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Day 20 of 31 Days to a More Effective Compliance Program-Responding to Investigative Findings

by Thomas Fox on

There is nothing like an internal whistleblower report about a FCPA violation, the finding of such an issue or (even worse) a subpoena from the DOJ to trigger the Board of Directors and senior management attention to the...more

CFTC Proposes Interpretation of “Actual Delivery” for Virtual Currencies

by Latham & Watkins LLP on

The proposed interpretation would further clarify the CFTC’s jurisdiction over virtual currency platforms that facilitate retail commodity transactions. On December 15, 2017, the US Commodity Futures Trading Commission...more

UK Prudential Regulation Authority Publishes Expectations on Disclosures of Expected Credit Loss Under IFRS 9

by Shearman & Sterling LLP on

The UK Prudential Regulation Authority has published a "Dear CFO" letter that was sent to the Chief Finance Officers of larger UK-headquartered credit institutions. The "Dear CFO" letter sets out the PRA's expectations as to...more

Focus on Restructuring Processes: CVAs and Liquidation in the context of Carillion

by Dechert LLP on

In recent months certain restructuring processes have gained quite some notoriety in press headlines in connection with a number of UK businesses. This article provides secured lenders with a brief recap on the key points to...more

AML extended to digital currencies - The 'Bitcoin amendments'

by Dentons on

Digital currency providers will soon be required to adhere to the AML/CTF standards required for remittance sector providers. Providers will be required to...more

Financial Regulatory Developments Focus - January 2018 #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

NYSE Dividend Notification Changes Effective February 1

by Goodwin on

On February 1, 2018, the amendments to the New York Stock Exchange Listed Company Manual adopted in August 2017 become effective. These amendments will require listed companies to notify the NYSE at least 10 minutes before a...more

2018 Key Trust & Estate Planning and Corporate Ownership Implications of the New Tax Law

by Perkins Coie on

With the passage of Public Law no. 115-97, commonly referred to as the Tax Cuts and Jobs Act of 2017 (the 2017 Tax Act), attorneys in Perkins Coie’s Trust & Estate Planning practice, along with our clients running closely...more

Day 18 of 31 Days to a More Effective Compliance Program- Internal Reporting and Triaging Claims

by Thomas Fox on

The call, email or tip comes into your office; an employee reports suspicious activity somewhere across the globe. That activity might well turn into a FCPA issue for your company. As the CCO, it will be up to you to begin...more

Everything Compliance-Episode 24, the Looking Back to Look Forward Edition

by Thomas Fox on

In this episode, the top compliance roundtable podcast is back with a look at some of the top FCPA, compliance and data privacy/data security issues from 2017 and how they inform what will be the top such issues in 2018....more

Financial Services Quarterly Report - Fourth Quarter 2017: Developments in the Luxembourg Financial Sector

by Dechert LLP on

Luxembourg recently published two important bills to combat money laundering and terrorism financing – one transposes the EU AML4 Directive1 into Luxembourg law; the second establishes a central register of beneficial owners,...more

Key Tax Reform Issues for Nonprofit Membership Organizations/Associations

Associations avoided the harshest proposals but should be aware of several important new tax issues. Associations subject to unrelated business income tax can no longer use losses in one unrelated business to offset income...more

Disclosure of Accounting Impact of the Tax Cuts and Jobs Act in SEC Reports

by Goodwin on

On December 22, 2017, the Office of the Chief Accountant (the OCA) and the staff of the Division of Corporation Finance (the Staff) of the Securities and Exchange Commission published guidance relating to financial accounting...more

Seventh Circuit Affirms Grant of Summary Judgment on Terminated CEO’s SOX And DFA Claims

Last week, the Seventh Circuit Court of Appeals held that a terminated CEO’s complaints about his board of directors’ managerial decisions did not qualify as protected whistleblowing under the Sarbanes-Oxley Act of 2002...more

New Federal Corporate Income Tax Rate Decrease Affects Borrowers

by Davis Brown Law Firm on

Late in 2017, H.R.1, the federal tax reform bill (the “Federal Tax Act”) was signed into law. Effective January 1, 2018, the maximum federal corporate income tax rate decreased from 35% to 21%. ...more

New Tax Law (H.R. 1): Key Highlights Related to Interest Bearing Debt

by Proskauer - Tax Talks on

On Friday December 22, 2017, the President signed into law H.R.1, commonly referred to as the Tax Cuts and Jobs Act (TCJA). This is the most sweeping change to the US federal income tax laws in over three decades, and it will...more

Underwriting or Placing Fees, Corporate Finance Contacts and MiFID II

by Shearman & Sterling LLP on

MiFID II is Europe’s new financial regulation for investment business which came into effect on 3 January 2018. The banking and legal industries seem to be unsure about whether or not MiFID II treats both issuers and buy-side...more

Day 17 of 31 Days to a More Effective Compliance Program-Managing Your Third Parties

by Thomas Fox on

The building blocks of any compliance program lay the foundations for a best practices compliance program. For instance, in the lifecycle management of third parties, most compliance practitioners understand the need for a...more

US Tax Reform—Disclosure Considerations

by White & Case LLP on

On December 22, 2017, tax reform (the "Tax Act")1 was signed into law. The Tax Act will have significant implications for companies, including on their accounting and associated disclosure, as discussed below. The SEC’s...more

Financial Markets Disputes and Regulatory Update - January 2018 - What can we learn from the second half of 2017

by Dentons on

Court decisions/impacts - Cases which consider the construction and use of standard form financial agreements almost always deserve reading. Most notable in this category is the judgment of the Court of Appeal in Dexia v....more

Financial Markets Disputes and Regulatory Update - January 2018 - Regulatory developments

by Dentons on

Senior managers regime, certification regime and conduct rules (SMCR) - Individual Accountability: Extending the Senior Managers & Certification Regime to all FCA firms, and extending the SMCR to Insurers - Consultation...more

EU Finalizes Changes to Ranking of Unsecured Debt Instruments in Insolvency Hierarchy

by Shearman & Sterling LLP on

An EU Directive amending the Bank Recovery and Resolution Directive has been published in the Official Journal of the European Union. The amending Directive amends the ranking of unsecured debt instruments in the insolvency...more

Financial Markets Disputes and Regulatory Update - January 2018 - Judgments

by Dentons on

Court of Appeal upholds consistent interpretation of ISDA Master Agreement - Dexia Crediop S.P.A. v. Comune di Prato [2017] EWCA Civ 428 - Dexia was appointed as Prato's adviser in relation to debt restructuring and...more

The U.S. Tax Cuts and Jobs Act: Fundamental Changes to Business Taxation

by Jones Day on

Signed into law December 22, 2017, the "Tax Cuts and Jobs Act" represents the most comprehensive reform to the U.S. federal tax code in a generation. The Act's most notable provisions include significant reductions in both...more

FCPA Compliance Report-Episode 366 Jonathan Marks on performing and using a root cause analysis

by Thomas Fox on

In this podcast, I visit Jonathan Marks, a partner at Marcum LLP on how to perform a root cause analysis and its uses in the remediation phase of a best practices compliance program. One new and different item was laid out in...more

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