GENEVA—The government of Liechtenstein announced May 21 that it would seek approval of a draft law implementing the European Union’s new rules on collective investment schemes.
U.S. SEC Sues Deloitte’s Shanghai Affiliate in First Sarbanes-Oxley Section 106 Action Against Foreign Firm
The Securities and Exchange Commission May 9 sued Deloitte Touche Tohmatsu’s Shanghai affiliate for allegedly “willfully” failing to provide documents to the agency regarding a client under SEC investigation (In re Deloitte Touche Tohmatsu CPA Ltd., SEC, Admin. Proc. File No. 3-14872, 5/9/12).
U.S. CFTC Proposes That Foreign Regulators Need Not Indemnify Swap Data Repositories Under Dodd-Frank Act
The Commodity Futures Trading Commission voted 5-0 May 1 to propose an interpretative statement that in many cases would exempt foreign regulators from having to indemnify swap data repositories when seeking information from the entities, as required in the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act.
International financial regulators released a list of 24 principles April 16—ranging in categories from organization and credit and liquidity risk management, to access, efficiency, and transparency—they hope will strengthen financial market infrastructures on a global level and make them “more resilient.”
ANALYSIS: The Extraterritorial Implications of the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act: Why Nearly Every Global Company Needs a Robust Anti-Corruption Compliance Program
Business in today’s world is global, and anti-corruption enforcement is as well. Given the extraterritorial reach of the U.S. Foreign Corrupt Practices Act (FCPA) and the U.K. Bribery Act (Bribery Act), multinational corporations with connections to the United States and the United Kingdom are becoming increasingly aware of the risks of enforcement of these two statutes by the U.S. and U.K. authorities
BRUSSELS—The European Union is to consider stricter regulation of money market funds, special investment vehicles, and other entities involved in “shadow banking,” the European Commission said in a consultation document published March 19.
GENEVA—Switzerland’s financial regulator unveiled a package of measures Feb. 24 aimed at boosting the protection of Swiss clients investing in financial products.
IOSCO Issues Recommendations on Swaps Clearing, Reports on Complex Financial Products, ABS Disclosures
The International Organization of Securities Commissions has published a final report on recommendations for the mandatory clearing of over-the-counter derivatives, and consultation reports on the distribution of complex financial products and asset-backed security disclosures.
The swaps clearing report, issued Feb. 29, sets out recommendations for regulatory authorities who are developing and establishing mandatory swaps clearing regimes.
In what he described as the “most far-reaching reform of British banking in our modern history,” U.K. Chancellor of the Exchequer George Osborne Dec. 19 unveiled apackage of proposals that include the “ring-fencing” of retail banks from wholesale and investment banking activities…
The DoJ and the SEC Dec. 13 announced parallel charges under the Foreign Corrupt Practices Act against former senior Siemens AG executives over an alleged decades-long bribery scheme to retain a $1 billion contract to produce national identity cards for Argentine citizens…