Earlier today ISDA published the 2014 ISDA Credit Derivatives Definitions Protocol, which will enable market participants to have their existing portfolio of credit derivatives transactions governed by the new 2014 ISDA Credit Derivatives Definitions if they so choose.  The adherence period is now open and will run until September 12, 2014, only a few weeks away. Depending on market conditions, ISDA may consider re-opening the protocol for adherence.  However, market participants may not want to unnecessarily delay adherence on...

Corporate inversions have been the target of regulatory or statutory tax proposals for many years. However, the recently attempted combination of Pfizer and AstraZeneca received prompt and more far-reaching attention in the U.S. Congress, both in the House of Representatives and Senate. Rep. Sander Levin and Sen. Carl Levin (both D-Mich.) proposed legislation to be known as the Stop Corporate Inversions Act of 2014. Aside from a specific end date for the legislation, which is contained in the Senate...

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...

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...

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...

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...

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...

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...