The U.S. Court of Appeals for the Fifth Circuit held that the new SEC regulation of private fund advisers exceeded the agency's statutory authority....more
On April 3, 2024, the Department of Labor (the "DOL") published its final amendment (the "Amendment") to Prohibited Transaction Class Exemption 84-14 (the "QPAM Exemption"), which permits certain otherwise-prohibited...more
This 2023 U.S. Real Estate Round-Up provides key insights to commercial and residential building owners facing a flock of new state environmental, social, and governance ("ESG") laws proposed or taken effect in 2023,...more
In Short -
The Situation: Over the course of 2023, the Financial Stability Oversight Council ("FSOC") took steps that increase the risk of nonbank financial companies and financial activities being designated as...more
The U.S. Securities and Exchange Commission ("SEC") adopted multiple rules that will impact private funds, governing documents, and side letters....more
In Short -
The Situation: The Financial Stability Oversight Council ("FSOC") recently issued a "notification of proposed interpretive guidance" on updated procedures for designating nonbank financial companies as...more
After a record-breaking 2021, deal activity in 2022 dropped by 37%, its largest year-over-year decline since 2001. Facing all the 2022 headwinds, including a difficult and uncertain financing market, the Ukraine war,...more
The Securities and Exchange Commission ("SEC") recently reminded SEC registered investment advisers of the upcoming compliance date (November 4, 2022) for the revised investment adviser advertising rule, and provided a list...more
On February 9, 2022, the SEC proposed new rules focused on private fund advisers' practices, reporting, and disclosures ("Proposed Rules"). The Proposed Rules would apply to all SEC registered advisers to private funds, and a...more
2/16/2022
/ Comment Period ,
Disclosure Requirements ,
Investment Adviser ,
Investment Management ,
Investors ,
Private Funds ,
Proposed Rules ,
Regulatory Agenda ,
Regulatory Reform ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
The enduring COVID-19 pandemic continued to impact corporate governance practices and trends in 2021, while other notable developments, including a surge in shareholder proposals, changes to the proxy rules, and increased...more
2/4/2022
/ Climate Change ,
Coronavirus/COVID-19 ,
Corporate Governance ,
Environmental Social & Governance (ESG) ,
Infectious Diseases ,
Proxy Season ,
Proxy Statements ,
Publicly-Traded Companies ,
Risk Management ,
Securities Regulation ,
Shareholder Meetings ,
Shareholder Proposals ,
Shareholders
2021 was the year in which superannuation funds took center stage in Australian take-private transactions. In what has been a record year for Australian M&A activity, the weight of money rolling into Australian superannuation...more
"Anti" M&A Activism While the absolute number of companies publicly facing activist demands regarding M&A transactions decreased in 2021 vs. 2020, M&A activism represented an increased share of overall economic demands of...more
China China has increased its efforts to scrutinize global transactions that may implicate national security concerns using its foreign investment security review ("FISR") process....more
Antitrust scrutiny of M&A remained high during 2021, and merging parties continued to make follow-on divestitures designed to obtain antitrust clearance for their main transaction....more
Europe saw a major increase in public M&A activity in 2021, fueled by cheap money and optimism as economies started to emerge from the worst effects of the pandemic. In particular, PE purchasers with dry powder to deploy and...more
What are the trends, risks, and opportunities in 2022?
As dealmakers recover from a record-breaking 2021, we expect another busy year in 2022. While risks in the financing market, the tightening of the regulatory...more
China passed its new Data Security Law ("DSL") in June 2021 and its new Personal Information Protection Law ("PIPL") in August 2021. Both new laws impact every business operating in or doing business with China, coupling...more
2/3/2022
/ Acquisition Agreements ,
China ,
Corporate Sales Transactions ,
Data Processors ,
Data Security ,
Foreign Investment ,
Indemnity Agreements ,
International Data Transfers ,
Merger Agreements ,
Personal Information ,
Personal Information Protection Law (PIPL) ,
Private Equity ,
Private Equity Funds ,
Subsidiaries
Since early 2021, Congress has been working on legislation that would alter the U.S. tax laws and potentially have a significant impact on M&A and private equity transactions....more
IPOs for special purpose acquisition companies ("SPACs") got off to a blistering start in 2021, with more IPOs closing in the first quarter than in all of 2020 (which had been the most active year for SPAC IPOs in history)....more
As global M&A activity reached record highs this year, so too did the market's appetite for carve-out transactions. A carve-out transaction is the sale of a subsidiary, division, or other part of a larger business enterprise....more
On November 15, 2021, President Biden signed into law a long-awaited $1.2 trillion bipartisan infrastructure bill titled the Infrastructure Investment and Jobs Act ("IIJA"). The IIJA is touted as a first step in fixing the...more
2/2/2022
/ Biden Administration ,
Federal Funding ,
Infrastructure ,
Infrastructure Financing ,
Infrastructure Investment and Jobs Act (IIJA) ,
Investment ,
Public Private Partnerships (P3s) ,
Public Projects ,
Public Transit ,
Transportation Corridor ,
Zero-Emission Vehicles
The focus on ESG across the business spectrum ramped up over the course of 2021, surpassing several milestones along the way and resulting in a surge of regulatory changes and new initiatives by the end of the year....more
2/2/2022
/ Business Strategies ,
Capital Investments ,
Climate Change ,
Corporate Governance ,
Corporate Social Responsibility ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
EU ,
Financial Institutions ,
Green Bonds ,
Initial Public Offering (IPO) ,
Sustainability
TRANSACTIONAL PERSPECTIVES ON 2022 -
What are the trends, risks, and opportunities in 2022?
As dealmakers recover from a record-breaking 2021, we expect another busy year in 2022. While risks in the financing market,...more
1/31/2022
/ Acquisition Agreements ,
Capital Markets ,
Climate Change ,
Coronavirus/COVID-19 ,
Corporate Governance ,
Corporate Sales Transactions ,
Environmental Social & Governance (ESG) ,
Financing ,
Foreign Investment ,
Infectious Diseases ,
Initial Public Offering (IPO) ,
Merger Agreements ,
Private Equity ,
Special Purpose Acquisition Companies (SPACs) ,
Venture Capital
Proposed changes to Dutch tax law will make Dutch limited partnerships attractive private equity and venture capital fund and feeder fund alternatives to Irish and Luxembourg equivalents.
A Dutch limited partnership...more
2020 took uncertainty to new heights. Deals came to an abrupt halt in Q2 as corporates focused on preserving cash and stabilizing their businesses in the wake of the COVID-19 pandemic. Private equity firms looked for...more