Sullivan & Cromwell Discusses Treasury Amendments to CFIUS Procedures and Enforcement Authorities

By Michael George DeSombre, Eric J. Kadel Jr., Ethan R. Savitch and Manon T. Scales December 13, 2024 by renholding

On November 18, 2024, the U.S. Department of the Treasury (“Treasury”) issued a final rule (the “Final Rule”) that amends the regulations administered and enforced by the Committee on Foreign Investment in the United States (“CFIUS” or the “Committee”).[1]…

Wilson Sonsini Discusses the New National Security Rules for Investing U.S. Capital

By Alyza Sebenius, Joshua Gruenspecht and Stephen Heifetz December 6, 2024 by renholding

In late October 2024, the U.S. Treasury Department (Treasury) issued its final rules (the Outbound Rules) implementing President Biden’s Executive Order (EO) 14105 on “outbound” U.S. investment. See our prior mailers here and here. The Outbound Rules will take …

Debevoise & Plimpton Discusses Reporting Deadline for Corporate Transparency Act

By Satish M. Kini, Aseel M. Rabie, Jonathan Steinberg and Gabriela Urias October 7, 2024 by ngodridge

It appears a new item must soon be added to the list of life’s certainties: “death, taxes and the CTA.”

Effective January 1, 2024, the Corporate Transparency Act (“CTA”) requires many entities to report information about their beneficial owners, senior …

Skadden Discusses CFIUS Proposal to Expand Its Authority, Tighten Time Frames, and Boost Penalties

By Brooks E. Allen, Brian J. Egan, Michael E. Leiter, Tatiana O. Sullivan and Sruthi Venkatachalam May 15, 2024 by renholding

On April 15, 2024, the secretary of the Department of the Treasury, as chair of the Committee on Foreign Investment in the United States (CFIUS or Committee), published a notice of proposed rulemaking (Proposed Rule) to expand CFIUS’ investigation and …

Kirkland Discusses Proposed Regulations for Excise Tax on Share Repurchases

By Mike Carew, P.C., Sara B. Zablotney, P.C., Adam Kool, P.C., JoAnne Mulder Nagjee, Joseph Tootle and Michael P. Alcan April 22, 2024 by renholding

On April 12, 2024, the U.S. Department of Treasury and the Internal Revenue Service published proposed regulations regarding the 1% excise tax on certain stock redemptions and economically similar transactions (corporate “repurchases”) by publicly traded U.S. corporations (“Covered Corporations”) on …

How to Regulate FinTech, Crypto Assets, DeFi, and Other Financial Innovations

By Steven L. Schwarcz April 10, 2024 by renholding

In a new article, I attempt to build a systematic framework for regulating FinTech-driven innovations. In doing so, I clarify and simplify the confusing terminology that makes FinTech appear more complicated than it is.

“FinTech” refers to the use of …

Kirkland & Ellis Discusses FinCEN Proposal to Increase Anti-Money Laundering Requirements for Investment Advisers

By Norm Champ P.C. Scott A. Moehrke, P.C. Josh Westerholm, P.C. and Nick Niles February 27, 2024 by renholding

On February 13, the U.S. Treasury, Financial Crimes Enforcement Network (“FinCEN”) proposed¹ (the “Proposed Rule”) to apply affirmative anti-money laundering and countering-the-financing-of-terrorism (“AML/CFT”) program obligations as prescribed by the Bank Secrecy Act (the “BSA…

Sullivan & Cromwell Discusses Revised FSOC Guidance on Nonbank SIFI Designations

By Dalia O. Blass, Jay Clayton, H. Rodgin Cohen, Eric M. Diamond and Marion Leydier November 14, 2023 by renholding

On November 3, 2023, the 10 voting members of the Financial Stability Oversight Council (“FSOC” or “Council”)[1] voted unanimously to finalize (1) amendments to its existing interpretive guidance (“2019 Interpretive Guidance”)[2] governing …

Sullivan & Cromwell Discusses Treasury Department Principles for Net-Zero Financing and Investment

By C. Michelle Chen, Marc Treviño and Alexander LePore Jr. October 5, 2023 by renholding

On September 19, 2023, the U.S. Department of the Treasury released nine principles for net-zero financing and investment by financial institutions.[1] The Principles focus on “scope 3” financed and facilitated greenhouse gas emissions (i.e., indirect emissions included …

Cleary Gottlieb Discusses DOJ, Commerce, and Treasury Advisory on Voluntary Self-Disclosure Policies

By David Last, Abena Mainoo, Chase Kaniecki, Samuel Chang and Andrew Saba August 14, 2023 by renholding

On July 26, 2023, the U.S. Department of Justice’s National Security Division (“NSD”), the U.S. Department of Commerce’s Bureau of Industry and Security (“BIS”), and the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued a Tri-Seal …

Treasury, Fed, and FDIC Issue Joint Statement on Actions Relating to Silicon Valley Bank, Signature Bank

By Janet L. Yellen, Jerome H. Powell and Martin J. Gruenberg March 13, 2023 by renholding

Today we are taking decisive actions to protect the U.S. economy by strengthening public confidence in our banking system. This step will ensure that the U.S. banking system continues to perform its vital roles of protecting deposits and providing access …

Morrison & Foerster Discusses U.S. Treasury Sanctions on Chinese Military Companies

By John Smith, Chen Zhu, Jiang Liu, John Carlin and Kristofer Readling January 20, 2021 by Nisha Chandra

On December 28, 2020, the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) issued five new frequently asked questions (“FAQs”) that clarify the scope of Executive Order (“E.O.”) 13959, the basis for …

Congress Should Endorse the Federal Reserve’s Extraordinary Measures

By Kathryn Judge March 24, 2020 by renholding

The rapid spread of Covid-19 and massive change in behavior required to curb it have transformed the trajectory of the world’s economy. Just a few short weeks ago, the United States was basking in the longest period of sustained economic …

Arnold & Porter Discusses U.S. Treasury’s Proposed Regulations on Tax Issues Regarding LIBOR’s End

By David Sausen, C. Sarah Soloveichik and Joel Deuth November 19, 2019 by renholding

On October 9, 2019, the US Department of the Treasury (Treasury Department) issued proposed regulations (Proposed Regulations) regarding tax issues relating to the anticipated discontinuance of the London interbank rate (LIBOR) after the 2021 calendar year. The Proposed Regulations are …

SEC Chair Seeks Public Input on Disclosure for Residential Mortgage-Backed Securities

By Jay Clayton October 31, 2019 by renholding

Securitization plays a critical role in the U.S. capital markets and can enhance liquidity in important sectors of the economy. In particular, residential mortgage-backed securities (“RMBS”) play a significant role in enhancing liquidity in the residential mortgage market and thereby

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Gibson Dunn Discusses Proposed Regulations for Expanded CFIUS Jurisdiction

By Judith Alison Lee, Jose W. Fernandez, Adam M. Smith, Stephanie L. Connor, and R.L. Pratt October 1, 2019 by hdh2120

On September 17, 2019, the U.S. Department of the Treasury issued over 300 pages of proposed regulations to implement the Foreign Investment Risk Review Modernization Act of 2018 (“FIRRMA”), legislation that expanded the scope of inbound foreign investment subject to …

Davis Polk Discusses M&A Impact of Changes to Loss Carryforwards

By Michael Mollerus, William Curran and David Schnabel September 18, 2019 by renholding

On September 9, 2019, the Internal Revenue Service (“IRS”) released proposed regulations (the “Proposed Regulations”) that, if finalized in their current form, would in many cases dramatically reduce the portion of a company’s net operating loss …

Guarantor of Last Resort: Is There a Better Alternative?

By Morgan Ricks May 15, 2019 by renholding

Larry Summers, who was one of President Obama’s key economic advisors when the Dodd-Frank Act of 2010 was enacted, recently decried what he called “excessive populism” in portions of that legislation. This might seem surprising; Dodd-Frank’s technocracy-on-steroids approach (848 pages! …

Do Investors Care Who Did the Audit?

By Marcus M. Doxey, James G. Lawson, Thomas J. Lopez and Quinn T. Swanquist September 14, 2018 by renholding

In 2008, the U.S. Department of the Treasury’s Advisory Committee on the Auditing Profession called for a “standard-setting initiative to consider mandating the engagement partner’s signature on the auditor’s report” as a way to increase audit transparency.[1] The Public …

Latham & Watkins Discusses U.S. Inversion Regulations After New Tax Law

By Nicholas J. DeNovio, Laurence J. Stein, Sean M. FitzGerald and Jared W. Grimley August 2, 2018 by renholding

On July 11, 2018, the US Department of the Treasury (Treasury) and the Internal Revenue Service (the IRS) issued final regulations (the Regulations) continuing efforts aimed at curbing cross-border corporate expatriation transactions — commonly referred to as inversions — and …

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