White & Case LLP

Amendments to the Antimonopoly Regulation in Kazakhstan

On 5 May 2015 the President signed the Law of the Republic of Kazakhstan “On Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Natural Monopolies and Regulated Markets” No…more

Anti-Monopoly, Kazakhstan

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And Up to Twenty Years in Prison: The Criminalization of US Customs Violations

The United States’ traditional reliance on only civil penalties against trade violators is changing. During the past several years, the US government has increasingly brought criminal charges against alleged violators, both…more

Anti-Dumping Duty, Corporate Officers, Countervailing Duties, Criminal Penalties, Criminal Prosecution

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Mexico 2016 Tax Reform

The 2016 Tax Bill presented by the President to Congress on September 8, 2015 was approved almost in its original terms by both Chambers of Congress on October 29, 2015 and published in the Official Gazette of the Federation on…more

Income Taxes, Investment Funds, Mexico, Renewable Energy, Tax Code

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Foreign Investment in Multi-Brand Retail Trading in India: Government issues clarifications

In September 2012, the Government of India (GoI) permitted foreign direct investment (FDI) up to 51% of the equity of Indian entities engaged in multi-brand retail trading (MBRT) in India (see our earlier alert of October…more

Foreign Investment, India, Infrastructure, Local Sourcing, Retailers

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Global merger control: Charting a route to port

As investors scour the world for growth, regulators are placing cross-border deals under ever greater scrutiny, and a new regulatory world order is emerging. Understanding it is essential. Merger control: Getting your deal…more

Acquisitions, Antitrust Provisions, Cross-Border Transactions, EU, Gun-Jumping

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M&A Attractiveness Index, EMEA – Finland

According to the M&A Attractiveness Index, developed by the M&A Research Centre at Cass Business School, Finland is now ranked 25th out of a total of 147 countries in terms of its attractiveness for M&A purposes, (i.e., its…more

Acquisitions, Finland, Foreign Investment, Inbound Investments, Investment Funds

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Development and Opportunities in the Turkish Market - December 2012

The Turkish government’s agenda for development is one of the most ambitious in the world. Combined with investor friendly changes in the market, including a new investment incentive regime and new regulation enhancing…more

Financing, Foreign Investment, Public Private Partnerships (P3s), Shareholders

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M&A Attractiveness Index, EMEA – Middle East

According to the M&A Attractiveness Index, developed by the M&A Research Centre at Cass Business School, the Middle East countries of Qatar, Saudi Arabia and United Arab Emirates are ranked 50th, 81st and 28th, respectively, out…more

Acquisitions, Foreign Investment, Inbound Investments, Investment Funds, Mergers

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New Italian rules require filing with the Bank of Italy when issuing and offering financial instruments

The new Bank of Italy rules will apply from October 1, 2016. The Bank of Italy has implemented the provisions of article 129 of Legislative Decree no. 385 of 1 September 1993 (the Consolidated Banking Act or CBA) (the…more

Bank of Italy, Filing Requirements, Financial Instruments, Foreign Issuers, Italy

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White & Case’s Japan Seminar Series 2014: Accessing Energy Resources

The 2011 Fukushima nuclear disaster caused Japan to reevaluate its energy policy by placing less emphasis on nuclear energy and more on LNG and renewables. In February 2013, Professor Motoshige Itoh led an independent…more

Energy Policy, Japan, Liquid Natural Gas, Oil & Gas, Renewable Energy

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M&A Attractiveness Index, EMEA – Middle East

According to the M&A Attractiveness Index, developed by the M&A Research Centre at Cass Business School, the Middle East countries of Qatar, Saudi Arabia and United Arab Emirates are ranked 50th, 81st and 28th, respectively, out…more

Acquisitions, Foreign Investment, Inbound Investments, Investment Funds, Mergers

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Why project bonds are on the rise in Latin America

Latin American project bonds continue to grow as a source of infrastructure financing, particularly as private capital is needed to close multi-billion-dollar shortfalls in spending for needed infrastructure projects in Latin…more

Bonds, Brazil, Columbia, Foreign Investment, Infrastructure

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UK and EU Law Enforcement Investigatory and Data Sharing Powers: Developments and International Impact

Proposed UK legislation governing UK law enforcement investigatory powers (together with differences in approach by the UK and rest of Europe to law enforcement access to personal data) will have a deep and far reaching impact…more

Data-Sharing, Enforcement Authority, EU, Government Investigations, Law Enforcement

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Mining in Africa – getting in sync with the cycle

With one third of the world’s mineral reserves and two thirds of the world’s diamond production, Africa should have basked in the era of roaring commodity prices and booming optimism. Over the last decade, Africa’s average…more

Africa, Commodities, Foreign Investment, Infrastructure, Minerals

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Potential Circuit Split Creates an Uncertain Future for Whistleblower Protection of Internal Reporting: Asadi v. G.E. Energy (USA), LLC, (5th Cir. Jul. 17, 2013) versus Murray v. UBS Securities, LLC and UBS AG, (S.D.N.Y. May 21, 2013)

The Dodd-Frank Whistleblower Program - The Dodd-Frank Act amended the Securities Exchange Act of 1934 by creating protections and rewards for anyone who provides information that helps the SEC in enforcing the law…more

Conflicts of Laws, Dodd-Frank, SEC, Securities Exchange Act, Whistleblower Awards

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European Commission adopts first two decisions in EU tax probe in push for corporate tax reform

On 21 October, the European Commission (“EC”) adopted its first decisions in its investigation into Member States’ tax rulings. The investigation, which began in June 2013, has also targeted tax rulings given to Apple and…more

Advanced Pricing Agreements, BEPS, Corporate Taxes, EU, European Commission

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M&A Attractiveness Index, EMEA – Middle East

According to the M&A Attractiveness Index, developed by the M&A Research Centre at Cass Business School, the Middle East countries of Qatar, Saudi Arabia and United Arab Emirates are ranked 50th, 81st and 28th, respectively, out…more

Acquisitions, Foreign Investment, Inbound Investments, Investment Funds, Mergers

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AIFMD in Germany: Strategies for non-EU AIFMs Marketing

Summary: - In conjunction with the implementation of the European Directive on Alternative Investment Fund Managers (2011/61/EU) (the “Directive” or “AIFMD”) the German legislature decided to abolish the private placement…more

AIFM, AIFMD, EU, Marketing, New Legislation

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Deadline Approaches – Non-EEA fund managers must consider their options

The Alternative Investment Fund Managers Directive (2011/61/EU) (the “Directive”) and the supplementary level 2 Regulation (EU) No 231/2013 (the “Regulation”) introduce an authorisation regime and centralised rulebook for the…more

AIFM, Alternative Investment Fund Managers Directive, Alternative Investment Funds, EEA, EU

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New Federal Antitrust Law Bill

On February 19, 2014, the Federal Executive Branch of Mexico submitted to the House of Representatives a bill to issue a new Federal Antitrust Law (Ley Federal de Competencia Económica) (the “Bill”) which, if approved, will…more

Antitrust Provisions, Mexico

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Transfer of Personal Data Under Japan's Amended Personal Information Protection Act

I. Article Synopsis - An extensive amendment to Japan's Act on the Protection of Personal Information (Act No. 57 of 2003, the "Act") was promulgated on September 9, 2015 and will become fully effective on a date that is…more

Consent, Exemptions, International Data Transfers, Japan, Personal Data

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Summary of FERC Meeting Agenda - May 2013

Below are brief summaries of the agenda items for the Federal Energy Regulatory Commission’s May 16, 2013 meeting, pursuant to the agenda as issued on May 9, 2013. Agenda items E-3, E-13, E-17 have not been summarized as they…more

FERC, Geomagnetic Storms, Oil & Gas, Water

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Supreme Court Ruling on Penalties: A Genuinely Commercial Approach

The Supreme Court has clarified and restated the scope of the English law rule against penalties. This important decision will have a far-reaching impact on commercial parties’ assessment of whether contract provisions dealing…more

Breach of Contract, Liquidated Damages, Penalties, Supreme Court of the United Kingdom, UK

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Trade Secrets Protection Bill Pending Before the Senate and Judiciary Committee

On July 29, 2015, congressional leaders in both the House and Senate introduced a bipartisan, bicameral legislation to help combat the theft of business trade secrets. The proposed bill, titled the "Defend Trade Secrets Act of…more

Defend Trade Secrets Act, Economic Espionage Act, Pending Legislation, Statute of Limitations, Theft

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M&A Attractiveness Index, EMEA – United Kingdom

According to the M&A Attractiveness Index, developed by the M&A Research Centre at Cass Business School, the United Kingdom is now ranked fifth out of a total of 147 countries in terms of its attractiveness for M&A purposes…more

Acquisitions, EU, Foreign Investment, Inbound Investments, Investment Funds

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The New European Market Abuse Rules – Looking Towards 2016

Significant changes to the European laws on market abuse are due to come into effect in July 2016. On implementation, the new measures will replace the four current European directives on market abuse. This Insight looks at…more

Benchmark Pricing, Commodities, Criminal Prosecution, EU, Financial Conduct Authority (FCA)

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Department of Labor Proposes New Overtime Regulations

On June 30, 2015, the Department of Labor (the “DOL”) released proposed modifications to its overtime exemptions under the federal Fair Labor Standards Act (the “FLSA”). The proposed revisions increase the minimum salary levels…more

DOL, Exempt-Employees, FLSA, Minimum Salary, Minimum Wage

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EEC Issues Draft Rule on Electronic Pre-Notification Procedure for Shipment by Rail

The Eurasian Economic Commission (the “EEC”) issued a draft decision on July 16, 2013 requiring electronic pre-notification for all goods shipped into the Customs Union (CU) by rail. The draft decision provides for entry into…more

Customs, EU, European Commission, Notifications, Proposed Regulation

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Plunging Oil Prices: Options for Long-term Project Participants affected by the Price Collapse

Plunging oil prices over the past six months have left many participants in long-term energy projects looking at very different deals from the ones they signed. Having hovered around US$115 per barrel in June 2014, prices have…more

Construction Contracts, Construction Industry, Energy Projects, Energy Sector, Force Majeure Clause

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Brazil: the real deal?

As one of the BRICS economies, Brazil has long been touted as one of the world’s most dynamic emerging markets. It is the world’s seventh biggest economy, has a large domestic market thanks to a population of almost 200 million…more

Brazil, BRIC, Emerging Markets, Foreign Investment, Foreign Markets

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M&A Attractiveness Index, EMEA – Turkey

According to the M&A Attractiveness Index, developed by the M&A Research Centre at Cass Business School, Turkey is now ranked 53rd out of a total of 147 countries in terms of its attractiveness for M&A purposes (i.e., its…more

Acquisitions, EU, Inbound Investments, Mergers, Outbound Acquisitions

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Hague Convention on Choice of Court Agreements – What you need to know

Whilst arbitration agreements in international cases are widely recognised under the New York Convention, the same is not always true for choice of court agreements, for which divergent national rules more often apply. The Hague…more

Choice of Court Agreements Treaty, EU, Exclusive Jurisdiction, Hague Convention, International Litigation

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Global Tax Report - September 2013: Intellectual Property Tax Planning

In This Issue: - United States: Benefits of Intangible Property Migrations - United Kingdom: Innovation: The Name of the Game - Germany: OECD’s Action Plan on Base Erosion and Profit Shifting (BEPS) Within the…more

Erosion, EU, Innovation, Intangible Property, Tax Planning

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And Up to Twenty Years in Prison: The Criminalization of US Customs Violations

The United States’ traditional reliance on only civil penalties against trade violators is changing. During the past several years, the US government has increasingly brought criminal charges against alleged violators, both…more

Anti-Dumping Duty, Corporate Officers, Countervailing Duties, Criminal Penalties, Criminal Prosecution

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Global Tax Report - September 2013: Intellectual Property Tax Planning

In This Issue: - United States: Benefits of Intangible Property Migrations - United Kingdom: Innovation: The Name of the Game - Germany: OECD’s Action Plan on Base Erosion and Profit Shifting (BEPS) Within the…more

Erosion, EU, Innovation, Intangible Property, Tax Planning

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First Circuit: Private Equity Fund May Be “Trade or Business” and Subject to Portfolio Company Pension Liabilities

The First Circuit Court of Appeals has recently held in Sun Capital Partners III, LP v. New England Teamsters & Trucking Industry Pension Fund, No. 12-2312 (July 24, 2013), a case of first impression at the Circuit Court level,…more

Benefit Plan Sponsors, COBRA, ERISA, Investment Portfolios, Pensions

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European Commission’s proposal on banking structural reform - a Volcker Rule for Europe

On 29 January 2014, the European Commission published a legislative proposal for a Regulation on structural reforms to the EU banking sector (the “Proposed Regulation”). The Proposed Regulation advances the recommendations set…more

Banking Reform Bill, EU, European Commission, Financial Regulatory Reform, Foreign Banks

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M&A Attractiveness Index, EMEA – Turkey

According to the M&A Attractiveness Index, developed by the M&A Research Centre at Cass Business School, Turkey is now ranked 53rd out of a total of 147 countries in terms of its attractiveness for M&A purposes (i.e., its…more

Acquisitions, EU, Inbound Investments, Mergers, Outbound Acquisitions

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Halliburton Co. v. Erica P. John Fund, Inc.: The US Supreme Court Confirms That Defendants in Securities Fraud Cases May Rebut Alleged Price Impact at the Class Certification Phase

The US Supreme Court’s decision in Halliburton Co. v. Erica P. John Fund, Inc., Slip op., No. 13-317 (Jun. 23, 2014), unanimously held that before certifying a class in a securities fraud case, federal courts must allow…more

Basic v Levinson, Class Action, Class Certification, Fraud, Fraud-on-the-Market

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EEC Issues Draft Rule on Electronic Pre-Notification Procedure for Shipment by Rail

The Eurasian Economic Commission (the “EEC”) issued a draft decision on July 16, 2013 requiring electronic pre-notification for all goods shipped into the Customs Union (CU) by rail. The draft decision provides for entry into…more

Customs, EU, European Commission, Notifications, Proposed Regulation

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UK Ratification of the Cape Town Convention

It cannot have escaped the attention of anyone involved in the aviation finance industry that the UK is currently in the process of ratifying the Cape Town Convention (being the Convention on International Interests in Mobile…more

Aircraft, Aircraft Equipment, Aircraft Financing, Aircraft Sales, Aviation Industry

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M&A Attractiveness Index, EMEA – Czech Republic

According to the M&A Attractiveness Index, developed by the M&A Research Centre at Cass Business School, the Czech Republic is now ranked 21st out of a total of 147 countries in terms of its attractiveness for M&A purposes…more

Acquisitions, Czech Republic, Foreign Investment, Inbound Investments, Investment Funds

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Insigh: Capital Markets: Tips for Taps

Following a successful bond issuance, an issuer may consider a “tap” issuance as a way to access further funding. White & Case offers some “Tips for Taps” for issuers and underwriters in accessing the capital markets…more

Capital Markets, Corporate Bonds, EU

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UK Ratification of the Cape Town Convention

It cannot have escaped the attention of anyone involved in the aviation finance industry that the UK is currently in the process of ratifying the Cape Town Convention (being the Convention on International Interests in Mobile…more

Aircraft, Aircraft Equipment, Aircraft Financing, Aircraft Sales, Aviation Industry

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Back in the game: The rise of US M&A

US M&A is bouncing back - After a tough few years, acquisitions in the United States have seen a remarkable resurgence - The first half of 2014 saw a great dealmaking revival in the United States. Deal values are…more

Acquisitions, Biotechnology, Buyouts, CFIUS, China

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Global merger control: Charting a route to port

As investors scour the world for growth, regulators are placing cross-border deals under ever greater scrutiny, and a new regulatory world order is emerging. Understanding it is essential. Merger control: Getting your deal…more

Acquisitions, Antitrust Provisions, Cross-Border Transactions, EU, Gun-Jumping

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How prepared is industry for the possibility of a Brexit?

The next structural issue facing the European Union - White & Case commissioned independent research to capture views on how senior in-house legal decision makers and senior managers viewed the possibility of a Brexit and…more

Banking Sector, EU, Euro, Financial Services Industry, Free Trade Agreement

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Recidivism revisited

Court of Justice holds parent companies may be fined for repeat infringements even without being an addressee of the earlier decisions - On 5 March 2015, the European Court of Justice (CoJ) handed down its judgment in…more

Antitrust Investigations, Cartels, EU, Parent Corporation, Recidivism

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EU publishes TTIP negotiating positions for five key sectors to increase transparency

On 14 May 2014, in the run-up to the fifth negotiating round taking place 19-23 May 2014 in the US, the European Commission has published its negotiating position in the ongoing Transatlantic Trade and Investment Partnership…more

Automotive Industry, Chemicals, Cosmetics, EU, Negotiations

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The United States Supreme Court Holds That a Defendant’s Notice of Removal Need Only Include a “Plausible Allegation” That the Amount in Controversy Exceeds the US$5 Million Jurisdictional Threshold

On December 15, 2014, the US Supreme Court issued its opinion in Dart Cherokee Basin Operating Co., LLC, et al. v. Owens.1 Writing for the 5 – 4 majority, Justice Ginsberg held that a defendant’s notice of removal pursuant to…more

CAFA, Class Action, Dart Cherokee Basin Operating Co. v. Owens, Diversity Jurisdiction, Jurisdiction

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EU Court limits the scope of environmental liability for new owners of polluted land

The Court of Justice of the European Union (the “CJEU”) has shed light on the application of the “polluter pays” principle in the context of the EU’s Environmental Liability Directive. The judgment, handed down on 4 March 2015…more

Bona Fide Purchaser, Contaminated Properties, Discharge of Pollutants, Environmental Liability, Environmental Remediation Costs

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France’s Highest Court, the Cour de cassation Validates Asymmetrical Jurisdiction Clauses

In its widely published decision of 7 October 20151, France’s highest court, the Cour de cassation has adopted a clear stance in favour of validating conditional and asymmetric forum selection clauses. The case involved…more

Apple, Cour de Cassation, Forum Selection Clause, France, International Litigation

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Overview of the Key Amendments into Legislation on Rehabilitation and Bankruptcy

On 13 November 2015, the Law of the Republic of Kazakhstan “On Introduction of Amendments and Supplements to Certain Legislative Acts of the Republic of Kazakhstan on the Issues of Rehabilitation and Bankruptcy” (the “Law”) was…more

Bankruptcy Reform, Creditors, Insolvency, Kazakhstan, New Amendments

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Safe Harbor is dead, long live Safe Harbor!

News broke late February 2, 2016 that the United States and the European Union Commission have agreed upon a revised and updated version of the U.S.-EU Safe Harbor, providing a new framework for transfers of personal data from…more

Article 29 Working Group, Data Protection Authority, EU, EU-US Privacy Shield, European Commission

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Tecnimont SPA v. J&P Avax: France’s highest court reinforces the legal status of arbitration rules

Last week, the French Cour de Cassation issued its long-awaited decision in the Tecnimont matter. It quashed a decision of the Reims Court of Appeal which had set aside an ICC award on the basis of lack of independence of the…more

Arbitration, Arbitration Agreements, EU, ICC

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2015 Half-year in review M&A legal developments

We set out below a number of interesting English court decisions and market developments which have taken place and their impact on M&A transactions. This review looks at these developments and gives practical guidance on their…more

Acquisitions, Board of Directors, Breach of Contract, Commercial Leases, Companies Law

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France’s Highest Court, the Cour de cassation Validates Asymmetrical Jurisdiction Clauses

In its widely published decision of 7 October 20151, France’s highest court, the Cour de cassation has adopted a clear stance in favour of validating conditional and asymmetric forum selection clauses. The case involved…more

Apple, Cour de Cassation, Forum Selection Clause, France, International Litigation

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US Department of Labor Accepts Petition to Investigate Peru’s Alleged Noncompliance with US-Peru FTA Labor Commitments

On September 25, 2015, the US Department of Labor (DOL) announced its acceptance of a petition filed by the International Labor Rights Forum and seven Peruvian labor organizations concerning the alleged failure of the Government…more

DOL, ILRF, International Labor Laws, Labor Law Violations, Noncompliance

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CFTC Issues Proposed Rules on Cross-Border Uncleared Swap Margin Requirements

The CFTC has combined an entity-level approach with a transaction-level approach in its proposed cross-border uncleared swap margin requirements. Introduction - On October 3, 2014, the Commodity Futures Trading…more

Advanced Notice of Proposed Rulemaking (ANPRM), CFTC, Cross-Border, Dodd-Frank, Major Swap Participants

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European Court of Justice says the European Stability Mechanism (ESM) is compatible with EU law

In a judgment handed down today, in a preliminary reference from the Irish Supreme Court, in Thomas Pringle v The Government of Ireland, Ireland and the Attorney General (Case C-370/12), the Court of Justice of the European…more

European Stability Mechanism

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Russian law on the priority of the RF Constitution over resolutions of intergovernmental human rights bodies

On 15 December 2015, Federal Constitutional Law No. 7-FKZ dated 14 December 2015 "On amendments to the Federal Constitutional Law 'On the Constitutional Court of the Russian Federation'" (the "Law") prepared pursuant to…more

Constitutional Courts, European Court of Human Rights, Human Rights, Intergovernmental Agreements, International Treaties

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European Commission adopts first two decisions in EU tax probe in push for corporate tax reform

On 21 October, the European Commission (“EC”) adopted its first decisions in its investigation into Member States’ tax rulings. The investigation, which began in June 2013, has also targeted tax rulings given to Apple and…more

Advanced Pricing Agreements, BEPS, Corporate Taxes, EU, European Commission

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CLO Risk Retention: Late-Season Predictions

For college football fans, the regular season is drawing to an end, which means it is time for the pundits to start breaking out the bowl game predictions. Of course the experts never get it fully correct (who could have…more

Collateralized Debt Obligations, Dodd-Frank, Risk Retention

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The Perils of Not Showing Up: Default Judgment Entered Against Two Former Siemens Executives for Record US$1.46 Million in Combined Civil FCPA Penalties

On February 3, 2014, Judge Shira A. Scheindlin of the U.S. District Court for the Southern District of New York issued a default judgment in U.S. Securities and Exchange Commission v. Sharef, et al. against two former Siemens AG…more

Civil Monetary Penalty, Default Judgment, Enforcement Actions, FCPA, SEC

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Back in the game: The rise of US M&A

US M&A is bouncing back - After a tough few years, acquisitions in the United States have seen a remarkable resurgence - The first half of 2014 saw a great dealmaking revival in the United States. Deal values are…more

Acquisitions, Biotechnology, Buyouts, CFIUS, China

See All Updates »

“Implementation Day” Sanctions Relief Provided to Iran by UN, US, and EU

On January 16, 2016, the International Atomic Energy Agency (IAEA) verified that Iran has met its nuclear-related commitments under the Joint Comprehensive Plan of Action (JCPOA). On this day, known as “Implementation Day,” the…more

Economic Sanctions, EU, Implementation Day, International Atomic Energy Agency, Iran Sanctions

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Advocate General gives opinion on the meaning of “establishment” for the purpose of collective redundancy consultation

Advocate General Wahl has given an opinion on the meaning of the word “establishment” in Article 1(1)(a)(ii) of Directive 98/59/EC (the Collective Redundancies Directive), for the purpose of calculating whether the threshold…more

Collective Redundancies Directive, Employer Liability Issues, UK

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2015 Half-year in review M&A legal developments

We set out below a number of interesting English court decisions and market developments which have taken place and their impact on M&A transactions. This review looks at these developments and gives practical guidance on their…more

Acquisitions, Board of Directors, Breach of Contract, Commercial Leases, Companies Law

See All Updates »

FTC Announces Annual Changes to HSR Thresholds (2016)

On January 21, 2016, the Federal Trade Commission (FTC) announced the annual changes to the Hart-Scott-Rodino (HSR) Act notification thresholds…more

Acquisitions, FTC, Hart-Scott-Rodino Act, Mergers, Threshold Requirements

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Focus on the practical consequences of the ECJ’s Gazprom decision

Arbitral tribunal, state court – who is allowed to decide? Where a dispute concerns conflicting decisions made by courts of EU Member States one of the first things that springs to mind is “Council Regulation (EC) No…more

Arbitration, EU, European Court of Justice (ECJ), Jurisdiction, Member State

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Plunging Oil Prices: Options for Long-term Project Participants affected by the Price Collapse

Plunging oil prices over the past six months have left many participants in long-term energy projects looking at very different deals from the ones they signed. Having hovered around US$115 per barrel in June 2014, prices have…more

Construction Contracts, Construction Industry, Energy Projects, Energy Sector, Force Majeure Clause

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“Implementation Day” Sanctions Relief Provided to Iran by UN, US, and EU

On January 16, 2016, the International Atomic Energy Agency (IAEA) verified that Iran has met its nuclear-related commitments under the Joint Comprehensive Plan of Action (JCPOA). On this day, known as “Implementation Day,” the…more

Economic Sanctions, EU, Implementation Day, International Atomic Energy Agency, Iran Sanctions

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Somewhere over Africa: When Eurobonds and high yield bonds meet - New issuers and investors are driving growth and change in Africa's debt markets.

In 2015, two simultaneous market trends are developing across emerging markets: (1) The emergence of the international capital markets as a primary funding source for African issuers (sovereign and corporate) across the…more

Africa, Choice-of-Law, Debt Market, Emerging Markets, Energy Market

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M&A Attractiveness Index, EMEA – Sweden

According to the M&A Attractiveness Index, developed by the M&A Research Centre at Cass Business School, Sweden is now ranked 19th out of a total of 147 countries in terms of its attractiveness for M&A purposes, (i.e., its…more

Acquisitions, EU, Foreign Investment, Inbound Investments, Mergers

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Plunging Oil Prices: Options for Long-term Project Participants affected by the Price Collapse

Plunging oil prices over the past six months have left many participants in long-term energy projects looking at very different deals from the ones they signed. Having hovered around US$115 per barrel in June 2014, prices have…more

Construction Contracts, Construction Industry, Energy Projects, Energy Sector, Force Majeure Clause

See All Updates »

Mining in Africa – getting in sync with the cycle

With one third of the world’s mineral reserves and two thirds of the world’s diamond production, Africa should have basked in the era of roaring commodity prices and booming optimism. Over the last decade, Africa’s average…more

Africa, Commodities, Foreign Investment, Infrastructure, Minerals

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New Italian rules require filing with the Bank of Italy when issuing and offering financial instruments

The new Bank of Italy rules will apply from October 1, 2016. The Bank of Italy has implemented the provisions of article 129 of Legislative Decree no. 385 of 1 September 1993 (the Consolidated Banking Act or CBA) (the…more

Bank of Italy, Filing Requirements, Financial Instruments, Foreign Issuers, Italy

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New York Appellate Court Limits Application of “Separate Entity Rule” in Post-Judgment Discovery Context

In In re B&M Kingstone, LLC v. Mega International Commercial Bank Co., Ltd.,1 the New York Supreme Court, Appellate Division, First Department, held that the “separate entity rule” does not insulate a non-US bank’s New York…more

Banks, Discovery, Judgment Creditors, Non-US Entities, Personal Jurisdiction

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IRS Finalizes Regulations on Transfers of Derivative Contracts

The IRS has issued final regulations on the transfer or assignment of certain derivative contracts. A derivative is a financial instrument that is priced upon a derivation of the value of one or several underlying assets,…more

Derivatives, IRS, OTC, Transfers

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DOJ & FTC Release Cybersecurity Threat Information Exchange Policy

The US DOJ Antitrust Division and the FTC yesterday released a joint policy statement on the sharing of information between private parties, including competitors, to counter cybersecurity threats. The agencies acknowledge that…more

Cybersecurity, Data Protection, DOJ, FTC

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2015 Half-year in review M&A legal developments

We set out below a number of interesting English court decisions and market developments which have taken place and their impact on M&A transactions. This review looks at these developments and gives practical guidance on their…more

Acquisitions, Board of Directors, Breach of Contract, Commercial Leases, Companies Law

See All Updates »

New York Appellate Court Limits Application of “Separate Entity Rule” in Post-Judgment Discovery Context

In In re B&M Kingstone, LLC v. Mega International Commercial Bank Co., Ltd.,1 the New York Supreme Court, Appellate Division, First Department, held that the “separate entity rule” does not insulate a non-US bank’s New York…more

Banks, Discovery, Judgment Creditors, Non-US Entities, Personal Jurisdiction

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EP III: an open pit for finance? The impact of the Equator Principles on the industry’s environmental and social performance

The Equator Principles (EP) is a risk management framework, adopted by financial institutions, for determining, assessing and managing environmental and social risk. EP applies globally to all industry sectors and covers project…more

Project Finance, Risk Management, Sustainable Business Practices

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Delaware Court Decides Damages in Breach of Fiduciary Duty Aiding and Abetting Case

In March 2014, Vice Chancellor Laster of the Court of Chancery of the State of Delaware issued an opinion finding Rural/Metro Corporation’s lead financial advisor liable for aiding and abetting breaches of fiduciary duty by…more

Aiding and Abetting, Breach of Duty, Fiduciary Duty

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Insigh: Capital Markets: Tips for Taps

Following a successful bond issuance, an issuer may consider a “tap” issuance as a way to access further funding. White & Case offers some “Tips for Taps” for issuers and underwriters in accessing the capital markets…more

Capital Markets, Corporate Bonds, EU

See All Updates »

Qatar Financial Centre Regulatory Authority adopts new rules for the acquisition of significant ownership positions in QFC authorised firms

Key highlights: - QFCRA must approve a change of control, whether in direct shareholding or at a parent level, with key thresholds set at 10%, 24%, 49% and 74% of voting rights or shares. - When exceeding the 49%…more

Change of Ownership, Middle East, Shareholder Votes, Shareholders

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China’s Reform on Administration of Foreign Debts – What to Expect

On 14 September 2015, the PRC National Development and Reform Commission (“NDRC”) promulgated the Circular on Promoting Reform on the Administration of Filing and Registration of Foreign Debt Issued by Enterprises. The Circular…more

Bonds, China, Cross-Border Transactions, Foreign Debt, Loans

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Trade Secrets Protection Bill Pending Before the Senate and Judiciary Committee

On July 29, 2015, congressional leaders in both the House and Senate introduced a bipartisan, bicameral legislation to help combat the theft of business trade secrets. The proposed bill, titled the "Defend Trade Secrets Act of…more

Defend Trade Secrets Act, Economic Espionage Act, Pending Legislation, Statute of Limitations, Theft

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Amendments to Insolvency Law

In December 2014, amendments were introduced to the Federal Law “On Insolvency (Bankruptcy)” No. 127-FZ, dated 26 October 2002 (“Insolvency Law”). This alert analyses some of the amendments that are of crucial importance to all…more

Amended Legislation, Bankruptcy Code, Russia

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Myanmar accedes to New York Convention

Summary - On July 15, 2013, Myanmar acceded to the New York Convention on the Recognition of Enforcement of Foreign Arbitral Awards 1958 (the “New York Convention”). The next step is for Myanmar’s parliament to implement…more

Arbitration, Arbitration Awards, Foreign Jurisdictions, New York Convention

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Playing by the new global competition rules - South Korea: Building for the future

Antitrust regulators around the world are becoming more aggressive and sophisticated in their investigation and enforcement activities, working in coordination across borders and imposing increasingly higher fines. South Korean…more

Antitrust Investigations, Antitrust Violations, Competition, Compliance, Global Market

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Private placements: tapping the US market

European corporates are turning to the US private placement market in growing numbers, as they seek to broaden and diversify their sources of funding while locking in some attractively priced long-term debt. When Smith &…more

EU, Foreign Investment, Investors, Private Placements, Securities Act of 1933

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UK Autumn Statement 2015

This has been a rather underwhelming Autumn Statement by the Chancellor from a tax perspective as it is lighter in tax content than usual. Unlike in recent years, non-domiciled taxation did not feature prominently in this…more

Business Taxes, Debt, Executive Compensation, GAAR, Stamp Duty Land Tax

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Treatment of senior unsecured debt in European leveraged finance transactions: the need for an intercreditor agreement

Over the last few years, the European leveraged finance market has seen rapid growth of senior secured high yield notes (“SSN”) and senior secured covenant-lite term loan B (“TLB”) financings. A common feature of both SSNs and…more

Chapter 11, Commercial Bankruptcy, Creditors, EU, High-Yield Markets

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Ukraine and US Energy Export Restrictions: Will Geopolitics Bring Reform?

The situation in Ukraine has intensified political and media scrutiny of the United States’ restrictions on the export of crude oil and liquefied natural gas (LNG). With supplies of Russian energy to Ukraine and Europe at risk,…more

Energy, Export Controls, Exports, Liquid Natural Gas, Natural Gas

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FTC and Wyndham Settle Suit Regarding Wyndham's Alleged Cybersecurity Failures

On December 9, 2015, the Federal Trade Commission (the "FTC") and Wyndham Worldwide Corporation (and three additional Wyndham entities, collectively, "Wyndham") filed a stipulated order ("Stipulated Order") settling their…more

Administrative Authority, Data Breach, Data Security, FTC, FTC Act

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Structuring Energy and Natural Resource Investments into Sub Saharan Africa

An improving investment climate - Perceptions of Africa as an investment destination are changing rapidly and parts of Africa are increasingly considered very attractive for foreign direct investment. Compare this to…more

Africa, Consumer Financial Products, Energy Sector, Foreign Investment, Natural Resources

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SEC Proposes Disclosure Rule for Company Hedging Policies

On February 9, 2015, the Securities and Exchange Commission (“SEC”) proposed a rule to enhance disclosure of company hedging policies for directors, officers and other employees. This proposal would implement Section 955 of the…more

Dodd-Frank, Hedging, Proposed Regulation, Proxy Statements, Public Disclosure

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Class actions: now in Belgium

Class actions are a hot topic in Europe, and elsewhere. Various European countries have introduced, or are in the process of introducing, class action mechanisms. At the European Union level a similar development is noticeable,…more

Class Action, EU

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Insigh: Capital Markets: Tips for Taps

Following a successful bond issuance, an issuer may consider a “tap” issuance as a way to access further funding. White & Case offers some “Tips for Taps” for issuers and underwriters in accessing the capital markets…more

Capital Markets, Corporate Bonds, EU

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WTO Dispute Settlement—Long Delays Hit the System

- A recent increase in World Trade Organization (WTO) cases has strained resources in the WTO Secretariat and led to a notable slowdown in the dispute settlement process. In 2012, the WTO received the highest number of…more

International Trade Disputes, Settlement, WTO

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AIFMD: Update for non-EEA fund managers

From 22 July 2013, the Alternative Investment Fund Managers Directive (2011/61/EU) (the “Directive”) and the supplementary level 2 Regulation (EU) No 231/2013 (the “Regulation”) will come into effect. This legislation will…more

AIFM,