Jones Day on

The Situation: Recent foreign investments in Italian blue chips led the Italian government to intervene to protect strategic assets. The Result: Decree 148/2017 introduced new disclosure requirements regarding...more

CFTC Releases Statement on Three Exchanges’ Plans to List Bitcoin Contracts

On December 1, 2017, the Chicago Mercantile Exchange and CBOE Futures Exchange took the necessary regulatory steps to begin trading new bitcoin futures contracts this month. The Cantor Exchange took similar steps to begin...more

Orrick's Financial Industry Week In Review

FHFA Updates Progress on Fannie Mae and Freddie Mac Credit Risk Transfer Programs - On November 22, 2017, the Federal Housing Finance Agency ("FHFA") issued a status report on credit risk transfer transactions done in...more

DOJ Issues New FCPA Policy Offering Incentives to Encourage Disclosure of Foreign Bribery and Corruption Misconduct

by Foley & Lardner LLP on

On November 29, 2017, Deputy Attorney General Rod Rosenstein announced that the U.S. Department of Justice (DOJ) was issuing a new enforcement policy covering its enforcement of the Foreign Corrupt Practices Act (FCPA). The...more

German Public M&A Q1 – Q3 2017: Overview and current issues

by White & Case LLP on

German Takeovers in the headlines of the press - So far this year, three takeover bids have made headlines in the German financial press. After major struggles between the executive board, supervisory board and...more

Asset Management Regulatory Roundup - November 2017 - Issue 11

by Dechert LLP on

A compact summary of the most recent regulatory and tax developments relevant to the UK asset management industry. This issue includes details on ESMA’s updated Q&As on the key information document requirements for PRIIPs;...more

Anti-Bribery Compliance Meets Permits, Approvals and Licences in India

by Foley & Lardner LLP on

Obtaining permissions, approvals and licences in India creates high risks for bribery on account of there being significant interaction between the company and government authorities. Originally published by IBA...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

More trouble for Wells Fargo, this time involving its Forex operation, which an internal investigation revealed was plagued by routine overcharging of customers and other questionable practices by bankers engaged in a battle...more

Preliminary Hurdle for Cayman Derivative Claims Does Not Bar Suit in New York

A shareholder bringing a contested derivative claim in the Cayman Islands must seek leave from the court before proceeding. This litigation prerequisite -- imposed by Rule 12A of the Rules of the Grand Court of the Cayman...more

Commercial Division Dismisses Derivative Lawsuit After Board Rejects Shareholder Demand

The decision to bring a lawsuit on behalf of a corporation is entrusted to the corporation’s board of directors. A shareholder may not maintain a derivative lawsuit on behalf of a corporation without first making a demand on...more

Orrick's Financial Industry Week In Review

CFTC’s Division of Market Oversight Extends Time-Limited No-Action Relief for SEFs from Certain Block Trade Requirements - On November 14, 2017, the U.S. Commodity Futures Trading Commission's Division ("CFTC") of Market...more

The Delta Report: Regulators begin Volcker Rule review, signaling potential for needed clarifications

by White & Case LLP on

Broadly, the Volcker Rule prevents insured depository institutions, their parent holding companies and foreign banks that have US subsidiary banks or US banking offices, as well as the affiliates or subsidiaries of any of the...more

The Delta Report: MiFID II/MiFIR – Outlook into 2018

by White & Case LLP on

Commodity Position Limits (Article 57 of MiFID II/RTS 21) - 28 September 2017 – ESMA and the national competent authorities ("NCAs") published an updated work plan for the opinions on pre-trade transparency waivers and...more

The Delta Report: On the end of LIBOR: preliminary reflections on its implications for derivatives

by White & Case LLP on

Background and how the London Interbank Offered Rate ("LIBOR") works - The financial crisis brought considerable changes to the entire financial regulatory environment and the way many financial instruments, especially...more

EU Proposed Guidelines on Position Calculation by a Trade Repository

by Shearman & Sterling LLP on

The European Securities and Markets Authority has published proposed Guidelines on position calculation by trade repositories under the European Market Infrastructure Regulation. EMIR requires that derivatives contracts are...more

The Delta Report: Brexit update

by White & Case LLP on

In the July 2017 edition of the Delta Report, we provided a snapshot update on Brexit and set out some of the key issues that were beginning to emerge as relating to the regulatory framework for the derivatives market once...more

EU Authority Publishes Advice, Technical Standards and Guidelines under EU Money Market Funds Regulation

by Shearman & Sterling LLP on

The European Securities and Markets Authority has published technical standards, technical advice and Guidelines under the Money Market Funds Regulation. These are: final draft Implementing Technical Standards providing a...more

Orrick's Financial Industry Week In Review

SEC Announces the Formation and First Members of Fixed Income Market Structure Advisory Committee - On November 9, 2017, the Securities and Exchange Commission ("SEC") announced the formation and first members of its Fixed...more

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