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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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AlixPartners: The U.K. Bribery Act: One Year Later

Enforcement and its Implications for Companies Download PDF Version With the one-year anniversary of the U.K. Bribery Act upon us, companies may be breathing a sigh of relief. To date, not a single successful prosecution has been brought against a company by the U.K.’s Serious Fraud Office (SFO), which is responsible for enforcing the law. However, such relief may, in fact, be premature. Recently, the SFO has reaffirmed its commitment to pursuing bribery cases. As a result, now may not...

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Pepper Hamilton Financial Services Alert: OCC Semiannual Risk Perspective

Financial Services Alert | July 24, 2012 OCC to Banks: Immediately Plan for the Current Risky Environment On July 5, 2012, the Office of the Comptroller of the Currency (OCC) issued its Semiannual Risk Perspective for spring 2012, which concludes that the top risks facing national banks and savings associations are (1) the aftereffects of the recent housing-driven credit boom-bust cycle, (2) revenue challenges related to slow economic growth and market volatility, and (3) the potential that banks may take excessive risks...

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De Brauw Blackstone Westbroek Legal Alert | European Court of Justice gives its blessing to Dutch cross-border practice

Solvay sued one Dutch and two Belgian Honeywell companies regarding infringement of several national parts of a European patent before the District Court of The Hague, claiming that all three companies infringed with the same product in all designated countries. Solvay requested a provisional injunction with cross-border effect for the duration of the main proceedings. On 12 July 2012, the Court of Justice (“CJ”) rendered its eagerly anticipated judgment in Solvay v Honeywell (C-616/10) relevant to the admissibility of cross-border...

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ASML establishes customer co-investment program with Intel as first participant customer

De Brauw Blackstone Westbroek has advised ASML, the world's largest supplier of equipment to computer chip manufacturers, on a customer co-investment program. Intel is the first participant in the customer co-investment program, and has committed to acquire up to a 15% equity ownership interest and to provide R&D funding for an aggregate max amount of 3.3 billion. Other customers are evaluating the program. ASML may issue up to an aggregate 25 percent minority equity stake to customers. Alongside these equity...

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Who’s Who Legal selects De Brauw as leading law firm in Netherlands for seventh time

Who’s Who Legal has once again picked out De Brauw Blackstone Westbroek as the leading firm in Netherlands in its annual awards. The firm was named Netherlands Law Firm of the Year 2012, the seventh consecutive occasion that it has gained this recognition. Who’s Who Legal lists only the leading lawyers in each field, based exclusively on the findings of an independent six-month research process that encompasses feedback from private practitioners, clients and other experts in the sector. Editor in chief Callum Campbell...

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EACC Member Pepper Hamilton Presenting at Compliance Programs and Anti-Money Laundering Laws Webinar

Pepper Hamilton LLP partner Frank A. Mayer, III will be a presenter for J.H. Cohn's "Compliance Programs and Anti-Money Laundering Laws" webinar on July 19, 2012 from 2:00 - 3:30 p.m. EDT. FinCEN's upcoming deadline for lenders to comply with anti-money laundering laws (AML) is less than one month away. Adhering to the law requires written policies and changes to the origination processes resulting in new and unique issues to lenders. During this webinar, the panel will discuss everything you need...

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NautaDutilh and Niaba publish report on market developments in the Dutch biotechnology industry

EACCNY member NautaDutilh and the Netherlands Biotech Industry Association (Niaba) are pleased to inform you that we have published our report on market expectations in the Dutch biotechnology industry. In the report, we describe the major trends and developments in the sector, mainly based on the expectations voiced within the sector itself. The report gives evidence of optimism and concern in the sector. On the one hand, it is expected that high-quality academic research in the Netherlands will lead to...

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Introduction of “Put up or shut up” rule and other amendments to the rules on public offers in the Netherlands per July 1, 2012

Amendments to Dutch public offer rules Important amendments to the public offer rules were recently published and are expected to enter into effect on 1 July 2012. This newsletter highlights the following main changes: introduction of a 'put up or shut up' rule; clarification of the disclosure requirement for offerors; amendment of the rules on the announcement of an 'unsolicited' public offer; the possibility of increasing the offer price more than once; expansion of the exemption from the obligation to make a mandatory offer (the...

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Luxembourg: The new law on SIFs

In anticipation of the implementation of the Alternative Investment Fund Managers Directive (AIFMD) and making mere adjustments to a now well-established and proven fund regime, the law of 26 March 2012 amending the law of 13 February 2007 concerning specialised investment funds (SIFs) has been published on 30 March 2012 in the Luxembourg Official Gazette (Mémorial A-63) and has entered into force on 1 April 2012. The French version of the new law can be viewed here. Our  newsflash of 28...

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