Compliance with new Regulation Best Interest ("Regulation BI") need not prevent environmental, social, and governance ("ESG") investing, but beware of new proposed restrictions for some.
As of June 30, 2020,...more
9/28/2020
/ Broker-Dealer ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Environmental Social & Governance (ESG) ,
Fiduciary Duty ,
Financial Services Industry ,
Investment Adviser ,
Investors ,
Regulation Best Interest ,
Regulation BI ,
Securities and Exchange Commission (SEC)
Companies should identify and, where appropriate, manage risk associated with gifts and entertainment by incorporating a clear policy into their overall corporate compliance strategy.
On September 11, 2020, the French...more
On July 19, 2020, the Legal High Committee for Financial Markets of Paris ("HCJP") issued a report on social and environmental responsibility of companies and their managers under French law. This report was initiated based...more
On June 25, 2020, the Court of Justice of the European Union ("ECJ") delivered a judgment (C24/19) clarifying that orders and circulars of EU Member States that regulate the installation and operation of wind turbines...more
Takeaways from this discussion:
• Green bond issuance is surging worldwide, surpassing US$257 billion in 2019.
• Major corporates, including many not usually associated with climate initiatives, are bringing green...more
7/22/2020
/ Climate Change ,
Convertible Bonds ,
Energy Projects ,
Energy Sector ,
Environmental Social & Governance (ESG) ,
EU ,
Green Bonds ,
Green Finance ,
Greenwashing ,
Investors ,
Liability ,
Project Finance ,
Renewable Energy ,
Reporting Requirements
Recent measures from U.S. lawmakers and Nasdaq to impose additional requirements on U.S.-listed China-based companies could have wider implications.
On May 20, 2020, the U.S. Senate unanimously passed the Holding Foreign...more
7/13/2020
/ China ,
China Securities Regulatory Commission (CSRC) ,
Corporate Governance ,
Disclosure Requirements ,
Foreign Governments ,
Listing Standards ,
Nasdaq ,
NYSE ,
PCAOB ,
Popular ,
Publicly-Traded Companies ,
Regulatory Oversight ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
The current proposal, which was submitted by the NYSE on June 22, 2020, would, like the prior proposal, allow a private company seeking to raise capital through a direct listing to satisfy the NYSE's market value requirement...more
Climate Change Regulatory Issues & Updates -
CEQ Finalizes Overhaul of NEPA Regulations and Narrows Consideration of Climate Change Effects -
The amendments have the potential to reduce National Environmental Policy...more
On May 21, 2020, the Securities and Exchange Commission ("SEC") adopted amendments to its financial disclosure requirements related to acquisitions and dispositions. These amendments streamline and eliminate immaterial...more
The Investor Advisory Committee of the U.S. Securities and Exchange Commission ("SEC") recently recommended that the SEC promulgate specific disclosure policies regarding environmental, social, and governance ("ESG") topics...more
Since the introduction of environmental, social, and governance ("ESG") investing, the environmental and governance aspects have garnered significantly more focus. Issues such as climate change (under the "E") and board...more
With the global spread of the coronavirus (COVID-19) pandemic and the lockdown measures imposed by governments across the world, international capital markets participants are looking for financings to address the social and...more
Climate Change Regulatory Issues & Updates -
NHTSA and EPA Finalize the Safer Affordable Fuel-Efficient Vehicles Rule -
The new rule completes the rollback of the Obama-era vehicle emissions standards....more
The Situation: The European Union ("EU") is on track to adopt the Taxonomy Regulation by the end of 2020, a key pillar of both the EU Action Plan on Financing Sustainable Growth and the European Green Deal.
The Result: The...more
The Situation: Effects from the COVID-19 global pandemic continue to impact adversely the operations and financial results of Latin American issuers.
The Opportunity: In the current environment, Latin American issuers with...more
The ongoing COVID-19 pandemic has resulted in unprecedented and rapidly evolving disruptions to public companies’ businesses, financial condition, and results of operations, as well as broad-based economic dislocation and...more
The novel coronavirus (COVID-19) outbreak, first identified in Wuhan, China, has spread beyond China's borders to dozens of countries, infecting tens of thousands of people and causing a mounting number of fatalities....more
The Situation: In an effort to modernize, simplify, and enhance certain financial disclosure requirements in Regulation S-K, the U.S. Securities and Exchange Commission ("SEC") proposed certain amendments on January 30,...more
Less than a week after the U.S. Securities and Exchange Commission ("SEC") rejected a proposed rule change to permit primary capital raising in direct listings, the New York Stock Exchange ("NYSE") submitted an updated...more
12/27/2019
/ Capital Raising ,
Direct Listing ,
Initial Public Offering (IPO) ,
Investment Banks ,
Listing Rules ,
NYSE ,
Popular ,
Privately Held Corporations ,
Proposed Amendments ,
Proposed Rules ,
Registration Statement ,
Securities and Exchange Commission (SEC) ,
Valuation
The Situation: Three major pillars of the EU action plan on sustainable finance ("EU Action Plan") at varying stages of development have taken steps forward.
The Result: We now have a regulation on climate-related benchmarks...more
12/27/2019
/ Benchmarks ,
Capital Requirements Regulation (CRR) ,
Environmental Social & Governance (ESG) ,
EU ,
EU Action Plans ,
EU Benchmark Regulation ,
European Commission ,
Final Rules ,
Financial Regulatory Reform ,
Paris Agreement ,
Popular ,
Sustainable Finance ,
Taxonomy
On October 24, 2019, the European Supervisory Authorities ("ESAs"), consisting of the European Securities and Markets Authority, the European Banking Authority, and the European Insurance and Occupational Pensions Authority,...more
12/24/2019
/ Bond Markets ,
Comment Period ,
Consultation Papers ,
EU ,
European Commission ,
European Supervisory Authorities (ESAs) ,
Financial Regulatory Reform ,
Joint Statements ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Popular ,
Regulation Technical Standards (RTS) ,
Retail Investors
The U.S. Securities and Exchange Commission ("SEC") is scrutinizing the methodologies and criteria of investment funds that embrace environmental, social, and governance ("ESG") strategies as record amounts of money flow into...more
The Situation: The European Banking Authority ("EBA") issued its Action Plan on Sustainable Finance ("Action Plan") on December 6, 2019, setting forth an outline for its deliverables and activities related to environmental,...more
On December 6, 2019, the U.S. Securities and Exchange Commission rejected a proposed New York Stock Exchange ("NYSE") rule change that would allow companies to raise capital in a direct listing...more
12/13/2019
/ Capital Raising ,
Direct Listing ,
Initial Public Offering (IPO) ,
Investment Banks ,
Listing Rules ,
NYSE ,
Popular ,
Proposed Amendments ,
Proposed Rules ,
Registration Statement ,
Securities and Exchange Commission (SEC) ,
Valuation
The Situation: Direct listings, through which a company lists its shares on a national stock exchange without conducting a traditional initial public offering ("IPO"), have received significant attention from the media and...more
12/6/2019
/ Capital Raising ,
Direct Listing ,
Initial Public Offering (IPO) ,
Investment Banks ,
Listing Rules ,
NYSE ,
Proposed Amendments ,
Proposed Rules ,
Registration Statement ,
Securities and Exchange Commission (SEC) ,
Valuation