Cross-border: Financial Services and Markets

This practice note provides an overview of Basel 2.5 (also referred to as Basel II.5), a set of major reforms to Basel II that were agreed in July 2009. The Basel 2.5 reforms included measures relating to securitisation and trading book exposures and are due to be implemented by 31 December 2011. For more information on the Basel III reforms, see Practice note, Basel III: an overview.

This Note details proposed CFTC interpretive guidance on the extraterritorial application of the swaps provisions of Title VII of the Dodd-Frank Act, as well as the corollary SEC proposal for treatment of non-US security-based swaps (SBS) including their application to non-US affiliates of US persons and to US affiliates of non-US persons.

In this practice note, Barnabas Reynolds, head of the Financial Institutions Advisory & Financial Regulatory Group at Shearman & Sterling LLP, provides an overview of the EU Regulation on credit rating agencies (Regulation 1060/2009) (CRA Regulation). The note reflects amendments to the CRA Regulation made by CRA II (Regulation 513/2011) which transferred responsibility for the registration and ongoing supervision of EU credit rating agencies to the European Securities and Markets Authority (ESMA). For information about the amendments to the CRA Regulation to be made by CRA III, see Practice note, CRA III.

This practice note outlines the European Commission's legislative proposals to amend the Markets in Financial Instruments Directive (2004/39/EC), which were published on 20 October 2011 (MiFID II). For a summary of, and links to, PLC Financial Services MiFID materials, see Practice note, A guide to PLC Financial Services MiFID materials.

This Note summarizes and compares the comprehensive regulatory framework for over-the-counter (OTC) derivatives in the US under the Dodd-Frank Act and in the EU under the European Market Infrastructure Regulation (EMIR) and review of the Markets in Financial Instruments Directive (MiFID II), with a particular focus on implications for end users of derivatives.

A Q&A guide to insurance and reinsurance law in Mexico. The Q&A gives a high level overview of the market trends and regulatory framework in the insurance and reinsurance market; the definitions for a contract of insurance and a contract of reinsurance; the regulation of insurance and reinsurance contracts; the forms of corporate organisation an insurer can take; and the regulation of insurers and reinsurers, including regulation of the transfer of risk. It also covers: operating restrictions for insurance and reinsurance entities; reinsurance monitoring and disclosure requirements; content requirements for policies and implied terms; insurance and reinsurance claims; remedies; insolvency of insurance and reinsurance providers; taxation; dispute resolution; and proposals for reform. Finally, it provides websites and brief details for the main insurance/reinsurance trade organisations in Mexico. To compare answers across multiple jurisdictions visit the Insurance and Reinsurance Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to insurance and reinsurance. For a full list of jurisdictional Q&As visit www.practicallaw.com/insurance-mjg.

A Q&A guide to insurance and reinsurance law in Brazil. The Q&A gives a high level overview of the market trends and regulatory framework in the insurance and reinsurance market; the definitions for a contract of insurance and a contract of reinsurance; the regulation of insurance and reinsurance contracts; the forms of corporate organisation an insurer can take; and the regulation of insurers and reinsurers, including regulation of the transfer of risk. It also covers: operating restrictions for insurance and reinsurance entities; reinsurance monitoring and disclosure requirements; content requirements for policies and implied terms; insurance and reinsurance claims; remedies; insolvency of insurance and reinsurance providers; taxation; dispute resolution; and proposals for reform. Finally, it provides websites and brief details for the main insurance/reinsurance trade organisations in Brazil. To compare answers across multiple jurisdictions visit the Insurance and Reinsurance Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to insurance and reinsurance. For a full list of jurisdictional Q&As visit www.practicallaw.com/insurance-mjg.

A Q&A guide to insurance and reinsurance in the United States. The Q&A gives a high level overview of the market trends and regulatory framework in the insurance and reinsurance market; the regulation of insurance and reinsurance contracts; the corporate structure of insurers and reinsurers; and the regulation of insurers and reinsurers, including regulation of the transfer of risk. It also covers: operating restrictions for insurance and reinsurance entities, including authorisation/licensing requirements; reinsurance monitoring and disclosure requirements; content requirements for policies and implied terms; insurance and reinsurance claims; insolvency of insurance and reinsurance providers; taxation; dispute resolution; and proposals for reform. Finally, it provides websites and brief details for the main insurance/reinsurance trade organisations in the United States. To compare answers across multiple jurisdictions visit the Insurance and Reinsurance Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to insurance and reinsurance. For a full list of jurisdictional Q&As visit www.practicallaw.com/insurance-mjg.

A Q&A guide to insurance and reinsurance law in Argentina. The Q&A gives a high level overview of the market trends and regulatory framework in the insurance and reinsurance market; the definitions for a contract of insurance and a contract of reinsurance; the regulation of insurance and reinsurance contracts; the forms of corporate organisation an insurer can take; and the regulation of insurers and reinsurers, including regulation of the transfer of risk. It also covers: operating restrictions for insurance and reinsurance entities; reinsurance monitoring and disclosure requirements; content requirements for policies and implied terms; insurance and reinsurance claims; remedies; insolvency of insurance and reinsurance providers; taxation; dispute resolution; and proposals for reform. Finally, it provides websites and brief details for the main insurance/reinsurance trade organisations in Argentina. To compare answers across multiple jurisdictions visit the Insurance and reinsurance Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to insurance and reinsurance. For a full list of jurisdictional Q&As visit www.practicallaw.com/insurance-mjg.

A Q&A guide to insurance and reinsurance in Indonesia. The Q&A gives a high level overview of the market trends and regulatory framework in the insurance and reinsurance market; the regulation of insurance and reinsurance contracts; the corporate structure of insurers and reinsurers; and the regulation of insurers and reinsurers, including regulation of the transfer of risk. It also covers: operating restrictions for insurance and reinsurance entities, including authorisation/licensing requirements; reinsurance monitoring and disclosure requirements; content requirements for policies and implied terms; insurance and reinsurance claims; insolvency of insurance and reinsurance providers; taxation; dispute resolution; and proposals for reform. Finally, it provides websites and brief details for the main insurance/reinsurance trade organisations in Indonesia. To compare answers across multiple jurisdictions visit the Insurance and reinsurance Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to insurance and reinsurance. For a full list of jurisdictional Q&As visit www.practicallaw.com/insurance-mjg.

A Q&A guide to insurance and reinsurance law in the Russian Federation. The Q&A gives a high level overview of the market trends and regulatory framework in the insurance and reinsurance market; the definitions for a contract of insurance and a contract of reinsurance; the regulation of insurance and reinsurance contracts; the forms of corporate organisation an insurer can take; and the regulation of insurers and reinsurers, including regulation of the transfer of risk. It also covers: operating restrictions for insurance and reinsurance entities; reinsurance monitoring and disclosure requirements; content requirements for policies and implied terms; insurance and reinsurance claims; remedies; insolvency of insurance and reinsurance providers; taxation; dispute resolution; and proposals for reform. Finally, it provides websites and brief details for the main insurance/reinsurance trade organisations in the Russian Federation. To compare answers across multiple jurisdictions visit the Insurance and Reinsurance Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to insurance and reinsurance. For a full list of jurisdictional Q&As visit www.practicallaw.com/insurance-mjg.

In recent years, international economic transactions have increased both in frequency and amounts in and between the world's various economic blocks. The main factors that have enhanced commercial activity between countries include: Greater access to international finance. Greater flow of goods and services between countries attempting to satisfy the growing market demand. The globalisation phenomena. Due to increasing global activity, more stringent regulation and alignment is required in every country that is involved in the economic status quo. The growth and development of commercial transactions between nations requires that the legal framework of the countries involved must consistently suit the incessant operations taking place around the world. Efforts towards avoiding law-infringement in piracy, data protection, international trade, transparency in government procurement and public bidding and foreign investment (among others) as well as with anti-corruption, aim to establish the rule of law and certainty for cross-border investors. Bribery is one of the most common challenges for foreign investors when they arrive at unknown territories to do business. Bribery is a major threat to commercial activity and economic factors, therefore, stronger anti-bribery measures are required wherever foreign investment is welcomed. Many countries have now embodied regulations and policies in their legal frameworks in order to ban, limit and sanction undue p

A Q&A guide to insurance and reinsurance law in Turkey. The Q&A gives a high level overview of the market trends and regulatory framework in the insurance and reinsurance market; the definitions for a contract of insurance and a contract of reinsurance; the regulation of insurance and reinsurance contracts; the forms of corporate organisation an insurer can take; and the regulation of insurers and reinsurers, including regulation of the transfer of risk. It also covers: operating restrictions for insurance and reinsurance entities; reinsurance monitoring and disclosure requirements; content requirements for policies and implied terms; insurance and reinsurance claims; remedies; insolvency of insurance and reinsurance providers; taxation; dispute resolution; and proposals for reform. Finally, it provides websites and brief details for the main insurance/reinsurance trade organisations in Turkey. To compare answers across multiple jurisdictions visit the Insurance and Reinsurance Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to insurance and reinsurance. For a full list of jurisdictional Q&As visit www.practicallaw.com/insurance-mjg.

A number of states, including Switzerland, have enacted blocking statutes which may prevent or hinder the collection of evidence in multi-jurisdictional proceedings. Article 271 of the Swiss Criminal Code (Criminal Code) prevents an "official act" from being performed on behalf of a foreign authority on Swiss soil. This can have the effect of blocking the collection of evidence located in Switzerland that is intended for use in proceedings outside of Switzerland. Against this backdrop, this article: Considers the practical effects of Article 271 for parties gathering evidence outside Switzerland. Highlights the circumstances in which it is possible to breach Article 271 in the context of the gathering of evidence. Addresses how parties outside Switzerland can avoid risking infringement of Article 271 when gathering evidence during multi-jurisdictional proceedings or investigations. This article is part of the PLC multi-jurisdictional guide to corporate crime, fraud and investigations law. For a full list of jurisdictional Q&As visit www.practicallaw.com/corporatecrime-mjg.

A Q&A guide to corporate crime, fraud and investigations in Argentina. The Q&A gives a high level overview of matters relating to corporate fraud, bribery and corruption, insider dealing and market abuse, money laundering and terrorist financing, financial record keeping, due diligence, corporate liability, immunity and leniency, and whistleblowing. To compare answers across multiple jurisdictions, visit the Corporate Crime, Fraud and Investigations Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to corporate crime, fraud and investigations law. For a full list of jurisdictional Q&As visit www.practicallaw.com/corporatecrime-mjg.

A Q&A guide to corporate crime, fraud and investigations in Canada. The Q&A gives a high level overview of matters relating to corporate fraud, bribery and corruption, insider dealing and market abuse, money laundering and terrorist financing, financial record keeping, due diligence, corporate liability, immunity and leniency, and whistleblowing. To compare answers across multiple jurisdictions, visit the Corporate Crime, Fraud and Investigations Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to corporate crime, fraud and investigations law. For a full list of jurisdictional Q&As visit www.practicallaw.com/corporatecrime-mjg.

A Q&A guide to corporate crime, fraud and investigations in China. The Q&A gives a high level overview of matters relating to corporate fraud, bribery and corruption, insider dealing and market abuse, money laundering and terrorist financing, financial record keeping, due diligence, corporate liability, immunity and leniency, and whistleblowing. To compare answers across multiple jurisdictions, visit the Corporate Crime, Fraud and Investigations Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to corporate crime, fraud and investigations law. For a full list of jurisdictional Q&As visit www.practicallaw.com/corporatecrime-mjg.

A Q&A guide to corporate crime, fraud and investigations in Germany. The Q&A gives a high level overview of matters relating to corporate fraud, bribery and corruption, insider dealing and market abuse, money laundering and terrorist financing, financial record keeping, due diligence, corporate liability, immunity and leniency, and whistleblowing. To compare answers across multiple jurisdictions, visit the Corporate Crime, Fraud and Investigations Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to corporate crime, fraud and investigations law. For a full list of jurisdictional Q&As visit www.practicallaw.com/corporatecrime-mjg.

A Q&A guide to corporate crime, fraud and investigations in Indonesia. The Q&A gives a high level overview of matters relating to corporate fraud, bribery and corruption, insider dealing and market abuse, money laundering and terrorist financing, financial record keeping, due diligence, corporate liability, immunity and leniency, and whistleblowing. To compare answers across multiple jurisdictions, visit the Corporate Crime, Fraud and Investigations Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to corporate crime, fraud and investigations law. For a full list of jurisdictional Q&As visit www.practicallaw.com/corporatecrime-mjg.

A Q&A guide to corporate crime, fraud and investigations in Japan. The Q&A gives a high level overview of matters relating to corporate fraud, bribery and corruption, insider dealing and market abuse, money laundering and terrorist financing, financial record keeping, due diligence, corporate liability, immunity and leniency, and whistleblowing. To compare answers across multiple jurisdictions, visit the Corporate Crime, Fraud and Investigations Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to corporate crime, fraud and investigations law. For a full list of jurisdictional Q&As visit www.practicallaw.com/corporatecrime-mjg.

A Q&A guide to corporate crime, fraud and investigations in South Africa. The Q&A gives a high level overview of matters relating to corporate fraud, bribery and corruption, insider dealing and market abuse, money laundering and terrorist financing, financial record keeping, due diligence, corporate liability, immunity and leniency, and whistleblowing. To compare answers across multiple jurisdictions, visit the Corporate Crime, Fraud and Investigations Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to corporate crime, fraud and investigations law. For a full list of jurisdictional Q&As visit www.practicallaw.com/corporatecrime-mjg.

A Q&A guide to corporate crime, fraud and investigations in Turkey. The Q&A gives a high level overview of matters relating to corporate fraud, bribery and corruption, insider dealing and market abuse, money laundering and terrorist financing, financial record keeping, due diligence, corporate liability, immunity and leniency, and whistleblowing. To compare answers across multiple jurisdictions, visit the Corporate Crime, Fraud and Investigations Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to corporate crime, fraud and investigations law. For a full list of jurisdictional Q&As visit www.practicallaw.com/corporatecrime-mjg.

A Q&A guide to corporate crime, fraud and investigations in the United States. The Q&A gives a high level overview of matters relating to corporate fraud, bribery and corruption, insider dealing and market abuse, money laundering and terrorist financing, financial record keeping, due diligence, corporate liability, immunity and leniency, and whistleblowing. To compare answers across multiple jurisdictions, visit the Corporate Crime, Fraud and Investigations Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to corporate crime, fraud and investigations law. For a full list of jurisdictional Q&As visit www.practicallaw.com/corporatecrime-mjg.

Hackers attack large and small companies in every industry seeking secrets, notoriety, profits or revenge. This article explores how hacking began, evolved over the years, and what can we expect in the future. The article also examines what organisations and individuals can do to protect themselves against hacking. This article is part of the PLC multi-jurisdictional guide to corporate crime, fraud and investigations law. For a full list of jurisdictional Q&As visit www.practicallaw.com/corporatecrime-mjg.

Following the collapse of the world financial markets, many jurisdictions are experiencing increased litigation activity, much of which involves elements of fraud and asset tracing. Mavera injunctions (freezing orders) remain a crucial tool in ensuring that dishonestly obtained assets are not put beyond the reach of successful litigants or legitimate creditors. However, to meet the increasing complexity of corporate dealings and commercial relationships the law in this area is evolving significantly. Against this background, this article: Sets out the difficulties faced by litigants/creditors when seeking freezing orders against third parties in foreign jurisdictions. Details the case law development of the Chabra jurisdiction. Details how the Chabra jurisdiction has been specifically recognised and applied in the Cayman Islands. This article is part of the PLC multi-jurisdictional guide to corporate crime, fraud and investigations law. For a full list of jurisdictional Q&As visit www.practicallaw.com/corporatecrime-mjg.

This article looks at how organisations have responded to the UK Bribery Act and makes suggestions as to how organisations should focus going forward to reduce their bribery and corruption risk. This article is part of the PLC multi-jurisdictional guide to corporate crime, fraud and investigations law. For a full list of jurisdictional Q&As visit www.practicallaw.com/corporatecrime-mjg.

This article explores the current issues surrounding establishing an effective whistleblowing system in the light of recent legislation, in particular the US Dodd-Frank Act. While many companies do not fall under the jurisdiction of Dodd Frank, the issues and potential solutions involved in responding to its provisions can provide valuable insights to any company looking to implement or improve a whistleblowing system. This article is part of the PLC multi-jurisdictional guide to corporate crime, fraud and investigations law. For a full list of jurisdictional Q&As visit www.practicallaw.com/corporatecrime-mjg.

This tool enables subscribers to search the Country Q&A in the Insurance and Reinsurance multi jurisdictional guide by question and jurisdiction. Simply select the questions and the jurisdictions that you are interested in and click the "submit" button.

A Q&A guide to insurance and reinsurance law in Austria. The Q&A gives a high level overview of the market trends and regulatory framework in the insurance and reinsurance market; the definitions for a contract of insurance and a contract of reinsurance; the regulation of insurance and reinsurance contracts; the forms of corporate organisation an insurer can take; and the regulation of insurers and reinsurers, including regulation of the transfer of risk. It also covers: operating restrictions for insurance and reinsurance entities; reinsurance monitoring and disclosure requirements; content requirements for policies and implied terms; insurance and reinsurance claims; remedies; insolvency of insurance and reinsurance providers; taxation; dispute resolution; and proposals for reform. Finally, it provides websites and brief details for the main insurance/reinsurance trade organisations in Austria. To compare answers across multiple jurisdictions visit the Insurance and Reinsurance Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to insurance and reinsurance. For a full list of jurisdictional Q&As visit www.practicallaw.com/insurance-mjg.

A Q&A guide to insurance and reinsurance law in China. The Q&A gives a high level overview of the market trends and regulatory framework in the insurance and reinsurance market; the definitions for a contract of insurance and a contract of reinsurance; the regulation of insurance and reinsurance contracts; the forms of corporate organisation an insurer can take; and the regulation of insurers and reinsurers, including regulation of the transfer of risk. It also covers: operating restrictions for insurance and reinsurance entities; reinsurance monitoring and disclosure requirements; content requirements for policies and implied terms; insurance and reinsurance claims; remedies; insolvency of insurance and reinsurance providers; taxation; dispute resolution; and proposals for reform. Finally, it provides websites and brief details for the main insurance/reinsurance trade organisations in China. To compare answers across multiple jurisdictions visit the Insurance and Reinsurance Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to insurance and reinsurance. For a full list of jurisdictional Q&As visit www.practicallaw.com/insurance-mjg.

A Q&A guide to insurance and reinsurance law in Germany. The Q&A gives a high level overview of the market trends and regulatory framework in the insurance and reinsurance market; the definitions for a contract of insurance and a contract of reinsurance; the regulation of insurance and reinsurance contracts; the forms of corporate organisation an insurer can take; and the regulation of insurers and reinsurers, including regulation of the transfer of risk. It also covers: operating restrictions for insurance and reinsurance entities; reinsurance monitoring and disclosure requirements; content requirements for policies and implied terms; insurance and reinsurance claims; remedies; insolvency of insurance and reinsurance providers; taxation; dispute resolution; and proposals for reform. Finally, it provides websites and brief details for the main insurance/reinsurance trade organisations in Germany. To compare answers across multiple jurisdictions visit the Insurance and Reinsurance Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to insurance and reinsurance. For a full list of jurisdictional Q&As visit www.practicallaw.com/insurance-mjg.

A Q&A guide to insurance and reinsurance law in Italy. The Q&A gives a high level overview of the market trends and regulatory framework in the insurance and reinsurance market; the definitions for a contract of insurance and a contract of reinsurance; the regulation of insurance and reinsurance contracts; the forms of corporate organisation an insurer can take; and the regulation of insurers and reinsurers, including regulation of the transfer of risk. It also covers: operating restrictions for insurance and reinsurance entities; reinsurance monitoring and disclosure requirements; content requirements for policies and implied terms; insurance and reinsurance claims; remedies; insolvency of insurance and reinsurance providers; taxation; dispute resolution; and proposals for reform. Finally, it provides websites and brief details for the main insurance/reinsurance trade organisations in Italy. To compare answers across multiple jurisdictions visit the Insurance and Reinsurance Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to insurance and reinsurance. For a full list of jurisdictional Q&As visit www.practicallaw.com/insurance-mjg.

A Q&A guide to insurance and reinsurance in Sweden. The Q&A gives a high level overview of the market trends and regulatory framework in the insurance and reinsurance market; the regulation of insurance and reinsurance contracts; the corporate structure of insurers and reinsurers; and the regulation of insurers and reinsurers, including regulation of the transfer of risk. It also covers: operating restrictions for insurance and reinsurance entities, including authorisation/licensing requirements; reinsurance monitoring and disclosure requirements; content requirements for policies and implied terms; insurance and reinsurance claims; insolvency of insurance and reinsurance providers; taxation; dispute resolution; and proposals for reform. Finally, it provides websites and brief details for the main insurance/reinsurance trade organisations in Sweden. To compare answers across multiple jurisdictions visit the Insurance and Reinsurance Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to insurance and reinsurance. For a full list of jurisdictional Q&As visit www.practicallaw.com/insurance-mjg.

A Q&A guide to insurance and reinsurance in the British Virgin Islands. The Q&A gives a high level overview of the market trends and regulatory framework in the insurance and reinsurance market; the regulation of insurance and reinsurance contracts; the corporate structure of insurers and reinsurers; and the regulation of insurers and reinsurers, including regulation of the transfer of risk. It also covers: operating restrictions for insurance and reinsurance entities, including authorisation/licensing requirements; reinsurance monitoring and disclosure requirements; content requirements for policies and implied terms; insurance and reinsurance claims; insolvency of insurance and reinsurance providers; taxation; dispute resolution; and proposals for reform. Finally, it provides websites and brief details for the main insurance/reinsurance trade organisations in the British Virgin Islands. This article is part of the PLC multi-jurisdictional guide to insurance and reinsurance. For a full list of contents visit www.practicallaw.com/insurance-mjg.

A Q&A guide to insurance and reinsurance law in the United Arab Emirates, including the Dubai International Financial Centre (DIFC). The Q&A gives a high level overview of the market trends and regulatory framework in the insurance and reinsurance market; the definitions for a contract of insurance and a contract of reinsurance; the regulation of insurance and reinsurance contracts; the forms of corporate organisation an insurer can take; and the regulation of insurers and reinsurers, including regulation of the transfer of risk. It also covers: operating restrictions for insurance and reinsurance entities; reinsurance monitoring and disclosure requirements; content requirements for policies and implied terms; insurance and reinsurance claims; remedies; insolvency of insurance and reinsurance providers; taxation; dispute resolution; and proposals for reform. Finally, it provides websites and brief details for the main insurance/reinsurance trade organisations in the United Arab Emirates, including the DIFC. To compare answers across multiple jurisdictions visit the Insurance and Reinsurance Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to insurance and reinsurance. For a full list of jurisdictional Q&As visit www.practicallaw.com/insurance-mjg.

The new Reinsurance Regulatory Framework was introduced in February 2011 in Argentina, aiming to create a local reinsurance market. This article examines the regime in force prior to the implementation of this far-reaching regulation and explains the principal features of the new regime. The pertinent content requirements applicable to reinsurance contracts are analysed, together with the regulation of the activities of reinsurance brokers under the new regime. Finally, the timeframe for the implementation of the new regime is also examined. This article is part of the PLC multi-jurisdictional guide to insurance and reinsurance. For a full list of contents visit www.practicallaw.com/insurance-mjg.

A Q&A guide to insurance and reinsurance in Bermuda. The Q&A gives a high level overview of the market trends and regulatory framework in the insurance and reinsurance market; the regulation of insurance and reinsurance contracts; and the regulation of insurers and reinsurers, including regulation of the transfer of risk. It also covers: operating restrictions for insurance and reinsurance entities; reinsurance monitoring and disclosure requirements; content requirements for policies and implied terms; insurance and reinsurance claims; insolvency of insurance and reinsurance providers; taxation; dispute resolution; and proposals for reform. Finally, it provides websites and brief details for the main insurance/reinsurance trade organisations in Bermuda. For a full list of recommended insurance and reinsurance law firms and lawyers in Bermuda, please visit PLC Which lawyer? This article is part of the PLC multi-jurisdictional guide to insurance and reinsurance. For a full list of contents visit www.practicallaw.com/insurance-mjg.

A Q&A guide to Insurance and Reinsurance in Finland. The Q&A gives a high level overview of the market trends and regulatory framework in the insurance and reinsurance market; the regulation of insurance and reinsurance contracts; and the regulation of insurers and reinsurers, including regulation of the transfer of risk. It also covers: operating restrictions for insurance and reinsurance entities; reinsurance monitoring and disclosure requirements; content requirements for policies and implied terms; insurance and reinsurance claims; insolvency of insurance and reinsurance providers; taxation; dispute resolution; and proposals for reform. Finally, it provides websites and brief details for the main insurance/reinsurance trade organisations in Finland. For a full list of recommended finance law firms and lawyers in Finland, please visit PLC Which lawyer? This article is part of the PLC multi-jurisdictional guide to insurance and reinsurance. For a full list of contents visit www.practicallaw.com/insurance-mjg

A consideration of the impact of the EU financial reforms on the OTC derivative and commodities market and a comparison with the US Dodd-Frank Act proposals for reform in this area.

This Article discusses the Foreign Account Tax Compliance Act (FATCA) provisions included in the Hiring Incentives to Restore Employment (HIRE) Act to target offshore tax evasion.

The Germany update for August for the PLC Global Finance multi-jurisdictional monthly e-mail.

The United States update for June for the PLC Global Finance multi-jurisdictional monthly e-mail.

The Canada update for March for the PLC Global Finance multi-jurisdictional monthly e-mail, containing an update on the situation in the banking market in Canada, in particular with regard to banks' declining use of government aid.

Following the recent approval of UCITS IV by the European Parliament in January 2009, this chapter discusses: the benefits, costs and intricacies of offering UCITS for sale globally; cross-border registration of UCITS within the EU; cross-border registration of UCITS outside the EU; and the impact of proposed changes to the UCITS regime (UCITS IV) on cross-border registration.

An overview of the key features of US public and private offerings for foreign issuers. This article is part of the PLC US Special Report, which was published to mark the launch of PLC's first US services.

A comparison chart based on New York and Delaware law, highlighting the key differences between the most common types of business entity.This article is part of the PLC US Special Report, which was published to mark the launch of PLC's first US services.

An outline of the rules for exiting US markets and an examination of the extent to which foreign private issuers have taken advantage of them.This article is part of the PLC US Special Report, which was published to mark the launch of PLC's first US services.

An examination of the key issues for an overseas strategic buyer on the negotiated acquisition of a US private company.This article is part of the PLC US Special Report, which was published to mark the launch of PLC's first US services.

An article highlighting the key issues that foreign companies listed on US exchanges face in relation to private securities litigation by US or non-US plaintiffs.This article is part of the PLC US Special Report, which was published to mark the launch of PLC's first US services.

An overview of the considerations for UK plc in relation to its US shareholders on rights issues, takeover offers and share buybacks.This article is part of the PLC US Special Report, which was published to mark the launch of PLC's first US services.

An overview of US anti-corruption laws and recent developments in enforcement.This article is part of the PLC US Special Report, which was published to mark the launch of PLC's first US services.

An examination of recent developments that affect US litigation risk for non-US businesses.This article is part of the PLC US Special Report, which was published to mark the launch of PLC's first US services.

The Financial Stability Board (FSB) has published a letter (dated 15 April 2013) sent to the G20 ahead of its meeting on 18 to 19 April 2013, reporting on the progress being made in financial regulatory reforms.

The Bank for International Settlements has published an updated progress report (BCBS247) by the Basel Committee on Banking Supervision (BCBS) on BCBS members' implementation of Basel II, Basel 2.5 and Basel III, as at the end of March 2013.

ISDA has published an EMIR NFC Representation Protocol which can be used to amend the ISDA Master Agreement and a Timely Confirmation Amendment Agreement.

The Bank for International Settlements (BIS) has published finalised guidance (BCBS241) for managing risk associated with the settlement of foreign exchange (FX) transactions, produced by the Basel Committee on Banking Supervision (BCBS).

On February 12, 2013, the FDIC issued a proposed rule and release clarifying that, while deposits held on the books of foreign branches of US banks will be treated as deposits under US depositor preference laws if they are "dually payable" at both the foreign branch and the bank's US office, they are not FDIC-insured.

The Financial Stability Board (FSB) has published a press release reporting on its meeting in Zürich on 28 January 2013.

The Federal Reserve Board issued a proposed rule that enhances regulation and supervision of US operations of foreign banks.

The Financial Stability Board (FSB) has published a letter from its Chair to the G20 finance ministers and central bank governors reporting on progress made in the financial regulatory reform programme.

The Islamic Financial Services Board (IFSB) has published for consultation exposure drafts on the standard on risk management for Islamic insurance (Takaful) undetakings and on the standard for revised capital adequacy for institutions offering Islasmic financial services.

The IRS released an announcement that delays certain deadlines under the Foreign Account Tax Compliance Act (FATCA) and provides additional guidance on grandfathered obligations.

The International Organization of Securities Commissions (IOSCO) has published a press release jointly with the Islamic Financial Services Board (IFSB) and the Securities Commission Malaysia, on the increasing need to enhance and harmonise disclosure requirements in the Islamic capital market.

The European Parliament has adopted a resolution relating to the establishment of a banking union.

PLC Cross-border has a new Corporate Crime, Fraud and Investigations multi-jurisdictional guide, which answers key questions on white-collar crime from the perspective of legal practitioners in 18 jurisdictions.

The FSA has published a statement on its expectations on the implementation of CRD IV, in the light of the delay in the adoption of the final text of the CRD IV legislation.

The Basel Committee on Banking Supervision (BCBS) has issued the final version of its interim Basel III rules on the capitalisation of bank exposures to central counterparties (CCPs), ahead of further work planned in 2013.

The Basel Committee on Banking Supervision (BCBS) has issued a consultation document (BCBS224) on a framework for dealing with domestic systemically important banks (D-SIBs).

The Basel Committee on Banking Supervision (BCBS) has published its final rules on disclosure requirements on the composition of capital.

The G20 has published a leaders' final declaration following the G20 leaders' summit held in Los Cabos, Mexico on 18 and 19 June 2012.

The Financial Stability Board (FSB) has published its recommendations and proposals for implementing a global legal entity identifier (LEI) system for financial markets.

The European Economic and Financial Affairs Council (ECOFIN) has reached agreement on CRD IV and will now seek to negotiate with the European Parliament to adopt CRD IV at first reading.

The Danish Presidency of the Council of the European Union has published compromise proposals on the proposed CRD IV Directive and Capital Requirements Regulation (CRR), together with a general approach document addressing outstanding issues.

A number of international trade associations have sent a joint letter to Tim Geithner, US Treasury Secretary and Michel Barnier, European Commissioner for Internal Market and Services, raising issues arising from extra-territorial legislation.

The Basel Committee on Banking Supervision has published a report summarising the aggregate results of the latest Basel III monitoring exercise, using data as of 30 June 2011.

The Basel Committee on Banking Supervision (BCBS) has published a second progress report on the implementation by BCBS members of Basel II, Basel 2.5 and Basel III, as at the end of March 2012.

The European Commission has published a green paper on shadow banking, consulting on its regulatory approach to shadow banking entities and activities. (Free access.)

The Financial Stability Board has published an update on its legal entity identifier (LEI) expert group's work on developing a global framework for the LEI.  This includes early guidance on two technical features of the LEI.

The Basel Committee on Banking Supervision has published a number of updated documents relating to Basel III implementation monitoring.

The European Parliament, Council of the European Union and European Commission have reached agreement on the proposed European Market Infrastructure Regulation (EMIR).

An article has been published on ft.com, reporting that a coalition of trade associations has jointly commissioned a study into the viability of establishing a mutual recognition regime between US and European regulators.

The European Securities and Markets Authority has issued an investor warning about forex trading.

The Bank for International Settlements has published a report by its Committee on the Global Financial System on the macrofinancial implications of alternative configurations for access to central counterparties in over-the-counter derivatives markets.

The European Parliament has passed a legislative resolution adopting, with amendments, the European Commission's proposal for a regulation on short selling and certain aspects of credit default swaps. (Free access.)

The Financial Stability Board has published an international standard on key attributes of effective resolution regimes for financial institutions.

On 4 November 2011, the FSB published a number of papers, which were endorsed by the G20 leaders at the Cannes summit.

The Financial Stability Board has published a report setting out its recommendations on strengthening the oversight and regulation of shadow banking.

The Basel Committee on Banking Supervision has published a progress report on its members' implementation of Basel II, Basel 2.5 and Basel III. (Free access.)

The Financial Stability Board has published its follow-up peer review report on compensation practices.  This assesses progress made both by national authorities and by significant financial institutions in implementing the FSB's principles for sound compensation practices and their implementation standards.

The Basel Committee on Banking Supervision and the Financial Stability Board have published a report that summarises an assessment of the macroeconomic costs and benefits of proposed higher loss absorbency requirements for global systemically important banks.

The Financial Stability Board has published a consultation paper setting out options and proposals to improve the data on linkages between global systemically important banks and their exposures and financial dependencies.

The Basel Committee on Banking Supervision (BCBS) has published a press release, announcing the outcome of its September 2011 meeting, which considered additional requirements for global systemically important banks, capital requirements for exposures to central counterparties and the observation period for the Basel III liquidity requirements. (Free access.)

The Financial Stability Board and the Basel Committee on Banking Supervision are consulting on two documents that set out proposed measures to address the systemic and moral hazard risks posed by systemically important financial institutions (SIFIs).   

The European Banking Authority (EBA) has published a report of the results of the 2011 EU-wide stress test of 90 banks in 21 countries.

The Basel Committee on Banking Supervision has published frequently asked questions on the Basel III reforms relating to the definition of capital and the liquidity framework.

The Basel Committee on Banking Supervision has published the final versions of two papers on operational risk management, both dated June 2011.

The Basel Committee on Banking Supervision has published a revised version of the Basel III text reflecting a minor modification of the capital rules for credit value adjustment risk. (Free access.)

The International Swaps and Derivatives Association (ISDA) has published its response to the Financial Stability Board's (FSB) April 2011 progress report on implementing the G20 over-the-counter (OTC) derivatives market reforms.

The Islamic Finance Standards Board (IFSB) has announced that it has adopted two new guidance notes relating to IFSB capital adequacy standards, and the recognition of ratings by external credit assessment institutions on Takaful and ReTakaful undertakings. 

A task force of the International Organisation of Securities Commissions' (IOSCO) Technical Committee has published a report commenting on the implementation, by members, of its securitisation recommendations.

The Bank for International Settlements has published a final report on assessing the macroeconomic impact of the transition to stronger capital and liquidity requirements.

The Council of the EU has published a press release announcing that the legislation reforming the EU supervisory framework was adopted at a meeting of the Economic and Financial Affairs Council on 17 November 2010.

The Financial Stability Board (FSB) has published a report to G20 leaders on global financial reforms and a letter from Mario Draghi, FSB Chairman, setting out the FSB's forthcoming work on the G20's regulatory reform agenda.

The International Monetary Fund has published a press release announcing that its executive board has approved proposals to reform the IMF's governance.

The Financial Stability Board has published a report setting out principles for reducing reliance on credit rating agency ratings.

The Financial Stability Board has published a report on implementing the G20 commitments relating to over-the-counter (OTC) derivatives market reforms by the end of 2012.

The Basel Committee on Banking Supervision (BCBS) has published a report on its response to the financial crisis, which summarises the Basel III framework and sets out the BCBS' programme for future work.

On 15 September 2010, the European Commission published a legislative proposal on over-the-counter derivatives, central counterparties and trade repositories.

On 10 June 2010, the International Organization of Securities Commissions published a press release announcing that it has revised its Objectives and Principles of Securities Regulation to include eight new principles based on lessons learned from the financial crisis.

On 23 April 2010, the G20 Finance Ministers and Central Bank Governors published a communiqué following their meeting in Washington D.C.

On 22 January 2010, the Financial Stability Board (FSB) published a press release summarising its current work on addressing the moral hazard risks posed by "too big to fail" institutions.

On 7 November 2009, the G20 Finance Ministers and Central Bank Governors published a communique following their meeting in St Andrews on that date. 

Companies participating in TARP should take action to ensure that their compensation programmes exclude incentives for their senior executives to take risks that might threaten the company's value.

FSA fines Aon for inadequate systems and controls to prevent corruption connected with the promotion of its business in high risk jurisdictions.

Some practical solutions for companies that have granted share options to employees, the exercise cost of which now exceeds the price of the shares.

A report about the ECJ judgment in the case of Asturcom Telecommunications SL v Maria Cristina Rodriguez Nogueira, Case C-40/08, in October 2009.

A Q&A guide on the causes, effects and regulatory impact of the financial crisis in Canada.