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2015 | International Comparative Legal Guide to: Business Crime 2015 | Ryan D. Junck
This article appeared in the 2015 edition of The International Comparative Legal Guide to: Business Crime 2015; published by Global Legal Group Ltd., London.
This article appeared in the 2015 edition of The International Comparative Legal Guide to: Business Crime; published by Global Legal Group Ltd, London.
President Barack Obama has signed into law a bill that lessens the impact of Section 716 of the Dodd-Frank Act, commonly known as the "Swaps Push-Out Rule." The amendment expands a key exclusion that will allow banks to largely continue their dealing activities in swaps and security-based swaps without the threat of federal assistance being denied. The effective date for the Swaps Push-Out Rule, as amended, remains July 16, 2015.
PThis Hong Kong regulatory update is intended to provide a brief overview of the principal Hong Kong regulatory developments in the preceding three months relevant to companies listed or proposed to be listed on The Stock Exchange of Hong Kong Limited (the HKEx) and their advisers, including HKEx announcements and rule changes, Securities and Futures Commission (SFC) decisions and updates, and both HKEx and SFC enforcement-related news.
In a decision issued this morning, the U.S. Supreme Court addressed a significant question regarding the removal of cases to federal court — whether a defendant must attach evidence in support of key jurisdictional facts, such as the amount in controversy. In Dart Cherokee Basin Operating Company v. Owens, the Court agreed with the majority of federal courts that had addressed the issue, holding that no such evidence is required.
On December 10, 2014, the U.K. government released draft legislation that will impose a diverted profits tax at 25 percent of the profits deemed to have been diverted from the U.K. The legislation is now under a period of consultation and is expected to have effect from April 1, 2015. Skadden plans to speak with members of the U.K. tax authority and HM Treasury before the legislation is enacted and will be well positioned to advise our clients both during the consultation process and prior to enactment.
On October 21, 2014, the federal agencies responsible for enforcing the Dodd-Frank Act together issued a statement regarding their joint final rule implementing the law’s credit risk retention requirements. While the final rule provides some clarity as to the scope and nature of the credit risk retention framework generally applicable to all securitization transactions and the risk retention requirements applicable to specific types of securitization transactions, many concerns raised by commenters have not been resolved and are expected to make the consummation of certain types of securitization transactions significantly more challenging.