As we predicted in Observation 1.0, the inevitable waves of Volcker Rule guidance and interpretation have begun. A set of frequently asked questions, developed jointly and adopted in substantively identical form by the federal banking agencies (the Office of the Comptroller of the Currency (OCC), the Federal Reserve Board (FRB) and the Federal Deposit Insurance Corporation (FDIC)), the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), (the “Interagency FAQs”) has just been published. Since we understand that...

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Investment funds, including private equity funds, often receive capital contributions from tax-exempt organizations. These tax-exempt institutions may include U.S. and foreign pension funds, as well as U.S. and foreign charities and college and university endowment funds. This article addresses some of the U.S. withholding tax exemptions and obligations as they relate to foreign tax-exempt organizations invested in investment funds. Taxation of Foreign Investors on U.S.-Source Investment Income Private equity, venture capital and domestic hedge funds typically are formed as partnerships for...

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The CMBS market saw an impressive finish to the first half of 2014 with spreads tightening sharply across the board in June. Those gains came after a disappointing May in which performance was largely flat. In 2012 and 2013, the spring and early summer turned out to be hazardous times for CMBS investors with meaningful spread widening during those stretches. There was no such drama this year as CMBS investors saw big gains over the last 30 days. Legacy Paper Legacy super...

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Nearly every business has a website, whether just for information purposes or for selling goods or services. Yet, how many businesses are aware of the legislation which applies to websites and e-commerce transactions? Is your website designed to comply with WEEE, e-commerce, equality and data protection legislation?  It is a criminal offence not to comply with some of this legislation.  The way in which you commission and design your website also has significant implications for your business. Over the next...

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A survey of top decision makers from more than 100 American companies with a subsidiary in Austria focusing on the current economic situation, their assessment of prospects for the next six months and perspectives of their operations in Austria showed a clearly positive mood among business leaders. The survey was carried out by AmCham Austria, the Austrian office of the US Chamber of Commerce, AmCham Austria. The semi-annual business barometer evaluated the current situation as well as prospects in the coming...

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It is notoriously difficult to spot the next big civil rights issue. By the time we realise that rights are breached, it’s usually the case that quite a bit of harm has already been done. But perhaps with net neutrality, things might be different. That, at least, is the aim of the many net neutrality activists pushing for robust legislative measures across the globe. Of late, the US debate around net neutrality has become increasingly heated, with some commentators...

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GRANITO is pleased to announce a new partnership with Avv. Maria Calabrese, a former Honorary Public Prosecutor, Professor of Civil Law at the University of Campobasso, expert lawyer qualified at the Highest Supreme Court and a Regional President of the International  Federation of Business and Professional Women. Avv. Calabrese's experince will complement GRANITO's legal arm and will provide support in connection with initiatives relating to the promotion of legal compliance for companies doing business globally. Because of the new partnership, GRANITO has opened an additional office within...

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This article was published in the June 12, 2014 issue of Westlaw Journal Securities Litigation & Regulation (Volume 20, Issue 3), published biweekly by Thomson Reuters. Can a Foreign Issuer Participate and Present in Meetings with the Investment Community in the United States? As long as a foreign issuer is careful that no activities will constitute an offer or a sale of its securities under U.S. securities laws, it may present to the U.S. investment community. An offer is defined...

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The Supreme Court decision last year on June 13, 2013 in Association of Molecular Pathology v. Myriad Genetics1 may have been a watershed moment for the biotechnology industry. So far the effects have been hard to detect, but don’t be fooled. The storm is still brewing. At the center of the controversy in the Myriad case was Myriad’s so-called gene patents, which the Supreme Court struck down. The Court ruled that the isolation and identification of naturally occurring DNA sequences...

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Portolano Cavallo, a EACCNY Member, has been recognized as “TMT Law Firm of the Year” in Italy at the Legal Community IP & TMT Awards 2014, for its knowledge and technical skills. Here is the full explanation. Portolanos excellence in the TMT sector is also shown through 11 individual or firm-wide shortlists. Furthermore, Portolano Cavallo won in 2 categories at the European Women in Business Law Awards 2014, by Euromoney Legal Media Group’s: •    Best firm in Italy, for the third year in a row •    Best National Firm for Talent Management, European award, for...

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