Investment Advisers and Funds New Treasury Report Form for Foreign Claims and Liabilities
|
|
- Ralf Gaines
- 5 years ago
- Views:
Transcription
1 February 2014 Practice Groups: Investment Management Hedge Funds and Venture Funds Investment Advisers and Funds New Treasury Report Form for Foreign Claims and Liabilities By Clifford J. Alexander and Beth Clark The Department of the Treasury recently amended Treasury International Capital ( TIC ) B forms to explicitly require reporting of cross-border claims on, and liabilities to, foreign residents by savings and loan holding companies and other financial institutions, which includes investment advisers and managers, mutual funds, money market funds, pension funds, private equity funds, real estate investment trusts, credit card issuers, hedge funds, trusts, financial companies, mortgage companies, futures commission merchants and insurance companies. Previously, TIC B reporters were limited to depository institutions located in the United States, bank holding companies, financial holding companies and securities broker-dealers. Investment advisers historically reported on TIC C forms, but are now subject to TIC B. TIC B forms are designed to collect information from U.S.-resident reporters and their customers of claims on, and liabilities to, foreign residents and vice versa. The information gathered from the forms is used, on an aggregate basis, to report on U.S. cross-border financials positions, U.S. balances of payments and international statistics. Which particular form or forms must be completed depends on whether (1) cross-border claims or liabilities are being reported; (2) cross-border claims or liabilities are being reported with respect to the U.S. financial institution or its customers; or (3) cross-border claims or liabilities are denominated in U.S. Dollars or a foreign currency, as set forth below, along with other relevant information for each form. For a U.S. financial institution that is an investment adviser, the investment vehicles that the investment adviser manages are considered the investment adviser s customers. A U.S. investment adviser should consolidate the reportable claims and liabilities (as further described below) of the U.S. and foreign investment vehicles it manages, if the investment vehicles assets are not held by a U.S. custodian. TIC B Report Forms The table below describes the six types of monthly and quarterly TIC B forms, the reporting frequency and the reporting thresholds with respect to each form. There are two types of thresholds: one is based on the aggregate dollar value of all cross-border claims or liabilities; and the other is based on total claims or liabilities with respect to one. The appropriate form must be filed if reportable claims or liabilities meet or exceed that form s threshold. With respect to forms where there are two thresholds, the form must be filed if either threshold is met.
2 FORM REPORT FREQUENCY THRESHOLD BC Report of U.S. Dollar Claims of Financial Institutions on Foreign Residents Monthly BL-1 BL-2 BQ-1 BQ-2 BQ-3 Report of U.S. Dollar Liabilities of Financial Institutions to Foreign Residents Report of Customers U.S. Dollar Liabilities to Foreign Residents Report of Customers U.S. Dollar Claims on Foreign Residents Part 1: Report of Foreign Currency Liabilities and Claims of Financial Institutions and of their Domestic Customers Foreign Currency Claims with Foreign Residents Part 2: Report of Customers Foreign Currency Liabilities to Foreign Residents Report of Maturities of Selected Liabilities and Claims of Financial Institutions with Foreign Residents Reportable Claims and Liabilities Monthly Monthly Part 1: $50 million in aggregate or $25 million individual Part 2: $50 million in aggregate no individual limit $ 4 billion no individual limit For purposes of determining whether a financial institution meets the applicable threshold, reportable cross-border claims of U.S.-resident financial institutions on foreign residents include: deposit balances due from banks of any maturity (including non-negotiable CDs); negotiable certificates of deposit of any maturity; brokerage balances; loans and loan participations of any maturity; resale agreements and similar financing agreements; short-term negotiable and non-negotiable securities (original maturity of one year or less); 2
3 money market instruments (e.g., commercial paper, bankers acceptances) with an original maturity of one year or less; accrued interest receivables (including for short-term and long-term securities) and account payables; and reinsurance recoverables; but exclude: long-term securities (no contractual maturity or an original maturity of over one year); credit commitments and contingent liabilities; derivatives, including forwards, futures, options, swaps and warrants; and spot foreign exchange contracts. Similarly, for purposes of determining whether a financial institution meets the applicable threshold, reportable cross-border liabilities of U.S.-resident financial institutions to foreign residents include: non-negotiable deposits of any maturity, including non-negotiable certificates of deposit; brokerage balances; overdrawn deposit accounts; loans, including margin loans payable, of any maturity excluding drawn syndicated loans where there is a U.S. administrative agent; short-term non-negotiable securities (an original maturity of one year or less); repurchase agreements and similar financing agreements; accrued interest payables (for short-term and long-term securities) and account payables; insurance technical reserves; and prepaid insurance premiums; but exclude: foreign residents deposits or brokerage balances swept into money market or other mutual funds; securities lending agreements in which one security is lent in return for another; loans from a foreign resident that are serviced by a U.S. resident; negotiable certificates of deposit; and negotiable short-term securities. Investment Advisers When determining whether a U.S. financial institution, such as an investment adviser, meets the reporting thresholds and, therefore, has a TIC B filing obligation on behalf of itself and/or 3
4 its investment vehicles, it is important to consider not only investments and loans themselves, but claims on, or liabilities to, third-party service providers. For example, a U.S. investment adviser may have multiple U.S. investment vehicles with brokerage balances at a variety of UK prime brokers, all of which must be aggregated to determine whether the single limit for Form BL-2 has been exceeded. An investment adviser is not required to count claims or liabilities of an investment vehicle that it manages if such claims or liabilities are being reported by another TIC B filer, such as the investment vehicle s U.S. custodian. Registered Investment Companies An investment adviser to a registered investment company (a RIC ) typically will not be subject to a reporting requirement with respect to the RICs cross-border claims and liabilities because the RIC s assets are held in the custody of U.S. banks. A RIC s cross-border claims and liabilities generally will be reported by its U.S. bank. However, if a RIC has unpaid fees owed to one or more unaffiliated foreign subadvisers, a filing might be required. Additionally, some RICs may self-custody certain claims or obligations, such as loan participations, that its U.S. bank would not report. In those cases, a report may be required by the RIC s investment adviser. Determining Reporting Obligations Investment advisers should conduct an examination of their cross-border relationships and transactions to determine whether they have an obligation to file TIC B reports covering their own claims or liabilities as well as those of their customers. This should include a list by of the following: (1) foreign investments not held by a U.S. custodian; (2) foreign subadvisers and other service providers; and (3) anticipated ranges of claims and liabilities associated with the each cross-border relationship and holding. Due Dates Monthly reports (TIC BC, BL-1 and BL-2) are due the 15th calendar day following the last day of the month, and quarterly reports (TIC BQ-1, BQ-2 and BQ-3) are due the 20th calendar day following the last day of March, June, September and December. If the due date of a report falls on a weekend or holiday, the due date is the following business day. The amendments went into effect with respect to reports due starting in January Consequently, the first monthly reports were to be filed as of January 15, and the first quarterly reports were to be filed as of January 20. The Federal Reserve Bank of New York, who administers the collection and processing of TIC filings, will consider an extension of the filing deadline on a case-by-case basis. For more information about the TIC B forms and reporting requirements, please visit the following link: 4
5 Authors: Clifford J. Alexander Beth Clark Anchorage Austin Beijing Berlin Boston Brisbane Brussels Charleston Charlotte Chicago Dallas Doha Dubai Fort Worth Frankfurt Harrisburg Hong Kong Houston London Los Angeles Melbourne Miami Milan Moscow Newark New York Orange County Palo Alto Paris Perth Pittsburgh Portland Raleigh Research Triangle Park San Diego San Francisco São Paulo Seattle Seoul Shanghai Singapore Spokane Sydney Taipei Tokyo Warsaw Washington, D.C. Wilmington K&L Gates practices out of 48 fully integrated offices located in the United States, Asia, Australia, Europe, the Middle East and South America and represents leading global corporations, growth and middle-market companies, capital markets participants and entrepreneurs in every major industry group as well as public sector entities, educational institutions, philanthropic organizations and individuals. For more information about K&L Gates or its locations, practices and registrations, visit This publication is for informational purposes and does not contain or convey legal advice. The information herein should not be used or relied upon in regard to any particular facts or circumstances without first consulting a lawyer K&L Gates LLP. All Rights Reserved. 5
SEC Issues Risk Alert on Custody Rule, Reinforcing Its Message to Registered Investment Advisers in Its Examination Priorities for 2013
March 15, 2013 Practice Group: Private Equity Investment Management, Hedge Funds and Alternative Investments SEC Issues Risk Alert on Custody Rule, Reinforcing Its Message to Registered Investment Advisers
More informationUp We Go Again Financial Threshold Increases Effective 1 July 2016
June 2016 Practice Group: Labour, Employment and Workplace Safety Up We Go Again Financial Threshold Increases Effective 1 July 2016 By Michaela Moloney and Meg Aitken What Businesses Need to Know Before
More informationChanges to Hedge Fund Disclosure and Reporting Obligations
22 January 2014 Practice Groups: Investment Management Changes to Hedge Fund Disclosure and Reporting Obligations By Jim Bulling, Daniel Knight and Julia Baldi In October 2013, the Australian Investment
More informationIRS Moves Forward with Plan to Change the Determination Letter Process
July 14, 2016 Practice Group(s): Employee Benefits IRS Moves Forward with Plan to Change the Determination Letter Process By Karrie Johnson Diaz, Jennifer S. Addis, Alyssa M. Fritz In 2015, the Internal
More informationJoining the Crowd: SEC Adopts Final Crowdfunding Regulations - Part I
November 2015 Practice Groups: Investment Management, Hedge Funds and Alternative Investments Broker-Dealer Capital Markets Corporate/M&A Emergining Growth and Venture Capital FinTech Global Government
More informationIntroducing the New Multi-Level Marketing Governing Act
March 2014 Practice Group(s): Corporate/M&A Public Policy and Law Introducing the New Multi-Level Marketing By Max Wang Background Taiwan had approximately 369 multi-level marketing (MLM) companies and
More informationBetter Late Than Never? The CFTC and the NFA Publish FAQs on CPO and CTA Reporting Forms
November 2015 Practice Groups: Investment Management, Hedge Funds and Alternative Investments Derivatives & Structured Products Private Equity Global Government Solutions Better Late Than Never? The CFTC
More informationSEC Proposes New Limits on Funds Use of Derivatives
December 2015 Practice Groups: Investment Management, Hedge Funds and Alternative Investments Derivatives & Structured Products Global Government Solutions SEC Proposes New Limits on Funds Use of Derivatives
More informationISDA 2013 EMIR NFC Representation Protocol: Factors to consider in deciding whether to adhere
2nd April 2013 Practice Group(s): Finance Investment Management ISDA 2013 EMIR NFC Representation Protocol: Factors to consider in deciding whether to adhere By Stephen Moller On 8 March 2013, The International
More informationTreasury Consultation Paper Another Step Towards Crowd-Sourced Equity Funding
August 2015 Practice Group(s): Capital Markets Consumer Financial Services Treasury Consultation Paper Another Step Towards Crowd-Sourced Equity By Adam Levine, Andrea Beatty and Becki Tam Background On
More informationSEC Delays Municipal Advisor Registration and Record-Keeping Obligations
Updated January 16, 2014 Practice Group(s): Public Finance SEC Delays Municipal Advisor Registration and Record-Keeping Obligations By Scott A. McJannet, Erica R. Franklin, Laura D. McAloon and Cynthia
More informationHIPAA s New Rules: Expanding Scope, Clarifying Uncertainties, and Reinforcing Fundamentals
February 25, 2013 Practice Group: Health Care HIPAA s New Rules: Expanding Scope, Clarifying Uncertainties, and Reinforcing Fundamentals By Patricia C. Shea On January 25, 2013, the Secretary for the United
More informationCAMAC's Report on Equity Crowdfunding: Does it Pave the Way to Bridge the Capital Gap for Start- Ups and Small Scale Enterprises in Australia?
18 June 2014 Practice Group: Corporate/M&A Capital Markets CAMAC's Report on Equity Crowdfunding: Does it Pave the Way to Bridge the Capital Gap for Start- Ups and Small Scale Enterprises in Australia?
More informationSEC Adopts Payment Disclosure Rules for Resource Extraction Issuers
2 August 2016 Practice Groups: Oil & Gas Energy Corporate/M&A Mining and Metals Public Policy and Law Global Government Solutions SEC Adopts Payment Disclosure Rules for Resource By Bryce D. Linsenmayer
More informationPennsylvania Treasury Issues Guidance Document Interpreting 2016 Amendments to the Pennsylvania Unclaimed Property Law
17 March 2017 Practice Groups: Financial Services Public Policy and Law Banking and Asset Finance Pennsylvania Treasury Issues Guidance Document Interpreting 2016 Amendments to the Pennsylvania Unclaimed
More informationERISA Fiduciary Issues for Plan Sponsors: What Do 401(k) Plan Fiduciaries Need to Know About Revenue Sharing?
October 2016 Practice Group: Employee Benefits ERISA Fiduciary Issues for Plan Sponsors: What Do 401(k) Plan Fiduciaries Need to Know About Revenue Sharing? By Michael A. Hart Retirement plan revenue sharing
More informationCFTC Expands Interest Rate Swap Clearing Requirements
26 October 2016 Practice Groups: Derivatives & Structured Products Investment Management, Hedge Funds and Alternative Investments Global Government Solutions CFTC Expands Interest Rate Swap Clearing Requirements
More informationAppeals Court Strikes Down Labor Department s Interpretation Regarding Exempt Status of Mortgage Loan Officers
July 11, 2013 Practice Groups: Labor, Employment and Workplace Safety, Consumer Financial Services, and Global Government Solutions UPDATED TO REFLECT FILING OF PETITION FOR REHEARING Appeals Court Strikes
More informationAmendment to Taiwan s Company Act Establishes 'Closely-Held Company Limited by Shares' to Provide Flexibility on Fund-Raising for Start-ups
July 2015 Practice Groups: Corporate/M&A Emerging Growth & Venture Capital Amendment to Taiwan s Company Act Establishes 'Closely-Held Company Limited by Shares' to Provide Flexibility on Fund-Raising
More informationImportance of the amendment to the Public Procurement Law for the expenditure of EU funds
August 2016 Practice Group(s): Government Contracts & Procurement Policy Piotr Kunicki, PhD, legal counsel in the Public Procurement Practice of K&L Gates Piotr Kunicki has been specializing in public
More informationSEC Issues Preliminary Denial Notices for Two Nontransparent Actively Managed ETF Applications
November 2014 Practice Group: Investment Management SEC Issues Preliminary Denial Notices for Two U.S. Investment Management Alert By Stacy L. Fuller, Mark D. Perlow, and Timothy A. Bekkers Summary In
More informationThe Extra-territorial Impact of EMIR on Non-EU Swap Counterparties
10 December 2013 Practice Group(s): Derivatives, Securitization and Structured Products Investment Management, Hedge Funds and Alternative Investments The Extra-territorial Impact of EMIR on Swap By Sean
More informationUpdate: EU VAT on E-Commerce
March 3, 2014 Practice Group(s): Tax Update: EU VAT on E-Commerce By Valentina Farle, LL.M. and Rainer Schmitt Changes to EU VAT on E-Services as of 1 January 2015 What are E-Services? There are a great
More informationThe Sun is Setting On Myanmar s Sanctions Regime
June 2016 Practice Groups: Government Enforcement International Trade The Sun is Setting On Myanmar s Sanctions Regime By Donald W. Smith, Jerome J. Zaucha, Andre Jumabhoy and Aloysius Chang The United
More informationIntroduction to the Commercial End-User Exception to Mandatory Clearing of Swaps and Security-Based Swaps Under Title VII of the Dodd-Frank Act
March 2016 Practice Group: Investment Management, Hedge Funds and Alternative Investments Introduction to the Commercial End-User Exception to Mandatory Clearing of Swaps and Security-Based Swaps By Anthony
More informationCross-Border European Insolvency in the Brexit Era
May 2017 Practice Group: Restructuring & Insolvency Cross-Border European Insolvency in the Brexit Era By Jonathan Lawrence and Lech Gilicinski The regime for dealing with insolvency proceedings within
More informationAustralian Insolvency Reforms Is the Harbour Safe Yet?
April 2017 Practice Group(s): Restructuring and Insolvency Australian Insolvency Reforms Is the Harbour Safe Yet? By Ian Dorey, Robert Honeywell, Zina Edwards and James Thompson On 28 March 2017, the Federal
More informationIranian Nuclear Accord Reached, But Specific Implementation of Meaningful Sanctions Relief Will Not Be Immediate
July 16, 2015 Practice Group: International Trade Iranian Nuclear Accord Reached, But Specific Implementation of Meaningful Sanctions Relief Will Not Be Immediate By Daniel J. Gerkin and Jerome J. Zaucha
More informationFiscal Cliff II: What s Next For Tax Reform? Out of the Frying Pan, Into the Fire
January 9, 2013 Practice Group: Public Policy and Law Fiscal Cliff II: What s Next For Tax Reform? By Michael W. Evans, Mary Burke Baker, Karishma Shah Page, Ryan J. Severson, Andrés Gil On January 1,
More informationFINRA s Most Significant 2016 Enforcement Actions
12 January 2017 Practice Groups: Broker-Dealer Global Government Solutions Government Enforcement Securities Enforcement FINRA s Most Significant 2016 Enforcement Actions By Jon Eisenberg and Michael T.
More informationIntroduction to the U.S. Regulation of Cross-Border Transactions Involving Swaps and Security-Based Swaps
March 2016 Practice Group: Investment Management, Hedge Funds and Alternative Investments Introduction to the U.S. Regulation of Cross-Border Transactions Involving Swaps and Security-Based Swaps By Anthony
More informationSapin II - France s War on Corruption
23 January 2017 Practice Groups: Foreign Corrupt Practices Act/Anti- Corruption Government Enforcement Sapin II - France s War on Corruption By Brian F. Saulnier, Christine Braamskamp, Valence Borgia,
More informationTake Notice of This Change: Supreme Court Adopts Recommended Amendments to Bankruptcy Notice of Payment Change Rule
19 May 2016 Practice Groups: Restructuring & Insolvency Financial Institutions and Services Litigation Take Notice of This Change: Supreme Court Adopts Recommended Amendments to Bankruptcy Notice of Payment
More informationSpecial Resolution Regimes and the ISDA Resolution Stay Jurisdictional Modular Protocol
July 2016 Practice Groups: Investment Management, Hedge Funds and Alternative Investments Finance Global Government Solutions Special Resolution Regimes and the ISDA Resolution Stay By Robert A. Wittie
More informationTax Alert. China Issues New Tax Rules on Corporate Restructurings. I. Overview
June 2009 Authors: Clifford Ng clifford.ng@klgates.com + 852. 2230.3558 Shuang Peng shuang.peng@klgates.com + 852.2230.3590 K&L Gates is a global law firm with lawyers in 33 offices located in North America,
More informationInvestment Management Alert. New Interactive Data XBRL Filing Requirements for Mutual Funds
December 2010 Authors: Kathy Kresch Ingber kathy.ingber@klgates.com +1.202.778.9015 Mirela Izmirlic mirela.izmirlic@klgates.com +1.202.778.9181 K&L Gates includes lawyers practicing out of 36 offices located
More informationSwap Clearing and the Commercial End- User Exception: Corporate Governance and Risk Management Issues for Commercial Companies
January 17, 2013 Practice Group: Derivatives, Securitization, and Structured Products Swap Clearing and the Commercial End- User Exception: Corporate Governance and Risk Management Issues for Commercial
More informationBack to the Drawing Board: Regulatory Agencies Re-Propose Risk-Retention Rules for Securitizations
October 16, 2013 Practice Group(s): Finance Derivatives, Securitization and Structured Products Back to the Drawing Board: Regulatory Agencies Re-Propose Risk-Retention Rules for Securitizations By Sean
More informationCorporate Alert. New Amendment to NYSE Rule 452 Limits Discretionary Broker Voting in Director Elections. What is NYSE Rule 452?
July 2009 Authors: William Gleeson william.gleeson@klgates.com 206.370.5933 C. Kent Carlson kent.carlson@klgates.com 206.370.6679 Eric Simonson eric.simonson@klgates.com 206.370.7679 Aaron A. Ostrovsky
More informationHow Secure Is Your Pennsylvania Real Property Tax Exemption?
February 14, 2013 Practice Group: Tax-Exempt Organizations/ Nonprofit Institutions How Secure Is Your Pennsylvania Real Property Tax Be Prepared to Defend It 1 By H. Woodruff Turner, Gwendolyn Kern and
More informationSecurities Law Considerations in Online and
February 2016 Practice Groups: Securitization and Structured Finance Debt Capital Markets Marketplace Investment Management FinTech Securities Law Considerations in Online and Marketplace By Anthony R.
More informationAn Excerpt From: K&L Gates Global Government Solutions 2012: Annual Outlook
An Excerpt From: K&L Gates Global Government Solutions 2012: Annual Outlook January 2012 An Update on the U.S. Iran Embargo: A Proliferation of Anti-proliferation Measures The past two years have brought
More informationSection 363 Sale Order Enjoining Successor Liability Claims Not Subject to Subsequent Attack by State Agencies
December 2014 Practice Groups: Corporate/M&A Restructuring & Insolvency Tax Section 363 Sale Order Enjoining Successor Liability Claims Not Subject to Subsequent Attack by State By Charles A. Dale III
More informationThe Financial CHOICE Act; Dodd-Frank Reform (Not Repeal)
16 June 2016 Practice Groups: Broker-Dealer Global Government Solutions Hedge Funds and Venture Funds Investment Management, Hedge Funds and Alternative Investments Public Policy and Law The Financial
More informationCongress Turns Tax World Upside Down with New Focus on Corporate Inversions
June 23, 2014 Practice Groups: Public Policy and Law; Tax; Corporate/M&A; Global Government Solutions For more information, please visit our Tax Reform Resources page at www.klgates.com/taxre form. Congress
More informationMobile Check Deposits: With Soaring Use, Increasing Risks
July 2014 Practice Groups: Banking & Asset Finance Consumer Financial Services Financial Institutions and Services Litigation Mobile Check Deposits: With Soaring Use, Increasing By John R. Gardner, Matthew
More informationInvestment Management Alert
November 2010 Authors: George P. Attisano george.attisano@klgates.com +1.617.261.3240 Clair E. Pagnano clair.pagnano@klgates.com +1.617.261.3246 Joanne A. Skerrett joanne.skerrett@klgates.com +1.617.261.3263
More informationInvestment Management and Public Policy Alert
Investment Management and Public Policy Alert October 2009 Author: Raymond P. Pepe raymond.pepe@klgates.com +1.717.231.5988 K&L Gates is a global law firm with lawyers in 33 offices located in North America,
More informationLaw Amendment and the FCPA Best Practices for Responding to a Chinese Government Commercial Bribery Investigation
Presenting a live 90 minute webinar with interactive Q&A New Chinese Anti Corruption Law Amendment and the FCPA Best Practices for Responding to a Chinese Government Commercial Bribery Investigation THURSDAY,
More informationAppendix A. TIC B Forms
Form BC: Report of U.S. Dollar Claims of Financial Institutions on Monthly, no 15th calendar last of the month Appendix A TIC B Forms total ($25 million in any one foreign country) of U.S. dollardenominated
More informationK&L Gates A Guide to Establishing a Business Presence in Dubai
K&L Gates A Guide to Establishing a Business Presence in Dubai This guide written by K&L Gates lawyers, includes a high level overview of the regulatory environment to establish a business presence in
More informationFINRA Targets AML Programs and Culture of Compliance as 2016 Enforcement Priority, Particularly for High-Risk Broker/Dealers
22 April 2016 Practice Groups: Global Government Solutions Government Enforcement Securities Enforcement Broker-Dealer FINRA Targets AML Programs and Culture of Compliance as 2016 Enforcement Priority,
More informationWill the Safe Harbour Ipso Facto Assist with Restructuring in Australia? Proposed Reform to Australian Insolvency Laws
January 2016 Practice Group: Restructuring and Insolvency Will the Safe Harbour Ipso Facto Assist with Restructuring in Australia? Proposed Reform to Australian Insolvency Laws By Ian Dorey and Shannon
More informationJoining the Crowd: SEC Adopts Final Crowdfunding Regulations - Part III - Intermediaries
January 2016 Practice Groups: Investment Management, Hedge Funds and Alternative Investments Broker-Dealer Capital Markets Corporate/M&A Emerging Growth and Venture Capital Payment Systems FinTech Global
More informationEarthquakes: Are You Covered, and If Not, Should You Be?
19 September 2014 Practice Group: Insurance Coverage Earthquakes: Are You Covered, and If Not, Should You Be? By John M. Hagan and Ngofeen Mputubwele The earthquake that struck Northern California in August
More informationWhat Are Your Company's New Disclosure Obligations in China? Potential Anti-Corruption Compliance Implications
April 2015 Practice Group: Foreign Corrupt Practices Act/Anti- Corruption What Are Your Company's New Disclosure Obligations in China? Potential Anti-Corruption Compliance Implications By Amy L. Sommers,
More informationEU and UK Sanctions Update: July 2016
July 2016 Practice Group(s): Antitrust, Competition & Trade Regulation European Regulatory / UK Regulatory Global Government Solutions EU and UK Sanctions Update: July 2016 By Raminta Dereskeviciute, Philip
More informationForeign Corrupt Practices Act (FCPA) Alert
Foreign Corrupt Practices Act (FCPA) Alert March 31, 2011 Authors: Matt T. Morley matt.morley@klgates.com +1.202.778.9850 Washington, D.C. Robert V. Hadley robert.hadley@klgates.com +44.(0)20.7360.8166
More informationEvolution of FATCA: How We Got Here and Where Are We Going?
Evolution of FATCA: How We Got Here and Where Are We Going? Mary Burke Baker Roger Wise Copyright 2011 by K&L Gates LLP. All rights reserved. Introduction Welcome! Presenters Mary Baker, Government Affairs
More informationInvestment Management Alert. Dubai: Growing Pains for Islamic Investments?
December 2009 Authors: Jonathan Lawrence jonathan.lawrence@klgates.com +44.(0)20.7360.8242 Philip Morgan philip.morgan@klgates.com ++44.(0)20.7360.8123 Neil Nick Robson neil.robson@klgates.com +1.44.(0)20.7360.8130
More informationThe Affordable Care Act After King v. Burwell: With Chaos Avoided in the Near Term, What Does the Future Hold For Health Reform?
September 2, 2015 Practice Group: Health Care The Affordable Care Act After King v. Burwell: With Chaos Avoided in the Near Term, What Does the Future Hold For Health Reform? By Mary Beth F. Johnston,
More informationSEC Charges Reserve Primary Fund Operators with Fraud
August 2009 Inside this issue: SEC Charges Reserve Primary Fund Operators with Fraud... 1 SEC Disapproves of 15(c) Process... 2 SEC Criticized Fund s Fair Valuations... 3 SEC Proposes New Disclosure Regarding
More informationK&L Gates Global Government Solutions
K&L Gates Global Government Solutions K&L Gates Global Government Solutions practice brings together a uniquely effective set of capabilities for dealing with governments around the world. The depth and
More informationDerivatives and Structured Products Alert
Derivatives and Structured Products Alert March 16, 2010 Authors: Jonathan Lawrence jonathan.lawrence@klgates.com +44.20.7360.8242 Stephen H. Moller stephen.moller@klgates.com +44.20.7360.8212 Anthony
More informationACA Repeal and Replace Effort Advances with House GOP s Passage of the American Health Care Act
15 May 2017 Practice Groups: Health Care Public Policy & Law ACA Repeal and Replace Effort Advances with House GOP s Passage of the American Health Care Act By Karishma Shah Page, Amy Carnevale, Corbin
More informationA Guaranty Is Only As Good As The Person Who Signs It: 1 Enforcing Commercial Lending Guaranties In Massachusetts
March 11, 2016 Practice Groups: Financial Institutions and Services Litigation Commercial Disputes Consumer Financial Services For more news and developments related to consumer financial services, litigation,
More informationInsurance Coverage Alert
November 18, 2009 Author: James S. Malloy james.malloy@klgates.com +1.412.355.8965 Additional Contact: Michael J. Lynch michael.lynch@klgates.com +1.412.355.8644 K&L Gates is a global law firm with lawyers
More informationConsolidated Statement of Financial Condition May 30, 2003
Consolidated Statement of Financial Condition May 30, 2003 Goldman, Sachs & Co. Established 1869 New York Hong Kong London Tokyo Atlanta Baltimore Bangkok Beijing Bermuda Boston Buenos Aires Calgary Chicago
More informationSummary of Government Response to Franchising Code Changes. 1 Disclosure on notice of intention to renew Accepted in principle
12 February 2014 Practice Areas: Corporate and Transactional Antitrust, Competition and Trade Regulation Articles in this Franchising Update: Is a Franchisee's Outlet Licence a Retail Premises Lease? Google
More informationUNDERSTANDING CLOSED- END INTERVAL FUNDS Sean Graber, Partner Thomas S. Harman, Partner David W. Freese, Associate. June 7, 2017
UNDERSTANDING CLOSED- END INTERVAL FUNDS Sean Graber, Partner Thomas S. Harman, Partner David W. Freese, Associate June 7, 2017 2017 Morgan, Lewis & Bockius LLP Overview What are Interval Funds? How are
More informationForeign Corrupt Practices Act/Anti-Corruption FCPA Charges Relating to Gift-Giving in China
Date Company/Individuals Allegations Settlement October 2006 (company) Late 2007 (Exec. V.P. and CEO) Schnitzer Steel company, Executive Vice President and CEO $200,000 in cash bribes and other gifts (gift
More informationThis memorandum provides a general overview of the new rules, rule amendments
Implementing Amendments to the Investment Advisers Act of 1940 November 4, 2011 If you have any questions regarding the matters discussed in this memorandum, please contact the following attorneys or call
More informationSupplemental Information Second-Quarter 2013 Earnings Call
Supplemental Information Second-Quarter 2013 Earnings Call Market & Financial Overview Q2 Capital Markets & Leasing Markets Volumes Strong Q2 for Capital Markets Q2 2013 v. Q2 2012 Market Volumes Capital
More informationM&A ACADEMY: TAX ISSUES IN M&A TRANSACTIONS
M&A ACADEMY: TAX ISSUES IN M&A TRANSACTIONS Daniel Nelson, Partner Casey August, Partner February 12, 2019 2019 Morgan, Lewis & Bockius LLP Introductory Notes Focus on domestic transactions Cross-border
More informationTAX ISSUES IN M&A TRANSACTIONS
MORGAN LEWIS 2018 M&A ACADEMY PRESENTS: TAX ISSUES IN M&A TRANSACTIONS Daniel Nelson, Partner Casey August, Partner March 6, 2018 2018 Morgan, Lewis & Bockius LLP Introductory Notes Focus on domestic transactions
More informationIs Money Being Laundered Through Your Financial Institution Using Daily Fantasy Sports Sites?
29 October 2015 Practice Group(s): Government Enforcement Betting & Gaming Global Government Solutions Is Money Being Laundered Through Your Financial Institution Using Daily By: Mark A. Rush, Joseph A.
More informationREQUIREMENTS AND HIGHLIGHTS OF THE VOLCKER RULE AND ITS REGULATIONS
REQUIREMENTS AND HIGHLIGHTS OF THE VOLCKER RULE AND ITS REGULATIONS July 1, 2015 Charles Horn, Partner Steve Stone, Partner Melissa Hall, Of Counsel Monique Botkin, Investment Adviser Association (Moderator)
More informationCFTC Proposes First Clearing Mandate and Finalizes Phased Compliance Rules
AUGUST 10, 2012 DERIVATIVES UPDATE CFTC Proposes First Clearing Mandate and Finalizes Phased Compliance Rules On July 24, 2012, the Commodity Futures Trading Commission ( CFTC ) proposed its first clearing
More informationCONFLICTS OF INTEREST
CONFLICTS OF INTEREST SEC STAFF TRAINING Jennifer L. Klass Christine M. Lombardo May 20, 2015 2015 Morgan, Lewis & Bockius LLP Overview What is a Conflict? Regulatory Focus on Conflicts Framework for Addressing
More informationGlobal. Real Estate Outlook. Jeremy Kelly Global Research. David Green-Morgan Global Capital Markets Research
Global Real Estate Outlook Jeremy Kelly Global Research David Green-Morgan Global Capital Markets Research Ben Breslau Director of Research, Americas 7 th February 2013 Global Real Estate Outlook Road
More informationSEC PROPOSED STANDARDS OF CONDUCT. FOR RETAIL ADVICE Chris Cox Jennifer Klass Steven Stone Brian Baltz May 9, Morgan, Lewis & Bockius LLP
SEC PROPOSED STANDARDS OF CONDUCT FOR RETAIL ADVICE Chris Cox Jennifer Klass Steven Stone Brian Baltz May 9, 2018 2018 Morgan, Lewis & Bockius LLP Overview Background Overview of the Proposals Regulation
More informationEmployers pension consultation obligations
Financial institutions Energy Infrastructure, mining and commodities Transport Technology and innovation Life sciences and healthcare Employers pension consultation obligations Briefing December 2017 Introduction
More informationMay Global Growth Strategy
May 2012 Global Growth Strategy Jones Lang LaSalle Global Growth Strategy G1 G3 Build our local and regional leasing and capital markets businesses G5 Connections Capture the leading share of global capital
More informationMMI Legal & Compliance Webinar: The Volcker Rule and the Final Regulations. January 15, Charles M. Horn Julie A. Marcacci
MMI Legal & Compliance Webinar: The Volcker Rule and the Final Regulations January 15, 2014 Please note that any advice contained in this communication is not intended or written to be used, and should
More informationSEC PROPOSES LIQUIDITY RISK- MANAGEMENT RULES. Christopher D. Menconi, Sean Graber, Beau Yanoshik, David W. Freese January 20, 2016
SEC PROPOSES LIQUIDITY RISK- MANAGEMENT RULES Christopher D. Menconi, Sean Graber, Beau Yanoshik, David W. Freese January 20, 2016 2015 Morgan, Lewis & Bockius LLP Overview Introduction Liquidity Risk
More informationWhat Chinese Businesses Need to Know About Establishing an R&D Center in the United States
September 23, 2013 Practice Group(s): Corporate/M&A Intellectual Property Labor and Employment What Chinese Businesses Need to Know About Establishing an R&D Center in the United States By Britt L. Anderson,
More informationTHE TRANSFORMATION OF INVESTMENT ADVICE: DIGITAL ADVISERS AS FIDUCIARIES
THE TRANSFORMATION OF INVESTMENT ADVICE: DIGITAL ADVISERS AS FIDUCIARIES Jennifer L. Klass and Eric L. Perelman Wharton Pension Research Counsel 2018 Symposium: The Disruptive Impact of FinTech on Retirement
More informationUnderstanding the Requirements and Impact of the Volcker Rule and the Final Regulations. February 11, 2014
Understanding the Requirements and Impact of the Volcker Rule and the Final Regulations Please note that any advice contained in this communication is not intended or written to be used, and should not
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 informationSupplemental Information Fourth Quarter 2011 Earnings Call
Supplemental Information Fourth Quarter 2011 Earnings Call Market & Financial Overview Capital Values Q4 2010 Shanghai, Washington DC, London Singapore Q4 2011 Hong Kong Shanghai Beijing Milan, New York
More informationGlobal Real Estate Outlook
Global Real Estate Outlook Jeremy Kelly Global Research David Green-Morgan Global Capital Markets Research 7 August 2014 Global Real Estate Market Outlook Jeremy Kelly Director, Global Research Jeremy.Kelly@eu.jll.com
More informationIMPLEMENTING THE BENEFICIAL OWNERSHIP RULES. April 18, 2018 Charles Horn, Melissa Hall, Ignacio Sandoval
IMPLEMENTING THE BENEFICIAL OWNERSHIP RULES April 18, 2018 Charles Horn, Melissa Hall, Ignacio Sandoval 2018 Morgan, Lewis & Bockius LLP Overview Key Dates Adoption Date: May 2016 Effective Date: July
More informationPatterns of Global Capital Flow
Patterns of Global Capital Flow Real Estate Capital Flows (from one continent to another) have been more than $100 billion in each of the last three years North America was the largest source of cross-regional
More informationInvestment Management Analysis
April 2009 K&L Gates comprises approximately 1,900 lawyers in 32 offices located in North America, Europe, and Asia, and represents capital markets participants, entrepreneurs, growth and middle market
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 informationWells Fargo Bank, N.A. as Trustee v. Chukchansi Economic Development Authority, et al., Index No /2013
Robert J. Malionek Direct Dial: 212-906-1816 robert.malionek@lw.com October 15, 2013 Honorable Melvin L. Schweitzer Supreme Court of the State of New York County of New York 26 Broadway New York, NY 10004
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 informationGood Oil Conference 2015 Shareholder activism. Clare Pope and Simon Rear
Good Oil Conference 2015 Shareholder activism Clare Pope and Simon Rear Overview of presentation The development of shareholder activism in Australia The objectives of shareholder activists Assessing whether
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 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 information