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5/25/2018 - Article
China Business Law Journal
Heads or tails?
Cori Lable, Richard Sharpe Jodi Wu and Emma Flett authored this article regarding a new Cybersecurity Law in China.
May 16, 2018 - Book
The Law Reviews
The Private Equity Review
Kirkland attorneys contributed to this publication regarding developments in private equity law across the globe.
5/14/2018 - Alert
Kirkland & Ellis International LLP
EU GDPR — Coming Soon to an M&A Transaction Near You
Beginning May 25, 2018, European regulators will be able to enforce the EU General Data Protection Regulation (“GDPR”).
5/10/2018 - Alert
Kirkland & Ellis LLP
President Trump Withdraws U.S. from the Iran Nuclear Deal and Sets in Motion Re-Imposition of Comprehensive Economic Sanctions
On May 8, 2018, President Trump announced that the U.S. was ending its participation in the Iran nuclear deal, known formally as the Joint Comprehensive Plan of Action (“JCPOA”), and instructed the Administration to take steps to re-impose economic sanctions broadly targeting the Iranian economy.
5/1/2018 - AIM
Kirkland & Ellis LLP
SEC Proposes Standard of Conduct Interpretation and Enhanced Regulation for Investment Advisers; Private Fund Manager Penalized for Failing to Disclose Conflicts of Interest
On April 18, 2018, the Securities and Exchange Commission (“SEC”) proposed a long-anticipated package of rulemakings and interpretations aimed at establishing a broker-dealer standard of conduct and clarifying investor confusion about differences in a customer relationship with a broker-dealer and investment adviser.
4/27/2018 - Alert
Kirkland & Ellis LLP
SEC Proposes Broker-Dealer Standards of Conduct and Related Investment Adviser Rulemaking and Guidance
On April 18, 2018, the Securities and Exchange Commission (“SEC”) proposed a long-anticipated package of rulemakings and interpretations aimed at establishing a broker-dealer standard of conduct and clarifying investor confusion about differences in a customer relationship with a broker-dealer and investment adviser.
4/13/2018 - AIM
Kirkland & Ellis LLP
SEC Risk Alert Cites Frequent Advisory Fee and Expense Compliance Issues
In recent years, the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) has been focused on private fund managers’ fee and expense practices when examining registered advisers. On April 12, OCIE issued a Risk Alert detailing the most frequent advisory fee and expense compliance issues identified in examinations of registered advisers completed during the past two years.
4/2/2018 - Alert
Kirkland & Ellis LLP
Singapore Introduces Deferred Prosecution Agreements
On 19 March 2018, Singapore passed legislation introducing the concept of the deferred prosecution agreement (“DPA”) to the jurisdiction for the first time.
3/22/2018 - Alert
Kirkland & Ellis LLP
Trump Administration Bans Dealings in Venezuelan Cryptocurrency in a First Step Toward Extending Sanctions to Digital Currency Transactions
On March 19, 2018, President Trump issued an Executive Order “Taking Additional Steps to Address the Situation in Venezuela” (“Executive Order”) that prohibits U.S. persons from engaging in dealings in any digital currency, digital coin, or digital token issued by, for, or on behalf of the government of Venezuela.
3/21/2018 - Alert
Kirkland & Ellis LLP
Treasury Department Sanctions Russian Entities and Individuals for Cyberattacks and Election Interference, Indicating Additional Measures May be Forthcoming
On March 15, 2018, the U.S. Department of the Treasury Office of Foreign Assets Control (“OFAC”) designated five entities and 19 individuals in response to Russian cyberattacks and Russia’s attempted interference in the 2016 U.S. presidential election.
2/26/2018 - Alert
Kirkland & Ellis LLP
New North Korea Sanctions Impact Shipping Transactions Worldwide
On February 23, 2018, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued some of the widest sweeping North Korea-related sanctions imposed to date.
2/2/2018 - Alert
Kirkland & Ellis LLP
U.S. Department of the Treasury Identifies Russian Political Leadership and Oligarchs, Though Ultimate Implications Remain Forthcoming
On January 29, 2018, the U.S. Department of the Treasury (“Treasury”) released the Report on Senior Foreign Political Figures and Oligarchs in the Russian Federation (“Report”) pursuant to Section 241 of the Countering America’s Adversaries Through Sanctions Act of 2017 (“CAATSA”).
1/30/2018 - Book
Commodities & Futures Enforcement: Practice and Procedure in CFTC and SRO Investigations
The third edition of Commodities & Futures Enforcement: Practice and Procedure in CFTC and SRO Investigations authored by Kirkland & Ellis partner, Zachary S. Brez, P.C. was published in December 2017 as part of Bloomberg BNA’s Securities Practice Portfolio Series.
Authors: Zachary S. Brez P.C., Helen Gugel
12/5/2017 - Alert
Kirkland & Ellis LLP
DOJ Solidifies and Sharpens FCPA Enforcement Guidance
On November 29, 2017, the U.S. Department of Justice (“DOJ”) released a new enforcement policy for cases brought under the U.S. Foreign Corrupt Practices Act (“FCPA”), the primary U.S. law governing bribery of foreign government officials.
12/1/2017 - Article
China Business Law Alert
How Should Chinese Companies Face Increased U.S. Enforcement Risks from Their Global Business Operations?
Michael Casey, Cori Lable, Tiana Zhang and Ning Ning authored this article regarding the potential consequences of the Trump administration's recent sanctions, directed at North Korea and Iran, on Chinese companies and financial institutions.
11/30/2017 - Article
Thomson Reuters Practical Law Arbitration Blog
LCIA’s changes to its tribunal secretary process: about time to make it more transparent
Kartikey Mahajan authored an article regarding the use of tribunal secretaries in international arbitration.
11/15/2017 - Alert
Kirkland & Ellis LLP
Venezuela's Debt Crisis: Creditors' Options in a Disorderly Default
After months on the precipice of default, Venezuela’s President Maduro has acknowl-edged that Venezuela and its state-owned oil company PDVSA are unable to pay their debts. With a series of missed coupon payments and the 30-day grace period expired, all three major ratings agencies now rate Venezuela and PDVSA as in default or selective default.
10/31/2017 - Alert
Kirkland & Ellis LLP
As Investigations Continue in Washington, U.S. State Department Issues Sanctions Guidance on Russia’s Defense and Intelligence Sectors
On October 27, 2017, the U.S. State Department released a list of 39 Russian entities identified as being involved in the defense and intelligence sectors, and as a result, U.S. and non-U.S. companies may face sanctions for doing business with these listed entities.
10/31/2017 - AIM
Kirkland & Ellis LLP
SEC Staff Issues No-Action Relief for Advisers Covered by MiFID II Research Payment Restrictions
Primarily of interest to registered fund and hedge fund advisers, on October 26, 2017, the SEC Staff issued three related no-action letters that permit certain market participants to comply with the research requirements of the EU’s Markets in Financial Instruments Directive (MiFID II) in a manner consistent with U.S. federal securities laws.
10/12/2017 - Alert
Kirkland & Ellis LLP
Understanding the Rising Corruption, Sanctions and Money Laundering Risks of Doing Business with Venezuela
Recent actions by the U.S. and other governments targeting the government of Venezuela significantly raise the legal and reputational risks of doing business, directly or indirectly, with Venezuelan counterparties, and warrant close attention by financial institutions, companies and investors, especially those operating in or with the energy industry.
09/26/2017 - PEN
Kirkland & Ellis LLP
Private Equity Newsletter - September 26, 2017
This issue includes the article "SEC Settles with PE Fund Manager over Broken-Deal Expenses," which discusses a recent SEC settlement against a private equity fund manager alleging that the manager's private equity funds were inappropriately allocated and charged broken-deal expenses attributable to affiliated co-investors.
9/18/2017 - AIM
Kirkland & Ellis LLP
SEC Risk Alert Cites Frequent Advertising Rule Compliance Issues
On September 14, the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) issued a Risk Alert detailing the most frequent Advertising Rule compliance issues identified in examinations of registered advisers.
9/8/2017 - Alert
Kirkland & Ellis LLP
The Trump Administration Sharpens Secondary Sanctions — China and Russia Are On Notice
As recently as July 25, 2017, in a wide-ranging interview with the Wall Street Journal, President Trump suggested a willingness to offer trade-related inducements to China in return for China's assistance in peacefully resolving the North Korea problem. In recent weeks, however, as the threat from North Korea has intensified, the Trump administration has signaled a shift in tactics in dealing with China, North Korea's principal economic partner and strategic ally, and Russia.
9/1/2017 - Article
Entertainment Law Review
David and Victoria have IP Office at Beck and Call for Children—Trade Marking the Kids’ Names puts Beckhams on Cruz Control for IP Protection
Emma Flett and Eleanor Harley authored this article regarding David and Victoria Beckham's trademark registration of their children's names.
8/30/2017 - Alert
Kirkland & Ellis International LLP
EU General Data Protection Regulation
In April 2016, the EU Commission and Parliament adopted the General Data Protection Regulation (the “GDPR”). The GDPR is designed to harmonise national data protection laws across the EU, whilst at the same time, modernising the law to address new technological developments. As a regulation, the GDPR will be directly applicable, and therefore enforceable, in all 28 EU Member States as of the 25 May 2018.
8/14/2017 - AIM
Kirkland & Ellis LLP
Revised Form ADV Effective for Filings After October 1, 2017
The SEC recently sent a notice to all SEC-registered investment advisers and exempt filers stating that all investment advisers filing Form ADV (e.g., for annual amendments or interim updates) must use the revised version of Form ADV for filings made on or after October 1, 2017.
8/2/2017 - AIM
Kirkland & Ellis LLP
SEC Settles with Affiliated Advisers and their Principal/CCO over Registration and Other Practices
The SEC recently settled a proceeding against two affiliated investment advisers related to the failure to register an investment adviser to two private funds and a number of other practices, which were inconsistent with the advisers’ obligations under the Advisers Act.
7/20/2017 - Alert
Kirkland & Ellis International LLP
No Comparison: Google Hit with Record EC Fine
Last month, the European Commission (EC) fined Google €2.4 billion for abusing its dominance in the search engine marketplace by favoring its own price comparison service in searches. This is the largest ever penalty against a single company by the EC.
7/6/2017 - Alert
Kirkland & Ellis LLP
EU Renews Sanctions and Restrictive Measures Targeting Russia
Recently, the European Union (EU) renewed territorial sanctions and restrictive measures in respect of Russia, Crimea and Sevastopol.
June 6, 2017 - Article
CTLR, The Journal of e-Commerce, Technology and Communications
Avoid the Worst, Put Data Security First! Warns the UK ICO
Emma Flett and Joanna Balata discuss the importance of data security in the United Kingdom.
5/18/2017 - AIM
Kirkland & Ellis LLP
SEC’s OCIE Issues Cybersecurity Alert
On May 17, 2017, the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) issued a Cybersecurity: Ransomware Alert in connection with the prior week’s widespread “WannaCry” ransomware attack, in which the Staff shared key takeaways from OCIE’s recent Examination Initiative to assess industry cybersecurity preparedness.
April 25, 2017 - Article
Computer and Telecommunications Law Review
Artificial Intelligence: Is Johnny 5 Alive? Key Bits and Bytes from the UK’s Robotics and Artificial Intelligence Inquiry
Artificial Intelligence (AI) was the hottest technology topic of 2016. Following successive advances in AI, powered by increasing computer processing power, the abundance of data and techniques such as ‘deep learning’, the House of Commons recently reported on the legal, ethical and social considerations that the rise of AI entails. This article provides an overview of this crucial dialogue.
4/12/2017 - Article
Bond
What Does Brexit Mean for your Organization's Data Protection?
Emma Flett and Jennifer Wilson authored this article regarding the potential effects of Brexit on data protection in the UK.
3/8/2017 - Alert
Kirkland & Ellis International LLP
New UK Regulations in Force on 6 April: Behavioural Change Tool or Compliance Burden?
Two new ‘ethical compliance’ reporting obligations are due to come into force in the UK next month.
Authors: Sarah Brewer
1/27/2017 - Alert
Kirkland & Ellis LLP
Key EU Legislative/Regulatory Updates
This Kirkland Alert sets out in summary form certain key legislative and regulatory developments in EU and UK legislation that are likely to have an impact on private equity and other fund managers and advisors in the United Kingdom.
1/19/2017 - AIM
Kirkland & Ellis LLP
SEC Announces 2017 Examination Priorities and Continues Adviser Enforcement Focus
On January 12, 2017, the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) published its Examination Priorities for 2017, many of which could impact private fund advisers.
1/11/2017 - AIM
Kirkland & Ellis LLP
2017 Private Fund Manager U.S. Filing Deadlines
As 2017 gets under way, registered advisers should plan for the upcoming year’s filing and compliance deadlines.
December 2016 - Article
World Data Protection Report
Things That Go Bump in the Night: Confronting Data Protection Monsters in the M&A Closet
Emma Flett and Jennifer Wilson discuss merger and acquisition transactions from a data protection perspective.
11/22/2016 - Alert
[English] New York State Department of Financial Services Fines Mega Bank and its New York Branch $180 Million for Alleged Violations of State Anti-Money Laundering Laws
Mega International Commercial Bank Co., Ltd. (“Mega Bank”) is a Taiwan-based international financial institution with approximately $103 billion in assets, including $9 billion at its New York branch (“New York Branch”). During a recent examination, regulators from the New York State Department of Financial Services (“NYDFS”) discovered numerous deficiencies in Mega Bank’s Anti-Money Laundering Laws (“AML”) compliance function. On August 19, 2016, the NYDFS entered into a consent order with Mega Bank and its New York Branch in which Mega Bank agreed to pay $180 million penalties and install an independent monitor for alleged violations of New York State AML requirements.
11/22/2016 - Alert
[Simplified Chinese] New York State Department of Financial Services Fines Mega Bank and its New York Branch $180 Million for Alleged Violations of State Anti-Money Laundering Laws
Mega International Commercial Bank Co., Ltd. (“Mega Bank”) is a Taiwan-based international financial institution with approximately $103 billion in assets, including $9 billion at its New York branch (“New York Branch”). During a recent examination, regulators from the New York State Department of Financial Services (“NYDFS”) discovered numerous deficiencies in Mega Bank’s Anti-Money Laundering Laws (“AML”) compliance function. On August 19, 2016, the NYDFS entered into a consent order with Mega Bank and its New York Branch in which Mega Bank agreed to pay $180 million penalties and install an independent monitor for alleged violations of New York State AML requirements.
11/22/2016 - Alert
[Traditional Chinese] New York State Department of Financial Services Fines Mega Bank and its New York Branch $180 Million for Alleged Violations of State Anti-Money Laundering Laws
Mega International Commercial Bank Co., Ltd. (“Mega Bank”) is a Taiwan-based international financial institution with approximately $103 billion in assets, including $9 billion at its New York branch (“New York Branch”). During a recent examination, regulators from the New York State Department of Financial Services (“NYDFS”) discovered numerous deficiencies in Mega Bank’s Anti-Money Laundering Laws (“AML”) compliance function. On August 19, 2016, the NYDFS entered into a consent order with Mega Bank and its New York Branch in which Mega Bank agreed to pay $180 million penalties and install an independent monitor for alleged violations of New York State AML requirements.
10/17/2016 - Alert
Kirkland & Ellis LLP
Dealmakers, Take Note: GAO to Study CFIUS at Congress' Urging
On October 3, 2016, the U.S. Government Accountability Office (“GAO”) announced that it would undertake an assessment of the Committee on Foreign Investment in the United States (“CFIUS”) review process to evaluate “how the current statutory and administrative authorities of the Committee on Foreign Investment in the United States have kept pace with the growing scope of foreign acquisitions in important economic sectors in the United States.” The GAO’s statement responds to a September 15 letter from 16 Members of Congress calling on the GAO to examine the advisability of identified enhancements to CFIUS’ authority and jurisdictional ambit.
October 2016 - Article
Entertainment Law Review
High Court Decision in Campbell v. Campbell Provides Food for Thought—Rights in the UB40 Name and Arguable Abandonment of Goodwill
Shannon Yavorsky authored this article discussing abandonment of goodwill in relation to Campbell v. Campbell.
9/21/2016 - AIM
Kirkland & Ellis LLP
SEC Settles with Private Equity Manager over Expense and Conflict Issues
The Securities and Exchange Commission (SEC) recently entered into a settlement with a private fund manager related to lack of disclosure and conflicts regarding expense allocations.
9/14/2016 - AIM
Kirkland & Ellis LLP
House Passes Investment Advisers Modernization Act of 2016, But Further Progress Uncertain
On September 9, 2016, the U.S. House of Representatives approved the Investment Advisers Modernization Act of 2016 (H.R. 5424) with bipartisan support.
8/29/2016 - AIM
Kirkland & Ellis LLP
SEC Amends Adviser Registration Forms and Performance-Related Recordkeeping; 2016 Election Reminder
The SEC recently adopted rules increasing the amount of information required to be disclosed in Form ADV, as well as enhancing requirements regarding registered advisers’ performance-related records.
8/24/2016 - AIM
Kirkland & Ellis LLP
Private Equity Manager Settles SEC Proceeding over Accelerated Monitoring Fees and Other Practices
As part of the SEC’s continued focus on private equity manager fee and expense practices, the SEC recently settled another accelerated monitoring fee proceeding against four affiliated private equity fund managers, alleging that the acceleration of monitoring fees and certain other practices were inconsistent with Advisers Act fiduciary and other obligations.
August 15, 2016 - Article
Bloomberg BNA
Concrete Solution, or Are the Sands Still Shifting? European Data Protection Post-Schrems
Emma Flett and Shannon Yavorsky authored this article regarding the EU-U.S. Privacy Shield data transfer program.
Authors: Emma L. Flett
August 2016 - Article
Financier Worldwide
Increased Transparency in International Commercial Arbitration
Rajinder Bassi and Jon Newman discuss the increased importance of transparency in the arbitral process.
July 11, 2016 - Article
Law360
Brexit’s Antitrust Implications for U.S. Companies
Paula Riedel authored an article discussing Brexit’s impact on antitrust enforcement and merger control.
Authors: Paula Riedel
7/5/2016 - AIM
Kirkland & Ellis LLP
SEC Proposes Rule Requiring Advisers to Adopt Business Continuity and Transition Plans
On June 28, 2016, the Securities and Exchange Commission (SEC)proposed a new rule that would require a registered investment adviser to adopt and implement written business continuity and transition plans designed to address risks related to significant disruptions in the adviser’s operations.
7/4/2016 - Alert
Kirkland & Ellis International LLP
On Your MARks: New EU Market Abuse Regime Now in Force
From 3 July 2016, the EU Market Abuse Regulation (EU Market Abuse Regulation) has direct effect across the EU, replacing the EU Market Abuse Directive (MAD). Pending the UK’s exit from the EU (and depending on the negotiated terms of that exit), MAR will, for some years at least, have direct effect in the UK and will impact issuers with securities listed on UK exchanges, as in other EU jurisdictions.
6/23/2016 - AIM
Kirkland & Ellis LLP
Adviser Settles SEC Proceeding for Failure to Safeguard Customer Data
The SEC recently entered into a consent order with a registered investment adviser and broker-dealer, settling allegations that it failed to adopt written policies and procedures reasonably designed to protect customer records and information, in violation of Regulation S-P’s Safeguards Rule.
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