Bylined article from co-head of the London pensions practice Jay Doraisamy and head of the London Intellectual Property & IT group Mark Prinsley on what companies need to do to prepare ahead of the introduction of the European General Data Protection Regulation (GDPR) on 25 May.

Last week the Financial Crimes Enforcement Network (FinCEN) issued much-anticipated Frequently Asked Questions (FAQs) that provide additional guidance to financial institutions relating to the implementation of the new Customer Due Diligence Rule (CDD Rule), set to go into effect on May 11, 2018.[1] In general, the FAQs clarify certain issues that have caused implementation challenges for financial institutions. While FinCEN's earlier guidance provided a general overview of the CDD Rule—including the purpose of the rule, the institutions to which it is applicable, and some relevant definitions—the new FAQs provide greater detail for financial institutions seeking to comply with the CDD Rule. The FAQs are meant to assist covered financial institutions in understanding the scope of their customer due diligence (CDD) obligations, as well as the rule's impact on their broader anti-money laundering (AML) compliance. While the guidance is helpful in clarifying some of FinCEN's expectations, the implementation challenge lies in applying the CDD Rule to a financial institution's specific products and services.

As financial institutions work to meet the CDD Rule's fast-approaching May 11 compliance deadline, they should pay special attention to the following key areas summarized below.

Read the full alert.

 

 

2018-04-10T00:00:00-04:002018-04-10T16:28:33ZDavid S. Cohenhttps://www.wilmerhale.com/david_cohen/david.cohen@wilmerhale.comFranca Harris Gutierrezhttps://www.wilmerhale.com/franca_gutierrez/franca.gutierrez@wilmerhale.comSharon Cohen Levinhttps://www.wilmerhale.com/sharon_levin/sharon.levin@wilmerhale.comJeremy Dresnerhttps://www.wilmerhale.com/jeremy_dresner/jeremy.dresner@wilmerhale.comMichael Romaishttps://www.wilmerhale.com/michael_romais/michael.romais@wilmerhale.com

Mayer Brown was named a finalist for “Private Equity Law Firm of the Year,” “Project Finance Law Firm of the Year” and “Structured Finance and Securitisation Law Firm of the Year” in the International Financial Law Review (IFLR) 2018 Americas awards. In addition, Mayer Brown advised on six matters that were named as finalists for “Deal of the Year” honors:

Twelve WilmerHale lawyers and three firm practices have been recognized in the 2018 edition of Chambers Europe: Leading Lawyers for Business. 

2018-03-20T00:00:00-04:002018-03-20T17:56:04Z

On April 3, 2018, DriveWealth Holdings, Inc., a company founded to democratize investing in the US stock market through a technology that modernizes and simplifies financial services, announced the closing of a $21 million Series B investment.

2018-04-09T00:00:00-04:002018-04-09T17:21:11Z

A blog post by Anna Gaudoin, published on the WilmerHale W.I.R.E. UK blog. 

2018-04-06T00:00:00-04:002018-04-06T17:10:36ZAnna Gaudoinhttps://www.wilmerhale.com/anna_gaudoin/anna.gaudoin@wilmerhale.com

Litigation & Dispute Resolution partner Laura Hammargren (Chicago) was quoted in this article.

Litigation & Dispute Resolution partner Laura Hammargren (Chicago) was quoted in this article.

Litigation & Dispute Resolution partner Laura Hammargren (Chicago) was quoted in this article.

Litigation & Dispute Resolution partner Laura Hammargren (Chicago) was quoted in this article.

Vividion Therapeutics, a biotechnology company using novel proteomics and chemistry platforms, has announced that it entered into a strategic research collaboration with Celgene Corporation and will receive $101 million in upfront and equity consideration. 

2018-03-20T00:00:00-04:002018-03-20T20:05:39Z

An article by Joshua Fox, published by Law360, focusing on standardized term sheets and how they may inadvertently gloss over or neglect issues that can be critical to founders' long-term success.

2018-04-06T00:00:00-04:002018-04-09T17:22:16ZJoshua D. Foxhttps://www.wilmerhale.com/joshua_fox/joshua.fox@wilmerhale.com

Mayer Brown announced that Jeremy Clay has been appointed by the firm’s management committee and partnership board to the position of managing partner. Mr. Clay succeeds Kenneth S. Geller, who has decided to step down as managing partner after serving with distinction in that capacity since June 2009.

Casella Waste Systems, a regional solid waste, recycling and resource management services company, announced two transactions relating to its industrial revenue bonds. 

2018-03-16T00:00:00-04:002018-03-16T17:20:28Z

The Measures on the Transfer of Intellectual Property Rights to Foreign Parties (Pilot) tighten scrutiny over the transfer of intellectual property rights to foreign parties on national security or public interest grounds.

2018-04-05T00:00:00-04:002018-04-05T16:06:52ZLester Rosshttps://www.wilmerhale.com/lester_ross/lester.ross@wilmerhale.comJennifer Zhaohttps://www.wilmerhale.com/jennifer_zhao/jennifer.zhao@wilmerhale.com

In the 2018 edition of Chambers Global, 33 WilmerHale lawyers were named among “The World's Leading Lawyers for Business." 

2018-03-16T00:00:00-04:002018-03-16T20:54:45Z

I am delighted to share the news of commencement of work on the third edition of my treatise on International Commercial Arbitration. The three-volume commentary is in its second edition, published in 2014, and available from Kluwer International.

2018-04-05T00:00:00-04:002018-04-06T18:09:50ZGary Bornhttps://www.wilmerhale.com/Gary_Born/gary.born@wilmerhale.com

Mayer Brown announced today that Jaime Gatenio has joined the firm in Chicago as a Banking & Finance partner in its global Private Credit group. Ms. Gatenio joins from Jones Day.

LUNGevity Foundation, the nation's leading lung cancer-focused nonprofit organization, today announced that Andre Owens, partner in the Washington, D.C., law office of WilmerHale, has joined the Board of Directors. 

2018-03-15T00:00:00-04:002018-03-15T19:17:50Z

The object of this Alert is to highlight some practical implications of Brexit for the supply of pharmaceutical products and medical devices in the European Union (EU) and related action items which companies should be considering if they have not done so before.2018-04-05T00:00:00-04:002018-04-05T22:15:19ZGeoffroy Barthethttps://www.wilmerhale.com/geoffroy_barthet/geoffroy.barthet@wilmerhale.comLukas Šimashttps://www.wilmerhale.com/lukas_simas/lukas.simas@wilmerhale.comDr. Peter Gey, LL.M.https://www.wilmerhale.com/peter_gey/peter.gey@wilmerhale.comTrevor Cookhttps://www.wilmerhale.com/trevor_cook/trevor.cook@wilmerhale.comJohn Ratliffhttps://www.wilmerhale.com/john_ratliff/john.ratliff@wilmerhale.com