Monday 22 September 2014
2.00pm – 3.00pm BST
3.00pm – 4.00pm CEST
9.00am – 10.00am EDT

The international sanctions landscape has continued to develop in response to the situation in Ukraine.  On 12 September, the EU and US both published details of expansions to their existing sanctions against Russia, Continue reading

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Filed under Americas, EU, Europe, Russia, Ukraine

U.S. Treasury announces expansion of Ukraine-related sanctions

The US Office of Foreign Assets Control (“OFAC”) has implemented extensive new sectoral sanctions in response to the situation in Ukraine and added additional entities to the Specially Designated Nationals (“SDN”) list.  In summary, the new measures: Continue reading

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Filed under Americas, Ukraine, US

EU publishes legislation expanding sectoral sanctions against Russia

The EU has today published new legislation expanding its existing sanctions against Russia.  This briefing provides an overview of the new measures, namely:

  • an expansion of the restrictions on dealing in transferable securities issued by listed Russian banks;
  • the application of these restrictions to listed Russian companies in the military and oil sectors;
  • additional trade restrictions, including in relation to dual use goods and certain services necessary for particular oil projects; and
  • an expansion of the existing asset freeze.

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Filed under Australia, EU, Russia, Sanctions and Money Laundering, UK Legislation

Corporate Crime Update – September 2014

Welcome to the September 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.  Continue reading

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Filed under Asia, Australia, China, Corporate Crime, Dubai, HM Treasury, Hong Kong, India, Indonesia, Japan, Middle East, Myanmar, Pakistan, Russia, Sanctions and Money Laundering, Thailand, Ukraine, Vietnam

Junker unveils EU Commission: Lord Hill European Commissioner designate for financial stability, financial services and capital markets

The President-elect of the European Commission, Jean-Claude Junker, has unveiled his team and the new shape of the European Commission.  Lord Jonathan Hill of Oareford has been designated as the Commissioner to take on the new Financial Stability, Financial Services and Capital Markets Union portfolio, Continue reading

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Filed under EU, UK

Reporting by extractive companies on government payments – early UK implementation of the EU requirements

Two EU Directives were passed in 2013 which mandate annual reports on payments to governments by companies in the extractive industries. In the UK, the government has confirmed that these provisions will be implemented early and will apply to listed and other large companies for financial years beginning on or after 1 January 2015.  The UK government has now Continue reading

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Filed under BIS, EU, Europe, UK

Hong Kong: SFC supervisory briefing session – summary of key issues

On 2 September 2014, the SFC held its first ever Supervisory Briefing Session (“Session”) to share with market participants their major findings and observations emanating from recent inspections of the equities and FICC (Fixed Income, Commodity, Currencies) businesses.  The main speakers at the Session were Mr Ashley Alder (CEO of SFC), Mr James Shipton (Executive Director of SFC and Head of the Intermediaries Division), Mr Mark Stewart (Executive Director of SFC and Head of Enforcement Division) and Mr Stephen Po (Senior Director of Intermediaries Supervision).  Continue reading

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Filed under Asia, Hong Kong, Investment banking

US Federal Appeals Court limits extraterritorial application of anti-fraud provisions of the U.S. Federal securities laws

In Parkcentral Global Hub Limited v. Porsche Automobile Holdings, SE, 11-397-CV (2d Cir. N.Y. Aug. 15, 2014), the US Court of Appeals for the Second Circuit has clarified the manner in which courts should apply the Supreme Court’s seminal decision in Morrison v. National Australia Bank, 561 U.S. 247 (2010), and further limited the extraterritorial application of § 10(b) in private civil actions.   Continue reading

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Filed under Americas, Funds, US

US Federal Court orders Microsoft to produce e-mail content stored outside the United States

In a decision that may have implications for the way US technology companies, and in particular data storage or “cloud” providers, do business with customers, who may include financial institutions, outside the United States, a federal district judge in New York has affirmed a magistrate judge’s decision that ordered Microsoft Corporation to produce, in response to a search warrant issued at the behest of US authorities, the contents of one of its customer’s e-mail accounts stored on a Microsoft server in Ireland.  Continue reading

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Filed under Americas, US

LME held immune from anti-trust suit under US Foreign Sovereign Immunities Act

In re: Aluminum Warehousing Antitrust Litigation, U.S. District Court, Southern District of New York, No. 13-md-02481, Judge Katherine Forrest has granted a motion to dismiss filed by the London Metal Exchange Ltd (LME) in antitrust litigation which alleged a conspiracy between the LME, owners and operators of metal storage warehouses, and metals traders, to drive up aluminium prices by restricting supply.  Continue reading

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Filed under UK, Uncategorized, US