President Obama’s proposed Financial Crisis Responsibility Fee, which he unveiled last month, has been included in the 2011 budget proposal released on Monday, February 1, 2010.
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Regulatory
Obama Proposes Budget That Would End Foreign Reinsurer Tax Advantages
President Barack Obama’s recently released proposed Budget of the U.S. Government for the Fiscal Year 2011 (the “Proposed 2011 Budget”) would disallow the deduction for excess non-taxed reinsurance premiums paid to foreign affiliates by a U.S. insurance company. The Proposed 2011 Budget projects that this disallowance would result in tax receipts of $22 million in 2011, and totaling $223 million over the next five years.
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UK: Financial Services Authority Seeks Clarification on Co-Operation with Overseas Regulators
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
On Tuesday 2 February 2010, the Financial Services Authority (FSA) went to the Court of Appeal to seek clarification regarding its obligation to co-operate with the Securities and Exchange Commission (SEC). This comes as a result of a High Court judgment last year in favour of two companies which said that the FSA had overstepped its powers by carrying out a request from the SEC to recover certain documents.
UK: FSA Consults on Effective Corporate Governance
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
On 28 January 2010 the FSA issued a consultation paper on effective governance, focusing on significant influence controlled functions and Sir David Walker’s review of corporate governance in banks and other financial firms.
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HK: Enforceability of Hong Kong Arbitral Awards in Mainland China
By Troutman Pepper Locke on
Posted in Hong Kong, Regulatory
The Supreme People’s Court of the People’s Republic of China recently issued a letter on 30 December 2009 to all Higher People’s Courts in mainland China confirming that ad hoc arbitral awards made in Hong Kong and those arbitral awards made in Hong Kong by the International Court of Arbitration of the International Chamber of Commerce and other foreign arbitration institutions are enforceable in mainland China in accordance with the Arrangement concerning Mutual Enforcement of Arbitral Awards between mainland China and the Hong Kong Special Administrative Region signed in 1999 (the “Arrangement”).
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House Financial Services Committee Hearing Schedule – February 2010
By Troutman Pepper Locke on
As you know, Congress and the Obama administration have placed significant focus this year upon reform of the financial services industry.
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HK: Tightened Requirements on the Sale of ILAS products
By Troutman Pepper Locke on
Posted in Hong Kong, Regulatory
In September 2009, the Hong Kong Life Insurance Council (HKLIC) introduced a set of new requirements in relation to the sale of Investment-linked Assurance Scheme (ILAS) products.
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EU: European Commission Publishes Report on Tying and Other Potentially Unfair Commercial Practices in Retail Financial Services
By Troutman Pepper Locke on
On 15 January 2010, the Internal Market Directorate General of the European Commission published for consultation a paper by the Centre for European Policy Studies entitled “Tying and other potentially unfair commercial practices in the retail financial service sector“. …
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HK: Hong Kong Life Insurance Council Elected a New Chairman
By Troutman Pepper Locke on
Posted in Hong Kong, Regulatory
The Hong Kong Federation of Insurers (HKFI) announced on 6 January 2010 that Mr Alex W Y Chu, Chief Executive of HSBC Life (International) Limited, has been unanimously elected Chairman of the Life Insurance Council to fill the vacancy arising from the death of Mr K.Y. To. …
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UK: Confederation of British Industry and PricewaterhouseCoopers Publish Report on the Future of the Financial Services Industry
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
On the 20th anniversary of the Confederation of British Industry and PricewaterhouseCoopers Financial Services Survey, twenty leading figures from across the financial services industry have given their views in a report entitled “20/20 Vision – The Future of Financial Services” (the Report).