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On April 1, 2014, New York Gov. Andrew M. Cuomo signed into law the Executive Budget for 2014-2015, which includes significant changes to the state's estate and gift tax regimes, as well as changes to the income taxation of certain trusts. While there is some modest decrease in tax for certain estates, there is no tax decrease for the wealthiest New Yorkers and, in some cases, there may be an increase in the New York estate tax.
On April 4, 2014, DOJ announced the first-ever successful extradition on an antitrust charge — Romano Pisciotti, an Italian national accused of participating in a global bid-rigging conspiracy among manufacturers of marine hoses. The extradition should serve as a warning to those who operate in multinational markets. It may increasingly lead foreign defendants to submit to U.S. jurisdiction voluntarily and is likely to embolden DOJ's efforts to prosecute foreign nationals who refuse to do so.
On April 9, 2014, the U.S. Senate confirmed the nomination of Terrell McSweeny to the Federal Trade Commission. McSweeny's appointment creates a Democratic majority on the five-member commission, sparking anticipation of more aggressive enforcement by the FTC going forward.
The U.S. Court of Appeals for the District of Columbia Circuit has ruled that the SEC's conflict minerals disclosure requirements are unconstitutional and remanded the matter to the district court for further consideration. It is unclear at this time what, if any, impact the circuit court’s decision will have on the rules’ current requirements, including the June 2 due date of the first conflict minerals disclosures. The SEC may stay the implementation of the rules pending the district court’s review. We expect the commission will provide guidance in this regard.
On March 20, 2014, EU officials reached an agreement to implement a new mechanism for supporting the region's troubled banks, including those that are undergoing a restructuring. Along with other rules, the single resolution mechanism will serve as a critical element of the EU Banking Union, the new regulatory system to formally cover banks headquartered either in a eurozone country or in a participating non-eurozone EU country. As the single resolution mechanism is expected to receive formal approval later this month, banks and financial institutions should consider how it may impact their operations.
2014 | The Journal of Damages in International Arbitration | Timothy G. Nelson