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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.
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.
6/2016 - Alert
Kirkland & Ellis LLP
[Simplified Chinese] Iran Sanctions: A New Era Announced
On January 16, 2016, the U.S. and EU announced that a number of sanctions on Iran have been lifted under the Joint Comprehensive Plan of Action (“JCPOA”), following verification by the International Atomic Energy Agency that Iran has met its initial commitments to scale back key aspects of its nuclear program (“Implementation Day”).
June 2016 - Article
World Data Protection Report
More Armour Required Before Putting Down Our Guard? European Data Protection Supervisor Issues Opinion on Privacy Shield
Emma Flett and Shannon Yavorsky authored this article regarding the European Data Protection Supervisor's opinion on the EU-U.S. Privacy Shield.
Authors: Emma L. Flett
04/06/16 - Alert
Kirkland & Ellis LLP
UK Establishes a Dedicated Unit To Increase Financial Sanctions Compliance and Proposes Increased Penalties for Noncompliance
HM Treasury has established an Office of Financial Sanctions Implementation to ensure that financial sanctions are properly understood, implemented and enforced in the UK.
April 2016 - Article
World Data Protection Report
The U.K. Data Protection Dozen—ICO Publishes 12 Step Checklist to Prepare for GDPR
Shannon Yavorsky and Emma Flett authored this article regarding the U.K. Information Commissioner’s guidance on preparing for the implementation of the General Data Protection Regulation.
Authors: Emma L. Flett
03/31/2016 - Article
Entertainment Law Review
Cristal, Anyone? Corks Go “Pop” for Louis Roederer
This article discusses the recent decision of the High Court in the case, Champagne Louis Roederer v. J Garcia Carrion SA [2015] EWHC 2760 (Ch) (6 October 2015), in which the Court upheld a challenge by the owner of luxury champagne brand CRISTAL, Louis Roederer, to the validity of the trade mark CRISTALINO JAUME SERRA for sparkling wines, on the grounds of likelihood of confusion—giving Louis Roederer reason to celebrate.
Authors: Emma L. Flett
2/22/2016 - Alert
Kirkland & Ellis LLP
New UK Law Will Require Public Disclosure of Individuals Anywhere in the World Who Control UK Companies
From 6 April 2016, most UK companies and limited liability partnerships will be required to identify and keep a register of any individuals – i.e., human beings – who ultimately control them, wherever in the world those individuals are located.
Authors: Sarah Brewer
02/22/16 - PEN
Kirkland & Ellis LLP
Private Equity Newsletter - February 22, 2016
This issue includes the article "New UK Law Will Require Public Disclosure of Individuals Anywhere in the World Who Control UK Companies," which discusses a regulation that will require most UK companies to identify and keep a register of the individuals who ultimately control them, no matter where in the world those individuals may live.
Authors: Sarah Brewer
2/2/2016 - Alert
Kirkland & Ellis LLP
Antitrust Update: EU Antitrust v. U.S. Companies
From time to time the European Commission (EC) is accused of unfairly targeting U.S. companies in its antitrust scrutiny.
1/15/2016 - AIM
Kirkland & Ellis LLP
2016 Private Fund Manager U.S. Filing Deadlines
As 2016 gets underway, registered advisers should plan for the upcoming year’s filing and compliance deadlines, many of which fall on atypical dates because of the 2016 leap year and SEC holiday closings.
1/13/2016 - AIM
Kirkland & Ellis LLP
SEC Announces 2016 Examination Priorities for Private Fund Managers
On January 11, 2016, the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) published its Examination Priorities for 2016.
12/31/2015 - Article
Journal of Intellectual Property Law & Practice
A Step in the Right Direction for Louboutin
Shannon Yavorsky and Emma Flett authored this article regarding a recent decision of the EU General Court regarding Christian Louboutin's Community trade mark application for its iconic red sole trademark for high-heeled shoes.
Authors: Emma L. Flett
11/11/2015 - AIM
Kirkland & Ellis LLP
SEC Raises Concern Regarding Outsourced CCO Functions
The SEC’s Office of Compliance Inspections and Examinations released a Risk Alert on Monday outlining its findings from nearly twenty examinations of SEC-registered investment advisers that outsource their Chief Compliance Officer function to unaffiliated third parties.
11/10/2015 - AIM
Kirkland & Ellis LLP
SEC Brings Enforcement Action for Adviser Charging Registration and Compliance Expenses to Private Fund
Continuing the trend of SEC enforcement actions relating to private fund adviser fee and expense practices, the SEC recently entered into a consent order against two affiliated registered private fund advisers based on their allocation of Advisers Act registration, compliance, examination and enforcement inquiry costs to the private funds they advised.
11/6/2015 - AIM
Kirkland & Ellis LLP
Private Fund Manager and its Executives Settle SEC Enforcement Case for Conflict of Interest Disclosure Failures
On November 3, 2015, the SEC entered into a consent order with a private equity fund manager and four of its executives for disclosure failures relating to conflicts of interest arising out of the manager’s conversion of partially offsettable portfolio company monitoring fee payments to non-offsettable payments to a manager-affiliated consulting firm and former manager employees.
November 2015 - Article
Responses from Inside and Outside the EEA to the ECJ’s Ruling on Safe Harbor: Shifting Sands
Shannon Yavorsky and Emma Flett authored this article regarding the impact of the European Commission's Safe Harbor decision.
Authors: Emma L. Flett
10/22/2015 - AIM
Kirkland & Ellis LLP
SEC Brings Strategy Drift Enforcement Action Against Registered Advisers
The SEC recently settled an enforcement action against two affiliated registered investment advisers based on failing to disclose the advisers’ change in investment strategy for a registered fund.
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