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Attorney	Latest Publications
Fernando Aenlle-Rocha	Statute of Limitations for Government Enforcement Actions Seeking Civil Penalties Starts When Conduct Occurs, Not When Discovered In Gabelli v. SEC, 568 US ___ (2013), a unanimous Supreme Court reversed the Second Circuit and held that the five-year statute of limitations for Government civil penalty enforcement actions under 28 U.S.C. §2642 begins to run…more Discovery Rule, Fraud, Gabelli v SEC, SCOTUS, SEC	See All Updates »
Meltem Akol	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, Shareholders	See All Updates »
Jan-Holger Arndt	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, AIFMD, Disclosure Requirements, EEA, EU	See All Updates »
Donna M. Attanasio	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	See All Updates »
Edward Attenborough	Supreme Court confirms that legal advice privilege does not apply to communications with non-lawyers The Supreme Court this week handed down judgment in the case of R (on the application of Prudential plc and another) v Special Commissioner of Income Tax and another, confirming that legal advice privilege does not extend to…more Accountants, EU, Legal Advice Privilege, Tax Advice	See All Updates »
Charles Balmain	UK Government opts in to Class Actions As widely expected, earlier this week the Government announced proposals for reform of the private competition damages regime in the UK, proposing to increase the Competition Appeal Tribunal’s (CAT) power and introduce an…more Class Action, Competition Appeal Tribunal, EU, Private Competition Damages	See All Updates »
David Barwise	The credit rating market for structured finance instruments: new requirements for issuers, originators and sponsors On 31 May 2013, Regulation (EU) No 462/2013 (the “Amendment Regulation”) that further amends Regulation (EC) No 1060/2009 on credit rating agencies was published in the Official Journal. This was accompanied by a short Directive…more AIFMD, Credit Ratings, Disclosure Requirements, ESMA, EU	See All Updates »
Natalia Bayurova	Trade Alert: Russia’s WTO Membership and the Gains for Russian Exporters Russia's recent accession to the WTO has the potential to bring numerous benefits to Russian exporters. Membership will result in improved access for Russian exports in foreign markets — including the EU, the United States and…more WTO	See All Updates »
Adrian Beasley	The English Court of Appeal confirms the effectiveness of Certificates of Acceptance in aircraft leasing transactions The Court of Appeal’s recent decision in Olympic Airlines SA (in special liquidation) v ACG Acquisition XX LLC [2013] EWCA Civ 369 gives welcome comfort to lessors that properly drafted Certificates of Acceptance will provide an…more Airlines, Certificates of Acceptance, EU, Leases	See All Updates »
Justin Benson	The English Court of Appeal confirms the effectiveness of Certificates of Acceptance in aircraft leasing transactions The Court of Appeal’s recent decision in Olympic Airlines SA (in special liquidation) v ACG Acquisition XX LLC [2013] EWCA Civ 369 gives welcome comfort to lessors that properly drafted Certificates of Acceptance will provide an…more Airlines, Certificates of Acceptance, EU, Leases	See All Updates »
Pascal Berghe	Do Your Suppliers Use Unauthorized IP? A Critical, Emerging Global Business Risk Do you know whether the suppliers in your supply chains use unauthorized intellectual property (IP)? Are you in a position to answer this question definitively? Even if you own, or have the legal rights to use, all IP that you…more Copyright, Cross-Border, OECD, Patents, Penalties	See All Updates »
Paule Biensan	Guinea Publishes Its Mining Contracts The Republic of Guinea is home to substantial reserves of mineral resources, notably in bauxite and iron ore, and is widely considered in the mining and metals sector as a key jurisdiction to watch for significant growth in the…more Minerals, Mining, Mining Contracts	See All Updates »
Thierry Bosly	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	See All Updates »
Pavel Boulatov	Court practice on credit obligations of individuals On 22 May 2013 the Presidium of the Supreme Court of the Russian Federation (the “Supreme Court”) approved an overview of court practice in cases concerning the performance of credit obligations by individuals (the…more Creditors, Debtors, Guarantors, Joint and Several Liability, Jurisdiction	See All Updates »
Oliver Brahmst	Delaware Supreme Court Confirms Liability for Failure to Negotiate in Good Faith On appeal from the Delaware Court of Chancery, the Delaware Supreme Court, in SIGA Technologies, Inc. v. PharmAthene, Inc., recently held that an agreement to negotiate in good faith in accordance with a term sheet is an…more Incorporation, Liability, License Agreements, Mergers, Negotiations	See All Updates »
Noah A. Brumfield	FTC Announces Annual Changes to HSR Thresholds On January 10, 2013, the Federal Trade Commission (FTC) announced the annual changes to the Hart-Scott-Rodino (HSR) Act notification thresholds. The FTC is required to revise the jurisdictional thresholds annually, based on the…more FTC, Hart-Scott-Rodino Act, Size of Persons Test, Size of Transaction Test, Threshhold Requirements	See All Updates »
Richard Burke	OFAC Issues New General License Authorizing the Provision of Specified Fee-Based Personal Internet Communications Services, Software and Hardware to Iran Introduction - US sanctions restrictions have traditionally exempted exchanges of information and informational materials. However, because the prohibitions on exports of software and services are sufficiently broad to…more Exports, Iran Sanctions, Licenses, OFAC, Sanctions	See All Updates »
Tom Cameron	Supreme Court confirms English courts can grant injunctions to protect arbitration agreements, even absent a current or prospective arbitration The Supreme Court yesterday confirmed that, even where no arbitration is contemplated or afoot, English courts can grant an anti-suit injunction protecting an English law agreement to arbitrate (AES Ust-Kamenogorsk LLP v…more Anti-Suit Injunctions, Arbitration, Arbitration Agreements, EU, Injunctions	See All Updates »
Rebecca Campbell	Glencore’s Long March to Take Over Xstrata At long last, Glencore has overcome the final regulatory hurdle and secured the approval of China’s Ministry of Commerce (MOFCOM) to acquire the 66 percent of Xstrata that it does not already own. But not before agreeing to part…more China, Glencore, MOFCOM, Xstrata	See All Updates »
Iacopo Canino	How Tobin Tax and certain regulatory duties affect Block Trades in Italy Italian Law No. 228 dated December 24, 2012, which approved the 2013 budget, contemplates, among others, a new tax applicable to certain financial transactions (the “Tobin Tax”). The Tobin Tax will apply to transactions,…more Buyers, Derivatives, Duties, Foreign Banks, High Frequency Trading	See All Updates »
Linda Carlisle	Washington Energy Update - December 2012/January 2013 In This Issue: - Congress Keeps Wind Credit Alive, Adds New “Begin Construction” Requirement - FERC Approves NERC’s “Bright-Line” BES; Revised Rules of Procedure - Exercising Its Muscle—Enforcement Actions by the…more Department of Energy, Enforcement Actions, Exports, FERC, Liquid Natural Gas	See All Updates »
Peter Carney	Getting the Deal Through – Cartel Regulation 2013: Global Overview and United States Global Overview: Continued aggressive cartel enforcement in 2012 Authorities around the world continued to vigorously enforce cartel law in 2012. Total fines increased in many jurisdictions, and authorities around the world…more Appeals, Cartels, Class Action, Criminal Sanctions, DOJ	See All Updates »
Kenneth A. Caruso	Statute of Limitations for Government Enforcement Actions Seeking Civil Penalties Starts When Conduct Occurs, Not When Discovered In Gabelli v. SEC, 568 US ___ (2013), a unanimous Supreme Court reversed the Second Circuit and held that the five-year statute of limitations for Government civil penalty enforcement actions under 28 U.S.C. §2642 begins to run…more Discovery Rule, Fraud, Gabelli v SEC, SCOTUS, SEC	See All Updates »
Baldwin Cheng	China Finance Bulletin - June 2013: ¦¦ SAFE’s New Rule Simplifies and Clarifies Foreign Debt Registration SAFE’s New Rule Simplifies and Clarifies Foreign Debt Registration On April 28, 2013, the State Administrative of Foreign Exchange (“SAFE”) issued “The Administrative Measures for the Registration of Foreign Debt”…more Debt, Foreign Exchanges, Foreign Investment, SAFE	See All Updates »
Adam Chernichaw	President Obama Issues New Executive Order on Improving Cybersecurity On February 12, 2013, President Obama signed an executive order for "Improving Critical Infrastructure Cybersecurity" (the "Executive Order"). The Executive Order seeks to promote information sharing between the government and…more Barack Obama, CISPA, Critical Infrastructure Sectors, Cybersecurity, Executive Orders	See All Updates »
Grigory Chernyshov	Court practice on credit obligations of individuals On 22 May 2013 the Presidium of the Supreme Court of the Russian Federation (the “Supreme Court”) approved an overview of court practice in cases concerning the performance of credit obligations by individuals (the…more Creditors, Debtors, Guarantors, Joint and Several Liability, Jurisdiction	See All Updates »
Mae Shan Chong	Myanmar Issues Foreign Investment Law Implementing Regulations Summary - On January 31, 2013, the Ministry of National Planning and Economic Development released the new Implementing Regulations for the Myanmar Foreign Investment Law No. 21 (FIL No. 21). President U Thein Sein signed…more Foreign Investment, Notice Requirements, Sanctions	See All Updates »
Robert Chung	Delaware Court of Chancery Finds Business Judgment Rule Review Standard Applicable to Controlling Stockholder Merger Conditioned on the Approval of Both an Independent Special Committee and a Majority-of-the-Minority Stockholder Vote A recent decision of the Delaware Court of Chancery, In re MFW Shareholder Litigation, held that the business judgment rule standard of review applies in cases where a going-private transaction has been conditioned on both the…more Board of Directors, Business Judgment Rule, Controlling Stockholders, Corporate Governance, Going-Private Transactions	See All Updates »
Ian Clark	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	See All Updates »
Jane Cooper	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, AIFMD, Disclosure Requirements, EEA, EU	See All Updates »
Christopher Corr	China Business, Trade and Competition Bulletin - June 2013: China Renames Regulatory Agency: What’s in Store for the Cosmetics and Medical Device Industries? In March 2013, the National People’s Congress of China formally changed the name of the State Food and Drug Administration (SFDA) to the China Food and Drug Administration (CFDA), elevating it back to a ministerial-level agency…more CFDA, China, Cosmetics, Imports, Medical Devices	See All Updates »
Robert E. Counihan	Mayo V Prometheus: Another Guidepost on the Road to Determining Patentability in the Post-Industrial Age by Jane Plomley and Robert Counihan Originally published in Bio-Science Law Review - November 2012. On 20 March 2012, in Mayo Collaborative Servs v Prometheus Labs, Inc., the Supreme Court of the United States invalidated diagnostic treatment process…more Mayo v. Prometheus, Myriad, Patents	See All Updates »
Amanda Cowell	English court supports enforcement of arbitral award, granting worldwide injunction requiring disclosure of assets This morning, Mr Justice Field handed down his decision in the case of Cruz City 1 Mauritius Holdings v Unitech Limited and others [2013] EWHC 1323 (Comm), confirming the jurisdiction of the English courts to order a…more Arbitration, Disclosure Requirements, EU, Injunctions, Shareholders	See All Updates »
Paul Cowan	New Changes to the Late Payment of Commercial Debts (Interest) Act On 16 March 2013, new regulations came into force in relation to the Late Payment of Commercial Debts (Interest) Act. Enacted to incorporate a recent EU Directive, these new regulations introduce a maximum payment period…more Commercial Contracts, Debt, EU, Late Payments	See All Updates »
David Crook	Is the legal environment changing for Russia-related transactions? What new challenges will parties face and how should they address them? A dynamic market - Russia is a dynamic, developing growth market, with a constantly changing legal environment. Right now Russia is seeing an upturn of activity in corporate transactions of all kinds: mergers and…more Enforcement, Foreign Investment, Foreign Jurisdictions, Joint Venture, Public Listing	See All Updates »
Glen R. Cuccinello	A Proposed Fundamental Shift in US Foreign Bank Supervision The Board of Governors of the Federal Reserve System (“Board”) has devoted some time to considering how to address the potential threat to the financial stability of the United States posed by a foreign bank with banking…more Bank Holding Company, Broker-Dealer, Capital Requirements, Dividends, Federal Reserve	See All Updates »
Ian Cuillerier	Foreign Banks May Continue Swaps Activities...and Still Access Discount Window The Board of Governors of the Federal Reserve System (“Board”) on June 5, 2013 took a bold step in issuing interim final rules (“Interim Rules”) that allow a foreign bank’s uninsured US branches and agencies to continue to…more Discounts, Federal Reserve, Foreign Banks, Swap Dealers, Swaps	See All Updates »
Christopher Curran	Statute of Limitations for Government Enforcement Actions Seeking Civil Penalties Starts When Conduct Occurs, Not When Discovered In Gabelli v. SEC, 568 US ___ (2013), a unanimous Supreme Court reversed the Second Circuit and held that the five-year statute of limitations for Government civil penalty enforcement actions under 28 U.S.C. §2642 begins to run…more Discovery Rule, Fraud, Gabelli v SEC, SCOTUS, SEC	See All Updates »
G. William Currier	Statute of Limitations for Government Enforcement Actions Seeking Civil Penalties Starts When Conduct Occurs, Not When Discovered In Gabelli v. SEC, 568 US ___ (2013), a unanimous Supreme Court reversed the Second Circuit and held that the five-year statute of limitations for Government civil penalty enforcement actions under 28 U.S.C. §2642 begins to run…more Discovery Rule, Fraud, Gabelli v SEC, SCOTUS, SEC	See All Updates »
George Cyriac	India Budget 2013: Key Changes Affecting International Investors On February 28, 2013, India’s Finance Minister presented the country’s budget for the fiscal year beginning April 1, 2013 (Budget). The Budget includes several proposals that affect international investors investing in India,…more Business Taxes, Foreign Investment, GAAR, Royalties, Tax-Residency Certificate	See All Updates »
Mark Davison	Brussels Regulation Reforms: Key changes and their implications The European Economic and Monetary Affairs Council has approved amendments to the Brussels Regulation (EC Regulation 44/2001 on jurisdiction and the recognition and enforcement of judgments in civil and commercial…more Arbitration, Arbitration Agreements, EU, Foreign Judgments, Jurisdiction	See All Updates »
Harrison Denman	A Tale Of Two Debtors: Lehman Brothers And The Availability Of Equitable Subordination In The “Dueling Debtor” Context Originally published in the NYU Journal of Law & Business - Vol. 9:269, 2012. This article suggests that the generally accepted “offensive/defensive” standard used by bankruptcy courts to determine whether a debtor may…more Automatic Stay, Debtors, Dueling Debtor, Enron, Equitable Subordination	See All Updates »
Allie Diamond	State court ruling creates new uncertainty for DMCA safe harbors A New York state court has ruled that a DMCA safe harbor does not protect internet services from claims they infringe pre-1972 sound recordings. The decision, UMG Recordings v. Escape Media Group, creates new uncertainty and…more Copyright, Copyright Infringement, DCMA, Internet Service Providers, Safe Harbors	See All Updates »
Colin Diamond	OFAC Issues New General License Authorizing the Provision of Specified Fee-Based Personal Internet Communications Services, Software and Hardware to Iran Introduction - US sanctions restrictions have traditionally exempted exchanges of information and informational materials. However, because the prohibitions on exports of software and services are sufficiently broad to…more Exports, Iran Sanctions, Licenses, OFAC, Sanctions	See All Updates »
S. Lynn Diamond	FTC Announces Annual Changes to HSR Thresholds On January 10, 2013, the Federal Trade Commission (FTC) announced the annual changes to the Hart-Scott-Rodino (HSR) Act notification thresholds. The FTC is required to revise the jurisdictional thresholds annually, based on the…more FTC, Hart-Scott-Rodino Act, Size of Persons Test, Size of Transaction Test, Threshhold Requirements	See All Updates »
Irina Dmitrieva	Trade Alert: Russia’s WTO Membership and the Gains for Russian Exporters Russia's recent accession to the WTO has the potential to bring numerous benefits to Russian exporters. Membership will result in improved access for Russian exports in foreign markets — including the EU, the United States and…more WTO	See All Updates »
Allison Dodd	Federal Legislation Introduced Regarding Mobile Application Privacy On May 9, 2013, Georgia Congressman Hank Johnson introduced the Application Privacy, Protection and Security Act of 2013 (the "Apps Act"), a bill "[t]o provide for greater transparency in and user control over the treatment of…more App Developers, APPS Act, Data Protection, FTC, Mobile Apps	See All Updates »
Toshio Dokei	Do Your Suppliers Use Unauthorized IP? A Critical, Emerging Global Business Risk Do you know whether the suppliers in your supply chains use unauthorized intellectual property (IP)? Are you in a position to answer this question definitively? Even if you own, or have the legal rights to use, all IP that you…more Copyright, Cross-Border, OECD, Patents, Penalties	See All Updates »
Andrei Donstov	Is the legal environment changing for Russia-related transactions? What new challenges will parties face and how should they address them? A dynamic market - Russia is a dynamic, developing growth market, with a constantly changing legal environment. Right now Russia is seeing an upturn of activity in corporate transactions of all kinds: mergers and…more Enforcement, Foreign Investment, Foreign Jurisdictions, Joint Venture, Public Listing	See All Updates »
Michael Doran	Bond Consent Solicitation Payments - Court of Appeal Upholds Judgment in Azevedo & Another v Imcopa In summer 2012, two important judgments were handed down on cases relating to bond consent solicitations. Although the consent solicitation techniques proposed by the debtor companies in each case were markedly different, at…more Bonds, Consent Solicitations, Creditors, Debtors, Foreign Sovereigns	See All Updates »
Donald C. Dowling, Jr.	How a US University Can Employ Faculty, Researchers, Administrators and Foreign Locals at an Overseas Program A full century has passed since Yale professor Hiram Bingham discovered Machu Picchu and University of Chicago professor James Henry Breasted led his expeditions into Egypt and the Sudan for Chicago’s Oriental Institute amassing…more Colleges, Corporate Governance, Foreign Nationals, Licenses, Overseas Educational Programs	See All Updates »
Dimitrious Drivas	What Does the Future Hold in View of the Supreme Court Decision on Isolated Genes and cDNA? In a long-anticipated ruling, the US Supreme Court acknowledged Myriad Genetics’ contribution in discovering the location and sequence of the BRCA1 and BRCA2 genes but concluded that “Myriad did not create anything” when it…more	See All Updates »
Nicole Erb	OFAC Issues New General License Authorizing the Provision of Specified Fee-Based Personal Internet Communications Services, Software and Hardware to Iran Introduction - US sanctions restrictions have traditionally exempted exchanges of information and informational materials. However, because the prohibitions on exports of software and services are sufficiently broad to…more Exports, Iran Sanctions, Licenses, OFAC, Sanctions	See All Updates »
Rebecca Farrington	FTC Announces Annual Changes to HSR Thresholds On January 10, 2013, the Federal Trade Commission (FTC) announced the annual changes to the Hart-Scott-Rodino (HSR) Act notification thresholds. The FTC is required to revise the jurisdictional thresholds annually, based on the…more FTC, Hart-Scott-Rodino Act, Size of Persons Test, Size of Transaction Test, Threshhold Requirements	See All Updates »
Ian Forrester	European Commission adopts a package on private damages actions in antitrust cases On 11 June 2013, the European Commission (“Commission”) adopted a proposal for a directive on how citizens and companies can bring damages claims under EU antitrust rules. According to the Commission, the proposal serves to…more Antitrust Litigation, EU, European Commission	See All Updates »
Ferigo Foscari	The credit rating market for structured finance instruments: new requirements for issuers, originators and sponsors On 31 May 2013, Regulation (EU) No 462/2013 (the “Amendment Regulation”) that further amends Regulation (EC) No 1060/2009 on credit rating agencies was published in the Official Journal. This was accompanied by a short Directive…more AIFMD, Credit Ratings, Disclosure Requirements, ESMA, EU	See All Updates »
Christopher Frampton	Restructuring & Beyond: The marine industry’s routes to safety: Survival strategies and new opportunities for companies, banks and investors in the marine sector Shipping has its fortunes anchored to the health of the global economy. As long as supply exceeds demand, there will be companies at risk of failure. More than four years into the industry’s downturn, market equilibrium is…more Shipping	See All Updates »
Tomoko Fuminaga	FSA’s Proposal to Amend the Existing Laws and Regulations with respect to Short Sales On March 7, 2013, the Financial Services Agency of Japan (the “Japan FSA”) announced that it is considering amending certain aspects of the existing rules and regulations governing short sales by November 2013. This Client Alert…more Japan FSA, Short Sales, Triggering Event, Uptick Rule	See All Updates »
Caileen N. Gamache	Washington Energy Update - February/March 2013 In This Issue: - Energy Highlights - Just the Facts: FERC Dismisses Third-Party Complaint of Alleged Reliability Standards Violations Due to an Insufficient Evidentiary Record - FERC Holds a Firm Line on…more FERC, Mitigation	See All Updates »
J. Mark Gidley	FTC Announces Annual Changes to HSR Thresholds On January 10, 2013, the Federal Trade Commission (FTC) announced the annual changes to the Hart-Scott-Rodino (HSR) Act notification thresholds. The FTC is required to revise the jurisdictional thresholds annually, based on the…more FTC, Hart-Scott-Rodino Act, Size of Persons Test, Size of Transaction Test, Threshhold Requirements	See All Updates »
Christopher Glancy	Supreme Court Applies “First Sale” Doctrine to Foreign-Made Copyrighted Goods The Supreme Court ruled in Kirtsaeng v. John Wiley & Sons, Inc. that copyright law does not prohibit the unauthorized importation and sale of copyrighted goods manufactured outside the United States. This decision, which…more Copyright, Exports, First Sale Doctrine, Grey Market, Imports	See All Updates »
Holt Goddard	Considerations for the 2013 Form 10-K and Annual Proxy Season The upcoming 2013 proxy season will likely be impacted by new policies issued by proxy advisers, as well as shareholder activists taking advantage of previously adopted rules, rather than by recent legislative or rulemaking…more Board of Directors, CEOs, Clawback Agreements, Compensation Committee, Conflict Mineral Rules	See All Updates »
David Goldberg	Is the legal environment changing for Russia-related transactions? What new challenges will parties face and how should they address them? A dynamic market - Russia is a dynamic, developing growth market, with a constantly changing legal environment. Right now Russia is seeing an upturn of activity in corporate transactions of all kinds: mergers and…more Enforcement, Foreign Investment, Foreign Jurisdictions, Joint Venture, Public Listing	See All Updates »
Chang-Do Gong	Delaware Supreme Court Confirms Liability for Failure to Negotiate in Good Faith On appeal from the Delaware Court of Chancery, the Delaware Supreme Court, in SIGA Technologies, Inc. v. PharmAthene, Inc., recently held that an agreement to negotiate in good faith in accordance with a term sheet is an…more Incorporation, Liability, License Agreements, Mergers, Negotiations	See All Updates »
Daniel A. Hagan	Washington Energy Update - April/May 2013 In This Issue: - DOE Begins to Authorize Pending LNG Export Applications — Cautiously - Senators Want to Extend Master Limited Partnerships to Renewables - FERC Takes on Formula Rate Protocols - Energy…more DOE, Exports, Federal Budget, FERC, Limited Partnerships	See All Updates »
Claire Hall	The CFTC Issues Interim Final Rules Extending the Time for Compliance with Certain Business Conduct and Documentation Requirements for Swap Dealers and Major Swap Participants On December 18, 2012, the US Commodity Futures Trading Commission’s (the “Commission”) approved interim final rules (the “Interim Final Rules”) for swap dealers (“SDs”) and major swap participants (“MSPs”) that delay compliance…more CFTC, Dodd-Frank, Major Swap Participants, Required Documentation, Swap Dealers	See All Updates »
Mark Hamilton	Recent Tax Court Case Exposes Risks of Indirect Prohibited Transactions by IRAs Tax-qualified pension, savings and retirement plans and individual retirement accounts (“IRAs”) are subject to complex prohibited transaction rules under § 4975 of the Internal Revenue Code of 1986, as amended (the “Code”…more IRA, Pensions, Prohitibed Transactions, Retirement	See All Updates »
Sharon Hartline	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, AIFMD, Disclosure Requirements, EEA, EU	See All Updates »
Norifusa Hashimoto	FSA’s Proposal to Amend the Existing Laws and Regulations with respect to Short Sales On March 7, 2013, the Financial Services Agency of Japan (the “Japan FSA”) announced that it is considering amending certain aspects of the existing rules and regulations governing short sales by November 2013. This Client Alert…more Japan FSA, Short Sales, Triggering Event, Uptick Rule	See All Updates »
Warren Heit	CLS Bank v. Alice Corp. Further Muddies §101 Patent Eligibility On May 10, 2013, the Federal Circuit issued deeply divided opinions on the standards to be applied to determine patent eligibility of software and business method patents, further opening the door to challenges of such patents…more CLS Bank, CLS Bank v Alice Corp, Patent-Eligible Subject Matter, Patents	See All Updates »
Scott E. Hershman	Statute of Limitations for Government Enforcement Actions Seeking Civil Penalties Starts When Conduct Occurs, Not When Discovered In Gabelli v. SEC, 568 US ___ (2013), a unanimous Supreme Court reversed the Second Circuit and held that the five-year statute of limitations for Government civil penalty enforcement actions under 28 U.S.C. §2642 begins to run…more Discovery Rule, Fraud, Gabelli v SEC, SCOTUS, SEC	See All Updates »
Kevin Heverin	Bond Consent Solicitation Payments - Court of Appeal Upholds Judgment in Azevedo & Another v Imcopa In summer 2012, two important judgments were handed down on cases relating to bond consent solicitations. Although the consent solicitation techniques proposed by the debtor companies in each case were markedly different, at…more Bonds, Consent Solicitations, Creditors, Debtors, Foreign Sovereigns	See All Updates »
Patrick Holten	Washington Energy Update - February/March 2013 In This Issue: - Energy Highlights - Just the Facts: FERC Dismisses Third-Party Complaint of Alleged Reliability Standards Violations Due to an Insufficient Evidentiary Record - FERC Holds a Firm Line on…more FERC, Mitigation	See All Updates »
Zelda Hunter	Supreme Court confirms that legal advice privilege does not apply to communications with non-lawyers The Supreme Court this week handed down judgment in the case of R (on the application of Prudential plc and another) v Special Commissioner of Income Tax and another, confirming that legal advice privilege does not extend to…more Accountants, EU, Legal Advice Privilege, Tax Advice	See All Updates »
Tallat Hussain	Insight: Asset Finance - March 2013: High Hopes for Regulating International Aviation Emissions “Application of the [EU] emissions trading scheme to aviation infringes neither the principles of customary international law at issue nor the Open Skies Agreement”. This was the judgment of the European Court of…more Airlines, Aviation, EU, EU ETS, Greenhouse Gas Emissions	See All Updates »
Michael Immordino	How Tobin Tax and certain regulatory duties affect Block Trades in Italy Italian Law No. 228 dated December 24, 2012, which approved the 2013 budget, contemplates, among others, a new tax applicable to certain financial transactions (the “Tobin Tax”). The Tobin Tax will apply to transactions,…more Buyers, Derivatives, Duties, Foreign Banks, High Frequency Trading	See All Updates »
David Johansen	Considerations for the 2013 Form 10-K and Annual Proxy Season The upcoming 2013 proxy season will likely be impacted by new policies issued by proxy advisers, as well as shareholder activists taking advantage of previously adopted rules, rather than by recent legislative or rulemaking…more Board of Directors, CEOs, Clawback Agreements, Compensation Committee, Conflict Mineral Rules	See All Updates »
Johanna Johnson	Government gives go ahead for new employment status On 3 December 2012, the UK Government published its response to a consultation paper on the Chancellor’s proposal for implementing a new “employee shareholder” status. Whilst acknowledging that only “a very small number of…more BIS, Capital Gains, Employee Rights, Employee Shareholders, EU	See All Updates »
Helen Joseph	Forfeiture, penalty and repudiation: terminating the employment of highly paid employees Two recent cases in the English courts have focused on important issues for employers of senior and highly remunerated employees, particularly those in the financial services sector where payments under incentive plans are often…more Breach of Contract, Employment Terms, EU, Forfeiture, Hiring & Firing	See All Updates »
Gary Kashar	Netflix SEC Investigation Report Clarifies the Use of Social Media and Regulation FD Regulation FD - Regulation FD prohibits US public companies or persons acting on their behalf from selectively disclosing material, nonpublic information to securities professionals or investors when it is reasonably…more Disclosure Requirements, Information Sharing, Netflix, Regulation FD, SEC	See All Updates »
Michael E. Kavoukjian	Effects of the New US Tax Law on Estate Planning On January 3, 2013, President Obama signed the American Taxpayer Relief Act of 2012 into law. As a result, for the first time in over 12 years, there is now some certainty in the Federal estate tax, the Federal gift tax and the…more American Taxpayer Relief Act, Estate Tax, Generation-Skipping Transfer, Gift-Tax Exemption, Portability	See All Updates »
Joshua Kiernan	Netflix SEC Investigation Report Clarifies the Use of Social Media and Regulation FD Regulation FD - Regulation FD prohibits US public companies or persons acting on their behalf from selectively disclosing material, nonpublic information to securities professionals or investors when it is reasonably…more Disclosure Requirements, Information Sharing, Netflix, Regulation FD, SEC	See All Updates »
James R.M. Killick	European Commission adopts a package on private damages actions in antitrust cases On 11 June 2013, the European Commission (“Commission”) adopted a proposal for a directive on how citizens and companies can bring damages claims under EU antitrust rules. According to the Commission, the proposal serves to…more Antitrust Litigation, EU, European Commission	See All Updates »
Dr. Assimakis Komninos	European Commission adopts a package on private damages actions in antitrust cases On 11 June 2013, the European Commission (“Commission”) adopted a proposal for a directive on how citizens and companies can bring damages claims under EU antitrust rules. According to the Commission, the proposal serves to…more Antitrust Litigation, EU, European Commission	See All Updates »
Thomas Lauria	Restructuring & Beyond: The marine industry’s routes to safety: Survival strategies and new opportunities for companies, banks and investors in the marine sector Shipping has its fortunes anchored to the health of the global economy. As long as supply exceeds demand, there will be companies at risk of failure. More than four years into the industry’s downturn, market equilibrium is…more Shipping	See All Updates »
Anthony Lavers	New Changes to the Late Payment of Commercial Debts (Interest) Act On 16 March 2013, new regulations came into force in relation to the Late Payment of Commercial Debts (Interest) Act. Enacted to incorporate a recent EU Directive, these new regulations introduce a maximum payment period…more Commercial Contracts, Debt, EU, Late Payments	See All Updates »
John Leary	China Bulletin - March 2013: China Eases Foreign Exchange Restrictions on FDI On November 21, 2012, China’s State Administration of Foreign Exchange (“SAFE”) released a new circular, “Circular on Further Improvement and Amendment of Foreign Exchange Control Policies on Direct Investment ([2012] No. 59),”…more China, Foreign Investment, SAFE	See All Updates »
Lindsay Leonard	Kiobel v. Royal Dutch Petroleum: Beyond the Alien Tort Statute—Broadly Extending the Presumption Against the Extraterritorial Reach of US Law Since the Second Circuit decided Filártiga v. Pena-Irala in 1980, plaintiffs have deployed the Alien Tort Statute (“ATS”) to great effect against multinational corporations. The statute — which had lain dormant since 1789 — has…more Alien Tort Statute, Extraterritoriality Rules, Kiobel v. Royal Dutch Petroleum Co., Royal Dutch Petroleum	See All Updates »
Darryl S. Lew	Statute of Limitations for Government Enforcement Actions Seeking Civil Penalties Starts When Conduct Occurs, Not When Discovered In Gabelli v. SEC, 568 US ___ (2013), a unanimous Supreme Court reversed the Second Circuit and held that the five-year statute of limitations for Government civil penalty enforcement actions under 28 U.S.C. §2642 begins to run…more Discovery Rule, Fraud, Gabelli v SEC, SCOTUS, SEC	See All Updates »
Xiaoming Li	China Finance Bulletin - June 2013: ¦¦ SAFE’s New Rule Simplifies and Clarifies Foreign Debt Registration SAFE’s New Rule Simplifies and Clarifies Foreign Debt Registration On April 28, 2013, the State Administrative of Foreign Exchange (“SAFE”) issued “The Administrative Measures for the Registration of Foreign Debt”…more Debt, Foreign Exchanges, Foreign Investment, SAFE	See All Updates »
Bertrand Liard	Discovery in the US Involving French Companies Judicial cross border litigation and/or international arbitration proceedings reveal two distinct systems: common law systems allow a comprehensive collection and disclosure of all existing documents leading to admissible…more	See All Updates »
Charlie Lightfoot	Brussels Regulation Reforms: Key changes and their implications The European Economic and Monetary Affairs Council has approved amendments to the Brussels Regulation (EC Regulation 44/2001 on jurisdiction and the recognition and enforcement of judgments in civil and commercial…more Arbitration, Arbitration Agreements, EU, Foreign Judgments, Jurisdiction	See All Updates »
John Lillis	India Budget 2013: Key Changes Affecting International Investors On February 28, 2013, India’s Finance Minister presented the country’s budget for the fiscal year beginning April 1, 2013 (Budget). The Budget includes several proposals that affect international investors investing in India,…more Business Taxes, Foreign Investment, GAAR, Royalties, Tax-Residency Certificate	See All Updates »
Scott Lincicome	Washington Energy Update - December 2012/January 2013 In This Issue: - Congress Keeps Wind Credit Alive, Adds New “Begin Construction” Requirement - FERC Approves NERC’s “Bright-Line” BES; Revised Rules of Procedure - Exercising Its Muscle—Enforcement Actions by the…more Department of Energy, Enforcement Actions, Exports, FERC, Liquid Natural Gas	See All Updates »
Pontus Lindfelt	European Commission adopts a package on private damages actions in antitrust cases On 11 June 2013, the European Commission (“Commission”) adopted a proposal for a directive on how citizens and companies can bring damages claims under EU antitrust rules. According to the Commission, the proposal serves to…more Antitrust Litigation, EU, European Commission	See All Updates »
Gregory G. Little	Statute of Limitations for Government Enforcement Actions Seeking Civil Penalties Starts When Conduct Occurs, Not When Discovered In Gabelli v. SEC, 568 US ___ (2013), a unanimous Supreme Court reversed the Second Circuit and held that the five-year statute of limitations for Government civil penalty enforcement actions under 28 U.S.C. §2642 begins to run…more Discovery Rule, Fraud, Gabelli v SEC, SCOTUS, SEC	See All Updates »
Carmen Lo	Supreme Court Interprets Copyright "First Sale" Doctrine Introduction - On March 19, 2013, in a 6-3 decision, the Supreme Court issued its opinion in Kirtsaeng v. John Wiley & Sons, Inc., holding that the copyright "first sale" doctrine applies to copies of works manufactured outside…more Copyright, Copyright Infringement, First Sale Doctrine, Kirtsaeng v. John Wiley & Sons, SCOTUS	See All Updates »
Meredith Louis	Amendments to the Economic Espionage Act Broaden Trade Secret Protection Protecting and enforcing trade secrets in the United States has historically been challenging. Recent amendments to the Economic Espionage Act of 1996 (the "EEA"), which criminalizes theft of trade secrets, broaden the scope of…more Attorney Generals, Economic Espionage Act, Misappropriation, Theft, Trade Secrets	See All Updates »
Caroline Lyannaz	Discovery in the US Involving French Companies Judicial cross border litigation and/or international arbitration proceedings reveal two distinct systems: common law systems allow a comprehensive collection and disclosure of all existing documents leading to admissible…more	See All Updates »
Patrick Ma	China Business, Trade and Competition Bulletin - June 2013: China Renames Regulatory Agency: What’s in Store for the Cosmetics and Medical Device Industries? In March 2013, the National People’s Congress of China formally changed the name of the State Food and Drug Administration (SFDA) to the China Food and Drug Administration (CFDA), elevating it back to a ministerial-level agency…more CFDA, China, Cosmetics, Imports, Medical Devices	See All Updates »
Jacquelyn F. MacLennan	European Commission adopts a package on private damages actions in antitrust cases On 11 June 2013, the European Commission (“Commission”) adopted a proposal for a directive on how citizens and companies can bring damages claims under EU antitrust rules. According to the Commission, the proposal serves to…more Antitrust Litigation, EU, European Commission	See All Updates »
Cecily P. Maguire	Effects of the New US Tax Law on Estate Planning On January 3, 2013, President Obama signed the American Taxpayer Relief Act of 2012 into law. As a result, for the first time in over 12 years, there is now some certainty in the Federal estate tax, the Federal gift tax and the…more American Taxpayer Relief Act, Estate Tax, Generation-Skipping Transfer, Gift-Tax Exemption, Portability	See All Updates »
Kartick Maheshwari	India Budget 2013: Key Changes Affecting International Investors On February 28, 2013, India’s Finance Minister presented the country’s budget for the fiscal year beginning April 1, 2013 (Budget). The Budget includes several proposals that affect international investors investing in India,…more Business Taxes, Foreign Investment, GAAR, Royalties, Tax-Residency Certificate	See All Updates »
David Manson	Restructuring & Beyond: The marine industry’s routes to safety: Survival strategies and new opportunities for companies, banks and investors in the marine sector Shipping has its fortunes anchored to the health of the global economy. As long as supply exceeds demand, there will be companies at risk of failure. More than four years into the industry’s downturn, market equilibrium is…more Shipping	See All Updates »
Rian Matthews	Supreme Court confirms English courts can grant injunctions to protect arbitration agreements, even absent a current or prospective arbitration The Supreme Court yesterday confirmed that, even where no arbitration is contemplated or afoot, English courts can grant an anti-suit injunction protecting an English law agreement to arbitrate (AES Ust-Kamenogorsk LLP v…more Anti-Suit Injunctions, Arbitration, Arbitration Agreements, EU, Injunctions	See All Updates »
Neal McAliley	Statute of Limitations for Government Enforcement Actions Seeking Civil Penalties Starts When Conduct Occurs, Not When Discovered In Gabelli v. SEC, 568 US ___ (2013), a unanimous Supreme Court reversed the Second Circuit and held that the five-year statute of limitations for Government civil penalty enforcement actions under 28 U.S.C. §2642 begins to run…more Discovery Rule, Fraud, Gabelli v SEC, SCOTUS, SEC	See All Updates »
Kevin McGann	CLS Bank v. Alice Corp. Further Muddies §101 Patent Eligibility On May 10, 2013, the Federal Circuit issued deeply divided opinions on the standards to be applied to determine patent eligibility of software and business method patents, further opening the door to challenges of such patents…more CLS Bank, CLS Bank v Alice Corp, Patent-Eligible Subject Matter, Patents	See All Updates »
Brendan McGivern	Trade Alert: Russia’s WTO Membership and the Gains for Russian Exporters Russia's recent accession to the WTO has the potential to bring numerous benefits to Russian exporters. Membership will result in improved access for Russian exports in foreign markets — including the EU, the United States and…more WTO	See All Updates »
Gavin McLean	The credit rating market for structured finance instruments: new requirements for issuers, originators and sponsors On 31 May 2013, Regulation (EU) No 462/2013 (the “Amendment Regulation”) that further amends Regulation (EC) No 1060/2009 on credit rating agencies was published in the Official Journal. This was accompanied by a short Directive…more AIFMD, Credit Ratings, Disclosure Requirements, ESMA, EU	See All Updates »
Peita Menon	A nuisance called FATCA – Does the UK/US IGA make it bearable? The introduction by the US of the Foreign Account Tax Compliance Act 2010 (FATCA) set the proverbial cat amongst the pigeons in the international loan financing markets by requiring foreign and domestic borrowers, lenders and…more Borrowers, FATCA, FFI, Intergovernmental Agreements, IRS	See All Updates »
Stefan Mentzer	State court ruling creates new uncertainty for DMCA safe harbors A New York state court has ruled that a DMCA safe harbor does not protect internet services from claims they infringe pre-1972 sound recordings. The decision, UMG Recordings v. Escape Media Group, creates new uncertainty and…more Copyright, Copyright Infringement, DCMA, Internet Service Providers, Safe Harbors	See All Updates »
Bryan Merryman	Raising the Bar: HUD Issues New Rule Imposing More Demanding Standard for Defending Against Discrimination Claims Under the Fair Housing Act The Department of Housing and Urban Development (HUD) recently issued a new rule to formalize a national standard for determining whether a housing practice violates the Fair Housing Act (FHA) as the result of a discriminatory…more Burden-Shifting, Discrimination, Discriminatory Effects Rule, FHA, HUD	See All Updates »
Jennifer Mersing	Washington Energy Update - December 2012/January 2013 In This Issue: - Congress Keeps Wind Credit Alive, Adds New “Begin Construction” Requirement - FERC Approves NERC’s “Bright-Line” BES; Revised Rules of Procedure - Exercising Its Muscle—Enforcement Actions by the…more Department of Energy, Enforcement Actions, Exports, FERC, Liquid Natural Gas	See All Updates »
Justin S. Miller	Washington Energy Update - December 2012/January 2013 In This Issue: - Congress Keeps Wind Credit Alive, Adds New “Begin Construction” Requirement - FERC Approves NERC’s “Bright-Line” BES; Revised Rules of Procedure - Exercising Its Muscle—Enforcement Actions by the…more Department of Energy, Enforcement Actions, Exports, FERC, Liquid Natural Gas	See All Updates »
Arthur Mitchell	Do Your Suppliers Use Unauthorized IP? A Critical, Emerging Global Business Risk Do you know whether the suppliers in your supply chains use unauthorized intellectual property (IP)? Are you in a position to answer this question definitively? Even if you own, or have the legal rights to use, all IP that you…more Copyright, Cross-Border, OECD, Patents, Penalties	See All Updates »
Jayashree Mitra PhD	Supreme Court Applies “First Sale” Doctrine to Foreign-Made Copyrighted Goods The Supreme Court ruled in Kirtsaeng v. John Wiley & Sons, Inc. that copyright law does not prohibit the unauthorized importation and sale of copyrighted goods manufactured outside the United States. This decision, which…more Copyright, Exports, First Sale Doctrine, Grey Market, Imports	See All Updates »
Leslie Morioka	What Does the Future Hold in View of the Supreme Court Decision on Isolated Genes and cDNA? In a long-anticipated ruling, the US Supreme Court acknowledged Myriad Genetics’ contribution in discovering the location and sequence of the BRCA1 and BRCA2 genes but concluded that “Myriad did not create anything” when it…more	See All Updates »
Prabhu Narasimhan	A nuisance called FATCA – Does the UK/US IGA make it bearable? The introduction by the US of the Foreign Account Tax Compliance Act 2010 (FATCA) set the proverbial cat amongst the pigeons in the international loan financing markets by requiring foreign and domestic borrowers, lenders and…more Borrowers, FATCA, FFI, Intergovernmental Agreements, IRS	See All Updates »
Jeremy Naylor	Treasury Issues Final FATCA Regulations Introduction - On January 17, 2013, the Department of the Treasury (“the Treasury”) and the Internal Revenue Service (the “Service”) issued final regulations (the “Regulations”) under Sections 1471 through 1474 of the…more Capital Markets, Documentation, Exemptions, FATCA, Foreign Banks	See All Updates »
Edward Neaher, Jr.	Maryland and Florida Pass New PPP Legislation On April 9, 2013, Maryland Governor Martin O'Malley signed House Bill 560 ("HB560") into law, which extensively revises Maryland's existing public-private partnership ("PPP") statute. HB560 formalizes the State's policy on the…more New Legislation, Public-Private Partnerships, Request for Proposals	See All Updates »
Nandan Nelivigi	India Budget 2013: Key Changes Affecting International Investors On February 28, 2013, India’s Finance Minister presented the country’s budget for the fiscal year beginning April 1, 2013 (Budget). The Budget includes several proposals that affect international investors investing in India,…more Business Taxes, Foreign Investment, GAAR, Royalties, Tax-Residency Certificate	See All Updates »
Seiji Niwa	Do Your Suppliers Use Unauthorized IP? A Critical, Emerging Global Business Risk Do you know whether the suppliers in your supply chains use unauthorized intellectual property (IP)? Are you in a position to answer this question definitively? Even if you own, or have the legal rights to use, all IP that you…more Copyright, Cross-Border, OECD, Patents, Penalties	See All Updates »
Sara Nordin	EU renews sanctions against Syria (except the arms embargo), and updates/implements measures against Belarus and Libya I. Introduction - The EU has renewed its sanctions against Syria until 1 June 2014, with the exception of the arms embargo. For Belarus, the Council has decided to delist three parties from the asset freeze…more Arms Embargo, EU, Frozen Assets, Middle East, Sanctions	See All Updates »
Earle H. O'Donnell	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	See All Updates »
Jeff Oelke	What Does the Future Hold in View of the Supreme Court Decision on Isolated Genes and cDNA? In a long-anticipated ruling, the US Supreme Court acknowledged Myriad Genetics’ contribution in discovering the location and sequence of the BRCA1 and BRCA2 genes but concluded that “Myriad did not create anything” when it…more	See All Updates »
Koichiro Ohashi	FSA’s Proposal to Amend the Existing Laws and Regulations with respect to Short Sales On March 7, 2013, the Financial Services Agency of Japan (the “Japan FSA”) announced that it is considering amending certain aspects of the existing rules and regulations governing short sales by November 2013. This Client Alert…more Japan FSA, Short Sales, Triggering Event, Uptick Rule	See All Updates »
Jonathan Olier	Myanmar Issues Foreign Investment Law Implementing Regulations Summary - On January 31, 2013, the Ministry of National Planning and Economic Development released the new Implementing Regulations for the Myanmar Foreign Investment Law No. 21 (FIL No. 21). President U Thein Sein signed…more Foreign Investment, Notice Requirements, Sanctions	See All Updates »
John M. Olivieri	Effects of the New US Tax Law on Estate Planning On January 3, 2013, President Obama signed the American Taxpayer Relief Act of 2012 into law. As a result, for the first time in over 12 years, there is now some certainty in the Federal estate tax, the Federal gift tax and the…more American Taxpayer Relief Act, Estate Tax, Generation-Skipping Transfer, Gift-Tax Exemption, Portability	See All Updates »
Takako Onoki	Do Your Suppliers Use Unauthorized IP? A Critical, Emerging Global Business Risk Do you know whether the suppliers in your supply chains use unauthorized intellectual property (IP)? Are you in a position to answer this question definitively? Even if you own, or have the legal rights to use, all IP that you…more Copyright, Cross-Border, OECD, Patents, Penalties	See All Updates »
Daren M. Orzechowski	Federal Legislation Introduced Regarding Mobile Application Privacy On May 9, 2013, Georgia Congressman Hank Johnson introduced the Application Privacy, Protection and Security Act of 2013 (the "Apps Act"), a bill "[t]o provide for greater transparency in and user control over the treatment of…more App Developers, APPS Act, Data Protection, FTC, Mobile Apps	See All Updates »
Igor Ostapets	New Measures for the Support of Renewable Generation Investment Projects in Russia Russia has introduced a scheme whereby selected renewable generation projects can qualify to receive set capacity payments, intended to deliver recovery of capital invested and a certain level of return over a fifteen year…more Capacity Payments, Electricity, Incentives, Renewable Energy	See All Updates »
Paddy Patrick	Turkcell Litigation – Pivotal Ruling: Privy Council Confirms Cukurova’s Entitlement to Relief from Forfeiture After more than five years of litigation between Cukurova of Turkey and Alfa of Russia, the Privy Council has delivered a pivotal ruling in Cukurova’s favour. The decision establishes that a borrower may be entitled to equitable…more Borrowers, Collateralized Debt Obligations, Debt, Equitable Relief, EU	See All Updates »
Ernest (Ernie) T. Patrikis	Foreign Banks May Continue Swaps Activities...and Still Access Discount Window The Board of Governors of the Federal Reserve System (“Board”) on June 5, 2013 took a bold step in issuing interim final rules (“Interim Rules”) that allow a foreign bank’s uninsured US branches and agencies to continue to…more Discounts, Federal Reserve, Foreign Banks, Swap Dealers, Swaps	See All Updates »
George Paul	FTC Announces Annual Changes to HSR Thresholds On January 10, 2013, the Federal Trade Commission (FTC) announced the annual changes to the Hart-Scott-Rodino (HSR) Act notification thresholds. The FTC is required to revise the jurisdictional thresholds annually, based on the…more FTC, Hart-Scott-Rodino Act, Size of Persons Test, Size of Transaction Test, Threshhold Requirements	See All Updates »
Owen Pell	Kiobel v. Royal Dutch Petroleum: Beyond the Alien Tort Statute—Broadly Extending the Presumption Against the Extraterritorial Reach of US Law Since the Second Circuit decided Filártiga v. Pena-Irala in 1980, plaintiffs have deployed the Alien Tort Statute (“ATS”) to great effect against multinational corporations. The statute — which had lain dormant since 1789 — has…more Alien Tort Statute, Extraterritoriality Rules, Kiobel v. Royal Dutch Petroleum Co., Royal Dutch Petroleum	See All Updates »
Stephen Phillips	Bond Consent Solicitation Payments - Court of Appeal Upholds Judgment in Azevedo & Another v Imcopa In summer 2012, two important judgments were handed down on cases relating to bond consent solicitations. Although the consent solicitation techniques proposed by the debtor companies in each case were markedly different, at…more Bonds, Consent Solicitations, Creditors, Debtors, Foreign Sovereigns	See All Updates »
Morton Pierce	Delaware Supreme Court Confirms Liability for Failure to Negotiate in Good Faith On appeal from the Delaware Court of Chancery, the Delaware Supreme Court, in SIGA Technologies, Inc. v. PharmAthene, Inc., recently held that an agreement to negotiate in good faith in accordance with a term sheet is an…more Incorporation, Liability, License Agreements, Mergers, Negotiations	See All Updates »
Jane Plomley	Mayo V Prometheus: Another Guidepost on the Road to Determining Patentability in the Post-Industrial Age by Jane Plomley and Robert Counihan Originally published in Bio-Science Law Review - November 2012. On 20 March 2012, in Mayo Collaborative Servs v Prometheus Labs, Inc., the Supreme Court of the United States invalidated diagnostic treatment process…more Mayo v. Prometheus, Myriad, Patents	See All Updates »
Michael Polkinghorne	Paris Energy Series No. 8: Beware of the Boilerplate – The Risks of Standard-form Clauses in Common and Civil Law Jurisdictions 1. Introduction - When commercial agreements are negotiated, certain key terms are generally the subject of intense discussion. Once these terms have been agreed, there is a risk the ‘boilerplate’ provisions1 at the back…more Arbitration, Boilerplate Language, Commercial Contracts, Merger Clause, Notice Requirements	See All Updates »
Mark D. Powell	European Commission adopts a package on private damages actions in antitrust cases On 11 June 2013, the European Commission (“Commission”) adopted a proposal for a directive on how citizens and companies can bring damages claims under EU antitrust rules. According to the Commission, the proposal serves to…more Antitrust Litigation, EU, European Commission	See All Updates »
Stephen Ravenscroft	Woolworths – Widening the Ambit of Collective Redundancy Consultation It has been reported that the UK's Employment Appeal Tribunal ("EAT") has overturned an employment tribunal decision denying protective awards to former employees of Woolworths who had worked in stores with fewer than 20…more	See All Updates »
John Reiss	Delaware Supreme Court Confirms Liability for Failure to Negotiate in Good Faith On appeal from the Delaware Court of Chancery, the Delaware Supreme Court, in SIGA Technologies, Inc. v. PharmAthene, Inc., recently held that an agreement to negotiate in good faith in accordance with a term sheet is an…more Incorporation, Liability, License Agreements, Mergers, Negotiations	See All Updates »
Carmen Reynolds	Financial Regulatory Update - June 2013 This newsletter provides an overview of some of the main financial services regulatory developments in the UK and EU from the period 1 January 2013 to 1 June 2013. Banking and Prudential Supervision Basel 3/Capital…more AIFM, AIFMD, Alternative Investment Funds, Basel III, Capital Requirements	See All Updates »
John Reynolds	FSA not required to compensate banks for damages caused by wrongly granted injunctions The Supreme Court last week issued its judgment in The Financial Services Authority v. Sinaloa Gold plc (and others) and Barclays Bank plc1. The decision confirms that, whereas private parties seeking an injunction must normally…more Barclays, Damages, Financial Services Authority, Injunctions, SCOTUS	See All Updates »
Steven K. Ross	The CFTC Issues Interim Final Rules Extending the Time for Compliance with Certain Business Conduct and Documentation Requirements for Swap Dealers and Major Swap Participants On December 18, 2012, the US Commodity Futures Trading Commission’s (the “Commission”) approved interim final rules (the “Interim Final Rules”) for swap dealers (“SDs”) and major swap participants (“MSPs”) that delay compliance…more CFTC, Dodd-Frank, Major Swap Participants, Required Documentation, Swap Dealers	See All Updates »
Jane Rueger	Washington Energy Update - April/May 2013 In This Issue: - DOE Begins to Authorize Pending LNG Export Applications — Cautiously - Senators Want to Extend Master Limited Partnerships to Renewables - FERC Takes on Formula Rate Protocols - Energy…more DOE, Exports, Federal Budget, FERC, Limited Partnerships	See All Updates »
Winthrop Rutherfurd Jr.	Effects of the New US Tax Law on Estate Planning On January 3, 2013, President Obama signed the American Taxpayer Relief Act of 2012 into law. As a result, for the first time in over 12 years, there is now some certainty in the Federal estate tax, the Federal gift tax and the…more American Taxpayer Relief Act, Estate Tax, Generation-Skipping Transfer, Gift-Tax Exemption, Portability	See All Updates »
Michelle Rutta	Netflix SEC Investigation Report Clarifies the Use of Social Media and Regulation FD Regulation FD - Regulation FD prohibits US public companies or persons acting on their behalf from selectively disclosing material, nonpublic information to securities professionals or investors when it is reasonably…more Disclosure Requirements, Information Sharing, Netflix, Regulation FD, SEC	See All Updates »
Dipen Sabharwal	Supreme Court confirms English courts can grant injunctions to protect arbitration agreements, even absent a current or prospective arbitration The Supreme Court yesterday confirmed that, even where no arbitration is contemplated or afoot, English courts can grant an anti-suit injunction protecting an English law agreement to arbitrate (AES Ust-Kamenogorsk LLP v…more Anti-Suit Injunctions, Arbitration, Arbitration Agreements, EU, Injunctions	See All Updates »
Hermann Schmitt	Trade Alert: Russia’s WTO Membership and the Gains for Russian Exporters Russia's recent accession to the WTO has the potential to bring numerous benefits to Russian exporters. Membership will result in improved access for Russian exports in foreign markets — including the EU, the United States and…more WTO	See All Updates »
Axel P. Schulz	European Commission adopts a package on private damages actions in antitrust cases On 11 June 2013, the European Commission (“Commission”) adopted a proposal for a directive on how citizens and companies can bring damages claims under EU antitrust rules. According to the Commission, the proposal serves to…more Antitrust Litigation, EU, European Commission	See All Updates »
Samuel Scoles	China Business, Trade and Competition Bulletin - June 2013: China Renames Regulatory Agency: What’s in Store for the Cosmetics and Medical Device Industries? In March 2013, the National People’s Congress of China formally changed the name of the State Food and Drug Administration (SFDA) to the China Food and Drug Administration (CFDA), elevating it back to a ministerial-level agency…more CFDA, China, Cosmetics, Imports, Medical Devices	See All Updates »
Saskia Seeger	Trade Alert: Russia’s WTO Membership and the Gains for Russian Exporters Russia's recent accession to the WTO has the potential to bring numerous benefits to Russian exporters. Membership will result in improved access for Russian exports in foreign markets — including the EU, the United States and…more WTO	See All Updates »
Alessandro Seganfreddo	How Tobin Tax and certain regulatory duties affect Block Trades in Italy Italian Law No. 228 dated December 24, 2012, which approved the 2013 budget, contemplates, among others, a new tax applicable to certain financial transactions (the “Tobin Tax”). The Tobin Tax will apply to transactions,…more Buyers, Derivatives, Duties, Foreign Banks, High Frequency Trading	See All Updates »
Kamilla Shikhametova	Trade Alert: Russia’s WTO Membership and the Gains for Russian Exporters Russia's recent accession to the WTO has the potential to bring numerous benefits to Russian exporters. Membership will result in improved access for Russian exports in foreign markets — including the EU, the United States and…more WTO	See All Updates »
Rebecca Shorter	New Changes to the Late Payment of Commercial Debts (Interest) Act On 16 March 2013, new regulations came into force in relation to the Late Payment of Commercial Debts (Interest) Act. Enacted to incorporate a recent EU Directive, these new regulations introduce a maximum payment period…more Commercial Contracts, Debt, EU, Late Payments	See All Updates »
John Shum	China Finance Bulletin - June 2013: ¦¦ SAFE’s New Rule Simplifies and Clarifies Foreign Debt Registration SAFE’s New Rule Simplifies and Clarifies Foreign Debt Registration On April 28, 2013, the State Administrative of Foreign Exchange (“SAFE”) issued “The Administrative Measures for the Registration of Foreign Debt”…more Debt, Foreign Exchanges, Foreign Investment, SAFE	See All Updates »
Ray Simon	India Budget 2013: Key Changes Affecting International Investors On February 28, 2013, India’s Finance Minister presented the country’s budget for the fiscal year beginning April 1, 2013 (Budget). The Budget includes several proposals that affect international investors investing in India,…more Business Taxes, Foreign Investment, GAAR, Royalties, Tax-Residency Certificate	See All Updates »
Adam Smith	New Measures for the Support of Renewable Generation Investment Projects in Russia Russia has introduced a scheme whereby selected renewable generation projects can qualify to receive set capacity payments, intended to deliver recovery of capital invested and a certain level of return over a fifteen year…more Capacity Payments, Electricity, Incentives, Renewable Energy	See All Updates »
Claudia Smith	The Trademark Clearinghouse: What You Need to Know The Internet Corporation for Assigned Names and Numbers ("ICANN") will be expanding the number of generic top-level domains ("gTLDs") as a result of the application process that commenced in January 2012. It is expected that…more gTLD, ICANN, Trademark Clearinghouse, Trademarks	See All Updates »
Gregory Starner	Raising the Bar: HUD Issues New Rule Imposing More Demanding Standard for Defending Against Discrimination Claims Under the Fair Housing Act The Department of Housing and Urban Development (HUD) recently issued a new rule to formalize a national standard for determining whether a housing practice violates the Fair Housing Act (FHA) as the result of a discriminatory…more Burden-Shifting, Discrimination, Discriminatory Effects Rule, FHA, HUD	See All Updates »
David Strelzyk-Herzog	EU Environment Report - April 2013 In This Issue: *Chemicals: - Commission adds eight substances to REACH authorisation list *Climate Change: - European Parliament opposes “backloading” proposal for ETS allowances - Council…more Climate Change, Disaster Preparedness, Emissions Trading System, Endangered Species, Environmental Claims	See All Updates »
Kai Struckmann	European Commission adopts a package on private damages actions in antitrust cases On 11 June 2013, the European Commission (“Commission”) adopted a proposal for a directive on how citizens and companies can bring damages claims under EU antitrust rules. According to the Commission, the proposal serves to…more Antitrust Litigation, EU, European Commission	See All Updates »
Mariam Subjally	President Obama Issues New Executive Order on Improving Cybersecurity On February 12, 2013, President Obama signed an executive order for "Improving Critical Infrastructure Cybersecurity" (the "Executive Order"). The Executive Order seeks to promote information sharing between the government and…more Barack Obama, CISPA, Critical Infrastructure Sectors, Cybersecurity, Executive Orders	See All Updates »
Virginia Tam	China Bulletin - March 2013: China Eases Foreign Exchange Restrictions on FDI On November 21, 2012, China’s State Administration of Foreign Exchange (“SAFE”) released a new circular, “Circular on Further Improvement and Amendment of Foreign Exchange Control Policies on Direct Investment ([2012] No. 59),”…more China, Foreign Investment, SAFE	See All Updates »
Jiro Tamura	Do Your Suppliers Use Unauthorized IP? A Critical, Emerging Global Business Risk Do you know whether the suppliers in your supply chains use unauthorized intellectual property (IP)? Are you in a position to answer this question definitively? Even if you own, or have the legal rights to use, all IP that you…more Copyright, Cross-Border, OECD, Patents, Penalties	See All Updates »
Kellie Thomas	Changes Afoot for ERISA “Reportable Event” Rules As many as 90% of pension plans and pension plan sponsors may soon have fewer “reportable events” to track and report to the Pension Benefit Guaranty Corporation (the “PBGC”), if certain proposed changes to the PBGC regulations…more Benefit Plan Sponsors, ERISA, PBGC, Pensions, Proposed Amendments	See All Updates »
John Tivey	Glencore’s Long March to Take Over Xstrata At long last, Glencore has overcome the final regulatory hurdle and secured the approval of China’s Ministry of Commerce (MOFCOM) to acquire the 66 percent of Xstrata that it does not already own. But not before agreeing to part…more China, Glencore, MOFCOM, Xstrata	See All Updates »
Mara Topping	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, AIFMD, Disclosure Requirements, EEA, EU	See All Updates »
Martin Toto	Getting the Deal Through – Cartel Regulation 2013: Global Overview and United States Global Overview: Continued aggressive cartel enforcement in 2012 Authorities around the world continued to vigorously enforce cartel law in 2012. Total fines increased in many jurisdictions, and authorities around the world…more Appeals, Cartels, Class Action, Criminal Sanctions, DOJ	See All Updates »
James Trainor	Federal Circuit Announces Review of Appellate Standard for Claim Construction On March 15, 2013, the United States Court of Appeals for the Federal Circuit ordered a rehearing en banc in Lighting Ballast Control, LLC v. Philips Elecs. N. Am. Corp, et al. This order sets the stage for a potential change in…more Appeals, Claim Construction, Cybor Corp v FAS Technologies, Patents	See All Updates »
Vivian Tsoi	China Bulletin - March 2013: China Eases Foreign Exchange Restrictions on FDI On November 21, 2012, China’s State Administration of Foreign Exchange (“SAFE”) released a new circular, “Circular on Further Improvement and Amendment of Foreign Exchange Control Policies on Direct Investment ([2012] No. 59),”…more China, Foreign Investment, SAFE	See All Updates »
Yvette D. Valdez	The CFTC Issues Interim Final Rules Extending the Time for Compliance with Certain Business Conduct and Documentation Requirements for Swap Dealers and Major Swap Participants On December 18, 2012, the US Commodity Futures Trading Commission’s (the “Commission”) approved interim final rules (the “Interim Final Rules”) for swap dealers (“SDs”) and major swap participants (“MSPs”) that delay compliance…more CFTC, Dodd-Frank, Major Swap Participants, Required Documentation, Swap Dealers	See All Updates »
Charlotte Van Haute	EU renews sanctions against Syria (except the arms embargo), and updates/implements measures against Belarus and Libya I. Introduction - The EU has renewed its sanctions against Syria until 1 June 2014, with the exception of the arms embargo. For Belarus, the Council has decided to delist three parties from the asset freeze…more Arms Embargo, EU, Frozen Assets, Middle East, Sanctions	See All Updates »
Fabienne Vermeeren	EU renews sanctions against Syria (except the arms embargo), and updates/implements measures against Belarus and Libya I. Introduction - The EU has renewed its sanctions against Syria until 1 June 2014, with the exception of the arms embargo. For Belarus, the Council has decided to delist three parties from the asset freeze…more Arms Embargo, EU, Frozen Assets, Middle East, Sanctions	See All Updates »
John Vetterli	Netflix SEC Investigation Report Clarifies the Use of Social Media and Regulation FD Regulation FD - Regulation FD prohibits US public companies or persons acting on their behalf from selectively disclosing material, nonpublic information to securities professionals or investors when it is reasonably…more Disclosure Requirements, Information Sharing, Netflix, Regulation FD, SEC	See All Updates »
Carlos Viana	Maryland and Florida Pass New PPP Legislation On April 9, 2013, Maryland Governor Martin O'Malley signed House Bill 560 ("HB560") into law, which extensively revises Maryland's existing public-private partnership ("PPP") statute. HB560 formalizes the State's policy on the…more New Legislation, Public-Private Partnerships, Request for Proposals	See All Updates »
Barrye Wall	Myanmar Issues Foreign Investment Law Implementing Regulations Summary - On January 31, 2013, the Ministry of National Planning and Economic Development released the new Implementing Regulations for the Myanmar Foreign Investment Law No. 21 (FIL No. 21). President U Thein Sein signed…more Foreign Investment, Notice Requirements, Sanctions	See All Updates »
Duane D. Wall	Foreign Banks May Continue Swaps Activities...and Still Access Discount Window The Board of Governors of the Federal Reserve System (“Board”) on June 5, 2013 took a bold step in issuing interim final rules (“Interim Rules”) that allow a foreign bank’s uninsured US branches and agencies to continue to…more Discounts, Federal Reserve, Foreign Banks, Swap Dealers, Swaps	See All Updates »
Christopher P. Wells	FSA’s Proposal to Amend the Existing Laws and Regulations with respect to Short Sales On March 7, 2013, the Financial Services Agency of Japan (the “Japan FSA”) announced that it is considering amending certain aspects of the existing rules and regulations governing short sales by November 2013. This Client Alert…more Japan FSA, Short Sales, Triggering Event, Uptick Rule	See All Updates »
Victoria Westcott	The French Parliament Extends the Guarantee of the French State Via COFACE to All French Civil Aircraft On 29 December 2012, the French Parliament passed a long-awaited law that significantly extends the support of the French State for the export credit financing of aircraft with French content through COFACE, the French export…more Aircraft Sales, COFACE, Credit Financing, Exports	See All Updates »
Stuart Willey	Financial Regulatory Update - June 2013 This newsletter provides an overview of some of the main financial services regulatory developments in the UK and EU from the period 1 January 2013 to 1 June 2013. Banking and Prudential Supervision Basel 3/Capital…more AIFM, AIFMD, Alternative Investment Funds, Basel III, Capital Requirements	See All Updates »
Spencer Willig	Kiobel v. Royal Dutch Petroleum: Beyond the Alien Tort Statute—Broadly Extending the Presumption Against the Extraterritorial Reach of US Law Since the Second Circuit decided Filártiga v. Pena-Irala in 1980, plaintiffs have deployed the Alien Tort Statute (“ATS”) to great effect against multinational corporations. The statute — which had lain dormant since 1789 — has…more Alien Tort Statute, Extraterritoriality Rules, Kiobel v. Royal Dutch Petroleum Co., Royal Dutch Petroleum	See All Updates »
Matthew Wisnieff	Federal Circuit Announces Review of Appellate Standard for Claim Construction On March 15, 2013, the United States Court of Appeals for the Federal Circuit ordered a rehearing en banc in Lighting Ballast Control, LLC v. Philips Elecs. N. Am. Corp, et al. This order sets the stage for a potential change in…more Appeals, Claim Construction, Cybor Corp v FAS Technologies, Patents	See All Updates »
Nick Wittek	The CFTC and the Division of Swap Dealer and Intermediary Oversight Publishes a Series of No-Action Letters, Q&As and Faqs In the space of a few days in mid-October, the Commodity Futures Trading Commission (the “CFTC”) published a number of Q&As and FAQs and the CFTC staff at the Division of Swap Dealer and Intermediary Oversight (the “Division”)…more CFTC, No-Action Letters, Swap Dealers	See All Updates »
Jason Yardley	English court supports enforcement of arbitral award, granting worldwide injunction requiring disclosure of assets This morning, Mr Justice Field handed down his decision in the case of Cruz City 1 Mauritius Holdings v Unitech Limited and others [2013] EWHC 1323 (Comm), confirming the jurisdiction of the English courts to order a…more Arbitration, Disclosure Requirements, EU, Injunctions, Shareholders	See All Updates »
Ingrid York	The credit rating market for structured finance instruments: new requirements for issuers, originators and sponsors On 31 May 2013, Regulation (EU) No 462/2013 (the “Amendment Regulation”) that further amends Regulation (EC) No 1060/2009 on credit rating agencies was published in the Official Journal. This was accompanied by a short Directive…more AIFMD, Credit Ratings, Disclosure Requirements, ESMA, EU	See All Updates »
Julia Zagonek	Russian Federation Supreme Commercial Court’s Review of the Application by the Russian Courts of the Public Policy Defense This alert analyzes the legal positions taken by the Presidium of the Russian Federation Supreme Commercial Court (“SCC”) in its recently published review of commercial court practice in cases concerning the application of…more Arbitration, Arbitration Awards, Enforcement, EU, International Arbitration	See All Updates »
Alex Zhang	China Bulletin - March 2013: China Eases Foreign Exchange Restrictions on FDI On November 21, 2012, China’s State Administration of Foreign Exchange (“SAFE”) released a new circular, “Circular on Further Improvement and Amendment of Foreign Exchange Control Policies on Direct Investment ([2012] No. 59),”…more China, Foreign Investment, SAFE	See All Updates »
Francis Zou	A Proposed Fundamental Shift in US Foreign Bank Supervision The Board of Governors of the Federal Reserve System (“Board”) has devoted some time to considering how to address the potential threat to the financial stability of the United States posed by a foreign bank with banking…more Bank Holding Company, Broker-Dealer, Capital Requirements, Dividends, Federal Reserve	See All Updates »

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