The U.K. has decided to leave the European Union (“EU”) with a 51.9% vote to “Leave” the EU against 48.1% to “Remain”. This note briefly sets out next steps over the coming days, weeks and months and highlights some of the key issues that firms will need to address during this time.
EU Extends Sanctions Against Russia – for the Last Time?
On 31 July 2016, the European Union (“EU”) will extend its economic sanctions against Russia for another six months. The EU has renewed these sanctions every six months since they were introduced for one year in July 2014 in response to Russia’s alleged annexation of Crimea. In 2015, EU leaders publicly linked repeal of these sanctions to Russia’s implementation of the Minsk II ceasefire agreement. Despite the fact that Russia has not fully complied with that agreement, recent events across Europe suggest that this might be the last rollover of the full sanctions program. Rolling over the sanctions requires consent of all EU member states. Support for the sanctions is waning, however, in those member states most affected by Russia’s counter-sanctions on EU food exports.
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Downfall of United CEO Illustrates Risk of Domestic Corruption
The resignation of United Airlines CEO Jeff Smisek and two other senior executives amidst a broad corruption investigation on September 8 illustrates that domestic corruption can pose a similar significant risk as cross-border corruption to multi-national corporations and their executives.…
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Agreement Reached to Largely Eliminate Iranian Sanctions
After nearly two years of negotiations with Iran, the P5 +1 group (the five permanent members of the UN Security Council, China, France, Russia, the United Kingdom, and the United States, along with Germany) reached an agreement to provide Iran much-needed sanctions relief in exchange for Iran taking concrete steps to prove its nuclear program is solely for peaceful purposes.
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Will Mexico’s New Anti-Corruption Law Lead to Actual Reform?
Mexico passed a new anti-corruption law that offers some hope that the country will progress beyond its ineffective system of ad-hoc appointments of czars and agencies to address corruption.
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Potential Rulings on the “Alter Ego” Theory for Service on Foreign Corporations
Two cases before the Seventh and Ninth Circuit Court of Appeals could clarify whether the “alter ego” theory allows the U.S. government to serve legal process upon foreign corporations by only serving a domestic U.S. subsidiary.
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