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Hogan Lovells | USA | 18 Mar 2019

Justice Manual and FCPA enforcement

Throughout 2018 the Department of Justice (DOJ) continued to ring the clarion call for cooperation and sought to provide some certainty, consistency and coordination regarding the incentives offered to companies that provide voluntary disclosures. In particular, the DOJ centralised its guidance memoranda into what is now known as the Justice Manual. The DOJ's goals were to identify......
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Patrikios Pavlou & Associates LLC | Cyprus | 27 Feb 2019

M&A opportunities in Cyprus post-Brexit

There has been a noticeable rise in foreign investments in Cyprus, with an upswing in mergers, acquisitions and joint ventures. This has been the result of various reforms and legislative amendments that have added legal certainty and contributed to the creation of a coherent statutory framework. International investors might well consider these factors when assessing Cyprus as an investment......
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BMA Barbosa, Müssnich, Aragão | Brazil | 25 Feb 2019

Stock options: local law and international accounting rules

It is hardly surprising that Brazil's adoption of the International Financial Reporting Standards did not mesh perfectly with the Corporations Law. This article discusses the reasons for this incongruity, including that the international accounting model draws more inspiration from common law systems than from Brazil's civil law tradition and the temporal distance between the Corporations Law......
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Patrikios Pavlou & Associates LLC | Cyprus | 16 Oct 2018

Registered alternative investment funds – an overview

Cyprus recently introduced a law which aims to modernise its investment fund legislative regime and allows for the establishment of a new type of investment vehicle: the registered alternative investment fund (RAIF). The RAIF is a hybrid legal creature that combines the elements of authorised and regulated funds without extensive bureaucracy or, more importantly, the need for an operating......
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Fischer (FBC & Co) | Israel | 28 Aug 2018

Demutualisation of Tel Aviv Stock Exchange: opportunities and challenges

The Israeli Securities Law was recently amended with the goal of making the Tel Aviv Stock Exchange (TASE) more competitive, efficient and profitable, by changing its ownership structure. This change of ownership structure will allow private investors, in addition to institutional investors, to acquire means of control over TASE. This can be viewed as a privatisation of sorts, as TASE is......
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Harneys | British Virgin Islands | 21 Jun 2018

Freezing injunction: what is a good arguable case?

The BVI Commercial Court has provided helpful guidance as to the threshold for a good arguable case, dismissing an application to discharge a worldwide freezing injunction obtained by a claimant. The court held that where there is a good arguable case that a defendant has acted fraudulently or dishonestly, or with "unacceptable low standards of morality giving rise to a feeling of uneasiness......
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Savva & Associates Ltd | Cyprus | 25 May 2018

Citizenship-by-investment programme – a legal overview

Cyprus's immigration policy and legal framework enable EU and non-EU applicants to obtain Cypriot citizenship on an expedited basis. The government has formulated a fast-track citizenship scheme aimed at high-net-worth individuals, investors and entrepreneurs. This allows successful applicants and their families to hold a Cypriot passport and enjoy all of the benefits afforded to Cyprus and......
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Patrikios Pavlou & Associates LLC | Cyprus | 2 May 2018

Financing through shadow banking – what to look out for

Cyprus is a popular jurisdiction for establishing special purpose vehicles with an increased involvement in shadow banking, which takes the form of, among other things, securities lending, repurchase and derivatives transactions. This has resulted in a call for strengthened regulations to mitigate risks and support financial stability. Newly introduced regulations now bring non-financial......
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MLL Meyerlustenberger Lachenal Froriep Ltd | Switzerland | 18 Apr 2018

Competing public offers in Switzerland – recent case law

Public takeover offers are regarded as competing offers if, at the time of their publication, another offer in relation to the target has already been launched. To guarantee freedom of choice of the recipients of the offers, and to avoid the sequence of offers influencing the shareholders' decision, the law sets forth specific rules for competing offers. In the recent LifeWatch case, the......
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Hogan Lovells | USA | 19 Mar 2018

New administration, same policy? Only time will tell

With few Foreign Corrupt Practices Act (FCPA) corruption investigations resolved under the Trump administration's watch, it is too early to weigh up how the administration will affect enforcement or settlements in the long term. On its face, the new FCPA Corporate Enforcement Policy signals a more business-friendly approach by removing the spectre of a monitor in many situations and by......
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