Banking Litigation update

We have published our latest Banking Litigation Update, summarising some of the more important cases and developments affecting UK financial institutions over the first half of 2014, including: Continue reading

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Filed under Americas, Australia, Banking, UK, US

US Federal Appeals Court holds that the Dodd-Frank Act’s whistleblower anti-retaliation provisions do not apply extraterritorially

The US Court of Appeals for the Second Circuit in Liu Meng-Lin v. Siemens AG, 13-4385-cv (2d Cir. N.Y. Aug. 14, 2014) upheld a lower-court’s decision to grant Defendant Siemens’ motion to dismiss a claim alleging wrongful termination brought by Taiwanese resident, Liu Meng-Lin, a former employee of Siemens China.  The Second Circuit held that the Dodd-Frank whistleblower anti-retaliation provision relied upon by Mr Liu did not apply extraterritorially, to a non-US citizen employed abroad by a foreign company, where all events allegedly giving rise to the liability occurred outside the United States.  To read the briefing prepared by our team in New York, click here.

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Filed under Americas, US

Sanctions update: recent developments in UK, EU and US

  • The UK’s Export Control Organisation (ECO) has published FAQs on the EU’s trade sanctions on Russia which restates some of the information already contained in EU Regulation 833/2014 
  • The EU Foreign Affairs Council has given its conclusions on Ukraine following a meeting in Brussels on 15 August 2014 
  • In the US, OFAC has issued revised guidance and FAQs in relating to the “50% rule” regarding entities owned by designated persons

To read more about these developments, please click here.

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Filed under Americas, EU, Russia, UK, Ukraine, US

UK: FCA publishes feedback on its thematic review of the use of dealing commission

Investment managers will be aware that the FCA has been holding discussions with the industry and conducting a thematic supervisory review (between November 2013 and February 2014) as to the controls that investment managers have over the use of dealing commissions for the purchase of research.  The Financial Conduct Authority (FCA)’s Discussion Paper (DP14/3) provides feedback on that review and policy debate on the market for research.   Continue reading

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Filed under Asset management, FCA, Investment Funds, UK

Australia: Practical steps to maintain privilege when communicating with non-legal advisers

The recent Federal Court decision in Asahi Holdings (Australia) Pty Ltd v Pacific Equity Partners Pty Limited (No 4) [2014] FCA 796 highlights the limited extent to which privilege subsists in emails and draft transaction documents created by or disseminated to non-legal advisers during commercial transactions.  Our briefing sets out practical steps that non-legal advisers and clients can take to minimise the likelihood of sensitive information having to be disclosed.

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Filed under Australia, Commercial Litigation, Investment banking

Major new international accounting standard on financial instruments

The IASB has published the complete version of IFRS 9 ‘Financial Instruments’, which replaces the current standard IAS 39.  This final version includes requirements on the classification and measurement of financial assets and liabilities and an expected credit losses model that replaces the incurred loss impairment model that is used today.  The new standard is effective for accounting periods beginning on or after 1 January 2018, subject to EU endorsement, with early application permitted.   For more on the new standard, click here.

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Filed under EU, International

US: Herbert Smith Freehills obtains important decision for non-US banks which maintain a branch office in New York

In a case of first impression in the New York state courts – Gliklad v. Bank Hapoalim, B.M., No. 155195/2014 (N.Y. Sup. Ct. N.Y. Cnty. Aug. 11, 2014) – the New York Supreme Court has held that maintaining a branch office in New York does not, in itself, subject a non-U.S. bank to general personal jurisdiction in New York.  This decision is important to international financial institutions for several reasons, as explained by Scott Balber, Jonathan Cross and Christopher Leahy from our New York office in this briefing.

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Filed under Americas, Asia, Australia, Banking, Europe, France, Germany, Hong Kong, International, Spain

UK FCA proposes temporary product intervention rules for CoCos

The Financial Conduct Authority (FCA) has announced that it is proposing to use its temporary product intervention powers for the first time to restrict firms from distributing contingent convertible instruments (CoCos) to the mass retail market for a 12 month period from 1 October 2014.  The FCA is not formally consulting on these proposals, but would nevertheless welcome comments, particularly those received before the temporary rules come into force on 1 October 2014.  Continue reading

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Filed under FCA, UK, UK Regulations

Corporate Crime Update – July 2014

Welcome to the July 2014 edition of our corporate crime update – our round up of developments in relation to corruption, money laundering, fraud, sanctions and related matters.  Our update now covers a number of jurisdictions.  For the full update on each jurisdiction, please click on the name of the jurisdiction below.  Below we provide a brief overview of what is covered in each update. Continue reading

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Filed under Americas, Asia, Australia, Bribery and Corruption, China, Corporate Crime, Dubai, EU, France, Hong Kong, India, Indonesia, Japan, Korea, Philippines, Russia, Singapore, Spain, Thailand, UAE, Ukraine, US, Vietnam

Hong Kong issues consultation paper on draft rules for mandatory reporting and related record-keeping in relation to OTC derivatives

The Hong Kong Monetary Authority and the Securities and Futures Commission have recently issued a joint consultation paper detailing their proposed requirements relating to the mandatory reporting and record keeping obligations for over-the-counter (OTC”) derivative transactions in Hong Kong.  Continue reading

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Filed under Asia, Hong Kong