On July 30, 2014, the Financial Crimes Enforcement Network (FinCEN) issued a Notice of Proposed Rulemaking (the Proposed Rule) to clarify and strengthen customer due diligence (CDD) requirements as a fifth pillar under the Bank Secrecy Act (BSA) for banks and other covered financial institutions. Under the Proposed Rule, covered financial institutions would be required for the first time to identify and collect information on the beneficial owners of their legal entity customers. U.S. policymakers, including Treasury,1 seeking to balance...

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There has been a lot of talk lately about the pace of defeasances and the fact that many borrowers are increasingly willing to pay defeasance charges. Whether this is to lock in rates ahead of a potential Fed rate hike or because property values have rebounded so much that a would-be seller can afford to pay the charge, there is no denying that defeasances are on the rise. As the table below indicates, already over $3 billion in loans have...

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In a recent interview with The Deal’s Jon Marino, Pepper Hamilton LLP's Joan Arnold, a partner who heads the firm's tax group, says Pfizer’s play for AstraZeneca isn’t the only inversion deal being sought. There are no shortages of U.S. companies looking to buy a foreign asset and re-incorporate itself overseas to save on American tax bills. There are private equity firms, as well, that may consider making smaller moves to save a bundle on tax obligations as well. Elsewhere, in other sectors, investors...

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A recent change has raised the risk that importers/exporters of wildlife products may inadvertently allow their import/export licenses to expire.    With certain limited exceptions, importers/exporters are required to obtain a U.S. Fish and Wildlife Service (FWS) Import/Export License to import/export products that incorporate wildlife (i.e., any living or dead animal, including mammals, birds, reptiles, amphibians, fish, insects, crustaceans, arthropods, mollusks, and coelenterates).  This license must be renewed annually.  If the license has expired, the import/export of wildlife products is prohibited...

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The Federal Ministry of Economy, Family and Youth is supporting alternative forms of financing for young companies in Austria on the basis of a new online platform. At equityfinder.at both investors and startups can register and present themselves with a public profile. The platform is designed to serve as a kind of dating exchange for young companies and investors. The service comes to an end when specific business negotiations begin. EquityFinder is operated by the funding bank Austria Wirtschaftsservice (aws). The...

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Introduction September 22, 2014 (the "Implementation Date") will mark a new chapter in the credit derivatives market with the implementation of the new 2014 ISDA Credit Derivatives Definitions (the "New Definitions"). The New Definitions constitute a major reform of the terms governing credit derivatives products and address numerous issues identified this past decade with regard to credit and succession events and in the context of the Eurozone crisis. Most new credit derivatives trades entered into after the Implementation Date will...

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Come join EACCNY Member VentureoutNY for "Tech Tango" Wednesday, August 20th @ Jazz Room at the General at 6:00pm! VentureOutNY hopes you can join them on Wednesday, August 20th for "Tech Tango”, an event showcasing our all-star lineup of Argentinian tech companies in New York City and a panel of prominent venture investors featuring the founders of Empire Angels, Redwood Partners and more. More info and to register click here. See you at the General! OTHER UPCOMING PROGRAMS INCLUDE: Mid by Midwest We are very...

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The collateral behind the $235 million 540 West Madison Street loan could see occupancy dip to 54% by year-end. Bank of America has now given up a second large chunk of space in the Chicago office building. The move by Bank of America was not entirely unexpected. In the original offering docs, footnotes surrounding the loan indicated that BOA had the right to relinquish big amounts of space. At loan origination, Bank of America had 757,317 square feet (almost 69%) in the 1.1...

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WEBINAR RECORDING AVAILABLE! The proliferation of mobile computing platforms and the applications they run has exploded. There are over 40,000 health related applications on the iTunes store alone, and more to come with the release of Apple’s HealthKit this fall. Health care providers have access to technology that was the stuff of science fiction, and health care consumers can track their own health status and records with the swipe of a finger. On September 25, 2013, the FDA finally made its...

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Two atoms exchange a virtual photon – the empty space around them is not as empty as one might think. Photo: Vienna University of Technology A vacuum is not as empty as one might think. In reality, empty space is a bubbling soup of various virtual particles spontaneously appearing and disappearing, popping in and out of existence. This phenomenon is called “vacuum fluctuations”. Usually, we do not notice such extremely short-lived particles, but in certain cases vacuum forces can have...

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