One of the key principles of Luxembourg financial regulation is the obligation of professional secrecy (often referred to as the bank secrecy, the "Professional Secrecy Obligation") laid down in Article 41(1) of the law dated 5 April 1993 on the financial sector, as amended (the "Financial Sector Act"). Outsourcing arrangements and, in particular, IT outsourcing operations which can lead to the disclosure of confidential data and thus to a potential breach of the Professional Secrecy Obligation are subject to...

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NEW YORK, September 19, 2016 — A group of outstanding university women studying technology fields at top universities in China will come together to celebrate their accomplishments on September 22 at the Qualcomm office in Beijing in a celebratory event designed to acknowledge the achievements of the scholars and solidify and strengthen their interest in technology careers. Students will tour the Qualcomm research and development lab in Beijing, learn about Qualcomm’s STEM initiatives, and participate in a workshop where the...

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On September 7, 2016, the New York State Department of Labor (“NYDOL”) adopted a final regulation setting the conditions by which employers in New York State can pay wages by direct deposit or by debit card. This regulation is effective March 7, 2017, and adopts most of the provisions that the NYDOL initially proposed on June 5, 2016.  The regulation magnifies the scope of New York Labor Law section 192, which prohibits employers from directly depositing the net wages...

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Free shipping. Faster delivery. More options. Online shoppers are stepping up their demands, but satisfying them could drain retailers’ coffers. How retailers and their freight partners respond to the challenges—and opportunities—emerging in this changing landscape will spell the difference between success and failure in the future. E-commerce is exploding in the United States, enjoying a compound annual growth rate of 17% from 2000 through 2015 and reaching $343 billion in revenue for 2015. In that same time frame, e-commerce has...

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Non-compete agreements have long been used by employers as an effective tool to protect their valuable trade secrets and confidential information. However, employers’ overuse of non-compete agreements and employers’ practice of requiring all of their employees to sign non-compete agreements recently has come under significant attack by federal and state governments. In July, Trade Secrets Watch discussed some of those recent attacks. Since July, there have been a number of additional efforts by government to prohibit the overuse of...

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Antitrust issues and capital constraints are among obstacles to large deals, the ratings agency notes. Fitch Ratings entered the fracas over mergers among Europe's banks on Wednesday when it said that deals among the continent's mid-market players would be more likely than consolidation among larger firms. "Mergers and acquisitions among mid-tier EU banks are more likely than large-scale deals such as between Deutsche Bank and Commerzbank, whose recent discussions were reported in the media," Fitch said. Fitch added, "The EU's competition authorities may...

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Appraisal rights actions continue to be measures by which shareholder activists seek to generate value from public mergers and acquisitions (M&A) transactions. During the past few years, those actions have become more commonplace. They’ve served not only as a way for shareholders to increase deal value but also as a way to generate additional returns through potential arbitrage-like opportunities. Earlier...

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CMBS market has come back to life after a month-long hiatus. Two single-borrower transactions and a conduit deal have priced, while four other deals wait in the wings. The seven deals total $5.9 billion, amounting to 15% of the $41.5 billion in CMBS deals to hit the market in 2016. Recent pricings include a single-borrower deal backed by a $900 million piece of a $1.2 billion loan against a 1.7 million-square-foot office building at 9 West 57th Street in Midtown Manhattan....

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Bos Container USA is expending by adding two regional managers, one covering Northeastern and one the Midwest of the United States. Steve DelBene joined the BOS Container USA team as a Product Development Manger covering Northeastern United States from Virginia to Maine. Steve has worked in the Modular Building and Storage Industry for over 25 years.  While working at Williams Scotsman and Modspace,  Steve’s focus was delivering optimum customer service and strategic overall growth of the business. Steve is a New York raised local and...

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Orrick today announced the creation of the first legal portal for the corporate direct lending community. The site (DirectLending) breaks new ground by offering fast, simple solutions to a wide variety of common issues that arise in direct lending transactions. The direct lending portal offers a number of key features. Among others, these include: An efficient tool for automatically generating draft legal term sheets and/or engagement letters for new deals by answering a brief online questionnaire; an app for determining...

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