New York partner Janet Vance is the author of "An Expert’s View: Mid-Year Trends in Large Cap and Middle Market Loan Terms" [PDF] that “examines issues around OFAC and anti-money laundering representations and describes factors that may affect middle market deal activity.” The article was published in the July/August 2014 issue of Thomson Reuters's Practical Law The Journal.This material from Practical Law The Journal has been reproduced with the permissions of the publisher, Thomson Reuters.
Client Alert | July 17, 2014
The following article written by Gibson Dunn partner Jose W.
Client Alert | July 15, 2014
As the debate continues over whether and how to punish companies for unlawful conduct, U.S.
Client Alert | July 8, 2014
Aggressive cross-border anti-corruption enforcement continued during the first half of 2014, as U.S. and foreign prosecutors pursued companies, individuals, and public officials across the globe for all manner of corruption-related offences.
Client Alert | July 7, 2014
Gibson Dunn associate Eric Lorber and Peter D.
Client Alert | June 6, 2014
After a public consultation period of three months, the PRC State Administration of Foreign Exchange ("SAFE"), China's foreign exchange control authority, issued the Foreign Exchange Administration Rules on Cross-border Guarantees (the "New Rules") on May 19, 2014.
Client Alert | May 20, 2014
The following article written by Gibson Dunn partner Jose W. Fernandez appears in the Spring 2014 issue of Americas Quarterly, the journal of the Council of the Americas. It argues that improving U.S.-Latin American relations means deepening already strong economic and historical ties rather than pursuing dramatic new initiatives. Mr. Fernandez joined the firm's New York office in 2013 after serving for nearly four years at the State Department, where he was appointed Assistant Secretary of State for Economic, Energy and Business Affairs in 2009.
Client Alert | May 1, 2014
Washington, D.C. partner Joseph Warin and associates Brendan Fleming and J. Matt Williams are the authors of "2013 Year-End Update on Corporate Non-Prosecution Agreements and Deferred Prosecution Agreements (Part 2)" [PDF] published in the May 2014 issue of Westlaw Journal's White Collar Crime.Part 1 of this article was published in April 2014 (http://www.gibsondunn.com/publications/Pages/2013-Year-End-Update-on-Corporate.aspx).
Client Alert | May 1, 2014
In the Obama Administration's latest response to the ongoing crisis in Ukraine, the Office of Foreign Assets Control ("OFAC") at the U.S.
Client Alert | April 29, 2014
On April 9, 2014, the Department of Defense ("DoD") issued an interim final rule creating a new section of the Code of Federal Regulations ("CFR") covering the National Industrial Security Program ("NISP"). These new regulations are solely focused on the Defense Security Service's ("DSS") evaluation of foreign ownership, control, or influence ("FOCI").
Client Alert | April 11, 2014
Washington, D.C. partner Joseph Warin and associates Brendan Fleming and J. Matt Williams are the authors of "2013 Year-End Update on Corporate Non-Prosecution Agreements and Deferred Prosecution Agreements (Part 1)" [PDF] published in the April 2014 issue of Westlaw Journal's White Collar Crime.
Client Alert | April 1, 2014
On March 20, 2014, President Obama, responding to the ongoing crisis in Ukraine, signed an Executive Order "Blocking Property of Additional Persons Contributing to the Situation in Ukraine." ("Third Ukraine E.O." or "E.O."). The text of the E.O.
Client Alert | March 25, 2014
In continued response to the ongoing crisis in Ukraine, on March 17, 2014, President Obama signed an Executive Order "Blocking Property of Additional Persons Contributing to the Situation in Ukraine." ("Second Ukraine E.O." or "E.O."). The text of the E.O.
Client Alert | March 18, 2014
In response to the ongoing crisis in Ukraine, on March 6, 2014, President Obama signed an Executive Order "Blocking Property of Certain Persons Contributing to the Situation in Ukraine" ("Ukraine E.O." or "E.O."). The text of the E.O.
Client Alert | March 10, 2014
Washington, D.C. partners Joseph West and Judith Lee, New York partner Jose Fernandez, and Washington, D.C. associates Annie Yan and Sarah Gleich are the authors of "National Security Implications of Foreign Investment in U.S.
Client Alert | March 3, 2014
Washington, D.C. partner Judith Lee, London partner Patrick Doris and London associate Mark Handley are the authors of “Around the World: Clash of the Sanctions” [PDF] published in the March 2014 issue of the LexisNexis Antitrust Report.
Client Alert | March 3, 2014
Last month, there were two important developments with respect to the regulation of virtual currencies like Bitcoin. On January 30th, the Financial Crimes Enforcement Network (FinCEN) issued two administrative rulings, which provided further interpretive guidance about when virtual currency-related conduct will cause an entity to qualify as a "money services business" (MSB) subject to the requirements of the U.S.
Client Alert | February 12, 2014
The year 2013 saw vigorous enforcement activity in connection with the increasingly restrictive sanctions, particularly with respect to Iran. Enforcement of the sanctions in the United States and the European Union has been accompanied by at times very significant penalties. The flurry of activity towards the end of the year focused on multilateral efforts to address Iran's nuclear program, leading to in questions concerning the prospects for eased Iran sanctions, the nature and duration of any relaxed sanctions, and possible legislative actions jeopardizing the efforts.This update reviews sanctions developments in the United States, European Union and the United Kingdom in 2013 and assesses what the experiences in 2013 suggest about how business practices might evolve to adapt
Client Alert | February 6, 2014
This 90 minute briefing provides an update on the extraordinary events of 2013 with respect to economic and trade sanctions. The content of this year's briefing has been expanded to cover sanctions in the European Union and United Kingdom, as well as United States sanctions administered by the Office of Foreign Assets Control ("OFAC"), and includes particular emphasis on recent developments and emerging issues that affect in-house counsel, compliance personnel, directors and senior executives.
Webcasts | February 4, 2014
Washington, D.C. partner Judith Lee is the author of "Bitcoin arrest shows risk of virtual currency" [PDF] published in the February 3, 2014 issue of the Los Angeles Daily Journal.
Client Alert | February 3, 2014
Washington, D.C. of counsel Daniel Chung and New York associate William Han are the authors of "China's AIC: A Familiar Face Now on the Global Anti-Corruption Map" [PDF] published in the January 17, 2014 edition of Bloomberg BNA's Antitrust & Trade Regulation Report.
Article | January 17, 2014
On November 18, 2013, the U.S. Senate Committee on Homeland Security and Governmental Affairs held a hearing on the potential risks of virtual currencies.
Client Alert | January 16, 2014
Pursuant to a notification dated November 12, 2013 and a subsequent circular dated January 9, 2014 ("RBI Notification"), the Reserve Bank of India ("RBI") has legalized the use of call options and put options as an exit mechanism for foreign investors.
Client Alert | January 16, 2014
Since his inauguration in December 2012, Mexico’s President Enrique Peña Nieto has moved to liberalize and strengthen his country’s economy, with an emphasis on telecommunications, tax and financial reforms.
Client Alert | January 9, 2014
The South African government may well have been surprised when Italian mining companies launched legal action challenging mining legislation aimed at addressing certain historical injustices in South African society - measures that were taken to promote human rights.
Client Alert | January 8, 2014
Since their emergence in the early 1990s, and especially in the past decade, Non-Prosecution Agreements (“NPAs”) and Deferred Prosecution Agreements (“DPAs”) (collectively, “agreements”) have become embedded in the toolbox of U.S.
Client Alert | January 7, 2014
2013 marked another year of vigorous international anti-corruption enforcement. Gibson Dunn provides a comprehensive look at developments and trends.
Client Alert | January 6, 2014
On November 24, 2013, the P5+1 successfully concluded negotiations with Iran on a Joint Plan of Action (hereinafter “the interim agreement”) to limit Iran’s nuclear activities and suspend certain United States and European Union sanctions on the country. Both sides are now working towards a comprehensive agreement that would further limit Iran’s nuclear activities and significantly unwind U.S.
Client Alert | December 5, 2013
The following article written by Gibson Dunn partner Jose W.
Client Alert | November 26, 2013
What should a company do when an entity on the E.U.'s sanctions lists for Iran successfully challenges its inclusion on that list, but remains on the U.S.'s OFAC List of Specially Designated Nationals and Blocked Persons (the "SDN List")?
Client Alert | September 23, 2013
The Government of India ("Government") has approved several amendments to India's consolidated foreign direct investment policy ("FDI Policy"). These amendments are effective as of August 22, 2013.
Client Alert | August 29, 2013
The first part of 2013 saw continuing vigorous sanctions activity, particularly in connection with Iran. This article reviews sanctions developments in the United States, the European Union and the United Kingdom during the first half of 2013 in regulatory and legislative matters and enforcement.OFAC SANCTIONSI. LEGISLATION A. Iran Freedom and Counter-Proliferation Act of 2012 (IFCA)On January 2, 2013, President Obama signed into law the Iran Freedom and Counter-Proliferation Act of 2012 as a subtitle in the National Defense Authorization Act for Fiscal Year 2013. As set forth below, the IFCA expands the targets for U.S.
Client Alert | August 21, 2013
Deferred Prosecution Agreements ("DPAs") and Non-Prosecution Agreements ("NPAs") (collectively, "agreements") continue to be a consistent vehicle for prosecutors and companies alike in resolving allegations of corporate wrongdoing. In the two decades since their emergence as an alternative to the extremes of indictment and outright declination, DPAs and NPAs have risen in prominence, frequency, and scope. Such agreements are now a mainstay of the U.S.
Client Alert | July 9, 2013
Significant FCPA developments continued apace during the first six months of 2013. After a relative downtick in 2012, the first half of 2013 saw criminal enforcement of the statute return to the robust levels of recent years. With approximately 60 devoted prosecutors and enforcement attorneys, whose efforts are frequently supplemented by their colleagues in the U.S.
Client Alert | July 8, 2013
On June 3, 2013, President Obama signed Executive Order 13645 ("E.O."), "Authorizing the Implementation of Certain Sanctions Set Forth in the Iran Freedom and Counter-Proliferation Act of 2012 and Additional Sanctions with Respect to Iran." (Available here.) Concurrently with the issuance of the E.O., the Office of Foreign Assets Control ("OFAC") published Frequently Asked Questions about the E.O.
Client Alert | June 27, 2013
On May 30, 2013, the SEC’s Division of Corporation Finance issued 12 Frequently Asked Questions (“FAQs”) on its conflict minerals rules (Exchange Act Section 13(p), Rule 13p-1 and Item 1.01 of Form SD), which are detailed in our client alert available here. The full set of FAQs is available here. The SEC also issued nine other FAQs relating to the SEC’s resource extraction rules (Exchange Act Section 13(q), Rule 13q-1 and Item 2.01 of Form SD), which were adopted at the same time as the conflict minerals rules and require resource extraction issuers to disclose certain payments made to governments for the commercial development of oil, natural gas or minerals. Those FAQs are available here. Several of the FAQs will be particularly useful to co
Client Alert | June 3, 2013
On April 16, 2013, the U.S.
Client Alert | April 23, 2013
London partner Patrick Doris and associate Mark Handley are the authors of “Letting Iran Off the Hook” [PDF] published by The Lawyer on April 1, 2013.
Client Alert | April 1, 2013
The year 2012 saw vigorous activity in the creation and implementation of increasingly restrictive sanctions, particularly with respect to Iran. Enforcement of the sanctions has been accompanied by at times very significant penalties.This update reviews sanctions developments in the United States, European Union and the United Kingdom in 2012 in four areas -- legislation, Executive Orders, regulatory developments, and enforcement -- and assesses what the experiences in 2012 suggest about how business practices might evolve to adapt to current sanctions.OFAC SANCTIONSI. LegislationDuring 2012 the United States enacted some of its most restrictive sanctions, isolating Iran with trade barriers similar to those imposed on Cuba, to devastating effect. Augmented sanctions
Client Alert | March 13, 2013
In the past two weeks, Judges Richard J. Sullivan and Shira A. Scheindlin of the United States District Court for the Southern District of New York separately issued important rulings in civil Foreign Corrupt Practices Act ("FCPA") cases against foreign executives of non-U.S.-based companies whose stock is traded on a U.S.
Client Alert | February 28, 2013
Washington, D.C. partner F. Joseph Warin is co-author of “The Global Reach of American Criminal Law” [PDF] written in February 2013.
Client Alert | February 25, 2013
Gibson Dunn, in conjunction with seven other law firms, has issued guidance on New Section 13(r) Disclosures: Eight Law Firm Consensus Report Gibson Dunn's lawyers are available to assist in addressing any questions you may have about these developments.
Client Alert | February 7, 2013
"Over the last decade, DPAs [Deferred Prosecution Agreements] have become a mainstay of white collar criminal law enforcement," Lanny Breuer, the head of the U.S.
Client Alert | January 3, 2013
The whispers have begun. By comparison to the blistering pace set in recent years, FCPA prosecutions were down in 2012 (though still far higher than in any of the first 30 of the statute's 35-year existence).
Client Alert | January 2, 2013
The Iran Threat Reduction and Syria Human Rights Act (the "Threat Reduction Act"), enacted on August 10, 2012, imposes new liabilities on U.S.
Client Alert | December 19, 2012
After a period of intense political wrangling and lengthy delays, on 2 November 2012 the President of Myanmar signed into effect a new foreign investment law (the FIL) to replace the previous foreign investment law enacted in 1988. The new FIL comes at a time of momentous political and economic change within Myanmar that has seen the country move at an unprecedented pace in rejoining the international community after decades of isolation. Following is a summary of the key provisions of the FIL based on an unofficial translation made available to us, concluding with a brief assessment of the reception the law has received in the foreign investment community.Pertinent AuthoritiesThe FIL designates the Myanmar Investment Commission (the MIC) as the principal government organ for a
Client Alert | November 20, 2012
On November 14, 2012, the U.S. Department of Justice ("DOJ") and the U.S. Securities and Exchange Commission ("SEC") jointly issued A Resource Guide to the U.S.
Client Alert | November 19, 2012
The Government of India ("Indian Government") has approved a number of significant amendments to India's foreign direct investment ("FDI") policy in a variety of sectors including aviation, broadcasting, power and retail.
Client Alert | October 1, 2012
The Government of India ("Indian Government") has approved a number of far-reaching amendments to India's foreign direct investment ("FDI") policy in the retail sector through the issuance of Press Note 4 of 2012 and Press Note 5 of 2012, each dated September 20, 2012.
Client Alert | September 28, 2012
At an open meeting held on August 22, 2012, the Securities and Exchange Commission (“SEC”) voted to approve final rules regarding disclosure and reporting requirements with respect to the use of “conflict minerals” to implement Section 1502 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”). The final rules were adopted by a vote of 3 to 2, with Commissioners Paredes and Gallagher dissenting. The adopting release containing the final rules is available here.
Client Alert | September 14, 2012