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By Ian Cuillerier, Ernie Patrikis
Recent changes in Peruvian insolvency laws will now allow financial institutions and insurance company counterparties to close-out and net obligations under derivatives and repurchase agreements with Peruvian financial institutions or insurance companies which become subject to bankruptcy proceedings.
By Doug Peel
India is booming and that means business is booming for Indian lawyers involved in international transactions. The elite Indian law firms who can service such transactions to international standards are seriously overstretched.
By Stephen Phillips
This article addresses the prospects of recoveries for high yield bondholders in Europe, in the event that there is an adverse change in the credit climate.
By Christopher Utting
The recent announcement by Etihad Etisalat, the Saudi Arabian telecom operator, of its $2.875 billion Islamic financing was a first on a number of fronts.
On January 23, 2006, the Supreme Court issued a 5-4 ruling in Central Va. Community College v. Katz, 126 S.Ct. 990 (2006). The Court ruled that the power granted to Congress to establish "uniform Laws on the subject of Bankruptcies throughout the United States" included the power to determine that States should be subject to avoidance actions like any other creditors.
On January 30, 2006, the Securities and Exchange Commission (the "SEC") published proposed rules that will significantly change disclosure requirements for executive and director compensation in corporate proxy and registration statements. The proposed rules expand existing tabular disclosure and combine it with more detailed narrative disclosure.
In early March, Saudi Aramco and Sumitomo Chemicals wrapped up financing arrangements for a $9.9 billion petrochemical plant in the coastal city of Rabigh, marking the largest project financing to date in Saudi Arabia. Just as significantly, the funding package also included the largest-ever long-term Islamic finance tranche for any project financing in the Middle East.
By Claudette Robertson Druehl
In 2005, the SEC adopted Rule 202(a)(11)-1 to provide an exception from the definition of "investment adviser" under the Investment Advisers Act of 1940 (Advisers Act) for certain broker-dealers that provide non-discretionary advice solely incidental to their brokerage activities.
The White & Case Broker-Dealer Update provides a brief overview of some of the latest legislative, regulatory and judicial actions, policy statements and decisions that affect broker-dealers.
By Lenore Horton
A recent change by the US Securities and Exchange Commission (SEC) is receiving praise for its thoughtful approach to imposing financial penalties upon corporations. On January 4, Chairman Christopher Cox announced that the SEC had revised the process for determining when to impose a fine on a corporation as a penalty for alleged securities violations.
By Richard Liskov
On December 22, 2005, President Bush signed into law the Terrorism Risk Insurance Extension Act of 2005, extending through December 31, 2007, the US Terrorism Risk Insurance Program under which the United States assists in compensating for insured commercial property and casualty losses resulting from an act of terrorism certified as such by the Secretary of the Treasury.
For patent lawyers, 2006 appears poised to be a benchmark year. A group of important cases challenging fundamental issues of patent law are on the US Supreme Court docket. At issue are basic questions such as "what can be patented?" and "what remedies can be imposed by courts for plaintiffs in patent cases?" The outcome of these cases are of concern far beyond the US Patent Bar. Financial services providers and industry groups, among many others, have sought to have their voices heard in these
By Kathleen Scott
Among other provisions, the 2001 USA PATRIOT Act required the US Treasury Department to issue regulations regarding due diligence and enhanced due diligence with respect to correspondent accounts established or maintained by US financial institutions for non-US financial institutions and private banking accounts established or maintained for non-US persons.
By Thomas Tindemans
Agreement has been reached on revisions to the European Union (EU) Directive that will update rules on the audit of company accounts (Audit Directive). Once the text of the measure is available in all the EU’s official languages, it will be formally adopted by the European Council (Council), probably during the first quarter of 2006.
By Alistair Graham, Rebecca Stephenson
The UK’s extradition legislation was completely overhauled by the implementation of the Extradition Act 2003 (‘the 2003 Act’).
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