The close of 2014 saw the SEC's Division of Enforcement take a victory lap. Following the release of the statistics for the fiscal year ended September 30, Division Director Andrew Ceresney touted a few records -- the largest number of enforcement actions brought in a single year (755); the largest total value of monetary sanctions awarded to the agency (over $4 billion); the largest number of cases taken to trial in recent history (30).
Client Alert | January 12, 2015
The pace of regulation and enforcement actions relating to virtual currencies has continued to pick up during the fall of 2014.
Client Alert | January 5, 2015
On December 18, 2014, President Barack Obama signed the Ukraine Freedom Support Act of 2014 ("Ukraine Freedom Support Act"), which provides him with the authority to impose additional economic sanctions on foreign persons conducting particular transactions in certain Russian economic sectors, notably the energy and defense sectors. The law, which originated as S.2828 in the United States Senate and H.R. 5859 in the House of Representatives and passed both with unanimous consent, further increases the economic pressure on Russia followings its annexation of Crimea in March 2014 and its continued support of separatist activities in eastern Ukraine. The law provides the President with new powers, though generally does not require that he impose new sanctions.
Client Alert | December 22, 2014
On December 17, 2014, President Obama announced "the most significant changes to [U.S.] Cuba policy in more than 50 years." According to information released by the White House, the United States and Cuba will move to normalize diplomatic and economic relations and the United States will implement significant changes to its sanctions policies and regulations with respect to Cuba. On a broad diplomatic level, the U.S.
Client Alert | December 18, 2014
New York partners Reed Brodsky and Arthur Long, associate Mary Beth Maloney and law clerk Chelsea Kelly are authors of "Deception Concerns Loom Large At CFPB Over Prepaid Cards" [PDF] published by Law360 on December 15, 2014 at www.law360.com
Client Alert | December 15, 2014
Following the response of the United States and European Union to the Russian Federation's annexation of Crimea in March 2014, as well as its continued support of separatists in eastern Ukraine, Japan recently imposed economic sanctions on Russia. In August 2014, the Ministry of Foreign Affairs, the Ministry of Finance, and the Ministry of Economy, Trade and Industry implemented economic sanctions pursuant to the 外国為替及び外国貿易法 [Foreign Exchange and Trade Act], Law No.
Client Alert | November 3, 2014
In response to a string of publicly disclosed cyberattacks against financial institutions in recent months, New York and federal regulators are pushing the financial sector to better protect itself and, notably, are seeking additional information about banks' cybersecurity efforts. Benjamin Lawsky, the Superintendent of the New York State Department of Financial Services ("DFS") has been at the forefront of this increased regulatory focus. New York StateOn October 21, 2014, Superintendent Lawsky reportedly sent a letter to dozens of banks that not only urges them to address the cybersecurity of their third-party service providers but also requests detailed information about their cybersecurity practices. Noting that "a firm's level of cybersecurity is only
Client Alert | October 27, 2014
Subsequent to the Russian Federation's annexation of Crimea in March 2014, President Obama issued three Executive Orders ("E.O.s") authorizing the Office of Foreign Assets Control ("OFAC") at the U.S.
Client Alert | September 22, 2014
On July 21, 2014, the New York Department of Financial Services ("NYDFS") released a groundbreaking virtual currency regulatory framework, becoming the first state to issue comprehensive rules tailored to virtual currency businesses. The proposed framework, which has become commonly known as the "BitLicense," was the long-anticipated product of nearly a year of public hearings and other inquiries. Initially slated for a 45-day public comment period, the comment period was recently extended to October 21, 2014. This client alert provides detailed information on the scope of the proposed regulation, and discusses potential implications for the virtual currency industry.What are Virtual Currencies?Virtual currencies are digital representations of val
Client Alert | September 10, 2014
This week's landmark decision taken by the Munich regional court (Landgericht München I) in the bribery trial against Bernie Ecclestone not only marked the end of a three-year-long investigation but also delivered a new USD 100 million record settlement in an individual criminal proceeding.
Client Alert | August 7, 2014
The European Union (the "EU") has over the course of the last two days adopted wide-ranging sectoral sanctions against the Russian Federation, which will apply throughout the EU's 28 member states.
Client Alert | August 6, 2014
As regulators implement Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the "Dodd-Frank Act"), much of what was left vague in the statute is coming into focus.
Client Alert | July 29, 2014
Subsequent to the Russian Federation's annexation of Crimea in March 2014, President Obama issued a series of Executive Orders ("E.O.s") authorizing the Office of Foreign Assets Control ("OFAC") at the U.S.
Client Alert | July 21, 2014
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
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
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 16, 2014, the public comment period for the Federal Reserve's Advance Notice of Proposed Rulemaking (ANPR) relating to the physical commodities activities of U.S.
Client Alert | April 28, 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
Munich associates Marcus Geiss and Katharina Saulich are the authors of “The German KAGB – A New Era for the Alternative Investment Industry?” published on March 24, 2014 in the Bloomberg BNA Securities Regulation and Law Report.Reproduced with permission from Securities Regulation & Law Report, 46 SRLR 558, 03/24/2014.
Client Alert | March 24, 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
Nearly two years ago, on April 5, 2012, President Obama signed the Jumpstart Our Business Startups Act ("JOBS Act") into law. As part of the law's effort to encourage U.S.
Client Alert | March 12, 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
On February 18th, the Board of Governors of the Federal Reserve System (Federal Reserve) voted unanimously to approve a final rule (Final Rule) implementing the enhanced prudential standards contained in Section 165 of the Dodd-Frank Act.
Client Alert | February 24, 2014
Following an increase in shareholder and investor activism beyond pure executive remuneration issues in the United Kingdom in 2013, this article provides a summary of certain principles of English law and UK and European regulation applicable to UK listed public companies and their shareholders that are relevant to the expected further increase in activism in 2014.
Client Alert | February 18, 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
New York partners Lois Herzeca and Eduardo Gallardo are the authors of "A Look At Shareholder Activism In The Retail Sector" [PDF] published by Law360 on February 10, 2014 at www.law360.com.
Article | February 10, 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
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
The Office of the Comptroller of the Currency (OCC) has issued for public comment proposed guidelines (Guidelines) to establish minimum standards for risk management governance at large insured national banks, insured federal savings associations, and insured branches of non-U.S.
Client Alert | January 30, 2014
Updated on March 11, 2014On February 12, 2014, derivatives reporting obligations under the European Market Infrastructure Regulation ("EMIR") came into force with immediate effects on all derivatives counterparties that fall under the scope of EMIR. As a result of these new trade reporting obligations, many derivatives counterparties that do not have reporting obligations or are exempt from such obligations under the laws of other jurisdictions, such as the United States, find themselves subject to reporting requirements under EMIR.
Client Alert | January 29, 2014
On 12 November 2013, the European Securities and Markets Authority ("ESMA") published a long-awaited statement setting out guidance for investors on shareholder co-operation and "acting in concert" under the European Directive 2004/25/ac on Takeover Bids ("TBD").
Client Alert | January 28, 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
Almost three years and five months after the enactment of the Dodd-Frank Act, and about two years and two months after its implementing proposal was issued, the Volcker Rule is now final.
Client Alert | December 13, 2013
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
On October 23, 2013, the Securities and Exchange Commission (the SEC or the Commission) approved the release of proposed "crowdfunding" rules implementing Title III of the 2012 Jumpstart Our Business Startups Act (the JOBS Act).
Client Alert | November 11, 2013
London and Dubai partners Mitri Najjar and Hardeep Plahe are the authors of "Investing in the UAE", October 2013.____________________© 2013 Gibson, Dunn & Crutcher LLP. Attorney Advertising: The enclosed materials have been prepared for general informational purposes only and are not intended as legal advice.
Client Alert | October 31, 2013
London and Dubai partners Mitri Najjar and Hardeep Plahe are the authors of "Options for Business Activities in the UAE", October 2013. ____________________© 2013 Gibson, Dunn & Crutcher LLP. Attorney Advertising: The enclosed materials have been prepared for general informational purposes only and are not intended as legal advice.
Client Alert | October 31, 2013
On October 24, 2013, the Board of Governors of the Federal Reserve System (Federal Reserve), the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation (together, the "federal banking agencies") released a notice of proposed rulemaking implementing quantitative liquidity requirements for large, internationally active banking organizations and their consolidated depository institution subsidiaries (the LCR).
Client Alert | October 28, 2013
Los Angeles partner Michael Farhang and associate Aaron Bloom are co-authors of "Financial Due Diligence and the Specter of Fraud in the Private M&A Context" [PDF] published in the October 21, 2013 issue of Bloomberg/BNA’s Securities Law Daily Bulletin.
Client Alert | October 21, 2013
Background Article 13 of the Alternative Investment Fund Managers Directive (2011/61/EU) (the "Directive") imposes restrictions on the amount and the form of remuneration that an alternative investment fund manager ("AIFM"), within the scope of the Directive, can pay to its staff.
Client Alert | September 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
Washington, D.C. associate Colin C. Richard is the author of “Regulation E’s Remittance Definition Clarified: Bringing Mobile Payments Into the Third-Party Payment Services Exclusion” [PDF] published in the September 2013 issue of Yale Law & Policy Review Inter Alia.
Client Alert | September 23, 2013
This alert addresses the end of the Dodd-Frank Act moratorium on the ability of "commercial firms" to acquire FDIC-insured banks that are excluded from the definition of "bank" in the Bank Holding Company Act: industrial banks (or "ILCs," as they are commonly labeled) and credit card banks.
Client Alert | September 3, 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
Gibson Dunn provides a brief summary of developments and trends in corporate governance and executive remuneration in the UK, as of summer 2013.
Client Alert | August 27, 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
The Hiring Incentives to Restore Employment Act (the "HIRE Act"), enacted in 2010, contained provisions commonly referred to as "FATCA" that are intended to reduce the evasion of U.S.
Client Alert | July 31, 2013
At an Open Commission Meeting on July 10, 2013, the SEC adopted long-awaited final rules to allow advertising of private securities offerings, as required by the Jumpstart Our Business Startups Act (the JOBS Act).
Client Alert | July 22, 2013
The deadline for the implementation of the European Union Directive 2011/61/EU on Alternative Investment Fund Managers ("AIFMD") into German law expires on July 22, 2013.
Client Alert | July 22, 2013