Monday, November 24, 2014

ANALYSIS: The U.S. Volcker Rule: Five Cross-Border Implications

August 19, 2014 by  
Filed under Financial Services

The “Volcker Rule” is designed to reduce risk and banking system instability. This article identifies five key areas where the Volcker Rule may directly affect the investments, activities, and business operations of non-U.S. entities…

SPECIAL REPORT: Implementing the U.S. Volcker Rule: The Proprietary Trading Prohibition

April 29, 2014 by  
Filed under Financial Services

This is the first part of a two-part Special Report exploring the requirements and issues for compliance with the final Volcker Rule regulation issued by five U.S. federal agencies…

ANALYSIS: Challenges of Compliance with U.S. FATCA: U.K. Data Protection and Bank Confidentiality Issues

February 11, 2014 by  
Filed under Privacy

This article focuses on restrictions arising under data protection and bank confidentiality laws in the U.K., and how a financial institution in the U.K. can navigate those restrictions in seeking to comply with FATCA. In particular, it examines how recent legislation in the U.K. significantly reduces the scale of this challenge, and the stark contrast with the obstacles faced by financial institutions operating in EU member states without equivalent legislation…

BNA INSIGHTS: A Taxing Moment for Foreign Banks in China: Managing Tax Audits

July 23, 2013 by  
Filed under Financial Services

This article seeks to highlight the current tax audit landscape for foreign banks in China…

Swiss Government Proposal Would Let Bank Employee, Third Party Information Be Transferred to U.S. Government

June 13, 2013 by  
Filed under Privacy

The Swiss government announced that it will propose a legal framework allowing a dozen Swiss banks under investigation by the U.S. DOJ for allegedly helping U.S. clients evade taxes to negotiate individual settlement terms with DOJ, settlements expected to cost the banks billions of dollars in fines…

U.S. FATCA Update: Final Regulations, Intergovernmental Agreements and Their Impact on the Fiduciary and Asset Management Industries

June 11, 2013 by  
Filed under Financial Services

A look at Hiring Incentives to Restore Employment Act of 2010, which broadly focusses on the creation of jobs in the United States through tax incentives and Foreign Account Tax Compliance Act (FATCA) provisions…

Recent English Court Decisions Involving Mis-selling of Financial Products

May 15, 2013 by  
Filed under Financial Services

This new article examines, by reference to two recent cases, whether there has been any change in the English courts’ robust approach to cases of alleged mis-selling of financial products…

Italian Court Convicts Four International Banks of Fraudulently Selling Derivatives

January 9, 2013 by  
Filed under Financial Services

An Italian judge in Milan convicted four international banks of fraudulently selling derivative investment vehicles to the City of Milan government…

UBS to Pay U.S.$1.5 Billion to U.S., Foreign Regulators in LIBOR Probe

January 3, 2013 by  
Filed under Financial Services

Switzerland’s UBS AG will pay $1.5 billion in fines and related payments to resolve claims by U.S. and foreign authorities that it manipulated the LIBOR in connection with several different currencies, UBS said Dec. 19 (In re UBS AG, CFTC; United States v. UBS Securities Japan Co. Ltd) …

HSBC Agrees to Pay U.S.$1.9 Billion to Resolve U.S. Money Laundering Case

December 19, 2012 by  
Filed under Financial Services

The London-based HSBC Group and HSBC Bank USA have agreed to pay $1.9 billion and enter into a deferred prosecution agreement (DPA) to resolve charges of money laundering and doing business with countries subject to U.S. sanctions…

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