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Recent months have seen significant IRS and judicial developments affecting financial institutions and market participants, including new FATCA changes.

On June 26, 2016, a widened Panama Canal will open for business after a ten-year, USD5.3bn expansion project is completed.

Two hedge funds affiliated with Bear Stearns & Co., Inc., the fifth-largest investment firm in the U.S., recently failed in a bid to obtain recognition under chapter 15 of the Bankruptcy Code of winding-up proceedings commenced in the Cayman Islands at the end of July for two of the firm's hedge funds that were casualties of the sub-prime mortgage meltdown.

It is quite a human trait to live in a state of suspended disbelief – when the news is just too bad to absorb, or when the consequences of an action are too much to contemplate.

A dispute panel of the World Trade Organization ruled in favor of the tiny Caribbean nation of Antigua and Barbuda on the complaint that the Caribbean nation brought against the United States. The complaint alleged that U.S. laws prohibiting Internet gambling violated U.S. obligations under the General Agreement on Trade in Services (GATS).

The global economy requires the cross-border transfer of personal information. At the same time, such transfers are becoming more difficult and costly from a business perspective because more countries are adopting privacy laws that regulate, among other things, cross-border data transfers.

The LMA have announced a change of approach to the allocation of FATCA withholding risk in certain of their precedent facility agreements.

A disccusion on the recent updates on the development of the Foreign Account Tax Compliance Act, including the release of the much anticipated final regulations to FATCA.

More than a month after adopting new provisions under the Investment Advisers Act of 1940 in a 3-2 split vote, the Securities and Exchange Commission released the final rule and rule amendments that will require most hedge fund advisers to register with the SEC. Advisers affected by the new requirements must register and have all policies and procedures in place by February 1, 2006.