A non-US-based commodity firm that allegedly tried to square up its books at month-end by placing matched buys and sells on a US futures exchange was charged with wash trading by the Commodity Futures Trading Commission. At the time – on or after first notice day in the relevant delivery month – the firm was precluded from transferring trades through book entry transfer transactions because of exchange rules. And last month an organization renowned for drafting model state laws approved a statutory framework for state regulation of persons engaged in a virtual currency business. As a result, the following matters are covered in this week’s edition of Bridging the Week:Non-US Commodity Firm Settles CFTC Allegations of Wash Trading for US $300,000 Fine (includes Compliance Weeds);Former Floor Broker Agrees to US $200,000 Fine to Resolve ICE Futures U.S. Spoofing Allegations (includes Compliance Weeds);Banking Regulators Give Capital Break for Cleared … [Read more...] about Bridging the Week: August 14 to 18 and August 21, 2017 (Wash Trades; Spoofing; Bank Capital; Virtual Currency Businesses)
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For most, the New Year is a time for making resolutions in an effort to improve upon the previous year. While reflecting on personal changes, one should also remember to take important steps to maintain an effective trade compliance program, which not only seeks to prevent bad things from happening, but also to proactively seek out opportunities. Below are some things to keep in mind to help improve your trade compliance program, both on the import and export side of the house, suggestions to avoid unnecessary surprises, and ideas to perhaps even find new savings opportunities in the New Year. EXPORTS“I Will File My Taxes On Time.”Prepare and submit your 2013 self-classification report for any exports of Information Security (i.e., encryption) products that you self-classified and exported under License Exception ENC in 2013. This report is due by February 1, so don’t wait! Request your Automated Export System (AES) data from Census. Review your report … [Read more...] about New Year’s Resolutions Re: Steps to Maintain an Effective Trade Compliance Program
IntroductionGlobalization and the need to efficiently deploy corporate resources have led many multinational companies to establish global supply networks. Although these efforts often lead to the efficient deployment of capital, diversify the revenue base among countries, and minimize currency exchange risk, these efforts also increase the exposure of the company to political risks that impact the long-term economic assumptions that undergird multinational investment.Mr. Trump’s campaign introduced several forms of unanticipated risk for multinational companies. Whether the focus was on the supposed problems of the World Trade Organization (WTO), the North American Free Trade Agreement (NAFTA), or trade with countries where the United States maintains a significant adverse trade balance (especially China and Mexico), the common theme was that the rules are stacked against U.S. interests and costing jobs, especially in the manufacturing sector.But changing the ground rules can … [Read more...] about International Trade Litigation and the New Trump Administration: Your Top Ten Questions Answered
Customs and international trade matters have played a prominent role in the headlines in recent months. The Trump administration’s pronouncements during this time have led to speculation and questions regarding the direction of many aspects of U.S. trade policy.The Trump Trade AgendaThe Trump administration introduced its trade agenda back on March 1, 2017. Although specific details were sparse, the main theme in the agenda was that this administration would have a “more aggressive approach” to trade than former administrations. The agenda states that trade initiatives will be designed to increase economic growth, promote job creation, promote reciprocity with trading partners, strengthen the manufacturing base, strengthen our ability to defend ourselves, and expand our agricultural and services industry exports.Based on these goals, the Trump administration established several trade policy priorities and identified vital areas of importance, including:Strong … [Read more...] about Customs and International Trade: Summer Update
World Donald Trump Trade War European Union The Trump administration seems to think Jean Claude-Juncker will turn up for talks in Washington on Wednesday waving a white flag, handing an early victory to America in the trade war it launched against the European Union (E.U.). If so, officials are in for disappointment. President Trump wants the E.U. to fully open its market to American firms, removing all tariffs, barriers, and subsidies in a reciprocal deal. He believes the E.U. is “ripping off” America and cites the large goods trade deficit as evidence. Larry Kudlow, director of the National Economic Council and one of Trump’s most senior advisers, said he understood the European Commission president will be “bringing a very important free trade offer," CNBC reported. Recommended Slideshows 76 The Most Powerful Military Forces in the World 59 The 25 Most Powerful Passports in the World 61 Every World Press Photo Winner Ever: 60 Images That … [Read more...] about Can Jean Claude-Juncker End Trump’s Trade War With Europe?