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Libor Manipulation: Litigation and Related Issues

The London interbank offered rate (“LIBOR“) is currently in the news due to a rate manipulation scandal that erupted in the UK.  The scandal looks likely to have an impact on a variety of financial entities. As matters stand, lawyers are dealing with a steady stream of queries about the potential investor impact and class actions in the US are apparently being progressed.  In addition, regulators in both the US and the UK are currently investigating the manipulation, a parliamentary enquiry is underway,...

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Investment Funds Update from MH&C – August 2012

EACC New York Member Mason Hayes + Curran provided us with a number of updates around UCITS and the AIFMD: I) UCITS IV Update: Requirements for SMICs The Central Bank has issued correspondence regarding the adoption of UCITS IV by self-managed investment companies. The adoption timeline previously set out by the Central Bank for such entities had been suspended pending clarification from it. Read More II. UCITS: Proposals for UCITS V and VI Published The European Commission has issued proposals for UCITS...

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EU Council approves EMIR

The EU Council formally approved the Regulation on OTC derivatives, central counterparties and trade repositories, which the European Parliament had already adopted at first reading on 29 March 2012. The Regulation, which is also known as the European Market Infrastructure Regulation or EMIR, will enter into force shortly after its forthcoming publication in the Official Journal of the EU. EMIR will radically change the OTC derivatives landscape. Market participants will have to review and, in many cases, adapt their current...

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Resale of software licences now allowed in EU

With its groundbreaking judgment of 3 July 2012, the Court of Justice of the European Union (CJEU) has decided that the resale of software licences is allowed in spite of contractual prohibitions. The German company UsedSoft GmbH sells "second-hand" licences for Oracle standard software, i.e. licences acquired by UsedSoft from Oracle licensees. After purchasing the second-hand licence, customers of UsedSoft can download the software from Oracle's website. Oracle objected to this resale of its software licences (inter alia because Oracle's...

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ING-Girls Inc. Investment Challenge Empowers Young Girls to Become Smart Investors

The ING Foundation is awarding college scholarships to teams of young girls who participated in the ING-Girls Inc. Investment Challenge, a program that provides practical, hands-on investing experience to girls at Girls Inc. affiliates around the country. Teams of girls in the first cycle of the challenge from New York City, Denver, and Los Angeles and Alameda counties in California each spent the past three years building and managing a virtual $50,000 diversified, real-time portfolio as part of an integrated...

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McCormick & O’Brien LLP is pleased to announce that BoBi Ahn, Esq. has joined the Firm’s Immigration Practice as a Partner.

Ms. Ahn will lead the Firm’s Immigration practice.  Ms. Ahn’s career in Immigration and Nationality Law spans more than seventeen (17) years representing such premiere international organizations as Goldman Sachs, BNP Paribas, The International Monetary Fund (IMF), P&O Nedlloyd, and The World Bank in all phases of the business and employment related immigration process. She has in-depth experience in all matters of immigration law, including EB-5 Investor filings, as well as employment-based and family-based immigration and visa processing.  She has...

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The Flex BV made simple

The Flex BV made simple: Reaping the benefits from the new Dutch Company rule. NautaDutilh's Flex BV website offers practical insights for taking advantage of the opportunities created by the new rules and requirements for: Management and Supervisory Board Members Private Equity Group Structures Joint Ventures Financiers /Sponsors (In house) lawyers Read more »

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Goldberg Segalla at the Ninth Annual FDCC Corporate Counsel Symposium

EACCNY member Frank Ciano of Goldberg Segalla is speaking at the Ninth Annual FDCC Corporate Counsel Symposium (“CCS”). The forum will be held in Philadelphia at the Four Seasons Hotel from September 12to 14, 2012. More about Frank J. Ciano's presentation can be found at: Protecting Your Company’s Intellectual Property For more complete program information, you can visit the Federation website, www.fdccconferences.org.

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Pepper Hamilton Client Alert: The Consumer Financial Protection Bureau Celebrates First Birthday By Flexing Its Enforcement Muscles: Settlement Costs Capital One $210 Million

Financial institutions have spent a year anticipating and predicting when the Consumer Financial Protection Bureau (CFPB) would put its broad enforcement powers to use. The anticipation ended on July 18, 2012, when the CFPB announced its first enforcement action with the entry of a consent order against Capitol One Bank. See, Stipulation and Consent Order, available at http://files.consumerfinance.gov/f/201207_cfpb_consent_order_0001.pdf. The subject of the consent order was Capital One's marketing practices for credit card add-on products, such as payment protection and credit monitoring....

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Pepper Hamilton, LLP Financial Services Alert

Delaware Imposes New Restrictions on Short-Term Lending On June 27, Delaware Gov. Jack Markell signed into law House Bill 289, legislation that places a number of severe limitations on short-term loans made by a Delaware licensed lender. These limitations will apply to both brick-and-mortar lenders, as well as Internet lenders operating under the Delaware Licensed Lender Act. The new limitations become effective on January 1, 2013. Read more Questions? Contact: Richard P. Eckman | eckmanr@pepperlaw.com Andrew R. Mavraganis | mavraganisa@pepperlaw.com Darcy Lee | leeda@pepperlaw.com* *Darcy Lee is...

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