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Agencies Issue Final Rule Conforming Volcker Rule Regulations To 2018 Regulatory Relief Act
On July 22, 2019, five federal agencies (the "Agencies")[1] published a final rule (the "Final Rule"), which conforms the regulations implementing the Volcker Rule[2]
United States
31 Jul 2019
OFAC Delists Oligarch Companies Over Congressional Objections
On Sunday, the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) announced that it lifted sanctions on three entities associated with Russian oligarch Oleg Deripaska ...
United States
1 Feb 2019
OCIE Publishes 2019 Enforcement Priorities
The SEC's Office of Compliance Inspections and Examinations (OCIE) published its 2019 examination priorities on December 20, 2018. Although OCIE's published priorities "provide a preview of key areas
United States
9 Jan 2019
Agencies Propose Conforming Amendments To Volcker Rule Regulations
On December 18, 2018, five federal agencies released a proposed rule ("Proposed Rule") to conform the regulations implementing the Volcker Rule to statutory modifications provided by Sections 203 and 204 ...
United States
2 Jan 2019
Agencies Propose A More Tiered Approach To Large Bank Supervision
On October 31, 2018, the federal banking agencies released two separate proposals that, if adopted, would create a more consistent tiered approach to large bank supervision ...
United States
26 Nov 2018
Opportunity Zone Proposed Regulations Issued – Provide Much Needed Clarification And Guidance
On October 19, 2018, the U.S. Treasury Department and IRS issued long-awaited and much anticipated proposed regulations relating to the OZ Fund rules contained in Section 1400Z-2 of the Internal Revenue Code.
United States
24 Oct 2018
WSJ Video: Regulators Focus On Reverse Churning By Advisers
Morrison & Foerster partner Daniel Nathan discusses how regulators plan to ferret out financial advisers who put clients in inappropriate fee-based accounts.
United States
1 Apr 2014
SAFE’s New Rule On Domestic Individuals’ Participation In Equity Incentive Schemes Of Offshore Listed Companies
China strictly regulates cross-border investments including both inbound and outbound investments.
21 Jun 2012
IRS Offshore Voluntary Disclosure Program Reopens
On January 9, 2012, the Internal Revenue Service (the "IRS") reopened indefinitely its offshore voluntary disclosure program (the "2012 OVDP") to assist taxpayers in reporting undisclosed foreign accounts, assets, and income.
United States
13 Jan 2012
IRS Considers New Partial Amnesty Program for Offshore Accounts: Strategic Considerations for Taxpayers
Taxpayers who hold any interest in, or signature authority over, a foreign bank account are required to indicate that on Schedule B of the Form 1040, and also file with the Treasury a Report of Foreign Bank and Financial Accounts, Form TD F 90-22.1 (the "FBAR" form).
United States
1 Feb 2011
Foreign Account Tax Compliance Act Of 2009 – Congress Sets Its Sights On Overseas Tax Evasion
On October 27, 2009, Senator Max Baucus (D-Montana) and Representative Charles Rangel (D-New York), chairmen of the Congressional tax writing committees, introduced the Foreign Account Tax Compliance Act of 2009 (the “Bill”) in the U.S. Congress.
United States
8 Nov 2009
IRS Announces Additional Revisions To “Anti-Inversion” Regulations Under Code Section 7874
On September 17, 2009, the Internal Revenue Service (“IRS”) issued Notice 2009-78 (“Notice”) announcing its intention to issue additional regulations under the “anti-inversion” rules of Section 7874 of the Internal Revenue Code of 1986, as amended (“Code”).
United States
4 Oct 2009
U.S. Bankruptcy Court Declines to Recognize Bear Stearns’ Cayman Liquidation
Troubled offshore funds may have to become more creative in looking to protect their U.S. assets from creditors, if a controversial new bankruptcy court decision is upheld. A U.S. bankruptcy court in New York has declined to recognize the Cayman Islands liquidation proceedings filed by two Bear Stearns hedge funds whose Cayman liquidators had sought to protect against seizure of U.S. assets by filing petitions for protection under Chapter 15 of the Bankruptcy Code.
United States
10 Sep 2007
IRS Issues Guidance Relating To The Treatment Of Foreign Currency Gains Of Real Estate Investment Trusts
The IRS recently released published guidance relating to the treatment of foreign currency gains of real estate investment trusts ("REITs") from overseas real estate operations.
United States
31 May 2007
Recent Fee Relief Intensifies Competition Between NYSE And NASDAQ
Intensified competition between NYSE and NASDAQ for company listings could provide a unique cost-saving opportunity to companies that are considering a near-term listing on NYSE but do not initially meet NYSE’s listing qualifications.The SEC recently approved a petition by NYSE Group, Inc.
United States
13 Sep 2006
SAFE Circular 75 - The Key Provisions of Circular 75 and What They May Mean for Investors
The dust is beginning to settle on the effect and fate of SAFE Circular 11 and Circular 29, at least for the time being. On October 21, 2005, SAFE issued the long awaited new circular on "Relevant Issues Concerning Foreign Exchange Control on Domestic Residents' Corporate Financing and Roundtrip Investment Through Offshore Special Purpose Vehicles"
United States
9 Nov 2005
China Legal Update - SAFE Circulars
The offshore holding company structure widely used by Chinese entrepreneurs to obtain overseas venture capital and private equity investment, engage in cross-border trade sales, and undertake overseas initial public offerings has been significantly impacted by two new circulars from the State Administration of Foreign Exchange (SAFE)
12 Jul 2005
SEC Releases Final Rule Requiring Registration of Certain Hedge Fund Advisers
More than a month after adopting new provisions under the Investment Advisers Act of 1940 in a 3-2 split vote, the Securities and Exchange Commission released the final rule and rule amendments that will require most hedge fund advisers to register with the SEC. Advisers affected by the new requirements must register and have all policies and procedures in place by February 1, 2006.
United States
4 Jan 2005
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