News & Analysis as of

Underwriting Office of Foreign Assets Control (OFAC)

Kramer Levin Naftalis & Frankel LLP

Announcing ‘Cyber Insurance Risk Framework,’ NY DFS Joins OFAC in Discouraging Carriers From Making Ransomeware Payments

Ransomware threats and attacks dominated the cyber news cycle in 2020 and into 2021. With the global pandemic and the uptick in remote work and learning, cybercriminals and nation-state hackers have seized on vulnerabilities...more

A&O Shearman

Mere risk of exposure to sanctions insufficient for underwriters to avoid liability

A&O Shearman on

Underwriters could not rely on a sanction limitation and exclusion clause in an insurance policy, which referred to insurers’ “exposure” to sanctions, to avoid liability for a claim simply because there was a risk that the...more

BakerHostetler

The Nuclear Deal With Iran: The Lifting of Sanctions and Implications for Business

BakerHostetler on

On July 14, 2015, after two years of sometimes intense negotiations, the United States, the United Kingdom, France, Germany, Russia, and China (known as the “P5+1” countries), along with the European Union, signed a Joint...more

Skadden, Arps, Slate, Meagher & Flom LLP

"OFAC and German Foreign Trade Regulations: Underwriters Attempt to Square the Circle"

When negotiating underwriting and purchase agreements for securities offerings by German issuers, legal advisers face conflicting requirements under U.S. economic sanctions laws administered by the Office of Foreign Assets...more

Sheppard Mullin Richter & Hampton LLP

New Law Expands Scope of Iran Sanctions In New Ways

As the new year brings in a new term for the Obama Administration, the pace of Iran sanctions shows no sign of slowing. As we reported in October and November, Washington’s commitment to denying Iran the ability to advance...more

King & Spalding

The New Year Brings New Sanctions Against Iran

King & Spalding on

As 2013 begins, the United States has reiterated its commitment to countering the threat posed by Iran by passing new legislation, issuing new regulations and guidance, and bringing into effect new requirements to increase...more

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