As expected, the US federal regulators voted last week to approve the final Volcker Rule, which imposes restrictions on banking entities’ ability to engage in proprietary trading and to own and sponsor private investment vehicles. The Volcker Rule applies broadly to banking entities, including certain non-US banks, and while the US regulators have considered the […]
With effect from 1 January 2014, a new Customs Regulation came into force in the European Union (EU), which replaces the existing Customs Regulation. The new regulation will give customs authorities extended powers to detain suspected counterfeit and pirated goods at the borders of the EU and new powers to detain ‘small consignments’ of counterfeit goods […]
More than two years after they were originally proposed, on 10 December 2013 the federal banking agencies, the Securities and Exchange Commission and the Commodity Futures Trading Commission adopted final regulations (the Final Rule) to implement section 13 of the Bank Holding Company Act (commonly known as the ‘Volcker Rule’). In a prior Client Update, […]
Singapore is looking to create an innovative new dispute resolution system that will be of interest to many clients, especially (but not exclusively) those with business and commercial interests in south-east Asia. In January 2013, Singapore’s chief justice Sundaresh Menon CJ suggested the creation of a Singapore International Commercial Court (SICC) with the aim of […]
Dundas & Wilson has seen another six partners exit the firm ahead of its proposed merger with CMS Cameron McKenna, including former CMS real estate disputes founder Andrew Walker. Walker leaves a little more than a year after joining the firm in September 2012 and announced his intention to resign before the impending merger. His destination […]
French firm August & Debouzy has boosted its private equity practice with the hire of partner David Malamed from Weil Gotshal & Manges. Malamed joined Weil two years ago from Gide Loyrette Nouel, where he was also a partner (16 December 2011). He specialises in acting for financial institutions on financing and restructuring, as well […]
More than two years after they were originally proposed, on 10 December 2013, the federal banking agencies, the Securities and Exchange Commission and the Commodity Futures Trading Commission (the ‘agencies’) adopted final regulations (the ‘Final Rule’) to implement section 13 of the Bank Holding Company Act (BHCA) (commonly known as the ‘Volcker Rule’). In a […]
DLA Piper has announced that Wayne P Bunch Jr has joined the law firm’s franchise and distribution practice as a partner in the Houston office. Bunch provides business and legal counsel to emerging and established franchisors, assisting them with programmes and distribution networks on a local, regional and national level. He represents domestic and foreign […]
New York’s governor Andrew Cuomo signed into law the Non-Profit Revitalization Act of 2013 on 18 December 2013. The Act is the first substantial revision of New York State’s non-profit law in more than 40 years. The Act has an effective date of 1 July 2014 and applies to all New York non-profit corporations (both […]
In May 2013, HM Revenue & Customs (HMRC) published a consultation document looking at various aspects of partnership taxation. As a result of this consultation process, the UK government announced two main anti-avoidance provisions in its Autumn Statement last month. The first deals with the taxation of salaried LLP members and the second with the […]
DLA Piper has hired Tim Tan as a partner in the corporate group of the Bangkok office. Tan joins from O’Melveney & Myers, where he was counsel in the Singapore office in the corporate finance practice. Tan focuses his practice on banking and leverage finance, corporate debt and restructuring and special situations investment transactions. His […]
DLA Piper has represented Shanghai-based Fosun International in its $725m (£440m) acquisition of One Chase Manhattan Plaza in New York from JPMorgan Chase. The transaction, which closed on 17 December, marks the largest purchase of a New York building by a Chinese investor. The 60-story, 2.2-million-square-foot office building was once the headquarters of Chase Manhattan […]