ANALYSIS: U.S. Securities And Exchange Commission Guidance On Disclosure Obligations Relating To Cybersecurity Risks And Cyber Incidents

The Staff of the SEC’s Division of Corporation Finance October 13, 2011, issued written guidance (CF Disclosure Guidance: Topic No. 2) setting forth the views of the Staff regarding disclosure obligations in respect of cybersecurity risks and cyber incidents…

Proposed Foreign Account Tax Compliance Act: Impact On Non-U.S. Financial Institutions, Intermediaries, And Investment Vehicles

On October 27, 2009, proposed U.S. tax legislation entitled the “Foreign Account Tax Compliance Act of 2009” (the “Bill”) was introduced in both houses of the U.S. legislature and endorsed by the Obama administration[...] If enacted in its current form…

Proposed Foreign Account Tax Compliance Act: Impact On Bearer Debt Instruments

Bearer debt instruments, when issued in definitive form, allow holders to invest anonymously. Recognising the potential for U.S. investors to take advantage of bearer debt instruments to avoid U.S. taxes, President Ronald Reagan and the U.S. Congress took a number of steps in 1982 to eliminate bearer debt instruments from the U.S. markets. Congress passed the Tax Equity and Fiscal Responsibility Act (“TEFRA”), legislation…