Regulatory

Global Cartel Enforcement 2014 Year in Review

Global Cartel Enforcement 2014 Year in Review 1

Tensions among competing cartel enforcers were on the rise in 2014 Allen & Overy – To name only a few, the U.S. faced challenges over the extent of its jurisdictional reach; China was criticised for questionable investigative practices and allegedly protectionist use of its antitrust powers; and Japan faced questions relating to appropriate due process …

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Distinguishing Misappropriation of Law Firm Funds From Other Funds

Wilson Elser – By Brian Gatens – As we are taught in law school, and as some members of the public find hard to believe, attorneys are held to the highest ethical standards. One of the surest ways for an attorney to secure his or her disbarment is to misappropriate funds. In a December 18, …

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Appeals Court Overturns Two Insider Trading Convictions

Appeals Court Overturns Two Insider Trading Convictions 2

Paul Weiss – As reported in The New York Times and other media outlets, the United States Court of Appeals for the Second Circuit overturned the government’s insider trading convictions against two former hedge fund traders, Todd Newman and Anthony Chiasson, in a 28-page decision that could have a significant impact on the future of …

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New UK Withholding Tax Exemption Set to Boost the UK Private Placement Market

New UK Withholding Tax Exemption Set to Boost the UK Private Placement Market 3

By Sonia Girgis and Trevor James Morrison & Foerster – On 4 December, George Osborne in his Autumn Statement, announced a new UK withholding tax exemption for interest payments on UK private placements. The announcement was followed by draft legislative clauses with the Finance Bill 2015, released yesterday. The new exemption will mean that UK corporate borrowers …

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Multinationals Neglect Whistleblowing Risks

Multinationals Neglect Whistleblowing Risks 4

Freshfields – A survey of multinational companies by Freshfields shows many are complacent when many employees are willing to blow the whistle.  They have a new report, details below. International law firm Freshfields Bruckhaus Deringer is urging multinational companies to move whistleblowing up their risk agendas as a global survey* of more than 2,500 middle …

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Lessons on Sanctions & Legal Uncertainty

Lessons on Sanctions & Legal Uncertainty 6

Clifford Chance – With the decision by the United States and the European Union to impose sanctions on Russia came a raft of new challenges not ordinarily contemplated even by the most seasoned sanctions experts. Commercial and financial transactions have been heavily impacted by the imposition of constraints on dealings with a major trading power …

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Russian ‘deoffshorisation law’: bring the boys back home!

Russian 'deoffshorisation law': bring the boys back home! 7

Clifford Chance – On 18 November 2014 the State Duma (the lower chamber of Russian Parliament) approved a set of amendments to the Russian Tax Code for the purpose of implementing what has commonly been described as Russia’s “deoffshorisation law” (“Deoffshorisation Law”). In order for the Deoffshorisation Law to take effect from 1 January 2015, …

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The Dawn Raid – Being Prepared Is the Name of the Game

clifford chance

Clifford Chance -This article first appeared in the French daily financial newspaper ‘Les Echos’ on September 2, 2014 based on an interview with Clifford Chance partner Thomas Baudesson and counsel Charles-Henri Boeringer. Thomas and Charles-Henri, together with Karine Huberfeld wrote the second edition of a Practical guide for companies on how to handle search and …

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The UK Pensions Update : Clifford Chance

clifford chance

Clifford Chance – In September, amendments to the proposed reforms to IORP II were published in the First Presidency compromise text as the proposal moves through the EU’s co-decision legislative process. The European Commission had published its proposal to revise the IORP Directivei in March this year. The revised directive, the so-called IORP II Directive, …

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Cravath Win Precedent-Setting Victory for Delaware Corporations

Cravath Win Precedent-Setting Victory for Delaware Corporations 8

On September 8, 2014, Chancellor Andre G. Bouchard of the Delaware Court of Chancery granted Cravath’s motion to dismiss in its entirety a putative class action lawsuit filed by the City of Providence on behalf of shareholders of First Citizens BancShares, Inc. (“First Citizens North”). The suit challenged the company’s forum-selection bylaw — adopted on …

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