Foreign companies and their executives have rejoiced since the U.S. Supreme Court’s 2010 decision in Morrison v. National Australia Bank Ltd., which told us that § 10(b) of the Securities Exchange Act of 1934 only applies to “transactions in securities listed on domestic exchanges… and domestic transactions in other securities”– sharply limiting their exposure to securities class actions in the U.S.
How to Tell if You Have a “Domestic Transaction” Under Morrison
What Tohoku Taught Us About Supply Chain Risk
Cargo containers scattered by a tsunami following an earthquake are seen in Aomori, northern Japan March 12, 2011. PHOTO CREDIT: REUTERS/KYODO Kyodo
A year on from the 2011 Tohoku earthquake/tsunami, there is a great deal to consider. Human tragedy aside, global businesses have suffered as a result of massive supply chain disruptions. According to the Insurance Information Institute (I.I.I.), the disasters caused an estimated $35 to $40 billion in insured losses and many businesses were not adequately protected both in terms of insurance and risk management.
Continue reading →Political Pressure Builds Around Solvency II
The Solvency II debate has now even made it into Prime Minister’s questions in the UK House of Commons. Prime Minister David Cameron said last week that the new European regulatory regime is a “good example of ill thought-out EU legislation”. He was reacting to the news of Prudential’s threat to relocate to Hong Kong to escape Solvency II’s punitive capital charges for assets that better hedge their liabilities, and the difficulties that the Pru’s US and Asian operations would face to remain locally competitive whilst meeting Solvency II’s capital requirements.
Continue reading →The Social Media Revolution After Tohoku
Willis Analytics' eNCOMPASS Online steams information from sites like Twitter, YouTube and Flickr to provide instant, real-time information about major natural catastrophes.
Just under a year ago, the Willis Analytics product development team began work on eNCOMPASS Online, one of the insurance industry’s first adopters of social media within a disaster assessment tool. eNCOMPASS Online steams information from sites like Twitter, YouTube and Flickr to provide instant, real-time information about major natural catastrophes.
Continue reading →5 Financial News Stories You May Have Missed – With Another Iceland Phenomenon
1. Nada De Novo ~ Not a Single New Bank in 2011
While banks continue to fail at an alarming rate (12 just since the beginning of this year), an even more disturbing revelation came to light this week: 2011 was the first year in many decades that no new banks were established in the United States.
Continue reading →Willis Health Care Reform Survey: What Employers Think
Most employers who expect a cost increase expect increases of less than 5%.
The Willis Human Capital Practice surveyed more than 2,300 employers in a wide range business sizes, industries, and geographic regions to learn how things were going in their preparation for Health Care Reform (PPACA). What we found was that the costs and benefits of the Act are coming into greater focus for employers now that the Act has entered the implementation phase.
Continue reading →The Sky Is Falling!
I was blissfully unaware of the imminent danger when I arrived at my desk this morning, until a BBC news article blithely informed me that the largest solar storm in five years is RIGHT THIS MINUTE bombarding the Earth’s magnetic field.
Dodd-Frank Act Annotated for Financial Institutions
The Dodd-Frank Act of 2012 will change the way financial institutions operate in the United States. It will change the way regulators oversee their responsibilities, and it will change the nature of legal claims and suits against financial institutions. Naturally, you have questions.
5 Financial News Stories You May Have Missed – And a Penalty Flag
1.The Dog Ate My Regulation. The Fed is Late Delivering the Volcker Rule.
When the financial reform was being discussed shortly after the credit crisis, former Fed Chairman Paul Volcker suggested that federally insured banks should not be allowed to trade their own proprietary assets. After much debate, the “Volcker Rule“—which does not prohibit but severely limits banks’ ability to trade their own assets—was incorporated into Dodd-Frank. After two years of debate and struggle current Fed Chairman Ben Bernanke had the uncomfortable task
Continue reading →Employee Safety: Dealing with an Aging Workforce
The worldwide financial turmoil of the past few years has dramatically, and often negatively, impacted employee retirement accounts. Emerging trends indicate that many workers feel a corresponding need to work longer and delay retirement.
