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Antitrust and Financial Services

Mass Claim Against MasterCard in UK is Given a Second Chance at Certification

Apr 29, 2019


On 16 April 2019, the Court of Appeal issued a ruling that gives a second chance at certification to the £14 billion mass consumer claim brought against MasterCard by Walter Merricks. The ruling breathes new life into the claim and into the UK’s nascent opt-out class action regime.


Related Attorney(s): Vincent Brophy, Tom Bainbridge
Related Practice(s): Antitrust
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EU Loan Syndication Study Identifies Areas of Potential Antitrust Risk

Apr 10, 2019


On 5 April 2019, the Competition Directorate of the European Commission published a report of a study into ‘EU loan syndication and its impact on competition in credit markets’.  The decision to commission the Report reflects a growing concern by regulators as to the establishment and conduct of syndicates in the lending and other sectors.  This concern is, in part, reflected in several recent antitrust and regulatory investigations and decisions.


Related Attorney(s): Vincent Brophy, Tom Bainbridge
Related Practice(s): Antitrust, Antitrust & Financial Services
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European Commission Extends FX Scrutiny to FX Options

Feb 22, 2019


On 19 February 2019, HSBC reported that the European Commission is investigating “potential coordination in [FX] options trading”.  The announcement signals an extension of the Commission’s long-running antitrust scrutiny into FX markets.


Related Attorney(s): Vincent Brophy, Tom Bainbridge
Related Practice(s): Antitrust, Antitrust & Financial Services
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BrassTax

BrassTax

Apr 26, 2019


BrassTax is a monthly market intelligence update providing clear, concise insights on important recent developments that impact our transactional practices coupled with thought-provoking practical implications.


Related Attorney(s): Linda Swartz, Jason Schwartz, Mark Howe, Adam Blakemore, Edward Wei, Gary Silverstein
Related Practice(s): Corporate Taxation, Mergers & Acquisitions Taxation, Restructurings & Bankruptcies Taxation, Securitization & Structured Products Taxation, Tax, Tax Controversy
Related Office(s): London, New York, Washington
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FCPA Advisor

US and UK Regulators Speak Out on Anti-Corruption Enforcement Trends and Priorities

Dec 06, 2016


A number of key trends and priorities in international anti-corruption enforcement emerged last week at the 33rd ACI International Conference on the Foreign Corrupt Practices Act, held November 29 – December 2 outside of Washington, DC. Leading prosecutors and regulators from the US and UK described skyrocketing international law enforcement coordination, announced both “sticks” and “carrots” to encourage self-disclosure and cooperation, and pledged again to hold individuals accountable for anti-corruption violations. Officials from the Department of Justice (DOJ), the Securities and Exchange Commission (SEC), and the UK Serious Fraud Office (SFO) repeatedly emphasized these points in both their prepared remarks and their responses to questions.


Related Attorney(s): J. Robert Duncan, James Treanor
Related Practice(s): FCPA Enforcement and Compliance, White Collar Defense and Investigations
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Paper Tigers: Recent Settlements Show Companies Operating in China Need to Do More to Enforce FCPA Policies

Mar 02, 2016


Amid a recent flurry of Foreign Corrupt Practices Act (“FCPA”) settlements announced by the U.S. Department of Justice (“DOJ”) and U.S. Securities and Exchange Commission (“SEC”) were two settlements relating to the provision of improper gifts, hospitality and travel to Chinese government officials.


Related Attorney(s): James Treanor
Related Practice(s): FCPA Enforcement and Compliance, White Collar Defense and Investigations
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Eleventh Circuit Defines “Instrumentality” Broadly Under the FCPA

May 19, 2014


On May 16, the Court of Appeals for the Eleventh Circuit became the first federal appellate court to define an important element of the Foreign Corrupt Practices Act (“FCPA”) – what constitutes an “instrumentality” of a foreign government and, thus, who is a foreign official. In United States v. Esquenazi,1 a three-judge panel adopted a broad, fact-based definition of that term. Affirming the criminal convictions of both appellants, the court held that, in order to satisfy the statute, an “instrumentality” had to be an entity that both (1) is controlled by a foreign government and (2) performs a function that the foreign government “treats as its own.” The court provided clear guidance to trial judges and juries by setting out the critical elements to be determined when applying the two-pronged test.


Related Attorney(s): Jodi Avergun
Related Practice(s): FCPA Enforcement and Compliance
Related Office(s): New York
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Fund Finance Friday

Iron Bank Shutters Military Finance Division After Major Write Down

May 17, 2019


In this week’s Fund Finance Friday: We highlight side letters in fund finance transactions and discuss the common issues lenders need to look out for.


Related Attorney(s): Jeremy Cross, Brian Foster, Tim Hicks, Samantha Hutchinson, Michael Mascia, Wesley Misson, Kurt Oosterhouse
Related Practice(s): Fund Finance
Related Office(s): Charlotte, London, New York, Washington
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Economic Substance – Should a Lender Care? A Cayman Perspective

May 10, 2019


In this week’s Fund Finance Friday: A Cayman perspective, courtesy of our friends at Appleby, on the new economic substance legislation being introduced in a number of offshore jurisdictions.


Related Attorney(s): Jeremy Cross, Brian Foster, Tim Hicks, Samantha Hutchinson, Michael Mascia, Wesley Misson, Kurt Oosterhouse
Related Practice(s): Fund Finance
Related Office(s): Charlotte, London, New York, Washington
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The Cinco de Mayo Edition: Mexican Capital Call Facilities

May 03, 2019


In this week’s Fund Finance Friday: A special Cinco de Mayo edition where we go south of the border for an overview of Mexican capital call facilities.

 


Related Attorney(s): Jeremy Cross, Brian Foster, Tim Hicks, Samantha Hutchinson, Michael Mascia, Wesley Misson, Kurt Oosterhouse
Related Practice(s): Fund Finance
Related Office(s): Charlotte, London, New York, Washington
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Women in the City Program

Update - October 2016

Oct 14, 2016


How can more women be encouraged into funds?

This question was debated by a panel of women leaders in the investment fund industry at Cadwalader's second Women in the City debate.  The programme of discussions is designed to inspire more women to take leadership roles in their organisations by offering open dialogue, useful insights and practical guidance. Cadwalader hosted a large group of clients and colleagues over breakfast for a very lively panel discussion entitled "Women in Investment Funds: A Fundamental Advantage: Building Female Talent in the Investment Management Sector".


Related Attorney(s): Ingrid Bagby
Related Office(s): London
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Update - August 2016

Aug 04, 2016


What skills do women need to be successful leaders?

This question was debated by a panel of high profile female leaders at the recent launch of Cadwalader's Women in the City Programme, a series of seminars designed to inspire more women to take leadership roles in their organisations by offering open dialogue, useful insights and practical guidance.


Related Attorney(s): Gregory Petrick
Related Office(s): London
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CadwaladerNews

CadwaladerSpotlight

Cadwalader's research and intelligence platform provides analysis on changes in U.S. financial regulation. Subscribers receive a daily newsletter interpreting new laws, rules and enforcement actions that impact financial institutions.