The Big Four bogeyman has haunted the U.S. legal market for years. Like any good horror movie villain, it’s shrouded in mystery. We don’t know when it’s coming, or exactly what will go down, but we know that a...more
Dans un arrêt du 31 mai 2018 (aff. C-633/16, Ernst & Young), la Cour de Justice de l’Union Européenne (CJUE) précise que la dénonciation d’un accord de coopération en vue de la réalisation d’une opération de concentration qui...more
In a judgment of 31 May 2018 (Case C-633/16, Ernst & Young), the European Court of Justice (ECJ) ruled that the termination of a cooperation agreement with a view to implementing a M&A transaction prior to its clearing under...more
The “standstill obligation” under Article 7 of the Regulation 139/2004 on Merger Control (EUMR) prevents parties from implementing their transaction before receiving merger clearance from the European Commission (EC). Failure...more
Over the last year, we have noted an increased crackdown by competition agencies on so-called “gun jumping” – that is, the implementation of a merger before mandatory merger clearances are received. On 31 May 2018, the...more
One of the key concerns of merging parties in any transaction is the steps they are allowed to take prior to the clearance of the merger. A recent case before the Court of Justice of the European Union (Case C-633/16 Ernst &...more
On February 6, 2015, the U.S. Securities and Exchange Commission (SEC) imposed sanctions against four China-based accounting firms for their refusal to surrender documents in conjunction with an investigation of potential...more
The SEC and the PRC based affiliates of five major accounting firms entered into a settlement of proceedings initiated over the failure to produce audit work papers for issuers with substantial operations in China. The...more
On January 22, 2014, U.S. Securities and Exchange Commission Administrative Law Judge Cameron Elliot (the ALJ) issued an initial decision censuring the Chinese accounting firms affiliated with Ernst & Young LLP, KPMG LLP...more