Bitcoin is a virtual currency – it has no physical form in paper or metal and is not connected with any central bank or governmental authority. It is freely tradable via the internet or other electronic means. Transactions in bitcoin can be largely anonymous – making them difficult to track and nearly impossible to tax – and bitcoin transactions also raise potential consumer protection issues. Bitcoin and other virtual currencies that have either an “equivalent value in real currency”...

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The European Union (“EU”) has announced that it will impose an additional 26% ad valorem import duty on certain products of U.S. origin, effective May 1, 2013, as part of its ongoing dispute with the United States over the Continued Dumping and Subsidy Offset Act (“CDSOA”, also commonly referred to as “the Byrd Amendment”). The scope of the goods covered by this announcement are defined in terms of EU tariff numbers: 0710 40 00 (Frozen Vegetables: Sweetcorn) 9003 19 30 (Frames and...

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In a very challenging global economic environment, France has confirmed in 2012 its strong appeal for foreign investors. France attracted 693 projects, just slightly less than in 2011 (698). While Europe remains the main regional destination in the world for job-creating foreign investment projects (29% share), France is the second most attractive European country after the U.K. With 22.5% of all foreign projects in France, the United States are again in 2012 the first country of origin for the French...

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The Consumer Product Safety Commission (“CPSC”) has issued a request for information on whether there are materials used in children’s products which do not contain certain prohibited elements (e.g., lead) or chemicals (phthalates), and whether there are any materials that do not contain such elements or chemicals above the applicable maximum limit. Based on the information collected, the CPSC may consider exempting certain materials from the third party testing requirements. Comments must be submitted by June 17, 2013. The request for...

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Traditionally, the Office of the Comptroller of the Currency (OCC) did not require a national bank seeking to engage in non-depository, trust-only activities (a "trust-only bank") to obtain Federal Deposit Insurance Corporation (FDIC) insurance as a prerequisite to granting it a charter. Recently, however, the OCC changed its position; today, a trust-only bank must obtain FDIC insurance in order to be granted a charter. This change in policy, which is designed to ensure that the OCC is not forced...

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A jury awarded $8 million dollars in damages against a Customs Broker found to have engaged in a conspiracy to import fake Coach® handbags and wallets in the case of Coach v. Celco Customs Services and Celine Wang, Ct. No. 11-cv-10787 (Central District of California). On June 24, 2009, CBP seized a shipment of “catalogs” which actually contained 22,040 handbags and 10,300 wallets. Entry was attempted utilizing a fraudulent Power of Attorney (“POA”) allegedly issued by a biochemical company. Coach...

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The United States Court of International Trade recently denied a request to deduct certain freight charges that the importer argued were included in the transaction value of the goods as a result of the vendors’ late shipment. In Cutter & Buck, Inc. v. United States, Slip Op. 13-45 (April 3, 2013), the court primarily found that because the terms of the purchase order did not specifically provide for a change in negotiated price and a change in the terms of...

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On 15 February 2013, the Central Bank of Ireland (the “Central Bank”) published updated versions of its UCITS (undertakings for collective investment in transferable securities) Notices and Guidance Notes. The updated documents were produced to reflect the European Securities Markets Authority’s (ESMA) Guidelines on ETFs (exchange traded funds) and other UCITS issues (the “ESMA Guidelines”) as issued on 18 December 2012 and effective from 18 February 2013. The Central Bank’s Application Forms will also be amended to reflect the ESMA...

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The Central Bank of Ireland’s (the “Central Bank”) Online Reporting System (“ONR System”) is now fully operational and Regulatory Returns (the “Returns”) for Irish authorised collective investment schemes (“CIS”) are now to be filed through it. This follows the issuance in May 2012 of Consultation Paper 59, which outlined proposed changes to the regulatory reporting requirements of CIS. Subsequently, the Central Bank issued a letter to the Board of Directors of CIS in relation to the appointment of a System Administrator...

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On 8 March 2013, the Central Bank of Ireland issued statistics for Q4 2012 on investment funds resident in Ireland. The total number of shares or units in issue by the end of Q4 2012 increased by 4.4% to €932 billion. This increase was due to revaluations of €11.5 billion and net new subscriptions of €28 billion. Irish investment funds were recorded as holding €171 billion sovereign bonds and €253.4 billion of corporate bonds at the end of Q4. There was...

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