Insurance & Reinsurance Industry Group: Corporate Insurance & Regulatory Bulletin London
|
|
- Stella Owen
- 6 years ago
- Views:
Transcription
1 Bulletin May 2009 Insurance & Reinsurance Industry Group: Corporate Insurance & Regulatory Bulletin London Analysis of National Insurance Consumer Protection Act On 2 April 2009, citing the ongoing economic crisis, Representatives Melissa Bean (D-Ill.) and Ed Royce (R-CA) introduced the National Insurance Consumer Protection Act (H.R. 1880) ( NICPA or the Act ) in the U.S. House of Representatives. NICPA would create an optional federal charter for insurance companies, agencies, and insurance producers. NICPA would include life insurance, property and casualty insurance and reinsurance. Key provisions include: Creation of the Office of National Insurance ( ONI ): The ONI would reside within the U.S. Department of Treasury and would be headed by a National Insurance Commissioner ( NIC ). The President would appoint the NIC for a 5-year term, subject to the advice and consent of the Senate. Consumer Protection: In a move intended to appease several main criticisms of federal regulation (namely, preemption of state law and a resulting laxity of consumer protection), the Act includes rigorous consumer protection provisions. In addition, the NIC must issue market conduct regulations implementing model laws of the National Association of Insurance Commissioners ( NAIC ) to prevent unfair and deceptive practices. Guaranty Fund: In another move to silence critics of federal insurance regulation, NICPA would establish a National Insurance Guaranty Corporation, which would assume, up to certain limits, the obligations to policyholders of a national insurer placed into receivership. The Corporation would be funded by a post-event assessment of only those insurers in the same line of business. In addition, insurers opting for a federal charter would be required to participate in the guaranty associations for each line of business it offers in each state in which it does business. Applicable State Law: Though insurers opting for federal regulation under the Act would largely not be subject to state law, certain state law provisions would not be preempted. Systemic Risk: The Act would require the NIC and all state insurance commissioners to share information with an eventual Systemic Risk Regulator ( SRR ). The SRR is authorized under the Act to make corrective action determinations to the NIC or state commissioner to take action to mitigate or avoid conduct by insurers or affiliates that may have adverse consequences on economic conditions or financial stability.
2 Co-ordinating Council for Financial Regulators: The Council is intended to be a forum for financial regulators to collectively identify and consider issues relating to the stability, condition, and competitiveness of the financial services industry as a whole. Self-Regulatory Organizations: NICPA authorizes the NIC to register and oversee self-regulatory organizations for nationally-chartered and licensed insurers, agencies and producers. The Act applies to life insurance and reinsurance, two sectors of the industry that have long been advocating federal regulation, and for whom federal regulation creates efficiencies that the current state system cannot meet. However, the Act would also apply to property and casualty insurance, which in the past has been a strong point of disagreement within Congress and the industry. NICPA would establish a dual regulatory system for insurance, which leaves intact the concern over a race to the bottom for insurance regulation as states would have an incentive to compete with the federal regulator to maintain their current hold over registration and licensing fees from insurers. The success of this Act will ultimately depend on how Congress chooses to approach financial regulatory reform, and whether, and to what extent, insurance is included in that effort. It is difficult to predict whether Congress will include insurance within a broader effort at regulatory reform in the financial sector or in efforts to establish a systemic risk regulator, which is a focus of the House Financial Services Committee at this time. With respect to the creation of a systemic risk regulator, it appears that there may be some effort on the House side to include some level of federal regulation of non-federally regulated entities within the scope of legislation to establish a systemic risk regulator. Approval of new Regulation on credit rating agencies The European Parliament and the Council recently approved a proposed Regulation on credit rating agencies (CRAs). This Regulation establishes a common regulatory framework for CRAs, and is likely to have a significant impact on the activities of CRAs. The Regulation requires CRAs to register with their home competent authority if they would like their ratings to be used in the EU. Additional requirements include the following: CRAs may not provide advisory services to a rated entity - this is to deal with potential conflicts of interest; there must be increased transparency - this will require CRAs to disclose information about the basis on which ratings have been based (eg the models, methodologies and key assumptions used) and to publish an annual transparency report; the ratings of more complex and innovative products must be differentiated by way of a specific symbol (ie a kind of health warning); and internally there must be a function which reviews the quality of ratings, and there should be at least two independent directors on the boards whose remuneration does not depend on the business performance of the CRA. 2 India s Competition Law Regime Starting Pistol Fired
3 The full impact for CRAs of this proposed Regulation (not only operationally but also in terms of potential increased legal exposure) is still to be determined. The Regulation enters into force on the twentieth day after publication of the Regulation in the Official Journal of the EU. Publication in the Official Journal is expected to take place later this year. Adoption of Solvency II Directive (the Directive ) As reported in our April Bulletin, negotiations in the Council of the European Union and the European Parliament on the Directive were concluded on 26 March The Directive was officially adopted on 5 May 2009 and implementation is intended to take place on 31 October In the UK, a feedback statement titled Insurance Risk Management: The Path to Solvency II (FS09/1) has been published by the FSA. This is designed to help firms with their Solvency II implementation planning. For a copy of FS09/1 please click here: UK Government launches trade credit insurance top-up scheme On 1 May 2009, the UK Government launched a trade credit insurance top-up scheme designed to help suppliers whose trade credit insurance limit has been reduced. The scheme will enable businesses with a trade credit insurance wholeturnover policy to purchase additional insurance. Insurance can be purchased to the value of the lower of the following amounts: the amount which restores the level of cover to its original level; the amount equal to the reduced level of cover offered under the existing credit insurance policy; or 1 million. A minimum level of cover of 20,000 must be purchased and the level of cover given is linked to the amount of cover provided by the underlying credit insurance policy. As each policy purchased covers the relationship with one buyer, suppliers are able to purchase more than one policy, provided they meet the eligibility criteria. This includes a requirement that the trade takes place within the UK as the scheme does not cover exports. The scheme will be open to new applicants from 1 May 2009 until 31 December 2009, and each policy purchased will run for six months. A maximum of 5 billion of top-up cover will be available and the scheme is currently being offered by Atradius Credit Insurance N.V, Coface S.A and Euler Hermes UK PLC. Trade credit insurance covers businesses against the risk of bad debt due to the insolvency or payment default by buyers. It helps give suppliers confidence to extend sometimes lengthy payment terms to buyers and gives banks the security to provide working capital facilities. By offering suppliers protection against financial loss, trade credit insurance is sometimes used to support provision of financing products such as loans, invoice discounting and factoring services. mayer brown 3
4 Online insurance introductory services The High Court in the UK has ruled in the recent cases of InsuranceWide.com Services Ltd v Revenue and Customs Commissioners and Revenue and Customs Commissioners v Trader Media Group Ltd that introductory services supplied by online insurance providers can be VAT exempt insurance intermediary services. HMRC argued in the cases that the services fell outside the scope of the insurance intermediary exemption since the introducer played no part in the negotiation of the contracts, had no power to bind the insurer, did not recommend or endorse any particular insurer and did not have the necessary relationship with both the customer and the insurer. In short, HMRC argued that the services were advertising rather than insurance and were, therefore, taxable. The court found for the taxpayer on all counts and stated that introduction necessarily involves a relationship between the introducer and the customer. The court added that the introducer did not need to have a direct relationship with both the customer and insurer provided that it formed part of a chain of introduction between the customer and the insurer. This decision is good news for providers of insurance introductory services, as they should now fall within the scope of the insurance intermediary exemption, and casts some doubt on HMRC s criteria for distinguishing between exempt introductory services and taxable advertising services. It can be expected that HMRC will appeal the judgment. Suppliers who have accounted for VAT on introductory services such as those at issue in these cases may wish to lodge a claim for the repayment of VAT plus interest. 4 Corporate Insurance & Regulatory Bulletin London
5 Mayer Brown offices Americas Asia Europe Alliance Law Firm Offices Charlotte Bangkok Berlin Barcelona Chicago Beijing Brussels Bucharest Houston Guangzhou Cologne Florence Los Angeles Hanoi Frankfurt Madrid New York Ho Chi Minh City London Mexico City Palo Alto Hong Kong Paris Milan São Paulo Shanghai Padua Washington DC Rome Tirana If you have any query in connection with anything in this Bulletin, please do not hesitate to get in touch with your usual Mayer Brown contact or one of the contacts referred to below. Editor Martin Mankabady Contacts Corporate and Regulatory Martin Mankabady Jane Childs T: T: E: E: Alistair Bird Angela Hayes T: T: E: E: Contentious Karen Abbott T: E: 5 Corporate Insurance & Regulatory Bulletin London
6 About Mayer Brown Mayer Brown is a leading global law firm with offices in major cities across the Americas, Asia and Europe. We have approximately 1,000 lawyers in the Americas, 300 in Asia and 500 in Europe. Our presence in the world s leading markets enables us to offer clients access to local market knowledge combined with global reach. We are noted for our commitment to client service and our ability to assist clients with their most complex and demanding legal and business challenges worldwide. We serve many of the world s largest companies, including a significant proportion of the Fortune 100, FTSE 100, DAX and Hang Seng Index companies and more than half of the world s largest investment banks. We provide legal services in areas such as Supreme Court and appellate; litigation; corporate and securities; finance; real estate; tax; intellectual property; government and global trade; restructuring, bankruptcy and insolvency; and environmental. OFFICE LOCATIONS AMERICAS Charlotte Chicago Houston Los Angeles New York Palo Alto São Paulo Washington ASIA Bangkok Beijing Guangzhou Hanoi Ho Chi Minh City Hong Kong Shanghai EUROPE Berlin Brussels Cologne Frankfurt London Paris ALLIANCE LAW FIRMS Mexico, Jáuregui, Navarrete y Nader Spain, Ramón & Cajal Italy and Eastern Europe, Tonucci & s Please visit for comprehensive contact information for all Mayer Brown offices Mayer Brown LLP, Mayer Brown International LLP, and/or JSM. All rights reserved. Mayer Brown is a global legal services organisation comprising legal practices that are separate entities (the Mayer Brown Practices ). The Mayer Brown Practices are: Mayer Brown LLP, a limited liability partnership established in the United States; Mayer Brown International LLP, a limited liability partnership incorporated in England and Wales; and JSM, a Hong Kong partnership, and its associated entities in Asia. The Mayer Brown Practices are known as Mayer Brown JSM in Asia. Mayer Brown and the Mayer Brown logo are the trademarks of the individual Mayer Brown Practices in their respective jurisdictions. This Mayer Brown publication provides information and comments on legal issues and developments of interest to our clients and friends. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein. 0250ins May 2009
Insurance & Reinsurance Industry Group: Corporate Insurance & Regulatory Bulletin London
Bulletin June 2009 Insurance & Reinsurance Industry Group: Corporate Insurance & Regulatory Bulletin London What future for the insurance block exemption? The European Commission s (the Commission ) review
More informationPensions Legal Update
Reproduced with the kind permission of PLC Magazine Pensions Legal Update Legal Update Contents Page 1. Do one thing this month 1. Employer debt legislation: further changes 3. Pensions tax relief: high
More informationNational Regulatory System Proposed for US Insurance Industry
Financial Services Regulatory & Enforcement Update May 14, 2009 National Regulatory System Proposed for US Insurance Industry Citing the ongoing economic crisis and the US government s bailout of American
More informationSummary of Government Interventions in Financial Markets European Central Bank (and the Eurosystem)
26 May 2009 Summary of Government Interventions in Financial Markets European Central Bank (and the Eurosystem) Overview The co-ordinated efforts of the European Central Bank (the ECB ) and the various
More informationPensions Legal Update
Reproduced with the kind permission of PLC Magazine Pensions Legal Update Legal Update Contents 1. Do one thing this month. 2. The Regulator s review of pre-retirement literature for occupational DC schemes.
More informationPensions Legal Update
Reproduced with the kind permission of PLC Magazine Pensions Legal Update Legal Update Contents Page 1. Do one thing this month 2. Post-valuation improvements 3. Closure to future accrual 4. GMP equalisation
More informationPension Scheme Governance for Trustees Programme
January 2013 Pension Scheme Governance for Trustees Programme Overview of our Pension Scheme Governance for Trustees Programme Pension Scheme Governance for Trustees Programme at Mayer Brown WHAT IS PENSION
More informationEnergy Tax Provisions in the American Recovery and Reinvestment Act of 2009
energy update Energy Tax Provisions in the American Recovery and Reinvestment Act of 2009 February 19, 2009 On February 17, 2009, President Obama signed into law the American Recovery and Reinvestment
More informationSummary of Government Interventions in Financial Markets Sweden
26 May 2009 Summary of Government Interventions in Financial Markets Sweden Overview The Swedish government has established a number of measures in response to the global financial crisis. Swedish banks
More informationSummary of Government Interventions in Financial Markets Greece
8 September 2009 Summary of Government Interventions in Financial Markets Greece Overview The UK model for governmental intervention announced in October 2008 became the European standard, with national
More informationSignificant Revisions to US International Tax Rules
Legal Update August 25, 2010 Significant Revisions to US International Tax Rules The Education Jobs and Medicaid Assistance Act of 2010 (Pub. L. No. 111-226) (the Act ) became law on August 10, 2010. While
More informationRecent Developments in the Regulation of RMB Funds
Financial Services Regulatory & Enforcement Client Update 10 November 2009 Recent Developments in the Regulation of RMB Funds Introduction RMB Funds, investment funds whose capital commitments and contributions
More informationSummary of Government Interventions in Financial Markets Luxembourg
8 September 2009 Summary of Government Interventions in Financial Markets Luxembourg Overview In addition to the steps undertaken by the ECB, the Luxembourg government has provided support to the Luxembourg
More informationRecent Developments in the Regulation of RMB Funds
Financial Services Regulatory & Enforcement Update 10 November 2009 Recent Developments in the Regulation of RMB Funds Introduction RMB Funds, investment funds whose capital commitments and contributions
More informationCorporate & Securities update
Corporate & Securities update SEC Adopts Final Rules Affecting Cross-Border Tender Offers, Exchange Offers, Rights Offerings and Business Combination Rules October 15, 2008 On September 19, 2008, the U.S.
More informationComplying with the Personal Data (Privacy) Ordinance (Cap. 486) in the insurance industry
Legal Update Insurance Privacy & Security Hong Kong 19 December 2012 Complying with the Personal Data (Privacy) Ordinance (Cap. 486) in the insurance industry Abstract Last month, the Privacy Commissioner
More informationThe Volcker Rule: Implication for Private Fund Activities
Legal Update June 10, 2010 The Volcker Rule: Implication for Private Fund Activities On June 25, 2010, the House-Senate Conferees agreed to a final version of the Volcker Rule. Along with the rest of this
More informationEnhanced Antitrust Enforcement Expected in China as Long-awaited Anti-Monopoly Implementing Rules Finalised
3 Legal Update Antitrust & Competition Hong Kong Mainland China 14 January 2011 Enhanced Antitrust Enforcement Expected in China as Long-awaited Anti-Monopoly Implementing Rules Finalised China looks set
More informationUS SEC Amends Custody Rule for Registered Investment Advisers
Financial Services Regulatory & Enforcement Update June 11, 2010 US SEC Amends Custody Rule for Registered Investment Advisers On December 30, 2009, the US Securities and Exchange Commission (SEC) published
More informationSummary of Government Interventions in Financial Markets Denmark
8 September 2009 Summary o Government Interventions in Financial Markets Denmark Overview and which is wholly owned by the Kingdom o markets, Denmark, similar to the US, the UK, Germany, Ireland and the
More informationProposed Revisions to SEC Cross Border Tender Offer, Exchange Offer and Business Combination Rules
corporate & securities update Proposed Revisions to SEC Cross Border Tender Offer, Exchange Offer and Business Combination Rules June 17, 2008 The U.S. Securities and Exchange Commission (the SEC ) recently
More informationThe Volcker Rule: Proprietary Trading and Private Fund Restrictions
Legal Update June 30, 2010 The Volcker Rule: Proprietary Trading and Private Fund Restrictions On June 25, 2010, the House-Senate Conferees agreed to a final version of the Volcker Rule. Along with the
More informationThe Government Consults on Subsidiary Legislation for Implementation of the new Companies Ordinance Phase One
Legal Update Corporate & Securities Hong Kong 12 October 2012 The Government Consults on Subsidiary Legislation for Implementation of the new Ordinance Phase One Quick Read As explained in our previous
More informationUS SEC Proxy Access Proposal
Securities Update July 6, 2009 US SEC Proxy Access Proposal On June 10, 2009, the US Securities and Exchange Commission issued its proposed rules on facilitating shareholder director nominations, Release
More informationUS Treasury Department and Internal Revenue Service Issue Supplementary FATCA Guidance
Legal Update April 28, 2011 US Treasury Department and Internal Revenue Service Issue Supplementary FATCA Guidance On April 8, 2011, the Internal Revenue Service (the IRS ) released Notice 2011-34 (the
More informationWhat financial information must be presented in interactive form?
Securities update SEC Adopts Mandatory Use of Interactive Data for Financial Reporting February 24, 2009 The US Securities and Exchange Commission (SEC) has published its final rules on Interactive Data
More informationSEC Adopts Final Rules Related to Representation and Warranties in Asset-Backed Securities Offerings
Legal Update January 31, 2011 SEC Adopts Final Rules Related to Representation and Warranties in Asset-Backed On January 20, 2011, the US Securities and Exchange Commission (the SEC ) issued final rules
More informationNew Ways to Use Your Offshore RMB: MOFCOM and PBoC Join Hands to Put Finishing Touches on RMB FDI Rules
3 Legal Update Banking & Finance Mergers & Acquisitions Real Estate Hong Kong, Mainland China 24 October 2011 New Ways to Use Your Offshore RMB: MOFCOM and PBoC Join Hands to Put Finishing Touches on RMB
More informationCapital markets update
apital markets update How Much Shelf Life Does Your Registration Statement Still Have? August 29, 2008 Prior to its 2005 Securities Offering Reform initiative, the SE s rules limited the amount of securities
More informationGlobal Corporate Insurance and Regulatory Bulletin INSURANCE & REINSURANCE INDUSTRY GROUP
Global Corporate Insurance and Regulatory Bulletin INSURANCE & REINSURANCE INDUSTRY GROUP October 2013 October 2013 Contents Page GLOBAL Global IAIS commits to develop a global insurance capital standard
More informationThe legal form of a European Stock Corporation is an interesting alternative for mid-sized partnerships and also for large corporations.
The legal form of a European Stock Corporation is an interesting alternative for mid-sized partnerships and also for large corporations. Formation of a European Stock Corporation Organizational Possibilities
More informationTakeover Code changes published - is this a new era for UK takeovers?
Corporate Legal Alert July 2011 Takeover Code changes published - is this a new era for UK takeovers? On 21 July 2011, the Code Committee of the Takeover Panel ( Panel ) published the detailed rule changes
More informationHong Kong Proposes Rules to Combat Backdoor Listing - Part 2
Legal Update Hong Kong 13 July 2018 Hong Kong Proposes Rules to Combat Backdoor Listing - Part 2 To address concerns about backdoor listings and shell activities in Hong Kong, the Stock Exchange of Hong
More informationHong Kong Proposes Changes to Attract Listing of Innovative Companies on the Main Board
Legal Update Hong Kong 20 December 2017 Hong Kong Proposes Changes to Attract Listing of Innovative Companies on the Main Board Listing of innovative companies with weighted voting rights (WVR) has been
More informationSummary of Government Interventions in Financial Markets Italy
8 September 2009 Summary of Government Interventions in Financial Markets Italy Overview In the framework of the coordinated approach of the Euro area Member States and in particular in the light 2008,
More informationPrivate Equity Portfolio Company Bulletin
July 2017 Private Equity Portfolio Company Bulletin Employee loans consumer credit pitfalls Many people are aware of the tax issues that can arise when making loans to employees with an interest rate below
More informationCLIENT ALERT JULY 2008 RISK LIMITATION ACT: AN INTRODUCTION
JULY 2008 On July 4, 2008, the German Federal Council has ratified the Risk Limitation Act (Risikobegrenzungsgesetz) and Act on the Modernization of Framework Conditions for Venture Capital and Equity
More informationSummary of Government Interventions in Financial Markets Belgium
8 Septeber 2009 Suary of Governent Interventions in Financial Markets Belgiu Overview In addition to the steps undertaken by the ECB, the Belgian, Fleish, Walloon and Brussels governents have provided
More informationUS IRS Issues Preliminary FATCA Guidance Establishing Due Diligence Procedures and Information Reporting Rules for Foreign Financial Institutions
Legal Update September 16, 2010 US IRS Issues Preliminary FATCA Guidance Establishing Due Diligence Procedures and Information Reporting Rules for Foreign Financial Institutions On August 27, 2010, the
More informationVietnam Mergers & Acquisitions (M&A)
3 Legal Update Corporate & Securities Mergers & Acquisitions Vietnam 8 February 2012 Vietnam Mergers & Acquisitions (M&A) Overview Following the promulgation by the National Assembly of Vietnam of both
More informationDelaware Supreme Court Provides Further Guidance On Revlon Duties and Duty of Good Faith
Corporate Update April 7, 2009 Delaware Supreme Court Provides Further Guidance On Revlon Duties and Duty of Good Faith The Supreme Court of Delaware has ruled that directors of one chemical company did
More informationDebtor in Possession Financing in Asia - Considerations for Financial Institutions
Legal Update Asia 29 August 2018 Debtor in Possession Financing in Asia - Considerations for Financial Institutions At first blush, it may seem counterintuitive for financiers to compete to provide loans
More informationUnited States and European Union Reach a Covered Agreement on Cross-Border Insurance and Reinsurance
Legal Update January 20, 2017 United States and European Union Reach a Covered Agreement on Cross-Border Insurance On January 13, 2017, the US Department of the Treasury (Treasury), the Office of the US
More informationDelaware Supreme Court Upholds Net Operating Loss Poison Pill
Legal Update October 11, 2010 Delaware Supreme Court Upholds Net Operating Loss Poison Pill In Versata Enterprises Inc. v. Selectica, Inc., No. 193, 2010 (Del. Oct. 4, 2010), the Delaware Supreme Court
More informationLending to Single Investor Funds: Issues in Connection with Subscription Credit Facilities
Article Lending to Single Investor Funds: Issues in Connection with Subscription Credit Facilities By Mark Dempsey, Claire Ragen and Zachary Barnett 1 Fund As the subscription credit facility market continues
More informationSummary of Government Interventions Spain
21 April 2009 Summary of Government Interventions Spain Overview In order to address the liquidity problems adversely affecting banks lending to the economy in Spain, the Spanish government has adopted
More informationTemporary and Proposed Regulations Under Section 883
Tax Transactions Update Temporary and Proposed Regulations Under Section 883 July 16, 2007 Introduction On June 22, 2007, the US Treasury Department and the US Internal Revenue Service (the IRS ) released
More informationSpring 2015 reforms: the new DC flexibilities
Spring 2015 reforms: the new DC flexibilities THE REFORMS AT A GLANCE y Under current rules, members usually face serious tax penalties if they do not spend at least 75% of their DC pots on an annuity
More informationInternational Arbitration
International Arbitration William H. Knull, III Co-Chair, International Arbitration Group wknull@mayerbrown.com Presentation to: Mayer Brown is a global legal services organization comprising legal practices
More informationSummary of Government Interventions in Financial Markets Ireland
8 September 2009 Summary of Government Interventions in Financial Markets Ireland Overview The Irish economy has been one of the worst-hit Eurozone economies due to the high exposure of the banking sector
More informationChina Antitrust Moves Up a Gear
3 Legal Update Antitrust & Competition Mainland China 14 November 2011 China Antitrust Moves Up a Gear The third anniversary of the commencement of China s Anti-Monopoly Law ( AML ) passed in August of
More informationSpring 2015 reforms: DC governance and charging
Spring 2015 reforms: DC governance and charging THE REFORMS AT A GLANCE y Legislation came into force on 6 April 2015 that restricts charges and introduces a number of measures to improve governance standards
More informationTreasury and IRS Re-Release Proposed Regulations on Implementation of New Centralized Partnership Audit Regime
Legal Update June 13, 2017 Treasury and IRS Re-Release Proposed Regulations on Implementation of New Centralized The increasing use of partnerships has posed administrative challenges for the Internal
More informationSpring 2015 reforms: other changes
Spring 2015 reforms: other changes THE REFORMS AT A GLANCE y The Pension Schemes Act 2015 (the Act ) rewrites the current statutory revaluation provisions to allow for revaluation of the new benefit structures
More informationSummary of Government Interventions in Financial Markets France
8 September 2009 Summary of Government Interventions in Financial Markets France Overview In addition to the steps undertaken by the ECB, the French government has provided the following main at any time.
More informationBankers Bonus Cap: Where Are We Now?
Article Bankers Bonus Cap: Where Are We Now? By Andrew Stanger and Christopher Fisher 1 We covered the forthcoming bankers bonus cap, as contained in the Fourth Capital Requirements Directive (CRD IV),
More informationJoint Report Signals Post-Brexit Reciprocal Protection for EU and UK Citizens
Legal Update December 21, 2017 Joint Report Signals Post-Brexit Reciprocal Protection for EU and UK Citizens The European Union agreed on December 15, 2017, to progress Brexit negotiations to the second
More informationSupply Chain Finance Primer
Article Supply Chain Finance Primer By Massimo Capretta and David A. Ciancuillo Massimo Capretta Chicago Partner mcapretta@mayerbrown.com T +1 312 701 8152 David A. Ciancuillo Chicago Partner dciancuillo@mayerbrown.com
More informationPractice Overview. Global Employment & Benefits
Practice Overview Global Employment & Benefits Contents Page Our Global Practice 1 Our Global Experience 2 Our Reputation 5 Global Case Studies 7 Value-Added Services 9 About Mayer Brown 11 Key Contacts
More informationPaperwork Initiative: IRS Notice Previews of Life Settlement Reporting Rules
Article Paperwork Initiative: IRS Notice 2018-41 Previews of Life Settlement Reporting Rules By Mark Leeds and Brennan Young 1 Wernher von Braun, the rocket scientist, famously said, We can lick gravity,
More informationSix Things Every Purchaser of US Commercial Accounts Receivable Should Know
Legal Update June 15, 2017 Six Things Every Purchaser of US Commercial Accounts Receivable Should Know Over the past several years, non-recourse receivables financing has been embraced by many major financial
More informationUS SEC Adopts Amendments to Rule 2a-7 Affecting Money Market Funds
Financial Services Regulatory & Enforcement, Securitization Update April 7, 2010 US SEC Adopts Amendments to Rule 2a-7 Affecting Money Market Funds On January 27, 2010, the US Securities and Exchange Commission
More informationMalaysia The Resurrection of Sales and Services Tax
Mayer Brown Consulting Trade Alert 7 August 2018 Malaysia The Resurrection of Sales and Services Tax Introduction The political scene in Malaysia has taken a very dynamic turn and it serves as a timely
More informationTrustee Quarterly Review
May 2014 Trustee Quarterly Review Quarterly update for pension scheme trustees Introduction Welcome to the May 2014 edition of our Trustee Quarterly Review. The Review is published by the Mayer Brown Pensions
More informationAntitrust & Competition
Antitrust & Competition Mayer Brown JSM s multi-disciplinary Antitrust & Competition team offers a seamless, coordinated service throughout the Asia Pacific region, and has the benefit of extensive regional
More informationMiFID II 31 December MiFID II
MiFID II 31 December 2016 MiFID II Information to clients about investment advice and financial instruments December 2016 MiFID II 31 December 2016 1 Key Points Firms will be required to give additional
More informationThe IRS and Treasury Issue New Anti-Inversion Notice
Legal Update November 30, 2015 The IRS and Treasury Issue New Anti-Inversion Notice On November 19, 2015, the US Treasury Department ( Treasury ) and Internal Revenue Service ( IRS ) released Notice 2015-79
More informationLegal Update September 21, 2011
Legal Update September 21, 2011 US Securities and Exchange Commission Issues Concept Release and Request for Comments Regarding Investment Company Exclusion under Section 3(c)(5)(C) of the Investment Company
More informationFractional Taxation: IRS Releases Technical Advice Addressing the 10% Securities Rule Applicable to Foreign Bank Branches
Legal Update June 27, 2013 Fractional Taxation: IRS Releases Technical Advice Addressing the 10% Securities Rule Applicable to Detailed special rules apply to determine whether, and the extent to which,
More informationNew Rules Released: Senior Managers and Certification Regime Extended to All Firms
Legal Update August 2017 New Rules Released: Senior Managers and Certification Regime Extended to All Firms The Financial Conduct Authority ( FCA ) and Prudential Regulation Authority ( PRA ) published
More informationMiFID II 31 December MiFID II
MiFID II 31 December 2016 MiFID II Appropriateness December 2016 MiFID II 31 December 2016 1 Key Points Appropriateness assessments will be applied to new types of complex investments. New record-keeping
More informationMiFID II 18 January MiFID II
MiFID II 18 January 2017 1 MiFID II Suitability December 2016 MiFID II 18 January 2017 1 Key Points A specific requirement to take the client's ability to bear losses and risk tolerance into account when
More informationMiFID II 31 December MiFID II
MiFID II 31 December 2016 2 MiFID II Safeguarding of client assets December 2016 MiFID II 31 December 2016 1 Key Points Firms will be required to appoint a single officer with specific responsibility for
More informationSun Capital Update: US Private Equity Funds Liable for Multiemployer Plan Withdrawal Liability of Portfolio Company
Legal Update May 12, 2016 Sun Capital Update: US Private Equity Funds Liable for Multiemployer Plan Withdrawal Liability of On March 28, 2016, in a much-anticipated decision, the US District Court for
More informationPoland: The Regulations, Permits and Considerations
Poland: The Regulations, Permits and Considerations Poland has weathered the global financial crisis better than most of its European neighbors, but how easy is it doing business there? AUTHOR Rachel Speight
More informationUnderstanding the SEC s Pay Ratio Disclosure Rule and its Implications
Legal Update August 20, 2015 Understanding the SEC s Pay Ratio Disclosure Rule and its Implications The US Securities and Exchange Commission (SEC), by a 3 to 2 vote, adopted a pay ratio disclosure rule,
More informationSummary of Government Interventions France
21 April 2009 Summary of Government Interventions France Overview In addition to the steps undertaken by the ECB, the French government has provided the following main types of support to the French financial
More informationBeginner s Glossary to Fund Finance
Article Beginner s Glossary to Fund Finance By Kristin M. Rylko, Zachary K. Barnett and Mark C. Dempsey The following glossary is intended to serve as a reference tool for those that are new to the private
More information2018 and Onward: The Impact of the House-Senate Compromise Tax Plan on the Renewable Energy Market
Legal Update December 19, 2017 2018 and Onward: The Impact of the House-Senate Compromise Tax Plan on the Renewable Ten days before Christmas 2017, the conference committee released the final text of the
More informationThe IRS and Treasury Issue New Anti-Inversion Guidance
Legal Update September 25, 2014 The IRS and Treasury Issue New Anti-Inversion Guidance Following weeks of anticipation and speculation about administrative guidance on corporate inversions, the Internal
More informationThe Drama Continues: Senate Finance Committee Chairman s Mark includes Proposals That Would Dramatically Impact Executive Compensation Programs
Legal Update November 14, 2017 The Drama Continues: Senate Finance Committee Chairman s Mark includes Proposals That Would Dramatically Impact Executive Compensation Programs Background HR 1, the Tax Cuts
More informationArbitrability of IP Disputes in Russia
Arbitrability of IP Disputes in Russia Date Natalia Gulyaeva Partner, Head of IP, Media and Technology Practice CIS IP Arbitration Pros? When does IP arbitration make sense? disputes related to IP license
More informationRemuneration voting 2015 AGM season. CA Brochure_Remuneration Voting (Dinesh Rajan).indd 1
Remuneration voting 2015 AGM season CA1510026 - Brochure_Remuneration Voting (Dinesh Rajan).indd 1 2 Remuneration voting 2015 AGM season Allen & Overy LLP 2015 CA1510026 - Brochure_Remuneration Voting
More informationShareholders' Rights in a Russian Joint-Stock Company
Shareholders' Rights in a Russian Joint-Stock Company Further information If you would like further information on any aspect of the issues described in this note please contact a person mentioned below
More informationDirectors duties under the Companies Act An introduction
Directors duties under the Companies Act 2006 An introduction Contents Introduction and background 4 The duties 5 Duty to promote the success of the company 6 Duty to exercise reasonable care, skill and
More informationMiFID II 31 December MiFID II. Information to clients on costs and charges
MiFID II 31 December 2016 1 MiFID II Information to clients on costs and December 2016 MiFID II 31 December 2016 1 Key Points All costs and associated investment/ancillary services and financial instruments
More informationHKMA reboots virtual banking. February 2018
HKMA reboots virtual banking February 2018 HKMA reboots virtual banking February 2018 1 HKMA reboots virtual banking On 6 February, 2018, the Hong Kong Monetary Authority (the HKMA ) published draft revisions
More informationFATCA Transitional Rules Extended
Legal Update September 24, 2015 FATCA Transitional Rules Extended Financial institutions, partner jurisdictions and affected stakeholders have been working to implement the Foreign Account Tax Compliance
More informationNew listing regime proposals for emerging and innovative companies
New listing regime proposals for emerging and innovative companies March 2018 New listing regime proposals for emerging and innovative companies March 2018 1 New listing regime proposals for emerging and
More informationIRS and Treasury Issue Long-Awaited Guidance on Corporate Inversions and Disqualified Stock
Legal Update January 27, 2014 IRS and Treasury Issue Long-Awaited Guidance on Corporate Inversions and Disqualified Stock On January 16, 2014, the Internal Revenue Service (the IRS ) and the Treasury Department
More informationMiFID II 31 December MiFID II. Third country access
MiFID II 31 December 2016 1 MiFID II Third country access December 2016 MiFID II 31 December 2016 1 Key Points MiFID II will allow third country (i.e. non-eu) firms to provide cross-border services in
More informationContents. Introduction 4. Directors conflicts duties 4. What is a conflict? 5. Who can authorise? 6. Authorising conflicts 7
Directors conflicts of interests under the Companies Act 2006 Contents Introduction 4 Directors conflicts duties 4 What is a conflict? 5 Who can authorise? 6 Authorising conflicts 7 Practical steps for
More informationMiFID II Best execution and client order handling
2015 MiFID II Best execution and client order handling Key Points The definition of trading venue will include the new MiFID II concept of an organised trading facility A firm's obligation to take steps
More informationPreparing for the Annual Shareholders Meeting: Five Practical Matters US Public Companies Should Consider Now
Legal Update January 28, 2016 Preparing for the Annual Shareholders Meeting: Five Practical Matters US Public Companies Should By now, public companies should be actively engaged in preparing for their
More informationThe Impact of the EU Securitization Regulation on US Entities
Legal Update December 19, 2018 The Impact of the EU Securitization Regulation on US Entities The next phase of the European Union s (the EU ) new regulatory regime for securitizations will become applicable
More informationMiFID II March MiFID II
MiFID II March 2015 1 MiFID II FCA Discussion Paper and HM Treasury Consultation Paper March 2015 MiFID II March 2015 1 Key Points The FCA has released a Discussion Paper (DP15/3) on its approach to implementation
More informationMiFID II 31 December MiFID II
MiFID II 31 December 2016 1 MiFID II Recordkeeping and telephone and email recording December 2016 MiFID II 31 December 2016 1 Key Points Like MiFID I, MiFID II requires firms to keep records of transactions.
More informationFund of Funds Financing: Secondary Facilities for PE Funds and Hedge Funds
Article Fund of Funds Financing: Secondary Facilities for PE Funds and Hedge Funds By Zachary K. Barnett, Todd Bundrant, Mark Dempsey and Ann Richardson Knox 1 Real estate, buyout, infrastructure, debt,
More informationRough waters ahead: Non-Performing Shipping Loans solutions are available
2014 Rough waters ahead: Non-Performing Shipping Loans solutions are available Introduction The global ship finance community is facing a number of issues given the high levels of secured shipping debt
More informationMiFID II 31 December MiFID II
MiFID II 31 December 2016 MiFID II Underwriting and placing December 2016 MiFID II 31 December 2016 1 Key Points Firms must identify and prevent or manage conflicts of interest that may arise due to underwriting
More information