This newsletter provides a snapshot of the principal US and selected international governance and securities law developments during the third quarter of 2018 that may be of interest to Latin American corporations and financial institutions.

In this week’s newsletter, we provide a snapshot of the principal U.S., European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset managers and corporates.

Shearman & Sterling is today making available consolidated versions of EU legislation showing the proposed U.K. on-shored versions. 

Associate Timothy Slattery (Antitrust-Washington, DC) has contributed to the Pharmaceutical Industry Antitrust Handbook (2nd Ed.) published by the American Bar Association.

Partner Sarah McLean (Houston/Austin-Mergers & Acquisitions) and associate Sarah Nealis (Houston-Mergers & Acquisitions) co-wrote an article for The Energy Law Advisor titled “Fraud Carve-Out Provisions for M&A Agreements.”

Partner Jay Baris (New York- Investment Funds) authored the article “E-Delivery Is Coming. Directors Should Prepare” in BoardIQ, a publication of Money-Media, a Financial Times Company. The article was published in November 2018.

Partner Barnabas Reynolds, head of Shearman & Sterling’s global Financial Institutions Advisory & Financial Regulatory practice, was interviewed by Ian King Live on Sky News about a U.K.-EU Brexit deal on financial services, based on Barney's recommended solution, now adopted by both parties, for achieving reliable mutual recognition founded on enhanced equivalence.

In this week's newsletter, we provide a snapshot of the principal U.S., European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset managers and corporates.

On October 31, 2018, the U.S. Department of the Treasury (Treasury) and the Internal Revenue Service (the IRS) released proposed regulations (the Proposed Regulations) under section 956 of the Internal Revenue Code of 1986, as amended (the Code), that would reduce (and, in most situations, would eliminate) the amount that a domestic corporation that is a U.S. shareholder of a “controlled foreign corporation” (a CFC) is required to include in its income as a result of section 956 in connection with the CFC’s investment of its earnings in U.S. property.

On October 31, 2018, the U.S. Securities and Exchange Commission (SEC) adopted a final rule (available here) that overhauls its existing disclosure requirements for mining company issuers, including royalty companies.