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This Week in FCPA-Episode 94, the March Madness edition

by Thomas Fox on

1. March Madness is here. So is corruption in NCAA basketball. 2. Former FCPA Unit Head Chuck Duross says that self-reporting is still “probably not worth it”. 3. Elizabeth Holmes and Theranos were engaged in massive,...more

Initial Coin Offerings in the United Arab Emirates

by King & Spalding on

Background - Against the backdrop of the increasing prominence of cryptocurrencies globally, initial coin offerings or ICOs are becoming commensurately popular as a capital raising method. ICOs, essentially a method of...more

Mexican Fintech Law Becomes Effective

by White & Case LLP on

On March 10, 2018, the law regulating Financial Technology Institutions ("Fintech Law") became effective along with certain reforms to other financial laws....more

EC Speech Outlines Goals of FinTech Action Plan

The European Commission (“EC“) published a speech on February 27, 2018 given by Vice President Valdis Dombrovskis, European Commissioner for Financial Stability, Financial Services and Capital Markets Union (“CMU“), which...more

ESMA Speech on Measured Approach to FinTech

The European Securities and Markets Authority (“ESMA“) published a speech by ESMA Chair Steven Maijoor on taking a measured approach to Financial Technology (“FinTech“) on February 27, 2018. Mr. Maijoor explained that...more

European Commission Proposed Legislation to Regulate Cross-Border Crowdfunding Service Providers

by Shearman & Sterling LLP on

The European Commission has published a proposed Regulation on European Crowdfunding Service Providers for Business. The proposed ECSP Regulation is part of the EU Capital Markets Union initiative and the Commission's FinTech...more

12 O'Clock High-Episode 82, Leadership Lessons from Henry Worsley and Ernest Shackleton

by Thomas Fox on

In this podcast, I explore leadership lessons from the Antarctic explorer Ernest Shackleton and modern day Antarctic adventurer Henry Worsley. Henry Worsley and Ernest Shackleton are related by more than blood. They are...more

Compliance into the Weeds-Episode 74, Continued Fallout from Somers

by Thomas Fox on

In this episode, Matt Kelly and I continue our exploration of the fallout from the recent Supreme Court decision in Digital Realty Trust v. Somers in light of the filing by BioRad in its appeal of the whistleblower award to...more

Red Notice Newsletter - Russian

ANTICORRUPTION DEVELOPMENTS – U.S. Agencies Decline to Prosecute Teradata for Alleged FCPA Violations – On February 26, 2018, Teradata Corporation, an Ohio-based enterprise software database management company,...more

Red Notice Newsletter - Chinese

ANTICORRUPTION DEVELOPMENTS – U.S. Agencies Decline to Prosecute Teradata for Alleged FCPA Violations – On February 26, 2018, Teradata Corporation, an Ohio-based enterprise software database management company,...more

Federal Judge Upholds CFTC’s Determination that Virtual Currencies Are Commodities

by Morrison & Foerster LLP on

In September 2015, the Commodity Futures Trading Commission (CFTC) stated in a settlement order that “Bitcoin and other virtual currencies are encompassed in the definition and properly defined as commodities” under the...more

Cryptocurrencies and the fight against money laundering

As the global use of cryptocurrencies continues to gather momentum, what are the potential risks and implications for compliance professionals and how can they stay a step ahead of money launderers?...more

Hong Kong Exchange Publishes Draft Rules for Biotech Listings, Requests Comments

by Jones Day on

The Hong Kong Stock Exchange recently published a Consultation Paper on a Listing Regime for Companies from Emerging and Innovative Sectors, and proposed to introduce a new chapter implementing the listing of...more

FCPA Compliance Report-Episode 374, John Davis on Miller & Chevalier's FCPA Winter Review 2017

by Thomas Fox on

In this episode, I visit with Miller & Chevalier Member John Davis on the firm’s FCPA Winter Review 2017. We discuss the key FCPA enforcement actions from 2017 and developments in compliance. Davis identifies four theme’s...more

New York Department of Financial Services Guidance Complicates a Crowded Virtual Currency Regulatory Landscape

by McDermott Will & Emery on

On February 7, 2018, the New York Department of Financial Services issued “Guidance on Prevention of Market Manipulation and Other Wrongful Activity” imposing stringent reporting requirements of which virtual currency...more

E-Money and Electronic Payments: Foreign Investment in the Philippine Financial Technology Sector

by Morrison & Foerster LLP on

DEVELOPMENTS IN THE PHILIPPINE FINTECH SECTOR - The combination of low levels of financial inclusion, a steadily growing GDP and high smart phone usage has resulted in the Philippines becoming a key market in Asia for...more

Supply Chain Adoption of Blockchain Continues to Gain Steam and Generates Many Legal Issues

While there has been a great deal of attention being paid lately to the use of blockchain for the issuance and investment (or speculation) in cryptocurrencies, other enterprise-based applications of blockchain continue to be...more

Across the Board-Episode 16, Boards of Directors and Compliance

by Thomas Fox on

In this episode I consider the role of the Board of Directors in having a Compliance Committee and having a compliance expert on the Board itself. When you consider any of the most recent corporate scandals, from industries...more

Countdown to GDPR-Episode 3, Policies and Procedures

by Thomas Fox on

In this episode we explore the basic policies and procedures that you need to have in place to comply with the General Data Protection Regulation (GDPR). I am joined in the exploration by Jonathan Armstrong, a partner at...more

Financial Regulatory Observer - February 2018: The year of blockchain: Global legal framework begins to take form

by White & Case LLP on

Virtual currency and blockchain (VC&B) technology are becoming an important component of the global financial system. Although VC&B were founded on a non-governmental philosophy, the technology is steadily gaining legitimacy....more

EU Impact

by DLA Piper on

Dear Reader, While the Brussels Bubble is buzzing with the latest twists and turns in the high drama surrounding the EU's own "Rasputin", the all-powerful Martin Selmayr who managed to sidestep everyone and elevate himself...more

Compliance into the Weeds-Episode 73, Compliance Trouble in Dallas

by Thomas Fox on

In this episode, Matt Kelly and I explore the recent revelations of systemic sexual harassment and abuse present in the front office of the Dallas Mavericks. The allegations were not lodged against owner Mark Cuban but...more

German Federal Supervisory Authority (BaFin) provides guidance on regulation of ICOs

by McDermott Will & Emery on

On 20 February 2018, the German Federal Supervisory Authority (BaFin) issued its highly anticipated statement (GZ: WA 11-QB 4100-2017/0010) on the requirements for a token to be classified as a “financial instrument” under...more

Business Litigation Report - February 2018

Defining Sexual Harassment: The State of the Law - Litigation involving sexual harassment, in a variety of forms, emerged as a recurring headline in 2017 and shows no sign of slowing in 2018. The increase in...more

Renren Halts Initial Coin Offering Following Pressure from Chinese Regulatory Body

Renren Inc. (NYSE ticker RENN), a Beijing-based social network company, saw rapid growth in its stock price following the release of a whitepaper (in Chinese) and publicity over its intention to engage in an Initial Coin...more

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