Cleary Gottlieb Steen & Hamilton LLP

France publishes new tax guidelines related to the development of certain Islamic finance transactions
Cleary Gottlieb Steen & Hamilton LLP France - August 27 2010
The French Ministry of Finance published on August 24, 2010 various binding guidelines concerning the French tax treatment of certain Islamic finance transactions.

SEC adopts final proxy access rules
Cleary Gottlieb Steen & Hamilton LLP USA - August 25 2010
On August 25, the SEC adopted final "proxy access" rules by a 3-2 vote.

FTC proposes HSR changes: would require more documents from all filers, extensive new information from private equity funds, foreign manufacturers, and others
Cleary Gottlieb Steen & Hamilton LLP USA - August 19 2010
On August 16, the FTC published proposed changes to the form for filing a premerger notification under the Hart-Scott-Rodino Act.

New EU regulation of remuneration in financial institutions
Cleary Gottlieb Steen & Hamilton LLP European Union - August 17 2010
In July 2010, the European Parliament approved new requirements governing the remuneration of certain personnel of credit institutions and investment firms subject to the EU Capital Requirements Directive ("CRD").

Operating expenses of Chapter 9 municipal debtor are not administrative expenses protected by Section 503(b)
Cleary Gottlieb Steen & Hamilton LLP USA - August 9 2010
Creditors who regularly deal with Chapter 11 debtors take comfort in their ability to file an administrative expense claim, entitling their claim to higher priority, for goods or services provided to the debtor post-petition.

Interim final regulations expand fee disclosure requirements for exemption for provision of services to ERISA plans
Cleary Gottlieb Steen & Hamilton LLP USA - August 6 2010
On July 16, 2010, the Department of Labor (the "Department") issued final interim regulations that define "reasonable contract or arrangement" for purposes of the statutory exemption contained in Section 408(b)(2) of the Employee Retirement Income Security Act of 1974, as amended ("ERISA").

A new approach to financial regulation: the end of the United Kingdom FSA
Cleary Gottlieb Steen & Hamilton LLP USA - August 6 2010
On July 26, 2010, HM Treasury published a consultation paper (the "Consultation") setting out far-reaching reforms to the structure of financial regulation in the United Kingdom.

UK Court of Appeal rules on Lehman “client money”
Cleary Gottlieb Steen & Hamilton LLP United Kingdom - August 6 2010
Under the FSA Client Asset Sourcebook ("CASS"), "client money" must be segregated and is subject to a protective statutory trust.

The EU Council tightens Iran sanctions
Cleary Gottlieb Steen & Hamilton LLP European Union, Iran - August 5 2010
On July 26, 2010, the Council of the European Union (the "Council") adopted a Decision (the "Decision")1 implementing UN Security Council Resolution 19292 and imposing accompanying measures, with a view to providing a robust and comprehensive package of trade and financial sanctions against Iran.

English Court of Appeal’s judgment in Cooper Tire and ors v. Dow Deutschland and ors
Cleary Gottlieb Steen & Hamilton LLP European Union, United Kingdom - August 4 2010
On July 23, 2010, the English Court of Appeal "CoA") rejected an appeal brought by Dow Deutschland and others against a 2009 decision of the English High Court concerning the jurisdiction of English courts over damages actions following on from a cartel infringement decision of the European Commission.