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1221 Avenue of the Americas
New York, New York 10020, United States
Phone: 212 819 8200
Fax: 212 354 8113
Areas Of Practice
  • Administrative Law
  • Alternative Dispute Resolution (ADR)
  • Antitrust & Trade Regulation
  • Appellate Practice
  • Bankruptcy
  • Business Organizations
  • Class Action
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  • Communications & Media Law
  • Construction Law
  • Criminal Law
  • Debtor/Creditor
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  • Environmental Law
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  • Health
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  • Labor & Employment Law
  • Litigation
  • Mergers & Acquisitions
  • Products Liability
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  • Securities Law
  • Taxation
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Other U.S. Locations
  • California
  • D.C.
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  • Belgium
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Number of Attorneys
1,000+ Attorneys

A Few Words on DORA – Proposal for Regulation on Digital Operational Resilience in Financial Sector

The financial sector is greatly dependent on information and communication technologies (ICT). The importance of ensuring remote access to financial services increased to an even greater extent during the COVID-19 pandemic, with…more

Cross-Border, EU, European Commission, European Supervisory Authorities (ESAs), Financial Institutions

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COVID-19 – Guidance for International Employers

Companies and their workforces are facing extraordinary challenges during the period of disruption caused by COVID-19, and Governments around the world are introducing new legislation and guidance on a frequent basis to help…more

Business Closures, Business Interruption, Coronavirus/COVID-19, Employer Liability Issues, New Guidance

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Federal Banking Agencies Open a Pathway to the Provision of Banking Services to Hemp-Related Businesses

On December 3, 2019, in a rare public statement regarding the provision of banking services to cannabis- or hemp-related businesses, the Federal Banking Agencies, including the Board of Governors of the Federal Reserve System,…more

Anti-Money Laundering, Bank Secrecy Act, Banks, Controlled Substances Act, Farm Bill

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Downgrades, defaults, distressed debt and refinancing

Abundant liquidity, a red-hot refinancing market and improving credit ratings combined through the first half of 2021 to limit defaults and ease any near-term pressure on the balance sheets of US borrowers. Borrowers have…more

Bank Loan Markets, Borrowers, Collateralized Loan Obligations, Coronavirus/COVID-19, Debt

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Loan activity climbed to boost leveraged finance issuance in the Asia-Pacific region

Real estate sector headwinds stifled high yield markets in the Asia-Pacific region, but loan issuance went from strength to strength to post double-digit gains - Debt markets in the Asia-Pacific region (excl. Japan) (APAC)…more

Asia Pacific, Capital Markets, Debt Market, Leveraged Loans, Loans

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Lessons from the EU General Court’s recent rejections of two appeals of merger prohibitions (Wieland, Thyssenkrupp)

On 18 May and 22 June 2022, the EU General Court upheld two European Commission prohibition decisions. Both judgments endorsed the European Commission's assessment of the mergers at issue, recognising a broad margin of…more

Appeals, Buyers, Competition, Declaratory Judgments, EU

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Extension of consumer protection to farmers - new rules for entering into contracts

On January 7, 2024, the Act of April 14, 2023, on Consumer Lombard Loans (the "Act") entered into force. The Act introduces significant changes in financing provided to farmers and extends consumer protection to farmers…more

Agribusiness, Contract Terms, Farmers, Financial Services Industry, Loans

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A bright future: Smart cities in Latin America

Smart city initiatives in Latin America have too often been overshadowed by high-profile projects in North America. But the tide is changing, and smart city projects throughout the region are gaining traction like never before…more

Climate Change, Coronavirus/COVID-19, EU, Latin America, Smart Cities

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Federal Trade Commission Likely to Expand Labor Enforcement to Worker-Misclassification Issues

In a February 2, 2024 keynote speech to antitrust enforcers and practitioners, Commissioner Alvaro M. Bedoya argued that the U.S. Federal Trade Commission ("FTC") should challenge worker misclassification as a violation of the…more

Antitrust Division, Corporate Counsel, Federal Trade Commission (FTC), FTC Act, Independent Contractors

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LNG to Power Projects in Asia-Pacific: Turning Prospects into Realities

Energy firms and financial institutions have been eyeing LNG to power projects in Asia Pacific for some time but these projects have not materialised as anticipated. Of late, however, interest in developing these projects has…more

Asia Pacific, Electricity, Energy Projects, Energy Sector, Hydrogen Power

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Where Things Stand on Drug Pricing at the Halfway Point of 2023

While only slightly past the midway point of 2023, it has already been a busy year for developments in drug pricing. Notably, CMS released its final guidance in preparation for price negotiations and the first 10 drugs covered…more

Centers for Medicare & Medicaid Services (CMS), Contract Negotiations, Department of Health and Human Services (HHS), Drug Pricing, Excise Tax

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Uncertainty Remains More Than One Year After the FTC Announces New “Unfair Methods of Competition” Policy

On November 10, 2022, the Federal Trade Commission announced a significant change in how the FTC plans to enforce Section 5 of the FTC Act, which bans "unfair methods of competition in or affecting commerce." In doing so, the…more

Antitrust Violations, Chamber of Commerce, Competition, Corporate Counsel, Enforcement Actions

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Africa Focus: Winter 2023 - Fueling a sustainable future

Green hydrogen will play important roles in Africa’s transition to renewable energy and as an exportable commodity. But is the current focus on the areas that will deliver the most value for Africa and its people? Carina Radford…more

Africa, Climate Change, Global Market, Green Energy, Hydrogen Power

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OFAC Sanctions Compliance Guidance for the Virtual Currency Industry

On October 15, 2021, the US Department of the Treasury’s Office of Foreign Assets Control ("OFAC") issued a brochure to promote sanctions compliance in the virtual currency industry (the "Guidance")1 and updated two related…more

Best Practices, Compliance, Financial Institutions, Financial Services Industry, New Guidance

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US leveraged finance slows in turbulent market

US leveraged loan and high yield bond markets saw significant declines in issuance in 2022, as macroeconomic and geopolitical uncertainty drove up borrowing costs, dampened risk appetite and significantly reduced M&A activity…more

Acquisitions, Bond Markets, Borrowers, Financial Markets, High Yield Bonds

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European leveraged finance: A whole new world

European leveraged finance in 2023 was saddled with the negative effects of elevated interest rates. But as the market adjusts to the “new normal”, rate and price stability offer hope for a brighter 2024. -Rising interest…more

Acquisitions, Banking Sector, Buyouts, Debt, Debt Market

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M&A transaction terms: Comparing Africa to Europe

Significant differences exist between terms that typically apply in M&A transactions in Africa and Europe - "Acquirers tend to view European markets as being more seller-friendly than African markets." Although the…more

Acquisitions, Africa, Buyers, EU, Financial Transactions

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SEC Adopts Move to T+1 Standard Settlement Cycle

SEC Amends Exchange Act Rule 15c6-1 to Require Settlement of Routine Securities Trades in One Business Day Following Trade Date. On February 15, 2023, the Securities and Exchange Commission (the "Commission") adopted a rule…more

Amended Rules, Disclosure, Insider Trading, Publicly-Traded Companies, Reporting Requirements

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Liquidated damages and penalties in Singapore

Liquidated damages provisions in contracts are unenforceable if they constitute a "penalty". The past few years have seen subtle but important shifts in how the concept of a penalty is defined. A recent decision from the…more

Appeals, Contract Terms, Liquidated Damages, Penalties, Singapore

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Labor outsourcing reform

On April 23, 2021, the Decree amending, adding and repealing several provisions of the Federal Labor Law, the Social Security Law, the Law of the National Workers' Housing Fund Institute, the Federal Tax Code, the Income Tax Law…more

Employee Benefits, Employer Liability Issues, Income Taxes, International Labor Laws, Labor Reform

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Mining & Metals survey: Your thoughts for 2024

In December 2023 – January 2024, we conducted a straw poll of 240 decision makers in the mining & metals sector via an online survey. While the findings are subject to the limitations of sample-based information, they do provide…more

Acquisitions, Environmental Social & Governance (ESG), Geopolitical Risks, Global Economy, Global Market

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Equity capital markets in Latin America

Strong pandemic-era performance and a look around the corner "IPO activity in Latin America has hit record levels in 2021, with the region’s largest economy taking the lion’s share of the bounty." During the first eight…more

Capital Markets, Coronavirus/COVID-19, Equity Markets, Initial Public Offering (IPO), Latin America

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Dissenting Opinion as violation of public policy? The recent annulment decision of the Higher Regional Court of Frankfurt in context

In a recently published annulment decision, the Higher Regional Court of Frankfurt (docket no. 26 Sch 14/18) by way of obiter dictum expressed its views on dissenting opinions in domestic arbitration proceedings. Although the…more

Annulment, Appeals, Arbitration, Arbitration Awards, Arbitrators

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M&A holds the line in the Nordics with robust performance

Corporate deals in the region proved to be more resilient than private equity (PE) as financing costs rose, with exits showing weakness - M&A market activity in the Nordics (Sweden, Denmark, Norway, Finland and Iceland)…more

Acquisitions, Buyouts, Capital Markets, Denmark, EU

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Key considerations for project owners in the construction of design-led projects in Saudi Arabia

A number of iconic, large-scale construction projects are currently in development as part of the Kingdom of Saudi Arabia's Vision 2030 − an ambitious strategic blueprint for the creation of a more diverse and sustainable…more

Antiquities Act, Architects, Construction Contracts, Construction Industry, Construction Project

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White & Case Releases CFIUS FIRRMA Tool 2.0

Two years ago, regulations implementing the Foreign Investment Risk Review Modernization Act (FIRRMA) went into effect, significantly expanding the jurisdiction of the Committee on Foreign Investment in the United States (CFIUS)…more

CFIUS, FIRRMA, Foreign Investment, Investment, Investors

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Nine developments and trends shaping US shareholder activism in 2023

Following a brief decline during the pandemic, shareholder activism in the US rebounded to pre-pandemic levels in 2022 despite—or perhaps because of—volatile markets, depressed share prices and macro-economic uncertainty…more

Corporate Governance, Environmental Social & Governance (ESG), Popular, Proxy Season, Proxy Voting

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The Saudi Bankruptcy Law: A Seismic Shift

The Kingdom of Saudi Arabia overhauled its corporate insolvency framework in 2018 with the introduction of a new bankruptcy law. In this client alert we examine the new Bankruptcy law in detail. Executive Summary - The…more

Bankruptcy Reform, Capital Markets, Commercial Bankruptcy, Corporate Restructuring, Insolvency

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Global IPOs: Seeking signs of stabilization

Resetting expectations - It was clear in the opening months of 2022 that the winds had changed for the global IPO market as compared to the prior year, a rocky path that continued throughout the year and into the first…more

Asia Pacific, Capital Markets, Economic Growth, EMEA, Environmental Social & Governance (ESG)

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Saudi Arabia's New Competition Law Goes Into Effect

The Kingdom of Saudi Arabia's new competition regime has gone into effect with potentially significant implications for businesses which are active in the Kingdom and those considering transactions with a Saudi component. The…more

Abuse of Dominance, Acquisitions, Anti-Competitive, Commodities, Competition Authorities

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The Saudi Bankruptcy Law: A Seismic Shift

The Kingdom of Saudi Arabia overhauled its corporate insolvency framework in 2018 with the introduction of a new bankruptcy law. In this client alert we examine the new Bankruptcy law in detail. Executive Summary - The…more

Bankruptcy Reform, Capital Markets, Commercial Bankruptcy, Corporate Restructuring, Insolvency

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Preliminary draft of new provisions regarding cross-participation in the hydrocarbons sector

On August 9, 2022, the Energy Regulatory Commission (Comisión Reguladora de Energía, "CRE") published a new preliminary draft of "General Provisions that establish the procedure and requirements to obtain the authorization for…more

Energy Sector, Hydrocarbons, Mexico, Policies and Procedures, Procurement Guidelines

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Eye on AI: AI-Generated Misinformation

Fake news websites have appeared online that use chatbots to post hundreds of articles every day. The aim of many of these sites is to become a "content farm" – meaning low quality websites pumping out AI-generated articles to…more

Artificial Intelligence, China, Deep Fake, Innovative Technology, Japan

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Saudi Arabia’s competition authority fines companies for failure to file merger control notification

The General Authority for Competition imposed significant fines against two companies for failing to submit a merger control filing for an economic concentration that meets the notification thresholds. The fines come on the…more

Antitrust Provisions, Competition, Competition Authorities, Enforcement Actions, Merger Controls

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AI Legal News Summer Roundup: Edition 3

Welcome to the third edition of our AI Legal News Summer Roundup! After five class actions were filed between June 28 and July 11 (as reported on in our first edition of this series), on July 21, another class action lawsuit was…more

Artificial Intelligence, Australia, Automated Decision Systems (ADS), Broker-Dealer, Class Action

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European Central Bank launches Emergency Bond-Buying Programme as a Response to the Coronavirus Pandemic

The European Central Bank has launched a EUR 750 billion bond purchase programme designed to mitigate the enormous economic and financial risks to the Eurozone caused by the coronavirus pandemic. The creation of the "Pandemic…more

Asset-Backed Securities, Bonds, Buyback Programs, Coronavirus/COVID-19, Emergency Response

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ICC Commission on Arbitration and ADR Report on Construction Industry Arbitrations

The ICC Commission has released a new report on construction industry arbitrations, providing recommended tools and techniques for effective management of construction arbitrations. The report is intended primarily for…more

Arbitration, Arbitration Procedural Rules, Arbitrators, Bifurcation, Case Management

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COVID-19: Belgian government grants a moratorium on insolvency and enforcement proceedings

The effects of the COVID-19 outbreak leave many Belgian enterprises in financial distress, or even, for some of them, at risk of insolvency. In order to help these enterprises navigate the crisis and prevent them from going…more

Belgium, Coronavirus/COVID-19, Debtors, Enforcement Actions, Financial Distress

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The INDEX Act: A challenge to the voting influence of institutional investors that may yield unintended consequences

The Act's supporters say it would shift voting power from large investment advisers to individual investors, but the reality could be far more complex - The INDEX Act arrives at a moment of increasing resistance to ESG…more

Beneficial Owner, Climate Change, Disclosure Requirements, Dodd-Frank, Environmental Social & Governance (ESG)

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UAE issues new Competition Law with new merger control regime

The United Arab Emirates is the latest country in the Middle East to overhaul its competition regime. On December 29, 2023, a new competition law comes into effect, including a new merger control regime that can be triggered by…more

Competition, Merger Controls, Mergers, Middle East, Regulatory Agenda

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Liquidity Requirements for Mexican banking institutions

On Monday, August 23, the General Guidelines on Liquidity Requirements for Banking Institutions issued jointly by the National Banking and Securities Commission (the “Commission”) and Mexico’s Central Bank, Banco de México, were…more

Banking Sector, Exceptions, Financial Institutions, Information Reports, Liquidity

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COVID-19 Derivatives Checklist

The novel coronavirus (COVID-19) pandemic is presenting the global markets with unprecedented challenges. Governments, corporations and the financial markets have been struggling to evaluate and adapt to the social and economic…more

Collateral Agreements, Coronavirus/COVID-19, Derivatives, ISDA Master Agreement, Over The Counter Derivatives (OTC)

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Mixed Signals: US M&A FY 2022

Although the record-breaking deal activity of 2021 spilled over into 2022, headwinds in the first quarter developed into a significant slowdown during the rest of 2022, with an expectation of continued slowness as we enter…more

Acquisitions, Buyers, Capital Markets, CFIUS, Coronavirus/COVID-19

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Proposed American Privacy Rights Act seeks to establish a comprehensive national framework for data privacy

Proposed American Privacy Rights Act of 2024 seeks to establish national consumer data privacy rights, govern Artificial Intelligence and automated decision-making, impose additional obligations on high-impact social media…more

Consumer Privacy Rights, Covered Entities, Data Privacy, Data Protection, Data Protection Acts

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A bright future: Smart cities in Latin America

Smart city initiatives in Latin America have too often been overshadowed by high-profile projects in North America. But the tide is changing, and smart city projects throughout the region are gaining traction like never before…more

Climate Change, Coronavirus/COVID-19, EU, Latin America, Smart Cities

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Regulating the Supply and Demand of Foreign Bribery

With the December 2023 enactment of the Foreign Extortion Prevention Act ("FEPA"), the United States' anti-bribery laws now penalize the "demand-side" of foreign bribery. While, for decades, the Foreign Corrupt Practices Act…more

Anti-Bribery, Anti-Corruption, Books & Records, Bribery, FEPA

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Court of Appeal broadly upholds the CAT's judgment in Phenytoin and clarifies "excessive pricing" test - Authorities can't stick their head in the sand – they have to consider different types of evidence

On 10 March 2020 the Court of Appeal upheld the Competition Appeal Tribunal's (CAT) quashing of the Competition and Markets Authority's (CMA) decision that Pfizer and Flynn Pharma (Flynn) had abused their dominant positions in…more

Abuse of Dominance, Appeals, Drug Pricing, Evidence, Excessive Pricing

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SEC Voluntarily Stays Its Climate Rules Pending Judicial Review

On April 4, 2024, less than one month after their adoption, the U.S. Securities and Exchange Commission ("SEC") has chosen to stay its newly adopted climate disclosure rules, pending judicial review (the "Final Rules"). The SEC…more

Climate Change, Disclosure Requirements, Environmental Social & Governance (ESG), Judicial Review, New Rules

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Impending USD LIBOR Discontinuation: Key Considerations for Latin America Loan Market

This article sets out certain key considerations specific to the Latin American loans market that may arise in transitioning legacy USD LIBOR loans to SOFR and supplements our earlier article published on December 6, 2022 on the…more

Bank Loan Markets, Collateral, Filing Requirements, Latin America, Libor

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Hospital and Health Care Provider Reimbursement under the CARES Act

The Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") adds $100 billion to the Public Health and Social Services Emergency Fund to reimburse hospitals and health care providers for expenses and lost revenue…more

CARES Act, Coronavirus/COVID-19, Eligibility, Federal Funding, Health Care Providers

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The Framework for Cooperation between the European Public Prosecutor's Office and Non-EU Third Countries

The European Public Prosecutor’s Office ("EPPO") is the European Union's ("EU") supranational prosecutorial body that launched its operations on 1 June 2021. The EPPO is charged with investigating and prosecuting economic crimes…more

Criminal Investigations, Criminal Prosecution, Enforcement Actions, EU, Financial Crimes

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EU's new Digital Strategy for the next five years – will Europe become a trusted digital player?

The European Commission launched the digital single market as early as 2015 to deliver its main legislative proposals, among them proposals for boosting e-commerce, ePrivacy, IP protection, the harmonization of digital rights,…more

Artificial Intelligence, Big Tech, Cybersecurity, Digital Services, Digital Single Market

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U.S. Antitrust Agencies Finalize Changes to the U.S. Merger Guidelines – Formalizing a Shift Toward a Very Aggressive Merger Enforcement Policy

On December 18, 2023, the Department of Justice ("DOJ") and Federal Trade Commission ("FTC") published in final form the long-awaited 2023 Merger Guidelines. The final 2023 Merger Guidelines adopt—with some significant…more

Antitrust Division, Antitrust Provisions, Department of Justice (DOJ), Enforcement Actions, Federal Trade Commission (FTC)

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Amendment to the Anti-Money Laundering Regulations applicable to Investment Advisors and Credit Unions, for the remote onboarding of their customers

On January 20, 2023, the Ministry of Finance and Public Credit issued resolutions that amend the Anti-Money Laundering ("AML") General Provisions (the "Amendments") applicable to Investment Advisors, and Credit Unions, (jointly…more

Anti-Money Laundering, Credit Unions, Financial Institutions, Financial Services Industry, Investment Adviser

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The Economic Impact of FATF Grey-Listing

The Financial Action Task Force ("FATF") is the global standard-setter on anti-money laundering ("AML"), countering terrorist financing ("CFT") and counter proliferation financing. FATF's standards, also referred to as…more

AML/CFT, Anti-Money Laundering, Cross-Border Transactions, EU, FATF

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Mexican Senate Approves Bill to Amend the Mexican Securities Market Law and the Investment Funds Law

On April 29, the Mexican Senate approved a Bill to Amend, Repeal and Supplement Certain Provisions of the Securities Market Law and the Investment Funds Law (the "Bill"). If approved in its terms by the Mexican House of…more

Hedge Funds, International Securities Market (ISM), Investment, Investment Adviser, Legislative Agendas

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New EU Batteries Regulation: introducing enhanced sustainability, recycling and safety requirements

A new batteries regulation will impact the design, production and waste management of all types of batteries manufactured or sold in the European Union. The new rules extend producer responsibility and require due diligence of…more

Batteries, EU, Manufacturers, Popular, Recycling

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Five Things Funds need to know about the Foreign Subsidies Regulation

The EU Foreign Subsidies Regulation took effect on 12 July 2023 to much fanfare. We take a look at the top five things PE funds need to know when considering acquisitions with a European footprint. The Foreign Subsidies…more

Acquisitions, EU, European Commission, Foreign Subsidiaries, Foreign Subsidies

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Civil Plaintiffs Must Prove GDPR Damages, says CJEU

The Court of Justice of the European Union (CJEU) ruled out automatic damages awards for civil litigants establishing infringements of the General Data Protection Regulation (GDPR). At the same time, the CJEU suggested that…more

Compensation, Court of Justice of the European Union (CJEU), Damages, EU, General Data Protection Regulation (GDPR)

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Japan 2023 Proxy Season

The Number of Shareholder Proposals Made by Activist Shareholders, Votes Against Management Proposals and Listed Companies Facing Shareholder Proposals Each Continue to Trend Upward in Japan - During the June 2023 annual…more

Board of Directors, Corporate Governance, Diversity, Environmental Social & Governance (ESG), Investors

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Egyptian Cabinet Approves Its First Pre-Merger Notification Regime

Egypt is getting closer to adopting a new merger control regime that would transform the system from a post-closing to a pre-closing filing regime. The Egyptian Council of Ministers has approved a draft proposal to amend Egypt's…more

Antitrust Provisions, Competition, Competition Authorities, Merger Controls, Mergers

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AI Legal News Summer Roundup: Edition 3

Welcome to the third edition of our AI Legal News Summer Roundup! After five class actions were filed between June 28 and July 11 (as reported on in our first edition of this series), on July 21, another class action lawsuit was…more

Artificial Intelligence, Australia, Automated Decision Systems (ADS), Broker-Dealer, Class Action

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Africa Focus: Winter 2023 - Fueling a sustainable future

Green hydrogen will play important roles in Africa’s transition to renewable energy and as an exportable commodity. But is the current focus on the areas that will deliver the most value for Africa and its people? Carina Radford…more

Africa, Climate Change, Global Market, Green Energy, Hydrogen Power

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COVID-19: South African Government Financial Assistance Measures

On 21 April 2020, the President of South Africa addressed the nation yet again to inform South Africans of additional economic and social relief measures to be put in place as a result of the novel coronavirus (“COVID-19”)…more

Commercial Tenants, Coronavirus/COVID-19, Covered Employees, Covered Employer, Federal Aid

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Financial assistance: South African Supreme Court of Appeal interprets section 45 of the Companies Act to apply to an exhaustive list of transactions

On 13 December 2022, the South African Supreme Court of Appeal ("SCA") delivered its judgment in Constantia Insurance Company Limited v The Master of the High Court, Johannesburg and Others (512/2021) [2022] ZASCA 179…more

Appeals, Companies Act, Financial Assistance Policies, Indemnity, Investment

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Dispute Resolution Post-Brexit Transition Period

For the duration of the Brexit transition period, the UK/EU Withdrawal Agreement provided for EU law to continue to apply to the UK. The transition period concluded on 31 December 2020 and, as widely anticipated, the UK and the…more

Exclusive Jurisdiction, Hague Convention, International Arbitration, International Litigation, Jurisdiction

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Dallah Revisited: The French and English Courts in Conflict Again Regarding Arbitral Jurisdiction Over Non-Signatories

The ongoing Kout Food saga provides a salutary reminder that difficult issues can sometimes arise when parties choose different systems for the substantive law of their contractual relationship and the curial law of the seat of…more

Appeals, Arbitral Authority, Arbitration Awards, Choice-of-Law, Contract Terms

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Regulatory Program 2020 issued by Energy Regulatory Commission

On July 29, 2020, the Board of Commissioners of the Energy Regulatory Commission ("CRE") approved the "Regulatory Program 2020" (the "Regulatory Program") by means of Resolution No. A/024/2020. The Regulatory Program is a…more

Electricity, Energy Regulatory Commission, Energy Sector, Hydrocarbons, Liquid Natural Gas

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Funding the energy transition: the role of Islamic finance

Access to energy underpins our day-to-day and powers global economic prosperity and development, yet consumption of energy is the dominant contributor to climate change, accounting for approximately 60% of total global…more

COP, Energy Sector, Funding, Global Economy, Greenhouse Gas Emissions

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COVID-19: Uzbekistan Government Financial Assistance Measures - State support for business and public

During the course of March and April 2020, the Government of the Republic of Uzbekistan (the “Government”) has implemented a number of laws and measures, including: 19 March 2020:  Presidential Decree No. UP-5969 “On priority…more

Coronavirus/COVID-19, Financial Assistance Policies, Moratorium, Relief Measures, Small Business Loans

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Hydrogen Hub Projects Awarded $7 Billion by US Department of Energy

In November of 2021, President Biden signed the Bipartisan Infrastructure Law (BIL), which established the Regional Clean Hydrogen Hubs (H2Hubs) program. Under the authority of the US Department of Energy (DoE), six to ten…more

Clean Energy, Department of Energy (DOE), Energy Projects, Energy Sector, Federal Funding

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Energy and infrastructure boost Latin American & Caribbean M&A

M&A activity in Latin America and the Caribbean proved robust in the third quarter, bucking the global trend of declining deal activity - The value of M&A in Latin America and the Caribbean totaled US$18.1 billion during the…more

Acquisitions, Caribbean, Energy Sector, Financial Services Industry, Infrastructure

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Amendments to Japan's Civil Procedure Rules: Towards Full Digitalization of Court Proceedings

On May 25, 2022, the Amended Code of Civil Procedure ("CCP") was enacted in Japan. It will introduce significant systemic changes to achieve full implementation of digitalized civil court procedures in Japan, which has been…more

E-Filing, e-Services, Electronic Filing, Electronically Posted Documents, Enforcement

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Climate Resilience as a Proposed New Feature of Sovereign Debt Instruments

Climate factors' impact on a debtor's ability to honor its obligations has been recognized for over 4,000 years. It was the Code of Hammurabi in Mesopotamia that first mandated a deferral of principal repayment and cancellation…more

Bonds, Climate Change, Collective Actions, Coronavirus/COVID-19, Debt Instruments

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Real estate deals come back to life

In a significant rebound, M&A values in real estate rose sharply in 2021. Deal value rose to US$121.7 billion, a sharp increase of 229 percent compared to 2020. Deal volume rose by 79 percent to 70 transactions. …more

Acquisitions, Buyers, Coronavirus/COVID-19, Investment, Investors

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At Mid-Year 2023, WAMS Data Show Global Decrease in Merger Filing Notifications, with Significant Declines in U.S. and EU Merger Filings

White & Case Global Antitrust Merger StatPak (WAMS)—the first real-time clearinghouse for global merger notification data—has analyzed merger notifications in reporting jurisdictions around the first half of calendar year 2023…more

Acquisitions, Competition, Competition Authorities, EU, Global Dealmaking

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SEC Proposes Rules to Regulate SPACs

On March 30, 2022, the US Securities and Exchange Commission (the "SEC"), in a three-to-one vote of its commissioners divided along political lines, approved the issuance of proposed rules regarding special purpose acquisition…more

Initial Public Offering (IPO), Investment, Investors, Proposed Rules, Public Comment

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Supreme Court Clarifies Effects of Bankruptcy on Trademark Licenses

On May 20, 2019, the Supreme Court held in Mission Products Holdings, Inc. v. Tempnology, LLC that a debtor-licensor's rejection of a trademark license agreement does not "deprive the licensee of its rights to use the…more

Bankruptcy Appellate Panel (BAP), Bankruptcy Code, Breach of Contract, Commercial Bankruptcy, Debtors

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Help for Fast Growth Companies in the UK’s 2021 Budget

In response to an unprecedented year of pandemic and economic crisis, the Chancellor Rishi Sunak delivered a Budget to offer continued support to the economy and an early view of what he believes the post-pandemic and…more

Capital Markets, Corporate Taxes, Emerging Growth Companies, Entrepreneurs, Special Purpose Acquisition Companies (SPACs)

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Construction Projects: Issues with Cost Estimates

The cost of construction materials has risen like never before. This, in turn, creates pressure for parties to use cost estimates and budgets rather than "fixed price" contracts. Providing cost estimates can therefore be…more

Construction Contracts, Construction Industry, Construction Project, Contractors, Cost-Containment

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Transatlantic M&A bull run set for comeback

Encouraged by the relative strength of the dollar and improving financing conditions, US bidders are snapping up European assets - Transatlantic M&A was enjoying record-high activity before the war in Ukraine sparked…more

Acquisitions, Biotechnology, Capital Markets, EU, Financial Markets

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Constructing the low-carbon economy

With an unprecedented momentum for the construction of new major projects linked to the shift away from fossil fuels and the development of a low-carbon economy, there is a real focus on construction law issues relevant to such…more

Australia, Brownfield Properties, Carbon Emissions, Climate Change, Construction Industry

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Net-zero goals boost investment in tech sector

Investment in clean energy solutions is ramping up as governments and businesses race to meet ambitious decarbonization targets. To achieve net-zero emissions by 2050, the International Energy Agency (IEA) estimates that annual…more

Clean Energy, Climate Action Plan, Global Market, Green Technology, International Energy Agency (IEA)

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Trending: Legal protection for cryptoasset stakeholders

Recent decisions in Singapore and New Zealand confirm that the courts are prepared to act to provide greater certainty and support to stakeholders in cryptoassets…more

Algorithmic Trading, Appeals, Breach of Contract, Crypto Exchanges, Cryptoassets

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Overview: New Draft Saudi Arabian Companies Law

The Saudi Arabian Ministry of Commerce and the Capital Market Authority (CMA) recently published a draft companies law (the "Draft Law") which was made available for public consultation. Under the new proposal, certain…more

Capital Markets, Capital Markets Authority, Companies Law, Joint Stock Companies, Limited Liability Company (LLC)

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FCA DP23/4: UK Regulation of Stablecoins

On 6 November 2023, the UK Financial Conduct Authority ("FCA") set out proposals for its regulation of fiat-backed stablecoins ("DP 23/4"). DP 23/4 invites stakeholders to provide feedback by 6 February 2024…more

Banking Sector, Cryptoassets, Cryptocurrency, Financial Conduct Authority (FCA), Financial Services Industry

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Private debt players open for business, but only on the right terms

Private debt managers seized the opportunity to win market share in 2022 as leveraged loan and high yield bond activity slowed—moving into 2023, private debt players remain open for business, but mainly on their terms…more

Borrowers, Buyouts, Capital Markets, Debt, High Yield Bonds

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Reverberations from the falling dominos of SVB, Signature and Silvergate are felt on European shores

UK & European Financial Services M&A: Sector trends H2 2022 | H1 2023 — Banks - Top 3 drivers of UK and European bank M&A in the past 12 months: - Regional & domestic consolidation across Europe: >50 domestic bank…more

Acquisitions, Banking Sector, Buyers, Economic Sanctions, EU

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Upheaval in the Litigation Funding Industry: UK Supreme Court Rules that many Litigation Funding Agreements are Unenforceable

In a heavy blow to the litigation funding industry, the UK Supreme Court has held that many litigation funding agreements are damages-based agreements and must comply with the relevant regulatory regime. Funders will be urgently…more

Judicial Discretion, Litigation Fees & Costs, Litigation Funding, Third Party Funding, UK

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Connected devices: Challenges for both technology providers and consumers

Privacy and the development of technology are competing interests that are sometimes in conflict. These considerations often present a challenging balancing exercise for technology companies developing innovative products as…more

Connected Items, Cybersecurity, Facial Recognition Technology, Innovative Technology, Internet of Things

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Managing civil disputes in France during the COVID-19 crisis (III)

The outbreak of COVID-19 has substantially disrupted the management of civil litigation during the first national lockdown of 17 March 2020 to 11 May 2020. French judicial activity was limited to "essential litigation" and…more

Business Continuity Plans, Coronavirus/COVID-19, Court Closures, Court Schedules, France

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On Remand, US Court of International Trade Again Rejects Transaction-Value Calculation Based on “First Sale” Prices Involving Non-Market Economy Parties

A recent (February 9, 2023) US Court of International Trade ("CIT") remand opinion, Meyer Corp., US v. United States, has revived various global supply-chain apprehensions that a previous (August 11, 2022) reversal by the US…more

Appeals, CAFC, China, Importers, International Trade

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Recent guidance on sustainability cooperation from the Dutch Competition Authority

The Dutch Competition Authority has recently approved three different sustainability initiatives in the CO2 capture/storage, soft drinks and floriculture sectors. These approvals demonstrate the Dutch Competition Authority’s…more

Carbon Capture and Sequestration, Climate Change, Competition Authorities, European Commission, FRAND

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Corporate Governance Key Developments 2020

This briefing is the second in our series of briefings on corporate governance and is designed to provide a synopsis of topical corporate governance matters impacting companies in the United Kingdom. This briefing tracks the…more

BEIS, Board of Directors, Coronavirus/COVID-19, Corporate Governance, EU

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How ESG features are changing the Bank of Italy’s supervision approach

The attention of financial regulators on environmental, social and governance factors is significantly and rapidly increasing. A proper integration of ESG features in the business model of financial and non-financial entities…more

Bank of Italy, Climate Change, Environmental Social & Governance (ESG), European Banking Authority (EBA), European Securities and Markets Authority (ESMA)

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THE DELTA REPORT - Derivatives Newsletter - October 2020: The ESMA Report on pension scheme arrangements

From the very early days of Regulation (EU) 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories "EMIR", as amended by Regulation (EU) 2019/834…more

Derivatives, EIOPA, EMIR, EU, European Securities and Markets Authority (ESMA)

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Mexican VAT Refunds are subject to a Drastic Change affecting Business Models in Mexico

The Supreme Court of Justice of the Nation resolved the case 413/2022 holding that the civil law rule to offset receivables and payables between parties to a transaction is not considered payment for VAT credit purposes…more

International Tax Issues, Mexico, Tax Code, Treasury, Value-Added Tax (VAT)

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M&A transaction terms: Comparing Africa to Europe

Significant differences exist between terms that typically apply in M&A transactions in Africa and Europe - "Acquirers tend to view European markets as being more seller-friendly than African markets." Although the…more

Acquisitions, Africa, Buyers, EU, Financial Transactions

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European leveraged finance: A whole new world

European leveraged finance in 2023 was saddled with the negative effects of elevated interest rates. But as the market adjusts to the “new normal”, rate and price stability offer hope for a brighter 2024. -Rising interest…more

Acquisitions, Banking Sector, Buyouts, Debt, Debt Market

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Extraordinary Moratorium and Other Measures in the Czech Republic

Analysts expect that GDP will plummet as a consequence of the restrictions on economic activities imposed as a consequence of the COVID-19 pandemic, and that the global economy, and with it the Czech economy, will slow down…more

Commercial Leases, Coronavirus/COVID-19, Czech Republic, Deferred Action, Eviction

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Online gaming M&A levels up: The online gaming industry has flourished amid stay-at-home orders

Few industries are as well-insulated from the ongoing pandemic as gaming. Stay-at-home orders have pummeled brick-and-mortar-based industries such as manufacturing and hospitality, but have left digital industries comparatively…more

Acquisitions, Casinos, Mergers, Mobile Apps, Online Gaming

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US Securities Class Actions: A Guide to the Initial Stages

Being named as a defendant in a securities class action can give rise to uncertainty and distress. This guide discusses what you can expect during the early stages of the action, the immediate steps that you need to take, and…more

Case Consolidation, Class Action, Class Representatives, Complaint Procedures, Duty to Preserve

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Supreme Court Declines to Shred Rogers v. Grimaldi in Trademark Tug-of-War Over Dog Toy

The Supreme Court issued a unanimous decision on June 8 in Jack Daniel's Properties v. VIP Products LLC, __ US __ (2023), a victory for Jack Daniel's in a battle over whether a dog toy infringed and diluted Jack Daniel's…more

Fair Use, Intellectual Property Litigation, Intellectual Property Protection, Jack Daniels Properties Inc v VIP Products LLC, Likelihood of Confusion

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Facing headwinds: Conclusion

The past two years have seen huge disruption in the aviation industry. But as this survey shows, the strength and diversity of the sector's financing ecosystem has played a decisive role in responding to the COVID-19…more

Airlines, Aviation Industry, Coronavirus/COVID-19, Economic Growth, EMEA

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Compensating non-material damages based on Article 82 GDPR – is there a de minimis threshold?

Germany's Federal Constitutional Court holds that the question should be referred to the European Court of Justice - Is a data subject entitled to compensation from a controller or processor if the data subject's GDPR rights…more

Damages, Data Controller, Data Processors, Data Protection, EU

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Private Placements in Europe: Mapping the alternatives

European Leveraged Finance Client Alert Series: Issue 7 - The term "private placement", while having a relatively settled meaning in US financings, can have a variety of meanings in Europe. White & Case's European leveraged…more

Corporate Issuers, Disclosure Requirements, Due Diligence, EU, Investors

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High-value, high-risk: Bribery, corruption and fraud threats to the luxury goods sector

As Coco Chanel once said: "Fashion changes, but style endures." And "endurance" has been a key word for the global luxury goods sector in recent years; it has seen exceptional growth in defiance of high interest rates,…more

Bribery, Corruption, Financial Crimes, Fraud, Luxury Goods

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Italy – New Measures to enhance Italian debt capital markets

The Italian legislators and CONSOB enacted new measures, as part of a general attempt to modernize the market infrastructure. The new rules relate to, inter alia, the following: The issuance of unlisted debt…more

Capital Markets, CONSOB, Debt, Debt Securities, Insolvency

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Top considerations –EMEA Tax trends impacting Private Equity Real Estate in 2021

White & Case has advised a large number of high-profile international clients on cutting-edge, cross-border and domestic private equity real estate deals, providing valuable strategic tax insight to a broad range of investors…more

Capital Markets, Czech Republic, Financial Markets, France, Germany

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Liability management transactions give borrowers some breathing room

Although liability management transactions have been controversial, they can provide borrowers a valuable respite in tough times when used appropriately - High interest rates and circumspect capital markets have caused…more

Borrowers, Capital Markets, Credit, Creditors, Debtors

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Recent Trends in Aviation Finance and Leasing: Post-Pandemic Guidance For Operating Lessors and Financiers

In addition to being a crucial time for aviation finance and leasing lawyers to navigate their clients through the numerous challenges which it presented, the onset and duration of the COVID-19 pandemic required lawyers to…more

Aircraft, Aviation Industry, Borrowers, Debt Trading, Enforcement

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Australia to introduce mandatory merger control

The Australian Treasurer has announced the introduction of a mandatory suspensory merger control regime to come into effect on 1 January 2026. The reforms introduce significant procedural changes, limited appeal rights and…more

Acquisitions, Antitrust Provisions, Australia, China, Competition

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New dual-use export control and outbound investment approach as part of the EU's Economic Security Strategy

Continuing the work from the Joint Communication on a European Economic Security Strategy published in June 2023, the European Commission unveiled a comprehensive package with five proposed initiatives to strengthen the EU's…more

Dual Use Goods, EU, European Commission, Export Controls, Exports

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Regulatory Hot Topics: Highlights

It has been a period rife with notable shifts on the global stage; a new administration in the US, the end of the Brexit transition period and the reaching of key milestones in the discontinuation of LIBOR, to name but a few…more

Banking Sector, Biden Administration, Climate Change, Cross-Border, Department of Labor (DOL)

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SEC Issues Sample Comment Letter on Disclosure Obligations Related to Russia’s Actions in Ukraine; White & Case Surveys S&P 500 Disclosures

On May 3, 2022, the Division of Corporation Finance ("Corp Fin") of the Securities and Exchange Commission ("SEC") posted a sample comment letter emphasizing companies' potential disclosure obligations related to direct or…more

Disclosure Requirements, Division of Corporate Finance, Russia, SEC Comment Letter Process, Securities and Exchange Commission (SEC)

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European leveraged finance: A whole new world

European leveraged finance in 2023 was saddled with the negative effects of elevated interest rates. But as the market adjusts to the “new normal”, rate and price stability offer hope for a brighter 2024. -Rising interest…more

Acquisitions, Banking Sector, Buyouts, Debt, Debt Market

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A corridor of opportunity: deal flow between Mexico and Spain

In a difficult M&A market, deal flow between Mexico and Spain has continued to deliver opportunities for dealmakers in both jurisdictions. Both markets have faced challenges over the past 12 months, with rising interest rates…more

Capital Markets, Foreign Investment, Global Dealmaking, Global Market, Investment

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Information regarding the antidumping and countervailing duty petitions on Crystalline Silicon Photovoltaic Cells from Cambodia, Malaysia, Thailand, and Vietnam

The Petition - On April 24, 2024, the American Alliance for Solar Manufacturing Trade Committee ("Petitioners") filed antidumping duty ("ADD") and countervailing duty ("CVD") petitions on imports of crystalline silicon…more

Anti-Dumping Duty, Cambodia, Countervailing Duties, Importers, Imports

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Strong Medicine: Using Investment Treaties to Mitigate Foreign Regulatory Risk in the Life Sciences

The COVID-19 pandemic has accelerated the globalization of the life sciences industry, driving cross-border collaborations to develop urgently needed treatments, scale up manufacturing and distribution, and fill raw material…more

Asset Seizure, Drug Pricing, Emerging Markets, Enforcement Actions, Food and Drug Administration (FDA)

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Construction performance bonds: "extend or pay"

"Extend or pay" provisions are sometimes used in construction performance bonds and bank guarantees as a way of ensuring that performance security is provided for the period it is needed. Can a beneficiary be stopped from…more

Bank Guarantees, Construction Project, Contractors, Fraud, Injunctions

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Directors Duties: a stark reality following the recent ‘Marka Ruling’ and subsequent amendments to the UAE Bankruptcy Law

On 1 November 2021, the Federal Decree Law No. 35 of 2021 (the "Decree") (amending certain provisions of the Federal Decree Law No.9 of 2016 concerning Bankruptcy (the "UAE Bankruptcy Law")) came into force. The publication of…more

Board of Directors, Business Disputes, Corporate Governance, Debtors, Dubai

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US Lawsuits Commence against Non-US Persons for Confiscated Cuban Property, EU Raises Concerns

On May 2, 2019, claimants began filing lawsuits for the first time under Title III of the Helms-Burton Act against third parties alleged to be "trafficking" in property of US nationals confiscated by the Cuban Government after…more

Blocking Statutes, Canada, Confiscated Property, Cuba, EU

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New 100MW licensing threshold for embedded generation creates opportunities for self-generation

On 10 June 2021, the South African Presidency announced an amendment to Schedule 2 of the Electricity Regulation Act 4 of 2006 (“ERA”), potentially enabling a new era of electricity self-generation to mitigate the effects of the…more

Electric Generation Suppliers, Electricity, Energy Projects, Energy Sector, Registration Requirement

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At Earth Day Summit, Biden Commits United States to Ambitious Goal of Cutting Emissions by Half by 2030 as the European Union Agrees to Climate Neutrality by 2050

Over April 22nd and 23rd, the Biden administration hosted 40 world leaders in a climate summit coinciding with Earth Day. The leaders announced a variety of pledges and ambitions relating to curbing greenhouse gas emissions and…more

Air Pollution, Biden Administration, Clean Air Act, Climate Change, Earth Day

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Africa Focus: Autumn 2020 - International project finance and currency reforms in West and Central Africa

Harmonizing business laws, a revised foreign exchange regulation and introducing a new currency. Currency is a hot topic in West and Central Africa, in both the Economic and Monetary Community of Central Africa (EMCCA, or…more

Africa, Banking Reform, Currency Exchange, Foreign Currency, Foreign Exchanges

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Subdued macro conditions shelve major loan activity

Loan issuance across all major jurisdictions saw year-on-year double-digit declines during the first half of 2023, as high inflation and rising interest rates continued to weigh on loan activity The first half of 2023 has…more

Banking Sector, Borrowers, Debt, Economic Downturn, EU

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New Executive Order Seeks to Protect Americans' Sensitive Personal Data

On February 28, 2024, President Biden signed Executive Order 14117 on "Preventing Access to Americans' Bulk Sensitive Data and United States Government-Related Data by Countries of Concern" (the EO).1 The EO calls for the…more

Biden Administration, Cross-Border, Data Privacy, Data Security, Department of Justice (DOJ)

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Eight things to know about the Taskforce on Nature-related Financial Disclosures

The Taskforce on Nature-related Financial Disclosures ("TNFD") released its final framework (the "TNFD Framework") on September 18. The TNFD Framework encourages organisations to integrate nature into decision-making and…more

Biodiversity, Climate Action Plan, Climate Change, Corporate Governance, Environmental Social & Governance (ESG)

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Ofgem opens the door for third party finance providers to participate in the Supplier of Last Resort process

The week between Christmas and New Year is not, traditionally, a time when Ofgem pushes out consultations on licence modifications. Nevertheless, on 30 December 2021, just such a consultation appeared. Perhaps, given the year…more

Energy Market, Energy Sector, Financial Institutions, Financial Markets, Licenses

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FinCEN and US Federal Banking Agencies Clarify Risk-Based Obligations on Politically Exposed Persons

The US Financial Crimes Enforcement Network (FinCEN) and the federal banking agencies (Agencies)1 issued a joint statement on August 21, 2020, regarding Bank Secrecy Act/anti-money laundering (AML) regulatory requirements for…more

Bank Fraud, BSA/AML, Corruption, Customer Due Diligence (CDD), FATF

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Japan Offshore Wind Update – Round 2 Results & Round 3 Process

The Japanese government released the results of the remaining "Round 2" offshore wind auctions. A consortium of Japanese and foreign developers was selected. Meanwhile, the next "Round 3" auctions are in progress…more

Clean Energy, Energy Projects, Energy Sector, Japan, Offshore Wind

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Record year for private equity dealmaking

In line with the broader M&A market, private equity firms had an exceptionally busy 2021. Deal value soared to US$987.6 billion in the year, more than doubling what was an already high total of US$474.5 billion in 2020. This is…more

Acquisitions, Domestic Dealmaking, Healthcare, Mergers, Private Equity

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The Anti-Money Laundering Act of 2020—Expanding Anti-Money Laundering Reporting Responsibilities to Small Businesses

As 2020 closed, Congress passed the annual National Defense Authorization Act, which embedded an unrelated set of provisions called the Anti-Money Laundering Act of 2020 ("AMLA-2020" or "the Act"). AMLA mandates disclosures…more

Anti-Money Laundering, Beneficial Owner, FinCEN, NDAA, Reporting Requirements

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Bright spots: Sweden and CIS present opportunities after a challenging 2023

The past 12 months have not been the best for European IPO activity, with EMEA IPO proceeds (including SPACs) falling 24 percent year-on-year to US$22.19 billion. After a challenging year when IPO appetite was impacted by…more

Capital Markets, Commonwealth of Independent States (CIS), EU, Initial Public Offering (IPO), Investment

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Information regarding the antidumping and countervailing duty petitions on Crystalline Silicon Photovoltaic Cells from Cambodia, Malaysia, Thailand, and Vietnam

The Petition - On April 24, 2024, the American Alliance for Solar Manufacturing Trade Committee ("Petitioners") filed antidumping duty ("ADD") and countervailing duty ("CVD") petitions on imports of crystalline silicon…more

Anti-Dumping Duty, Cambodia, Countervailing Duties, Importers, Imports

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Corporate Transparency Act and New Implications for US Special Purpose Vehicles, Wealth Structuring and Other Arrangements

The override of former President Trump's veto of the National Defense Authorization Act of 2021 resulted in the enactment of broad amendments to the US anti-money laundering regime. Of particular note is the inclusion of the…more

Anti-Money Laundering, Beneficial Owner, Closely Held Businesses, Corporate Transparency Act, Covered Entities

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The rise of Private Credit in the United Arab Emirates

As creditors continue to look across the global market for strategic opportunities, the United Arab Emirates (the "UAE") is primed to emerge as a relatively untapped well of potential for private credit providers…more

Borrowers, Creditors, EBITDA, Financial Services Industry, Insolvency

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Russia and Tax “Black-Lists”

On 14 February 2023, the Council of the European Union approved adding Russia to the EU list of non-cooperative jurisdictions for tax purposes (the "EU List") (official publication on 21 February 2023)…more

Amended Regulation, Corporate Taxes, EU, EU Directive, Investment

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EU Court of Justice in CK Telecoms sides with the European Commission's approach to mergers in oligopolistic markets

The EU Court of Justice in the CK Telecoms1 ruling has addressed key questions of EU merger control, including the standard of proof for the European Commission to challenge a merger, the assessment of mergers below the…more

Competition, EU, EUMR, European Commission, European Court of Justice (ECJ)

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The CARES Act’s Paycheck Protection Loan Program for Smaller and Specially Qualified Businesses

On March 27, 2020, the President signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act (the “Act”). The purpose of the Act is to provide emergency assistance for individuals, families, and businesses affected by…more

CARES Act, Coronavirus/COVID-19, Paycheck Protection Program (PPP), Relief Measures, Small Business

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Announcements Trigger LIBOR Fallback Provisions: What That Means for the US Syndicated Loans and Derivatives Markets

Recent statements by LIBOR authorities in the UK have implications for benchmark fallbacks in US documents. The UK’s Financial Conduct Authority ("FCA") and ICE Benchmark Administration ("IBA") released statements1 on March…more

Alternative Reference Rates Committee (ARRC), Banking Sector, Financial Conduct Authority (FCA), Financial Institutions, Financial Regulatory Reform

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Luxembourg Reform of Restructuring Procedures

On 1st November 2023, the new Luxembourg law of 7 August 2023 on the continuation of businesses and modernisation of insolvency law (the "Law") enters into force. This long-awaited reform implements Directive 2019/1023 to…more

Corporate Restructuring, Creditors, Debt Restructuring, Debtors, EU

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ICC Commission on Arbitration and ADR Report on Construction Industry Arbitrations

The ICC Commission has released a new report on construction industry arbitrations, providing recommended tools and techniques for effective management of construction arbitrations. The report is intended primarily for…more

Arbitration, Arbitration Procedural Rules, Arbitrators, Bifurcation, Case Management

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Morocco: A new legal framework for Independent Power Producers

In Morocco, renewables now account for more than 19% of market energy, up from 18.5% in 2020. Installed renewable energy capacity has exceeded 5 GW, which represents major growth over the past two decades. The government intends…more

Energy Sector, France, Morocco, Renewable Energy, Sustainability

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Sanctions-related amendments to the Russian Commercial Procedure Code

This overview summarises the recent amendments to the Russian Commercial Procedure Code (“Commercial Procedure Code”) relating to disputes involving sanctioned persons. The new law, which comes into effect on 19 June 2020, has…more

Anti-Suit Injunctions, Arbitration, Arbitration Agreements, Commercial Court, Dispute Resolution Clauses

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Vietnamese M&A proves resilient amid global economic adversity

Vietnam's M&A market put in a strong performance in 2022, despite signs of the global economy fighting against a falling tide. Total deal volume for 2022 dropped by 19% year-on-year to 62 transactions (down from 77 in 2021), but…more

Acquisitions, Coca Cola, Coronavirus/COVID-19, Credit Cards, GDP

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German IP Withholding Tax

On November 6, 2020, the German Federal Ministry of Finance issued a decree addressing certain open questions relating to foreign taxpayers’ obligation to submit tax filings for royalty income derived from intellectual property…more

Beneficial Owner, Capital Gains, Corporate Taxes, Foreign Taxpayers, Income Taxes

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German IP Withholding Tax

On November 6, 2020, the German Federal Ministry of Finance issued a decree addressing certain open questions relating to foreign taxpayers’ obligation to submit tax filings for royalty income derived from intellectual property…more

Beneficial Owner, Capital Gains, Corporate Taxes, Foreign Taxpayers, Income Taxes

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Help for Fast Growth Companies in the UK’s 2021 Budget

In response to an unprecedented year of pandemic and economic crisis, the Chancellor Rishi Sunak delivered a Budget to offer continued support to the economy and an early view of what he believes the post-pandemic and…more

Capital Markets, Corporate Taxes, Emerging Growth Companies, Entrepreneurs, Special Purpose Acquisition Companies (SPACs)

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Energy Security vs Energy Transition: Turbulence Ahead?

In recent years, there has been a laser focus on climate change. However, throughout the world, recent events have pushed energy security to the top of the agenda. To meet short-term needs, some governments have begun to roll…more

Climate Change, Energy Sector, Infrastructure, Nuclear Power, Renewable Energy

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CFIUS Proposes Regulatory Updates to Shorten Mitigation Negotiation Timelines for Transaction Parties & Expand CFIUS Authorities for Monitoring and Enforcement

On April 11th, the US Department of the Treasury, as chair of the Committee on Foreign Investment in the United States (CFIUS), issued a Notice of Proposed Rulemaking (NPRM) to "enhance certain CFIUS procedures and sharpen its…more

CFIUS, Civil Monetary Penalty, Enforcement, Foreign Investment, Mitigation

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Global PE activity returns to baseline as boom fades

Aggregate global buyout value dipped sharply in the second half of 2022 reverting to pre-pandemic levels—the first three months of 2023, however, have seen an uptick in volume..…more

Buyouts, Global Market, Investment, Investors, Leveraged Finance

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New Executive Order Seeks to Protect Americans' Sensitive Personal Data

On February 28, 2024, President Biden signed Executive Order 14117 on "Preventing Access to Americans' Bulk Sensitive Data and United States Government-Related Data by Countries of Concern" (the EO).1 The EO calls for the…more

Biden Administration, Cross-Border, Data Privacy, Data Security, Department of Justice (DOJ)

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Late rally softens leveraged loan landing

A strong finish to 2023 helped to boost global leveraged loan issuance at the end of an otherwise rocky year for all key markets. The last 12 months were incredibly challenging for banks, investors and borrowers, as elevated…more

Acquisitions, Borrowers, Capital Markets, EU, Financial Services Industry

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Brexit: Fresh Perspectives

The UK has left the EU but there remains a vast array of operational and legal issues for businesses to address. See below for our perspectives on the key challenges and opportunities that Brexit presents for different…more

Cooperation Agreement, Dispute Resolution, EU, Trade Agreements, UK

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Snapshot: Der deutsche Übernahmemarkt 2023

Blick auf den Markt und die bedeutendsten Transaktionen - Die Analyse öffentlicher Übernahmen im Jahr 2023 erscheint auf den ersten Blick wie eine Blaupause des Vorjahres. Die bereits 2022 festgestellten Trends bestätigten…more

Acquisitions, Capital Markets, EU, European Commission, Financial Regulatory Reform

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Global IPOs reached new highs

Fueled by strong stock markets and the need for yield, investors poured money into IPOs in 2021, resulting in a record-breaking year - Global IPO activity hit an all-time high in 2021 as the market continued to roar back…more

Coronavirus/COVID-19, Global Market, Initial Coin Offering (ICOs), Innovative Technology, International Trade

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Brexit: Fresh Perspectives

The UK has left the EU but there remains a vast array of operational and legal issues for businesses to address. See below for our perspectives on the key challenges and opportunities that Brexit presents for different…more

Cooperation Agreement, Dispute Resolution, EU, Trade Agreements, UK

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Schemes of Arrangement in Australia

A creditors' scheme of arrangement ("Scheme") can be a powerful restructuring tool implemented to achieve a variety of outcomes for a business, ranging from deleveraging or a debt-to-equity conversion to a merger and/or issue of…more

Asia Pacific, Australia, Corporate Restructuring, Creditors, Debt Restructuring

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Constructing the low-carbon economy

With an unprecedented momentum for the construction of new major projects linked to the shift away from fossil fuels and the development of a low-carbon economy, there is a real focus on construction law issues relevant to such…more

Australia, Brownfield Properties, Carbon Emissions, Climate Change, Construction Industry

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SEC, NASDAQ Provide Additional Guidance and Temporary Exceptions as the Effects of COVID-19 Continue to Impact Public Companies

On May 4, 2020, the staff of the Division of Corporation Finance (“Corp Fin”) at the Securities and Exchange Commission (the “SEC”) published four COVID-19 related FAQs. This additional guidance relates to SEC’s March 25, 2020…more

Coronavirus/COVID-19, Corp Fin, Exceptions, Filing Deadlines, Form 8-K

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FTSE 350: Snapshot of AGM Key Trends – 2024 Update

We have gathered and examined data from AGM Notices published by FTSE 350 companies since January 2024. We have set out the approach companies have taken on a number of key aspects of their meetings, including where the meetings…more

Board of Directors, Corporate Governance, Financial Conduct Authority (FCA), FTSE, Publicly-Traded Companies

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SEC Proposes Rules to Regulate SPACs

On March 30, 2022, the US Securities and Exchange Commission (the "SEC"), in a three-to-one vote of its commissioners divided along political lines, approved the issuance of proposed rules regarding special purpose acquisition…more

Initial Public Offering (IPO), Investment, Investors, Proposed Rules, Public Comment

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UK Micromobility Trials Launched

New UK regulations offer new opportunities for micromobility sector. The United Kingdom's Department for Transport ("DfT") has announced that new regulations for rental e-scooters will come into force on 4 July 2020. The…more

Coronavirus/COVID-19, Driver's Licenses, E-Scooters, Green Transportation, Micromobility

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Congress Passes $2.2 Trillion COVID-19 Stimulus Bill

On Friday, March 27, 2020, the U.S. House of Representatives voted to approve the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) submitted by the Senate, and President Trump just signed the bill.The bill…more

Airlines, Automotive Industry, CARES Act, Credit Reporting Agencies, Financial Services Industry

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Technology Industry Should Watch Closely as the Executive Branch and Lawmakers Set Their Sights on Antitrust

Calls for changes to antitrust law, and how antitrust laws should be applied to the conduct of large technology companies, have been heating up in recent years. Now, the push for wide-scale changes to antitrust law has reached…more

Biden Administration, Bipartisan Agreement, Competition, Department of Justice (DOJ), Executive Branch

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U.K. Supreme Court provides welcome clarity on how to determine the governing law of an arbitration agreement

In its recent decision in Enka v Chubb [2020] UKSC 38, the U.K. Supreme Court has provided a high degree of clarity on the test to be applied to determine the governing law of an arbitration agreement. The Court also took…more

Arbitration, Arbitration Agreements, Choice-of-Law, Contract Terms, Corporate Counsel

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FERC Clarifies Upstream Affiliate Ownership Disclosure Requirements in Market-Based Rate Applications

On February 23, 2024, the Federal Energy Regulatory Commission (FERC) issued an order approving an application for market-based rate (MBR) authority to VESI 12 LLC. However, the language in this MBR approval was not boilerplate…more

Business Ownership, Controlling Stockholders, Corporate Governance, Disclosure Requirements, Energy Sector

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Corporate Transparency Act and New Implications for US Special Purpose Vehicles, Wealth Structuring and Other Arrangements

The override of former President Trump's veto of the National Defense Authorization Act of 2021 resulted in the enactment of broad amendments to the US anti-money laundering regime. Of particular note is the inclusion of the…more

Anti-Money Laundering, Beneficial Owner, Closely Held Businesses, Corporate Transparency Act, Covered Entities

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Summary of FERC Meeting Agenda for September 2021

Below are summaries of the agenda items for the Federal Energy Regulatory Commission's September 23, 2021 open meeting, pursuant to the agenda issued on September 16, 2021. Items E-4, E-19, and G-1 have not been summarized due…more

Certifications, Electricity, Energy Sector, FERC, General Meetings

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Dealmakers prepare to face new uncertainties in 2024

Global M&A activity continued to make slow progress in 2023, with stubbornly high interest rates and stringent financing conditions stifling market confidence. Nearly US$3.2 trillion of M&A deals were announced last year—a…more

Acquisitions, Buyers, Capital Markets, Competition, EU

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Due Diligence in Supply Chains – Update on corporate human rights and environmental due diligence requirements in the EU and Germany

The German Act on Due Diligence in Supply Chains (Lieferkettensorgfaltspflichtengesetz, "LkSG") came into force on 1 January 2023 and imposes new obligations for supply chain due diligence. In parallel, the European legal…more

Corporate Governance, Due Diligence, EU, European Commission, Germany

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Bureau of Industry and Security Announces Digital Security Inquiry into the Automotive Industry

On February 29, 2024, the US Department of Commerce Bureau of Industry and Security ("BIS") announced an advanced notice of proposed rulemaking ("ANPRM") that asks for public input on potential regulations to address the risks…more

Advanced Notice of Proposed Rulemaking (ANPRM), Automotive Industry, Bureau of Industry and Security (BIS), Connected Cars, Data Security

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Africa Focus: Winter 2023 - Fueling a sustainable future

Green hydrogen will play important roles in Africa’s transition to renewable energy and as an exportable commodity. But is the current focus on the areas that will deliver the most value for Africa and its people? Carina Radford…more

Africa, Climate Change, Global Market, Green Energy, Hydrogen Power

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Cybersecurity Developments and Legal Issues

For most large companies, a frictionless flow of information and the ability to transfer customer data, employee files, financial records and other information around the world quickly and cost-effectively is a critical element…more

Biometric Information, Board of Directors, Corporate Governance, Corporate Officers, Cybersecurity

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Five things to consider when exiting a European joint venture

Although most joint ventures have long (if not indefinite) terms, in turbulent economic times, corporate joint venture partners are more likely to reconsider their commercial arrangements. And in some cases, parties may decide…more

Acquisitions, Business Plans, Corporate Governance, EU, Joint Venture

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Data center requirements under the new German Energy Efficiency Act

German Parliament passes Energy Efficiency Act (EnEfG). One of the main emphases of the law concerns data centers: inter alia waste heat requirements, energy efficiency standards, and the information obligations that are imposed…more

Data Centers, Energy Efficiency, Energy Sector, Germany, Regulatory Requirements

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Is "low-carbon" hydrogen a useful option for Africa's energy needs?

African policies can encourage low-carbon hydrogen production processes- Hydrogen—abundant in water, biomass and other natural sources—is an important fuel in the global quest to reduce and eliminate greenhouse gas (GHG)…more

Africa, Carbon Emissions, Energy Sector, Greenhouse Gas Emissions, Hydrogen Power

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Jurisdiction in insolvency proceedings: unchartered territory beyond Galapagos

While the timing of competing English and German insolvency applications in Re Galapagos1 allowed for clear determination of jurisdiction under the UK Insolvency Regulation, there remains potential uncertainty as to how similar…more

COMI, European Court of Justice (ECJ), Germany, Insolvency, Jurisdiction

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Foreign direct investment reviews 2020: A global perspective - Australia

Australia requires a wide variety of investments by foreign businesses to be reviewed and approved before completion - The decision to approve or deny a foreign investment application is ultimately made by the Treasurer of…more

Acquisitions, Australia, Competition, FIRB, Foreign Acquisitions and Takeovers Act 1975 (FATA)

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Climate Resilience as a Proposed New Feature of Sovereign Debt Instruments

Climate factors' impact on a debtor's ability to honor its obligations has been recognized for over 4,000 years. It was the Code of Hammurabi in Mesopotamia that first mandated a deferral of principal repayment and cancellation…more

Bonds, Climate Change, Collective Actions, Coronavirus/COVID-19, Debt Instruments

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Sector trends - September 2023: Stock Exchanges/Clearing Houses/Trading Venues

Decisive inorganic growth decisions by London Stock Exchange, Deutsche Börse, Nasdaq and Euronext set a furious pace for European trading venue M&A activity…more

Acquisitions, Clearing Agencies, EU, Financial Institutions, Financial Sponsors

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Landmark UK Supreme Court decision clarifies scope of banks’ so-called ‘Quincecare duty’

In Philipp v Barclays Bank UK PLC, the UK Supreme Court has given unanimous judgment in favour of Barclays Bank, and provided clear guidance on the so-called ‘Quincecare duty’ owed by banks to their customers. White & Case acted…more

Appeals, Banking Sector, Banks, Barclays, Corporate Counsel

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U.S. Antitrust Agencies Propose Sweeping Changes to Merger Guidelines – 5 Key Things You Need to Know

The Proposed Merger Guidelines represent the DOJ's and the FTC's aggressive scrutiny of mergers. As one of the most important reflections of policy the Antitrust Agencies use to analyze transactions, the Proposed Guidelines—once…more

Antitrust Division, Department of Justice (DOJ), Enforcement Actions, Federal Trade Commission (FTC), Horizontal Merger Guidelines

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Russia and Tax “Black-Lists”

On 14 February 2023, the Council of the European Union approved adding Russia to the EU list of non-cooperative jurisdictions for tax purposes (the "EU List") (official publication on 21 February 2023)…more

Amended Regulation, Corporate Taxes, EU, EU Directive, Investment

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ESG Disclosure Trends in SEC Filings

These are unprecedented times, and companies are facing important issues as they navigate the current economic, political, and social climate. The COVID-19 pandemic and Black Lives Matter movement have put the spotlight on…more

Annual Meeting, Black Lives Matter, Board of Directors, Business Continuity Plans, Carbon Emissions

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Information regarding the antidumping and countervailing duty petitions on Melamine from Germany, India, Japan, the Netherlands, Qatar, and Trinidad and Tobago

The Petition - On February 14, 2024, Cornerstone Chemical Company ("Petitioner") filed an antidumping duty ("ADD") petition on imports of melamine from Germany, India, Japan, the Netherlands, Qatar, and Trinidad and Tobago…more

Anti-Dumping Duty, Countervailing Duties, Deadlines, Exports, Germany

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Constructing the low-carbon economy

With an unprecedented momentum for the construction of new major projects linked to the shift away from fossil fuels and the development of a low-carbon economy, there is a real focus on construction law issues relevant to such…more

Australia, Brownfield Properties, Carbon Emissions, Climate Change, Construction Industry

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Amendment to the Regulations applicable to mutual funds and their service companies

On August 16, 2022, the Resolution that amends the General Provisions applicable to mutual funds and their service companies (the "CUFI", and the resolution that amends it, the "Amendment") was published in the Federal Official…more

Banking Sector, Financial Institutions, Investment, Mexico, Mutual Funds

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ICC Task Force on Emergency Arbitrator Proceedings releases findings

The ICC Task Force on Emergency Arbitrator Proceedings recently released its report, providing further guidance on emergency arbitrator proceedings. Its findings are expected to be useful for parties and counsel alike. Below is…more

Admissibility, Arbitration Awards, Arbitration Procedural Rules, Emergency Arbitration Provisions, Expedited Actions Process

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Questions about the “Carrot” and “Stick” Remain: Unpacking DOJ’s new M&A Safe Harbor Policy, Part I

On October 4, 2023, United States Deputy Attorney General (DAG) Lisa Monaco announced a new Department of Justice (DOJ) Mergers & Acquisitions Safe Harbor policy that encourages companies to self-disclose criminal misconduct…more

Acquisitions, Antitrust Division, Corporate Crimes, Corporate Governance, Corporate Misconduct

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Italy – New Measures to enhance Italian debt capital markets

The Italian legislators and CONSOB enacted new measures, as part of a general attempt to modernize the market infrastructure. The new rules relate to, inter alia, the following: The issuance of unlisted debt…more

Capital Markets, CONSOB, Debt, Debt Securities, Insolvency

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Managing civil disputes in France during the COVID-19 crisis (III)

The outbreak of COVID-19 has substantially disrupted the management of civil litigation during the first national lockdown of 17 March 2020 to 11 May 2020. French judicial activity was limited to "essential litigation" and…more

Business Continuity Plans, Coronavirus/COVID-19, Court Closures, Court Schedules, France

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UK Supreme Court Rules Against AI Inventorship of Patents

On December 20, 2023, the UK Supreme Court ("Court") dismissed Dr. Stephen Thaler's appeal, unanimously affirming the decision of the Comptroller-General of Patents, Designs and Trademarks ("Comptroller") that a machine which…more

Artificial Intelligence, Comptroller, Innovation Patent, Intellectual Property Protection, Inventions

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US Lawsuits Commence against Non-US Persons for Confiscated Cuban Property, EU Raises Concerns

On May 2, 2019, claimants began filing lawsuits for the first time under Title III of the Helms-Burton Act against third parties alleged to be "trafficking" in property of US nationals confiscated by the Cuban Government after…more

Blocking Statutes, Canada, Confiscated Property, Cuba, EU

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Energy and telco deals power Mexican M&A

Global M&A was laid low by market headwinds in 2023, with a cocktail of high inflation, geopolitical tensions and macroeconomic uncertainty causing activity to slow. Mexico was no exception to this trend, with dealmaking falling…more

Acquisitions, Global Dealmaking, Investment, Investors, Mergers

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South America: Overview of antitrust regimes

Many jurisdictions in South America have enhanced their enforcement of antitrust rules in the past decade. Brazil has consolidated its position as a significant jurisdiction in terms of antitrust enforcement globally. Argentina,…more

Acquisitions, Antitrust Provisions, Competition, Enforcement Actions, Mergers

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Virtuous cycle: Creativity and innovation in infrastructure finance

Regional differences and market maturities are forging a dynamic finance landscape with ever-more resourceful and innovative methods of meeting the global infrastructure funding challenge…more

Acquisitions, Bonds, Debt Financing, Equity Financing, Global Dealmaking

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Credit Bids on the rise in Australia

Investors in the Australian market are more sophisticated than ever and – unsurprisingly – so too are the restructuring transactions being promoted by these investors. One such transaction is the credit bid. While not a…more

Acquisitions, Australia, Corporate Governance, Corporate Restructuring, Credit Bids

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COP26: Hydrogen in the spotlight

Hydrogen featured heavily at COP26, providing cause for optimism for the transition toward a low-carbon hydrogen economy. This alert highlights key hydrogen developments that emerged during COP26. The global push toward a…more

Climate Change, Energy Sector, Global Economy, Green Energy, Hydrogen Power

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Foreign direct investment reviews 2021: Australia

Australia requires a wide variety of investments by foreign businesses to be reviewed and approved - Some significant investment proposals have been rejected on national interest grounds since 2020 - The decision to…more

Australia, Civil Monetary Penalty, FIRB, Foreign Direct Investment, Government Agencies

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Federal Legislators and FTC Keep PBMs Center Stage in Drug Pricing Debate

Federal efforts on drug pricing are increasingly focusing on the role of pharmacy benefit manager middlemen. A recently proposed Senate bill seeks to eliminate certain PBM practices, such as spread pricing and unfair claw backs…more

Drug Pricing, Federal Trade Commission (FTC), New Legislation, Pharmaceutical Industry, Pharmacies

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No-poach agreements on the European Commission dawn raid radar

In a speech on 22 October 2021, EU Competition Commissioner Margrethe Vestager revealed that the European Commission was planning a series of dawn raids for the months to come. She highlighted that the European Commission is not…more

Anti-Competitive, Department of Justice (DOJ), Enforcement, European Commission, Federal Trade Commission (FTC)

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Amendments to the Mexican Securities Market Law and the Investment Funds Law

On December 28, 2023, a decree was published to reform and add several provisions to the Mexican Securities Market Law (Ley del Mercado de Valores) and the Investment Funds Law (Ley de Fondos de Inversión) (the "Reform Decree")…more

Capital Markets, Environmental Social & Governance (ESG), Financial Regulatory Reform, Hedge Funds, Investment

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UK Government Introduces New Legislation to Tackle Economic Crime and Sanctions Evasion

On 1 March 2022, the UK Government introduced into Parliament the Economic Crime (Transparency and Enforcement) Bill (the "Bill"). The draft legislation contains a number of measures designed to increase transparency and give…more

Economic Sanctions, Financial Crimes, New Legislation, Office of Financial Sanctions Implementation (OFSI), UK

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Corporate structuring under the ASEAN Comprehensive Investment Agreement – with a cautionary tale for Chinese-owned investors

Structuring an investment to ensure adequate treaty protection is critical, particularly where the investment is being made in a jurisdiction prone to sovereign risk. If a holding company is created to ensure recourse under an…more

Association of Southeast Asian Nations (ASEAN), China, Corporate Governance, Corporate Structures, Investment

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2023 Half-year in review – M&A legal and market developments

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

Acquisitions, Buyers, Capital Markets, Companies Act, Contract Interpretation

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Italy – New proposed IPO rules: English language prospectus and shorter timetable

Consob initiated a public consultation concerning important new IPO rules aimed at simplifying and shortening the prospectus approval process and to reduce listing costs, which would bring Italian practice closer in line with EU…more

Approval Requirements, CONSOB, EU, Initial Public Offering (IPO), Italy

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Which jurisdiction? Choosing where to litigate: A jurisdictional overview of the world’s court systems

With ongoing advances in technology and communications, the number of contracting parties looking beyond their local jurisdiction when choosing a dispute resolution forum continues to grow It is easier than ever for contracting…more

Appellate Courts, Arbitration, Arbitration Awards, Belgium, Cross Examination

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Internal Investigations: Detailing the admissibility of such evidence before French courts

The French Supreme Civil Court (Cour de cassation) recently provided further details on the conditions for admissibility of an internal investigation in the context of an employment dispute…more

Employees, Enforcement Actions, France, Internal Investigations, Labor Disputes

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Mexico reinstates tariff hikes ranging from 5% to 50% on over 544 goods

On April 22, 2024, the ‘DECREE amending the Tariff of the Law on General Import and Export Taxes’ was published in the Official Gazette of the Federation.1 This decree will be valid for two years starting from its effective date…more

Anti-Dumping Duty, China, Countervailing Duties, Exports, Imports

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Is the standard of claiming damages from the EU insurmountable? EU Court refuses to recognize loss suffered by UPS from the EC’s unlawful prohibition of the proposed UPS/TNT transaction

On 23 February 2022, the EU's General Court (GC) dismissed a €1.7 billion claim for damages brought by United Parcel Service Inc. (UPS) against the European Commission (EC).1 UPS sought compensation for the losses resulting from…more

Break-Up Fee, Damages, EU, European Commission, Infringement

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Constitutional and Legal Reform Initiatives proposed by President Andrés Manuel López Obrador

On February 5, 2024, President Andrés Manuel López Obrador submitted to the Chamber of Deputies a package of 18 constitutional amendments and two legal reform initiatives ("Initiatives") that aim, among other aspects, to modify…more

Constitutional Amendment, Executive Branch, Legislative Agendas, Mexico, Regulatory Reform

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2022 Year in Review: White & Case Global Antitrust Merger StatPak (WAMS)

Australia, Brazil, Saudi Arabia, and Turkey See Significant Surge in Merger Filing Activity; US and EU Merger Filing Activity is Down Compared to 2021's Record Levels, But Still Above Historical Levels - White & Case Global…more

Acquisitions, Antitrust Division, Australia, Biden Administration, Brazil

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US Government Warns Healthcare Sector of Targeted Ransomware: Outlines Best Practices and Provides Technical Details of Attack

On October 28, 2020, a coalition of US government entities consisting of the Cybersecurity and Infrastructure Security Agency (CISA), the Federal Bureau of Investigation (FBI), and the Department of Health and Human Services…more

Best Practices, Cyber Attacks, Cyber Threats, Cybersecurity, Department of Health and Human Services (HHS)

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Trade secret litigation at the US International Trade Commission: A rising fence

A regulatory fence surrounds the United States, blocking the importation of any product that uses or was made using a misappropriated trade secret, among other unfair acts. That fence, called the Tariff Act of 1930, or Section…more

Competition, Extraterritoriality Rules, International Trade Commission (ITC), Inventors, Misappropriation

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Five Things Funds need to know about the Foreign Subsidies Regulation

The EU Foreign Subsidies Regulation took effect on 12 July 2023 to much fanfare. We take a look at the top five things PE funds need to know when considering acquisitions with a European footprint. The Foreign Subsidies…more

Acquisitions, EU, European Commission, Foreign Subsidiaries, Foreign Subsidies

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The nexus between DX and GX: How tech can accelerate the green energy transition

White & Case Tokyo office's Webinar series is bringing together the Firm's partners and industry experts to explore how digital transformation (or DX) and green energy transformation (or GX) are likely to affect strategic…more

Artificial Intelligence, Asia, Blockchain, Climate Action Plan, Climate Change

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Loan activity climbed to boost leveraged finance issuance in the Asia-Pacific region

Real estate sector headwinds stifled high yield markets in the Asia-Pacific region, but loan issuance went from strength to strength to post double-digit gains - Debt markets in the Asia-Pacific region (excl. Japan) (APAC)…more

Asia Pacific, Capital Markets, Debt Market, Leveraged Loans, Loans

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Working from home – A checklist of the IT risks and exposures

As the COVID-19 disease continues to spread, many countries have implemented nationwide lockdowns and many businesses have mandated employees to work from home. Even with the relaxation of lockdowns in different parts of the…more

Broadband, Cloud Computing, Coronavirus/COVID-19, Cyber Attacks, Cybersecurity

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Africa Focus: Autumn 2020 - International project finance and currency reforms in West and Central Africa

Harmonizing business laws, a revised foreign exchange regulation and introducing a new currency. Currency is a hot topic in West and Central Africa, in both the Economic and Monetary Community of Central Africa (EMCCA, or…more

Africa, Banking Reform, Currency Exchange, Foreign Currency, Foreign Exchanges

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Testing Times: Insights into the Timing of Incurrence Covenant Testing

European Leveraged Finance Alert Series: Issue 3, 2019 - Investors in high yield debt expect protections to be included in documentation in order to prevent bond issuers from taking certain actions that deteriorate credit…more

Acquisitions, Bond Issuers, Condition Precedent, Contract Terms, EBITDA

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Biogen rehearing denied: Is SCOTUS the next step?

On March 16, 2022, the Court of Appeals for the Federal Circuit denied Biogen’s petition for en banc review in Biogen International GmbH et al. v. Mylan Pharmaceuticals Inc. ("Petition Denial"), in which a Federal Circuit…more

Appeals, Denial of Rehearing, Dissenting Opinions, En Banc Review, Mylan Pharmaceuticals

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European leveraged finance: A whole new world

European leveraged finance in 2023 was saddled with the negative effects of elevated interest rates. But as the market adjusts to the “new normal”, rate and price stability offer hope for a brighter 2024. -Rising interest…more

Acquisitions, Banking Sector, Buyouts, Debt, Debt Market

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Ready to launch: US stock markets are poised for a strong 2024

US IPO markets have been lackluster during the past 24 months, but, as interest rates stabilize and stock valuations recover, the backdrop for US IPOs in 2024 is improving - Despite high interest rates and geopolitical…more

Capital Markets, FinTech, Initial Public Offering (IPO), Investment, Investors

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Lenders’ views on documentation diverge under lockdown

The decline in H1 2020 leveraged finance issuance has seen some lenders intensify their focus on pricing and borrower-friendly loan structures, but lender responses to the impact of COVID-19 have diverged across regions...…more

Asia, Borrowers, Coronavirus/COVID-19, EBITDA, EU

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The Rise of NFTs – Opportunities and Legal Issues

As we progress into 2021, the beat of the drum of the cryptocurrency and broader digital asset industry continues and, with it, has come the rise in popularity non-fungible tokens (NFTs). In the month leading up to the writing…more

Art, Blockchain, Copyright, Data Protection, Digital Assets

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OFAC Sanctions Compliance Guidance for the Virtual Currency Industry

On October 15, 2021, the US Department of the Treasury’s Office of Foreign Assets Control ("OFAC") issued a brochure to promote sanctions compliance in the virtual currency industry (the "Guidance")1 and updated two related…more

Best Practices, Compliance, Financial Institutions, Financial Services Industry, New Guidance

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Renewable energy – new challenges require a bespoke approach to risk allocation

Renewable energy projects share many of the same characteristics as traditional construction projects. To some extent, the approach to managing risk from a legal perspective will therefore be familiar. However, in other ways,…more

Construction Project, Energy Projects, Energy Sector, Green Energy, Hydropower

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Peak performance: US M&A in 2018: Technology M&A value soars in 2018

Tech M&A value increased 89 percent to US$217.2 billion in 2018, year-on-year. This was a result of an increase in large deals, as volume increased only 2 percent to 1,068 deals during the same period. There have been a number…more

Acquisitions, Mergers, Technology Sector

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Oil & gas M&A in the US follows global market softening

M&A in the US oil and gas sector faced significant headwinds in 2019, even before the COVID-19 pandemic and crash in crude price sent a shock to the industry. M&A in the US oil and gas industry faced an uphill battle in 2019,…more

Acquisitions, Gas Prices, Global Market, Mergers, Oil & Gas

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Singapore and UK financial watchdogs announce new cooperation efforts to strengthen cybersecurity

Cyber attacks are a national security concern in the UK. While individuals can be victims of such attacks, private sector institutions are often the direct targets. Cyber attacks can critically damage a commercial reputation and…more

Bank of England, Cooperation Agreement, Cross-Border Transactions, Cyber Attacks, Cyber Crimes

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The Basics of P2P Acquisition Financing

A public-to-private transaction ("P2P") is one in which a publicly listed company is acquired and taken into private ownership. Because they involve changes in ownership of public companies, P2Ps are subject to various…more

Acquisitions, EU, Going-Private Transactions, Leveraged Finance, Mergers

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The Delaware General Assembly to the Rescue: Proposed Legislative Fixes to Uncertainty Created by Three Significant Delaware Chancery Court Decisions

Summary - On March 28, 2024 the Council of the Corporation Law Section of the Delaware State Bar Association released a set of proposed amendments to the Delaware General Corporation Law (the "DGCL"). The proposed amendments,…more

Beneficial Owner, Board of Directors, Breach of Contract, Damages, Delaware

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Amending Bylaws and Charters to Address Universal Proxy, Shareholder Activism and Officer Exculpation

As the 2023 proxy season winds down for calendar year companies, it is a good time to consider possible bylaw and charter amendments to address recent developments with respect to universal proxy, shareholder activism and…more

Bylaws, Delaware General Corporation Law, Disclosure Requirements, Investment Funds, Securities and Exchange Commission (SEC)

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China Releases Draft Amendments to The Anti-Unfair Competition Law

On 22 November 2022, China's State Administration for Market Regulation ("SAMR") released the Draft Amendments to the Anti-Unfair Competition Law ("Draft AUCL Amendments"). Enacted in 1993 (and subsequently amended in 2017 and…more

Anti-Competitive, Bribery, China, Competition, Proposed Amendments

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Fraud and abuse risks in digital health: What tech companies need to know about healthcare enforcement – Part II

For companies looking to monetize their hard-earned innovations in digital health, there is a minefield of potential healthcare enforcement to avoid. As discussed in Part I of this alert, such healthcare enforcement can lead to…more

Anti-Kickback Statute, Digital Health, EHR, Fair Market Value, False Claims Act (FCA)

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New legislation for the protection of whistleblowers and its impact on companies in the Czech Republic

At the end of this year, a new Act on the Protection of Whistleblowers is set to come into force (based on the "Whistleblowers Protection Bill"), which will impose a host of new obligations on about 25,000 employers and public…more

Anti-Retaliation Provisions, Czech Republic, EU, New Legislation, Whistleblower Protection Policies

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Patriot Act Subpoenas: Reinvigorated and Reaching Across Borders

The override of former President Trump's veto of the National Defense Authorization Act of 2021 resulted in the enactment of broad amendments to the US anti-money laundering regime. Among the amendments are provisions to bolster…more

Anti-Money Laundering, Department of Justice (DOJ), Due Process, Enforcement Actions, Foreign Banks

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SEC Proposes Rules to Regulate SPACs

On March 30, 2022, the US Securities and Exchange Commission (the "SEC"), in a three-to-one vote of its commissioners divided along political lines, approved the issuance of proposed rules regarding special purpose acquisition…more

Initial Public Offering (IPO), Investment, Investors, Proposed Rules, Public Comment

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The China International Commercial Court

To provide judicial support for the Belt & Road Initiative ("BRI"), the Supreme People's Court of the People's Republic of China ("Supreme Court") launched two international commercial courts ("China International Commercial…more

China, Cross-Border, Dispute Resolution, International Arbitration, International Business Courts

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Czech Responses to COVID-19

The goal of the Prague COVID-19 Task Force is to regularly update our clients on actual and prospective developments in their markets consequent on the pandemic, primarily from a Czech perspective but also across the region. …more

Banks, Breach of Contract, Business Closures, Commercial Leases, Commercial Tenants

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Canadian outbound dealmaking rebounds

Canadian dealmakers are betting on large overseas purchases as market confidence returns - Canadian dealmakers have become a major presence beyond their borders, conducting a total of 361 outbound deals worth a total of…more

Acquisitions, Borrowers, Canada, Capital Markets, Clean Energy

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Employment Law Considerations for Returning to the Workplace in a COVID-19 World

Employers planning a return to the workplace must comply with a myriad of employment laws, regulations and guidance issued by public health authorities and other regulators. The following is a summary of certain portions of…more

Centers for Disease Control and Prevention (CDC), Coronavirus/COVID-19, Corporate Counsel, Employer Liability Issues, Employer Responsibilities

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Key trends emerging from the start of the EU Foreign Subsidies Regulation regime

The first months of application of the EU Foreign Subsidies Regulation (FSR) have involved a large number of notifications, lengthy and wide-ranging requests for information, and the opening of the first in-depth investigation…more

Acquisitions, Competition, EU, European Commission, Foreign Subsidies

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Next up in Climate Litigation: Belgian Court condemns Climate Change Policies of Belgian Federal and Regional Governments

As yet another sign of the surge of climate change litigation around the world, yesterday the Brussels Court of First Instance found the Belgian federal and regional governments in breach of their duty of care and human rights…more

Belgium, Carbon Emissions, Climate Change, Duty of Care, Environmental Litigation

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Vietnam's 7GW wind energy ambitions

On June 25, 2020, the Vietnamese Prime Minister published a list of 91 approved-in-principle wind power projects with an estimated energy generation capacity of seven gigawatts (GW)…more

Electricity, Energy Projects, Energy Sector, Investment Opportunities, Project Finance

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Climate Resilience as a Proposed New Feature of Sovereign Debt Instruments

Climate factors' impact on a debtor's ability to honor its obligations has been recognized for over 4,000 years. It was the Code of Hammurabi in Mesopotamia that first mandated a deferral of principal repayment and cancellation…more

Bonds, Climate Change, Collective Actions, Coronavirus/COVID-19, Debt Instruments

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Legitimate coercion or unlawful abuse? Assénagon and the power to bind the minority in liability management exercises revisited

Since the decision in Assénagon in 2012, there has been some doubt as to how much coercion can be applied in a consent solicitation that includes an "exit consent" and whether consents that seek to force detrimental economic…more

Bonds, Debt Market, EU, Financial Institutions, Financial Markets

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The Global ESG Regulatory Framework toughens up

A look at three key regulatory developments in the EU and US - proposed EU Corporate Sustainability Due Diligence and Reporting Directives and US SEC Climate Change Disclosure Rules..…more

Climate Change, Corporate Counsel, CSDR, Disclosure Requirements, Due Diligence

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25 Years of the World Bank’s Sanctions Regime – Why a Closer Look Is More Important Than Ever

On May 1, 2023, the World Bank released the third edition of its Sanctions Board Law Digest ("2023 Law Digest"), commemorating the 25th anniversary of its first formal sanctioning body, the former Sanctions Committee. In view of…more

Anti-Corruption, Enforcement Actions, Sanctions, World Bank

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New 1% Excise Tax on Stock Buybacks May Have Far-Reaching Consequences for Capital Markets, SPAC and M&A Transactions

On August 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022, H.R. 5376 (the "Act"), a reconciliation bill that revives parts of the tax legislation from the ill-fated Build Back Better Act as part of…more

Acquisitions, Biden Administration, Capital Markets, Excise Tax, Inflation Reduction Act (IRA)

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Delivering digital infrastructure in the AI age

The digital infrastructure sector's growth has been fueled by the hyperscalers in recent years. The rapid evolution of artificial intelligence and the metaverse is set to drive this "zeitgeist" sector to new heights…more

Artificial Intelligence, Capital Markets, Cloud Computing, Cybersecurity, Infrastructure

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Renewable energy in Africa: Update in the era of climate change

Africa offers vast potential for renewable energy deployment and investments - This article reflects changes in the rapidly evolving and crucial field of renewable energy in Africa. Currently, the International Renewable…more

Africa, Climate Change, Coronavirus/COVID-19, Energy Sector, Greenhouse Gas Emissions

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SEC Warns Individual Actors of Potential Liability for AI-Related Security Risk Disclosure Failures

Over the past few months, the Securities and Exchange Commission (the "SEC") has issued several warnings to companies to ensure accurate disclosure of the role and risks of artificial intelligence ("AI") in their businesses. In…more

Artificial Intelligence, Disclosure Requirements, Environmental Social & Governance (ESG), Securities and Exchange Commission (SEC), Securities Regulation

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Australia considers curbing LNG exports, risking international claims by foreign investors

The Australian Government recently announced that it was seeking feedback on reforms to the Australian Domestic Gas Security Mechanism, which will allow the government to control the export of liquefied natural gas every quarter…more

Australia, Buyers, Foreign Investment, Investors, Natural Gas

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US antitrust policy targets the technology sector

Taiwanese companies could feel the impact of the current push for wide-scale change - Within less than a year after taking office, the Biden administration's antitrust leaders are pushing for wide-scale changes to the US…more

Acquisitions, Antitrust Provisions, Biden Administration, Department of Justice (DOJ), Enforcement

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Proposed Directive Pertaining to Loss Absorbency Requirements Published for Comment

On 26 March 2024 the Prudential Authority published, for public comment, the revised proposed directive on loss absorbency requirements for banks, bank controlling companies and branches of foreign institutions under reference…more

Capital Markets, Debt Financing, Financial Institutions, Prudential Regulation Authority (PRA), South Africa

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GDPR Guide to National Implementation: Belgium - A practical guide to national GDPR compliance requirements across the EEA

Q1/ Applicable legislation - (a) Have the requirements of the GDPR been addressed by introducing a new law, or by updating existing legislation? New legislation has been passed. ———…more

Belgium, Compliance, Consumer Privacy Rights, Data Controller, Data Protection Authority

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Facing headwinds: Conclusion

The past two years have seen huge disruption in the aviation industry. But as this survey shows, the strength and diversity of the sector's financing ecosystem has played a decisive role in responding to the COVID-19…more

Airlines, Aviation Industry, Coronavirus/COVID-19, Economic Growth, EMEA

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Reverse break-up fees emerge in response to deal terminations

Even as economies pick up, dealmakers have maintained focus on managing the risk of broken deals - Lockdowns in 2020 brought a large uptick in terminated deals—and although broken deal rates have slowed, there has been a…more

Contract Termination, Coronavirus/COVID-19, Financial Markets, Material Adverse Change Clauses (MACs), Material Adverse Effects

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Summary of FERC Meeting Agenda for April 2024

Summaries of the agenda items for the Federal Energy Regulatory Commission's monthly open meeting to be held on April 25, 2024, as well as a forthcoming meeting to be held on May 13, 2024, pursuant to the respective sunshine…more

Certificate of Public Convenience and Necessity, Electricity, Energy Sector, FERC, Hydro Issues

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New Executive Order Seeks to Protect Americans' Sensitive Personal Data

On February 28, 2024, President Biden signed Executive Order 14117 on "Preventing Access to Americans' Bulk Sensitive Data and United States Government-Related Data by Countries of Concern" (the EO).1 The EO calls for the…more

Biden Administration, Cross-Border, Data Privacy, Data Security, Department of Justice (DOJ)

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US versus Europe: Will their shared path continue in 2022?

- In the US, leveraged loan issuance for 2021 reached US$1.4 trillion, a 63% increase year-on-year - The high yield bond market in the US was relatively flat, rising from US$428.3 billion in 2020 to US$429.7 billion in 2021 …more

Borrowers, Capital Markets, Environmental Social & Governance (ESG), EU, Financial Services Industry

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ESG in APAC: 3 Trends to Watch in 2024

Faced with increased scrutiny by consumers, regulators, shareholders and boards, Environmental, Social and Governance (ESG) considerations have been at the forefront for multinational companies globally. Multinational companies…more

Asia Pacific, Australia, Corporate Governance, Corporate Social Responsibility, Disclosure Requirements

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CARES Act: Mid-Sized Business Lending Program

Under Title IV of the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act"), Congress has authorized US$500 billion of funding for certain industries and businesses that have been severely impacted by COVID-19…more

Applications, CARES Act, Coronavirus/COVID-19, Federal Loans, Midsize and Large Business Loans

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Regulatory round-up

As the world emerges from the turmoil caused by the COVID-19 pandemic, the financial services sector is going through a time of considerable change. This section highlights some developments to be aware of in key regulatory hot…more

Coronavirus/COVID-19, Cryptoassets, Cryptocurrency, Environmental Social & Governance (ESG), EU

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Anti-enforcement injunctions: Court of Appeal protects its jurisdiction over English assets

The Court of Appeal has granted an anti-enforcement injunction restraining a US company from taking steps to enforce a US judgment in the US courts where such enforcement exorbitantly interferes with the jurisdiction of the…more

Anti-Suit Injunctions, Comity, Exclusive Jurisdiction, Extraterritoriality Rules, Foreign Jurisdictions

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First Circuit Rejects DOJ's Expansive View of Wire Act

On the first day of the Biden administration, the US Court of Appeals for the First Circuit confirmed that state-run intrastate online lotteries may continue to operate, consistent with the US Department of Justice's guidance…more

Biden Administration, Casinos, Department of Justice (DOJ), Gambling, Lottery

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SEC Proposes Rules to Regulate SPACs

On March 30, 2022, the US Securities and Exchange Commission (the "SEC"), in a three-to-one vote of its commissioners divided along political lines, approved the issuance of proposed rules regarding special purpose acquisition…more

Initial Public Offering (IPO), Investment, Investors, Proposed Rules, Public Comment

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HP v Autonomy: The “fake it ‘till we make it” start-up culture on trial

In its long-awaited judgment, the English High Court1 has found that the British software firm Autonomy defrauded the US tech giant Hewlett-Packard (HP) and induced its own acquisition for the price of US$11.1bn..…more

Acquisitions, Antitrust Litigation, Appeals, Business Litigation, Corporate Governance

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Information regarding the antidumping and countervailing duty petitions on Aluminum Extrusions from 15 countries

The Petition - On October 4, 2023, the US Aluminum Extruders Coalition and the United Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied Industrial and Service Workers International Union ("Petitioners") filed…more

Anti-Dumping Agreement, Anti-Dumping Duty, Countervailing Duties, Imports, International Trade

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Taiwanese companies in a world of “clubs” and “fences”

The relatively open cross-border flow of goods, services, capital, people and data that characterized the past four decades of globalization is giving way to a new era of "clubs" and "fences." Clubs form when countries agree to…more

China, Export Controls, Global Economy, International Trade, Sanctions

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Mexico Supreme Court of National Justice Decision Related to Unconstitutionality Action 64/2021 on the Electricity Industry Law

Rules Applicable to Unconstitutionality Actions - Unconstitutionality actions are abstract constitutional control mechanisms available to certain Governmental entities.1 The legal standard to accept and initiate these types of…more

Electricity, Energy Sector, Mexico, Standing, Supreme Court of Mexico

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Latin America Focus - Fall 2023

As we embark on our third year of Latin America Focus, the ever-evolving landscape in the region brings fresh opportunities and challenges for local, regional and international businesses. After an extremely positive…more

Arbitration, Chapter 11, Disclosure Requirements, Environmental Social & Governance (ESG), Exports

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French Merger Control Update: Key Takeaways from 2022

In 2022, the French Competition Authority (the "FCA") maintained a high level of activity, focusing notably on digital markets, which remain one of its key priorities. Last year also brought the first successful failing firm…more

Acquisitions, Competition, EU, European Commission, France

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Anti-enforcement injunctions: Court of Appeal protects its jurisdiction over English assets

The Court of Appeal has granted an anti-enforcement injunction restraining a US company from taking steps to enforce a US judgment in the US courts where such enforcement exorbitantly interferes with the jurisdiction of the…more

Anti-Suit Injunctions, Comity, Exclusive Jurisdiction, Extraterritoriality Rules, Foreign Jurisdictions

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Trade secret litigation at the US International Trade Commission: A rising fence

A regulatory fence surrounds the United States, blocking the importation of any product that uses or was made using a misappropriated trade secret, among other unfair acts. That fence, called the Tariff Act of 1930, or Section…more

Competition, Extraterritoriality Rules, International Trade Commission (ITC), Inventors, Misappropriation

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Technology – The hottest commodity in the mining & metals sector

The mining & metals sector, long perceived by the broader markets as an old-fashioned heavy industry, is embracing technological innovation and new forms of partnership as it seeks to harness productivity growth and the energy…more

Artificial Intelligence, Capital Markets, Energy Sector, Global Market, Investors

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UK Supreme Court clarifies arbitrator’s duty of disclosure when accepting multiple appointments in related arbitrations

The UK Supreme Court has delivered its long-awaited decision in Halliburton v Chubb1 regarding an arbitrator's duty to disclose multiple appointments in related arbitrations. In a decision of significance to the international…more

Arbitration, Arbitrators, Bias, Conflicts of Interest, Duty of Confidentiality

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The Internal Market Bill, the EU Withdrawal Agreement and the risk of no deal on the EU-UK future relationship

The Government's proposed Internal Market Bill has prompted much debate regarding the UK's approach to international law, as well as the internal constitutional architecture of the UK. The EU has raised the prospect of a legal…more

Belfast/Good Friday Agreement, Customs, Dispute Resolution, EU, No-Deal Brexit

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CFIUS Proposes Regulatory Updates to Shorten Mitigation Negotiation Timelines for Transaction Parties & Expand CFIUS Authorities for Monitoring and Enforcement

On April 11th, the US Department of the Treasury, as chair of the Committee on Foreign Investment in the United States (CFIUS), issued a Notice of Proposed Rulemaking (NPRM) to "enhance certain CFIUS procedures and sharpen its…more

CFIUS, Civil Monetary Penalty, Enforcement, Foreign Investment, Mitigation

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Scaling Voluntary Carbon Markets: The Final Report

The 'Taskforce on Scaling Voluntary Carbon Markets' (the "Taskforce") is a private sector initiative working to scale an effective and efficient voluntary carbon credit market to help meet the goals of the Paris Agreement. On…more

Anti-Money Laundering, Carbon Emissions, Climate Change, Emissions Trading System, Greenhouse Gas Emissions

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Update: Top Depositor Questions on the Silicon Valley Bank Receivership

On Friday, March 10, 2023, the California Department of Financial Protection and Innovation closed Silicon Valley Bank ("SVB") and the Federal Deposit Insurance Corporation ("FDIC") was appointed SVB's receiver…more

Banking Sector, Banks, Deposit Accounts, Deposit Insurance, Depository Institutions

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The decisive decade: The race to net zero gets underway

Sustainable energy companies from renewable natural gas to renewable methane are being bought up by oil & gas super-majors, whose balance sheets have expanded thanks to the surging price of energy and fossil fuels in the past…more

Acquisitions, Biden Administration, Carbon Emissions, Climate Change, Greenhouse Gas Emissions

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Reforms to Financial Laws in Administrative Procedure

On January 24, 2024, the Ministry of Finance and Public Credit published in the Federal Gazette the "Decree amending, adding, and repealing various provisions of financial laws in matters of administrative procedure" (the…more

Administrative Procedure, Financial Regulatory Reform, Financial Services Industry, Implementing Decrees, Legislative Agendas

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SEC Adopts Rule Amendments to Modernize Beneficial Ownership Reporting

On October 10, 2023, the Securities and Exchange Commission ("SEC") adopted amendments to modernize the rules governing beneficial ownership reporting under Sections 13(d) and 13(g)1 of the Securities Exchange Act of 1934…more

Beneficial Owner, Financial Markets, Institutional Investors, Investors, Proposed Amendments

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Healthcare M&A on track to set new record in 2021

Heightened interest in medical suppliers, contract research organizations and biotech firms resulted in an impressive year for healthcare dealmaking- Dealmaking within the pharma, medical and biotech sector continued from its…more

Acquisitions, Biotechnology, Coronavirus/COVID-19, Domestic Dealmaking, Healthcare

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Healthcare M&A prospers, despite fall in deal activity

The megadeals of 2019 may be off the table for now, but deal activity across healthcare and pharmaceuticals has proven resilient through the COVID-19 crisis - Although pharma, medical and biotech (PMB) M&A deal value for Q1…more

Emergency Use Authorization (EUA), Food and Drug Administration (FDA), Health Care Providers, Hospital Mergers, Hospitals

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Supreme Court Rules EPA Cannot Require Existing Fossil Fuel Power Facilities to Shift to Lower CO2 Emitting Sources of Electricity

On June 30, 2022, the Supreme Court ruled that the US Environmental Protection Agency (EPA) cannot use the Clean Air Act to require fossil fuel power facilities to implement a measure known as "generation shifting" without…more

Clean Air Act, Energy Sector, Environmental Protection Agency (EPA), FERC, Fossil Fuel

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Social Infrastructure supporting Australia’s sporting life

The 2023 Women's Football World Cup, shared between Australia and New Zealand, has seen attendance records broken for Women's sport. A total of 1,977,824 fans went to the 64 games in total. Four games at Sydney's Stadium…more

Arenas and Stadiums, Australia, Commercial Development, Infrastructure, Sports

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US Supreme Court Rules CFPB’s Leadership Structure is Unconstitutional but Leaves CFPB Intact

On June 29, 2020, the Supreme Court of the United States ("Supreme Court") ruled that the single-director leadership structure of the Consumer Financial Protection Bureau ("CFPB" or "Bureau") violates the separation of powers of…more

Constitutional Challenges, Consumer Financial Protection Bureau (CFPB), Dodd-Frank, Removal At-Will, Removal For-Cause

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A baseline-and-credit greenhouse gas emissions system for Australia: Reforms to the Safeguard Mechanism

On 30 March 2023, the Australian Federal Parliament passed the Safeguard Mechanism (Crediting) Amendment Act 2023 (Cth) (Safeguard Act). The Safeguard Act, together with the Federal government's proposed reforms to the design of…more

Australia, Climate Action Plan, Climate Change, Energy Policy, Energy Reform

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Africa Focus: Autumn 2020 - Looking to a future beyond oil (Angola's Privatization Program 2019 – 2022)

One key facet of the Angolan government's recent reforms is the Privatization Framework Law (Law No. 10/19, enacted in May 2019 and approved by Presidential Decree no. 250/19 in August 2019). This Decree will govern Angola's…more

Africa, Angola, Anti-Corruption, Coronavirus/COVID-19, Economic Growth

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Decision of Supreme Court of the United States

The ruling states that foreign countries sued in US courts must be served directly in their home jurisdictions and not through their US-based embassies. The opinion upends a US$315 million default judgment against Sudan for the…more

Foreign Sovereign Immunities Act of 1976 (FSIA), Republic of Sudan v Harrison, SCOTUS

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COP26: Hydrogen in the spotlight

Hydrogen featured heavily at COP26, providing cause for optimism for the transition toward a low-carbon hydrogen economy. This alert highlights key hydrogen developments that emerged during COP26. The global push toward a…more

Climate Change, Energy Sector, Global Economy, Green Energy, Hydrogen Power

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The rising sovereign risk of doing business in Western Australia: summary of the Palmer and Mineralogy decisions and their wider implications

On 13 October 2021, the High Court of Australia handed down its decisions in Palmer v The State of Western Australia1 and Mineralogy Pty Ltd & Anor v State of Western Australia2, confirming that the State of Western Australia…more

Arbitration, Australia, Constitutional Challenges, Foreign Arbitral Awards, High Court of Australia

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Will the European Commission lose its ability to review below-threshold deals?

In yet another twist in the Illumina/Grail saga, Advocate General Emiliou has challenged the European Commission's approach to calling-in certain non-reportable transactions for review. The final judgment will be delivered by…more

Acquisitions, EU, EUMR, European Commission, European Merger Control Regulation

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European leveraged finance: A whole new world

European leveraged finance in 2023 was saddled with the negative effects of elevated interest rates. But as the market adjusts to the “new normal”, rate and price stability offer hope for a brighter 2024. -Rising interest…more

Acquisitions, Banking Sector, Buyouts, Debt, Debt Market

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Data center requirements under the new German Energy Efficiency Act

German Parliament passes Energy Efficiency Act (EnEfG). One of the main emphases of the law concerns data centers: inter alia waste heat requirements, energy efficiency standards, and the information obligations that are imposed…more

Data Centers, Energy Efficiency, Energy Sector, Germany, Regulatory Requirements

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Insight: Trends in the German public M&A market in 2021

Overview of the German public M&A market in 2021 - The overall boom in M&A in 2021 was confirmed in Germany's public M&A sector, with a total volume of EUR 67.3 billion. Despite being influenced mainly by several special…more

Acquisitions, Competition, EU, EU Screening Regulation, Foreign Investment

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Aviation Arbitration Center with Global Reach Launches In The Hague

A new court of arbitration and center for mediation for the global aviation sector has been established in The Hague, a longstanding seat of arbitration and international dispute resolution, including the Permanent Court of…more

Arbitration, Aviation Industry, Cross-Border Transactions, EU, International Litigation

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Losing the longstop: High Court decision highlights importance of clearly drafted longstop clauses

In Damoco (Bermuda) Ltd and Others v Atlanta Bidco Ltd, the High Court rejected claims as to the longstop date for accounts needed to calculate a contractual payment. Instead, the Court adopted a much narrower interpretation of…more

Contract Drafting, Contract Terms, Deferred Consideration, EBITDA, Longstop Clauses

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Changing Construction Risk Regimes in Light of COVID-19

On March 11, 2020, the World Health Organization (WHO) declared the novel coronavirus disease (COVID-19) a pandemic. As governments and health care systems continue to grapple with the growing impacts of this viral disease, the…more

Construction Contracts, Construction Industry, Construction Project, Coronavirus/COVID-19, EPC Contractor

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Amendment to Corporations Act – Brief overview of selected changes

On February 13, 2020, the first major amendment to Act No. 90/2012 Coll., on companies and cooperatives, as amended (the "Corporations Act"), was published in the Collection of Laws. It seeks to reduce the regulatory burden and…more

Amended Regulation, Articles of Association, Board Members, Capital Requirements, Cash Transactions

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Restrictions on foreign investments imposed by the Spanish government

On March 17, 2020 the Spanish Government approved Royal Decree-Law 8/2020 ("RDL") which contains a number of measures to reduce the impact of the COVID-19 outbreak in Spain…more

Coronavirus/COVID-19, Critical Infrastructure Sectors, Financial Distress, Foreign Direct Investment, Foreign Investment

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SEC Lists Crypto and Information Security Among its 2024 Examination Priorities

On October 16, 2023, the US Securities and Exchange Commission ("SEC") Division of Examinations ("Examination Division") announced its 2024 Examination Priorities. Registrants should ensure that policies, procedures, and…more

Anti-Money Laundering, Broker-Dealer, Corporate Counsel, Cryptocurrency, Investment Adviser

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FTSE indicates how it expects to update rules following FCA’s listing reforms

FTSE Russell has published an overview of the provisional changes it expects to make to its FTSE UK Index Series rules following reforms to the UK listing regime by the Financial Conduct Authority ("FCA") later this…more

Corporate Governance, Financial Conduct Authority (FCA), FTSE, Listing Standards, Regulatory Reform

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Distressed sales likely to rise in Europe’s troubled real estate sector

The European real estate sector is enduring a period of turbulence not seen since the 2008 financial crisis. Industry players are dealing with a confluence of stubbornly high interest rates, falling valuations, rising energy and…more

Buyers, Debt, Distressed Debt, EU, Investors

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Thoughts on the new Economic Crime and Corporate Transparency Act - A New Era for Corporate Criminal Liability in the UK

The long-awaited Economic Crime and Corporate Transparency Act received Royal Assent on 26 October. This represents a significant turning point for the law on corporate criminal liability in the UK, and has been welcomed by…more

Corporate Counsel, Corporate Crimes, Corporate Entities, Corporate Governance, Corporate Transparency Act

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Solar tariffs in France: The 2021 finance law and the renegotiation of power purchase agreements

Article 225 of finance law for 2021 dated 29 December 2020 (the "2021 Finance Law") provides for the renegotiation of the feed-in tariffs of approximately 800 photovoltaic power purchase agreements ("PPAs") concluded between…more

Energy Projects, Energy Sector, Power Purchase Agreements, Renewable Energy, Solar Energy

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USPTO publishes report on public views on artificial intelligence and IP Policy – US IP law adequate for now, until artificial general intelligence is reached?

White & Case Technology Newsflash - As artificial intelligence (AI) evolves, it becomes imperative to examine whether the current intellectual property (IP) legal frameworks, in the US and abroad, are adequate to address issues…more

Artificial Intelligence, Copyright, Databases, European Patent Office, Information Reports

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Diversity on UK Boards

Increased focus from investors, regulators, and employees on racial, ethnic and gender diversity has heightened scrutiny of public companies' commitments to diversity in their workforce and in particular on their boards. What…more

Board of Directors, Corporate Governance, Diversity, Diversity and Inclusion Standards (D&I), Financial Conduct Authority (FCA)

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EU Commission releases further guidance on CBAM implementation

The EU's Carbon Border Adjustment Mechanism ("CBAM") reporting obligations started applying from 1 October 2023. As the first reports are due in January 2024, the Commission has released a list of some of the most frequently…more

Carbon Emissions, Climate Change, EU, European Commission, New Guidance

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ICC Commission on Arbitration and ADR Report on Construction Industry Arbitrations

The ICC Commission has released a new report on construction industry arbitrations, providing recommended tools and techniques for effective management of construction arbitrations. The report is intended primarily for…more

Arbitration, Arbitration Procedural Rules, Arbitrators, Bifurcation, Case Management

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Delivering digital infrastructure in the AI age

The digital infrastructure sector's growth has been fueled by the hyperscalers in recent years. The rapid evolution of artificial intelligence and the metaverse is set to drive this "zeitgeist" sector to new heights…more

Artificial Intelligence, Capital Markets, Cloud Computing, Cybersecurity, Infrastructure

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Latin America Focus - Fall 2023

As we embark on our third year of Latin America Focus, the ever-evolving landscape in the region brings fresh opportunities and challenges for local, regional and international businesses. After an extremely positive…more

Arbitration, Chapter 11, Disclosure Requirements, Environmental Social & Governance (ESG), Exports

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Amendment to the Hydrocarbons Law

Following our client alert published on March 30, 2021, the "decree by which several provisions of the Hydrocarbons Law are amended and added" (the "Reform") was published on May 4, 2021 and entered into effect on May 5, 2021…more

Energy Sector, Hydrocarbons, Mexico, Oil & Gas, Petrochemicals

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Italy – New Measures to enhance Italian debt capital markets

The Italian legislators and CONSOB enacted new measures, as part of a general attempt to modernize the market infrastructure. The new rules relate to, inter alia, the following: The issuance of unlisted debt…more

Capital Markets, CONSOB, Debt, Debt Securities, Insolvency

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Spanish M&A resists market pressures in H1

Dealmakers across Europe were hampered by elevated core inflation rates and a darkening economic outlook in the first half of 2023. The constrained financing environment has put a check on dealmaking activity across the…more

Acquisitions, Buyers, EU, Global Dealmaking, Investment

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New tariff classifications will require Automatic Import Notices for steel products

On April 15th, the 'Agreement amending the agreement by which the Ministry of Economy issues General Rules and Criteria on Foreign Trade' (the 'Agreement')1 was published in the Official Gazette of the Federation, which will…more

Foreign Trade Regulations, Importers, Imports, Licenses, Mexico

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Sector trends - September 2023: Consumer Finance

UK & European Financial Services M&A: Sector trends H2 2022 | H1 2023 — Consumer Finance - Europe's consumer finance decacorns stumble as their valuations crumble. …more

Acquisitions, Capital Markets, EU, Financial Institutions, Financial Services Industry

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VPN Appeal: When arm's length value needs to look at the market in which participants deal

On 21 October 2020, the Full Federal Court of Australia (Logan, Colvin and Thawley JJ) handed down its appeal decision in the case of Victoria Power Networks Pty Ltd v Commissioner of Taxation [2020] FCAFC 169. This case was…more

Arm's Length Principle, Australia, Capital Expenditures, Corporate Taxes, Income Taxes

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Upheaval in the Litigation Funding Industry: UK Supreme Court Rules that many Litigation Funding Agreements are Unenforceable

In a heavy blow to the litigation funding industry, the UK Supreme Court has held that many litigation funding agreements are damages-based agreements and must comply with the relevant regulatory regime. Funders will be urgently…more

Judicial Discretion, Litigation Fees & Costs, Litigation Funding, Third Party Funding, UK

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The SEC proposes to update Guide 3

The SEC has published proposed changes to Guide 3 which are intended to update, clarify and codify the Guide with the aim of eliminating overlaps between U.S. GAAP, IFRS or other SEC rules, simplifying compliance efforts and…more

Banks, Debt Securities, Disclosure Requirements, GAAP, IFRS

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SEC Voluntarily Stays Its Climate Rules Pending Judicial Review

On April 4, 2024, less than one month after their adoption, the U.S. Securities and Exchange Commission ("SEC") has chosen to stay its newly adopted climate disclosure rules, pending judicial review (the "Final Rules"). The SEC…more

Climate Change, Disclosure Requirements, Environmental Social & Governance (ESG), Judicial Review, New Rules

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OFAC Sanctions Compliance Guidance for the Virtual Currency Industry

On October 15, 2021, the US Department of the Treasury’s Office of Foreign Assets Control ("OFAC") issued a brochure to promote sanctions compliance in the virtual currency industry (the "Guidance")1 and updated two related…more

Best Practices, Compliance, Financial Institutions, Financial Services Industry, New Guidance

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FinCEN Again Proposes Sweeping AML Requirements for Registered Investment Advisers & ERAs

On February 13, 2024, FinCEN proposed a long-awaited rule to combat illicit finance and national security threats in the asset management industry. The new rule would impose similar requirements on investment advisers that have…more

AML/CFT, Anti-Money Laundering, Asset Management, Bank Secrecy Act, BSA/AML

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How private credit funds are dealing with distress

Private debt has grown quickly over the last decade. But as the macroeconomic backdrop has deteriorated, this asset class has not been immune to challenges. According to a McKinsey analysis of Preqin data, private debt…more

Borrowers, Credit Funds, Debt, Financial Institutions, Lenders

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Jurisdiction in insolvency proceedings: unchartered territory beyond Galapagos

While the timing of competing English and German insolvency applications in Re Galapagos1 allowed for clear determination of jurisdiction under the UK Insolvency Regulation, there remains potential uncertainty as to how similar…more

COMI, European Court of Justice (ECJ), Germany, Insolvency, Jurisdiction

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SEC Adopts Rule Amendments to Modernize Beneficial Ownership Reporting

On October 10, 2023, the Securities and Exchange Commission ("SEC") adopted amendments to modernize the rules governing beneficial ownership reporting under Sections 13(d) and 13(g)1 of the Securities Exchange Act of 1934…more

Beneficial Owner, Financial Markets, Institutional Investors, Investors, Proposed Amendments

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Whole-business securitization on the M&A radar

Whole-business securitization (WBS), a structured finance product where a company issues secured debt against substantially all of its cash-yielding assets, is now on the radar of dealmakers seeking ways to manage M&A financing…more

Acquisitions, Bond Markets, Capital Markets, Domestic Dealmaking, Investment

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New requirements for outbound data transfers from China

The Cybersecurity Administration of China (the "CAC") has published guidelines concerning outbound data transfers of personal information and "important data" from China to other jurisdictions. Businesses must comply with these…more

China, Corporate Counsel, Cybersecurity, Data Privacy, Data Protection

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Unlocking Potential: GCC FinTech Trends, Regulations and Funding Outlook

The Gulf Cooperation Council ("GCC") region, particularly the United Arab Emirates ("UAE") and the Kingdom of Saudi Arabia ("KSA"), is experiencing a dynamic transformation in its financial sector driven by the rapid rise of…more

Buy Now Pay Later (BNPL), Data Protection, Financial Institutions, Financial Regulatory Reform, Financial Services Industry

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Dealmakers prepare to face new uncertainties in 2024

Global M&A activity continued to make slow progress in 2023, with stubbornly high interest rates and stringent financing conditions stifling market confidence. Nearly US$3.2 trillion of M&A deals were announced last year—a…more

Acquisitions, Buyers, Capital Markets, Competition, EU

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Africa Focus: Summer 2023

Recent disruptions in the global food supply chains have highlighted Africa's urgent need to become self-sufficient in food production. Traditionally, the continent has turned to small-scale community-based agricultural projects…more

Africa, Agricultural Sector, Angola, Biden Administration, Biodiversity

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Liability management transactions give borrowers some breathing room

Although liability management transactions have been controversial, they can provide borrowers a valuable respite in tough times when used appropriately - High interest rates and circumspect capital markets have caused…more

Borrowers, Capital Markets, Credit, Creditors, Debtors

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European leveraged finance: A whole new world

European leveraged finance in 2023 was saddled with the negative effects of elevated interest rates. But as the market adjusts to the “new normal”, rate and price stability offer hope for a brighter 2024. -Rising interest…more

Acquisitions, Banking Sector, Buyouts, Debt, Debt Market

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Key Considerations for Updating 2023 Annual Report Risk Factors

With the 2023 annual report season upon us, it is time for companies to take stock of risk factors for 10-Ks and 20-Fs, and consider whether recent economic, political, technological, and regulatory developments have had (or are…more

Annual Reports, Artificial Intelligence, Climate Change, Cybersecurity, Disclosure Requirements

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Notices to the general public issued by Mexican National Banking and Securities Commission

On December 4, 2020, the Mexican National Banking and Securities Commission (the “CNBV”) issued through its website two notices informing the general public of the following: I. Notice to the general public regarding…more

Banking Sector, Capital Markets, Crowdfunding, Electronic Payment Transactions, Financial Institutions

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Incremental debt holds steady in uneven loan market

With incremental loan activity accounting for an outsize share of the leveraged lending market over the past year, we explore the top trends, insights and structuring considerations for lenders and borrowers - Although…more

Borrowers, Capital Markets, Debt, Debt Market, Financial Regulatory Reform

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Disagreement rather than consensus: The concrete implementation of the Directive on representative actions remains unclear

When two people quarrel, someone else has the last laugh. It remains to be seen whether this saying proves true in the case of the transposition of the EU Directive on representative actions (EU 2020/1828) ("the Directive") into…more

Capital Markets, Collective Actions, Consumer Protection Laws, EU, EU Directive

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Snapshot: Der deutsche Übernahmemarkt 2023

Blick auf den Markt und die bedeutendsten Transaktionen - Die Analyse öffentlicher Übernahmen im Jahr 2023 erscheint auf den ersten Blick wie eine Blaupause des Vorjahres. Die bereits 2022 festgestellten Trends bestätigten…more

Acquisitions, Capital Markets, EU, European Commission, Financial Regulatory Reform

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Memorandum of Understanding on Cooperation in Financial Services finally signed between the UK and EU – a substantive development or a symbolic gesture?

On 27 June 2023, the UK signed a long-awaited Memorandum of Understanding ("MoU") with the European Union ("EU") to increase co-operation on financial services. The MoU has been a long time coming: regulatory cooperation was…more

Banking Regulators, EU, Financial Markets, Financial Regulatory Reform, Financial Services Industry

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US International Trade Commission Institutes Global Safeguard Investigation Concerning Fresh, Chilled and Frozen Blueberries

The US International Trade Commission (ITC) instituted a global safeguard investigation concerning imports of fresh, chilled or frozen blueberries, pursuant to Section 201 of the Trade Act of 1974, on October 6, 2020. In its…more

Agricultural Sector, Imports, International Trade Commission (ITC), Safeguard Proceedings, Section 201

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UK adopts first autonomous sanctions regime targeting human rights abusers

On 6 July 2020, the UK adopted its first autonomous sanctions regime, imposing asset freezes and travel bans on 47 individuals and two entities across the world accused of serious human rights violations. The new regime marks a…more

Asset Freeze, Economic Sanctions, EU, Global Human Rights Sanctions Regime, Human Rights

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Impact of the CARES Act on the Pharmaceutical and Medical Devices Industries

On March 27, 2020, the President signed the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act. The purpose of the CARES Act is to provide emergency assistance and health care response for individuals, families, and…more

CARES Act, Coronavirus/COVID-19, Medicaid, Medical Devices, Medicare

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SEC Warns Individual Actors of Potential Liability for AI-Related Security Risk Disclosure Failures

Over the past few months, the Securities and Exchange Commission (the "SEC") has issued several warnings to companies to ensure accurate disclosure of the role and risks of artificial intelligence ("AI") in their businesses. In…more

Artificial Intelligence, Disclosure Requirements, Environmental Social & Governance (ESG), Securities and Exchange Commission (SEC), Securities Regulation

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Russia and Tax “Black-Lists”

On 14 February 2023, the Council of the European Union approved adding Russia to the EU list of non-cooperative jurisdictions for tax purposes (the "EU List") (official publication on 21 February 2023)…more

Amended Regulation, Corporate Taxes, EU, EU Directive, Investment

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Real estate 2024: Emerging from the storm?

The real estate sector is looking ahead with more optimism, as interest rates peak and a clearer picture forms on valuation and future financial performance - Key sections - Section 1: Market overview and outlook…more

Environmental Social & Governance (ESG), Funding, Investment, Investors, Real Estate Market

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JFTC seeking public comments on proposed Guidelines re: Anti-Monopoly perspective on business activities for realizing a Green Society

On January 13, 2023, Japan Fair Trade Commission ("JFTC") proposed a draft of "Guidelines Concerning the Activities of Enterprises, etc. Toward the Realization of a Green Society under the Antimonopoly Act" ("Draft Guidelines")…more

Anti-Monopoly, Japan, Japan Fair Trade Commission (JFTC), Proposed Rules, Public Comment

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GDPR Guide to National Implementation: Germany - A practical guide to national GDPR compliance requirements across the EEA

Q1/ Applicable legislation - (a) Have the requirements of the GDPR been addressed by introducing a new law, or by updating existing legislation? Old legislation has been updated…more

Data Processors, Data Protection Authority, Data Protection Impact Assessments (DPIAs), Data Protection Officers (DPOs), Data Subjects Rights

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PACTE Act (action plan for the growth and transformation of companies): the main changes regarding distressed companies

Presented as a major measure of the five-year French presidential term, the law “on growth and business transformation”, also known as the PACTE Act, came into force on May 24th, 2019. Amongst the changes that were brought, some…more

Attorney's Fees, Corporate Insolvency Regime, Debtors, Distressed Debt, France

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Fintechs hunt for growth in an uncertain climate

The global fintech industry has been buffeted by market headwinds in the last two years, with high inflation, volatile valuations and macroeconomic uncertainty inhibiting investor appetite in the still-young sector. Though the…more

Acquisitions, Banking Sector, Capital Investments, Financial Markets, Financial Services Industry

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Expedited Antitrust Merger Clearances in Bankruptcy

Bankruptcy can provide important advantages to companies considering M&A activity today. M&A purchases of bankrupt companies obviously often feature significantly depressed valuations and a small universe of potentially viable…more

Antitrust Provisions, Commercial Bankruptcy, Expedited Actions Process, Hart-Scott-Rodino Act, Merger Reviews

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Financial Regulatory Observer – June 2019: Outsourcing: Final countdown to implementation

New guidelines reflect the rise of outsourcing by financial institutions in a new era of disintermediation and technological change. In February 2019, the European Banking Authority (EBA) published its final guidelines on…more

EU, European Banking Authority (EBA), Financial Institutions, Financial Regulatory Agencies, FinTech

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New Investment Opportunities in Private Offerings as SEC Proposes to Amend Accredited Investor Definition

On December 18, 2019, the Securities and the Exchange Commission (the “SEC” or the “Commission”) published its proposal to amend the accredited investor definition set forth in Rule 501(a) of Regulation D under the Securities…more

Accredited Investors, Family Offices, Investment Opportunities, Limited Liability Company (LLC), Natural Person Requirement

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Pre-pack rules repackaged

Pre-packaged administration sales (where a sale of key assets is agreed prior to the appointment of administrators and then implemented by the administrators immediately following their appointment), have been a widely-used and…more

Commercial Bankruptcy, Corporate Restructuring, Creditors, Debt Financing, Debt Restructuring

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Prepare for change: Technology and sustainability

Digitalisation and ESG are transforming the face of infrastructure. Here we explore how investors are reacting to the opportunities and challenges these forces present. Technology is playing a transformative role in…more

Asia Pacific, Critical Infrastructure Sectors, Cybersecurity, Environmental Policies, Environmental Social & Governance (ESG)

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Overview of the Carried Interest Rules and the Proposed Regulations

On July 31, 2020, the U.S. Internal Revenue Service (the "IRS") and the U.S. Treasury Department ("Treasury") issued proposed regulations (the "Proposed Regulations") that provide taxpayers with definitional and computational…more

Capital Gains, Carried Interest, Fund Managers, IRS, Partnerships

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SEC Modernizes Internet Adviser Rule

On March 27, 2024, the Securities and Exchange Commission ("SEC") adopted amendments to the rule allowing internet-based investment advisers to register with the SEC instead of with states (the "internet adviser exemption"). The…more

Internet, Investment Adviser, New Amendments, New Rules, Regulatory Reform

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How do we fare in Real Estate during the South African lockdown and beyond

Declared by the World Health Organization on 11 March 2020 as a global pandemic, the Coronavirus outbreak ("COVID-19") is having far-reaching consequences for all states affected by this pandemic. Amidst the lockdowns and other…more

Breach of Contract, Commercial Tenants, Coronavirus/COVID-19, Force Majeure Clause, Government Lockdown

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Stimulus Bill Brings Welcomed Changes to the Renewable Energy Industry

On December 27, 2020, President Trump signed into law the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (the "Extenders Bill"), extending certain renewable energy tax credits and introducing new ones. The Extenders Bill…more

Energy Projects, Energy Sector, Investment Tax Credits, IRS, Production Tax Credit

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Six things to reflect on for creditors considering a share pledge enforcement

In the current market, investors are increasingly considering their options in relation to the stressed and distressed credits in their portfolios. Whilst mindful of stakeholder relationships, secured lenders may, in some…more

Acquisitions, Capital Markets, Creditors, Enforcement, Holding Companies

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Global healthcare M&A delivers strong performance

Dealmaking in the pharma, medical and biotech (PMB) subsectors was driven by both old and new market trends in 2022 - Following a ground-breaking year for dealmaking in 2021, global healthcare M&A remained robust in 2022,…more

Acquisitions, Biotechnology, Cross-Border, Global Dealmaking, Healthcare

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Healthcare displays strong deal activity post-pandemic

The value of healthcare M&A in H1 surpassed pre-pandemic levels - Healthcare M&A (including pharma, biotech and medical) saw strong growth over the first half of 2021 as investors continued to pursue deal opportunities in a…more

Acquisitions, Biotechnology, Coronavirus/COVID-19, Domestic Dealmaking, Global Dealmaking

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EU Digital Services Act to Revolutionize Legal Landscape for Online Intermediaries

On July 5, the European Parliament approved the final draft text of the EU Digital Services Act (DSA), a landmark law that will transform the EU’s legal framework for regulating online content. The Council is expected to adopt…more

Compliance, Digital Service Providers, Digital Services, EU, EU Transparency Directive

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SEC Proposes Changes to Financial Disclosure Relating to Business Acquisitions and Dispositions

On May 3, 2019, the Securities and Exchange Commission (the "SEC") proposed amendments to its rules governing disclosure of financial statements by public companies or in initial public offerings ("IPOs") in connection with…more

Acquisitions, Disclosure Requirements, Financial Statements, Foreign Corporations, GAAP

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Transformation in the construction industry: Keeping pace with change

[co-authors: Rhulani Matsimbi, and Kit Goodfellow] Three pillars are at the heart of global efforts to boost sustainability and make our built environment cleaner, greener and more socially responsible: construction, energy…more

Construction Contracts, Construction Disputes, Construction Industry, Construction Project, Coronavirus/COVID-19

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Inflation Reduction Act Offers Significant Tax Incentives Targeting Energy Transition and Renewables

The Inflation Reduction Act of 2022 (the "IRA"), signed into law on August 16, 2022, is already causing shock waves in the renewables industry and energy transition space. Specifically, the IRA includes significant tax credit…more

Apprenticeships, Biden Administration, Carbon Capture and Sequestration, Energy Tax Incentives, Inflation Reduction Act (IRA)

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Compliance in France in 2022

The year 2021 and early 2022 proved eventful for compliance and white-collar crime in France, especially for anti-bribery and compliance activity. Agencies are continuing to build on Sapin II by incrementally defining…more

Africa, Anti-Bribery, Anti-Corruption, Anti-Money Laundering, CNIL

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The European Strategy of Regulation on Artificial Intelligence

On 12 February 2019, the European Parliament adopted a Resolution on a comprehensive European industrial policy on artificial intelligence (AI) and robotics. After describing AI as "one of the strategic technologies of the 21st…more

Artificial Intelligence, Cybersecurity, Ethics, EU, European Commission

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Managing the Tension – the protection of privilege in a company audit

The recent case of Financial Reporting Council Limited v Sports Direct International Plc1 serves as a reminder of the tension between companies wishing to protect privileged information and auditors receiving and relying upon…more

Appeals, Auditors, Audits, Document Productions, Financial Reporting Council (FRC)

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New Polish Tax Reforms Bring Much-Needed Structural Certainty Allowing Direct Issuances by Polish Issuers

European Leveraged Finance Alert Series: Issue 1, 2019 - New Polish laws, effective 1 January 2019, have reformed the tax treatment of a number of different taxable business activities. In particular, the Ministry of Finance…more

Anti-Avoidance, Bondholders, Corporate Bonds, Corporate Issuers, Corporate Structures

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U.S. Copyright Office Provides Guidance on Registrations involving AI-Generated Works

White & Case Tech Newsflash As we recently discussed, the rapid pace of development and adoption of artificial intelligence ("AI") technology, especially generative AI, has led to numerous questions for intellectual property…more

Artificial Intelligence, Authorship, Copyright, Copyright Applications, Copyright Office

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Six things to reflect on for creditors considering a share pledge enforcement

In the current market, investors are increasingly considering their options in relation to the stressed and distressed credits in their portfolios. Whilst mindful of stakeholder relationships, secured lenders may, in some…more

Acquisitions, Capital Markets, Creditors, Enforcement, Holding Companies

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CFPB Proposes Controversial Personal Financial Data Rights Rule

On October 19, the Consumer Financial Protection Bureau (the "CFPB") proposed the long-anticipated "Personal Financial Data Rights Rule" (the "Proposed Rule"), which would govern access for consumers and data aggregators to…more

Comment Period, Consumer Financial Protection Bureau (CFPB), Consumer Protection Laws, Data Rights, Data Security

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Impact of Global Price Volatility on Damages Calculations in International Arbitration

The global energy and commodity sectors face unprecedented uncertainty. Increased global demand, coupled with supply chain constraints triggered by Russia's invasion of Ukraine, and China's COVID-19 restrictions and its recent…more

China, Commodities, Coronavirus/COVID-19, Damages, Economic Damages

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Fund finance market—adapting to change

Following a period of rapid growth, the fund finance market has reached an inflection point. Once considered a small, esoteric area of the lending landscape, fund finance—loan facilities secured against investor commitments to…more

Acquisitions, Banking Sector, Domestic Dealmaking, Financial Institutions, Financial Markets

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WTO Extends E-Commerce Tariff Moratorium as Broader Negotiations Continue

The World Trade Organization’s (“WTO”) 13th Ministerial Conference (“MC13”) has extended the e-commerce customs duty moratorium for another two years, providing another short reprieve for digital services companies from the…more

Customs, E-Commerce, EU, Popular, Tariffs

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Limited protection of tenants' dismissal as a result of the coronavirus crisis in Germany

The German lawmaker has decided to impose a moratorium on rents following the coronavirus crisis. Thereafter, both private and commercial leases may not be terminated until June 30, 2022 due to any rent arrears in the period…more

Commercial Tenants, Coronavirus/COVID-19, Germany, Landlords, Moratorium

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President Trump's trade wars and the expansion of customs violations into the white-collar space

The US' ongoing trade wars—with various trading partners and particularly with China—are everywhere in the news. Putting politics and policy aside, the "trade wars" reflect a basic disagreement over the rules that should govern…more

Actual or Constructive Knowledge, Affirmative Defenses, Anti-Dumping Duty, Civil Liability, Civil Monetary Penalty

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How should the impact of the COVID-19 outbreak be managed on projects under FIDIC and NEC?

The impact of COVID-19 has already had a profound impact on all business sectors globally, including the construction industry. Projects in many countries have been impacted by the outbreak, including as a result of labour…more

Construction Contracts, Construction Industry, Contract Modification, Contract Termination, Coronavirus/COVID-19

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Another Step Forward: Enforcement of English Court Judgments in the UAE

On 13 September 2022, the UAE Ministry of Justice issued a directive which confirms that judgments issued by the English Courts can be enforced by the UAE Courts under the principle of reciprocity (the "Directive"). The…more

Bilateral Investment Treaties, Cross-Border Transactions, EU Directive, Foreign Investment, Foreign Judgments

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CFPB Takes Aim at Major Online Payments Applications for Digital Payments; Spares Crypto Companies

On November 7, 2023, the Consumer Financial Protection Bureau ("CFPB") proposed a new rule, to be codified at 12 C.F.R. § 1090.109, that would bring general-use digital payment processors who process more than five million…more

Broker-Dealer, Consumer Financial Products, Consumer Financial Protection Bureau (CFPB), Credit Cards, Cryptocurrency

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Going Nuclear – managing claims and disputes during the construction of new build NPPs

In recent years, nuclear energy has been undergoing a renaissance. By way of example, the International Atomic Energy Agency ("IAEA") estimates there are currently 56 nuclear reactors under construction across 18 countries.1…more

Climate Change, Dispute Resolution, Energy Projects, Energy Sector, IAEA

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Can Late IPR Petitions Be Appealed? Analyzing the Supreme Court's Oral Argument in Thryv, Inc. v. Click-to-Call Technologies

White & Case Technology Newsflash - On December 9, 2019, the Supreme Court heard oral arguments in Thryv, Inc. v. Click-to-Call Technologies, Case No. 18-916. The case involves the proper application of Section 315(b) of the…more

§ 315(b), America Invents Act, Appeals, Corporate Counsel, Cuozzo Speed Technologies v Lee

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How Digital Asset Innovators Can Manage the Risks of White Collar Scrutiny in the US

Described as the "Wild West" by SEC Chairman Gary Gensler, the meteoric rise of digital assets like cryptocurrencies has disrupted the traditional financial ecosystem. The wave of enforcement actions brought by federal and state…more

CFTC, Cryptocurrency, Department of Justice (DOJ), Digital Assets, Enforcement Actions

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DAC6 reporting delay proposed by EU Commission due to COVID-19

DAC6 summary - Council Directive 2018/822 – known as DAC6 – is the sixth amendment to the EU Directive on Administrative Cooperation 2011/16/EU. DAC6 is aimed at providing the tax authorities with a “warning system” in…more

Coronavirus/COVID-19, Cross-Border Transactions, DAC6, Delays, EU

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European leveraged finance: A whole new world

European leveraged finance in 2023 was saddled with the negative effects of elevated interest rates. But as the market adjusts to the “new normal”, rate and price stability offer hope for a brighter 2024. -Rising interest…more

Acquisitions, Banking Sector, Buyouts, Debt, Debt Market

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M&A in Türkiye continues to perform

There was a clear trend toward domestic activity in Q1 2023. More than 94% of all deal value and nine of the top-ten deals were attributable to Turkish parties on the buy side, according to Mergermarket…more

Acquisitions, EU, Global Dealmaking, Investment, Investors

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How to Manage the Risks of SPAC Securities Fraud Actions in 2022

In March 2021, White & Case published a client alert entitled "How SPACs Can Manage the Risks of White Collar Scrutiny." The article discussed the surge in interest and publicity surrounding "SPACs" (Special Purpose Acquisition…more

Criminal Prosecution, Department of Justice (DOJ), Enforcement Actions, Indictments, Motion to Dismiss

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The European Commission modernises its market definition guidance

The EC has published the long-awaited revised Market Definition Notice (the "Notice"), marking the first update since its initial adoption in 1997. The Notice clarifies the methodology for defining product and geographic markets…more

Acquisitions, Competition, Competition Authorities, EU, European Commission

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Bill Amending the Corporate Tax Law and Value Added Tax Law and Introducing Additional Motor Vehicle Tax are submitted to the Parliament

After February 6, 2023, in order to meet the financing needs arising from the earthquake in Kahramanmaraş, a legislative proposal was submitted to the parliament which establishes an Additional Motor Vehicle Tax for 2023 and…more

Corporate Governance, Corporate Taxes, Exports, Investment Funds, Minimum Wage

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Walking the tightrope of Russia sanctions

Explore the data The conflict in Ukraine and subsequent sanctions have had a chilling effect on M&A involving Russian entities, as these assets are now squarely off-limits for US buyers. The Office of Foreign Assets Control…more

Economic Sanctions, EU, Export Controls, Financial Institutions, Office of Foreign Assets Control (OFAC)

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Sector trends - September 2023: Payments

Deliver a burst of bright sunlight amidst storm clouds across the European financial services M&A landscape. Service providers merge, acquire, partner and de-SPAC their way to scale, scope and new technology…more

Acquisitions, Capital Raising, Cryptocurrency, Infrastructure, Mergers

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SEC Voluntarily Stays Its Climate Rules Pending Judicial Review

On April 4, 2024, less than one month after their adoption, the U.S. Securities and Exchange Commission ("SEC") has chosen to stay its newly adopted climate disclosure rules, pending judicial review (the "Final Rules"). The SEC…more

Climate Change, Disclosure Requirements, Environmental Social & Governance (ESG), Judicial Review, New Rules

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Constitutional and Legal Reform Initiatives proposed by President Andrés Manuel López Obrador

On February 5, 2024, President Andrés Manuel López Obrador submitted to the Chamber of Deputies a package of 18 constitutional amendments and two legal reform initiatives ("Initiatives") that aim, among other aspects, to modify…more

Constitutional Amendment, Executive Branch, Legislative Agendas, Mexico, Regulatory Reform

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Changes ahead: London market is ready for reform

Along with other stock exchanges across the world, the London Stock Exchange (LSE) had a challenging 2023, recording only 23 new listings with a total value of less than US$1 billion. This represented a 23 percent year-on-year…more

Capital Markets, Corporate Governance, Financial Services Industry, Global Market, Initial Public Offering (IPO)

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Regulatory Program 2020 issued by Energy Regulatory Commission

On July 29, 2020, the Board of Commissioners of the Energy Regulatory Commission ("CRE") approved the "Regulatory Program 2020" (the "Regulatory Program") by means of Resolution No. A/024/2020. The Regulatory Program is a…more

Electricity, Energy Regulatory Commission, Energy Sector, Hydrocarbons, Liquid Natural Gas

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Managing economic and social change toward a sustainable future: A new era for US patents

How has President Trump's "America First" philosophy affected US patent policy? White & Case partners discussed what an evolving US patent policy will mean for other nations, and to propose effective responses…more

Broadest Reasonable Interpretation Standard, Claim Amendments, Claim Construction, Diagnostic Method, International Summits

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Lenders’ views on documentation diverge under lockdown

The decline in H1 2020 leveraged finance issuance has seen some lenders intensify their focus on pricing and borrower-friendly loan structures, but lender responses to the impact of COVID-19 have diverged across regions...…more

Asia, Borrowers, Coronavirus/COVID-19, EBITDA, EU

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Game over for loot boxes?

The findings of the UK's Immersive and Addictive Technologies Inquiry may significantly impact the economics of video game companies. Executive summary - On 12 September 2019, the UK government's Digital, Culture, Media…more

Child Protection Laws, Consumer Protection Laws, Gambling, Gambling Acts, Gaming

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Overview of the Carried Interest Rules and the Proposed Regulations

On July 31, 2020, the U.S. Internal Revenue Service (the "IRS") and the U.S. Treasury Department ("Treasury") issued proposed regulations (the "Proposed Regulations") that provide taxpayers with definitional and computational…more

Capital Gains, Carried Interest, Fund Managers, IRS, Partnerships

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DOJ Announces Pilot Program to Pay Monetary Rewards to Whistleblowers

During the American Bar Association's 39th National Institute on White Collar Crime, Deputy Attorney General (DAG) Lisa Monaco announced the launch of the U.S. Department of Justice's (DOJ or the Department) pilot program to use…more

American Bar Association (ABA), Corporate Misconduct, Corruption, Department of Justice (DOJ), Federal Pilot Programs

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Reverberations from the falling dominos of SVB, Signature and Silvergate are felt on European shores

UK & European Financial Services M&A: Sector trends H2 2022 | H1 2023 — Banks - Top 3 drivers of UK and European bank M&A in the past 12 months: - Regional & domestic consolidation across Europe: >50 domestic bank…more

Acquisitions, Banking Sector, Buyers, Economic Sanctions, EU

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Retail M&A focuses on the essentials in 2020

Global retail M&A value increased year on year, as appetite for supermarket and convenience store assets resulted in big-ticket deals - The retail sector has been among the hardest hit by the COVID-19 pandemic. Governmental…more

Acquisitions, Brick-and-Mortar Stores, Coronavirus/COVID-19, E-Commerce, Merger Controls

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Italy – New Measures to enhance Italian debt capital markets

The Italian legislators and CONSOB enacted new measures, as part of a general attempt to modernize the market infrastructure. The new rules relate to, inter alia, the following: The issuance of unlisted debt…more

Capital Markets, CONSOB, Debt, Debt Securities, Insolvency

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European CMBS 2.0: How Sustainability is the Future of the Product

Post-crisis commercial mortgage-backed securities ("CMBS") issuance in Europe has been on the slow-burner with only a handful of transactions each year. The year 2018 saw European "CMBS 2.0" experience something of a revival…more

Climate Change, CMBS, Commercial Mortgage Securitization, EU, EU Transparency Directive

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FTC Annual Changes to U.S. HSR Thresholds Will Be Effective March 6; Highest Filing Fees Now $2.335 Million

The Federal Trade Commission (FTC) announced the annual changes to the Hart-Scott-Rodino (HSR) Act notification thresholds – effective for deals closing on or after March 6, 2024 – and updated filing fee thresholds, effective…more

Acquisitions, Federal Trade Commission (FTC), Filing Fees, Hart-Scott-Rodino Act, Mergers

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Africa Focus: Winter 2023 - Fueling a sustainable future

Green hydrogen will play important roles in Africa’s transition to renewable energy and as an exportable commodity. But is the current focus on the areas that will deliver the most value for Africa and its people? Carina Radford…more

Africa, Climate Change, Global Market, Green Energy, Hydrogen Power

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Mining & Metals survey: Your thoughts for 2024

In December 2023 – January 2024, we conducted a straw poll of 240 decision makers in the mining & metals sector via an online survey. While the findings are subject to the limitations of sample-based information, they do provide…more

Acquisitions, Environmental Social & Governance (ESG), Geopolitical Risks, Global Economy, Global Market

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LIBOR and the transition to SOFR: the multiple options to transition

LIBOR, the reference rate for more than US$300 trillion of contracts globally and nearly US$200 trillion of US dollar contracts, is expected to cease after the end of 2021. In highlighting the limitations of the LIBOR reforms…more

Alternative Reference Rates Committee (ARRC), Banks, Derivatives, Federal Reserve, Financial Conduct Authority (FCA)

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China Released New Regulations to Ease Requirements for Outbound Cross-Border Data Transfers

On March 22, 2024, the Cyberspace Administration of China (the "CAC") issued the highly anticipated final Regulations on Promoting and Regulating Cross-Border Data Flows (the "Regulations on Cross-Border Data Flows"), effective…more

China, Cross-Border Transactions, Cybersecurity, International Data Transfers, New Regulations

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Federal Legislators and FTC Keep PBMs Center Stage in Drug Pricing Debate

Federal efforts on drug pricing are increasingly focusing on the role of pharmacy benefit manager middlemen. A recently proposed Senate bill seeks to eliminate certain PBM practices, such as spread pricing and unfair claw backs…more

Drug Pricing, Federal Trade Commission (FTC), New Legislation, Pharmaceutical Industry, Pharmacies

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Mexican Senate Approves Bill to Amend the Mexican Securities Market Law and the Investment Funds Law

On April 29, the Mexican Senate approved a Bill to Amend, Repeal and Supplement Certain Provisions of the Securities Market Law and the Investment Funds Law (the "Bill"). If approved in its terms by the Mexican House of…more

Hedge Funds, International Securities Market (ISM), Investment, Investment Adviser, Legislative Agendas

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Africa Focus: Winter 2023 - Fueling a sustainable future

Green hydrogen will play important roles in Africa’s transition to renewable energy and as an exportable commodity. But is the current focus on the areas that will deliver the most value for Africa and its people? Carina Radford…more

Africa, Climate Change, Global Market, Green Energy, Hydrogen Power

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Frustrated by Brexit? Too high a hurdle to overcome for the EMA

One of the multitude of uncertainties currently facing commercial parties potentially affected by Brexit is the effect on their existing commercial contracts, specifically whether the new circumstances of Brexit provide a "get…more

Assignment of Rents (AOR), Assumption of the Risk, Breach of Contract, Commercial Leases, Contract Termination

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Dissenting Opinion as violation of public policy? The recent annulment decision of the Higher Regional Court of Frankfurt in context

In a recently published annulment decision, the Higher Regional Court of Frankfurt (docket no. 26 Sch 14/18) by way of obiter dictum expressed its views on dissenting opinions in domestic arbitration proceedings. Although the…more

Annulment, Appeals, Arbitration, Arbitration Awards, Arbitrators

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Overboarding in the UK: How many seats is too many

In recent years "overboarding" has become an important issue for many UK companies and investors alike. Several large asset managers as well as proxy advisors, including Vanguard, BlackRock, and LGIM, have tightened their voting…more

Board of Directors, Corporate Governance, EU, Investment, Investors

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Opportunities in a downturn: Capital raising and getting the “right” M&A deal done

Participants in the mining & metals supply chain will see many challenges—but also opportunities—in playing both offense and defense in an economic downturn. Despite the heady profits reported by many in 2021 and the first half…more

Acquisitions, Capital Raising, Global Market, Investment, Investors

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European leveraged finance: A whole new world

European leveraged finance in 2023 was saddled with the negative effects of elevated interest rates. But as the market adjusts to the “new normal”, rate and price stability offer hope for a brighter 2024. -Rising interest…more

Acquisitions, Banking Sector, Buyouts, Debt, Debt Market

See all updates »

Investors flock to lucrative aerospace and defense industry

The aerospace and defense sector has historically been immune to the impact of global downturns, with spending determined by geopolitical rather than macroeconomic factors. Unsurprisingly, recent geopolitical unrest around…more

Aerospace, Buyers, Defense Sector, Elon Musk, Geopolitical Risks

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Global decarbonization goals drive renewables M&A

M&A dealmaking within the global energy sector reached new heights in 2021. A total of 973 deals were announced over the course of the year—the highest annual total on record. An annual deal value of US$218.8 billion, meanwhile,…more

Acquisitions, Carbon Capture and Sequestration, Infrastructure, Mergers, Net Zero

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Whole-business securitization on the M&A radar

Whole-business securitization (WBS), a structured finance product where a company issues secured debt against substantially all of its cash-yielding assets, is now on the radar of dealmakers seeking ways to manage M&A financing…more

Acquisitions, Bond Markets, Capital Markets, Domestic Dealmaking, Investment

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Retail M&A driven by pandemic trends

Long-term consumer behavior triggered by the pandemic continues to catalyze deal activity - While initially hit hard by the 2020 outbreak of the COVID pandemic, global retail M&A rallied throughout 2021 and the start of 2022…more

Acquisitions, Consumers, Coronavirus/COVID-19, Food Marketing, Hydrogen Power

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Opportunities in a downturn: Capital raising and getting the “right” M&A deal done

Participants in the mining & metals supply chain will see many challenges—but also opportunities—in playing both offense and defense in an economic downturn. Despite the heady profits reported by many in 2021 and the first half…more

Acquisitions, Capital Raising, Global Market, Investment, Investors

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Six things to reflect on for creditors considering a share pledge enforcement

In the current market, investors are increasingly considering their options in relation to the stressed and distressed credits in their portfolios. Whilst mindful of stakeholder relationships, secured lenders may, in some…more

Acquisitions, Capital Markets, Creditors, Enforcement, Holding Companies

See all updates »

Summary of FERC Meeting Agenda for April 2024

Summaries of the agenda items for the Federal Energy Regulatory Commission's monthly open meeting to be held on April 25, 2024, as well as a forthcoming meeting to be held on May 13, 2024, pursuant to the respective sunshine…more

Certificate of Public Convenience and Necessity, Electricity, Energy Sector, FERC, Hydro Issues

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Global IPOs reached new highs

Fueled by strong stock markets and the need for yield, investors poured money into IPOs in 2021, resulting in a record-breaking year - Global IPO activity hit an all-time high in 2021 as the market continued to roar back…more

Coronavirus/COVID-19, Global Market, Initial Coin Offering (ICOs), Innovative Technology, International Trade

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Which jurisdiction? Choosing where to litigate: A jurisdictional overview of the world’s court systems

With ongoing advances in technology and communications, the number of contracting parties looking beyond their local jurisdiction when choosing a dispute resolution forum continues to grow It is easier than ever for contracting…more

Appellate Courts, Arbitration, Arbitration Awards, Belgium, Cross Examination

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The EU’s CBAM Implementing Regulation is ready; are you?

The EU's Carbon Border Adjustment Mechanism (the "CBAM") reporting obligations started applying from 1 October 2023. The final CBAM Implementing Regulation introduces further insight and key clarifications. The CBAM…more

EU, European Commission, Exports, Imports, Manufacturers

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Italy – New Measures to enhance Italian debt capital markets

The Italian legislators and CONSOB enacted new measures, as part of a general attempt to modernize the market infrastructure. The new rules relate to, inter alia, the following: The issuance of unlisted debt…more

Capital Markets, CONSOB, Debt, Debt Securities, Insolvency

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Six things to reflect on for creditors considering a share pledge enforcement

In the current market, investors are increasingly considering their options in relation to the stressed and distressed credits in their portfolios. Whilst mindful of stakeholder relationships, secured lenders may, in some…more

Acquisitions, Capital Markets, Creditors, Enforcement, Holding Companies

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Solar tariffs in France: The 2021 finance law and the renegotiation of power purchase agreements

Article 225 of finance law for 2021 dated 29 December 2020 (the "2021 Finance Law") provides for the renegotiation of the feed-in tariffs of approximately 800 photovoltaic power purchase agreements ("PPAs") concluded between…more

Energy Projects, Energy Sector, Power Purchase Agreements, Renewable Energy, Solar Energy

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Tech takeovers drive M&A in Indonesia

Buoyed by healthy GDP growth and rising consumer confidence, Indonesian M&A has been on a roll in recent years. Southeast Asia’s largest economy has largely evaded macroeconomic headwinds such as high inflation and weakening…more

Acquisitions, E-Commerce, Energy Sector, FinTech, Foreign Investment

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The 2022 Annual Law for Competition has been published in the Official Journal

The 2022 Annual Law for Competition (the "Law") has been published in the Official Journal No. 303 of 30 December 2023 and entered into force on 31 December 2023. The Law has changed the powers of the Italian Competition…more

Acquisitions, Antitrust Provisions, Competition, Competition Authorities, Digital Markets Strategy

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French Mining Code Reform: Publication of new ordinances

Four ordinances from April 13, 2022 were published in the official gazette on April 14, 2022 defining the new legal framework applicable to French mining rights. Enactment of these ordinances has been long-awaited by the…more

Climate Change, Data Mining, Environmental Policies, France, Local Ordinance

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Mexico Issues Decree establishing measures to combat the illicit fuel market, related to the importation of goods regulated by SENER

On October 23, 2023, the Mexican Executive published in the Federal Official Gazette the "Decree establishing measures to combat the illicit market of fuels, related to the importation of goods regulated by SENER" ("Decree")…more

Energy Market, Energy Reform, Energy Sector, Legislative Agendas, Mexico

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Vietnam Approves Power Development Plan for Cleaner Fuels

Power Development Plan VIII ("PDP8") calls for expansions to renewable energy generation and development of LNG facilities to aid a gradual phase-out of coal-fired power plants. The plan will require US$134.7 billion in domestic…more

Clean Fuels Program (CFP), Coal, Electricity, Energy Sector, Foreign Investment

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Italy Transposes the ECN+ Directive: Significant New Powers for the Italian Competition Authority

Legislative Decree no. 185/2021 ("Decree"), implementing Directive no. 2019/1/EU ("ECN+ Directive") into Italian law, entered into force on December 14, 2021. The ECN+ Directive primarily aims at strengthening the powers of…more

Antitrust Division, Competition, Competition Authorities, EU, European Commission

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ESG in the Consumer & Retail Industry – Key Legal Issues and Risks

The importance of environmental, social, governance ("ESG"), in particular from the perspective of consumers, stakeholders and regulators, is growing across all industries, and the consumer & retail industry is no exception…more

Business Strategies, Climate Change, Corporate Governance, Environmental Social & Governance (ESG), EU

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High-value, high-risk: Bribery, corruption and fraud threats to the luxury goods sector

As Coco Chanel once said: "Fashion changes, but style endures." And "endurance" has been a key word for the global luxury goods sector in recent years; it has seen exceptional growth in defiance of high interest rates,…more

Bribery, Corruption, Financial Crimes, Fraud, Luxury Goods

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Ready for Takeover 2.0?

The German takeover market is declining and has shown clear signs of having been affected by the current economic and geopolitical environment. The number of takeovers and the total offer volume have both fallen significantly…more

Acquisitions, Delisting, EU, Germany, Global Market

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Swiss Arbitration Centre issues new set of rules to administer Swiss corporate law disputes

The Swiss Arbitration Centre is innovative with the issuance of new rules dedicated to Swiss corporate law disputes, which may be submitted to arbitration as a result of a revision of the Swiss Code of Obligations, which will…more

Arbitration, Corporate Governance, International Arbitration, New Rules, Switzerland

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MiCA Regulation: New regulatory framework for Crypto-Assets Issuers and Crypto-Asset Services Providers in the EEA

On 29 June 2023, the Regulation (EU) 2023/1114 (the "MiCAR") entered into force. The MiCAR will apply from 30 December 2024, except for Titles III and IV, which will apply from 30 June 2024. The MiCAR introduces a new,…more

Cryptoassets, Cryptocurrency, EU, European Economic Area (EEA), New Regulations

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Will the European Commission lose its ability to review below-threshold deals?

In yet another twist in the Illumina/Grail saga, Advocate General Emiliou has challenged the European Commission's approach to calling-in certain non-reportable transactions for review. The final judgment will be delivered by…more

Acquisitions, EU, EUMR, European Commission, European Merger Control Regulation

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Selecting the Party Appointed Arbitrator: Key Considerations

The objective of any party facing the selection of a party-appointed arbitrator is to maximize its chances of winning. The ideal party-appointed arbitrator is an individual who, once convinced of the merit of the positions…more

Arbitration, Arbitrators, Best Practices, International Arbitration, Litigation Strategies

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US leveraged finance slows in turbulent market

US leveraged loan and high yield bond markets saw significant declines in issuance in 2022, as macroeconomic and geopolitical uncertainty drove up borrowing costs, dampened risk appetite and significantly reduced M&A activity…more

Acquisitions, Bond Markets, Borrowers, Financial Markets, High Yield Bonds

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New legislation for the protection of whistleblowers and its impact on companies in the Czech Republic

At the end of this year, a new Act on the Protection of Whistleblowers is set to come into force (based on the "Whistleblowers Protection Bill"), which will impose a host of new obligations on about 25,000 employers and public…more

Anti-Retaliation Provisions, Czech Republic, EU, New Legislation, Whistleblower Protection Policies

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New 1% Excise Tax on Stock Buybacks May Have Far-Reaching Consequences for Capital Markets, SPAC and M&A Transactions

On August 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022, H.R. 5376 (the "Act"), a reconciliation bill that revives parts of the tax legislation from the ill-fated Build Back Better Act as part of…more

Acquisitions, Biden Administration, Capital Markets, Excise Tax, Inflation Reduction Act (IRA)

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Federal Trade Commission’s Pre-Consummation Warning Letters Signal New Risk of Closing After Hart-Scott-Rodino Act Waiting Period Expiration

On Tuesday, August 3, 2021, the Federal Trade Commission announced a new approach for merger investigations that the FTC does not complete during the Hart-Scott-Rodino Act (HSR) waiting period—the FTC may advise merging parties…more

Acquisitions, Antitrust Provisions, Buyers, Department of Justice (DOJ), Federal Trade Commission (FTC)

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COVID-19: Japanese Government Financial Assistance Measures

In response to the challenges arising from the novel coronavirus ("COVID-19") pandemic, the Japanese Government has released the Cabinet Decision entitled "Emergency Economic Measures To Cope With COVID-19" (issued on 7 April…more

Borrowers, Coronavirus/COVID-19, Eligibility, Federal Grants, Financial Assistance Policies

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AI Legal News Summer Roundup: Edition 1

Welcome to the first edition of our AI Legal News Summer Roundup! With both the temperature and artificial intelligence developments heating up, the time is ripe to provide periodic updates this summer on recent legal…more

Artificial Intelligence, Australia, China, Competition, Data Privacy

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Japan 2023 Proxy Season

The Number of Shareholder Proposals Made by Activist Shareholders, Votes Against Management Proposals and Listed Companies Facing Shareholder Proposals Each Continue to Trend Upward in Japan - During the June 2023 annual…more

Board of Directors, Corporate Governance, Diversity, Environmental Social & Governance (ESG), Investors

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COVID-19 – Guidance for International Employers

Companies and their workforces are facing extraordinary challenges during the period of disruption caused by COVID-19, and Governments around the world are introducing new legislation and guidance on a frequent basis to help…more

Business Closures, Business Interruption, Coronavirus/COVID-19, Employer Liability Issues, New Guidance

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EU adopts new rules for deforestation-free products

The European Union has adopted a new regulation to curb the EU market's impact on global deforestation and forest degradation around the world, as well as protecting the rights of indigenous peoples. The EU Deforestation…more

Due Diligence, EU, Exports, Human Rights, New Rules

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European Advocate General rejects the need for “strict liability” in GDPR violations – The last word, however, is not yet spoken

It is, by now, well known that not taking data protection seriously can prove costly for organizations. Since the introduction of the European General Data Protection Regulation (the "GDPR") in 2018, non-GDPR-compliant…more

Advocate General, Court of Justice of the European Union (CJEU), Data Protection, Data Protection Authority, EU

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Spain enacts first legislation to regulate cryptocurrencies

On 21 October this year, the Bank of Spain created the registry where service providers for both the exchange of virtual currency for fiat currency and the custody of electronic wallets must register, as a result of the approval…more

Anti-Money Laundering, Bank Service Providers, Cryptocurrency, Digital Currency, EU

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Extension of consumer protection to farmers - new rules for entering into contracts

On January 7, 2024, the Act of April 14, 2023, on Consumer Lombard Loans (the "Act") entered into force. The Act introduces significant changes in financing provided to farmers and extends consumer protection to farmers…more

Agribusiness, Contract Terms, Farmers, Financial Services Industry, Loans

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COVID-19: Egyptian Government Financial Assistance Measures

The Egyptian government has taken a number of fiscal measures to contain the economic shock and disruption caused by the COVID-19 outbreak (the “Outbreak”).  As part of these measures, the Central Bank of Egypt (“CBE”) has…more

Banks, Coronavirus/COVID-19, Egypt, Financial Assistance Policies, Interest Rates

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US COVID-19 Real Estate Legal Developments: Federal, California, Florida, Illinois, New York (Updated)

In this report, we set out the key real estate developments in the US during the period of disruption caused by COVID-19 on a federal level and in California, Florida, Illinois and New York. The report covers: - Lease…more

Commercial Leases, Construction Project, Coronavirus/COVID-19, Eviction, Executive Orders

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SEC Voluntarily Stays Its Climate Rules Pending Judicial Review

On April 4, 2024, less than one month after their adoption, the U.S. Securities and Exchange Commission ("SEC") has chosen to stay its newly adopted climate disclosure rules, pending judicial review (the "Final Rules"). The SEC…more

Climate Change, Disclosure Requirements, Environmental Social & Governance (ESG), Judicial Review, New Rules

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Modern slavery reporting requirements in Australia and the impact of COVID-19: What you need to know

The Modern Slavery Act 2018 (Cth) (Act) requires large Australian entities and foreign entities carrying on business in Australia to report annually on the risks of modern slavery in their operations and supply chains and the…more

Australia, Coronavirus/COVID-19, Corporate Governance, Corporate Social Responsibility, Forced Labor

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Landmark UK Supreme Court decision clarifies scope of banks’ so-called ‘Quincecare duty’

In Philipp v Barclays Bank UK PLC, the UK Supreme Court has given unanimous judgment in favour of Barclays Bank, and provided clear guidance on the so-called ‘Quincecare duty’ owed by banks to their customers. White & Case acted…more

Appeals, Banking Sector, Banks, Barclays, Corporate Counsel

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Constitutional and Legal Reform Initiatives proposed by President Andrés Manuel López Obrador

On February 5, 2024, President Andrés Manuel López Obrador submitted to the Chamber of Deputies a package of 18 constitutional amendments and two legal reform initiatives ("Initiatives") that aim, among other aspects, to modify…more

Constitutional Amendment, Executive Branch, Legislative Agendas, Mexico, Regulatory Reform

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Five Drug Pricing Issues to Watch in 2023

Despite a busy 2022, drug pricing remains a hot topic at the federal and state levels, with a number of recent developments and trends worth monitoring heading into 2023. In the past year, the FTC increasingly focused on the…more

Biden Administration, Drug Pricing, Enforcement, Federal Trade Commission (FTC), FTC Act

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Data center requirements under the new German Energy Efficiency Act

German Parliament passes Energy Efficiency Act (EnEfG). One of the main emphases of the law concerns data centers: inter alia waste heat requirements, energy efficiency standards, and the information obligations that are imposed…more

Data Centers, Energy Efficiency, Energy Sector, Germany, Regulatory Requirements

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California's New Reverse Payment Law Departs from Supreme Court Standard in FTC v. Actavis

On October 7, 2019, California became the first state to enact legislation—Assembly Bill 824 ("AB 824")—rendering certain pharmaceutical patent litigation settlement agreements presumptively anticompetitive. This alert provides…more

Anti-Competitive, Antitrust Violations, Burden-Shifting, Civil Monetary Penalty, Damages

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Regulating the Supply and Demand of Foreign Bribery

With the December 2023 enactment of the Foreign Extortion Prevention Act ("FEPA"), the United States' anti-bribery laws now penalize the "demand-side" of foreign bribery. While, for decades, the Foreign Corrupt Practices Act…more

Anti-Bribery, Anti-Corruption, Books & Records, Bribery, FEPA

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COVID-19: Legal impact in Mexico, measures issued by various authorities (Eight part | Federal Judicial Branch)

Following the previous client alert, published on April 22nd, 2020, listed below are the new measures issued by the Council of the Federal Judiciary and the Supreme Court of Justice for the mitigation and control of the…more

Coronavirus/COVID-19, Court Schedules, Federal Judiciary, Mexico, Mexico Supreme Court of Justice

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Changes to Spanish Insolvency Act to cater for the COVID-19 outbreak

For further information, please visit the White & Case Coronavirus Resource Center. The Spanish Government has just approved relevant changes to the Spanish Insolvency Act in view of the current situation in Spain pursuant to…more

Coronavirus/COVID-19, Insolvency, Relief Measures, Spain, Temporary Regulations

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Reforms to Financial Laws in Administrative Procedure

On January 24, 2024, the Ministry of Finance and Public Credit published in the Federal Gazette the "Decree amending, adding, and repealing various provisions of financial laws in matters of administrative procedure" (the…more

Administrative Procedure, Financial Regulatory Reform, Financial Services Industry, Implementing Decrees, Legislative Agendas

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Mexican Senate Approves Bill to Amend the Mexican Securities Market Law and the Investment Funds Law

On April 29, the Mexican Senate approved a Bill to Amend, Repeal and Supplement Certain Provisions of the Securities Market Law and the Investment Funds Law (the "Bill"). If approved in its terms by the Mexican House of…more

Hedge Funds, International Securities Market (ISM), Investment, Investment Adviser, Legislative Agendas

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The rise and rise of ESG-linked debt issuance

Debt issuance linked to environmental, social and governance (ESG) metrics has accelerated at an unprecedented pace in 2021, as issuers move to position their credits to meet swelling investor demand for green and…more

Environmental Social & Governance (ESG), Global Economy, Greenhouse Gas Emissions, Investors, Pricing

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Going Nuclear – managing claims and disputes during the construction of new build NPPs

In recent years, nuclear energy has been undergoing a renaissance. By way of example, the International Atomic Energy Agency ("IAEA") estimates there are currently 56 nuclear reactors under construction across 18 countries.1…more

Climate Change, Dispute Resolution, Energy Projects, Energy Sector, IAEA

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M&A in post-COVID-19 Latin America

With disruptions from 2020 behind us, M&A practitioners have much to reflect upon relating to deals in Latin America. The first half of 2020 saw a steep slowdown in transactions, increased political uncertainty and uneven…more

Acquisitions, Coronavirus/COVID-19, Emerging Markets, Environmental Social & Governance (ESG), FinTech

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Government promotes Nearshoring to Mexico with Additional Tax Benefits

Mexico continues issuing rules to entice nearshoring investments. On October 11, 2023, the Federal Government published the Decree Granting Tax Benefits to key Export Sectors Consisting of the Accelerated Depreciation of the…more

Exports, Investment, Mexico, Tax Benefits

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Ask, and you shall receive – English Court of Appeal grants anti-suit injunction in support of foreign arbitration

In Deutsche Bank AG v RusChemAlliance LLC [2023] EWCA Civ 1144, the English Court of Appeal granted an anti-suit injunction to restrain Russian court proceedings brought in breach of an agreement to arbitrate in Paris, France…more

Anti-Suit Injunctions, Appeals, Arbitration, Deutsche Bank, EU

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At Mid-Year 2023, WAMS Data Show Global Decrease in Merger Filing Notifications, with Significant Declines in U.S. and EU Merger Filings

White & Case Global Antitrust Merger StatPak (WAMS)—the first real-time clearinghouse for global merger notification data—has analyzed merger notifications in reporting jurisdictions around the first half of calendar year 2023…more

Acquisitions, Competition, Competition Authorities, EU, Global Dealmaking

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Overview of the Carried Interest Rules and the Proposed Regulations

On July 31, 2020, the U.S. Internal Revenue Service (the "IRS") and the U.S. Treasury Department ("Treasury") issued proposed regulations (the "Proposed Regulations") that provide taxpayers with definitional and computational…more

Capital Gains, Carried Interest, Fund Managers, IRS, Partnerships

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Singapore update: The practical impact of the COVID-19 temporary measures legislation

For further information, please visit the White & Case Coronavirus Resource Center. The COVID-19 (Temporary Measures) Act (the "Act") was enacted on 7 April 2020. The Act provides temporary relief to businesses and individuals…more

Breach of Contract, Companies Act, Coronavirus/COVID-19, Financial Distress, Force Majeure Clause

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Entry into force of the new PPP decree in Senegal: salient provisions on local content

On 15 November 2021, decree No. 2021-1443 of 27 October 2021 (hereinafter the "New PPP Decree"), implementing law No. 2021-23 of 2 March 2021 on public-private partnership contracts (hereinafter the "New PPP Law") was published…more

Contractors, Procurement Guidelines, Public Private Partnerships (P3s), Senegal, Shareholders

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The Increasing importance of Private Credit within the UAE and the Establishment of ADGM Private Credit Funds Rules

Amongst a backdrop of rising inflation and interest rates, the past two years have seen an exponential rise in the activity of private credit funds within the United Arab Emirates and the broader Middle East…more

Abu Dhabi Global Markets (ADGM), Dubai, Financial Institutions, Financial Services Industry, Global Market

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Federal Circuit Potentially Widens Door for PTAB to Identify Its Own Unpatentability Grounds for Substitute Claims

On March 24, 2022, the Court of Appeals for the Federal Circuit criticized the Precedential Opinion Panel's application of its standard for when it is (and isn't) appropriate for the Patent Trial and Appeal Board to sua sponte…more

Appeals, Corporate Counsel, Inter Partes Review (IPR) Proceeding, Patent Litigation, Patent Trial and Appeal Board

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Italy – New proposed IPO rules: English language prospectus and shorter timetable

Consob initiated a public consultation concerning important new IPO rules aimed at simplifying and shortening the prospectus approval process and to reduce listing costs, which would bring Italian practice closer in line with EU…more

Approval Requirements, CONSOB, EU, Initial Public Offering (IPO), Italy

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SEC Warns Individual Actors of Potential Liability for AI-Related Security Risk Disclosure Failures

Over the past few months, the Securities and Exchange Commission (the "SEC") has issued several warnings to companies to ensure accurate disclosure of the role and risks of artificial intelligence ("AI") in their businesses. In…more

Artificial Intelligence, Disclosure Requirements, Environmental Social & Governance (ESG), Securities and Exchange Commission (SEC), Securities Regulation

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COVID-19: Egyptian Government Financial Assistance Measures

The Egyptian government has taken a number of fiscal measures to contain the economic shock and disruption caused by the COVID-19 outbreak (the “Outbreak”).  As part of these measures, the Central Bank of Egypt (“CBE”) has…more

Banks, Coronavirus/COVID-19, Egypt, Financial Assistance Policies, Interest Rates

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FTC Annual Changes to U.S. HSR Thresholds Will Be Effective March 6; Highest Filing Fees Now $2.335 Million

The Federal Trade Commission (FTC) announced the annual changes to the Hart-Scott-Rodino (HSR) Act notification thresholds – effective for deals closing on or after March 6, 2024 – and updated filing fee thresholds, effective…more

Acquisitions, Federal Trade Commission (FTC), Filing Fees, Hart-Scott-Rodino Act, Mergers

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Constructing the low-carbon economy

With an unprecedented momentum for the construction of new major projects linked to the shift away from fossil fuels and the development of a low-carbon economy, there is a real focus on construction law issues relevant to such…more

Australia, Brownfield Properties, Carbon Emissions, Climate Change, Construction Industry

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Financial Regulatory Observer – March 2019: Navigating uncertainty: Corporate governance for foreign banks in the US

With the regulatory agenda for the US operations of foreign banks in a state of flux, Kevin Petrasic, Paul Saltzman, Glen Cuccinello, Will Giles and Alexander Abedine of global law firm White & Case provide a map to help boards…more

Banking Sector, Board of Directors, Combined US Operations (CUSO), Corporate Governance, FBOs

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New German law introduces electronic securities

The law will make German financial markets more competitive, allowing issuers and investors to benefit from efficiencies and lower transaction costs. A new German law introducing electronic securities is expected to take…more

BaFin, Blockchain, Digital Securities, Germany, Investor Protection

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Energy Transition and the Modernized Energy Charter Treaty

In June 2022, the Contracting Parties to the Energy Charter Treaty ("ECT") announced an agreement in principle on the text of a modernized treaty. This modernization may have material consequences for state regulation and…more

Arbitration, Carbon Capture and Sequestration, Climate Change, Coal, Energy Charter Treaty

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Extradition: Back to the Future (with no flux capacitor)

In the likely scenario of a "no-deal" Brexit, the UK's extradition arrangements will be going 'Back to the Future'. The UK will cease its participation in the European Arrest Warrant ("EAW") regime and revert to the 1959…more

Arrest Warrants, Criminal Convictions, Criminal Prosecution, EU, Extradition

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Snapshot: Der deutsche Übernahmemarkt 2023

Blick auf den Markt und die bedeutendsten Transaktionen - Die Analyse öffentlicher Übernahmen im Jahr 2023 erscheint auf den ersten Blick wie eine Blaupause des Vorjahres. Die bereits 2022 festgestellten Trends bestätigten…more

Acquisitions, Capital Markets, EU, European Commission, Financial Regulatory Reform

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Luxembourg Reform of Restructuring Procedures

On 1st November 2023, the new Luxembourg law of 7 August 2023 on the continuation of businesses and modernisation of insolvency law (the "Law") enters into force. This long-awaited reform implements Directive 2019/1023 to…more

Corporate Restructuring, Creditors, Debt Restructuring, Debtors, EU

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German IP Withholding Tax

On November 6, 2020, the German Federal Ministry of Finance issued a decree addressing certain open questions relating to foreign taxpayers’ obligation to submit tax filings for royalty income derived from intellectual property…more

Beneficial Owner, Capital Gains, Corporate Taxes, Foreign Taxpayers, Income Taxes

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President Trump's trade wars and the expansion of customs violations into the white-collar space

The US' ongoing trade wars—with various trading partners and particularly with China—are everywhere in the news. Putting politics and policy aside, the "trade wars" reflect a basic disagreement over the rules that should govern…more

Actual or Constructive Knowledge, Affirmative Defenses, Anti-Dumping Duty, Civil Liability, Civil Monetary Penalty

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New Investment Opportunities in Private Offerings as SEC Proposes to Amend Accredited Investor Definition

On December 18, 2019, the Securities and the Exchange Commission (the “SEC” or the “Commission”) published its proposal to amend the accredited investor definition set forth in Rule 501(a) of Regulation D under the Securities…more

Accredited Investors, Family Offices, Investment Opportunities, Limited Liability Company (LLC), Natural Person Requirement

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XAI: Explainable AI – Data Protection Hobbling the Prediction Machine?

On 2 December 2019, the UK Information Commissioner's Office ("ICO") together with The Alan Turing Institute published1 a three-part consultation (with draft guidance) on explaining decisions made with Artificial Intelligence…more

Artificial Intelligence, Data Protection, Draft Guidance, General Data Protection Regulation (GDPR), Predictive Analytics

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European leveraged finance: A whole new world

European leveraged finance in 2023 was saddled with the negative effects of elevated interest rates. But as the market adjusts to the “new normal”, rate and price stability offer hope for a brighter 2024. -Rising interest…more

Acquisitions, Banking Sector, Buyouts, Debt, Debt Market

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COVID-19: Turkish Government Financial Assistance Measures

As in the rest of the world, the coronavirus (“COVID-19”) pandemic has caused significant disruption in the Turkish economy and financial markets. In response, the Turkish Government has introduced an economic stimulus package,…more

Banking Sector, Commercial Bankruptcy, Coronavirus/COVID-19, Credit Insurance, Economic Stimulus

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Challenge to the court's jurisdiction on the grounds of state immunity: confirmation of the English court's powers under s103(5) of the Arbitration Act

In its recent decision in (1) Hulley Enterprises Limited, (2) Yukos Universal Limited, (3) Veteran Petroleum Limited v The Russian Federation,1 the High Court concluded that where a party has challenged the jurisdiction of the…more

Arbitration, International Arbitration, Sovereign Immunity, State Immunity Act 1978 (the SIA), UK

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Interest related to leveraged capital reduction or dividend distribution not always tax deductible, according to the Supreme Court

The Supreme Court has ruled that interest on a loan contracted in order to carry out a capital reduction or a dividend distribution when the company lacks the liquidity to do so is not always deductible. It is crucial that the…more

Appeals, Belgium, Business Expenses, Capital Expenditures, Capital Reduction

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France’s M&A activity remains steadfast

French deal volume in 2022 remained at historic levels, even while deal values dipped in the final quarter of the year France’s M&A market had a solid run of deal activity in 2022 and continues to demonstrate resilience…more

Acquisitions, EU, France, Global Dealmaking, Mergers

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Constitutional and Legal Reform Initiatives proposed by President Andrés Manuel López Obrador

On February 5, 2024, President Andrés Manuel López Obrador submitted to the Chamber of Deputies a package of 18 constitutional amendments and two legal reform initiatives ("Initiatives") that aim, among other aspects, to modify…more

Constitutional Amendment, Executive Branch, Legislative Agendas, Mexico, Regulatory Reform

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UK Supreme Court Rules Against AI Inventorship of Patents

On December 20, 2023, the UK Supreme Court ("Court") dismissed Dr. Stephen Thaler's appeal, unanimously affirming the decision of the Comptroller-General of Patents, Designs and Trademarks ("Comptroller") that a machine which…more

Artificial Intelligence, Comptroller, Innovation Patent, Intellectual Property Protection, Inventions

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5 Practical Considerations for Users of Generative AI Tools following Thaler and Allen

You are likely already familiar with two US recent decisions that have addressed the copyrightability of AI-generated works: (a) On August 18, 2023, the United States District Court for the District of Columbia ruled in favor…more

Artificial Intelligence, Copyright, Copyright Applications, Copyright Office, Copyright Registration

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Amendment to the Regulations applicable to mutual funds and their service companies

On August 16, 2022, the Resolution that amends the General Provisions applicable to mutual funds and their service companies (the "CUFI", and the resolution that amends it, the "Amendment") was published in the Federal Official…more

Banking Sector, Financial Institutions, Investment, Mexico, Mutual Funds

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Mexico’s CNBV updates remote contracting requirements

On Thursday, September 9, the resolutions that reform, add and repeal the general rules on the prevention and identification of operations with resources of illicit origin applicable to financial cooperative associations…more

Brokers, Client Identification Rule, Enforcement, FATF, Financial Institutions

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Mexican Government issues registration requirements to those who exchange and custody virtual assets

On November 30, 2020, the Mexican Ministry of Finance ("SHCP") issued the list of requirements for registration of the persons and entities that offer, on a professional basis, the exchange and custody of virtual assets with the…more

Anti-Money Laundering, Digital Assets, Financial Institutions, FinTech, Mexico

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COVID-19: Legal impact in Mexico, measures issued by various authorities (Eight part | Federal Judicial Branch)

Following the previous client alert, published on April 22nd, 2020, listed below are the new measures issued by the Council of the Federal Judiciary and the Supreme Court of Justice for the mitigation and control of the…more

Coronavirus/COVID-19, Court Schedules, Federal Judiciary, Mexico, Mexico Supreme Court of Justice

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At Mid-Year 2023, WAMS Data Show Global Decrease in Merger Filing Notifications, with Significant Declines in U.S. and EU Merger Filings

White & Case Global Antitrust Merger StatPak (WAMS)—the first real-time clearinghouse for global merger notification data—has analyzed merger notifications in reporting jurisdictions around the first half of calendar year 2023…more

Acquisitions, Competition, Competition Authorities, EU, Global Dealmaking

See all updates »

Reforms to Financial Laws in Administrative Procedure

On January 24, 2024, the Ministry of Finance and Public Credit published in the Federal Gazette the "Decree amending, adding, and repealing various provisions of financial laws in matters of administrative procedure" (the…more

Administrative Procedure, Financial Regulatory Reform, Financial Services Industry, Implementing Decrees, Legislative Agendas

See all updates »

Construction contracts: who bears the risk of cost overruns?

Construction contracts may be priced in a number of ways. For most contracts, even those which are "fixed price", there is usually scope for cost/price variability. Four cases from December 2020 highlight some of the…more

Breach of Contract, Construction Contracts, Construction Industry, Construction Litigation, Construction Project

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On-demand guarantee for work on an FSO: a parent's nightmare?

Security in the form of bonds and/or guarantees is commonly given in contracts for the building or conversion of vessels to floating production storage and offloading ("FPSO") or floating storage and offloading ("FSO")…more

Bonds, Contract Disputes, Floating Storage & Offloading Facilities (FSOs), Guaranty Claims, Notice and Demand For Payment

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Russia and Tax “Black-Lists”

On 14 February 2023, the Council of the European Union approved adding Russia to the EU list of non-cooperative jurisdictions for tax purposes (the "EU List") (official publication on 21 February 2023)…more

Amended Regulation, Corporate Taxes, EU, EU Directive, Investment

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SEC Focuses on ESG and Climate Disclosure

While ESG issues have been a "hot topic" for several years, in recent weeks, the SEC has significantly increased its focus on the topic, paying particular attention to climate: - Corp Fin to Focus on Climate Disclosure: On…more

Capital Markets, Climate Change, Corporate Governance, Environmental Social & Governance (ESG), Publicly-Traded Companies

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From closing loopholes to rising inflation: Five trends that will drive leveraged finance

HEADLINES Leveraged finance markets largely returned to the pre-pandemic status quo in the first half of 2021 following a tumultuous 2020. From January to June 2021, US leveraged loan issuance climbed 60 percent compared to the…more

Acquisitions, Coronavirus/COVID-19, EBITDA, High Yield Bonds, Lenders

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Is the end of LIBOR now in sight for the loan market?

On 5 March 2021, the Financial Conduct Authority ("FCA") announced (the "FCA Announcement") the future cessation or loss of representativeness for all 35 LIBOR settings currently published by ICE Benchmark Administration Limited…more

Banking Sector, Financial Conduct Authority (FCA), Financial Institutions, Financial Services Industry, ICE Benchmark Administration (IBA)

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Drug Pricing Issues to Watch in 2022

Among the drug pricing developments to watch in 2022, those at the top include legislation that would allow Medicare price negotiation and alter antitrust rules for the pharmaceutical industry, Federal Trade Commission…more

Drug Pricing, Federal Trade Commission (FTC), Legislative Agendas, Medicare, Medicare Part D

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SEC enforcement ramps up

Dealmakers should be braced for a more aggressive stance under Chair Gary Gensler - The appointment of Gary Gensler to Chair of the Securities and Exchange Commission (SEC) signaled a break from the Trump administration, when…more

Administrative Appointments, Enforcement Actions, Gary Gensler, Investigations, Investors

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Italy – New Measures to enhance Italian debt capital markets

The Italian legislators and CONSOB enacted new measures, as part of a general attempt to modernize the market infrastructure. The new rules relate to, inter alia, the following: The issuance of unlisted debt…more

Capital Markets, CONSOB, Debt, Debt Securities, Insolvency

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Latin America Focus - Fall 2023

As we embark on our third year of Latin America Focus, the ever-evolving landscape in the region brings fresh opportunities and challenges for local, regional and international businesses. After an extremely positive…more

Arbitration, Chapter 11, Disclosure Requirements, Environmental Social & Governance (ESG), Exports

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Federal Trade Commission Likely to Expand Labor Enforcement to Worker-Misclassification Issues

In a February 2, 2024 keynote speech to antitrust enforcers and practitioners, Commissioner Alvaro M. Bedoya argued that the U.S. Federal Trade Commission ("FTC") should challenge worker misclassification as a violation of the…more

Antitrust Division, Corporate Counsel, Federal Trade Commission (FTC), FTC Act, Independent Contractors

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Competitor Collaborations: Competition Agencies Respond to a Global Pandemic

The COVID-19 outbreak has led to changes in how the US and other competition agencies around the world look at competitor collaborations. Despite these policy announcements, antitrust compliance is still a priority, and…more

Antitrust Division, Antitrust Provisions, Collaboration, Competition, Compliance

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Managing civil disputes in France during the COVID-19 crisis (III)

The outbreak of COVID-19 has substantially disrupted the management of civil litigation during the first national lockdown of 17 March 2020 to 11 May 2020. French judicial activity was limited to "essential litigation" and…more

Business Continuity Plans, Coronavirus/COVID-19, Court Closures, Court Schedules, France

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Tinkler v Esken Limited: was Mr. Tinkler swindled? Court of Appeal dismisses application to set aside a judgment alleged to be obtained by fraud

A challenge to a Court judgment on grounds of fraud brings into conflict two fundamental principles of English law: (i) the finality of judgments; and (ii) the principle that fraud unravels all. Given the importance of the…more

Appeals, Banking Sector, Dismissals, Fiduciary Duty, Fraud

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European Real Estate Finance: Recent developments – June 2019

As part of our periodic updates, here is an overview of recent developments of relevance to participants in the real estate finance market across certain key jurisdictions in Europe…more

Asia, Base Erosion Tax, Belgium, BEPS, Commercial Tenants

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Eight things to know about the Taskforce on Nature-related Financial Disclosures

The Taskforce on Nature-related Financial Disclosures ("TNFD") released its final framework (the "TNFD Framework") on September 18. The TNFD Framework encourages organisations to integrate nature into decision-making and…more

Biodiversity, Climate Action Plan, Climate Change, Corporate Governance, Environmental Social & Governance (ESG)

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Escrow arrangements in high yield bond transactions – a deep dive into the mechanics, benefits and key considerations

European Leveraged Finance Client Alert Series: September 2021 - White & Case explores the use of escrows in the leveraged finance market, offering issuers and investors practical guidance on the mechanics, protections and…more

Acquisitions, Capital Markets, Escrow Accounts, Escrow Agents, Escrow Agreements

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Bond Repurchases – an Issuer's Guide to Questions to Ask and Points to Consider (March 2020 Update)

The White & Case Capital Markets team updates its March 2018 publication on bond repurchases given the current environment where issuers may consider whether, if their bonds are trading at a discount to par, they should…more

Bond Issuers, Bonds, Buyback Programs, Capital Markets, Coronavirus/COVID-19

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Increasing antitrust spotlight on labour market issues in the UK

The UK's Competition and Markets Authority (the "CMA") has published a research report on competition and market power in labour markets. The report is likely to reinforce the CMA’s determination to use its competition law…more

Antitrust Division, Competition, Employees, Employer Liability Issues, Employment Contract

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Are You as Senior Secured as You Think?

Senior secured creditors, being the anchor creditor in the capital stack, will always be focused on ensuring their priority claim is as robust as possible, with clearly delineated capacity for 'super priority' debt. However,…more

Creditors, Debt, Debtors, EBITDA, EU

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FTC Annual Changes to U.S. HSR Thresholds Will Be Effective March 6; Highest Filing Fees Now $2.335 Million

The Federal Trade Commission (FTC) announced the annual changes to the Hart-Scott-Rodino (HSR) Act notification thresholds – effective for deals closing on or after March 6, 2024 – and updated filing fee thresholds, effective…more

Acquisitions, Federal Trade Commission (FTC), Filing Fees, Hart-Scott-Rodino Act, Mergers

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Do BITs and bytes bite? Investment treaty arbitration for technology disputes

Cross-border disputes involving technology companies are increasing with the proliferation of new government regulations in the areas of data protection, cybersecurity, online content, foreign investment controls, taxation,…more

Arbitration, Cross-Border, Dispute Resolution, Foreign Investment, International Trade Disputes

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Supreme Court Rules that Clean Water Act Covers Groundwater Discharges

The Supreme Court ruled on April 23, 2020 that federal law can require a permit for pollutant discharges that travel through groundwater to surface water. The Court’s ruling establishes a new standard by which a Clean Water Act…more

Appeals, Clean Water Act, Direct Discharge, Discharge of Pollutants, Environmental Protection Agency (EPA)

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Are rising default rates cause for concern?

Leveraged finance defaults are rising as the impact of COVID-19 is felt, but covenant-lite terms, government intervention and support from financial sponsors have mitigated fallout from the pandemic. Leveraged finance default…more

Capital Markets, Covenant Lite Deals, Creditors, Cruise Ships, Default

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NAV finance gains traction as private equity seeks liquidity

The use of net asset value finance by private equity firms has spiked under COVID-19 as managers explore new sources of liquidity in a weak M&A market - Until recently, net asset value (NAV) finance—where PE sponsors borrow…more

Coronavirus/COVID-19, Financial Markets, Financing, Investors, Lenders

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Amendment of French restructuring and insolvency laws: a new balance between stakeholders

The reform resulting from Order no. 2021-1193 dated September 15, 2021 is applicable to proceedings initiated as of October 1, 2021 - French insolvency law is undergoing a far-reaching reform, 7 years after the last major…more

Conciliation, Coronavirus/COVID-19, Corporate Restructuring, Creditors, Debtors

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Foreign direct investment reviews 2020: A global perspective - European Union

In a regime undergoing rapid change, investment screening is currently "light," with red tape increasing for European inbound investment - While there is still no standalone foreign direct investment (FDI) screening at the…more

Acquisitions, Critical Infrastructure Sectors, EU, EU Screening Regulation, Foreign Acquisitions

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Global decarbonization goals drive renewables M&A

M&A dealmaking within the global energy sector reached new heights in 2021. A total of 973 deals were announced over the course of the year—the highest annual total on record. An annual deal value of US$218.8 billion, meanwhile,…more

Acquisitions, Carbon Capture and Sequestration, Infrastructure, Mergers, Net Zero

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Amendment to the Regulations applicable to mutual funds and their service companies

On August 16, 2022, the Resolution that amends the General Provisions applicable to mutual funds and their service companies (the "CUFI", and the resolution that amends it, the "Amendment") was published in the Federal Official…more

Banking Sector, Financial Institutions, Investment, Mexico, Mutual Funds

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Platform workers: towards a European agreement on the employment presumption

On March 11, 2024, an agreement around a draft directive to strengthen the protection of digital platform workers in Europe was approved by twenty-five Member States. For the time being, France and Germany are opposed to the…more

Collective Bargaining, Digital Platforms, EU, EU Directive, European Commission

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Drafting Settlement Agreements with Enforcement in Mind

There are currently a significant number of unresolved claims in Qatar as a result of the construction activities that took place in the lead-up to the FIFA World Cup, including due to the minimum wage increase,…more

Class Action, Construction Contracts, Construction Industry, Dispute Resolution, Enforcement Actions

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Impact of the CARES Act on the Pharmaceutical and Medical Devices Industries

On March 27, 2020, the President signed the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act. The purpose of the CARES Act is to provide emergency assistance and health care response for individuals, families, and…more

CARES Act, Coronavirus/COVID-19, Medicaid, Medical Devices, Medicare

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Aviation Insurance and Other Claims Arising out of Russian Sanctions

The following materials contain a high level description of potential insurance claims and other claims that may be available to a foreign owner, lessor or financier of aircraft stranded in Russia..…more

Aircraft, Economic Sanctions, EU, Insurance Claims, Popular

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Constructing the low-carbon economy

With an unprecedented momentum for the construction of new major projects linked to the shift away from fossil fuels and the development of a low-carbon economy, there is a real focus on construction law issues relevant to such…more

Australia, Brownfield Properties, Carbon Emissions, Climate Change, Construction Industry

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Extension of consumer protection to farmers - new rules for entering into contracts

On January 7, 2024, the Act of April 14, 2023, on Consumer Lombard Loans (the "Act") entered into force. The Act introduces significant changes in financing provided to farmers and extends consumer protection to farmers…more

Agribusiness, Contract Terms, Farmers, Financial Services Industry, Loans

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Downgrades, defaults, distressed debt and refinancing

Abundant liquidity, a red-hot refinancing market and improving credit ratings combined through the first half of 2021 to limit defaults and ease any near-term pressure on the balance sheets of US borrowers. Borrowers have…more

Bank Loan Markets, Borrowers, Collateralized Loan Obligations, Coronavirus/COVID-19, Debt

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China Released New Regulations to Ease Requirements for Outbound Cross-Border Data Transfers

On March 22, 2024, the Cyberspace Administration of China (the "CAC") issued the highly anticipated final Regulations on Promoting and Regulating Cross-Border Data Flows (the "Regulations on Cross-Border Data Flows"), effective…more

China, Cross-Border Transactions, Cybersecurity, International Data Transfers, New Regulations

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Cross-border tech M&A in a disrupted world: No shame in walking away

And when buyers feel unable to conduct enough due diligence, our survey finds that many (44 percent) buyers are unafraid to walk away. The top reason buyers walk away from deals, cited by 67 percent of respondents, is the…more

Acquisitions, Buyers, China, Cross-Border Transactions, Due Diligence

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Economy pumps the brakes on loan markets

Leveraged loan activity slows in the US, Europe and APAC as a volatile economic backdrop and the rising cost of debt starts to weigh on issuance - Leveraged loan markets have been buffeted by a challenging macroeconomic…more

Acquisitions, Bank Loan Markets, Borrowers, Debtors, EU

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Supreme Court Reins in Extraterritorial Application of the Lanham Act

The Supreme Court ruled yesterday that the Lanham Act infringement and unfair competition provisions "are not extraterritorial and that they extend only to claims where the claimed infringing use in commerce is domestic." In so…more

Abitron Austria GmbH v Hetronic International Inc, Extraterritoriality Rules, Foreign Jurisdictions, Foreign Sales, Intellectual Property Litigation

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Coming of age: A strong year for India’s capital markets

India's stock exchanges saw more IPOs than any other jurisdiction, as its strong domestic economy buoyed markets - India stood out as one of the few bright spots for global IPO activity in 2023. A strong domestic economy and…more

Capital Markets, Global Market, India, Initial Public Offering (IPO), Investment

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Global M&A fails to impress in the third quarter

Following on from two robust first quarters, global M&A activity succumbed to prolonged market uncertainty in the third quarter. A total of 5,163 deals worth a total of US$731.3 billion changed hands during the quarter..…more

Acquisitions, Energy Sector, EU, Global Dealmaking, Global Market

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Environmental Disputes and the BRI

In 2013, China launched the Belt and Road Initiative ("BRI"), a mass-scale infrastructure program involving over 140 countries across all continents, and encompassing hundreds of projects, such as highways, power plants, and…more

China, Environmental Policies, Environmental Violations, Greenhouse Gas Emissions, International Arbitration

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Chapter 11 cases soared in 2020, with more distress likely in 2021

Commercial chapter 11 filings in the US increased significantly in 2020, but government stimulus measures and widespread availability of fresh capital resulted in fewer corporate restructurings than many anticipated—that could…more

Bankruptcy Code, Chapter 11, Commercial Bankruptcy, Coronavirus/COVID-19, Corporate Restructuring

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ESG-linked debt markets come of age in Latin America

Despite a decline in overall bond and loan issuance in the Latin American region, ESG-linked debt issuance thrived in 2021—and looks set to continue in the months ahead - Latin America’s environmental, social and governance…more

Borrowers, Debt Market, Environmental Social & Governance (ESG), Financial Institutions, Investors

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Offshore renewable energy legislation proposed for Australia

On 2 September 2021, the Minister for Energy and Emissions Reduction tabled two Bills in the Australian Parliament that will, if enacted, regulate the development and operation of offshore wind and other renewable energy in the…more

Australia, Emerging Technologies, Energy Sector, Offshore Wind, Proposed Legislation

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FTC Annual Changes to U.S. HSR Thresholds Will Be Effective March 6; Highest Filing Fees Now $2.335 Million

The Federal Trade Commission (FTC) announced the annual changes to the Hart-Scott-Rodino (HSR) Act notification thresholds – effective for deals closing on or after March 6, 2024 – and updated filing fee thresholds, effective…more

Acquisitions, Federal Trade Commission (FTC), Filing Fees, Hart-Scott-Rodino Act, Mergers

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Negotiated Criminal Justice and French Guilty Plea Procedure: Improved Rights for the Prosecuted Individuals

A number of recent legislative and jurisprudential developments have improved the rights of persons prosecuted under the French guilty plea procedure (Comparution sur reconnaissance préalable de culpabilité in French, or…more

CJIP, Criminal Justice Reform, French Supreme Court, Guilty Pleas

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Nebraska Enacts Comprehensive Data Privacy Law

On 17 April, 2024, Nebraska Governor Jim Pillen signed into law omnibus Legislative Bill 1074, which includes the Nebraska Data Privacy Act, making Nebraska the seventeenth state to adopt comprehensive data privacy legislation…more

Consumer Privacy Rights, Data Privacy, Data Protection, New Regulations, Opt-Outs

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Summary of FERC Meeting Agenda for April 2024

Summaries of the agenda items for the Federal Energy Regulatory Commission's monthly open meeting to be held on April 25, 2024, as well as a forthcoming meeting to be held on May 13, 2024, pursuant to the respective sunshine…more

Certificate of Public Convenience and Necessity, Electricity, Energy Sector, FERC, Hydro Issues

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SEC Warns Individual Actors of Potential Liability for AI-Related Security Risk Disclosure Failures

Over the past few months, the Securities and Exchange Commission (the "SEC") has issued several warnings to companies to ensure accurate disclosure of the role and risks of artificial intelligence ("AI") in their businesses. In…more

Artificial Intelligence, Disclosure Requirements, Environmental Social & Governance (ESG), Securities and Exchange Commission (SEC), Securities Regulation

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Cybersecurity Developments and Legal Issues

For most large companies, a frictionless flow of information and the ability to transfer customer data, employee files, financial records and other information around the world quickly and cost-effectively is a critical element…more

Biometric Information, Board of Directors, Corporate Governance, Corporate Officers, Cybersecurity

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Drafting Settlement Agreements with Enforcement in Mind

There are currently a significant number of unresolved claims in Qatar as a result of the construction activities that took place in the lead-up to the FIFA World Cup, including due to the minimum wage increase,…more

Class Action, Construction Contracts, Construction Industry, Dispute Resolution, Enforcement Actions

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The pre-final text of the EU’s AI Act leaked online

On January 22, 2024, the pre-final text of the European Union's Artificial Intelligence Act ("EU AI Act") – the world's first comprehensive horizontal legal framework for the regulation of AI systems across the EU – leaked…more

Artificial Intelligence, EU, European Commission, European Parliament, Innovative Technology

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Environmental Disputes and the BRI

In 2013, China launched the Belt and Road Initiative ("BRI"), a mass-scale infrastructure program involving over 140 countries across all continents, and encompassing hundreds of projects, such as highways, power plants, and…more

China, Environmental Policies, Environmental Violations, Greenhouse Gas Emissions, International Arbitration

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Key considerations for project owners in the construction of design-led projects in Saudi Arabia

A number of iconic, large-scale construction projects are currently in development as part of the Kingdom of Saudi Arabia's Vision 2030 − an ambitious strategic blueprint for the creation of a more diverse and sustainable…more

Antiquities Act, Architects, Construction Contracts, Construction Industry, Construction Project

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Belgian Code on Companies and Associations: A practical handbook on the new law

The new Belgian Code on Companies and Associations enters into force on 1 May 2019. The Belgian Code on Companies and Associations (the "BCCA"), enacted by the Belgian parliament on 28 February 2019, repeals the existing…more

Amended Rules, Articles of Association, Belgium, Board of Directors, Bonds

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COVID-19 and Data Protection Compliance in Finland

Following the outbreak of COVID-19 and its development into a global pandemic, organizations have been implementing exceptional measures to safeguard employees, customers and others against the health threat. Organizations are…more

Coronavirus/COVID-19, Data Protection, Data Protection Authority, Finland, General Data Protection Regulation (GDPR)

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Colombia update – Investors face policy shifts in Colombian Energy Sector

Investors in the Colombian energy sector are facing evolving challenges, as regulatory actions are being implemented by the Colombian government. Regulatory actions taken by the Colombian government since late 2022 in the…more

Colombia, Electricity, Energy Projects, Energy Sector, Foreign Investment

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U.S. Antitrust Agencies Finalize Changes to the U.S. Merger Guidelines – Formalizing a Shift Toward a Very Aggressive Merger Enforcement Policy

On December 18, 2023, the Department of Justice ("DOJ") and Federal Trade Commission ("FTC") published in final form the long-awaited 2023 Merger Guidelines. The final 2023 Merger Guidelines adopt—with some significant…more

Antitrust Division, Antitrust Provisions, Department of Justice (DOJ), Enforcement Actions, Federal Trade Commission (FTC)

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Colorado Privacy Act Rules Finalized Ahead of July 1, 2023 Effective Date

The Colorado Attorney General's Office recently finalized rules for the Colorado Privacy Act ("CPA Rules") which was signed into law in July 2021. The Colorado Privacy Act ("CPA") will soon join the California Consumer Privacy…more

California, Colorado, Consumer Privacy Rights, Corporate Counsel, Corporate Governance

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COVID-19 and Cancellations of Sports Events: A Story of Force Majeure and the Search for Compensation

The sports sector is one of many hit hard by the COVID-19 outbreak and the measures taken by governments around the world to fight the spread of the virus. Competitions have been suspended and major events postponed or…more

Asia, Breach of Contract, Coronavirus/COVID-19, EU, Event Cancellation

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Egypt M&A posts impressive rebound in 2021

Interest in high-growth industries such as TMT and financial services resulted in a string of deals—from both local and international bidders. Egyptian dealmaking delivered a strong performance in 2021. A total of US$6.7…more

Banking Sector, Capital Markets, Coronavirus/COVID-19, Egypt, Financial Services Industry

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In Re Boeing Decision Underscores Need for Risk-Based Corporate Governance by Directors

Following enforcement actions imposing corporate criminal or civil liability, shareholders often bring derivative actions seeking to hold directors liable for related compliance failures by alleging they breached their fiduciary…more

Board of Directors, Boeing, Civil Liability, Compliance, Corporate Governance

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Facing headwinds: Conclusion

The past two years have seen huge disruption in the aviation industry. But as this survey shows, the strength and diversity of the sector's financing ecosystem has played a decisive role in responding to the COVID-19…more

Airlines, Aviation Industry, Coronavirus/COVID-19, Economic Growth, EMEA

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Japan 2023 Proxy Season

The Number of Shareholder Proposals Made by Activist Shareholders, Votes Against Management Proposals and Listed Companies Facing Shareholder Proposals Each Continue to Trend Upward in Japan - During the June 2023 annual…more

Board of Directors, Corporate Governance, Diversity, Environmental Social & Governance (ESG), Investors

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Seriously irregular: High Court orders tribunal to reconsider arbitral award

In a rare successful challenge to an arbitration award under section 68 of the Arbitration Act 1996, the Commercial Court remitted parts of an award for reconsideration by the tribunal.  The Court found that a computational…more

Arbitration Agreements, Arbitration Awards, Commercial Arbitration, Foreign Arbitral Awards, International Arbitration

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USPTO provides guidance on the patentability of AI-assisted inventions

On February 13, 2024, the US Patent and Trademark Office (USPTO) issued examination guidance on the patentability of inventions developed with the assistance of artificial intelligence (AI) (the "Guidance"). The Guidance is…more

Artificial Intelligence, Innovation Patent, Intellectual Property Protection, Inventions, Inventors

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FTC Publishes Annual MMA Report—Continues to Scrutinize Pharma Patent Settlements

On December 3, 2020, the Federal Trade Commission (FTC) published its annual report on pharmaceutical patent settlements filed with the FTC under the Medicare Prescription Drug, Improvement, and Modernization Act of 2003…more

Abbreviated New Drug Application (ANDA), Biologics, Department of Justice (DOJ), Federal Trade Commission (FTC), FTC v Actavis

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COVID-19: Japanese Government Financial Assistance Measures

In response to the challenges arising from the novel coronavirus ("COVID-19") pandemic, the Japanese Government has released the Cabinet Decision entitled "Emergency Economic Measures To Cope With COVID-19" (issued on 7 April…more

Borrowers, Coronavirus/COVID-19, Eligibility, Federal Grants, Financial Assistance Policies

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European leveraged finance: A whole new world

European leveraged finance in 2023 was saddled with the negative effects of elevated interest rates. But as the market adjusts to the “new normal”, rate and price stability offer hope for a brighter 2024. -Rising interest…more

Acquisitions, Banking Sector, Buyouts, Debt, Debt Market

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Implementation of the Credit Servicers Directive in Germany: A game-changer in the NPL-market

The Directive (EU) 2021/2167 sets out a harmonized regulatory framework for services in relation to non-performing loans and has to be implemented by Member States by 29 December 2023. In Germany, the draft bill of the Credit…more

Banking Sector, Creditors, Debt Collection, Debt Collectors, EU

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Will the European Commission lose its ability to review below-threshold deals?

In yet another twist in the Illumina/Grail saga, Advocate General Emiliou has challenged the European Commission's approach to calling-in certain non-reportable transactions for review. The final judgment will be delivered by…more

Acquisitions, EU, EUMR, European Commission, European Merger Control Regulation

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Six things to reflect on for creditors considering a share pledge enforcement

In the current market, investors are increasingly considering their options in relation to the stressed and distressed credits in their portfolios. Whilst mindful of stakeholder relationships, secured lenders may, in some…more

Acquisitions, Capital Markets, Creditors, Enforcement, Holding Companies

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The UK-US Data Bridge: Practical Considerations for UK Organisations

The UK-US Data Bridge (the "Data Bridge") has now come into effect, potentially simplifying transfers of personal data from the UK to the US. On 12 October 2023, the Data Bridge took effect. The Data Bridge allows UK…more

Court of Justice of the European Union (CJEU), Cybersecurity Framework, EU, General Data Protection Regulation (GDPR), International Data Transfers

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Understanding Tax: The UK as a holding and investment company jurisdiction

This article is produced by our London Tax team, which is part of our global Tax practice. Our series, "Understanding Tax", explores commercially relevant and recent changes to the UK's tax code. The UK as a holding and…more

BEPS, Holding Companies, International Tax Issues, Investment Companies, OECD

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The nexus between DX and GX: How tech can accelerate the green energy transition

White & Case Tokyo office's Webinar series is bringing together the Firm's partners and industry experts to explore how digital transformation (or DX) and green energy transformation (or GX) are likely to affect strategic…more

Artificial Intelligence, Asia, Blockchain, Climate Action Plan, Climate Change

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Suspending contractual performance in response to the coronavirus outbreak

The recent outbreak of the coronavirus has quickly developed from a local to a global threat with tragic human losses that overshadow contemplations of its economic impact. However, the disease is likely to have a profound…more

Breach of Contract, Contract Termination, Coronavirus/COVID-19, Duty to Mitigate, Force Majeure Clause

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Australia to introduce mandatory merger control

The Australian Treasurer has announced the introduction of a mandatory suspensory merger control regime to come into effect on 1 January 2026. The reforms introduce significant procedural changes, limited appeal rights and…more

Acquisitions, Antitrust Provisions, Australia, China, Competition

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Japan 2023 Proxy Season

The Number of Shareholder Proposals Made by Activist Shareholders, Votes Against Management Proposals and Listed Companies Facing Shareholder Proposals Each Continue to Trend Upward in Japan - During the June 2023 annual…more

Board of Directors, Corporate Governance, Diversity, Environmental Social & Governance (ESG), Investors

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5 things you need to know about … the Law Commission's Paper on Smart Legal Contracts

1. What is the Law Commission's paper on smart legal contracts? On 25 November 2021, the Law Commission published its advice to the UK government on smart legal contracts (the "Paper")... Among other things, the Paper considers…more

Computer Programs, Financial Services Industry, Smart Contracts, UK

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High yield bonds: know your numbers

The coronavirus pandemic has had an unprecedented impact on many businesses, including those with outstanding high yield bonds. The incurrence covenant regime (and absence of any maintenance covenants) means that, provided…more

Bond Issuers, Coronavirus/COVID-19, Default, EBITDA, EU

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Upheaval in the Litigation Funding Industry: UK Supreme Court Rules that many Litigation Funding Agreements are Unenforceable

In a heavy blow to the litigation funding industry, the UK Supreme Court has held that many litigation funding agreements are damages-based agreements and must comply with the relevant regulatory regime. Funders will be urgently…more

Judicial Discretion, Litigation Fees & Costs, Litigation Funding, Third Party Funding, UK

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Snapshot: Der deutsche Übernahmemarkt 2023

Blick auf den Markt und die bedeutendsten Transaktionen - Die Analyse öffentlicher Übernahmen im Jahr 2023 erscheint auf den ersten Blick wie eine Blaupause des Vorjahres. Die bereits 2022 festgestellten Trends bestätigten…more

Acquisitions, Capital Markets, EU, European Commission, Financial Regulatory Reform

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Sovereigns and the CSRD

Contemplating sovereign entities and their relation to the Corporate Sustainability Reporting Directive ("CSRD") can seem like gazing at Escher’s labyrinth of staircases, crisscrossing endlessly without a final destination…more

Accounting, EU, Foreign Entities, Foreign Sovereigns, Reporting Requirements

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Snapshot: Der deutsche Übernahmemarkt 2023

Blick auf den Markt und die bedeutendsten Transaktionen - Die Analyse öffentlicher Übernahmen im Jahr 2023 erscheint auf den ersten Blick wie eine Blaupause des Vorjahres. Die bereits 2022 festgestellten Trends bestätigten…more

Acquisitions, Capital Markets, EU, European Commission, Financial Regulatory Reform

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All change? The new Digital Markets, Competition and Consumers Bill

The long-awaited Digital Markets, Competition and Consumers Bill has been published. Touted as a Bill to "stamp out unfair practices and promote competition in digital markets", the DMCC seeks to enhance consumer protection and…more

Competition, Competition Authorities, Consumer Protection Laws, Enforcement Actions, EU

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The New Corporate Due Diligence Act: Potential Liability under Civil Law and Administrative Law

The key aspects of the German Act on Corporate Due Diligence Obligations in Supply Chains ("LkSG" or "Act") have already been explained in our previous Client Alert. In the following, we will take a closer look at the liability…more

Civil Liability, Corporate Governance, Due Diligence, Environmental Social & Governance (ESG), Germany

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Ensuring an Effective Cybersecurity Program: Best Practices from the SEC and OCIE

The Securities and Exchange Commission (“SEC”) Office of Compliance Inspections and Examinations (“OCIE”) recently released a report summarizing best practices for securities market participants, including public companies, to…more

Best Practices, Cyber Threats, Disclosure Requirements, OCIE, Publicly-Traded Companies

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Bridging Latin America's digital divide

COVID-19 has created strong incentives for investment in digital infrastructure in Latin America, especially in 5G, private networks, data centers and fiberoptic cables - "In Latin America and the Caribbean, adopting digital…more

5G Network, Caribbean, Coronavirus/COVID-19, Digital Marketplace, Emerging Markets

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CFIUS Issues New Enforcement and Penalty Guidelines

On October 20, 2022, the US Department of the Treasury, as Chair of the Committee on Foreign Investment in the United States (CFIUS), released the first-ever CFIUS Enforcement and Penalty Guidelines (Guidelines). The Guidelines…more

CFIUS, Civil Monetary Penalty, Corporate Counsel, Enforcement, Filing Requirements

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Do BITs and bytes bite? Investment treaty arbitration for technology disputes

Cross-border disputes involving technology companies are increasing with the proliferation of new government regulations in the areas of data protection, cybersecurity, online content, foreign investment controls, taxation,…more

Arbitration, Cross-Border, Dispute Resolution, Foreign Investment, International Trade Disputes

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ESMA Guidance on EU SPAC prospectuses

ESMA has issued guidance on what should be included in EU prospectuses issued by special purpose acquisition companies (SPACs)…more

Corporate Governance, EU Prospectus Regime, European Securities and Markets Authority (ESMA), Prospectus Regulation (PR3), Retail Investors

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SEC Voluntarily Stays Its Climate Rules Pending Judicial Review

On April 4, 2024, less than one month after their adoption, the U.S. Securities and Exchange Commission ("SEC") has chosen to stay its newly adopted climate disclosure rules, pending judicial review (the "Final Rules"). The SEC…more

Climate Change, Disclosure Requirements, Environmental Social & Governance (ESG), Judicial Review, New Rules

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Amendments to the General Provisions regarding the Operations of the Retirement Savings Systems CONSAR

On May 15, 2020, the National Commission of the Retirement Savings System (CONSAR) published in the Federal Official Gazette, the amendments and additions to the General Provisions regarding the Operations of the Retirement…more

Amended Rules, CONSAR, Coronavirus/COVID-19, Mexico, Retirement Funds

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Reforms to Financial Laws in Administrative Procedure

On January 24, 2024, the Ministry of Finance and Public Credit published in the Federal Gazette the "Decree amending, adding, and repealing various provisions of financial laws in matters of administrative procedure" (the…more

Administrative Procedure, Financial Regulatory Reform, Financial Services Industry, Implementing Decrees, Legislative Agendas

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SEC Voluntarily Stays Its Climate Rules Pending Judicial Review

On April 4, 2024, less than one month after their adoption, the U.S. Securities and Exchange Commission ("SEC") has chosen to stay its newly adopted climate disclosure rules, pending judicial review (the "Final Rules"). The SEC…more

Climate Change, Disclosure Requirements, Environmental Social & Governance (ESG), Judicial Review, New Rules

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Global merger control: Navigating stormy seas

There have been a number of developments in merger control in 2020 and Q1 2021. Some are related to the repercussions of the COVID-19 pandemic, while others are borne out of the ambitions and changes sought by individual…more

Acquisitions, Anti-Monopoly, Antitrust Investigations, Antitrust Provisions, Competition

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Deputy Attorney General Announces Reinvigorated Focus on Corporate Crime

In her October 28, 2021 speech to the 36th ABA National Institute on White Collar Crime, Deputy Attorney General Lisa Monaco emphasized that white collar crime is a top enforcement priority for the Department of Justice ("DOJ")…more

Biden Administration, Corporate Crimes, Corporate Misconduct, Criminal Prosecution, Department of Justice (DOJ)

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Home Office and Mobile Work: Status quo, Corona-ArbSchV and Outlook (Germany)

We have now been back in a "hard lockdown" since mid-December 2020. Even when the so-called "lockdown lite" was decided, the German Chancellor and the heads of government of the German states called on companies to (re)enable…more

Coronavirus/COVID-19, Employer Responsibilities, Germany, Health and Safety, Home Offices

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Tighter profits drive NPL consolidation

Weaker deal flow and tighter profit margins are driving a wave of consolidation in the European non-performing loan servicer market - Europe’s non-performing loan (NPL) servicers—entities that collect payments and manage…more

EU, Investment, Investment Portfolios, Investors, Non-Performing Loans (NPL)

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Gazing into the crystal ball - what to expect from the SFO in 2020

The SFO faced a challenging 2019, with some high-profile acquittals, dropped investigations and new cases which were widely perceived as relatively underwhelming. We look back at the last 12 months, and set out what might be…more

Acquittals, Barclays, Civil Liability, Corporate Crimes, Corporate Executives

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UK's Context-Based AI Regulation Framework: The Government's Response

In March 2023, the UK government published the AI Regulation White Paper (the White Paper), setting out its proposed regulatory framework for AI. Unlike the EU's AI Act, which will create new compliance obligations for a…more

Artificial Intelligence, Copyright, New Regulations, Regulatory Agenda, Risk Management

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Sector focus: European infrastructure financing flows

In the face of rising interest rates and macro-economic uncertainty, infrastructure finance has proven relatively resilient when compared to the dislocation in other debt markets…more

Energy Sector, EU, European Commission, Infrastructure Financing, Interest Rates

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Four major changes to corporate transparency in 2022

There is no doubt 2022 has signalled a renewed focus on beneficial ownership transparency. White & Case partners Jonah Anderson and Anneka Randhawa, and associate Laura Higgins have collaborated with Hannah Lilley and Michael…more

AML/CFT, Anti-Money Laundering, Beneficial Owner, Corporate Transparency Act, Disclosure

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English High Court sanctions German real estate group’s ‘wind-down’ restructuring plan

The English High Court has sanctioned a restructuring plan in respect of EUR 3.2 billion of bonds issued by the German real estate business, Adler Group. The main objective of the plan was to avoid Adler's imminent insolvency by…more

Corporate Restructuring, EU, Germany, Real Estate Market, Sanctions

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AI Legal News Summer Roundup: Edition 3

Welcome to the third edition of our AI Legal News Summer Roundup! After five class actions were filed between June 28 and July 11 (as reported on in our first edition of this series), on July 21, another class action lawsuit was…more

Artificial Intelligence, Australia, Automated Decision Systems (ADS), Broker-Dealer, Class Action

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Constructing the low-carbon economy

With an unprecedented momentum for the construction of new major projects linked to the shift away from fossil fuels and the development of a low-carbon economy, there is a real focus on construction law issues relevant to such…more

Australia, Brownfield Properties, Carbon Emissions, Climate Change, Construction Industry

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Strong Medicine: Using Investment Treaties to Mitigate Foreign Regulatory Risk in the Life Sciences

The COVID-19 pandemic has accelerated the globalization of the life sciences industry, driving cross-border collaborations to develop urgently needed treatments, scale up manufacturing and distribution, and fill raw material…more

Asset Seizure, Drug Pricing, Emerging Markets, Enforcement Actions, Food and Drug Administration (FDA)

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New ESMA Guidelines on Prospectus Disclosure

Prospectus Regulation - ESMA publishes Final Report on prospectus disclosure guidance to replace CESR Recommendations - Background - On 15 July 2020, ESMA published its Final Report1 on guidelines for disclosure…more

CESR, Corporate Issuers, Disclosure Requirements, EU, European Securities and Markets Authority (ESMA)

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AI Legal News Summer Roundup: Edition 5

...We round out our series with a summary of several developments around the world that focus on the adequacy of the various jurisdictions' laws in addressing the opportunities and risks arising from generative AI…more

Anti-Discrimination Policies, Artificial Intelligence, Authorship, Copyright, Copyright Infringement

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Entry into force of the prohibition of unfair terms in B2B contracts: are you ready?

On 1 December 2020, the prohibition of unfair terms in B2B contracts imposed by the law of 21 March 2019, will enter into force. From now on, any contractual terms creating a manifest imbalance between the rights and…more

B2B Transactions, Contract Negotiations, Contract Terms, EU, Unfair Contract Terms

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Crypto Restructuring: Singapore Court Recognises Administrative Convenience Class

In Re Zipmex Pte Ltd and other matters [2023] SGHC 88, the Singapore High Court imported into the Singapore restructuring regime the US concept of an "administrative convenience class" in a scheme voting exercise. This concept…more

China, Creditors, Cryptocurrency, Debtors, Restructuring

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Hong Kong arbitration clauses offer advantage to Taiwanese companies doing business in China

Responding to growing geopolitical tensions between Taiwan and mainland China (PRC), Taiwanese businesses are considering ways to diversify their operations away from their largest trading partner. In 2022, China accounted for a…more

China, Foreign Arbitration Clauses, Hong Kong, PRC, Taiwan

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The Renewal of DIAC: New Rules Launched in 2022

On 2 March 2022, the Dubai International Arbitration Centre ("DIAC") published the DIAC Arbitration Rules 2022 (the "2022 Rules"). The 2022 Rules follow the re-launch of DIAC by Decree No. 34 of Year 2021 (the "Decree")…more

Arbitration, Conciliation, Dubai International Arbitration Center (DIAC), LCIA, New Rules

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Africa Focus: Summer 2023

Recent disruptions in the global food supply chains have highlighted Africa's urgent need to become self-sufficient in food production. Traditionally, the continent has turned to small-scale community-based agricultural projects…more

Africa, Agricultural Sector, Angola, Biden Administration, Biodiversity

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ESG in the Consumer & Retail Industry – Key Legal Issues and Risks

The importance of environmental, social, governance ("ESG"), in particular from the perspective of consumers, stakeholders and regulators, is growing across all industries, and the consumer & retail industry is no exception…more

Business Strategies, Climate Change, Corporate Governance, Environmental Social & Governance (ESG), EU

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Sixth Circuit Permits U.S.-Style Discovery in Aid of International Commercial Arbitration Under Section 28 U.S.C. § 1782

On September 19, 2019, the United States Court of Appeals for the Sixth Circuit rendered a landmark decision which recognized that district courts within the Sixth Circuit can order discovery under 28 U.S.C. § 1782 for use in…more

28 U.S.C. § 1782, Appeals, Arbitration Agreements, Commercial Arbitration, Corporate Counsel

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Amendment of French restructuring and insolvency laws: a new balance between stakeholders

The reform resulting from Order no. 2021-1193 dated September 15, 2021 is applicable to proceedings initiated as of October 1, 2021 - French insolvency law is undergoing a far-reaching reform, 7 years after the last major…more

Conciliation, Coronavirus/COVID-19, Corporate Restructuring, Creditors, Debtors

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Impact of Global Price Volatility on Damages Calculations in International Arbitration

The global energy and commodity sectors face unprecedented uncertainty. Increased global demand, coupled with supply chain constraints triggered by Russia's invasion of Ukraine, and China's COVID-19 restrictions and its recent…more

China, Commodities, Coronavirus/COVID-19, Damages, Economic Damages

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European leveraged finance: A whole new world

European leveraged finance in 2023 was saddled with the negative effects of elevated interest rates. But as the market adjusts to the “new normal”, rate and price stability offer hope for a brighter 2024. -Rising interest…more

Acquisitions, Banking Sector, Buyouts, Debt, Debt Market

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The Uyghur Forced Labor Prevention Act – Potential Impact on Critical Minerals Supply for Clean Energy Technologies

In the over five months since the Uyghur Forced Labor Prevention Act ("UFLPA") entered into force, companies have grappled with how to assess and mitigate compliance risks. Lack of transparency by US Customs and Border…more

China, Clean Energy, Customs and Border Protection, Enforcement Actions, Minerals

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Transformation in the construction industry: Keeping pace with change

[co-authors: Rhulani Matsimbi, and Kit Goodfellow] Three pillars are at the heart of global efforts to boost sustainability and make our built environment cleaner, greener and more socially responsible: construction, energy…more

Construction Contracts, Construction Disputes, Construction Industry, Construction Project, Coronavirus/COVID-19

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Big Oil displays commitment to net zero through dealmaking

Recent megadeals like ExxonMobil’s proposed US$60 billion acquisition of Pioneer Natural Resources and Chevron’s US$53 billion move for Hess underscore the industry’s focus on delivering oil and gas as part of the energy mix…more

Acquisitions, Energy Sector, Global Dealmaking, Mergers, Net Zero

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Sustainability-linked and green loans hold ground in volatile market

Despite widespread deterioration in the US credit markets in 2022, sustainability-linked and green loan issuance held up strongly in the face of building macroeconomic uncertainty. Sustainability-linked loan (SLL) issuance,…more

Climate Change, Environmental Social & Governance (ESG), Green Loans, Investment, Loans

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Facing headwinds: Conclusion

The past two years have seen huge disruption in the aviation industry. But as this survey shows, the strength and diversity of the sector's financing ecosystem has played a decisive role in responding to the COVID-19…more

Airlines, Aviation Industry, Coronavirus/COVID-19, Economic Growth, EMEA

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Czech Taxes Increase as of 2024

The Czech government introduced a consolidated proposal to fight growing budget deficits, consisting of cutting subsidies and otherwise mostly increasing taxes as of 2024. This is a high-level review of those tax measures which…more

Corporate Structures, Corporate Taxes, Czech Republic, Income Taxes, Property Tax

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METI Expanded Scope of Industries Subject to Prior Notification for Foreign Direct Investment

On May 27, 2019, the Ministry of Economy, Trade and Industry of Japan (METI) expanded the scope of the industries for which submission of a prior notification is required for foreign direct investment. This recent revision of…more

Cybersecurity, Emerging Technology Companies, Foreign Direct Investment, Foreign Investment, Japan

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The first French public procurement code has entered into force

April 1st, 2019 marked the day when the first French public procurement code (the "Code") entered into force. The Code aims at gathering the rules governing the award, performance and termination of public procurement agreements…more

Competitive Bidding, Concession Agreements, Contract Termination, France, Public Private Partnerships (P3s)

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Post CARES Act: Infrastructure Stimulus Contemplated for Phase 4

Within a week of enacting the Coronavirus Aid, Relief and Economic Security (CARES) Act, Congressional leaders and President Trump have begun socializing a fourth coronavirus response package which could deploy significant funds…more

American Recovery and Reinvestment Act, Brownfield Properties, Build America Investment Initiative, CARES Act, Clean Energy

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The Basics of Bridge Loans - European Leveraged Finance Client Alert Series: July 2022

Bridge loans are a key way to finance large acquisitions, but their terms are very specialized. In "The Basics of Bridge Loans", the White & Case team explains the key terms of bridge loans and discusses some challenges faced in…more

Acquisitions, Bridge Loan, Buyers, Commitment Letter, EU

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DAC6 reporting delay proposed by EU Commission due to COVID-19

DAC6 summary - Council Directive 2018/822 – known as DAC6 – is the sixth amendment to the EU Directive on Administrative Cooperation 2011/16/EU. DAC6 is aimed at providing the tax authorities with a “warning system” in…more

Coronavirus/COVID-19, Cross-Border Transactions, DAC6, Delays, EU

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GDPR Guide to National Implementation: Slovakia - A practical guide to national GDPR compliance requirements across the EEA

Q1/ Applicable legislation - (a) Have the requirements of the GDPR been addressed by introducing a new law, or by updating existing legislation? New legislation has been passed...…more

Compliance, Data Processors, Data Protection, Data Protection Authority, Data Protection Impact Assessments (DPIAs)

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A View from Abroad: Unpacking DOJ’s M&A Safe Harbor Policy, Part II

On October 4, 2023, United States Deputy Attorney General (DAG) Lisa Monaco announced a new Department of Justice (DOJ) Mergers & Acquisitions Safe Harbor policy that encourages companies to self-disclose criminal misconduct…more

Acquisitions, Anti-Money Laundering, Antitrust Division, Compliance, Cooperation

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Connected devices: Challenges for both technology providers and consumers

Privacy and the development of technology are competing interests that are sometimes in conflict. These considerations often present a challenging balancing exercise for technology companies developing innovative products as…more

Connected Items, Cybersecurity, Facial Recognition Technology, Innovative Technology, Internet of Things

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Transatlantic M&A bull run set for comeback

Encouraged by the relative strength of the dollar and improving financing conditions, US bidders are snapping up European assets - Transatlantic M&A was enjoying record-high activity before the war in Ukraine sparked…more

Acquisitions, Biotechnology, Capital Markets, EU, Financial Markets

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U.S. Patent and Trademark Office seeks stakeholder input on Patent Trial and Appeal Board decision-making procedures

The U.S. Patent and Trademark Office's interim procedures for reviewing decisions of the Patent Trial and Appeal Board are receiving increased scrutiny. On July 20, 2022, the PTO issued a notice announcing notice-and-comment…more

Administrative Patent Judges, Inter Partes Review (IPR) Proceeding, Patent Trial and Appeal Board, PTAB Precedential Opinion Panel (POP), Rulemaking Process

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Luxembourg Reform of Restructuring Procedures

On 1st November 2023, the new Luxembourg law of 7 August 2023 on the continuation of businesses and modernisation of insolvency law (the "Law") enters into force. This long-awaited reform implements Directive 2019/1023 to…more

Corporate Restructuring, Creditors, Debt Restructuring, Debtors, EU

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COVID-19: Considerations for Future Construction Contracts

In reaction to the COVID-19 pandemic, parties engaged in existing construction projects are increasingly issuing (or receiving) force majeure claims (for a summary of these issues, see Suspending contractual performance in…more

Construction Contracts, Construction Industry, Contract Negotiations, Contract Terms, Coronavirus/COVID-19

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Force Majeure of COVID-19 under Mexican Law?

The present alert offers an analysis of the possible legal implications of coronavirus ("COVID-19") in civil and commercial commitments, under Mexican Law. The coronavirus was first notified on December 31, 2019, in Wuhan,…more

Contract Terms, Coronavirus/COVID-19, Force Majeure Clause, Mexico, Nonperformance

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Bright spots: Sweden and CIS present opportunities after a challenging 2023

The past 12 months have not been the best for European IPO activity, with EMEA IPO proceeds (including SPACs) falling 24 percent year-on-year to US$22.19 billion. After a challenging year when IPO appetite was impacted by…more

Capital Markets, Commonwealth of Independent States (CIS), EU, Initial Public Offering (IPO), Investment

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Ask, and you shall receive – English Court of Appeal grants anti-suit injunction in support of foreign arbitration

In Deutsche Bank AG v RusChemAlliance LLC [2023] EWCA Civ 1144, the English Court of Appeal granted an anti-suit injunction to restrain Russian court proceedings brought in breach of an agreement to arbitrate in Paris, France…more

Anti-Suit Injunctions, Appeals, Arbitration, Deutsche Bank, EU

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COVID-19: Global Government Financial Assistance Measures

This alert provides an overview of COVID-19 governmental financial assistance measures available in some of the principal jurisdictions. Our team can cover advice on governmental financial assistance across the globe. The…more

Banking Sector, Competition, Coronavirus/COVID-19, Economic Stimulus, Financial Assistance Policies

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Africa Focus: Summer 2023

Recent disruptions in the global food supply chains have highlighted Africa's urgent need to become self-sufficient in food production. Traditionally, the continent has turned to small-scale community-based agricultural projects…more

Africa, Agricultural Sector, Angola, Biden Administration, Biodiversity

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Where Things Stand on Drug Pricing at the Halfway Point of 2023

While only slightly past the midway point of 2023, it has already been a busy year for developments in drug pricing. Notably, CMS released its final guidance in preparation for price negotiations and the first 10 drugs covered…more

Centers for Medicare & Medicaid Services (CMS), Contract Negotiations, Department of Health and Human Services (HHS), Drug Pricing, Excise Tax

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Foreign direct investment reviews 2021: Australia

Australia requires a wide variety of investments by foreign businesses to be reviewed and approved - Some significant investment proposals have been rejected on national interest grounds since 2020 - The decision to…more

Australia, Civil Monetary Penalty, FIRB, Foreign Direct Investment, Government Agencies

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Foreign direct investment reviews 2021: Japan

Japan continues to tighten foreign direct investment reviews but also offers a prior notification exemption - Japan's Ministry of Finance (MOF) and its ministries with jurisdiction over the target entity's business review…more

FEFTA, Foreign Acquisitions, Foreign Direct Investment, Foreign Investment, Japan

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Africa's coming of age: An interview with Bryce Fort

You have been a leading player in the private equity sector in Africa for many years now, with key roles in many notable transactions. What attracted you to African PE work? I joined Emerging Capital Partners in 2002,…more

Africa, Capital Markets, Financial Services Industry, Foreign Investment, Investment

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Labor outsourcing reform

On April 23, 2021, the Decree amending, adding and repealing several provisions of the Federal Labor Law, the Social Security Law, the Law of the National Workers' Housing Fund Institute, the Federal Tax Code, the Income Tax Law…more

Employee Benefits, Employer Liability Issues, Income Taxes, International Labor Laws, Labor Reform

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The new Risk Factor Regime under the Prospectus Regulation

After its entry into force on 20 July 2017, the new Prospectus Regulation ("PR3") will become fully applicable from 21 July 2019. It will replace the previous EU Directive 2003/71/EC (the "Prospectus Directive"). The change that…more

EU, EU Prospectus Regime, European Securities and Markets Authority (ESMA), Investor Protection, National Competent Authorities (NCA)

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Italy – New Measures to enhance Italian debt capital markets

The Italian legislators and CONSOB enacted new measures, as part of a general attempt to modernize the market infrastructure. The new rules relate to, inter alia, the following: The issuance of unlisted debt…more

Capital Markets, CONSOB, Debt, Debt Securities, Insolvency

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Facing headwinds: Conclusion

The past two years have seen huge disruption in the aviation industry. But as this survey shows, the strength and diversity of the sector's financing ecosystem has played a decisive role in responding to the COVID-19…more

Airlines, Aviation Industry, Coronavirus/COVID-19, Economic Growth, EMEA

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Construction Contracts: Liquidated Damages Recoverable for Period Prior to Termination

In Triple Point Technology v PTT, the Supreme Court of the United Kingdom has restored the orthodox position on how termination prior to completion of work affects the operation of a liquidated damages provision. Liquidated…more

Commercial Contracts, Construction Contracts, Construction Industry, Construction Project, Liquidated Damages

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SEC, NASDAQ Provide Additional Guidance and Temporary Exceptions as the Effects of COVID-19 Continue to Impact Public Companies

On May 4, 2020, the staff of the Division of Corporation Finance (“Corp Fin”) at the Securities and Exchange Commission (the “SEC”) published four COVID-19 related FAQs. This additional guidance relates to SEC’s March 25, 2020…more

Coronavirus/COVID-19, Corp Fin, Exceptions, Filing Deadlines, Form 8-K

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Russia and Tax “Black-Lists”

On 14 February 2023, the Council of the European Union approved adding Russia to the EU list of non-cooperative jurisdictions for tax purposes (the "EU List") (official publication on 21 February 2023)…more

Amended Regulation, Corporate Taxes, EU, EU Directive, Investment

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UAE Central Bank Introduces Regulatory Framework for Buy-Now, Pay-Later Providers

On September 29, 2023, the UAE Central Bank (CBUAE) introduced the new Finance Companies Regulation, which repealed the Finance Companies Regulation issued in 2018 and formally recognized "buy-now, pay-later" (BNPL) schemes as a…more

Banking Sector, Buy Now Pay Later (BNPL), Consumer Protection Laws, Financial Regulatory Reform, Global Market

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Bright spots: Sweden and CIS present opportunities after a challenging 2023

The past 12 months have not been the best for European IPO activity, with EMEA IPO proceeds (including SPACs) falling 24 percent year-on-year to US$22.19 billion. After a challenging year when IPO appetite was impacted by…more

Capital Markets, Commonwealth of Independent States (CIS), EU, Initial Public Offering (IPO), Investment

See all updates »

UK FDI: Strategic streamlining but sectoral spread - the UK Government confirms its plans for NSIA reform

In April 2024, the UK Government published its response to the Cabinet Office's 'call for evidence' on the National Security and Investment Act 2021. The call for evidence was an invitation to submit views on how the NSIA could…more

Critical Infrastructure Sectors, Cross-Border Transactions, Foreign Direct Investment, Foreign Investment, Investment

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Kazakhstan has reformed the financial sector regulation: what do we need to know?

Legislative regulation of the financial market in Kazakhstan needs to be modernized to remain efficient and competitive. Therefore, on 12 July 2022, the President of the Republic of Kazakhstan signed the Law providing for…more

Banking Sector, Competition, Financial Institutions, Financial Markets, Insurance Industry

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Addressing the Coming Wave of COVID-19 Fraud and Corruption Allegations in International Arbitration

Official warnings of a potential increase in fraud and corruption during the COVID-19 crisis raise the question of how to address allegations of illegality in international arbitration…more

Coronavirus/COVID-19, Corruption, Department of Justice (DOJ), Fraud, International Arbitration

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Europe holds enduring appeal for Asia-Pacific dealmakers

APAC investors continue to seek out high-growth assets across the continent despite a global slowdown in M&A activity - High inflation, geopolitical uncertainty and an uncertain macroeconomic outlook precipitated a slowdown…more

Acquisitions, Asia Pacific, Capital Markets, EU, Global Dealmaking

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Shareholders' General Meetings: The trend of shareholders' viewing ESG as important is steadily increasing

Forty-eight Japanese companies received shareholder proposals in the June 2021 general meetings (162 proposals in total). This represents a modest decrease compared to last year, when 55 companies received shareholder proposals…more

Activist Investors, Board of Directors, Corporate Governance, Environmental Social & Governance (ESG), Foreign Corporations

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The 2021 ICDR Arbitration Rules

The International Centre for Dispute Resolution ("ICDR"), the international branch of the American Arbitration Association, recently revised its 2014 arbitration rules and 2008 mediation rules, issuing a revised set of rules…more

Amended Rules, American Arbitration Association, Arbitration, Business Disputes, ICDR

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Inflation Reduction Act Increases Funding for Energy Transition Projects in the US

On August 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022 ("IRA"). In addition to enacting new tax benefits for renewable energy and other energy transition related infrastructure, the IRA…more

Biden Administration, Clean Energy, Energy Projects, Federal Funding, Inflation Reduction Act (IRA)

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Luxembourg Reform of Restructuring Procedures

On 1st November 2023, the new Luxembourg law of 7 August 2023 on the continuation of businesses and modernisation of insolvency law (the "Law") enters into force. This long-awaited reform implements Directive 2019/1023 to…more

Corporate Restructuring, Creditors, Debt Restructuring, Debtors, EU

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New Regulation of Cross-border Transactions – Act on Screening of Foreign Investments

On May 1, 2021, the Foreign Direct Investments Screening Act (Act No. 34/2021 Coll. – the "FDI Act") is set to come into force, which will allow the government to screen potentially high-risk foreign transactions by investors…more

Critical Infrastructure Sectors, Cross-Border Transactions, EU, FDI Act, Foreign Direct Investment

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CFIUS Proposes Regulatory Updates to Shorten Mitigation Negotiation Timelines for Transaction Parties & Expand CFIUS Authorities for Monitoring and Enforcement

On April 11th, the US Department of the Treasury, as chair of the Committee on Foreign Investment in the United States (CFIUS), issued a Notice of Proposed Rulemaking (NPRM) to "enhance certain CFIUS procedures and sharpen its…more

CFIUS, Civil Monetary Penalty, Enforcement, Foreign Investment, Mitigation

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"Taking the Keys": Six things to consider for credit investors contemplating share pledge enforcement

Rises in energy costs, disruption to global supply chains, the situation in Ukraine, soaring inflation and higher interest rates are pushing several major European economies towards recession. Borrowers and issuers in the…more

Borrowers, Due Diligence, Economic Sanctions, Energy Costs, Enforcement

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The Czech Competition Authority publishes new policy on compliance programs as mitigating factor when imposing fines

In December 2023, the Czech NCA - Office for the Protection of Competition (the "Office") published its new Compliance Program Consideration Policy , which has taken effect from 1 January 2024 and which sets out the conditions…more

Anti-Competitive, Competition Authorities, Compliance, Czech Republic, EU

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On 1 January 2021 the Corporate Stabilisation and Restructuring Act (StaRUG) has come into force and introduced the new ‘Preventive Restructuring Framework’ in Germany

Prior to the introduction of the Preventive Restructuring Framework by the StaRUG out-of-court restructurings in Germany other than the restructuring of German law-governed bonds generally required unanimous approval by all…more

COMI, Commercial Bankruptcy, Corporate Restructuring, Creditors, Debt Restructuring

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Recent Proliferation of Lawsuits Under New Jersey’s Daniel’s Law

Plaintiffs' attorneys recently have filed a series of lawsuits in New Jersey, seeking damages based on alleged violations of Daniel's Law (N.J. Stat. § 56:8-166.1). The suits allege that various website operators have violated…more

Covered Person, Damages, Data Privacy, Litigation Strategies, New Jersey

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Sector trends - September 2023: Consumer Finance

UK & European Financial Services M&A: Sector trends H2 2022 | H1 2023 — Consumer Finance - Europe's consumer finance decacorns stumble as their valuations crumble. …more

Acquisitions, Capital Markets, EU, Financial Institutions, Financial Services Industry

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U.S. Antitrust Agencies Finalize Changes to the U.S. Merger Guidelines – Formalizing a Shift Toward a Very Aggressive Merger Enforcement Policy

On December 18, 2023, the Department of Justice ("DOJ") and Federal Trade Commission ("FTC") published in final form the long-awaited 2023 Merger Guidelines. The final 2023 Merger Guidelines adopt—with some significant…more

Antitrust Division, Antitrust Provisions, Department of Justice (DOJ), Enforcement Actions, Federal Trade Commission (FTC)

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Platform workers: towards a European agreement on the employment presumption

On March 11, 2024, an agreement around a draft directive to strengthen the protection of digital platform workers in Europe was approved by twenty-five Member States. For the time being, France and Germany are opposed to the…more

Collective Bargaining, Digital Platforms, EU, EU Directive, European Commission

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Economic Crime Act – update for overseas entities with interests in UK real estate

The Economic Crime (Transparency and Enforcement) Act 2022 (the "ECTEA") has been introduced as part of the government’s strategy against overseas criminals who launder money through UK real estate..…more

Beneficial Owner, Foreign Entities, Real Estate Market, Registration, Transparency

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How Digital Asset Innovators Can Manage the Risks of White Collar Scrutiny in the US

Described as the "Wild West" by SEC Chairman Gary Gensler, the meteoric rise of digital assets like cryptocurrencies has disrupted the traditional financial ecosystem. The wave of enforcement actions brought by federal and state…more

CFTC, Cryptocurrency, Department of Justice (DOJ), Digital Assets, Enforcement Actions

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Sector trends - September 2023: Specialty Finance/Marketplace Lending

We are seeing - Continued availability of growth capital for specialty lenders—SME lenders attract the most capital in the previous 12 months - VC debt cheques (e.g., Quilam Capital's debt investment in Merchant Money and…more

Acquisitions, B2B Transactions, E-Commerce, Geographic Markets, Mergers

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South America: Overview of antitrust regimes

Many jurisdictions in South America have enhanced their enforcement of antitrust rules in the past decade. Brazil has consolidated its position as a significant jurisdiction in terms of antitrust enforcement globally. Argentina,…more

Acquisitions, Antitrust Provisions, Competition, Enforcement Actions, Mergers

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UK's Context-Based AI Regulation Framework: The Government's Response

In March 2023, the UK government published the AI Regulation White Paper (the White Paper), setting out its proposed regulatory framework for AI. Unlike the EU's AI Act, which will create new compliance obligations for a…more

Artificial Intelligence, Copyright, New Regulations, Regulatory Agenda, Risk Management

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Overview of the Carried Interest Rules and the Proposed Regulations

On July 31, 2020, the U.S. Internal Revenue Service (the "IRS") and the U.S. Treasury Department ("Treasury") issued proposed regulations (the "Proposed Regulations") that provide taxpayers with definitional and computational…more

Capital Gains, Carried Interest, Fund Managers, IRS, Partnerships

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China's pivotal role in supporting post-COVID growth in Africa

China's relationship with Africa is well established, deep and thriving on many fronts - To show the history of Africa and China's relationship, some scholars write of the discovery of ancient Chinese ceramics in East Africa…more

Africa, China, Coronavirus/COVID-19, Foreign Direct Investment, Investors

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Major competition law changes – greater powers for the Czech NCA, clearer rules for fining associations, anonymous reporting of anti-competitive behavior, tighter criteria for settlement

Very soon, a long-awaited amendment to the Czech Act on the Protection of Competition will become law, implementing (after a long delay) the requirements of what is known as the ECN+ Directive (an EU directive designed to give…more

Anti-Competitive, Competition, Competition Act, Confidential Information, Czech Republic

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Honduras ICSID Denunciation and Implications for Foreign Investors

The International Centre for Settlement of Investment Disputes ("ICSID") has announced that the World Bank received a written notice of denunciation of the Convention on the Settlement of Investment Disputes between States and…more

Dispute Resolution, Foreign Investment, Honduras, ICSID, International Arbitration

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Funding the energy transition: the role of Islamic finance

Access to energy underpins our day-to-day and powers global economic prosperity and development, yet consumption of energy is the dominant contributor to climate change, accounting for approximately 60% of total global…more

COP, Energy Sector, Funding, Global Economy, Greenhouse Gas Emissions

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European leveraged finance: A whole new world

European leveraged finance in 2023 was saddled with the negative effects of elevated interest rates. But as the market adjusts to the “new normal”, rate and price stability offer hope for a brighter 2024. -Rising interest…more

Acquisitions, Banking Sector, Buyouts, Debt, Debt Market

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The rise of the SDG CLO: How to use the bond market to deliver the United Nations' Sustainable Development Goals by 2030

In 2015, the United Nations General Assembly adopted 17 sustainable development goals to be achieved by 2030 ("SDGs"). The SDGs include ending poverty and hunger, promoting gender equality, tackling climate change and promoting…more

Africa, Bond Markets, Bonds, Climate Change, Collateralized Loan Obligations

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CFIUS Proposes Regulatory Updates to Shorten Mitigation Negotiation Timelines for Transaction Parties & Expand CFIUS Authorities for Monitoring and Enforcement

On April 11th, the US Department of the Treasury, as chair of the Committee on Foreign Investment in the United States (CFIUS), issued a Notice of Proposed Rulemaking (NPRM) to "enhance certain CFIUS procedures and sharpen its…more

CFIUS, Civil Monetary Penalty, Enforcement, Foreign Investment, Mitigation

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SEC Voluntarily Stays Its Climate Rules Pending Judicial Review

On April 4, 2024, less than one month after their adoption, the U.S. Securities and Exchange Commission ("SEC") has chosen to stay its newly adopted climate disclosure rules, pending judicial review (the "Final Rules"). The SEC…more

Climate Change, Disclosure Requirements, Environmental Social & Governance (ESG), Judicial Review, New Rules

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Vendor performance during social isolation

White & Case Technology Newsflash - Every industry is at a critical juncture in evaluating how to successfully continue business operations in a period of unprecedented disruption. We have received a number of inquiries from…more

Business Continuity Plans, Coronavirus/COVID-19, Force Majeure Clause, Nonperformance, Remote Working

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Constructing the low-carbon economy

With an unprecedented momentum for the construction of new major projects linked to the shift away from fossil fuels and the development of a low-carbon economy, there is a real focus on construction law issues relevant to such…more

Australia, Brownfield Properties, Carbon Emissions, Climate Change, Construction Industry

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Delivering digital infrastructure in the AI age

The digital infrastructure sector's growth has been fueled by the hyperscalers in recent years. The rapid evolution of artificial intelligence and the metaverse is set to drive this "zeitgeist" sector to new heights…more

Artificial Intelligence, Capital Markets, Cloud Computing, Cybersecurity, Infrastructure

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Five things you need to know about… investing in Web 3.0

Despite the recent market turbulence for cryptocurrencies and associated high profile scandals, investment in Web 3.0 assets continues as investors look to take advantage of depressed valuations and corporations continue to…more

Acquisitions, Blockchain, Cryptocurrency, Digital Assets, Digital Media

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M&A and buyouts— slowing the pace

HEADLINES - - M&A leveraged loan issuance in Western and Southern Europe is down 69 per cent year-on-year, while high yield is down 81 per cent -Buyout loan and high yield bond issuance is down by 9 per cent and 52 per…more

Acquisitions, Buyouts, EU, High Yield Bonds, Lenders

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United States, European Union and United Kingdom Intensify Sanctions on Burma

On March 25, 2021, the United States imposed sanctions on Myanma Economic Holdings Public Company Limited ("MEHL") and Myanmar Economic Corporation Limited ("MEC"), Burma's two largest military conglomerates. On the same day,…more

Biden Administration, Bureau of Industry and Security (BIS), Burma, Executive Orders, Export Administration Regulations (EAR)

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COVID-19 – Guidance for International Employers

Companies and their workforces are facing extraordinary challenges during the period of disruption caused by COVID-19, and Governments around the world are introducing new legislation and guidance on a frequent basis to help…more

Business Closures, Business Interruption, Coronavirus/COVID-19, Employer Liability Issues, New Guidance

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EU Court of Justice clarifies that all exchanges with external counsel are privileged – an important development amidst a dawn raid uptick in Europe

The EU Court of Justice ("CJEU") has recently clarified the scope of legal professional privilege ("LPP") under EU law. The CJEU ruled that LPP applies to all communications between EEA-qualified external lawyers and their…more

Coronavirus/COVID-19, Dawn Raids, EU, EU Directive, European Court of Justice (ECJ)

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European Real Estate Finance: Market Update – Q2 2023

The past six months have seen difficult economic times in much of Europe, with governments and central banks seeking to respond to both the increases in costs of living and the need to curb inflation. Notwithstanding the wider…more

Belgium, EMEA, EU, Germany, Italy

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Russia and Tax “Black-Lists”

On 14 February 2023, the Council of the European Union approved adding Russia to the EU list of non-cooperative jurisdictions for tax purposes (the "EU List") (official publication on 21 February 2023)…more

Amended Regulation, Corporate Taxes, EU, EU Directive, Investment

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The German Parliament passed the "Act on Corporate Due Diligence in Supply Chains" on 11 June 2021

After several months of discussion, the German Parliament ("Bundestag") adopted the "Act on Corporate Due Diligence in Supply Chains" (Supply Chain Due Diligence Act – "Act" or "LkSG") on 11 June 2021.1 The Act imposes, for the…more

Due Diligence, Environmental Policies, Export Controls, Germany, Human Rights

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Mercosur Trade Alert

Chief negotiators from Mercosur and the European Union (EU) met in Brasilia, Brazil earlier this month to resume attempts to conclude an inter-regional free trade agreement (FTA) after new proposals from both sides tabled…more

Brazil, EU, Free Trade Agreements, MERCOSUR, Regulatory Agenda

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Fintechs hunt for growth in an uncertain climate

The global fintech industry has been buffeted by market headwinds in the last two years, with high inflation, volatile valuations and macroeconomic uncertainty inhibiting investor appetite in the still-young sector. Though the…more

Acquisitions, Banking Sector, Capital Investments, Financial Markets, Financial Services Industry

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5 Practical Considerations for Users of Generative AI Tools following Thaler and Allen

You are likely already familiar with two US recent decisions that have addressed the copyrightability of AI-generated works: (a) On August 18, 2023, the United States District Court for the District of Columbia ruled in favor…more

Artificial Intelligence, Copyright, Copyright Applications, Copyright Office, Copyright Registration

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EU General Court strikes a blow to Commission approach to fiscal State aids in the Apple tax case

The General Court has upheld a challenge to a 2016 Commission decision that had required Ireland to recover €13.2 billion in illegal State aid from Apple, on account of alleged preferential tax treatment for the multinational’s…more

Annulment, Apple, Corporate Taxes, EU, European Commission

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Amendment to Corporations Act – Brief overview of selected changes

On February 13, 2020, the first major amendment to Act No. 90/2012 Coll., on companies and cooperatives, as amended (the "Corporations Act"), was published in the Collection of Laws. It seeks to reduce the regulatory burden and…more

Amended Regulation, Articles of Association, Board Members, Capital Requirements, Cash Transactions

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Senator Josh Hawley Joins Growing Number in Congress Proposing Sweeping Antitrust Reform Legislation

Sen. Hawley's "Trust-Busting for the Twenty-First Century Act," introduced on April 12, 2021, takes aim at "Big Tech, Big Banks, Big Telecom, and Big Pharma" by proposing to curb mergers and acquisitions by large corporations…more

Acquisitions, Antitrust Provisions, Antitrust Violations, Competition, Federal Trade Commission (FTC)

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New Polish Tax Reforms Bring Much-Needed Structural Certainty Allowing Direct Issuances by Polish Issuers

European Leveraged Finance Alert Series: Issue 1, 2019 - New Polish laws, effective 1 January 2019, have reformed the tax treatment of a number of different taxable business activities. In particular, the Ministry of Finance…more

Anti-Avoidance, Bondholders, Corporate Bonds, Corporate Issuers, Corporate Structures

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US Chapter 15: Recognition of Indonesian Reorganization Plan

In recent years, Indonesian companies have shown both a greater willingness to use foreign restructuring processes, as well as a greater need to do so given the increasingly sophisticated financing structures and investor bases…more

Bankruptcy Code, Chapter 15, Debtors, Filing Requirements, Foreign Bankruptcies

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US Court of International Trade Suggests Customs May Reject Declared Value Based on "First Sale" Rule or "Related-Party" Prices If Non-Market Economy Might Have "Influenced" Buyer or Seller

A recent (March 1, 2021) Court of International Trade ("CIT") opinion, Meyer Corp. v. United States,1has potentially wide-ranging implications for global supply chains, because it calls into question use of the "first sale" rule…more

China, Court of International Trade, First Sale Doctrine, Foreign Sales, Foreign Subsidiaries

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The rise and rise of ESG-linked debt issuance

Debt issuance linked to environmental, social and governance (ESG) metrics has accelerated at an unprecedented pace in 2021, as issuers move to position their credits to meet swelling investor demand for green and…more

Environmental Social & Governance (ESG), Global Economy, Greenhouse Gas Emissions, Investors, Pricing

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Data center requirements under the new German Energy Efficiency Act

German Parliament passes Energy Efficiency Act (EnEfG). One of the main emphases of the law concerns data centers: inter alia waste heat requirements, energy efficiency standards, and the information obligations that are imposed…more

Data Centers, Energy Efficiency, Energy Sector, Germany, Regulatory Requirements

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Help on the horizon: Aviation and the new CARES Act - Unprecedented aid is available for US aviation industry participants severely affected by the COVID-19 pandemic

US passenger airlines, cargo air carriers, aviation repair facilities and certain other aviation industry participants severely affected by the COVID-19 pandemic can take advantage of the unprecedented aid available under Title…more

Airline Employees, Airlines, Aviation Industry, CARES Act, Coronavirus/COVID-19

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Change is in the air – Japan introduces changes for a more efficient OSW site selection process

On July 30, 2021, the Agency for Natural Resources and Energy (ANRE) of the Ministry of Economy, Trade and Industry (METI) together with the Port Authority of the Ministry of Land, Infrastructure, Transport and Tourism (MLIT)…more

Clean Energy, Energy Policy, Energy Projects, Energy Sector, Greenhouse Gas Emissions

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Rule 144A Fixed Income Securities Won’t Become Subject to Public Information Requirement under Rule 15c2-11

On October 30, 2023, the US Securities Exchange Commission (the "SEC") issued an order (the "Order")1 granting broker-dealers exemptive relief from Rule 15c2-11 ("Rule 15c2-11") under the US Securities Exchange Act of 1934 (the…more

Broker-Dealer, Fixed Income Investments, Information Technology, Investment Adviser, Rule 144A

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Key Considerations for the 2024 Annual Reporting Season: Your Upcoming Form 20-F and other FPI-Specific Considerations

This memorandum outlines key considerations from White & Case's Public Company Advisory Group for foreign private issuers ("FPIs") during the 2024 annual reporting season, divided into two sections: Form 20-F Housekeeping…more

Accounting, Artificial Intelligence, Chief Information Security Officer (CISO), Clawbacks, Clerical Errors

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SPACs are overcoming expectations

SPACs have never faced such a challenging environment, for a number of reasons. The overhang of the SEC’s proposed regulations regarding misleading financial projections have had a significant ripple effect. It is now extremely…more

Financial Services Industry, Initial Public Offering (IPO), Investment, Investors, Proposed Regulation

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Current Conditions Present Historic Gifting Opportunities; Time to Review Retirement Plan Beneficiary Designations

The dramatic decline in asset values caused by the emergence of COVID-19 as a significant health threat, combined with historically high gift tax exemptions and historically low interest rates make now an opportune time to focus…more

Beneficiary Designations, Coronavirus/COVID-19, Estate Planning, Gift-Tax Exemption, Gifts

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Offshore wind projects: Assessing the environmental impact: Japan

Despite strong government support and growing capacity, a lengthy approval process may slow progress. In November 2018, the National Diet of Japan enacted the Act of Promoting Utilization of Sea Areas in Development of Power…more

Bird Fatalities, Conservation, Decommissioned Facilities, Endangered Species, Environmental Assessments

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Japan 2023 Proxy Season

The Number of Shareholder Proposals Made by Activist Shareholders, Votes Against Management Proposals and Listed Companies Facing Shareholder Proposals Each Continue to Trend Upward in Japan - During the June 2023 annual…more

Board of Directors, Corporate Governance, Diversity, Environmental Social & Governance (ESG), Investors

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Latin America Focus - Fall 2023

As we embark on our third year of Latin America Focus, the ever-evolving landscape in the region brings fresh opportunities and challenges for local, regional and international businesses. After an extremely positive…more

Arbitration, Chapter 11, Disclosure Requirements, Environmental Social & Governance (ESG), Exports

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The Copyright Claims Board goes live: early trends

Tech Newsflash - The Copyright Claims Board ("CCB") started accepting claims on June 16, 2022. The CCB has seen a great deal of activity, with dozens of claims filed in the first few weeks, mostly alleging online infringement…more

Copyright, Copyright Infringement, Copyright Litigation, Copyright Office, Corporate Counsel

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UK FDI: Strategic streamlining but sectoral spread - the UK Government confirms its plans for NSIA reform

In April 2024, the UK Government published its response to the Cabinet Office's 'call for evidence' on the National Security and Investment Act 2021. The call for evidence was an invitation to submit views on how the NSIA could…more

Critical Infrastructure Sectors, Cross-Border Transactions, Foreign Direct Investment, Foreign Investment, Investment

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Net-zero goals boost investment in tech sector

Investment in clean energy solutions is ramping up as governments and businesses race to meet ambitious decarbonization targets. To achieve net-zero emissions by 2050, the International Energy Agency (IEA) estimates that annual…more

Clean Energy, Climate Action Plan, Global Market, Green Technology, International Energy Agency (IEA)

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Sanctions after Brexit – the first UK sanctions regimes

With Brexit looming, the UK's autonomous sanctions policy is slowly taking shape. This month saw the publication of regulations setting out the post-Brexit UK sanctions regimes for Iran, Burma and Venezuela, which will come into…more

Asset Freeze, Blocking Statutes, Burma, Economic Sanctions, EU

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The ADGM Arbitration Guidelines: bridging the procedural divide between civil and common law arbitrations

On 17 September 2019, the Abu Dhabi Global Market (ADGM) Arbitration Centre launched the ADGM Arbitration Guidelines. The ADGM Arbitration Guidelines have been developed to provide end-users of arbitration, practitioners, and…more

Abu Dhabi Global Markets (ADGM), ADGM Arbitration Guidelines, Arbitration, Arbitration Procedural Rules, Best Practices

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President Trump's trade wars and the expansion of customs violations into the white-collar space

The US' ongoing trade wars—with various trading partners and particularly with China—are everywhere in the news. Putting politics and policy aside, the "trade wars" reflect a basic disagreement over the rules that should govern…more

Actual or Constructive Knowledge, Affirmative Defenses, Anti-Dumping Duty, Civil Liability, Civil Monetary Penalty

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Information regarding the antidumping and countervailing duty petitions on Crystalline Silicon Photovoltaic Cells from Cambodia, Malaysia, Thailand, and Vietnam

The Petition - On April 24, 2024, the American Alliance for Solar Manufacturing Trade Committee ("Petitioners") filed antidumping duty ("ADD") and countervailing duty ("CVD") petitions on imports of crystalline silicon…more

Anti-Dumping Duty, Cambodia, Countervailing Duties, Importers, Imports

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United States Expands and Strengthens Enforcement of Antidumping and Countervailing Duty Laws

On March 25, 2024, the US Department of Commerce (“DOC”) published a final rule revising substantive and procedural aspects of antidumping duty (“ADD”) and countervailing duty (“CVD”) investigations. The changes enter into force…more

Anti-Dumping Duty, Countervailing Duties, Cross-Border, Department of Health and Human Services (HHS), Enforcement

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Africa Focus: Autumn 2020 - Nigeria’s LNG Train 7 project breaks new ground

A US$3 billion financing amid a volatile market shows oil & gas projects with strong fundamentals can continue to raise debt... In May 2020, during the most volatile period in the oil & gas sector in 40 years, Nigeria LNG Ltd…more

Africa, Corporate Financing, Energy Projects, Energy Sector, Liquid Natural Gas

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SEC Voluntarily Stays Its Climate Rules Pending Judicial Review

On April 4, 2024, less than one month after their adoption, the U.S. Securities and Exchange Commission ("SEC") has chosen to stay its newly adopted climate disclosure rules, pending judicial review (the "Final Rules"). The SEC…more

Climate Change, Disclosure Requirements, Environmental Social & Governance (ESG), Judicial Review, New Rules

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U.S. Antitrust Agencies Finalize Changes to the U.S. Merger Guidelines – Formalizing a Shift Toward a Very Aggressive Merger Enforcement Policy

On December 18, 2023, the Department of Justice ("DOJ") and Federal Trade Commission ("FTC") published in final form the long-awaited 2023 Merger Guidelines. The final 2023 Merger Guidelines adopt—with some significant…more

Antitrust Division, Antitrust Provisions, Department of Justice (DOJ), Enforcement Actions, Federal Trade Commission (FTC)

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Mixed Signals: US M&A FY 2022

Although the record-breaking deal activity of 2021 spilled over into 2022, headwinds in the first quarter developed into a significant slowdown during the rest of 2022, with an expectation of continued slowness as we enter…more

Acquisitions, Buyers, Capital Markets, CFIUS, Coronavirus/COVID-19

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Egypt’s New Merger Control Regime Goes Into Effect

The Egyptian pre-closing merger control regime will go into full effect on 1 June 2024. The Egyptian Competition Law was amended in December 2022 to introduce a new pre-closing merger control regime, but its enforcement was…more

Acquisitions, Competition Authorities, Egypt, Merger Controls, Mergers

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Snapshot: Der deutsche Übernahmemarkt 2023

Blick auf den Markt und die bedeutendsten Transaktionen - Die Analyse öffentlicher Übernahmen im Jahr 2023 erscheint auf den ersten Blick wie eine Blaupause des Vorjahres. Die bereits 2022 festgestellten Trends bestätigten…more

Acquisitions, Capital Markets, EU, European Commission, Financial Regulatory Reform

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Snapshot: Der deutsche Übernahmemarkt 2023

Blick auf den Markt und die bedeutendsten Transaktionen - Die Analyse öffentlicher Übernahmen im Jahr 2023 erscheint auf den ersten Blick wie eine Blaupause des Vorjahres. Die bereits 2022 festgestellten Trends bestätigten…more

Acquisitions, Capital Markets, EU, European Commission, Financial Regulatory Reform

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Infringement is still infringement, even in the metaverse: New York jury finds “MetaBirkin” infringing, not protected artistic expression

A nine-person jury in the Southern District of New York has found that "MetaBirkin" NFTs violate Hermès International SA's rights in its "Birkin" trademarks. This is the first trial to consider the intersection of NFTs and…more

Artistic Works, Blockchain, Cryptocurrency, Digital Assets, First Amendment

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Snapshot: Der deutsche Übernahmemarkt 2023

Blick auf den Markt und die bedeutendsten Transaktionen - Die Analyse öffentlicher Übernahmen im Jahr 2023 erscheint auf den ersten Blick wie eine Blaupause des Vorjahres. Die bereits 2022 festgestellten Trends bestätigten…more

Acquisitions, Capital Markets, EU, European Commission, Financial Regulatory Reform

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Key trends emerging from the start of the EU Foreign Subsidies Regulation regime

The first months of application of the EU Foreign Subsidies Regulation (FSR) have involved a large number of notifications, lengthy and wide-ranging requests for information, and the opening of the first in-depth investigation…more

Acquisitions, Competition, EU, European Commission, Foreign Subsidies

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hiQ's preliminary injunction affirmed. A green light for data scraping or not?

As we have previously discussed, claims under the Computer Fraud and Abuses Act (CFAA) are commonly asserted as a means of protecting online data from unwanted scraping activity.  The scope and application of the CFAA, however,…more

Abuse of Discretion, Analytics, Cease and Desist, Computer Fraud and Abuse Act (CFAA), Declaratory Relief

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Preliminary draft of new provisions regarding cross-participation in the hydrocarbons sector

On August 9, 2022, the Energy Regulatory Commission (Comisión Reguladora de Energía, "CRE") published a new preliminary draft of "General Provisions that establish the procedure and requirements to obtain the authorization for…more

Energy Sector, Hydrocarbons, Mexico, Policies and Procedures, Procurement Guidelines

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Primer: What Companies in the COVID-19 Vaccine Supply Chain Need to Know about the Defense Production Act

The Korean-War era Defense Production Act ("DPA")1 has already loomed large in the federal response to the COVID-19 pandemic. Recent press reports suggest that it may be invoked even more broadly in the coming weeks and months…more

Coronavirus/COVID-19, Defense Production Act, Department of Defense (DOD), Department of Health and Human Services (HHS), Department of Homeland Security (DHS)

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US COVID-19 Real Estate Legal Developments: Federal, California, Florida, Illinois, New York (Updated)

In this report, we set out the key real estate developments in the US during the period of disruption caused by COVID-19 on a federal level and in California, Florida, Illinois and New York. The report covers: - Lease…more

Commercial Leases, Construction Project, Coronavirus/COVID-19, Eviction, Executive Orders

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Sustainability-linked and green loans hold ground in volatile market

Despite widespread deterioration in the US credit markets in 2022, sustainability-linked and green loan issuance held up strongly in the face of building macroeconomic uncertainty. Sustainability-linked loan (SLL) issuance,…more

Climate Change, Environmental Social & Governance (ESG), Green Loans, Investment, Loans

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Flexibility is key: Australia’s leveraged finance market rises to the challenge

Sponsors hope increasing competition and the flexibility of Australia’s leveraged finance market will provide increasing optionality during challenging times - Just over a year ago, TPG broke new ground with an AUD$1.5…more

Acquisitions, Australia, Borrowers, Financial Institutions, Investment

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Memorandum of Understanding on Cooperation in Financial Services finally signed between the UK and EU – a substantive development or a symbolic gesture?

On 27 June 2023, the UK signed a long-awaited Memorandum of Understanding ("MoU") with the European Union ("EU") to increase co-operation on financial services. The MoU has been a long time coming: regulatory cooperation was…more

Banking Regulators, EU, Financial Markets, Financial Regulatory Reform, Financial Services Industry

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US leveraged finance slows in turbulent market

US leveraged loan and high yield bond markets saw significant declines in issuance in 2022, as macroeconomic and geopolitical uncertainty drove up borrowing costs, dampened risk appetite and significantly reduced M&A activity…more

Acquisitions, Bond Markets, Borrowers, Financial Markets, High Yield Bonds

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Current antitrust focus on technology platforms should take into account recent Supreme Court decisions in Pepper and American Express

Technology products are increasingly characterized by their ability to facilitate interconnectedness. More and more, tech innovators find themselves subject to increasing scrutiny under global competition laws when they succeed…more

Anti-Steering Rules, Anticompetitive Behavior, Antitrust Violations, Apple, Apple Inc v Pepper

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The SEC Continues to Prove it is the Most Powerful Influencer: How to Avoid Touting Charges

Recently, the US Securities and Exchange Commission ("SEC" or "the Commission") announced charges against eight celebrities, including Jake Paul, Soulja Boy, Lindsay Lohan, and Ne-Yo for unlawfully touting digital tokens without…more

Cryptoassets, Digital Assets, Disclosure Requirements, FRCP 17(b), Publicly-Traded Companies

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Managing civil disputes in France during the COVID-19 crisis (III)

The outbreak of COVID-19 has substantially disrupted the management of civil litigation during the first national lockdown of 17 March 2020 to 11 May 2020. French judicial activity was limited to "essential litigation" and…more

Business Continuity Plans, Coronavirus/COVID-19, Court Closures, Court Schedules, France

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Key Considerations for Updating 2023 Annual Report Risk Factors

With the 2023 annual report season upon us, it is time for companies to take stock of risk factors for 10-Ks and 20-Fs, and consider whether recent economic, political, technological, and regulatory developments have had (or are…more

Annual Reports, Artificial Intelligence, Climate Change, Cybersecurity, Disclosure Requirements

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Proposed American Privacy Rights Act seeks to establish a comprehensive national framework for data privacy

Proposed American Privacy Rights Act of 2024 seeks to establish national consumer data privacy rights, govern Artificial Intelligence and automated decision-making, impose additional obligations on high-impact social media…more

Consumer Privacy Rights, Covered Entities, Data Privacy, Data Protection, Data Protection Acts

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Extensions of time in construction projects: prospective or retrospective delay analysis?

Contractors' extension of time (EOT) entitlements and associated financial rights are always to be assessed pursuant to the applicable contract mechanism. A recurring question is whether EOT entitlements are to be determined…more

Claim Procedures, Construction Contracts, Construction Disputes, Construction Industry, Construction Project

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4 Things Businesses Need to Know About COP26

The Paris Agreement approved by the 21st Conference of the Parties to the United Nations Framework Convention on Climate Change ("UNFCCC") aims to (i) hold the increase in the global average temperature to well below 2 °C above…more

Climate Change, Dispute Resolution, Environmental Policies, Green Finance, Greenhouse Gas Emissions

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On 1 January 2021 the Corporate Stabilisation and Restructuring Act (StaRUG) has come into force and introduced the new ‘Preventive Restructuring Framework’ in Germany

Prior to the introduction of the Preventive Restructuring Framework by the StaRUG out-of-court restructurings in Germany other than the restructuring of German law-governed bonds generally required unanimous approval by all…more

COMI, Commercial Bankruptcy, Corporate Restructuring, Creditors, Debt Restructuring

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Snapshot: Der deutsche Übernahmemarkt 2023

Blick auf den Markt und die bedeutendsten Transaktionen - Die Analyse öffentlicher Übernahmen im Jahr 2023 erscheint auf den ersten Blick wie eine Blaupause des Vorjahres. Die bereits 2022 festgestellten Trends bestätigten…more

Acquisitions, Capital Markets, EU, European Commission, Financial Regulatory Reform

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The European Commission modernises its market definition guidance

The EC has published the long-awaited revised Market Definition Notice (the "Notice"), marking the first update since its initial adoption in 1997. The Notice clarifies the methodology for defining product and geographic markets…more

Acquisitions, Competition, Competition Authorities, EU, European Commission

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How should the impact of the COVID-19 outbreak be managed on projects under FIDIC and NEC?

The impact of COVID-19 has already had a profound impact on all business sectors globally, including the construction industry. Projects in many countries have been impacted by the outbreak, including as a result of labour…more

Construction Contracts, Construction Industry, Contract Modification, Contract Termination, Coronavirus/COVID-19

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Immigration Reform: The Federal Reserve should adopt the 2019 Volcker Rule revisions as the standard for how foreign banks can engage in nonbanking activities within the United States

The Board of Governors of the Federal Reserve (the "Federal Reserve") has over several decades defined when an activity engaged in by foreign banks subject to the Bank Holding Company Act of 1956 (the "BHCA"), which are thus…more

Banking Sector, Covered Banking Entity, Covered Funds, FBOs, Federal Reserve

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Latest Plans to Increase Nuclear Energy in South Africa

Nuclear energy has been significant in South Africa's energy landscape for decades. South Africa's focus on nuclear energy (as a low-carbon and efficient base-load source of energy1) is ever-increasing as the global drive…more

Energy Sector, International Atomic Energy Agency, Nuclear Power, Renewable Energy, South Africa

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Kazakhstan Law News Digest for April – June 2023

Legislative News - Subsoil Use - The Ministry of Energy has amended the Rules for monitoring subsoil users' compliance with the terms and conditions of subsoil use contracts regarding the annual scheduled / unscheduled…more

Digital Assets, Energy Sector, Financial Markets, Infrastructure, International Relations

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COVID-19: Kazakhstan Government Financial Assistance Measures - Ensuring Economic Stability. Support of Small and Medium-Sized Enterprises in Kazakhstan

In March 2020, based on Decrees No.285 of the President of the Republic of Kazakhstan “On Imposition of the State of Emergency in the Republic of Kazakhstan” dated 15 March 2020 and No.286 “On Measures to Ensure Social and…more

Coronavirus/COVID-19, Financial Assistance Policies, Kazakhstan, Midsize and Large Business Loans, Moratorium

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Recovering prices stabilize oil and gas credits

Recovering oil prices brought much needed stability to the balance sheets of oil and gas borrowers that were on the brink of foreclosure through lockdowns, but the transition away from hydrocarbons poses an ongoing challenge for…more

Borrowers, Commercial Bankruptcy, Energy Exploration, Energy Sector, High Yield Bonds

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Sector trends - July 2022: Stock Exchanges/Trading Venues

UK & European Financial Services M&A: Sector trends H2 2021 | H1 2022 — Stock Exchanges/Trading Venues - Europe's FMI goes digital—data analytics, capital markets solutions, RegTech and DLT-based tech acquisitions feed the…more

Acquisitions, Analytics, Capital Markets, Digital Assets, Digital Services

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Sixth Circuit Permits U.S.-Style Discovery in Aid of International Commercial Arbitration Under Section 28 U.S.C. § 1782

On September 19, 2019, the United States Court of Appeals for the Sixth Circuit rendered a landmark decision which recognized that district courts within the Sixth Circuit can order discovery under 28 U.S.C. § 1782 for use in…more

28 U.S.C. § 1782, Appeals, Arbitration Agreements, Commercial Arbitration, Corporate Counsel

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European M&A: The mighty dollar opens doors for US bidders

US bidders had the opportunity to capitalize on the strength of the dollar in 2022, which rallied as the Federal Reserve took action on its interest rate policy to curb inflation - There were 1,309 M&A deals in Europe…more

Acquisitions, Buyers, Environmental Social & Governance (ESG), EU, Investment

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Ready for Takeover 2.0?

The German takeover market is declining and has shown clear signs of having been affected by the current economic and geopolitical environment. The number of takeovers and the total offer volume have both fallen significantly…more

Acquisitions, Delisting, EU, Germany, Global Market

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ESM Financial Assistance vs. Eurobonds – A Dilemma and the Pandemic Crisis Support

On April 9, 2020, after intense and lengthy discussions, the EU finance ministers reached a comprehensive economic policy response to the COVID-19 pandemic. The President of the Eurogroup, Mario Centeno, stated: "Today, we…more

Coronavirus/COVID-19, EU, Eurobonds, Financial Assistance Policies

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Overview of the Carried Interest Rules and the Proposed Regulations

On July 31, 2020, the U.S. Internal Revenue Service (the "IRS") and the U.S. Treasury Department ("Treasury") issued proposed regulations (the "Proposed Regulations") that provide taxpayers with definitional and computational…more

Capital Gains, Carried Interest, Fund Managers, IRS, Partnerships

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Transformation in the construction industry: Keeping pace with change

[co-authors: Rhulani Matsimbi, and Kit Goodfellow] Three pillars are at the heart of global efforts to boost sustainability and make our built environment cleaner, greener and more socially responsible: construction, energy…more

Construction Contracts, Construction Disputes, Construction Industry, Construction Project, Coronavirus/COVID-19

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Judge Albright and Transfers of Patent Cases

Judge Alan Albright, one of the most active patent jurists, recently amended his standing orders to clarify inter-district transfers and venue discovery, adding predictability for parties that litigate in the Western District of…more

Intellectual Property Protection, Judges, Patent Litigation, Patents, Standing Orders

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German Federal Court of Justice Prohibits Third-Party Funding in Actions for "Confiscation of Profits"

The German Federal Court of Justice holds that third-party funding in actions for confiscation of profits pursuant to Section 10 of the German Act Against Unfair Competition (UWG) is inadmissible…more

Anti-Competitive, Asset Seizure, Germany, Profits, Third Party Funding

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The Increasing importance of Private Credit within the UAE and the Establishment of ADGM Private Credit Funds Rules

Amongst a backdrop of rising inflation and interest rates, the past two years have seen an exponential rise in the activity of private credit funds within the United Arab Emirates and the broader Middle East…more

Abu Dhabi Global Markets (ADGM), Dubai, Financial Institutions, Financial Services Industry, Global Market

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Dealmakers turn to M&A to combat supply disruption

Robust supply chains are vital to our closely connected global economy. Yet escalating geopolitical tensions, persistent inflation and a fragile macroeconomic outlook are presenting businesses with a fresh wave of supply chain…more

Acquisitions, Automation Systems, Capital Markets, Domestic Dealmaking, Geopolitical Risks

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COVID-19-Czech Government Financial Assistance Measures

The Czech Government has enacted a number of measures in order to provide businesses affected by the novel coronavirus (“COVID-19”) pandemic with a package of emergency economic relief and financial assistance. The measures are…more

Bank Guarantees, Banks, Borrowers, Coronavirus/COVID-19, Czech Republic

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Four key antitrust events in Q4 2021 target labor markets and aim to protect workers: Here's what you need to know

The focus on using the antitrust laws to target labor markets has been gaining momentum for years, but the close of 2021 saw the trend hit overdrive with antitrust attacks on perceived harm to workers coming from all corners of…more

Antitrust Division, Classification, Collective Bargaining, Corporate Counsel, Criminal Penalties

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COVID-19: Summary of Legal Measures in Russia

This summary is intended to help clients navigate the large number of legal measures taken expeditiously by the Russian authorities in connection with the spread of COVID-19. The summary is not exhaustive. It includes only those…more

Banking Sector, Contact Tracing, Coronavirus/COVID-19, Exports, Financial Assistance Policies

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ESG liability and litigation risks with a focus on Germany: Greenwashing

The European Commission ("Commission") is relentless in its fight against Greenwashing and the misrepresentation of sustainability impacts or benefits of a company’s products or actions. Following the global ESG trend and the…more

Advertising, Audits, Debt, Enforcement, Environmental Social & Governance (ESG)

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Snapshot: Der deutsche Übernahmemarkt 2023

Blick auf den Markt und die bedeutendsten Transaktionen - Die Analyse öffentlicher Übernahmen im Jahr 2023 erscheint auf den ersten Blick wie eine Blaupause des Vorjahres. Die bereits 2022 festgestellten Trends bestätigten…more

Acquisitions, Capital Markets, EU, European Commission, Financial Regulatory Reform

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International Trade as the New Front Against Transnational Crime

Governments worldwide are sharpening their focus on money laundering executed through international trade. Anti-money laundering obligations on entities beyond traditional financial institutions continue to expand. Companies…more

Anti-Money Laundering, FATF, Financial Fraud, Financial Institutions, Financial Intelligence Unit (FIU)

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Will the European Commission lose its ability to review below-threshold deals?

In yet another twist in the Illumina/Grail saga, Advocate General Emiliou has challenged the European Commission's approach to calling-in certain non-reportable transactions for review. The final judgment will be delivered by…more

Acquisitions, EU, EUMR, European Commission, European Merger Control Regulation

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COVID-19 – Guidance for International Employers

Companies and their workforces are facing extraordinary challenges during the period of disruption caused by COVID-19, and Governments around the world are introducing new legislation and guidance on a frequent basis to help…more

Business Closures, Business Interruption, Coronavirus/COVID-19, Employer Liability Issues, New Guidance

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US COVID-19 Real Estate Legal Developments: Federal, California, Florida, Illinois, New York (Updated)

In this report, we set out the key real estate developments in the US during the period of disruption caused by COVID-19 on a federal level and in California, Florida, Illinois and New York. The report covers: - Lease…more

Commercial Leases, Construction Project, Coronavirus/COVID-19, Eviction, Executive Orders

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Connected and Autonomous Vehicles – a cross-jurisdictional comparison of regulatory developments

Connected and autonomous vehicles ("CAVs") are expected to become a reality on roads across modern economies in the near future. In 2018, the EU estimated that, provided a sufficient regulatory and enabling framework is in…more

Apportionment, Artificial Intelligence, Automotive Industry, Black Box, Connected Cars

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The new Risk Factor Regime under the Prospectus Regulation

After its entry into force on 20 July 2017, the new Prospectus Regulation ("PR3") will become fully applicable from 21 July 2019. It will replace the previous EU Directive 2003/71/EC (the "Prospectus Directive"). The change that…more

EU, EU Prospectus Regime, European Securities and Markets Authority (ESMA), Investor Protection, National Competent Authorities (NCA)

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Top considerations –EMEA Tax trends impacting Private Equity Real Estate in 2021

White & Case has advised a large number of high-profile international clients on cutting-edge, cross-border and domestic private equity real estate deals, providing valuable strategic tax insight to a broad range of investors…more

Capital Markets, Czech Republic, Financial Markets, France, Germany

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At Mid-Year 2023, WAMS Data Show Global Decrease in Merger Filing Notifications, with Significant Declines in U.S. and EU Merger Filings

White & Case Global Antitrust Merger StatPak (WAMS)—the first real-time clearinghouse for global merger notification data—has analyzed merger notifications in reporting jurisdictions around the first half of calendar year 2023…more

Acquisitions, Competition, Competition Authorities, EU, Global Dealmaking

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Africa Focus: Autumn 2020 - International project finance and currency reforms in West and Central Africa

Harmonizing business laws, a revised foreign exchange regulation and introducing a new currency. Currency is a hot topic in West and Central Africa, in both the Economic and Monetary Community of Central Africa (EMCCA, or…more

Africa, Banking Reform, Currency Exchange, Foreign Currency, Foreign Exchanges

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Documentary developments in tighter times

Risks posed by rising inflation, concerns about a global recession and the lingering impact of the war in Ukraine are seeing lenders and investors start to chip away at the loose, borrower-friendly terms that have characterized…more

Borrowers, Covenant Lite Deals, Deal Price, Direct Lending, EBITDA

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Short selling bans and market restrictions – Considerations for investors

A number of regulators across the globe responded to recent market volatility by introducing temporary short selling bans and/or market restrictions. Such bans have since expired as of 18 May 2020. Other regulators (including…more

BaFin, Capital Markets, European Securities and Markets Authority (ESMA), Financial Markets, Market Manipulation

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Patent venue changes look set to accelerate in 2023

Since 2020, the two most popular venues for patent litigation in the United States have been the Western District of Texas (averaging roughly 900 cases per year from 2020-2022) and the District of Delaware (averaging roughly 760…more

Appeals, Patent Litigation, Patents, Venue

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Transformation in the construction industry: Keeping pace with change

[co-authors: Rhulani Matsimbi, and Kit Goodfellow] Three pillars are at the heart of global efforts to boost sustainability and make our built environment cleaner, greener and more socially responsible: construction, energy…more

Construction Contracts, Construction Disputes, Construction Industry, Construction Project, Coronavirus/COVID-19

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On-demand guarantee for work on an FSO: a parent's nightmare?

Security in the form of bonds and/or guarantees is commonly given in contracts for the building or conversion of vessels to floating production storage and offloading ("FPSO") or floating storage and offloading ("FSO")…more

Bonds, Contract Disputes, Floating Storage & Offloading Facilities (FSOs), Guaranty Claims, Notice and Demand For Payment

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COVID-19: Uzbekistan Government Financial Assistance Measures - State support for business and public

During the course of March and April 2020, the Government of the Republic of Uzbekistan (the “Government”) has implemented a number of laws and measures, including: 19 March 2020:  Presidential Decree No. UP-5969 “On priority…more

Coronavirus/COVID-19, Financial Assistance Policies, Moratorium, Relief Measures, Small Business Loans

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Intermediary liability frameworks for digital platforms in Latin America still a patchwork

Digital platforms and other information intermediaries, such as Facebook, Instagram, Snapchat, TikTok and Twitter have shaped and transformed the way we communicate, connect, and do business. Just before the turn of the 21st…more

Argentina, Brazil, Digital Platforms, EU, Intermediaries

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Distressed sales likely to rise in Europe’s troubled real estate sector

The European real estate sector is enduring a period of turbulence not seen since the 2008 financial crisis. Industry players are dealing with a confluence of stubbornly high interest rates, falling valuations, rising energy and…more

Buyers, Debt, Distressed Debt, EU, Investors

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CFPB Takes Aim at Major Online Payments Applications for Digital Payments; Spares Crypto Companies

On November 7, 2023, the Consumer Financial Protection Bureau ("CFPB") proposed a new rule, to be codified at 12 C.F.R. § 1090.109, that would bring general-use digital payment processors who process more than five million…more

Broker-Dealer, Consumer Financial Products, Consumer Financial Protection Bureau (CFPB), Credit Cards, Cryptocurrency

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Four key antitrust events in Q4 2021 target labor markets and aim to protect workers: Here's what you need to know

The focus on using the antitrust laws to target labor markets has been gaining momentum for years, but the close of 2021 saw the trend hit overdrive with antitrust attacks on perceived harm to workers coming from all corners of…more

Antitrust Division, Classification, Collective Bargaining, Corporate Counsel, Criminal Penalties

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Dissenting Opinion as violation of public policy? The recent annulment decision of the Higher Regional Court of Frankfurt in context

In a recently published annulment decision, the Higher Regional Court of Frankfurt (docket no. 26 Sch 14/18) by way of obiter dictum expressed its views on dissenting opinions in domestic arbitration proceedings. Although the…more

Annulment, Appeals, Arbitration, Arbitration Awards, Arbitrators

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A step closer to meeting South Africa’s G20 Commitments

On 28 January 2022, the government of the Republic of South Africa promulgated the Financial Sector Laws Amendment Act, No. 23 of 2021 (the "FSLAA"). However, not all of its provisions have come into force. To date, sections 2,…more

Banking Sector, Financial Institutions, National Bank Act, Proposed Amendments, South Africa

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Compensating non-material damages based on Article 82 GDPR – is there a de minimis threshold?

Germany's Federal Constitutional Court holds that the question should be referred to the European Court of Justice - Is a data subject entitled to compensation from a controller or processor if the data subject's GDPR rights…more

Damages, Data Controller, Data Processors, Data Protection, EU

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Special Economic Measures Have Been Adopted

On 28 February, 1 March and 5 March 2022, the Russian President signed Decrees on special economic measures in connection with so-called "unfriendly" (as such term is used in the Decrees) actions by the USA and the foreign…more

Banking Sector, Debtors, Economic Sanctions, Financial Transactions, Foreign Bank Accounts

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Climate Change Disputes Take Center Stage at Paris Arbitration Week (PAW)

There is increasing awareness about the interconnected nature of climate-related issues such as biodiversity loss, health, human rights, security and inequality. Indeed, climate change disputes are on the rise, and the…more

Arbitration, Climate Action Plan, Climate Change, Coronavirus/COVID-19, Dispute Resolution

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Hospital and Health Care Provider Reimbursement under the CARES Act

The Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") adds $100 billion to the Public Health and Social Services Emergency Fund to reimburse hospitals and health care providers for expenses and lost revenue…more

CARES Act, Coronavirus/COVID-19, Eligibility, Federal Funding, Health Care Providers

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Key Considerations for the 2022 Annual Reporting and Proxy Season

This memorandum outlines key considerations for U.S. public companies in preparation for the 2022 annual reporting and proxy season.   ▪️ Part I of this memo, which was published in January 2022, describes key considerations…more

Annual Reports, Coronavirus/COVID-19, Corporate Counsel, Corporate Governance, Disclosure

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Sovereigns and the CSRD

Contemplating sovereign entities and their relation to the Corporate Sustainability Reporting Directive ("CSRD") can seem like gazing at Escher’s labyrinth of staircases, crisscrossing endlessly without a final destination…more

Accounting, EU, Foreign Entities, Foreign Sovereigns, Reporting Requirements

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Retail M&A driven by pandemic trends

Long-term consumer behavior triggered by the pandemic continues to catalyze deal activity - While initially hit hard by the 2020 outbreak of the COVID pandemic, global retail M&A rallied throughout 2021 and the start of 2022…more

Acquisitions, Consumers, Coronavirus/COVID-19, Food Marketing, Hydrogen Power

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Synergising synergies

The definition of EBITDA has always been a fundamental negotiation point in the leveraged finance market; ultimately, a legal construct as opposed to one derived from any recognised accounting standard. In recent years, however,…more

Add-Back Legislation, Cost-Savings, EBITDA, Financial Sponsors, Lenders

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COVID-19: Hong Kong Government Financial Assistance Measures

In response to the challenges arising from the novel coronavirus (“COVID-19”) pandemic, the Hong Kong Government (the “Government”) has introduced financing support, tax and other temporary relief measures intended to help Hong…more

Coronavirus/COVID-19, Covered Employer, Eligibility, Employee Rights, Exports

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Singapore update: The practical impact of the COVID-19 temporary measures legislation

For further information, please visit the White & Case Coronavirus Resource Center. The COVID-19 (Temporary Measures) Act (the "Act") was enacted on 7 April 2020. The Act provides temporary relief to businesses and individuals…more

Breach of Contract, Companies Act, Coronavirus/COVID-19, Financial Distress, Force Majeure Clause

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Dealmaking set for comeback in North America’s food industry

M&A is proving popular with companies looking to reinvigorate their portfolios and adapt to shifting consumer demands - The North American food sector is experiencing a period of transition. Large food producers benefited…more

Acquisitions, Domestic Dealmaking, Food Manufacturers, Investment, Investors

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Congress Passes $2.2 Trillion COVID-19 Stimulus Bill

On Friday, March 27, 2020, the U.S. House of Representatives voted to approve the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) submitted by the Senate, and President Trump just signed the bill.The bill…more

Airlines, Automotive Industry, CARES Act, Credit Reporting Agencies, Financial Services Industry

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Corporate-led internal investigations become a prerequisite to enter into a French DPA

France is aligning itself with the US model of corporate prosecution - The new guidelines released by both the French Anticorruption Agency ("AFA") and the National Financial Prosecution Office ("PNF") on 27 June, 2019…more

AFA, Aggravating Factors, Anti-Corruption, Attorney-Client Privilege, Blocking Statutes

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Introduction to the FIDIC Suite of Contracts (Updated)

The origins of the FIDIC suite - The Fédération Internationale Des Ingénieurs-Conseils (FIDIC) was founded in Belgium in 1913. Since then, it has become the foremost representative body for the world's consulting engineers,…more

Construction Contracts, Construction Industry, Design-Build, Dispute Resolution, Engineering

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ESMA Guidance on EU SPAC prospectuses

ESMA has issued guidance on what should be included in EU prospectuses issued by special purpose acquisition companies (SPACs)…more

Corporate Governance, EU Prospectus Regime, European Securities and Markets Authority (ESMA), Prospectus Regulation (PR3), Retail Investors

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Impending USD LIBOR Discontinuation: Key Considerations for Latin America Loan Market

This article sets out certain key considerations specific to the Latin American loans market that may arise in transitioning legacy USD LIBOR loans to SOFR and supplements our earlier article published on December 6, 2022 on the…more

Bank Loan Markets, Collateral, Filing Requirements, Latin America, Libor

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Progress made on Paris Agreement Article 6.4 at Bonn; Talks to Continue in Dubai

Article 6.4 of the Paris Agreement to the United Nations Framework Convention on Climate Change ("UNFCCC") provides a structure for a carbon credit market on which greenhouse gas ("GHG") emission reductions or removals may be…more

Climate Change, COP, Energy Sector, Greenhouse Gas Emissions, Paris Agreement

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Federal Circuit Denies Rehearing of Decision Finding the Appointment of PTAB Judges Unconstitutional

On March 23, 2020, the Court of Appeals for the Federal Circuit ("CAFC") issued a per curiam order denying all filed petitions for rehearing en banc and panel rehearing in Arthrex, Inc. v. Smith & Nephew, Inc. No. 18-2140 (Fed…more

Administrative Patent Judges, Appointments Clause, Constitutional Challenges, Denial of Rehearing, Inter Partes Review (IPR) Proceeding

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ESG pressures fuel dealmaking

Companies across the globe are turning to M&A to fulfill their ESG ambitions while investors seek the steep returns on offer - As businesses race to catch up with the global ESG (environmental, social, and governance)…more

Acquisitions, Environmental Social & Governance (ESG), EU, Global Dealmaking, Investors

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Fed Announces "FedNow" Real-Time Payments Service

On August 5, 2019, the Board of Governors of the Federal Reserve System (“Board”) proposed the development of a real-time gross settlement service (“RTGS”) called “FedNow.” The service, expected to launch in 2023 or 2024, will…more

Banks, Board of Governors, Credit Unions, Federal Reserve, FedNow

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US and EU impose coordinated Navalny sanctions

On 2 March 2021, the United States and European Union ("EU") imposed coordinated sanctions in response to the poisoning and imprisonment of Russian opposition politician Aleksey Navalny (and the related US determination that…more

CAATSA, Economic Sanctions, Foreign Policy, Foreign Relations, Office of Foreign Assets Control (OFAC)

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SEC enforcement ramps up

Dealmakers should be braced for a more aggressive stance under Chair Gary Gensler - The appointment of Gary Gensler to Chair of the Securities and Exchange Commission (SEC) signaled a break from the Trump administration, when…more

Administrative Appointments, Enforcement Actions, Gary Gensler, Investigations, Investors

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Getting deals done despite the odds

M&A, debt finance and investment fund actors seek alternative routes to dealmaking in the face of a dim macroeconomic outlook - The past two years have witnessed significant geopolitical fracturing and macroeconomic…more

Acquisitions, China, Debt Financing, Financial Sponsors, Fund Managers

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Managing Contractual Performance in Times of Sanitary Crisis: The Spanish Law Perspective

The unprecedented health crisis arising from the novel Coronavirus disease (“COVID-19”) and measures enacted by the Spanish Government to contain the spread, has in some cases affected contractual performance. The construction…more

Affirmative Defenses, Arbitration, Breach of Contract, Business Closures, Construction Industry

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FTSE indicates how it expects to update rules following FCA’s listing reforms

FTSE Russell has published an overview of the provisional changes it expects to make to its FTSE UK Index Series rules following reforms to the UK listing regime by the Financial Conduct Authority ("FCA") later this…more

Corporate Governance, Financial Conduct Authority (FCA), FTSE, Listing Standards, Regulatory Reform

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US Supreme Court Declines to Review Ruling that Syndicated Loans Are Not Securities

The order marks the end of the Kirschner case, which had threatened to expand US securities regulation to syndicated loans. The US Supreme Court has denied a petition for certiorari review in the Kirschner case, in which…more

Amicus Briefs, Bank Loan Markets, Financial Institutions, Loan Syndication and Trading Association (LSTA), Securities

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Global merger control: Navigating stormy seas

There have been a number of developments in merger control in 2020 and Q1 2021. Some are related to the repercussions of the COVID-19 pandemic, while others are borne out of the ambitions and changes sought by individual…more

Acquisitions, Anti-Monopoly, Antitrust Investigations, Antitrust Provisions, Competition

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Strong Medicine: Using Investment Treaties to Mitigate Foreign Regulatory Risk in the Life Sciences

The COVID-19 pandemic has accelerated the globalization of the life sciences industry, driving cross-border collaborations to develop urgently needed treatments, scale up manufacturing and distribution, and fill raw material…more

Asset Seizure, Drug Pricing, Emerging Markets, Enforcement Actions, Food and Drug Administration (FDA)

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SEC Proposes Rules to Regulate SPACs

On March 30, 2022, the US Securities and Exchange Commission (the "SEC"), in a three-to-one vote of its commissioners divided along political lines, approved the issuance of proposed rules regarding special purpose acquisition…more

Initial Public Offering (IPO), Investment, Investors, Proposed Rules, Public Comment

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Real estate 2024: Emerging from the storm?

The real estate sector is looking ahead with more optimism, as interest rates peak and a clearer picture forms on valuation and future financial performance - Key sections - Section 1: Market overview and outlook…more

Environmental Social & Governance (ESG), Funding, Investment, Investors, Real Estate Market

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European Real Estate Finance: Recent developments - December 2019

As part of our periodic updates, here is an overview of recent developments of relevance to participants in the real estate finance market across certain key jurisdictions in Europe…more

Apartments, Consumer Lenders, EU, EURIBOR, Foreign Entities

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Corporate Governance Key Developments 2020

This briefing is the second in our series of briefings on corporate governance and is designed to provide a synopsis of topical corporate governance matters impacting companies in the United Kingdom. This briefing tracks the…more

BEIS, Board of Directors, Coronavirus/COVID-19, Corporate Governance, EU

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Connecticut Lends Its Hand to U.S. Data Privacy Framework

This week, on Tuesday May 10, 2022, Connecticut Gov. Ned Lamont approved Connecticut Senate Bill 6, an Act Concerning Personal Data Privacy and Online Monitoring (the "Connecticut Privacy Act"). Governor Lamont’s approval makes…more

Connecticut, Consent, Consumer Privacy Rights, Data Collection, Data Protection

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The new reality for UK employers - Part 2: The duty to self-isolate - what employers need to know

On 28 September 2020, new regulations introduced an obligation on people to self-isolate where they have been advised to do so through the NHS track and trace system or where they or someone they live with has tested positive…more

Contact Tracing, Coronavirus/COVID-19, Criminal Liability, Employer Liability Issues, Holiday Pay

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“Novel” or Not: the SEC and DOJ’s Expansion of Insider Trading to “Shadow Trading” and 10b5-1 Plans Survive Their Days in Court

On April 5, 2024, the U.S. Securities and Exchange Commission ("SEC") won a jury verdict in its first "shadow trading" insider trading action. Only a few weeks before this verdict, a court denied a motion to dismiss a criminal…more

10b5-1 Plans, Affirmative Defenses, Department of Justice (DOJ), Enforcement, Good Faith

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Recent Regulatory Announcements Confirm Increased Scrutiny of “AI-Washing”

In December 2023, we published an alert concerning US Securities and Exchange Commission ("SEC") Chair Gary Gensler's warning to public companies against "AI washing" – that is, making unfounded claims regarding artificial…more

Artificial Intelligence, CFTC, Cryptocurrency, Department of Justice (DOJ), Enforcement Actions

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SEC Warns Individual Actors of Potential Liability for AI-Related Security Risk Disclosure Failures

Over the past few months, the Securities and Exchange Commission (the "SEC") has issued several warnings to companies to ensure accurate disclosure of the role and risks of artificial intelligence ("AI") in their businesses. In…more

Artificial Intelligence, Disclosure Requirements, Environmental Social & Governance (ESG), Securities and Exchange Commission (SEC), Securities Regulation

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Mining M&A just saw its strongest run in a decade

Even with the exceptional deal activity seen in 2021, the mining & metals sector saw a run of M&A transactions in 2022 not seen in a decade, resulting in a grand total of 288 deals worth US$88.2 billion for the year. Net…more

Acquisitions, Capital Markets, Investment, Investors, Mergers

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China Released New Regulations to Ease Requirements for Outbound Cross-Border Data Transfers

On March 22, 2024, the Cyberspace Administration of China (the "CAC") issued the highly anticipated final Regulations on Promoting and Regulating Cross-Border Data Flows (the "Regulations on Cross-Border Data Flows"), effective…more

China, Cross-Border Transactions, Cybersecurity, International Data Transfers, New Regulations

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FTC Announces Annual Changes to HSR Thresholds (2020)

On January 28, 2020, the Federal Trade Commission (FTC) announced the annual changes to the Hart-Scott-Rodino (HSR) Act notification thresholds…more

Acquisitions, Antitrust Provisions, Business Valuations, Civil Monetary Penalty, Federal Trade Commission (FTC)

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China's pivotal role in supporting post-COVID growth in Africa

China's relationship with Africa is well established, deep and thriving on many fronts - To show the history of Africa and China's relationship, some scholars write of the discovery of ancient Chinese ceramics in East Africa…more

Africa, China, Coronavirus/COVID-19, Foreign Direct Investment, Investors

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IRS Issues Guidance on the Deferral of Income from Private Corporation Stock Options and Restricted Stock Units

On December 22, 2017, the Tax Cuts and Jobs Act (the "Act") was signed into law. The Act added a new Section 83(i) to the Internal Revenue Code of 1986, as amended (the "Code"), pursuant to which certain employees of eligible…more

Employee Stock Purchase Rights, Escrow Accounts, FICA Taxes, FUTA, Income Taxes

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China Establishes New Mechanism to Counteract "Unjustified" Extraterritorial Application of Foreign Measures

On January 9, 2021, China's Ministry of Commerce (MOFCOM) issued Order No. 1/2021 on the Rules on Counteracting Unjustified Extraterritorial Applications of Foreign Legislation and Other Measures (the "Rules").1 The Rules, which…more

Application of Foreign Laws, China, Export Controls, Exports, Extraterritoriality Rules

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Historic US Disaster Relief Legislation in Response to COVID-19 Crisis Will Have a Significant Impact on Companies and Their Employees Through Changes in the Tax Code and Related Provisions

The novel coronavirus referred to as SARS-CoV-2 and the disease that the virus causes (“COVID-19”) has created significant challenges for companies and employees across the United States as quarantine, self-isolation, and travel…more

CARES Act, Coronavirus/COVID-19, Financial Stimulus, Popular, Relief Measures

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China Publishes Draft Implementation Regulations on the New Foreign Investment Law; Seeks Comments from Public

On November 1, 2019, China's Ministry of Justice ("MOJ") released a draft version of the Implementation Regulations on the Foreign Investment Law ("Draft Regulations"), aimed at facilitating the new Foreign Investment Law…more

China, Corporate Counsel, Draft Implementation Regulations, Foreign Investment, Foreign Investment Entities (FIEs)

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AI Legal News Summer Roundup: Edition 5

...We round out our series with a summary of several developments around the world that focus on the adequacy of the various jurisdictions' laws in addressing the opportunities and risks arising from generative AI…more

Anti-Discrimination Policies, Artificial Intelligence, Authorship, Copyright, Copyright Infringement

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Big pharma firms return to the deal table in H1

Dealmaking activity in the US healthcare sector was robust in H1 2022 in the face of various macroeconomic headwinds. There were US$92.4 billion worth of deals announced in H1 2022. This was a 51 percent decrease from a record…more

Acquisitions, Biotechnology, Domestic Dealmaking, Healthcare, Investment

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European leveraged finance: A whole new world

European leveraged finance in 2023 was saddled with the negative effects of elevated interest rates. But as the market adjusts to the “new normal”, rate and price stability offer hope for a brighter 2024. -Rising interest…more

Acquisitions, Banking Sector, Buyouts, Debt, Debt Market

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European leveraged finance: A whole new world

European leveraged finance in 2023 was saddled with the negative effects of elevated interest rates. But as the market adjusts to the “new normal”, rate and price stability offer hope for a brighter 2024. -Rising interest…more

Acquisitions, Banking Sector, Buyouts, Debt, Debt Market

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US Department of Commerce Seeks Public Comments on Potential Changes to Section 232 Exclusion Process

On May 26, 2020, the US Department of Commerce, Bureau of Industry and Security (“DOC”) published a Federal Register notice seeking written comments on ways to improve the exclusion process for tariffs and quotas imposed on…more

Importers, Proposed Amendments, Public Comment, Requests for Exclusion, Section 232

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European leveraged finance: A whole new world

European leveraged finance in 2023 was saddled with the negative effects of elevated interest rates. But as the market adjusts to the “new normal”, rate and price stability offer hope for a brighter 2024. -Rising interest…more

Acquisitions, Banking Sector, Buyouts, Debt, Debt Market

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On 1 January 2021 the Corporate Stabilisation and Restructuring Act (StaRUG) has come into force and introduced the new ‘Preventive Restructuring Framework’ in Germany

Prior to the introduction of the Preventive Restructuring Framework by the StaRUG out-of-court restructurings in Germany other than the restructuring of German law-governed bonds generally required unanimous approval by all…more

COMI, Commercial Bankruptcy, Corporate Restructuring, Creditors, Debt Restructuring

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Foreign direct investment reviews 2021: Finland

“It is critical that the application be made by the potential foreign owner, not a Finnish holding company already set up by the potential new owner” The Finnish government views foreign ownership positively as a…more

Acquisitions, EFTA, EU, Finland, Foreign Direct Investment

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2023 Half-year in review – M&A legal and market developments

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

Acquisitions, Buyers, Capital Markets, Companies Act, Contract Interpretation

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European leveraged finance: A whole new world

European leveraged finance in 2023 was saddled with the negative effects of elevated interest rates. But as the market adjusts to the “new normal”, rate and price stability offer hope for a brighter 2024. -Rising interest…more

Acquisitions, Banking Sector, Buyouts, Debt, Debt Market

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Questions of interest to non-US companies under the CARES Act

1. Are the provisions related to loans under the CARES Act applicable to US subsidiaries of non-US entities? While it appears possible for a US subsidiary of a non-US entity to borrow under the CARES Act, it is unclear what…more

Airlines, Business Losses, CARES Act, Coronavirus/COVID-19, Hiring & Firing

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Key trends emerging from the start of the EU Foreign Subsidies Regulation regime

The first months of application of the EU Foreign Subsidies Regulation (FSR) have involved a large number of notifications, lengthy and wide-ranging requests for information, and the opening of the first in-depth investigation…more

Acquisitions, Competition, EU, European Commission, Foreign Subsidies

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The Rise of NFTs – Opportunities and Legal Issues

As we progress into 2021, the beat of the drum of the cryptocurrency and broader digital asset industry continues and, with it, has come the rise in popularity non-fungible tokens (NFTs). In the month leading up to the writing…more

Art, Blockchain, Copyright, Data Protection, Digital Assets

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Intermediary liability frameworks for digital platforms in Latin America still a patchwork

Digital platforms and other information intermediaries, such as Facebook, Instagram, Snapchat, TikTok and Twitter have shaped and transformed the way we communicate, connect, and do business. Just before the turn of the 21st…more

Argentina, Brazil, Digital Platforms, EU, Intermediaries

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Latin America Focus - Fall 2023

As we embark on our third year of Latin America Focus, the ever-evolving landscape in the region brings fresh opportunities and challenges for local, regional and international businesses. After an extremely positive…more

Arbitration, Chapter 11, Disclosure Requirements, Environmental Social & Governance (ESG), Exports

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Preliminary draft of new provisions regarding cross-participation in the hydrocarbons sector

On August 9, 2022, the Energy Regulatory Commission (Comisión Reguladora de Energía, "CRE") published a new preliminary draft of "General Provisions that establish the procedure and requirements to obtain the authorization for…more

Energy Sector, Hydrocarbons, Mexico, Policies and Procedures, Procurement Guidelines

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Constructive acceleration successfully claimed

Outside of the United States, claims for constructive acceleration usually fail. However, in a recent Australian case such a claim succeeded. Does this now open the way for contractors to deploy constructive acceleration claims?…more

Acceleration, Australia, Breach of Contract, Construction Contracts, Contractors

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Six things to reflect on for creditors considering a share pledge enforcement

In the current market, investors are increasingly considering their options in relation to the stressed and distressed credits in their portfolios. Whilst mindful of stakeholder relationships, secured lenders may, in some…more

Acquisitions, Capital Markets, Creditors, Enforcement, Holding Companies

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German Government publishes key points to improve the German capital market

The German capital market needs to be modernized to remain efficient and competitive. Therefore, the German Government published a paper outlining a German Future Financing Act (Zukunftsfinanzierungsgesetz)1 on 29 June 2022,…more

Capital Markets, Corporate Governance, Emerging Growth Companies, EU, Germany

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MD&A disclosure in volatile times

Current macroeconomic and geopolitical uncertainty may make it difficult for companies to know how to tackle their Management’s Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") disclosure. In…more

Coronavirus/COVID-19, Disclosure Requirements, Economic Sanctions, Energy Costs, Enforcement Actions

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Special Economic Measures Have Been Adopted

On 28 February, 1 March and 5 March 2022, the Russian President signed Decrees on special economic measures in connection with so-called "unfriendly" (as such term is used in the Decrees) actions by the USA and the foreign…more

Banking Sector, Debtors, Economic Sanctions, Financial Transactions, Foreign Bank Accounts

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Recent Arbitration Reforms in Nigeria

Nigeria's recently passed Arbitration and Mediation Bill seeks to bring the country's arbitral practices in line with global standards, reaffirming Nigeria's position as one of the leading centres for commercial arbitration in…more

Amended Rules, Arbitration, Arbitration Awards, Emergency Arbitration Provisions, Enforcement

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COVID-19: Legal impact in Mexico, measures issued by various authorities (Eight part | Federal Judicial Branch)

Following the previous client alert, published on April 22nd, 2020, listed below are the new measures issued by the Council of the Federal Judiciary and the Supreme Court of Justice for the mitigation and control of the…more

Coronavirus/COVID-19, Court Schedules, Federal Judiciary, Mexico, Mexico Supreme Court of Justice

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The pre-final text of the EU’s AI Act leaked online

On January 22, 2024, the pre-final text of the European Union's Artificial Intelligence Act ("EU AI Act") – the world's first comprehensive horizontal legal framework for the regulation of AI systems across the EU – leaked…more

Artificial Intelligence, EU, European Commission, European Parliament, Innovative Technology

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Shaking up the wholesale markets: UK, EU and US approaches

As lawmakers look to reform aspects of wholesale markets regulation, the UK may be poised to drift closer to the US. In his Mansion House speech on July 1, 2021, Rishi Sunak, the then-Chancellor of the Exchequer, announced…more

Capital Markets, Economic Development, Equity Markets, EU, Financial Services Industry

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Four key antitrust events in Q4 2021 target labor markets and aim to protect workers: Here's what you need to know

The focus on using the antitrust laws to target labor markets has been gaining momentum for years, but the close of 2021 saw the trend hit overdrive with antitrust attacks on perceived harm to workers coming from all corners of…more

Antitrust Division, Classification, Collective Bargaining, Corporate Counsel, Criminal Penalties

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FTSE 350: Snapshot of AGM Key Trends – 2024 Update

We have gathered and examined data from AGM Notices published by FTSE 350 companies since January 2024. We have set out the approach companies have taken on a number of key aspects of their meetings, including where the meetings…more

Board of Directors, Corporate Governance, Financial Conduct Authority (FCA), FTSE, Publicly-Traded Companies

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UAE issues new Competition Law with new merger control regime

The United Arab Emirates is the latest country in the Middle East to overhaul its competition regime. On December 29, 2023, a new competition law comes into effect, including a new merger control regime that can be triggered by…more

Competition, Merger Controls, Mergers, Middle East, Regulatory Agenda

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Global IPOs: Seeking signs of stabilization

Resetting expectations - It was clear in the opening months of 2022 that the winds had changed for the global IPO market as compared to the prior year, a rocky path that continued throughout the year and into the first…more

Asia Pacific, Capital Markets, Economic Growth, EMEA, Environmental Social & Governance (ESG)

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Supreme Court finds that UK-domiciled parent company may owe duty of care to third parties for the acts of its foreign subsidiaries

On 10 April 2019, the Supreme Court in Vedanta Resources Plc v Lungowe, determined that a UK-domiciled parent company may owe a duty of care to third parties affected by operations of its foreign subsidiary…more

Contamination, Corporate Counsel, Duty of Care, Environmental Violations, Farms

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Oncology dealmaking fuels biotech M&A

Global spending on cancer medicines is set to reach US$375 billion by 2027, with innovation in drug discovery and development ramping up to meet rising demand. While the global biotech sector continues to grapple with elevated…more

Acquisitions, Biotechnology, Cancer, Investment, Investors

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Incremental debt holds steady in uneven loan market

With incremental loan activity accounting for an outsize share of the leveraged lending market over the past year, we explore the top trends, insights and structuring considerations for lenders and borrowers - Although…more

Borrowers, Capital Markets, Debt, Debt Market, Financial Regulatory Reform

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Mexico reinstates tariff hikes ranging from 5% to 50% on over 544 goods

On April 22, 2024, the ‘DECREE amending the Tariff of the Law on General Import and Export Taxes’ was published in the Official Gazette of the Federation.1 This decree will be valid for two years starting from its effective date…more

Anti-Dumping Duty, China, Countervailing Duties, Exports, Imports

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Foreign direct investment reviews 2021: Sweden

New rules require transactions involving Swedish security-sensitive activities or assets to undergo a security screening - Sweden remains a country that recognizes the beneficial effects of foreign direct investment (FDI) and…more

Acquisitions, EU, Foreign Direct Investment, Foreign Investment, Investors

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EDPB issues guidelines on right of access under Art. 15 GDPR

On January 18, 2022, the European Data Protection Board (the "EDPB") issued the Guidelines 01/2022 on data subject rights - Right of access (the "Draft Guidelines"), laying out its interpretation of Article 15 GDPR on the right…more

Data Protection, Data Subject Access Requests, Disclosure, Draft Guidance, EU

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The Delaware General Assembly to the Rescue: Proposed Legislative Fixes to Uncertainty Created by Three Significant Delaware Chancery Court Decisions

Summary - On March 28, 2024 the Council of the Corporation Law Section of the Delaware State Bar Association released a set of proposed amendments to the Delaware General Corporation Law (the "DGCL"). The proposed amendments,…more

Beneficial Owner, Board of Directors, Breach of Contract, Damages, Delaware

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US leisure and retail M&A roars back - Investors are finding businesses showing resilience

Healthy deal activity has returned to the leisure and retail sectors—areas of the economy that were among the worst affected by the pandemic. Together, the leisure and retail sectors saw M&A value reach US$41.7 billion in…more

Acquisitions, Coronavirus/COVID-19, Investors, Mergers, Retail

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Main measures of the new “Labour Market” Law in France

The new French Law on emergency measures relating to the functioning of the French labour market for full employment, known as the "Marché du travail" Law, published in the French "Journal Officiel" on December 22, 2022,…more

Employee Rights, Employer Liability Issues, Employment Contract, Employment Policies, France

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Navigating Chapter 11 Restructurings in Australia: How Important is Recognition?

In today's globalised economy, local recognition of foreign insolvency proceedings can be essential for the successful implementation of cross-border restructurings. This is particularly relevant in Australia — a popular host…more

Australia, Bankruptcy Code, Chapter 11, Commercial Bankruptcy, Corporate Governance

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AI Legal News Summer Roundup: Edition 3

Welcome to the third edition of our AI Legal News Summer Roundup! After five class actions were filed between June 28 and July 11 (as reported on in our first edition of this series), on July 21, another class action lawsuit was…more

Artificial Intelligence, Australia, Automated Decision Systems (ADS), Broker-Dealer, Class Action

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COVID-19: Summary of Legal Measures in Russia

This summary is intended to help clients navigate the large number of legal measures taken expeditiously by the Russian authorities in connection with the spread of COVID-19. The summary is not exhaustive. It includes only those…more

Banking Sector, Contact Tracing, Coronavirus/COVID-19, Exports, Financial Assistance Policies

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Preparing for Canada’s New Anti-Forced Labour Supply Chain Law

Canada’s new anti-forced labour legislation, the Forced and Child Labour in Supply Chains Act, will come into effect in January 2024, with due diligence reporting requirements starting on May 31, 2024…more

Canada, Child Labor, Corporate Counsel, Forced Labor, Imports

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Sovereign debt restructurings in Latin America: A new chapter

Sovereign debt restructuring solutions developed in Latin America during 2020 and 2021 create a new paradigm for sovereign debt restructurings in the region and globally - Over the past 50 years, the Latin American and…more

Coronavirus/COVID-19, Creditors, Debt Restructuring, Debtors, Latin America

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Africa Focus: Summer 2023

Recent disruptions in the global food supply chains have highlighted Africa's urgent need to become self-sufficient in food production. Traditionally, the continent has turned to small-scale community-based agricultural projects…more

Africa, Agricultural Sector, Angola, Biden Administration, Biodiversity

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2022 Year in Review: White & Case Global Antitrust Merger StatPak (WAMS)

Australia, Brazil, Saudi Arabia, and Turkey See Significant Surge in Merger Filing Activity; US and EU Merger Filing Activity is Down Compared to 2021's Record Levels, But Still Above Historical Levels - White & Case Global…more

Acquisitions, Antitrust Division, Australia, Biden Administration, Brazil

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Corporate Sustainability Reporting: New EU rules for large companies and listed SMEs

The Corporate Sustainability Reporting Directive ("CSRD") was published in the Official Journal of the European Union on 16 December 2022, having been formally adopted by the European Parliament and Council of the European Union…more

Corporate Governance, Corporate Social Responsibility, EU, European Commission, Financial Reporting

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European Commission initiates anti-subsidy investigation on imports of electric vehicles from China

On 4 October 2023, the European Commission initiated an anti-subsidy investigation that could lead to increased tariffs on imports of Chinese electric vehicles to the European Union and has broader implications for the global…more

Anti-Subsidies, China, Countervailing Duties, Electric Vehicles, EU

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Sovereign debt restructurings in Latin America: A new chapter

Sovereign debt restructuring solutions developed in Latin America during 2020 and 2021 create a new paradigm for sovereign debt restructurings in the region and globally - Over the past 50 years, the Latin American and…more

Coronavirus/COVID-19, Creditors, Debt Restructuring, Debtors, Latin America

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Spanish Constitutional Court Limits the Scope of Review of Awards in Actions to Set Aside

Ruling Confirms Limited Power of Review in Action to Set Aside an Award and Bolsters Confidence in Spain as a Place of Arbitration - The Spanish Constitutional Court has recently issued a judgment that bolsters confidence in…more

Annulment, Arbitration, Arbitration Awards, Constitutional Courts, Due Process

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Current Conditions Present Historic Gifting Opportunities; Time to Review Retirement Plan Beneficiary Designations

The dramatic decline in asset values caused by the emergence of COVID-19 as a significant health threat, combined with historically high gift tax exemptions and historically low interest rates make now an opportune time to focus…more

Beneficiary Designations, Coronavirus/COVID-19, Estate Planning, Gift-Tax Exemption, Gifts

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For COVID-19 Competitor Collaborations, DOJ Antitrust Division’s “Business Review Letter” Offers Easy and Likely Effective Antitrust Protection

On April 4, 2020, the Antitrust Division of the Department of Justice issued its first Business Review Letter under the DOJ-FTC joint expedited COVID-19 competitor collaboration review procedures, blessing several medical supply…more

Absolute Immunity, Antitrust Division, Antitrust Provisions, Business Review Letters, Collaboration

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Integrated Resource Plan 2019 - Where to from here?

South Africa's Integrated Resources Plan 2019 ("IRP") continues to espouse the need to balance supply and demand on a least-cost basis, and gives limited guidance in relation to the "Where from here?"…more

Coal, Electric Generation Suppliers, Energy Policy, Energy Sector, Hydropower

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Biden Administration Pauses Review of Non-FTA LNG Export Applications

On January 26, 2024, the Biden Administration announced a temporary pause on all pending applications seeking authorization under Section 3 of the Natural Gas Act to export liquefied natural gas (LNG) to non-Free Trade Agreement…more

Biden Administration, Department of Energy (DOE), Exports, Free Trade Agreements, Liquid Natural Gas

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Investing in India

What a difference a decade can make! Since the publication of our first report, "Navigating India: Lessons for Foreign Investors," in 2013, India has undergone a remarkable transformation. The country’s population grew by 100…more

Arbitration, Capital Markets, Clean Energy, Cross-Border, Debt Financing

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Short Form Revamp: the 2021 FIDIC Green Book

In December 2021, at the online International Contract Users Conference, the Fédération Internationale Des Ingénieurs-Conseils1 ("FIDIC") launched its Second Edition of the Conditions of the Short Form Contract (the "Green…more

Construction Industry, Contractors, Employer Liability Issues, Engineering, Exceptional Events Rule (EER)

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SEC Adopts Amendments Regarding Company “Buybacks”

On May 3, 2023, the US Securities and Exchange Commission (the "SEC") adopted rule amendments to expand the disclosure requirements for issuer stock repurchases. These amendments: - Tabular Disclosure: Create a new…more

Amended Rules, Board of Directors, Corporate Governance, Corporate Officers, Disclosure Requirements

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Regulating the Supply and Demand of Foreign Bribery

With the December 2023 enactment of the Foreign Extortion Prevention Act ("FEPA"), the United States' anti-bribery laws now penalize the "demand-side" of foreign bribery. While, for decades, the Foreign Corrupt Practices Act…more

Anti-Bribery, Anti-Corruption, Books & Records, Bribery, FEPA

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COVID-19 – Guidance for International Employers

Companies and their workforces are facing extraordinary challenges during the period of disruption caused by COVID-19, and Governments around the world are introducing new legislation and guidance on a frequent basis to help…more

Business Closures, Business Interruption, Coronavirus/COVID-19, Employer Liability Issues, New Guidance

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Corporate Liability for Terrorist Financing

Terrorist financing comes at a price – and in the case of a global building supplies manufacturer that has pleaded guilty in a US court to making payments to terrorist organisations, that price is USD 778 million in fines and…more

Anti-Terrorism Financing, Auditors, Bribery, Compliance, Corporate Counsel

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The European Green Bonds Regulation a Big Deal for the Green Deal

The European Green Bonds Regulation (the "EuGB Regulation") was published yesterday in the European Union's Official Journal. The EuGB Regulation introduces the “European Green Bond Standard” or ("EuGBS"), as a designation…more

Corporate Governance, Disclosure Requirements, EU, Financial Institutions, Financial Regulatory Reform

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AI Legal News Summer Roundup: Edition 3

Welcome to the third edition of our AI Legal News Summer Roundup! After five class actions were filed between June 28 and July 11 (as reported on in our first edition of this series), on July 21, another class action lawsuit was…more

Artificial Intelligence, Australia, Automated Decision Systems (ADS), Broker-Dealer, Class Action

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Late rally softens leveraged loan landing

A strong finish to 2023 helped to boost global leveraged loan issuance at the end of an otherwise rocky year for all key markets. The last 12 months were incredibly challenging for banks, investors and borrowers, as elevated…more

Acquisitions, Borrowers, Capital Markets, EU, Financial Services Industry

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The end is here – LIBOR cessation looms for international finance markets

The phase out of the London Interbank Offered Rate ("LIBOR") continues apace and we are now approaching the finish line for transition away from LIBOR to reference free rates ("RFRs"). On June 30, 2023 USD LIBOR will no longer…more

Financial Conduct Authority (FCA), Financial Institutions, Financial Markets, Libor, Secured Overnight Funding Rate (SOFR)

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US issuers flock to convertible bonds in choppy market

US borrowers have turned to convertible bonds in recent months as mainstream debt and equity markets have stumbled in the face of inflationary and interest rate headwinds. Combined leveraged loan and high yield bond deal volume…more

Bonds, Borrowers, Capital Markets, Debt Market, Equity Markets

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SEC Warns Individual Actors of Potential Liability for AI-Related Security Risk Disclosure Failures

Over the past few months, the Securities and Exchange Commission (the "SEC") has issued several warnings to companies to ensure accurate disclosure of the role and risks of artificial intelligence ("AI") in their businesses. In…more

Artificial Intelligence, Disclosure Requirements, Environmental Social & Governance (ESG), Securities and Exchange Commission (SEC), Securities Regulation

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FDI Update in Singapore: Introduction of New Significant Investments Review Bill

Following other countries which have tightened regulations on foreign investments in sectors sensitive to national security, Singapore has on 3 November 2023 announced the introduction of the Significant Investments Review Bill…more

China, Foreign Investment, Investment, National Security, New Legislation

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New EU Batteries Regulation: introducing enhanced sustainability, recycling and safety requirements

A new batteries regulation will impact the design, production and waste management of all types of batteries manufactured or sold in the European Union. The new rules extend producer responsibility and require due diligence of…more

Batteries, EU, Manufacturers, Popular, Recycling

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Honduras ICSID Denunciation and Implications for Foreign Investors

The International Centre for Settlement of Investment Disputes ("ICSID") has announced that the World Bank received a written notice of denunciation of the Convention on the Settlement of Investment Disputes between States and…more

Dispute Resolution, Foreign Investment, Honduras, ICSID, International Arbitration

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The new German competition enforcement act – a true paradigm shift?

On July 6, 2023, the German Parliament passed the 11th amendment to the German Act Against Restrictions of Competition ("ARC"), substantially expanding the Federal Cartel Office's ("FCO") enforcement powers. The reform…more

Acquisitions, Anti-Competitive, Competition, Disgorgement, Enforcement Actions

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Managing construction risks in Asia-Pacific: Philippines

The Philippines construction industry is expected to grow with the introduction of the "Build, Build, Build" initiative and the amendment of a number of laws that would loosen restrictions on foreign investment. The Philippines…more

Breach of Contract, Construction Contracts, Construction Industry, Construction Project, Contract Disputes

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Procedural Denials at the PTAB – Here to Stay?

Recently, the USPTO's Patent Trial and Appeal Board ("PTAB") has issued significantly more procedural denials of IPRs, including those based on the NHK Spring and Fintiv decisions. In response, petitioners have tried a variety…more

Denial of Institution, Inter Partes Review (IPR) Proceeding, International Trade Commission (ITC), Parallel Proceedings, Patent Litigation

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SEC Voluntarily Stays Its Climate Rules Pending Judicial Review

On April 4, 2024, less than one month after their adoption, the U.S. Securities and Exchange Commission ("SEC") has chosen to stay its newly adopted climate disclosure rules, pending judicial review (the "Final Rules"). The SEC…more

Climate Change, Disclosure Requirements, Environmental Social & Governance (ESG), Judicial Review, New Rules

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US CARES Act: Relief Available to US Subsidiaries of Latin American Companies

On March 27, 2020, the United States Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") became effective. The primary purpose of the CARES Act is to provide businesses affected by the novel coronavirus…more

CARES Act, Certification Requirements, Eligibility, Foreign Subsidiaries, Latin America

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Notice May Be Required for California Employees Subject to Non-Competes

California passed new laws reiterating its prohibition on employment-related non-competition obligations. Assembly Bill 1076, effective January 1, 2024, provides that it is unlawful to include noncompete clauses in employment…more

California, Confidential Information, Damages, Employment Contract, Injunctive Relief

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Energy and telco deals power Mexican M&A

Global M&A was laid low by market headwinds in 2023, with a cocktail of high inflation, geopolitical tensions and macroeconomic uncertainty causing activity to slow. Mexico was no exception to this trend, with dealmaking falling…more

Acquisitions, Global Dealmaking, Investment, Investors, Mergers

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European Commission initiates anti-subsidy investigation on imports of electric vehicles from China

On 4 October 2023, the European Commission initiated an anti-subsidy investigation that could lead to increased tariffs on imports of Chinese electric vehicles to the European Union and has broader implications for the global…more

Anti-Subsidies, China, Countervailing Duties, Electric Vehicles, EU

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Will the European Commission lose its ability to review below-threshold deals?

In yet another twist in the Illumina/Grail saga, Advocate General Emiliou has challenged the European Commission's approach to calling-in certain non-reportable transactions for review. The final judgment will be delivered by…more

Acquisitions, EU, EUMR, European Commission, European Merger Control Regulation

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Amendments to the Mexican Securities Market Law and the Investment Funds Law

On December 28, 2023, a decree was published to reform and add several provisions to the Mexican Securities Market Law (Ley del Mercado de Valores) and the Investment Funds Law (Ley de Fondos de Inversión) (the "Reform Decree")…more

Capital Markets, Environmental Social & Governance (ESG), Financial Regulatory Reform, Hedge Funds, Investment

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Legal Reform: Ability to hold Shareholders’/Partners’ Meetings and Board of Directors’ Meetings remotely through electronic means

On October 20, 2023, a decree was published to reform and add several provisions of the General Law on Commercial Entities (Ley General de Sociedades Mercantiles) (the "Law") to allow the use of electronic means for the holding…more

Board Meetings, Board of Directors, Corporate Governance, Electronic Communications, Mexico

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Government promotes Nearshoring to Mexico with Additional Tax Benefits

Mexico continues issuing rules to entice nearshoring investments. On October 11, 2023, the Federal Government published the Decree Granting Tax Benefits to key Export Sectors Consisting of the Accelerated Depreciation of the…more

Exports, Investment, Mexico, Tax Benefits

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National Investment Agreement in Infrastructure by the Private Sector

On September 26, 2019, President Andrés Manuel López Obrador, together with the private sector, presented the National Investment Agreement in Infrastructure by the Private Sector (the "Agreement"). As the first bundle of the…more

Foreign Investment, Infrastructure, Investment Opportunities, Mexico, Private Sector

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COVID-19: Legal impact in Mexico, measures issued by various authorities (Eight part | Federal Judicial Branch)

Following the previous client alert, published on April 22nd, 2020, listed below are the new measures issued by the Council of the Federal Judiciary and the Supreme Court of Justice for the mitigation and control of the…more

Coronavirus/COVID-19, Court Schedules, Federal Judiciary, Mexico, Mexico Supreme Court of Justice

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The rising sovereign risk of doing business in Western Australia: summary of the Palmer and Mineralogy decisions and their wider implications

On 13 October 2021, the High Court of Australia handed down its decisions in Palmer v The State of Western Australia1 and Mineralogy Pty Ltd & Anor v State of Western Australia2, confirming that the State of Western Australia…more

Arbitration, Australia, Constitutional Challenges, Foreign Arbitral Awards, High Court of Australia

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Investors flock to lucrative aerospace and defense industry

The aerospace and defense sector has historically been immune to the impact of global downturns, with spending determined by geopolitical rather than macroeconomic factors. Unsurprisingly, recent geopolitical unrest around…more

Aerospace, Buyers, Defense Sector, Elon Musk, Geopolitical Risks

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Six things to reflect on for creditors considering a share pledge enforcement

In the current market, investors are increasingly considering their options in relation to the stressed and distressed credits in their portfolios. Whilst mindful of stakeholder relationships, secured lenders may, in some…more

Acquisitions, Capital Markets, Creditors, Enforcement, Holding Companies

See all updates »

US COVID-19 Real Estate Legal Developments: Federal, California, Florida, Illinois, New York (Updated)

In this report, we set out the key real estate developments in the US during the period of disruption caused by COVID-19 on a federal level and in California, Florida, Illinois and New York. The report covers: - Lease…more

Commercial Leases, Construction Project, Coronavirus/COVID-19, Eviction, Executive Orders

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Battery Supply Chain

The market is buzzing with speculation and activity across the battery supply chain - With the World Economic Forum pegging the global battery market to be worth around US$100 billion by 2025, understanding the emerging…more

Advanced Batteries, Batteries, Blockchain, Business Opportunities, Electric Vehicles

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The Financial Sector Laws Amendment Act: A new dawn for South Africa's Bank Resolution Regime – A look at what you need to know about the recently published prudential standards

In January 2022, the President assented to the Financial Sector Laws Amendment Act, 2021 (the "FSLAA"), which adds a new Chapter 12A (Resolution of Designated Institutions) (the "Bank Resolution Regime") into the Financial…more

Banking Sector, Financial Institutions, Financial Services Industry, Regulatory Agenda, Regulatory Standards

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The rise of Private Credit in the United Arab Emirates

As creditors continue to look across the global market for strategic opportunities, the United Arab Emirates (the "UAE") is primed to emerge as a relatively untapped well of potential for private credit providers…more

Borrowers, Creditors, EBITDA, Financial Services Industry, Insolvency

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Sector trends - September 2023: Brokers/Corporate Finance

Pan-European banks, including Mediobanca and Deutsche Bank, seek senior dealmaker bench strength through high profile acquisitions…more

Acquisitions, Banks, Brokers, Corporate Finance, EU

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Unlocking Potential: GCC FinTech Trends, Regulations and Funding Outlook

The Gulf Cooperation Council ("GCC") region, particularly the United Arab Emirates ("UAE") and the Kingdom of Saudi Arabia ("KSA"), is experiencing a dynamic transformation in its financial sector driven by the rapid rise of…more

Buy Now Pay Later (BNPL), Data Protection, Financial Institutions, Financial Regulatory Reform, Financial Services Industry

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Foreign direct investment reviews 2020: A global perspective - Australia

Australia requires a wide variety of investments by foreign businesses to be reviewed and approved before completion - The decision to approve or deny a foreign investment application is ultimately made by the Treasurer of…more

Acquisitions, Australia, Competition, FIRB, Foreign Acquisitions and Takeovers Act 1975 (FATA)

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2023 Half-year in review – M&A legal and market developments

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

Acquisitions, Buyers, Capital Markets, Companies Act, Contract Interpretation

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Climate Resilience as a Proposed New Feature of Sovereign Debt Instruments

Climate factors' impact on a debtor's ability to honor its obligations has been recognized for over 4,000 years. It was the Code of Hammurabi in Mesopotamia that first mandated a deferral of principal repayment and cancellation…more

Bonds, Climate Change, Collective Actions, Coronavirus/COVID-19, Debt Instruments

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European Real Estate Finance: Recent developments – June 2019

As part of our periodic updates, here is an overview of recent developments of relevance to participants in the real estate finance market across certain key jurisdictions in Europe…more

Asia, Base Erosion Tax, Belgium, BEPS, Commercial Tenants

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Mexico reinstates tariff hikes ranging from 5% to 50% on over 544 goods

On April 22, 2024, the ‘DECREE amending the Tariff of the Law on General Import and Export Taxes’ was published in the Official Gazette of the Federation.1 This decree will be valid for two years starting from its effective date…more

Anti-Dumping Duty, China, Countervailing Duties, Exports, Imports

See all updates »

Constitutional Reform Initiative for the Electricity Sector

On September 30, 2021, Mexican President Andrés Manuel López Obrador sent to the Chamber of Deputies an "Initiative with a draft of decree amending articles 25, 27 and 28 of the Political Constitution of the United Mexican…more

Electricity, Energy Reform, Energy Sector, International Treaties, Investment

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Swiss Arbitration Centre issues new set of rules to administer Swiss corporate law disputes

The Swiss Arbitration Centre is innovative with the issuance of new rules dedicated to Swiss corporate law disputes, which may be submitted to arbitration as a result of a revision of the Swiss Code of Obligations, which will…more

Arbitration, Corporate Governance, International Arbitration, New Rules, Switzerland

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Credit Bids on the rise in Australia

Investors in the Australian market are more sophisticated than ever and – unsurprisingly – so too are the restructuring transactions being promoted by these investors. One such transaction is the credit bid. While not a…more

Acquisitions, Australia, Corporate Governance, Corporate Restructuring, Credit Bids

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EPA Finalizes New Vehicle Emission Limits for CO2 and Other Pollutants

The new emission limits apply to new passenger cars, light trucks and large pickups and vans, and set increasingly stringent fleet-wide emission limits covering carbon dioxide and other pollutants for Model Years 2027-2032. EPA…more

Automotive Industry, Carbon Emissions, Environmental Policies, Environmental Protection Agency (EPA), Greenhouse Gas Emissions

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The director’s duty to consider creditor interests

In Foo Kian Beng v OP3 International Pte Ltd (in liquidation) [2024] SGCA 10 (OP3 International)1 the Singapore Court of Appeal considered the trigger for when the director's duty to consider the interests of creditors is…more

Board of Directors, Commercial Litigation, Corporate Governance, Creditors, Publicly-Traded Companies

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Overview of the Carried Interest Rules and the Proposed Regulations

On July 31, 2020, the U.S. Internal Revenue Service (the "IRS") and the U.S. Treasury Department ("Treasury") issued proposed regulations (the "Proposed Regulations") that provide taxpayers with definitional and computational…more

Capital Gains, Carried Interest, Fund Managers, IRS, Partnerships

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SEC Adopts Pay Versus Performance Disclosure Rules

On August 25, 2022, the Securities and Exchange Commission (the "SEC") adopted new rules implementing the pay versus performance disclosure mandated by Congress in the Dodd-Frank Wall Street Reform and Consumer Protection Act of…more

Corporate Counsel, Disclosure Requirements, Dodd-Frank, Executive Compensation, New Rules

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Six things to reflect on for creditors considering a share pledge enforcement

In the current market, investors are increasingly considering their options in relation to the stressed and distressed credits in their portfolios. Whilst mindful of stakeholder relationships, secured lenders may, in some…more

Acquisitions, Capital Markets, Creditors, Enforcement, Holding Companies

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Going Nuclear – managing claims and disputes during the construction of new build NPPs

In recent years, nuclear energy has been undergoing a renaissance. By way of example, the International Atomic Energy Agency ("IAEA") estimates there are currently 56 nuclear reactors under construction across 18 countries.1…more

Climate Change, Dispute Resolution, Energy Projects, Energy Sector, IAEA

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US Supreme Court Declines to Review Ruling that Syndicated Loans Are Not Securities

The order marks the end of the Kirschner case, which had threatened to expand US securities regulation to syndicated loans. The US Supreme Court has denied a petition for certiorari review in the Kirschner case, in which…more

Amicus Briefs, Bank Loan Markets, Financial Institutions, Loan Syndication and Trading Association (LSTA), Securities

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Sovereigns and the CSRD

Contemplating sovereign entities and their relation to the Corporate Sustainability Reporting Directive ("CSRD") can seem like gazing at Escher’s labyrinth of staircases, crisscrossing endlessly without a final destination…more

Accounting, EU, Foreign Entities, Foreign Sovereigns, Reporting Requirements

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European M&A: The mighty dollar opens doors for US bidders

US bidders had the opportunity to capitalize on the strength of the dollar in 2022, which rallied as the Federal Reserve took action on its interest rate policy to curb inflation - There were 1,309 M&A deals in Europe…more

Acquisitions, Buyers, Environmental Social & Governance (ESG), EU, Investment

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Uncertainty Remains More Than One Year After the FTC Announces New “Unfair Methods of Competition” Policy

On November 10, 2022, the Federal Trade Commission announced a significant change in how the FTC plans to enforce Section 5 of the FTC Act, which bans "unfair methods of competition in or affecting commerce." In doing so, the…more

Antitrust Violations, Chamber of Commerce, Competition, Corporate Counsel, Enforcement Actions

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EU horizontal rules under review - European Commission publishes staff working document

On 6 May 2021, the European Commission ("Commission") published a staff working document ("SWD") on its evaluation of the horizontal block exemption regulations on research & development and specialisation agreements ("H-BERs")…more

Competition, European Commission, Horizontal Merger Guidelines, Horizontal Mergers, New Rules

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Investing in India

What a difference a decade can make! Since the publication of our first report, "Navigating India: Lessons for Foreign Investors," in 2013, India has undergone a remarkable transformation. The country’s population grew by 100…more

Arbitration, Capital Markets, Clean Energy, Cross-Border, Debt Financing

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DOJ and FTC Update Guidance on Preservation Obligations regarding Ephemeral Messages - What Steps Should You Be Taking?

On January 26, 2024, the DOJ and FTC announced that they were updating the language in their "standard preservation letters and specifications for all second requests, voluntary access letters, and compulsory legal process,…more

Antitrust Division, Corporate Communications, Corporate Governance, Department of Justice (DOJ), Federal Trade Commission (FTC)

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COVID-19 – Guidance for International Employers

Companies and their workforces are facing extraordinary challenges during the period of disruption caused by COVID-19, and Governments around the world are introducing new legislation and guidance on a frequent basis to help…more

Business Closures, Business Interruption, Coronavirus/COVID-19, Employer Liability Issues, New Guidance

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Sixth Circuit Permits U.S.-Style Discovery in Aid of International Commercial Arbitration Under Section 28 U.S.C. § 1782

On September 19, 2019, the United States Court of Appeals for the Sixth Circuit rendered a landmark decision which recognized that district courts within the Sixth Circuit can order discovery under 28 U.S.C. § 1782 for use in…more

28 U.S.C. § 1782, Appeals, Arbitration Agreements, Commercial Arbitration, Corporate Counsel

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Global merger control: Navigating stormy seas

There have been a number of developments in merger control in 2020 and Q1 2021. Some are related to the repercussions of the COVID-19 pandemic, while others are borne out of the ambitions and changes sought by individual…more

Acquisitions, Anti-Monopoly, Antitrust Investigations, Antitrust Provisions, Competition

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Australia considers curbing LNG exports, risking international claims by foreign investors

The Australian Government recently announced that it was seeking feedback on reforms to the Australian Domestic Gas Security Mechanism, which will allow the government to control the export of liquefied natural gas every quarter…more

Australia, Buyers, Foreign Investment, Investors, Natural Gas

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Main measures of the new “Labour Market” Law in France

The new French Law on emergency measures relating to the functioning of the French labour market for full employment, known as the "Marché du travail" Law, published in the French "Journal Officiel" on December 22, 2022,…more

Employee Rights, Employer Liability Issues, Employment Contract, Employment Policies, France

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Latin American arbitration in transition

A disruptive era portends a new wave of disputes using well-established frameworks for commercial and investment arbitration - Arbitration is now deeply entrenched in the private and public sectors in Latin America, and will…more

Arbitration, Commercial Arbitration, Coronavirus/COVID-19, Cross-Border, Global Market

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The Mexican Competition Commission enacts emergency regulatory provisions governing service of process through e-mail during the pandemic

Effective as of April 23, 2020, the Mexican Competition Commission (“COFECE”) issued emergency regulations providing that, during and as long as the coronavirus  pandemic is considered a health emergency, the service of process…more

Competition Authorities, Email, Mexican Economic Competition Commission (Cofece), Mexico, Relief Measures

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DAC6 reporting delay proposed by EU Commission due to COVID-19

DAC6 summary - Council Directive 2018/822 – known as DAC6 – is the sixth amendment to the EU Directive on Administrative Cooperation 2011/16/EU. DAC6 is aimed at providing the tax authorities with a “warning system” in…more

Coronavirus/COVID-19, Cross-Border Transactions, DAC6, Delays, EU

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Africa's digital infrastructure transformation

Affordable, universal digital access is key to Africa's growth and development- Now, more than ever, Africa is looking to digital solutions to increase productivity and drive development. According to a report by the IFC and…more

Digital Platforms, Infrastructure, Internet, Investment, Investors

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Infringement is still infringement, even in the metaverse: New York jury finds “MetaBirkin” infringing, not protected artistic expression

A nine-person jury in the Southern District of New York has found that "MetaBirkin" NFTs violate Hermès International SA's rights in its "Birkin" trademarks. This is the first trial to consider the intersection of NFTs and…more

Artistic Works, Blockchain, Cryptocurrency, Digital Assets, First Amendment

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Proving Fraud in the English Courts – a higher standard?

The Court of Appeal has confirmed in Bank St Petersburg PJSC v Vitaly Arkhangelsky that the correct standard of proof where issues of dishonesty arise is not a ‘heightened’ civil standard, but the balance of probabilities…more

Appeals, Burden of Proof, Complex Litigation, Counterclaims, Evidentiary Rulings

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France encourages corporations to self-report acts of corruption without any guarantee of leniency

On June 2, the French ministry of Justice released a new order addressed to French prosecutors on the criminal policy relating to international corruption and how such cases should be handled. In this order, which constitutes…more

Anti-Corruption, Compliance, Corruption, Department of Justice (DOJ), France

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AI in the boardroom: opportunities and challenges

Artificial intelligence (AI) is increasingly transforming business processes and strategies across industry sectors. Companies are figuring out how to take advantage of AI, focusing primarily on customers' needs and experience…more

Artificial Intelligence, Big Data, Board of Directors, Business Judgment Rule, Corporate Governance

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Managing civil disputes in France during the COVID-19 crisis (III)

The outbreak of COVID-19 has substantially disrupted the management of civil litigation during the first national lockdown of 17 March 2020 to 11 May 2020. French judicial activity was limited to "essential litigation" and…more

Business Continuity Plans, Coronavirus/COVID-19, Court Closures, Court Schedules, France

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“Like a Phoenix from Ashes” – The UPC is finally under way

After decades of drafting and negotiating, the Unified Patent Court ("UPC") is finally set to go ahead. The year 2022 has been dynamic for this new European court: The regulations on the unitary patent entered into force…more

EU, European Patent Office, Member State, Patents, Unified Patent Court

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European leveraged finance: A whole new world

European leveraged finance in 2023 was saddled with the negative effects of elevated interest rates. But as the market adjusts to the “new normal”, rate and price stability offer hope for a brighter 2024. -Rising interest…more

Acquisitions, Banking Sector, Buyouts, Debt, Debt Market

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High yield squeezed in face of economic uncertainty

High yield bond issuance in the US and Europe feels the pinch in a challenging macro-economic environment, but green shoots emerge in Asia as real estate sector dislocation bottoms out and markets stabilize…more

Buyers, Buyouts, Capital Markets, China, EU

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Africa Focus: Summer 2023

Recent disruptions in the global food supply chains have highlighted Africa's urgent need to become self-sufficient in food production. Traditionally, the continent has turned to small-scale community-based agricultural projects…more

Africa, Agricultural Sector, Angola, Biden Administration, Biodiversity

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CFIUS Proposes Regulatory Updates to Shorten Mitigation Negotiation Timelines for Transaction Parties & Expand CFIUS Authorities for Monitoring and Enforcement

On April 11th, the US Department of the Treasury, as chair of the Committee on Foreign Investment in the United States (CFIUS), issued a Notice of Proposed Rulemaking (NPRM) to "enhance certain CFIUS procedures and sharpen its…more

CFIUS, Civil Monetary Penalty, Enforcement, Foreign Investment, Mitigation

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COP26 and the Global Race to Net Zero

World leaders and delegates are meeting in Glasgow for the next round of climate change negotiations at the twenty sixth Conference of the Parties ("COP26") being held from 31 October to 12 November, following a year-long…more

Climate Change, Energy Sector, Global Market, Investment, Legislative Agendas

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Energy transition: How to finance the race to net-zero

Global momentum behind the fight against climate change has never being stronger, as governments and energy companies around the world make ambitious pledges to reduce carbon emissions to net-zero by 2050. The US, under the…more

Biden Administration, Climate Change, Financial Services Industry, Green Bonds, Green Finance

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Is It Game Over for PlayStation Store Antitrust Suit?

The recent dismissal of an antitrust case against Sony relating to the sale of digital video games on the company's PlayStation Store could shed light on the viability of refusal-to-deal claims against platform technology…more

Antitrust Litigation, Dismissals, Play Station, Popular, Sherman Act

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CMA joins the global pack and signals increased antitrust scrutiny of labour markets

The UK antitrust authority, the CMA, has recently published a guide for employers on how to avoid breaching UK antitrust law in labour markets. This publication signals the UK's intent to ratchet up antitrust scrutiny of labour…more

Antitrust Division, Corporate Counsel, Department of Justice (DOJ), Employees, Employer Liability Issues

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Key Considerations for the 2022 Annual Reporting and Proxy Season

This memorandum outlines key considerations for U.S. public companies in preparation for the 2022 annual reporting and proxy season.   ▪️ Part I of this memo, which was published in January 2022, describes key considerations…more

Annual Reports, Coronavirus/COVID-19, Corporate Counsel, Corporate Governance, Disclosure

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The recap rebound

Dividend recapitalization activity plunged in the immediate aftermath of COVID-19 but, as markets recovered, investor appetite for recap deals swelled - Leveraged loan and high yield bond issuance specifically intended for…more

Acquisitions, Capital Markets, High Yield Bonds, Investment Portfolios, Investors

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Dealmakers turn to M&A to combat supply disruption

Robust supply chains are vital to our closely connected global economy. Yet escalating geopolitical tensions, persistent inflation and a fragile macroeconomic outlook are presenting businesses with a fresh wave of supply chain…more

Acquisitions, Automation Systems, Capital Markets, Domestic Dealmaking, Geopolitical Risks

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COVID-19 and Data Protection Compliance in Poland

Following the outbreak of COVID-19 and its development into a global pandemic, organizations have been implementing exceptional measures to safeguard the health of employees, customers and others. Organizations are also…more

Consent, Coronavirus/COVID-19, Customers, Data Protection, Data Protection Authority

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Eye on AI: AI-Generated Misinformation

Fake news websites have appeared online that use chatbots to post hundreds of articles every day. The aim of many of these sites is to become a "content farm" – meaning low quality websites pumping out AI-generated articles to…more

Artificial Intelligence, China, Deep Fake, Innovative Technology, Japan

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Downgrades, defaults, distressed debt and refinancing

Abundant liquidity, a red-hot refinancing market and improving credit ratings combined through the first half of 2021 to limit defaults and ease any near-term pressure on the balance sheets of US borrowers. Borrowers have…more

Bank Loan Markets, Borrowers, Collateralized Loan Obligations, Coronavirus/COVID-19, Debt

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Article 6 of the Paris Agreement: Opportunities for Africa

The possibility of climate markets has finally materialized into the draft stage at COP27, but many crucial decisions that would allow for carbon trading to begin in earnest were deferred to COP28. The Paris Climate…more

Africa, Capital Markets, Carbon Emissions, Climate Action Plan, Climate Change

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Constructing the low-carbon economy

With an unprecedented momentum for the construction of new major projects linked to the shift away from fossil fuels and the development of a low-carbon economy, there is a real focus on construction law issues relevant to such…more

Australia, Brownfield Properties, Carbon Emissions, Climate Change, Construction Industry

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Overview of OJK's New Shares Buyback Regulation: Key Changes and Implications

On December 29, 2023, the Indonesia's Financial Services Authority (Otoritas Jasa Keuangan or "OJK") issued a new regulation, OJK Regulation No. 29 of 2023 (the "New Regulation"), which revokes the previous OJK Regulation No…more

Corporate Governance, Financial Regulatory Reform, Financial Services Authority, Indonesia, Investment

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Operational resilience in the UK, EU and US: A comparison

With a new operational resilience framework in force in the UK and similar reforms proposed in the EU and the US, we examine how the regimes compare and their practical impact on financial services firms…more

Bank of England, Banks, Basel Committee on Banking Supervision (BCBS), Cyber Incident Reporting, Cybersecurity

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Constitutional and Legal Reform Initiatives proposed by President Andrés Manuel López Obrador

On February 5, 2024, President Andrés Manuel López Obrador submitted to the Chamber of Deputies a package of 18 constitutional amendments and two legal reform initiatives ("Initiatives") that aim, among other aspects, to modify…more

Constitutional Amendment, Executive Branch, Legislative Agendas, Mexico, Regulatory Reform

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Transformation in the construction industry: Keeping pace with change

[co-authors: Rhulani Matsimbi, and Kit Goodfellow] Three pillars are at the heart of global efforts to boost sustainability and make our built environment cleaner, greener and more socially responsible: construction, energy…more

Construction Contracts, Construction Disputes, Construction Industry, Construction Project, Coronavirus/COVID-19

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Spanish M&A resists market pressures in H1

Dealmakers across Europe were hampered by elevated core inflation rates and a darkening economic outlook in the first half of 2023. The constrained financing environment has put a check on dealmaking activity across the…more

Acquisitions, Buyers, EU, Global Dealmaking, Investment

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Recent Trends in Aviation Finance and Leasing: Post-Pandemic Guidance For Operating Lessors and Financiers

In addition to being a crucial time for aviation finance and leasing lawyers to navigate their clients through the numerous challenges which it presented, the onset and duration of the COVID-19 pandemic required lawyers to…more

Aircraft, Aviation Industry, Borrowers, Debt Trading, Enforcement

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Federal Reserve Releases New Details About TALF 2.0

In response to the economic consequences of the measures being taken to contain the spread of the novel coronavirus (COVID-19), the Board of Governors of the Federal Reserve System (the "Federal Reserve") revived the Term…more

Asset-Backed Securities, CARES Act, CMBS, Collateral, Collateralized Loan Obligations

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Returning to Work: COVID-19, Workers' Compensation, and Employee/Consultant Waivers

As states allow businesses to reopen and employers begin returning to the workplace, questions arise regarding the potential liability of employers if employees and consultants contract COVID-19 in the workplace—which might…more

Centers for Disease Control and Prevention (CDC), Civil Liability, Compliance, Consultants, Coronavirus/COVID-19

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US CARES Act: Relief Available to US Subsidiaries of Latin American Companies

On March 27, 2020, the United States Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") became effective. The primary purpose of the CARES Act is to provide businesses affected by the novel coronavirus…more

CARES Act, Certification Requirements, Eligibility, Foreign Subsidiaries, Latin America

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Constitutional and Legal Reform Initiatives proposed by President Andrés Manuel López Obrador

On February 5, 2024, President Andrés Manuel López Obrador submitted to the Chamber of Deputies a package of 18 constitutional amendments and two legal reform initiatives ("Initiatives") that aim, among other aspects, to modify…more

Constitutional Amendment, Executive Branch, Legislative Agendas, Mexico, Regulatory Reform

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Guidelines regarding the financial mechanisms to ensure the dismantling and abandonment of activities in the Hydrocarbon Sector

On February 25, 2021, the National Agency for Industrial Safety and Environmental Protection of the Hydrocarbon Sector ("ASEA")1 published the "General administrative provisions that establish the Guidelines regarding the…more

ASEA, Environmental Policies, Hydrocarbons, New Regulations, Oil & Gas

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Information regarding the antidumping and countervailing duty petitions on Epoxy Resin from China, India, South Korea, Taiwan, and Thailand

The Petition - On April 3, 2024, the US Epoxy Resin Producers Ad Hoc Coalition ("Petitioners") filed antidumping duty ("ADD") and countervailing duty ("CVD") petitions on imports of epoxy resin from China, India, South Korea,…more

Anti-Dumping Duty, China, Countervailing Duties, Imports, India

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Japan Offshore Wind Update – Round 2 Results & Round 3 Process

The Japanese government released the results of the remaining "Round 2" offshore wind auctions. A consortium of Japanese and foreign developers was selected. Meanwhile, the next "Round 3" auctions are in progress…more

Clean Energy, Energy Projects, Energy Sector, Japan, Offshore Wind

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Buyout issuance leads the way despite a choppy M&A market

Lender appetite for US buyout opportunities remained resilient in the first half of 2022 despite a volatile macro-economic backdrop and a decline in activity across the wider leveraged finance market…more

Acquisitions, Buyouts, High Yield Bonds, Lenders, Leveraged Finance

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Mexican Senate Approves Bill to Amend the Mexican Securities Market Law and the Investment Funds Law

On April 29, the Mexican Senate approved a Bill to Amend, Repeal and Supplement Certain Provisions of the Securities Market Law and the Investment Funds Law (the "Bill"). If approved in its terms by the Mexican House of…more

Hedge Funds, International Securities Market (ISM), Investment, Investment Adviser, Legislative Agendas

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AI in the boardroom: opportunities and challenges

Artificial intelligence (AI) is increasingly transforming business processes and strategies across industry sectors. Companies are figuring out how to take advantage of AI, focusing primarily on customers' needs and experience…more

Artificial Intelligence, Big Data, Board of Directors, Business Judgment Rule, Corporate Governance

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Dubai Launches Virtual Assets Licensing Regime: An Overview of the VARA Licensing Process

The Dubai Virtual Assets Regulatory Authority (VARA) has officially launched its highly anticipated licensing framework for virtual asset service providers (VASPs), ushering in a new era of regulatory oversight for virtual asset…more

Broker-Dealer, Compliance, Digital Assets, Documentation, Dubai

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European leveraged finance: A whole new world

European leveraged finance in 2023 was saddled with the negative effects of elevated interest rates. But as the market adjusts to the “new normal”, rate and price stability offer hope for a brighter 2024. -Rising interest…more

Acquisitions, Banking Sector, Buyouts, Debt, Debt Market

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EU Digital Services Act to Revolutionize Legal Landscape for Online Intermediaries

On July 5, the European Parliament approved the final draft text of the EU Digital Services Act (DSA), a landmark law that will transform the EU’s legal framework for regulating online content. The Council is expected to adopt…more

Compliance, Digital Service Providers, Digital Services, EU, EU Transparency Directive

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Eight things to know about the Taskforce on Nature-related Financial Disclosures

The Taskforce on Nature-related Financial Disclosures ("TNFD") released its final framework (the "TNFD Framework") on September 18. The TNFD Framework encourages organisations to integrate nature into decision-making and…more

Biodiversity, Climate Action Plan, Climate Change, Corporate Governance, Environmental Social & Governance (ESG)

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Key Considerations for the 2022 Annual Reporting and Proxy Season

This memorandum outlines key considerations for U.S. public companies in preparation for the 2022 annual reporting and proxy season.   ▪️ Part I of this memo, which was published in January 2022, describes key considerations…more

Annual Reports, Coronavirus/COVID-19, Corporate Counsel, Corporate Governance, Disclosure

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European Advocate General rejects the need for “strict liability” in GDPR violations – The last word, however, is not yet spoken

It is, by now, well known that not taking data protection seriously can prove costly for organizations. Since the introduction of the European General Data Protection Regulation (the "GDPR") in 2018, non-GDPR-compliant…more

Advocate General, Court of Justice of the European Union (CJEU), Data Protection, Data Protection Authority, EU

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Digital infrastructure deals in Asia Pacific set a new record

The ongoing and rapid digitalization of economic and social activity in the region make data centers and fiber networks some of the most highly sought-after assets, Digital infrastructure M&A in the Asia Pacific region (APAC)…more

Asia Pacific, Department of Defense (DOD), Infrastructure, Investment, Investors

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Egypt’s New Merger Control Regime Goes Into Effect

The Egyptian pre-closing merger control regime will go into full effect on 1 June 2024. The Egyptian Competition Law was amended in December 2022 to introduce a new pre-closing merger control regime, but its enforcement was…more

Acquisitions, Competition Authorities, Egypt, Merger Controls, Mergers

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European Real Estate Finance: Market Update – Q2 2023

The past six months have seen difficult economic times in much of Europe, with governments and central banks seeking to respond to both the increases in costs of living and the need to curb inflation. Notwithstanding the wider…more

Belgium, EMEA, EU, Germany, Italy

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How should the impact of the COVID-19 outbreak be managed on projects under FIDIC and NEC?

The impact of COVID-19 has already had a profound impact on all business sectors globally, including the construction industry. Projects in many countries have been impacted by the outbreak, including as a result of labour…more

Construction Contracts, Construction Industry, Contract Modification, Contract Termination, Coronavirus/COVID-19

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JFTC seeking public comments on proposed Guidelines re: Anti-Monopoly perspective on business activities for realizing a Green Society

On January 13, 2023, Japan Fair Trade Commission ("JFTC") proposed a draft of "Guidelines Concerning the Activities of Enterprises, etc. Toward the Realization of a Green Society under the Antimonopoly Act" ("Draft Guidelines")…more

Anti-Monopoly, Japan, Japan Fair Trade Commission (JFTC), Proposed Rules, Public Comment

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SEC Proposes Changes to MD&A Disclosure

The recent proposal by the SEC would eliminate overlapping or unnecessary disclosures and promote a principles-based approach to MD&A.  Background - On January 30, 2020, the US Securities and Exchange Commission (the…more

Comment Period, Disclosure Requirements, FASB, Financial Statements, MD&A Statements

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US high yield markets spring to life

High yield bond activity rallies in the US as borrowers pivot away from pricier leveraged loans, but European and Asian markets remain challenged US high yield bond activity sparked back to life in H1 2023 as improved pricing…more

Borrowers, China, Debt, EU, High-Yield Markets

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How mining & metals companies can make ESG work in a downturn

Russia's actions in Ukraine fueled an unprecedented rally in mineral and metal prices earlier this year, with multiple metals breaking historical records. However, this rally was short-lived. Within six months, metal prices…more

Corporate Counsel, Corporate Governance, Energy Sector, Environmental Social & Governance (ESG), Global Economy

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A corridor of opportunity: deal flow between Mexico and Spain

In a difficult M&A market, deal flow between Mexico and Spain has continued to deliver opportunities for dealmakers in both jurisdictions. Both markets have faced challenges over the past 12 months, with rising interest rates…more

Capital Markets, Foreign Investment, Global Dealmaking, Global Market, Investment

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Silicon Valley’s Home Court: Patent Trends in the Northern District of California

White & Case Technology Newsflash - This update briefly summarizes 2019 trends in patent litigation from the Northern District of California, which remains an important and frequent venue for technology litigation…more

Damages, Inter Partes Review (IPR) Proceeding, Motion To Stay, Patent Litigation, Popular

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Supreme Court Reins in Extraterritorial Application of the Lanham Act

The Supreme Court ruled yesterday that the Lanham Act infringement and unfair competition provisions "are not extraterritorial and that they extend only to claims where the claimed infringing use in commerce is domestic." In so…more

Abitron Austria GmbH v Hetronic International Inc, Extraterritoriality Rules, Foreign Jurisdictions, Foreign Sales, Intellectual Property Litigation

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NAFTA’s Sunset Period Will End in June 2023 and Claims Must Be Notified Earlier, in Some Cases by Year-End 2022 – NAFTA Investors Should Consider their Options Now

State conduct may adversely affect foreign investors and their investments.  Investors protected under international investment treaties may bring arbitration proceedings against States in those cases, seeking financial…more

Bilateral Investment Treaties, Canada, Foreign Investment, Investors, Mexico

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On 1 January 2021 the Corporate Stabilisation and Restructuring Act (StaRUG) has come into force and introduced the new ‘Preventive Restructuring Framework’ in Germany

Prior to the introduction of the Preventive Restructuring Framework by the StaRUG out-of-court restructurings in Germany other than the restructuring of German law-governed bonds generally required unanimous approval by all…more

COMI, Commercial Bankruptcy, Corporate Restructuring, Creditors, Debt Restructuring

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Global M&A faces market headwinds in Q2

Ongoing uncertainty hampers dealmaking in second quarter of the year, but mining megadeals and the race for clean energy offer a ray of hope. Global dealmakers had a lot to contend with in the second quarter of this year. A…more

Acquisitions, Buyers, EU, Global Dealmaking, Global Market

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M&A transaction terms: Comparing Africa to Europe

Significant differences exist between terms that typically apply in M&A transactions in Africa and Europe - "Acquirers tend to view European markets as being more seller-friendly than African markets." Although the…more

Acquisitions, Africa, Buyers, EU, Financial Transactions

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Investing in India

What a difference a decade can make! Since the publication of our first report, "Navigating India: Lessons for Foreign Investors," in 2013, India has undergone a remarkable transformation. The country’s population grew by 100…more

Arbitration, Capital Markets, Clean Energy, Cross-Border, Debt Financing

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Preliminary draft of new provisions regarding cross-participation in the hydrocarbons sector

On August 9, 2022, the Energy Regulatory Commission (Comisión Reguladora de Energía, "CRE") published a new preliminary draft of "General Provisions that establish the procedure and requirements to obtain the authorization for…more

Energy Sector, Hydrocarbons, Mexico, Policies and Procedures, Procurement Guidelines

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FDI Update in Singapore: Introduction of New Significant Investments Review Bill

Following other countries which have tightened regulations on foreign investments in sectors sensitive to national security, Singapore has on 3 November 2023 announced the introduction of the Significant Investments Review Bill…more

China, Foreign Investment, Investment, National Security, New Legislation

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Getting deals done despite the odds

M&A, debt finance and investment fund actors seek alternative routes to dealmaking in the face of a dim macroeconomic outlook - The past two years have witnessed significant geopolitical fracturing and macroeconomic…more

Acquisitions, China, Debt Financing, Financial Sponsors, Fund Managers

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Tech disputes adjudication: A new forum for dispute resolution

London Technology Disputes - A new adjudication procedure for the resolution of technology disputes is set to launch in October 2019. The Society for Computers and Law ("SCL") announced in June 2019 that it is developing a…more

Cloud Computing, Cloud Service Providers (CSPs), Cloud Storage, Dispute Resolution, London Technology and Construction Court (TCC)

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Luxembourg Investment Funds - A practical handbook on fund vehicles in Luxembourg

Luxembourg has developed a significant expertise in collective asset management and structuring of investment funds, and the Luxembourg "investment toolbox" provides a broad array of options in respect of fund regimes and legal…more

Alternative Investment Fund Managers Directive (AIFMD), Environmental Social & Governance (ESG), EU, Foreign Investment, Investment

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One step closer to mandatory whistleblower systems in Germany

Following Germany's initial attempt last year to implement the EU Whistleblower Directive (Directive (EU) 2019/1937), aimed at ensuring harmonized and improved protection of whistleblowers throughout Europe, the Federal Ministry…more

Anti-Money Laundering, Asset Management, Data Protection, EU, Fines

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Special Economic Measures Have Been Adopted

On 28 February, 1 March and 5 March 2022, the Russian President signed Decrees on special economic measures in connection with so-called "unfriendly" (as such term is used in the Decrees) actions by the USA and the foreign…more

Banking Sector, Debtors, Economic Sanctions, Financial Transactions, Foreign Bank Accounts

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COVID-19: Japanese Government Financial Assistance Measures

In response to the challenges arising from the novel coronavirus ("COVID-19") pandemic, the Japanese Government has released the Cabinet Decision entitled "Emergency Economic Measures To Cope With COVID-19" (issued on 7 April…more

Borrowers, Coronavirus/COVID-19, Eligibility, Federal Grants, Financial Assistance Policies

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JFTC Market Research on Know-How and IP subject to Abuse of Superior Bargaining Position under the Anti-Monopoly Act

The Japan Fair Trade Commission ("JFTC") periodically conducts market research to review and investigate business activities that may violate abuse of superior bargaining position ("ASBP") regulations. For the first time in its…more

Anti-Monopoly, Coercion, Intellectual Property Protection, IP License, Japan

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USPTO provides guidance on the patentability of AI-assisted inventions

On February 13, 2024, the US Patent and Trademark Office (USPTO) issued examination guidance on the patentability of inventions developed with the assistance of artificial intelligence (AI) (the "Guidance"). The Guidance is…more

Artificial Intelligence, Innovation Patent, Intellectual Property Protection, Inventions, Inventors

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Proposed Directive Pertaining to Loss Absorbency Requirements Published for Comment

On 26 March 2024 the Prudential Authority published, for public comment, the revised proposed directive on loss absorbency requirements for banks, bank controlling companies and branches of foreign institutions under reference…more

Capital Markets, Debt Financing, Financial Institutions, Prudential Regulation Authority (PRA), South Africa

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Italy Readies Measures for a No-Deal Brexit

On January 24, 2019 the Italian Ministry of Economy and Finance ("MEF") published a press release announcing that the Italian government has readied a set of measures necessary to ensure full continuity for financial markets…more

Cross-Border Transactions, EU, Financial Markets, Foreign Corporations, Investment Funds

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New dual-use export control and outbound investment approach as part of the EU's Economic Security Strategy

Continuing the work from the Joint Communication on a European Economic Security Strategy published in June 2023, the European Commission unveiled a comprehensive package with five proposed initiatives to strengthen the EU's…more

Dual Use Goods, EU, European Commission, Export Controls, Exports

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COP26 and the Global Race to Net Zero

World leaders and delegates are meeting in Glasgow for the next round of climate change negotiations at the twenty sixth Conference of the Parties ("COP26") being held from 31 October to 12 November, following a year-long…more

Climate Change, Energy Sector, Global Market, Investment, Legislative Agendas

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2022 Year in Review: White & Case Global Antitrust Merger StatPak (WAMS)

Australia, Brazil, Saudi Arabia, and Turkey See Significant Surge in Merger Filing Activity; US and EU Merger Filing Activity is Down Compared to 2021's Record Levels, But Still Above Historical Levels - White & Case Global…more

Acquisitions, Antitrust Division, Australia, Biden Administration, Brazil

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Top considerations –EMEA Tax trends impacting Private Equity Real Estate in 2021

White & Case has advised a large number of high-profile international clients on cutting-edge, cross-border and domestic private equity real estate deals, providing valuable strategic tax insight to a broad range of investors…more

Capital Markets, Czech Republic, Financial Markets, France, Germany

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Italy – New Capital Markets Law

The Italian legislature enacted new measures , effective from March 27, 2024, to attract new investors to the Italian capital markets and rationalize corporate governance dynamics (the "Capital Markets Law")…more

Board of Directors, Capital Markets, Corporate Governance, Investors, Italy

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Where Things Stand on Drug Pricing at the Halfway Point of 2023

While only slightly past the midway point of 2023, it has already been a busy year for developments in drug pricing. Notably, CMS released its final guidance in preparation for price negotiations and the first 10 drugs covered…more

Centers for Medicare & Medicaid Services (CMS), Contract Negotiations, Department of Health and Human Services (HHS), Drug Pricing, Excise Tax

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Proposed American Privacy Rights Act seeks to establish a comprehensive national framework for data privacy

Proposed American Privacy Rights Act of 2024 seeks to establish national consumer data privacy rights, govern Artificial Intelligence and automated decision-making, impose additional obligations on high-impact social media…more

Consumer Privacy Rights, Covered Entities, Data Privacy, Data Protection, Data Protection Acts

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NLRB Requires Changes to Employee Severance and Other Agreements

Earlier this year, the National Labor Relations Board ("NLRB") issued its decision and order in McLaren Macomb, 372 NLRB No. 58 (February 21, 2023), holding that certain confidentiality and non-disparagement provisions contained…more

Confidentiality Agreements, Employee Rights, Employees, Employer Liability Issues, Employment Contract

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Consumer & Retail goes Phygital – are digital and physical assets converging?

The Consumer & Retail Industry has been an early champion of the benefits of Web 3 concepts like NFTs (non-fungible tokens) and the metaverse, helping retailers to drive sales and growth and supercharge brand awareness. NFTs and…more

Blockchain, Cryptocurrency, Digital Assets, Non-Fungible Tokens (NFTs), Popular

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SEC Voluntarily Stays Its Climate Rules Pending Judicial Review

On April 4, 2024, less than one month after their adoption, the U.S. Securities and Exchange Commission ("SEC") has chosen to stay its newly adopted climate disclosure rules, pending judicial review (the "Final Rules"). The SEC…more

Climate Change, Disclosure Requirements, Environmental Social & Governance (ESG), Judicial Review, New Rules

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Securing investment: FDI screening and the mining & metals sector

In the world of shifting geopolitical tensions and supply chain vulnerabilities exacerbated by the COVID-19 pandemic, the push for mineral & metal security is changing the way governments, regulators, sector participants and…more

Foreign Direct Investment, Foreign Investment, Investment, Lenders, Metals

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EU Sustainable Finance Consultation – ensuring the grass is greener on the other side

To meet the ambitious targets set by the UN 2030 Sustainable Development Goals (SDGs), the finance markets must be utilised to a much greater degree to enable sustainable projects and allow access to wider sources of capital…more

Environmental Social & Governance (ESG), EU, European Commission, European Securities and Markets Authority (ESMA), Financial Markets

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Chapter 11 cases soared in 2020, with more distress likely in 2021

Commercial chapter 11 filings in the US increased significantly in 2020, but government stimulus measures and widespread availability of fresh capital resulted in fewer corporate restructurings than many anticipated—that could…more

Bankruptcy Code, Chapter 11, Commercial Bankruptcy, Coronavirus/COVID-19, Corporate Restructuring

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Status of cryptoassets and smart contracts under English law

On 18 November 2019, the UK Jurisdiction Taskforce published an authoritative statement on the legal status of cryptoassets and smart contracts under English law. This is a leading development for the legal, business and…more

Corporate Counsel, Cryptoassets, Cryptocurrency, Digital Assets, Jurisdiction

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New Year, New Venue Law: Newly Passed Law Means State Attorneys General Can Avoid Having Their Antitrust Cases Consolidated in Multidistrict Litigation

Prior to the State Antitrust Enforcement Venue Act—which was signed into US law on December 29, 2022 as part of the omnibus spending bill—the Judicial Panel on Multidistrict Litigation (JPML) had the power to transfer and…more

Antitrust Division, Antitrust Litigation, Corporate Counsel, Department of Justice (DOJ), Enforcement

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Ethiopia Modernizes Arbitration Framework

On 2 April 2021, Ethiopia enacted a new arbitration law, known as the Arbitration and Conciliation Working Procedure, Proclamation Number 1237/2021 (the "Proclamation"), to apply to commercial domestic arbitrations and…more

Arbitration, Arbitration Agreements, Civil Code, Dispute Resolution, Ethiopia

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Upheaval in the Litigation Funding Industry: UK Supreme Court Rules that many Litigation Funding Agreements are Unenforceable

In a heavy blow to the litigation funding industry, the UK Supreme Court has held that many litigation funding agreements are damages-based agreements and must comply with the relevant regulatory regime. Funders will be urgently…more

Judicial Discretion, Litigation Fees & Costs, Litigation Funding, Third Party Funding, UK

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Going Nuclear – managing claims and disputes during the construction of new build NPPs

In recent years, nuclear energy has been undergoing a renaissance. By way of example, the International Atomic Energy Agency ("IAEA") estimates there are currently 56 nuclear reactors under construction across 18 countries.1…more

Climate Change, Dispute Resolution, Energy Projects, Energy Sector, IAEA

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US Government Pauses Fossil Fuel Leasing on Federal Land in Focus on Climate Change and Environmental Protection

This week, as part of a series of significant executive actions, President Biden issued an executive order directing the United States Department of Interior (DOI) to pause new oil and natural gas leasing on federal public lands…more

Biden Administration, Bureau of Land Management, Climate Change, Executive Orders, Federal Land

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Investment treaty protection: How to safeguard foreign investments in Africa

Prudent African investors—and investors within Africa—can ensure that their foreign investments are protected from wrongful conduct that the state and its organs can inflict. …more

Africa, Bilateral Investment Treaties, Foreign Investment, Investment, Investor State Dispute Settlement (ISDS)

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Emerging Markets/Cross-Over High Yield: What Next?

Standing at the intersection of the Eurobond and high yield markets, so-called "Cross-Over" emerging market deals were more popular than ever in 2021. These deals were not necessarily like the deals that had come before—deals…more

Capital Markets, Emerging Markets, Eurobonds, High Yield Bonds, Investment

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Modern slavery reporting requirements in Australia and the impact of COVID-19: What you need to know

The Modern Slavery Act 2018 (Cth) (Act) requires large Australian entities and foreign entities carrying on business in Australia to report annually on the risks of modern slavery in their operations and supply chains and the…more

Australia, Coronavirus/COVID-19, Corporate Governance, Corporate Social Responsibility, Forced Labor

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Snapshot: Der deutsche Übernahmemarkt 2023

Blick auf den Markt und die bedeutendsten Transaktionen - Die Analyse öffentlicher Übernahmen im Jahr 2023 erscheint auf den ersten Blick wie eine Blaupause des Vorjahres. Die bereits 2022 festgestellten Trends bestätigten…more

Acquisitions, Capital Markets, EU, European Commission, Financial Regulatory Reform

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Liquidity Requirements for Mexican banking institutions

On Monday, August 23, the General Guidelines on Liquidity Requirements for Banking Institutions issued jointly by the National Banking and Securities Commission (the “Commission”) and Mexico’s Central Bank, Banco de México, were…more

Banking Sector, Exceptions, Financial Institutions, Information Reports, Liquidity

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Real estate 2024: Emerging from the storm?

The real estate sector is looking ahead with more optimism, as interest rates peak and a clearer picture forms on valuation and future financial performance - Key sections - Section 1: Market overview and outlook…more

Environmental Social & Governance (ESG), Funding, Investment, Investors, Real Estate Market

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Africa Focus: Autumn 2020 - Sovereign debt relief proposals

Economic and fiscal challenges of implementing debt relief in Africa - While the COVID-19 pandemic continues to pose unprecedented challenges to countries worldwide, the impact is even more critical on developing countries…more

Africa, Coronavirus/COVID-19, Creditors, Debt Relief, Default

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Proposed American Privacy Rights Act seeks to establish a comprehensive national framework for data privacy

Proposed American Privacy Rights Act of 2024 seeks to establish national consumer data privacy rights, govern Artificial Intelligence and automated decision-making, impose additional obligations on high-impact social media…more

Consumer Privacy Rights, Covered Entities, Data Privacy, Data Protection, Data Protection Acts

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The Czech Competition Authority publishes new policy on compliance programs as mitigating factor when imposing fines

In December 2023, the Czech NCA - Office for the Protection of Competition (the "Office") published its new Compliance Program Consideration Policy , which has taken effect from 1 January 2024 and which sets out the conditions…more

Anti-Competitive, Competition Authorities, Compliance, Czech Republic, EU

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The green edge of steel: Cutting through carbon

Steel is essential to every aspect of modern life, yet its future finds itself centre stage in the climate change debate. Can advances in green steel technologies, fuelled by innovative investments from miners and steel…more

Climate Change, Coal Industry, Environmental Social & Governance (ESG), Oil & Gas, Steel Industry

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Foreign direct investment reviews 2021: Spain

Measures enacted to protect the Spanish economy against the COVID-19 crisis may persist longer than expected - The exceptional circumstances brought about by the COVID-19 outbreak led the Spanish government to enact a number…more

Capital Markets, Coronavirus/COVID-19, Filing Requirements, Foreign Direct Investment, Investors

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Africa Focus: Autumn 2020 - Nigeria’s LNG Train 7 project breaks new ground

A US$3 billion financing amid a volatile market shows oil & gas projects with strong fundamentals can continue to raise debt... In May 2020, during the most volatile period in the oil & gas sector in 40 years, Nigeria LNG Ltd…more

Africa, Corporate Financing, Energy Projects, Energy Sector, Liquid Natural Gas

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Asian ESG debt markets take a breath after record run

Following the substantial debt activity in the Asia-Pacific (APAC) region in 2021, a slowdown was to be expected for 2022, and yet, the region fared better than many others. For example, by the end of 2022, leveraged and…more

Asia Pacific, Capital Markets, Debt Market, Environmental Social & Governance (ESG), Green Finance

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JFTC seeking public comments on proposed Guidelines re: Anti-Monopoly perspective on business activities for realizing a Green Society

On January 13, 2023, Japan Fair Trade Commission ("JFTC") proposed a draft of "Guidelines Concerning the Activities of Enterprises, etc. Toward the Realization of a Green Society under the Antimonopoly Act" ("Draft Guidelines")…more

Anti-Monopoly, Japan, Japan Fair Trade Commission (JFTC), Proposed Rules, Public Comment

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Draft Prudential Standard – Transfers of assets and liabilities of designated institutions in resolution

The Prudential Authority (the "PA") published, for public comment, the Prudential Standard on the transfer of assets and liabilities of designated institutions in resolution (the "Draft Prudential Standard" or the…more

Comment Period, EU, Financial Institutions, Prudential Regulation Authority (PRA), Prudential Standards

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Change is in the air – Japan introduces changes for a more efficient OSW site selection process

On July 30, 2021, the Agency for Natural Resources and Energy (ANRE) of the Ministry of Economy, Trade and Industry (METI) together with the Port Authority of the Ministry of Land, Infrastructure, Transport and Tourism (MLIT)…more

Clean Energy, Energy Policy, Energy Projects, Energy Sector, Greenhouse Gas Emissions

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How changing attitudes toward data sharing could accelerate smart city adoption

The pandemic seems to have prompted people to rethink their attitudes toward sharing personal data, particularly when it is used to manage public health and provide essential services. Can this shift serve as a catalyst for…more

Consumer Privacy Rights, Coronavirus/COVID-19, Cybersecurity, Data Collection, Data Privacy

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Prepare for change: Technology and sustainability

Digitalisation and ESG are transforming the face of infrastructure. Here we explore how investors are reacting to the opportunities and challenges these forces present. Technology is playing a transformative role in…more

Asia Pacific, Critical Infrastructure Sectors, Cybersecurity, Environmental Policies, Environmental Social & Governance (ESG)

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Foreign direct investment reviews 2021: Russian Federation

Further developments to Russian foreign investment laws introduce new requirements for investors and simplify regulation in some spheres - Established by the Russian government in 2008, the Government Commission on Control…more

Acquisitions, Beneficial Owner, Beneficiaries, Filing Requirements, Foreign Acquisitions

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Website terms of service – enforceable or preempted?

There is a deepening circuit split on whether the US Copyright Act preempts contract claims arising from terms of service. A recent petition to the US Supreme Court by a song lyrics website highlights this, with potentially…more

Copyright, Copyright Litigation, Intellectual Property Protection, Music, Music Industry

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Italy – New Measures to enhance Italian debt capital markets

The Italian legislators and CONSOB enacted new measures, as part of a general attempt to modernize the market infrastructure. The new rules relate to, inter alia, the following: The issuance of unlisted debt…more

Capital Markets, CONSOB, Debt, Debt Securities, Insolvency

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European Real Estate Finance: Market update – Q2 2020

As part of our periodic updates, here is an overview of recent developments of relevance to participants in the real estate finance market across certain key jurisdictions in Europe. Europe - COVID-19 - First and…more

Borrowers, Consumer Lenders, Coronavirus/COVID-19, EU, Leases

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Hydrogen Hub Projects Awarded $7 Billion by US Department of Energy

In November of 2021, President Biden signed the Bipartisan Infrastructure Law (BIL), which established the Regional Clean Hydrogen Hubs (H2Hubs) program. Under the authority of the US Department of Energy (DoE), six to ten…more

Clean Energy, Department of Energy (DOE), Energy Projects, Energy Sector, Federal Funding

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Trade secret litigation at the US International Trade Commission: A rising fence

A regulatory fence surrounds the United States, blocking the importation of any product that uses or was made using a misappropriated trade secret, among other unfair acts. That fence, called the Tariff Act of 1930, or Section…more

Competition, Extraterritoriality Rules, International Trade Commission (ITC), Inventors, Misappropriation

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Four Takeaways From The FTC’s Unprecedented Crackdown On Noncompete Agreements

The Federal Trade Commission (FTC) kicked off 2023 by using Section 5 of the FTC Act to take legal action against three companies and two individuals, forcing them to drop noncompete provisions. This is the first time that the…more

Corporate Counsel, Employees, Employer Liability Issues, Enforcement Actions, Federal Trade Commission (FTC)

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A View from Abroad: Unpacking DOJ’s M&A Safe Harbor Policy, Part II

On October 4, 2023, United States Deputy Attorney General (DAG) Lisa Monaco announced a new Department of Justice (DOJ) Mergers & Acquisitions Safe Harbor policy that encourages companies to self-disclose criminal misconduct…more

Acquisitions, Anti-Money Laundering, Antitrust Division, Compliance, Cooperation

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Is It Game Over for PlayStation Store Antitrust Suit?

The recent dismissal of an antitrust case against Sony relating to the sale of digital video games on the company's PlayStation Store could shed light on the viability of refusal-to-deal claims against platform technology…more

Antitrust Litigation, Dismissals, Play Station, Popular, Sherman Act

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Mexico: New federal courts for commercial bankruptcy proceedings (concursos mercantiles)

In order to encourage the promotion and specialized attention of corporate restructurings and insolvency proceedings, by agreement of the Plenary of the Federal Judiciary Council of Mexico, two district courts specialized in…more

Commercial Bankruptcy, Corporate Restructuring, Insolvency, Mexico

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UK sanctions relating to Russia: New legal advisory services ban, trade sanctions enforcement and non-government controlled Ukrainian territory additions

In relation to Russia, the UK has introduced a new sanctions prohibition on the provision of legal advisory services, amended the process for the investigation of trade sanctions offences, and added the Kherson and Zaporizhzhia…more

Economic Sanctions, EU, Foreign Relations, Russia, Sanctions

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COVID-19 – Guidance for International Employers

Companies and their workforces are facing extraordinary challenges during the period of disruption caused by COVID-19, and Governments around the world are introducing new legislation and guidance on a frequent basis to help…more

Business Closures, Business Interruption, Coronavirus/COVID-19, Employer Liability Issues, New Guidance

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Global merger control: Navigating stormy seas

There have been a number of developments in merger control in 2020 and Q1 2021. Some are related to the repercussions of the COVID-19 pandemic, while others are borne out of the ambitions and changes sought by individual…more

Acquisitions, Anti-Monopoly, Antitrust Investigations, Antitrust Provisions, Competition

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Private equity sponsors intensify focus on flexibility in portfolio company loan...

As leveraged loan markets have been impacted by a challenging macroeconomic environment, private equity sponsors are sharpening their focus on flexibility in their portfolio companies’ loan documents Given the sharp contraction…more

Borrowers, Credit Agreements, Credit Facilities, Financing, Investment Funds

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Technology sector shows resilience during lockdowns - Remote working, online shopping and telemedicine have shielded the technology sector from the worst effects of COVID-19 lockdowns

High yield and leveraged loan issuance in North America and Western and Southern Europe for the technology industry reached an 18-month high in Q1 2020. The sector raised US$52.2 billion, an increase of almost 75% over Q4 2019…more

Acquisitions, Coronavirus/COVID-19, Debt Market, High Yield Bonds, High-Yield Markets

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Logistics deals deliver for investors as supply chains struggle

Logistics, packaging and shipments companies are using M&A to expand their service coverage and future proof - If 2020 was defined by the humanitarian crisis of the coronavirus pandemic, then 2021 has been the year of supply…more

Acquisitions, Amazon, Asia, Coronavirus/COVID-19, Emerging Markets

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Cutting through the noise: Infrastructure in Asia-Pacific 2019 - The outlook for Asia-Pacific infrastructure

Risks may persist around infrastructure investment in APAC, but the overall outlook is very positive - While there are certain political and economic caveats, respondents are clearly looking east for growth and returns. Below…more

Asia Pacific, Foreign Investment, Global Market, Infrastructure Financing, Investment Opportunities

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Foreign direct investment reviews 2021: China

China continued to strengthen its national security regulatory regime by introducing the new Data Security Law in 2021 - China has further strengthened its legislation on data security in view of the popularity of…more

China, Cross-Border Transactions, Cybersecurity, Data Security, Foreign Direct Investment

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Europe’s PE market braces for impact

Impact investing is taking off in Europe in a big way as investors increasingly factor the environmental and societal impacts of their capital into allocation strategies. This shift has been so significant that Europe-focused…more

Acquisitions, Capital Markets, EU, Investment, Investment Funds

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EU designates parties under Human Rights and Myanmar regimes

On 22 March 2021, the European Union ("EU") designated a total of 22 individuals and 4 entities as subject to an asset freeze under the EU sanctions regimes relating to Global Human Rights Sanctions and Myanmar/Burma. Global…more

Burma, Economic Sanctions, EU, Global Human Rights Sanctions Regime, Human Rights

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Fraud and abuse risks in digital health: What tech companies need to know about healthcare enforcement – Part II

For companies looking to monetize their hard-earned innovations in digital health, there is a minefield of potential healthcare enforcement to avoid. As discussed in Part I of this alert, such healthcare enforcement can lead to…more

Anti-Kickback Statute, Digital Health, EHR, Fair Market Value, False Claims Act (FCA)

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Czech Taxes Increase as of 2024

The Czech government introduced a consolidated proposal to fight growing budget deficits, consisting of cutting subsidies and otherwise mostly increasing taxes as of 2024. This is a high-level review of those tax measures which…more

Corporate Structures, Corporate Taxes, Czech Republic, Income Taxes, Property Tax

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Africa Focus: Winter 2023 - Fueling a sustainable future

Green hydrogen will play important roles in Africa’s transition to renewable energy and as an exportable commodity. But is the current focus on the areas that will deliver the most value for Africa and its people? Carina Radford…more

Africa, Climate Change, Global Market, Green Energy, Hydrogen Power

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Energy and telco deals power Mexican M&A

Global M&A was laid low by market headwinds in 2023, with a cocktail of high inflation, geopolitical tensions and macroeconomic uncertainty causing activity to slow. Mexico was no exception to this trend, with dealmaking falling…more

Acquisitions, Global Dealmaking, Investment, Investors, Mergers

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FinCEN Invites Comments on Anti-Money Laundering Program Effectiveness

On September 16, the US Financial Crimes Enforcement Network (FinCEN) issued an advance notice of proposed rulemaking (ANPRM) seeking to update the US anti-money laundering (AML) regime. This is an historic opportunity for AML…more

Advanced Notice of Proposed Rulemaking (ANPRM), Anti-Money Laundering, Bank Secrecy Act, BSA/AML, Financial Institutions

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European leveraged finance: A whole new world

European leveraged finance in 2023 was saddled with the negative effects of elevated interest rates. But as the market adjusts to the “new normal”, rate and price stability offer hope for a brighter 2024. -Rising interest…more

Acquisitions, Banking Sector, Buyouts, Debt, Debt Market

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Sovereign debt restructurings in Latin America: A new chapter

Sovereign debt restructuring solutions developed in Latin America during 2020 and 2021 create a new paradigm for sovereign debt restructurings in the region and globally - Over the past 50 years, the Latin American and…more

Coronavirus/COVID-19, Creditors, Debt Restructuring, Debtors, Latin America

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Changes ahead: London market is ready for reform

Along with other stock exchanges across the world, the London Stock Exchange (LSE) had a challenging 2023, recording only 23 new listings with a total value of less than US$1 billion. This represented a 23 percent year-on-year…more

Capital Markets, Corporate Governance, Financial Services Industry, Global Market, Initial Public Offering (IPO)

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FOCI Update: The Evolving US Department Of Defense FOCI Environment, Process & Timing

The foreign ownership, control or influence ("FOCI") program administered by the Department of Defense's ("DoD") Defense Counterintelligence and Security Agency ("DCSA"), which is by far the largest US FOCI program, continues to…more

Acquisitions, Department of Defense (DOD), FOCI, Foreign Ownership, Investment

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A bright future: Smart cities in Latin America

Smart city initiatives in Latin America have too often been overshadowed by high-profile projects in North America. But the tide is changing, and smart city projects throughout the region are gaining traction like never before…more

Climate Change, Coronavirus/COVID-19, EU, Latin America, Smart Cities

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European Real Estate Finance: Market Update – Q2 2023

The past six months have seen difficult economic times in much of Europe, with governments and central banks seeking to respond to both the increases in costs of living and the need to curb inflation. Notwithstanding the wider…more

Belgium, EMEA, EU, Germany, Italy

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SEC (Finally) Adopts Clawback Rules

On October 26, 2022, the Securities and Exchange Commission ("SEC") adopted its long-awaited final rules on clawbacks. Under these rules, companies listed on the NYSE and Nasdaq will be required to adopt "clawback" policies –…more

Clawbacks, Corporate Officers, Disclosure Requirements, Dodd-Frank, Executive Compensation

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Building a pipeline: Will Brazil emerge from its dry season?

After a dry spell, the pipeline of Brazilian IPO candidates is showing signs of filling up again - We expect Brazilian public markets to take center stage in 2024, as hopes remain that this will be the year that South…more

Banking Sector, Brazil, Capital Markets, Financial Services Industry, FinTech

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FTC Annual Changes to U.S. HSR Thresholds Will Be Effective March 6; Highest Filing Fees Now $2.335 Million

The Federal Trade Commission (FTC) announced the annual changes to the Hart-Scott-Rodino (HSR) Act notification thresholds – effective for deals closing on or after March 6, 2024 – and updated filing fee thresholds, effective…more

Acquisitions, Federal Trade Commission (FTC), Filing Fees, Hart-Scott-Rodino Act, Mergers

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Changes in ultimate beneficial owners recording legislation – a modified definition of the ultimate owner and broader reporting duties

On 1 October 2022, an amendment to Act No. 37/2021 Coll., on keeping record of ultimate beneficial owners (the "UBO Act"), 1 came into force which, in order to ensure compliance with the pertinent European Directive,2 introduces…more

Beneficial Owner, Corporate Counsel, Corporate Governance, EU, New Amendments

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Multi-tiered dispute resolution: the use of conciliation

In the UK, disputes in the construction industry are rarely resolved through conciliation, with parties preferring recourse to adjudication, mediation, litigation or arbitration. However, a recent Australian case highlights that…more

Conciliation, Construction Contracts, Construction Disputes, Construction Industry, Construction Litigation

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CFPB Proposes Controversial Personal Financial Data Rights Rule

On October 19, the Consumer Financial Protection Bureau (the "CFPB") proposed the long-anticipated "Personal Financial Data Rights Rule" (the "Proposed Rule"), which would govern access for consumers and data aggregators to…more

Comment Period, Consumer Financial Protection Bureau (CFPB), Consumer Protection Laws, Data Rights, Data Security

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Thoughts on the new Economic Crime and Corporate Transparency Act - A New Era for Corporate Criminal Liability in the UK

The long-awaited Economic Crime and Corporate Transparency Act received Royal Assent on 26 October. This represents a significant turning point for the law on corporate criminal liability in the UK, and has been welcomed by…more

Corporate Counsel, Corporate Crimes, Corporate Entities, Corporate Governance, Corporate Transparency Act

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UK, France, Germany create INSTEX SPV to support trade with Iran

On 31 January 2019, France, Germany and the United Kingdom (the "E3") announced the registration in France of INSTEX SAS ("Instrument for Supporting Trade Exchanges"), which is a special purpose vehicle aimed at facilitating…more

AML/CFT, Blocking Statutes, EU, FATF, France

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The 2022 Annual Law for Competition has been published in the Official Journal

The 2022 Annual Law for Competition (the "Law") has been published in the Official Journal No. 303 of 30 December 2023 and entered into force on 31 December 2023. The Law has changed the powers of the Italian Competition…more

Acquisitions, Antitrust Provisions, Competition, Competition Authorities, Digital Markets Strategy

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COVID-19 – Guidance for International Employers

Companies and their workforces are facing extraordinary challenges during the period of disruption caused by COVID-19, and Governments around the world are introducing new legislation and guidance on a frequent basis to help…more

Business Closures, Business Interruption, Coronavirus/COVID-19, Employer Liability Issues, New Guidance

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Human rights benchmarks: Corporate performance rankings on the rise: How your human rights and ESG benchmarking scores may be improved

Thoughtful business participation in benchmark reviews. If one or more human rights and ESG benchmarks review—or could soon review—your industry, it may make business sense to participate thoughtfully and/or disclose…more

Benchmarking, Corporate Governance, Due Diligence, Environmental Social & Governance (ESG), Human Rights

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DOE Extends Standard Term of Long-Term Natural Gas Export Authorizations to Non-FTA Countries

In response to its updated analyses of the impacts of natural gas exports on the US economy and the environment, and competitive forces in the global market for LNG, DOE takes steps to offer term extensions to existing and…more

Department of Energy (DOE), Environmental Review, Exports, Extensions, Liquid Natural Gas

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European Real Estate Finance: Market Update – Q2 2023

The past six months have seen difficult economic times in much of Europe, with governments and central banks seeking to respond to both the increases in costs of living and the need to curb inflation. Notwithstanding the wider…more

Belgium, EMEA, EU, Germany, Italy

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Corporate Transparency Act and New Implications for US Special Purpose Vehicles, Wealth Structuring and Other Arrangements

The override of former President Trump's veto of the National Defense Authorization Act of 2021 resulted in the enactment of broad amendments to the US anti-money laundering regime. Of particular note is the inclusion of the…more

Anti-Money Laundering, Beneficial Owner, Closely Held Businesses, Corporate Transparency Act, Covered Entities

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Federal District Court holds that California's anti reverse payment law is enforceable, but only against settlements "negotiated, completed, or entered" in California

In February 2022, the US District Court for the Eastern District of California held that California Assembly Bill 824—which established a first-of-its kind presumption that certain pharmaceutical patent settlements are…more

California, Intellectual Property Protection, Patent Litigation, Patents, Pharmaceutical Industry

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Africa's digital infrastructure transformation

Affordable, universal digital access is key to Africa's growth and development- Now, more than ever, Africa is looking to digital solutions to increase productivity and drive development. According to a report by the IFC and…more

Digital Platforms, Infrastructure, Internet, Investment, Investors

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Down but not out: Crypto takes a hit in 2022 but is not going anywhere

Never has the digital asset space experienced such a succession of high-profile implosions and steady flow of negative mainstream press coverage, leaving many to ask—what next? The crypto industry has endured arguably its…more

Acquisitions, Blockchain, Capital Markets, Cryptocurrency, Digital Assets

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The new German competition enforcement act – a true paradigm shift?

On July 6, 2023, the German Parliament passed the 11th amendment to the German Act Against Restrictions of Competition ("ARC"), substantially expanding the Federal Cartel Office's ("FCO") enforcement powers. The reform…more

Acquisitions, Anti-Competitive, Competition, Disgorgement, Enforcement Actions

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Germany prohibits sale of two companies to Chinese investors – FDI scrutiny in full swing

In an unprecedented double-strike, the German government recently blocked two transactions pertaining to Chinese investments in German semiconductor facilities. Just two weeks before, the cabinet had already intervened regarding…more

Canada, CFIUS, China, EU, European Commission

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Bright spots: Sweden and CIS present opportunities after a challenging 2023

The past 12 months have not been the best for European IPO activity, with EMEA IPO proceeds (including SPACs) falling 24 percent year-on-year to US$22.19 billion. After a challenging year when IPO appetite was impacted by…more

Capital Markets, Commonwealth of Independent States (CIS), EU, Initial Public Offering (IPO), Investment

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France’s M&A activity remains steadfast

French deal volume in 2022 remained at historic levels, even while deal values dipped in the final quarter of the year France’s M&A market had a solid run of deal activity in 2022 and continues to demonstrate resilience…more

Acquisitions, EU, France, Global Dealmaking, Mergers

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Financial Regulatory Observer – March 2019: Navigating uncertainty: Corporate governance for foreign banks in the US

With the regulatory agenda for the US operations of foreign banks in a state of flux, Kevin Petrasic, Paul Saltzman, Glen Cuccinello, Will Giles and Alexander Abedine of global law firm White & Case provide a map to help boards…more

Banking Sector, Board of Directors, Combined US Operations (CUSO), Corporate Governance, FBOs

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Intermediary liability frameworks for digital platforms in Latin America still a patchwork

Digital platforms and other information intermediaries, such as Facebook, Instagram, Snapchat, TikTok and Twitter have shaped and transformed the way we communicate, connect, and do business. Just before the turn of the 21st…more

Argentina, Brazil, Digital Platforms, EU, Intermediaries

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Real estate M&A defies downturn expectations in H1

US real estate M&A continued on from a strong 2021, more than doubling in value from US$45.8 billion in H1 2021 to US$95.8 billion in H1 2022, while deal volume rose 59 percent to 46 over the same period…more

Acquisitions, Competition, Global Dealmaking, Investors, Mergers

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Sovereign debt restructurings in Latin America: A new chapter

Sovereign debt restructuring solutions developed in Latin America during 2020 and 2021 create a new paradigm for sovereign debt restructurings in the region and globally - Over the past 50 years, the Latin American and…more

Coronavirus/COVID-19, Creditors, Debt Restructuring, Debtors, Latin America

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Major proposed changes to US antitrust rules present new hurdles

Under the Biden administration, the US antitrust agencies—the Federal Trade Commission (FTC) and Department of Justice, Antitrust Division (DOJ)—have proposed widespread changes to antitrust policy, creating uncertainty for…more

Acquisitions, Antitrust Division, Biden Administration, Department of Justice (DOJ), Enforcement Actions

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The China International Commercial Court

To provide judicial support for the Belt & Road Initiative ("BRI"), the Supreme People's Court of the People's Republic of China ("Supreme Court") launched two international commercial courts ("China International Commercial…more

China, Cross-Border, Dispute Resolution, International Arbitration, International Business Courts

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Two-Pillar Solution to Address the Tax Challenges Arising from the Digitalisation of the Economy: 15% Minimum Tax for Multinationals

On November 4, 2021, 137 countries, under the aegis of the OECD, adhered to the Statement on a Two-Pillar Solution to Address the Tax Challenges Arising from the Digitalisation of the Economy. Pillar 1 aims to ensure a better…more

Corporate Taxes, EU, European Commission, Member State, OECD

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Federal Trade Commission Likely to Expand Labor Enforcement to Worker-Misclassification Issues

In a February 2, 2024 keynote speech to antitrust enforcers and practitioners, Commissioner Alvaro M. Bedoya argued that the U.S. Federal Trade Commission ("FTC") should challenge worker misclassification as a violation of the…more

Antitrust Division, Corporate Counsel, Federal Trade Commission (FTC), FTC Act, Independent Contractors

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Managing civil disputes in France during the COVID-19 crisis (III)

The outbreak of COVID-19 has substantially disrupted the management of civil litigation during the first national lockdown of 17 March 2020 to 11 May 2020. French judicial activity was limited to "essential litigation" and…more

Business Continuity Plans, Coronavirus/COVID-19, Court Closures, Court Schedules, France

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COVID-19 Derivatives Checklist

The novel coronavirus (COVID-19) pandemic is presenting the global markets with unprecedented challenges. Governments, corporations and the financial markets have been struggling to evaluate and adapt to the social and economic…more

Collateral Agreements, Coronavirus/COVID-19, Derivatives, ISDA Master Agreement, Over The Counter Derivatives (OTC)

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A View from Abroad: Unpacking DOJ’s M&A Safe Harbor Policy, Part II

On October 4, 2023, United States Deputy Attorney General (DAG) Lisa Monaco announced a new Department of Justice (DOJ) Mergers & Acquisitions Safe Harbor policy that encourages companies to self-disclose criminal misconduct…more

Acquisitions, Anti-Money Laundering, Antitrust Division, Compliance, Cooperation

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Flexibility is key: Australia’s leveraged finance market rises to the challenge

Sponsors hope increasing competition and the flexibility of Australia’s leveraged finance market will provide increasing optionality during challenging times - Just over a year ago, TPG broke new ground with an AUD$1.5…more

Acquisitions, Australia, Borrowers, Financial Institutions, Investment

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Data Sharing Without Borders

UK law enforcement can now obtain an order against a person in or operating in the US for the production of or access to electronic data under a new ‘landmark’ US-UK data sharing agreement. The agreement has been heralded a…more

CLOUD Act, Criminal Investigations, Department of Justice (DOJ), Document Productions, Electronically Stored Information

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The future of US-Latin America trade relations: What can we achieve in the next few years?

While the Washington Consensus policies resulted in seven years of economic growth in the 1990s, the years that followed brought about a period of recession and stagnation - 71% US trade with Latin America is dominated by…more

Biden Administration, Enforcement, Foreign Investment, Free Trade Agreements, Free Trade Area of the Asia-Pacific (FTAAP)

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Corp Fin Issues C&DIs Related to Universal Proxy Rules

On December 6, 2022, the Division of Corporation Finance ("Corp Fin") of the Securities and Exchange Commission ("SEC") issued three new compliance and disclosure interpretations ("C&DIs") related to new Rule 14a-19, the…more

C&DIs, Corporate Counsel, Corporate Governance, Proxy Season, Proxy Statements

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How changing attitudes toward data sharing could accelerate smart city adoption

The pandemic seems to have prompted people to rethink their attitudes toward sharing personal data, particularly when it is used to manage public health and provide essential services. Can this shift serve as a catalyst for…more

Consumer Privacy Rights, Coronavirus/COVID-19, Cybersecurity, Data Collection, Data Privacy

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EU Court of Justice clarifies that all exchanges with external counsel are privileged – an important development amidst a dawn raid uptick in Europe

The EU Court of Justice ("CJEU") has recently clarified the scope of legal professional privilege ("LPP") under EU law. The CJEU ruled that LPP applies to all communications between EEA-qualified external lawyers and their…more

Coronavirus/COVID-19, Dawn Raids, EU, EU Directive, European Court of Justice (ECJ)

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English High Court sanctions German real estate group’s ‘wind-down’ restructuring plan

The English High Court has sanctioned a restructuring plan in respect of EUR 3.2 billion of bonds issued by the German real estate business, Adler Group. The main objective of the plan was to avoid Adler's imminent insolvency by…more

Corporate Restructuring, EU, Germany, Real Estate Market, Sanctions

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Italy – New Measures to enhance Italian debt capital markets

The Italian legislators and CONSOB enacted new measures, as part of a general attempt to modernize the market infrastructure. The new rules relate to, inter alia, the following: The issuance of unlisted debt…more

Capital Markets, CONSOB, Debt, Debt Securities, Insolvency

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Important Changes to FIDIC’s Rainbow Suite

In international construction contracts, few legal matters are more important than the definitions of "Claim" and "Dispute" or the procedure for the "Dispute Avoidance/Adjudication Board ("DAAB")". These are all the subject of…more

Claim Procedures, Construction Contracts, Construction Disputes, Construction Industry, Contract Terms

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Nebraska Enacts Comprehensive Data Privacy Law

On 17 April, 2024, Nebraska Governor Jim Pillen signed into law omnibus Legislative Bill 1074, which includes the Nebraska Data Privacy Act, making Nebraska the seventeenth state to adopt comprehensive data privacy legislation…more

Consumer Privacy Rights, Data Privacy, Data Protection, New Regulations, Opt-Outs

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Snapshot: Der deutsche Übernahmemarkt 2023

Blick auf den Markt und die bedeutendsten Transaktionen - Die Analyse öffentlicher Übernahmen im Jahr 2023 erscheint auf den ersten Blick wie eine Blaupause des Vorjahres. Die bereits 2022 festgestellten Trends bestätigten…more

Acquisitions, Capital Markets, EU, European Commission, Financial Regulatory Reform

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Extraordinary Moratorium and Other Measures in the Czech Republic

Analysts expect that GDP will plummet as a consequence of the restrictions on economic activities imposed as a consequence of the COVID-19 pandemic, and that the global economy, and with it the Czech economy, will slow down…more

Commercial Leases, Coronavirus/COVID-19, Czech Republic, Deferred Action, Eviction

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Transformation in the construction industry: Keeping pace with change

[co-authors: Rhulani Matsimbi, and Kit Goodfellow] Three pillars are at the heart of global efforts to boost sustainability and make our built environment cleaner, greener and more socially responsible: construction, energy…more

Construction Contracts, Construction Disputes, Construction Industry, Construction Project, Coronavirus/COVID-19

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European Central Bank launches Emergency Bond-Buying Programme as a Response to the Coronavirus Pandemic

The European Central Bank has launched a EUR 750 billion bond purchase programme designed to mitigate the enormous economic and financial risks to the Eurozone caused by the coronavirus pandemic. The creation of the "Pandemic…more

Asset-Backed Securities, Bonds, Buyback Programs, Coronavirus/COVID-19, Emergency Response

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Luxembourg Investment Funds - A practical handbook on fund vehicles in Luxembourg

Luxembourg has developed a significant expertise in collective asset management and structuring of investment funds, and the Luxembourg "investment toolbox" provides a broad array of options in respect of fund regimes and legal…more

Alternative Investment Fund Managers Directive (AIFMD), Environmental Social & Governance (ESG), EU, Foreign Investment, Investment

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UK's Context-Based AI Regulation Framework: The Government's Response

In March 2023, the UK government published the AI Regulation White Paper (the White Paper), setting out its proposed regulatory framework for AI. Unlike the EU's AI Act, which will create new compliance obligations for a…more

Artificial Intelligence, Copyright, New Regulations, Regulatory Agenda, Risk Management

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New 2021 ICC Arbitration Rules

As it continues to enjoy record caseloads during the COVID-19 pandemic, the International Court of Arbitration of the International Chamber of Commerce (the "ICC" or "Court") sets out its vision for the future of dispute…more

Arbitration, Arbitration Agreements, Arbitration Awards, Conflicts of Interest, Coronavirus/COVID-19

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Unlocking Potential: GCC FinTech Trends, Regulations and Funding Outlook

The Gulf Cooperation Council ("GCC") region, particularly the United Arab Emirates ("UAE") and the Kingdom of Saudi Arabia ("KSA"), is experiencing a dynamic transformation in its financial sector driven by the rapid rise of…more

Buy Now Pay Later (BNPL), Data Protection, Financial Institutions, Financial Regulatory Reform, Financial Services Industry

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2023 Half-year in review – M&A legal and market developments

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

Acquisitions, Buyers, Capital Markets, Companies Act, Contract Interpretation

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Constructing the low-carbon economy

With an unprecedented momentum for the construction of new major projects linked to the shift away from fossil fuels and the development of a low-carbon economy, there is a real focus on construction law issues relevant to such…more

Australia, Brownfield Properties, Carbon Emissions, Climate Change, Construction Industry

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EU Court of Justice in CK Telecoms sides with the European Commission's approach to mergers in oligopolistic markets

The EU Court of Justice in the CK Telecoms1 ruling has addressed key questions of EU merger control, including the standard of proof for the European Commission to challenge a merger, the assessment of mergers below the…more

Competition, EU, EUMR, European Commission, European Court of Justice (ECJ)

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Six things to reflect on for creditors considering a share pledge enforcement

In the current market, investors are increasingly considering their options in relation to the stressed and distressed credits in their portfolios. Whilst mindful of stakeholder relationships, secured lenders may, in some…more

Acquisitions, Capital Markets, Creditors, Enforcement, Holding Companies

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Italy – New Measures to enhance Italian debt capital markets

The Italian legislators and CONSOB enacted new measures, as part of a general attempt to modernize the market infrastructure. The new rules relate to, inter alia, the following: The issuance of unlisted debt…more

Capital Markets, CONSOB, Debt, Debt Securities, Insolvency

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Mandatory climate-related financial disclosures proposed for Australia

Following two rounds of consultation, the Australian Government has released an exposure draft of the Treasury Laws Amendment Bill 2024: Climate related financial disclosure (Draft Bill) which would introduce mandatory,…more

Australia, Climate Action Plan, Climate Change, Environmental Social & Governance (ESG), Financial Regulatory Reform

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European Commission trims merger procedures, leaving scope for a further trim

The European Commission ("Commission") has adopted a package of revised legal texts aimed at simplifying the EU merger review process. The package expands the categories of cases that may be eligible for the simplified…more

Corporate Counsel, EU, European Commission, Filing Requirements, Mergers

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English High Court sanctions German real estate group’s ‘wind-down’ restructuring plan

The English High Court has sanctioned a restructuring plan in respect of EUR 3.2 billion of bonds issued by the German real estate business, Adler Group. The main objective of the plan was to avoid Adler's imminent insolvency by…more

Corporate Restructuring, EU, Germany, Real Estate Market, Sanctions

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MD&A disclosure in volatile times

Current macroeconomic and geopolitical uncertainty may make it difficult for companies to know how to tackle their Management’s Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") disclosure. In…more

Coronavirus/COVID-19, Disclosure Requirements, Economic Sanctions, Energy Costs, Enforcement Actions

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Global IPOs: Seeking signs of stabilization

Resetting expectations - It was clear in the opening months of 2022 that the winds had changed for the global IPO market as compared to the prior year, a rocky path that continued throughout the year and into the first…more

Asia Pacific, Capital Markets, Economic Growth, EMEA, Environmental Social & Governance (ESG)

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Mixed Signals: US M&A FY 2022

Although the record-breaking deal activity of 2021 spilled over into 2022, headwinds in the first quarter developed into a significant slowdown during the rest of 2022, with an expectation of continued slowness as we enter…more

Acquisitions, Buyers, Capital Markets, CFIUS, Coronavirus/COVID-19

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Real estate 2024: Emerging from the storm?

The real estate sector is looking ahead with more optimism, as interest rates peak and a clearer picture forms on valuation and future financial performance - Key sections - Section 1: Market overview and outlook…more

Environmental Social & Governance (ESG), Funding, Investment, Investors, Real Estate Market

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SEC Voluntarily Stays Its Climate Rules Pending Judicial Review

On April 4, 2024, less than one month after their adoption, the U.S. Securities and Exchange Commission ("SEC") has chosen to stay its newly adopted climate disclosure rules, pending judicial review (the "Final Rules"). The SEC…more

Climate Change, Disclosure Requirements, Environmental Social & Governance (ESG), Judicial Review, New Rules

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Federal Trade Commission’s Pre-Consummation Warning Letters Signal New Risk of Closing After Hart-Scott-Rodino Act Waiting Period Expiration

On Tuesday, August 3, 2021, the Federal Trade Commission announced a new approach for merger investigations that the FTC does not complete during the Hart-Scott-Rodino Act (HSR) waiting period—the FTC may advise merging parties…more

Acquisitions, Antitrust Provisions, Buyers, Department of Justice (DOJ), Federal Trade Commission (FTC)

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The HFCAA and consequences for US-listed China-based companies

In December 2020, then-US president Donald J. Trump signed into law the Holding Foreign Companies Accountable Act (the "HFCAA"). This law is just one measure, among many, that have been promulgated by legislative and regulatory…more

China, Over The Counter Derivatives (OTC), Regulatory Oversight, Securities and Exchange Commission (SEC), Securities Exchanges

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Singapore’s omnibus insolvency legislation

The Insolvency, Restructuring and Dissolution Act 2018 (the "IRDA") came into force on 30 July 2020. The consolidation of all personal and corporate insolvency and debt restructuring legislation into a single statute, along with…more

Corporate Dissolution, Cramdown, Creditors, Debt Restructuring, Insolvency

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Amendments to the Mexican Securities Market Law and the Investment Funds Law

On December 28, 2023, a decree was published to reform and add several provisions to the Mexican Securities Market Law (Ley del Mercado de Valores) and the Investment Funds Law (Ley de Fondos de Inversión) (the "Reform Decree")…more

Capital Markets, Environmental Social & Governance (ESG), Financial Regulatory Reform, Hedge Funds, Investment

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Letter from America: navigating Australia’s new debtor-in-possession insolvency reforms

The Federal Government has announced its largest insolvency reform package in over 30 years, which includes a simplified formal debt restructuring process for eligible small businesses... …more

Australia, Bankruptcy Reform, Commercial Bankruptcy, Coronavirus/COVID-19, Debt Restructuring

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Cross-border tech M&A in a disrupted world: No shame in walking away

And when buyers feel unable to conduct enough due diligence, our survey finds that many (44 percent) buyers are unafraid to walk away. The top reason buyers walk away from deals, cited by 67 percent of respondents, is the…more

Acquisitions, Buyers, China, Cross-Border Transactions, Due Diligence

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New expansion of foreign direct investments control regime in France and the impact on French biotech companies

White & Case Technology Newsflash - In line with the increased protectionism around foreign direct investments (FDI) in the past few years, the economic impact of COVID-19 led to a worldwide rapid expansion of existing…more

Biotechnology, Foreign Acquisitions, Foreign Direct Investment, Foreign Investment, France

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Africa Focus: Winter 2023 - Fueling a sustainable future

Green hydrogen will play important roles in Africa’s transition to renewable energy and as an exportable commodity. But is the current focus on the areas that will deliver the most value for Africa and its people? Carina Radford…more

Africa, Climate Change, Global Market, Green Energy, Hydrogen Power

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Liquid debt markets hit the brakes on restructurings

A strong market for refinancing and low interest rates have enabled most borrowers in Europe and the US to avoid bankruptcy and restructuring procedures - So far this year, fewer European and American businesses have…more

Debt Market, Debt Restructuring, EU, High Yield Bonds, Institutional Investors

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Big Oil displays commitment to net zero through dealmaking

Recent megadeals like ExxonMobil’s proposed US$60 billion acquisition of Pioneer Natural Resources and Chevron’s US$53 billion move for Hess underscore the industry’s focus on delivering oil and gas as part of the energy mix…more

Acquisitions, Energy Sector, Global Dealmaking, Mergers, Net Zero

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Recent Trends in Aviation Finance and Leasing: Post-Pandemic Guidance For Operating Lessors and Financiers

In addition to being a crucial time for aviation finance and leasing lawyers to navigate their clients through the numerous challenges which it presented, the onset and duration of the COVID-19 pandemic required lawyers to…more

Aircraft, Aviation Industry, Borrowers, Debt Trading, Enforcement

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Key considerations for project owners in the construction of design-led projects in Saudi Arabia

A number of iconic, large-scale construction projects are currently in development as part of the Kingdom of Saudi Arabia's Vision 2030 − an ambitious strategic blueprint for the creation of a more diverse and sustainable…more

Antiquities Act, Architects, Construction Contracts, Construction Industry, Construction Project

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US Chapter 15: Recognition of Indonesian Reorganization Plan

In recent years, Indonesian companies have shown both a greater willingness to use foreign restructuring processes, as well as a greater need to do so given the increasingly sophisticated financing structures and investor bases…more

Bankruptcy Code, Chapter 15, Debtors, Filing Requirements, Foreign Bankruptcies

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Guyana Bidding Rounds

On December 9, 2022, Guyana released the preliminary terms for an oil and gas tender covering a total of 14 offshore blocks, including 11 deep water blocks and three shallow water blocks.1 Guyana estimates that the blocks…more

Bids, Contract Terms, Energy Sector, First Tender, Gulf of Mexico

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High-value, high-risk: Bribery, corruption and fraud threats to the luxury goods sector

As Coco Chanel once said: "Fashion changes, but style endures." And "endurance" has been a key word for the global luxury goods sector in recent years; it has seen exceptional growth in defiance of high interest rates,…more

Bribery, Corruption, Financial Crimes, Fraud, Luxury Goods

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Transformation in the construction industry: Keeping pace with change

[co-authors: Rhulani Matsimbi, and Kit Goodfellow] Three pillars are at the heart of global efforts to boost sustainability and make our built environment cleaner, greener and more socially responsible: construction, energy…more

Construction Contracts, Construction Disputes, Construction Industry, Construction Project, Coronavirus/COVID-19

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ADGM unveils an innovative update to its Arbitration Regulations

On 23 December 2020, the Abu Dhabi Global Market (the "ADGM") enacted Amendment No. 1 of 2020 to the ADGM Arbitration Regulations 2015 (the "Arbitration Regulations"). The amendments to the Arbitration Regulations reflect the…more

Abu Dhabi Global Markets (ADGM), Arbitration, Arbitration Agreements, Foreign Judgments, Interim Measures

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The Anti-Money Laundering Act of 2020—Expanding Anti-Money Laundering Reporting Responsibilities to Small Businesses

As 2020 closed, Congress passed the annual National Defense Authorization Act, which embedded an unrelated set of provisions called the Anti-Money Laundering Act of 2020 ("AMLA-2020" or "the Act"). AMLA mandates disclosures…more

Anti-Money Laundering, Beneficial Owner, FinCEN, NDAA, Reporting Requirements

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Debt: Outlook for Africa brightens after challenging first half to the year

Lender caution following Zambia's debt repayment default in 2020 has weighed on African debt issuance, but successful raisings by high profile borrowers show that investor appetite remains resilient - African loan and bond…more

Africa, Borrowers, Capital Markets, Coronavirus/COVID-19, Debt

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Vietnam's new Law on Public-Private Partnerships

Vietnam's new Law on Public-Private Partnership (Law No. 64/2020/QH14) (the "PPP Law") was ratified on 18 June 2020 by the Vietnamese National Assembly and will come into effect on 1 January 2021…more

Business Opportunities, Foreign Investment, Infrastructure Financing, New Rules, Public Private Partnerships (P3s)

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A Closer Look at Asset Sales in Leveraged Finance: reinvest, repay, repeat

European Leveraged Finance Client Alert Series: Issue 8 - The traditional approach to the treatment of disposal proceeds in leveraged loan agreements has evolved in recent years, as borrowers seek to retain greater…more

Contract Terms, Covenant Lite Deals, De Minimus Doctrine, Debt, EBITDA

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Reforms to Financial Laws in Administrative Procedure

On January 24, 2024, the Ministry of Finance and Public Credit published in the Federal Gazette the "Decree amending, adding, and repealing various provisions of financial laws in matters of administrative procedure" (the…more

Administrative Procedure, Financial Regulatory Reform, Financial Services Industry, Implementing Decrees, Legislative Agendas

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Time to Revisit Insider Trading Policies: The SEC’s Expansion of Insider Trading Enforcement to “Shadow Trading” Survives Motion to Dismiss

On January 14, 2022, in a closely watched decision, a federal judge in the Northern District of California denied a motion to dismiss a complaint brought by the US. Securities and Exchange Commission ("SEC") that presented a…more

Acquisitions, Enforcement Actions, Insider Trading, Misappropriation, Motion to Dismiss

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European Court of Justice on Independence of German Energy Regulator

In its judgment of 2 September 2021, the ECJ ruled in particular that the German Federal Network Agency (Bundesnetzagentur) does not have the sufficient independence required under EU law. According to the ECJ, EU law requires…more

Energy Sector, EU, EU Directive, European Commission, European Court of Justice (ECJ)

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Mixed Signals: US M&A FY 2022

Although the record-breaking deal activity of 2021 spilled over into 2022, headwinds in the first quarter developed into a significant slowdown during the rest of 2022, with an expectation of continued slowness as we enter…more

Acquisitions, Buyers, Capital Markets, CFIUS, Coronavirus/COVID-19

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Indonesia is riding strong tailwinds

Deal making has been running at a solid pace in Indonesia so far this year. In Q1 2023, 26 deals were recorded—a gain of 18% on the previous quarter by volume—for a total of US$2.2 billion. Value was down by 57% over the same…more

Acquisitions, Electric Vehicles, FinTech, Foreign Investment, Indonesia

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UK's Context-Based AI Regulation Framework: The Government's Response

In March 2023, the UK government published the AI Regulation White Paper (the White Paper), setting out its proposed regulatory framework for AI. Unlike the EU's AI Act, which will create new compliance obligations for a…more

Artificial Intelligence, Copyright, New Regulations, Regulatory Agenda, Risk Management

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Australian Government set to boost investment into Southeast Asia

The A$2 billion Southeast Asia Investing Financing Facility (SEAIFF) is one of several measures recently announced by the Australian Government to boost investment and strengthen trade relationships between Australia and the…more

Asia, Australia, Capital Markets, Global Market, Investment

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1st update: Initiative to amend the mining law

This client alert follows the one dated April 20, 2023, in which we described the main points of the initiative to amend the law and regulations in the mining sector presented by the President on March 28, 2023 (the…more

Amended Legislation, Amended Regulation, Mexico, Mining

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SL Claimants v Tesco: High Court clarifies the confidentiality of documents referred to in separate criminal proceedings

In SL Claimants v Tesco Plc,1 the High Court considered a number of issues relating to disclosure during the fourth case management conference in those proceedings. Of particular interest to practitioners and parties to…more

Appeals, Case Management, Concurrent Litigation, Confidential Documents, Criminal Prosecution

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A Closer Look at Asset Sales in Leveraged Finance: reinvest, repay, repeat

European Leveraged Finance Client Alert Series: Issue 8 - The traditional approach to the treatment of disposal proceeds in leveraged loan agreements has evolved in recent years, as borrowers seek to retain greater…more

Contract Terms, Covenant Lite Deals, De Minimus Doctrine, Debt, EBITDA

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Help on the way: CARES Act benefits small businesses

Small businesses affected by the COVID-19 pandemic can take advantage of the unprecedented aids available under the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act, which was enacted on March 27, 2020.  The CARES…more

CARES Act, Coronavirus/COVID-19, Economic Injury Disaster Loans, Employee Retention, Net Operating Losses

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Anglo-American relations: A special relationship with subtle differences

Much has been written about the influence of US terms on European transactions and particularly the steady migration of US concepts into English law facilities agreements, resulting from the supply-demand imbalance in the…more

Bankruptcy Code, Borrowers, Covenant Lite Deals, Creditors, EU

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European leveraged finance: A whole new world

European leveraged finance in 2023 was saddled with the negative effects of elevated interest rates. But as the market adjusts to the “new normal”, rate and price stability offer hope for a brighter 2024. -Rising interest…more

Acquisitions, Banking Sector, Buyouts, Debt, Debt Market

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Latest Plans to Increase Nuclear Energy in South Africa

Nuclear energy has been significant in South Africa's energy landscape for decades. South Africa's focus on nuclear energy (as a low-carbon and efficient base-load source of energy1) is ever-increasing as the global drive…more

Energy Sector, International Atomic Energy Agency, Nuclear Power, Renewable Energy, South Africa

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ESG & EPC: A Match Made for Real Estate Finance Heaven?

The real estate sector is heavily regulated and is no stranger to environmental, social and governance ("ESG")-related policies and requirements. One imminent ESG-focused change affecting the UK real estate sector relates to…more

Borrowers, Energy Efficiency, Environmental Social & Governance (ESG), Green Loans, Policies and Procedures

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DOE Extends Standard Term of Long-Term Natural Gas Export Authorizations to Non-FTA Countries

In response to its updated analyses of the impacts of natural gas exports on the US economy and the environment, and competitive forces in the global market for LNG, DOE takes steps to offer term extensions to existing and…more

Department of Energy (DOE), Environmental Review, Exports, Extensions, Liquid Natural Gas

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Managing construction risks in Asia-Pacific: Indonesia

The construction industry in Indonesia has long been considered the backbone of the country's economic and social development, and regulations are being continuously amended to ease complexity and expedite processes for…more

Breach of Contract, Construction Contracts, Construction Industry, Contract Disputes, Foreign Investment

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Environmental concerns spur Asia to reduce reliance on coal

Asia's switch from coal to natural gas is driven by stricter emission standards, low natural gas prices, and more efficient new natural gas turbine technology. The overwhelming consensus seems to be that thermal coal is on its…more

Asia, Carbon Emissions, Coal, Coal Industry, Electricity

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US Supreme Court Declines to Review Ruling that Syndicated Loans Are Not Securities

The order marks the end of the Kirschner case, which had threatened to expand US securities regulation to syndicated loans. The US Supreme Court has denied a petition for certiorari review in the Kirschner case, in which…more

Amicus Briefs, Bank Loan Markets, Financial Institutions, Loan Syndication and Trading Association (LSTA), Securities

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Amendment to the Hydrocarbons Law and resolution that eliminates the asymmetric regulation applicable to Pemex

On May 19, 2021, the Mexican President Andrés Manuel López Obrador published in the Federal Official Gazette1 the "Decree amending the thirteenth transitory article of the Hydrocarbons Law" (the "Reform"), in order to eliminate…more

Energy Projects, Energy Reform, Energy Sector, Hydrocarbons, Mexico

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New Reporting Requirement for Shareholders of Listed Companies

In order to implement the mandate of Law No. 4 of 2023 on the Development and Strengthening of the Financial Sector and to ensure that reports on changes in share ownership comply with currently applicable international…more

Asia, Beneficial Owner, Corporate Governance, Financial Institutions, Regulatory Agenda

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Amendments to the Federal District Law for Solid Waste

On June 25, 2019 a decree amending the Federal District Law for Solid Waste (“Amendment Decree”) was published in the Official Gazette of Mexico City and entered into force on the day following its publication…more

Amended Rules, Manufacturers, Mexico, Plastic Bag Bans, Plastic Straw Ban

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EU proposes Green Claims Directive to combat greenwashing

The European Commission has proposed a directive on regulating so-called 'Green Claims', that lays down detailed rules on the substantiation, communication and verification of voluntary environmental claims and environmental…more

Enforcement Actions, EU, EU Directive, European Commission, Green New Deal

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For COVID-19 Competitor Collaborations, DOJ Antitrust Division’s “Business Review Letter” Offers Easy and Likely Effective Antitrust Protection

On April 4, 2020, the Antitrust Division of the Department of Justice issued its first Business Review Letter under the DOJ-FTC joint expedited COVID-19 competitor collaboration review procedures, blessing several medical supply…more

Absolute Immunity, Antitrust Division, Antitrust Provisions, Business Review Letters, Collaboration

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Rule 144A Fixed Income Securities Won’t Become Subject to Public Information Requirement under Rule 15c2-11

On October 30, 2023, the US Securities Exchange Commission (the "SEC") issued an order (the "Order")1 granting broker-dealers exemptive relief from Rule 15c2-11 ("Rule 15c2-11") under the US Securities Exchange Act of 1934 (the…more

Broker-Dealer, Fixed Income Investments, Information Technology, Investment Adviser, Rule 144A

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Managing construction risks in Asia-Pacific: Vietnam

Changes in the construction law and favorable government policy continue to spur Vietnam's construction industry. Vietnam is the third-largest country in Southeast Asia. Due to favorable government policy and an abundance of…more

Breach of Contract, Construction Contracts, Construction Industry, Contract Terms, Dispute Resolution

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UK Supreme Court considers AI inventorship

On 2 March, the UK Supreme Court heard the arguments in Thaler v Comptroller-General of Patents, Designs and Trademarks, the latest in a growing line of international jurisprudence grappling with issues raised by the use of…more

Appeals, Artificial Intelligence, Authorship, Corporate Counsel, Intellectual Property Protection

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Mitigating Risk of Fraud During the COVID-19 Crisis

Any financial crisis, especially one as pronounced as that triggered by the coronavirus (COVID-19) pandemic, puts companies at heightened risk for fraud. With $2.2 trillion about to be made available for financial relief under…more

CARES Act, Coronavirus/COVID-19, Corruption, Department of Justice (DOJ), Financial Fraud

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Negotiations on Carbon Credits Expected to Continue at COP27

Greenhouse gas emissions reduction or removal credit transactions allow governments, companies or individuals to purchase credits that are often referred to as "carbon credits" in an effort to mitigate climate change by…more

Carbon Emissions, Climate Change, EU, Greenhouse Gas Emissions, Market Based Approach

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Liquidated damages in energy projects

In a noteworthy decision to participants in the energy industry, the High Court of England & Wales examined what constitutes a valid liquidated damages clause in the event of delayed completion of a solar project. And last week…more

Construction Project, Contract Terms, Contractors, Delay Claims, Employer Liability Issues

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SEC Voluntarily Stays Its Climate Rules Pending Judicial Review

On April 4, 2024, less than one month after their adoption, the U.S. Securities and Exchange Commission ("SEC") has chosen to stay its newly adopted climate disclosure rules, pending judicial review (the "Final Rules"). The SEC…more

Climate Change, Disclosure Requirements, Environmental Social & Governance (ESG), Judicial Review, New Rules

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SEC Voluntarily Stays Its Climate Rules Pending Judicial Review

On April 4, 2024, less than one month after their adoption, the U.S. Securities and Exchange Commission ("SEC") has chosen to stay its newly adopted climate disclosure rules, pending judicial review (the "Final Rules"). The SEC…more

Climate Change, Disclosure Requirements, Environmental Social & Governance (ESG), Judicial Review, New Rules

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US Supreme Court Declines to Review Ruling that Syndicated Loans Are Not Securities

The order marks the end of the Kirschner case, which had threatened to expand US securities regulation to syndicated loans. The US Supreme Court has denied a petition for certiorari review in the Kirschner case, in which…more

Amicus Briefs, Bank Loan Markets, Financial Institutions, Loan Syndication and Trading Association (LSTA), Securities

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The decisive decade: The race to net zero gets underway

Sustainable energy companies from renewable natural gas to renewable methane are being bought up by oil & gas super-majors, whose balance sheets have expanded thanks to the surging price of energy and fossil fuels in the past…more

Acquisitions, Biden Administration, Carbon Emissions, Climate Change, Greenhouse Gas Emissions

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Extensions of time in construction projects: prospective or retrospective delay analysis?

Contractors' extension of time (EOT) entitlements and associated financial rights are always to be assessed pursuant to the applicable contract mechanism. A recurring question is whether EOT entitlements are to be determined…more

Claim Procedures, Construction Contracts, Construction Disputes, Construction Industry, Construction Project

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Supreme Court of Justice withdraws mining concessions for lack of community consultations

On 16 February 2022, the First Chamber of the Supreme Court of Justice ("SCJ") ruled in favor of the Ejidal Commissariat and the Nahua Indigenous Community of Tecoltemi, ordering the withdrawal of two mining concessions from a…more

Canada, Concession Agreements, Expropriation, Investment, Investors

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COVID-19 – Guidance for International Employers

Companies and their workforces are facing extraordinary challenges during the period of disruption caused by COVID-19, and Governments around the world are introducing new legislation and guidance on a frequent basis to help…more

Business Closures, Business Interruption, Coronavirus/COVID-19, Employer Liability Issues, New Guidance

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Autumn dawn raid revival on the cards for European competition authorities

This autumn, European competition authorities are likely to resume dawn raids of companies suspected of competition law infringements. This will aim to clear a backlog of planned inspections that has built up since the start of…more

Competition Authorities, Coronavirus/COVID-19, Dawn Raids, European Competition Network (ECN), French Competition Authority

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Current Conditions Present Historic Gifting Opportunities; Time to Review Retirement Plan Beneficiary Designations

The dramatic decline in asset values caused by the emergence of COVID-19 as a significant health threat, combined with historically high gift tax exemptions and historically low interest rates make now an opportune time to focus…more

Beneficiary Designations, Coronavirus/COVID-19, Estate Planning, Gift-Tax Exemption, Gifts

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FCA revises stance regarding Exchange Traded Notes for professional investors involving cryptoassets

The Financial Conduct Authority (FCA) confirmed on 11 March 2024 it will not object to requests from Recognised Investment Exchanges (RIEs) to establish UK-listed market segments for cryptoasset-backed exchange-traded notes…more

Crypto Exchanges, Cryptoassets, Cryptocurrency, Financial Conduct Authority (FCA), Financial Services Industry

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The Economic Impact of FATF Grey-Listing

The Financial Action Task Force ("FATF") is the global standard-setter on anti-money laundering ("AML"), countering terrorist financing ("CFT") and counter proliferation financing. FATF's standards, also referred to as…more

AML/CFT, Anti-Money Laundering, Cross-Border Transactions, EU, FATF

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Ask, and you shall receive – English Court of Appeal grants anti-suit injunction in support of foreign arbitration

In Deutsche Bank AG v RusChemAlliance LLC [2023] EWCA Civ 1144, the English Court of Appeal granted an anti-suit injunction to restrain Russian court proceedings brought in breach of an agreement to arbitrate in Paris, France…more

Anti-Suit Injunctions, Appeals, Arbitration, Deutsche Bank, EU

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Global Investigations Review: Basic Anatomy of Enforcement Investigations in Europe

Securities laws across France, Germany and the United Kingdom are widely comparable. Each country recognises the importance of maintaining a strong procedural framework of regulation and enforcement. The EU Market Abuse…more

AMF, Appeals, BaFin, Criminal Investigations, Enforcement

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BMWi plans further tightening of investment control in M&A transactions of foreign investors

On January 31, 2020, the Federal Ministry for Economic Affairs and Energy (BMWi) presented a draft law amending the Foreign Trade and Payments Act (AWG-E) and forwarded it to selected trade associations for their comments. With…more

Acquisitions, Critical Infrastructure Sectors, EU, EU Screening Regulation, Foreign Acquisitions

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Megadeals highlight resilience of construction and EMU industries

Consolidation and alternative energy drive big-ticket energy, mining and utilities M&A - Global dealmaking in the construction and energy, mining and utilities (EMU) sectors has cooled over the course of 2023. There were…more

Acquisitions, Energy Sector, EU, Global Dealmaking, Investment

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Corporate Governance Key developments 2022

This briefing is the third in our series of briefings on corporate governance and is designed to provide a synopsis of topical corporate governance matters impacting companies in the United Kingdom. This briefing tracks the…more

Coronavirus/COVID-19, Corporate Governance, Corporate Monitoring, Diversity, Environmental Social & Governance (ESG)

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Frustrated by Brexit? Too high a hurdle to overcome for the EMA

One of the multitude of uncertainties currently facing commercial parties potentially affected by Brexit is the effect on their existing commercial contracts, specifically whether the new circumstances of Brexit provide a "get…more

Assignment of Rents (AOR), Assumption of the Risk, Breach of Contract, Commercial Leases, Contract Termination

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How Digital Asset Innovators Can Manage the Risks of White Collar Scrutiny in the US

Described as the "Wild West" by SEC Chairman Gary Gensler, the meteoric rise of digital assets like cryptocurrencies has disrupted the traditional financial ecosystem. The wave of enforcement actions brought by federal and state…more

CFTC, Cryptocurrency, Department of Justice (DOJ), Digital Assets, Enforcement Actions

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SEC (Finally) Adopts Clawback Rules

On October 26, 2022, the Securities and Exchange Commission ("SEC") adopted its long-awaited final rules on clawbacks. Under these rules, companies listed on the NYSE and Nasdaq will be required to adopt "clawback" policies –…more

Clawbacks, Corporate Officers, Disclosure Requirements, Dodd-Frank, Executive Compensation

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Vietnam's new Law on Public-Private Partnerships

Vietnam's new Law on Public-Private Partnership (Law No. 64/2020/QH14) (the "PPP Law") was ratified on 18 June 2020 by the Vietnamese National Assembly and will come into effect on 1 January 2021…more

Business Opportunities, Foreign Investment, Infrastructure Financing, New Rules, Public Private Partnerships (P3s)

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At Mid-year, US Merger Filings Down From 2021's Torrid Pace, But Still Far Above the Historic Average

...Key Highlights - According to WAMS data, US merger control filing activity has cooled off: H1 2022 merger filing activity is down 23 percent versus H1 2021. However, US HSR filings in H1 2022 are 47 percent above the…more

Acquisitions, Austria, Brazil, Department of Justice (DOJ), EU

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Another Step Forward: Enforcement of English Court Judgments in the UAE

On 13 September 2022, the UAE Ministry of Justice issued a directive which confirms that judgments issued by the English Courts can be enforced by the UAE Courts under the principle of reciprocity (the "Directive"). The…more

Bilateral Investment Treaties, Cross-Border Transactions, EU Directive, Foreign Investment, Foreign Judgments

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2022 Summer review: M&A legal and market developments

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

Acquisitions, Capital Markets, Corporate Governance, EU, Global Dealmaking

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SEC Proposes Rules to Regulate SPACs

On March 30, 2022, the US Securities and Exchange Commission (the "SEC"), in a three-to-one vote of its commissioners divided along political lines, approved the issuance of proposed rules regarding special purpose acquisition…more

Initial Public Offering (IPO), Investment, Investors, Proposed Rules, Public Comment

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A View from Abroad: Unpacking DOJ’s M&A Safe Harbor Policy, Part II

On October 4, 2023, United States Deputy Attorney General (DAG) Lisa Monaco announced a new Department of Justice (DOJ) Mergers & Acquisitions Safe Harbor policy that encourages companies to self-disclose criminal misconduct…more

Acquisitions, Anti-Money Laundering, Antitrust Division, Compliance, Cooperation

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European leveraged finance: A whole new world

European leveraged finance in 2023 was saddled with the negative effects of elevated interest rates. But as the market adjusts to the “new normal”, rate and price stability offer hope for a brighter 2024. -Rising interest…more

Acquisitions, Banking Sector, Buyouts, Debt, Debt Market

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Sustainable energy and infrastructure projects under a Biden administration

Earlier this year, a panel of our US energy and infrastructure partners came together to consider what the Biden administration means for sustainable infrastructure projects, climate change polices, renewable energy projects and…more

Biden Administration, Energy Projects, Energy Sector, Infrastructure, Renewable Energy

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Proposed EU Anti-Corruption Directive – how does it compare to the US and UK gold standard?

The European Commission has published a proposed Directive which, building on measures already in place, would require member states to incorporate uniform anti-bribery measures into their laws. Whilst most EU member states have…more

Anti-Bribery, Anti-Corruption, Bribery, Corporate Counsel, Corporate Governance

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Statutory Powers of Sale

In 2023, we saw an increase in both voluntary administration and receivership appointments in Australia. In the context of Australia's economic climate this was unsurprising — debtor companies were grappling with volatile…more

Australia, Corporate Governance, Corporate Restructuring, Debt Restructuring, Financial Markets

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European leveraged finance: A whole new world

European leveraged finance in 2023 was saddled with the negative effects of elevated interest rates. But as the market adjusts to the “new normal”, rate and price stability offer hope for a brighter 2024. -Rising interest…more

Acquisitions, Banking Sector, Buyouts, Debt, Debt Market

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Term loan C in the spotlight

In debt markets characterized by tighter liquidity and cautious lenders, term loan C debt is providing borrowers with essential liquidity - Volatile credit markets and guarded banks have made securing term loan C (TLC) debt…more

Banks, Borrowers, Debt Market, Financial Services Industry, Lenders

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European NPLs: Market earns welcome breathing room

The ongoing decline in NPL volumes in 2022 and pivot towards smaller disposals leave European lenders well positioned to withstand adverse economic conditions. Lenders are enjoying the fruits of their labours. Having…more

Banking Sector, Banks, Buyers, Capital Markets, EU

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Ready to launch: US stock markets are poised for a strong 2024

US IPO markets have been lackluster during the past 24 months, but, as interest rates stabilize and stock valuations recover, the backdrop for US IPOs in 2024 is improving - Despite high interest rates and geopolitical…more

Capital Markets, FinTech, Initial Public Offering (IPO), Investment, Investors

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Germany’s Reaction to the Energy Crisis

Following Russia's actions in Ukraine, an energy crisis unfolds in Europe and particularly in Germany. The looming threat of Russia suspending gas deliveries to Germany, or Germany ending the procurement as part of a sanctions…more

Economic Sanctions, Emergency Response, Energy Sector, EU, Export Controls

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Amendment of French restructuring and insolvency laws: a new balance between stakeholders

The reform resulting from Order no. 2021-1193 dated September 15, 2021 is applicable to proceedings initiated as of October 1, 2021 - French insolvency law is undergoing a far-reaching reform, 7 years after the last major…more

Conciliation, Coronavirus/COVID-19, Corporate Restructuring, Creditors, Debtors

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1st update: Initiative to amend the mining law

This client alert follows the one dated April 20, 2023, in which we described the main points of the initiative to amend the law and regulations in the mining sector presented by the President on March 28, 2023 (the…more

Amended Legislation, Amended Regulation, Mexico, Mining

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Entry into force of the new PPP decree in Senegal: salient provisions on local content

On 15 November 2021, decree No. 2021-1443 of 27 October 2021 (hereinafter the "New PPP Decree"), implementing law No. 2021-23 of 2 March 2021 on public-private partnership contracts (hereinafter the "New PPP Law") was published…more

Contractors, Procurement Guidelines, Public Private Partnerships (P3s), Senegal, Shareholders

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Amendments to the Mexican Securities Market Law and the Investment Funds Law

On December 28, 2023, a decree was published to reform and add several provisions to the Mexican Securities Market Law (Ley del Mercado de Valores) and the Investment Funds Law (Ley de Fondos de Inversión) (the "Reform Decree")…more

Capital Markets, Environmental Social & Governance (ESG), Financial Regulatory Reform, Hedge Funds, Investment

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Legal Reform: Ability to hold Shareholders’/Partners’ Meetings and Board of Directors’ Meetings remotely through electronic means

On October 20, 2023, a decree was published to reform and add several provisions of the General Law on Commercial Entities (Ley General de Sociedades Mercantiles) (the "Law") to allow the use of electronic means for the holding…more

Board Meetings, Board of Directors, Corporate Governance, Electronic Communications, Mexico

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German and Austrian competition authorities publish updated joint guidance on transaction value thresholds

The German Bundeskartellamt and the Austrian Bundeswettbewerbsbehörde have updated their joint guidance on the application of their respective transaction value thresholds for mandatory merger notifications (the "Guidelines") on…more

Austria, Competition, Draft Guidance, EU, Germany

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Current Conditions Present Historic Gifting Opportunities; Time to Review Retirement Plan Beneficiary Designations

The dramatic decline in asset values caused by the emergence of COVID-19 as a significant health threat, combined with historically high gift tax exemptions and historically low interest rates make now an opportune time to focus…more

Beneficiary Designations, Coronavirus/COVID-19, Estate Planning, Gift-Tax Exemption, Gifts

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“Novel” or Not: the SEC and DOJ’s Expansion of Insider Trading to “Shadow Trading” and 10b5-1 Plans Survive Their Days in Court

On April 5, 2024, the U.S. Securities and Exchange Commission ("SEC") won a jury verdict in its first "shadow trading" insider trading action. Only a few weeks before this verdict, a court denied a motion to dismiss a criminal…more

10b5-1 Plans, Affirmative Defenses, Department of Justice (DOJ), Enforcement, Good Faith

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Summary of FERC Meeting Agenda for April 2024

Summaries of the agenda items for the Federal Energy Regulatory Commission's monthly open meeting to be held on April 25, 2024, as well as a forthcoming meeting to be held on May 13, 2024, pursuant to the respective sunshine…more

Certificate of Public Convenience and Necessity, Electricity, Energy Sector, FERC, Hydro Issues

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The Supreme Court Hears Oral Argument in Arthrex

On March 1, 2021, the Supreme Court heard the oral argument in Arthrex, Inc. v. Smith & Nephew, Inc., No. 19-1434. Two questions are before the Court. First, whether under the Appointments Clause, U.S. Const. Art. II, § 2, cl…more

Administrative Patent Judges, Appointments Clause, Arthrex Inc v Smith & Nephew Inc, Constitutional Challenges, Director of the USPTO

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Investing in India

What a difference a decade can make! Since the publication of our first report, "Navigating India: Lessons for Foreign Investors," in 2013, India has undergone a remarkable transformation. The country’s population grew by 100…more

Arbitration, Capital Markets, Clean Energy, Cross-Border, Debt Financing

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WTO Extends E-Commerce Tariff Moratorium as Broader Negotiations Continue

The World Trade Organization’s (“WTO”) 13th Ministerial Conference (“MC13”) has extended the e-commerce customs duty moratorium for another two years, providing another short reprieve for digital services companies from the…more

Customs, E-Commerce, EU, Popular, Tariffs

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Luxembourg strengthens its position as an arbitration hub by adopting a new arbitration law

On 23 March 2023, the Luxembourg Chamber of Deputies adopted a bill reforming its arbitration law. This long-awaited reform is the first significant modification of the Luxembourg provisions on arbitration since the Napoleonic…more

Appeals, Arbitration, Cooperation Agreement, Ex Parte, Fraud

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Biden Administration Announces New Measures to Protect US Steel, Aluminum, and Shipbuilding Industries

The Biden administration has announced a package of policy measures to protect the US steel, aluminum, and shipbuilding industries from what they allege are unfair trade practices by China and calling the industries critical to…more

Aluminum Sales, Biden Administration, China, Investigations, Mexico

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Credit Bids on the rise in Australia

Investors in the Australian market are more sophisticated than ever and – unsurprisingly – so too are the restructuring transactions being promoted by these investors. One such transaction is the credit bid. While not a…more

Acquisitions, Australia, Corporate Governance, Corporate Restructuring, Credit Bids

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Prepare for change: Technology and sustainability

Digitalisation and ESG are transforming the face of infrastructure. Here we explore how investors are reacting to the opportunities and challenges these forces present. Technology is playing a transformative role in…more

Asia Pacific, Critical Infrastructure Sectors, Cybersecurity, Environmental Policies, Environmental Social & Governance (ESG)

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Landmark decision suggests a tough approach by the FCA to information exchange and its enforcement of competition law in the UK

In a landmark decision on 21 February 2019 (the "Decision"), marking the first use of its enforcement powers under the Competition Act 1998 ("CA 1998"), the Financial Conduct Authority ("FCA") imposed fines on three asset…more

Anti-Competitive, Asset Management, Bids, Competition Act, Enforcement Actions

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The Rise of Artificial Intelligence, Big Data, and the Next Generation of International Rules Governing Cross-Border Data Flows and Digital Trade

1. Introduction and Overview - Developing international rules for cross-border data flows and digital trade. Cross-border data flows are integral to the modern economy, enabling communications, financial transactions, access…more

Artificial Intelligence, Cross-Border, International Data Transfers, Machine Learning, Popular

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Will the European Commission lose its ability to review below-threshold deals?

In yet another twist in the Illumina/Grail saga, Advocate General Emiliou has challenged the European Commission's approach to calling-in certain non-reportable transactions for review. The final judgment will be delivered by…more

Acquisitions, EU, EUMR, European Commission, European Merger Control Regulation

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5 things you need to know about … the FCA’s 2021/22 business plan

1. What is the FCA's 2021/22 business plan? The FCA's 2021/22 business plan (the "Business Plan") was published on 15 July 2021 (see here). It provides areas of focus for the FCA in both consumer and wholesale markets, as…more

Business Plans, Consumers, Corporate Governance, Diversity and Inclusion Standards (D&I), Environmental Social & Governance (ESG)

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AI Legal News Summer Roundup: Edition 3

Welcome to the third edition of our AI Legal News Summer Roundup! After five class actions were filed between June 28 and July 11 (as reported on in our first edition of this series), on July 21, another class action lawsuit was…more

Artificial Intelligence, Australia, Automated Decision Systems (ADS), Broker-Dealer, Class Action

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A View from Abroad: Unpacking DOJ’s M&A Safe Harbor Policy, Part II

On October 4, 2023, United States Deputy Attorney General (DAG) Lisa Monaco announced a new Department of Justice (DOJ) Mergers & Acquisitions Safe Harbor policy that encourages companies to self-disclose criminal misconduct…more

Acquisitions, Anti-Money Laundering, Antitrust Division, Compliance, Cooperation

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Financial Regulatory Observer – March 2019: Navigating uncertainty: Corporate governance for foreign banks in the US

With the regulatory agenda for the US operations of foreign banks in a state of flux, Kevin Petrasic, Paul Saltzman, Glen Cuccinello, Will Giles and Alexander Abedine of global law firm White & Case provide a map to help boards…more

Banking Sector, Board of Directors, Combined US Operations (CUSO), Corporate Governance, FBOs

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Honduras ICSID Denunciation and Implications for Foreign Investors

The International Centre for Settlement of Investment Disputes ("ICSID") has announced that the World Bank received a written notice of denunciation of the Convention on the Settlement of Investment Disputes between States and…more

Dispute Resolution, Foreign Investment, Honduras, ICSID, International Arbitration

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Broker-dealers should be ready for Regulation Best Interest

In light of recent discussions regarding the content and implications of Regulation Best Interest, Securities and Exchange Commission (“SEC”) Chairman Jay Clayton recently stated that broker dealers should be ready for the new…more

Broker-Dealer, Compliance, Conflicts of Interest, Disclosure Requirements, Duty of Care

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Additional measures to promote an orderly behavior in the financial markets

Additional measures to promote an orderly behavior in the financial markets strengthen credit granting channels and provide liquidity for the sound development of the financial system in Mexico…more

Banks, Collateral, Coronavirus/COVID-19, Credit, Exchange Rates

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Schuldscheine – a global alternative product of the future?

Schuldscheine, no longer exclusively German products, are gaining international popularity as issuers and financial institutions realise their efficiency, flexibility and propensity for innovation. In the face of uncertainty in…more

Bonds, Debt Financing, Germany, Hybrid Capital Instruments, Investment Funds

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Investors flock to lucrative aerospace and defense industry

The aerospace and defense sector has historically been immune to the impact of global downturns, with spending determined by geopolitical rather than macroeconomic factors. Unsurprisingly, recent geopolitical unrest around…more

Aerospace, Buyers, Defense Sector, Elon Musk, Geopolitical Risks

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Unlocking Potential: GCC FinTech Trends, Regulations and Funding Outlook

The Gulf Cooperation Council ("GCC") region, particularly the United Arab Emirates ("UAE") and the Kingdom of Saudi Arabia ("KSA"), is experiencing a dynamic transformation in its financial sector driven by the rapid rise of…more

Buy Now Pay Later (BNPL), Data Protection, Financial Institutions, Financial Regulatory Reform, Financial Services Industry

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Honduras ICSID Denunciation and Implications for Foreign Investors

The International Centre for Settlement of Investment Disputes ("ICSID") has announced that the World Bank received a written notice of denunciation of the Convention on the Settlement of Investment Disputes between States and…more

Dispute Resolution, Foreign Investment, Honduras, ICSID, International Arbitration

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FCA revises stance regarding Exchange Traded Notes for professional investors involving cryptoassets

The Financial Conduct Authority (FCA) confirmed on 11 March 2024 it will not object to requests from Recognised Investment Exchanges (RIEs) to establish UK-listed market segments for cryptoasset-backed exchange-traded notes…more

Crypto Exchanges, Cryptoassets, Cryptocurrency, Financial Conduct Authority (FCA), Financial Services Industry

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Five things you need to know about the latest Panel consultation

On 24 April 2024, the Takeover Panel published a consultation paper, PCP 2024/1, which proposes to narrow the scope of the companies to which the Takeover Code (Code) applies. The changes would have the effect of removing UK…more

Acquisitions, Investment, Investors, Listed Company Manual, Mergers

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EU General Court quashes Qualcomm antitrust fine for "exclusivity payments", and censures the EU Commission for multiple due process and substantive errors

The General Court of the European Union delivered a blow to the European Commission in fully annulling its Qualcomm (exclusivity payments) decision of 2018 and a EUR 997 million fine. Qualcomm v Commission1 is the first…more

Anticompetitive Behavior, Apple, Business Disputes, Business Litigation, Corporate Counsel

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COVID-19: Disruption to Art Transactions

It would be a truism to note that COVID-19 has had a profound impact on many sectors globally. The art industry, which relies considerably on the human interaction between art dealers, artists, and members of the public, is no…more

Art, Art Auctions, Art Collections, Art Dealers, Art Sales

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ICC Task Force on Emergency Arbitrator Proceedings releases findings

The ICC Task Force on Emergency Arbitrator Proceedings recently released its report, providing further guidance on emergency arbitrator proceedings. Its findings are expected to be useful for parties and counsel alike. Below is…more

Admissibility, Arbitration Awards, Arbitration Procedural Rules, Emergency Arbitration Provisions, Expedited Actions Process

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Consumer financial services: The road ahead: Payment processing

The CFPB continued to be active in the consumer payments space in 2018, while the Federal Reserve and market participants considered the future of payment processing, including the development of faster payment systems…more

Anti-Money Laundering, Anticompetitive Behavior, Blockchain, California Consumer Privacy Act (CCPA), Compliance

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Real estate 2023: Into the headwinds

The sector's ability to adapt to changing circumstances underlines positivity and upbeat sentiment about the future—particularly in the longer term The findings reveal an industry in a period of instability and disruption, with…more

Acquisitions, Investment, Investors, Mergers, Popular

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Africa Focus: Spring 2019 - Protecting energy sector investors in West Africa

The Energy Protocol of the Economic Community of West African States seeks to attract power-sector investment - According to the OECD, "Investment treaties were developed to protect investors of one country when investing in…more

Africa, Benin, Bilateral Investment Treaties, Cabo Verde, Dispute Resolution

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Foreign direct investment reviews 2021: Italy

In response to the COVID-19 emergency, the screening powers of the Italian government were significantly expanded - The Italian government, led by the President of the Council of Ministries, together with any other relevant…more

Acquisitions, Coronavirus/COVID-19, Corporate Governance, Critical Infrastructure Sectors, EU

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European NPLs: Market earns welcome breathing room

The ongoing decline in NPL volumes in 2022 and pivot towards smaller disposals leave European lenders well positioned to withstand adverse economic conditions. Lenders are enjoying the fruits of their labours. Having…more

Banking Sector, Banks, Buyers, Capital Markets, EU

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Regulating the Supply and Demand of Foreign Bribery

With the December 2023 enactment of the Foreign Extortion Prevention Act ("FEPA"), the United States' anti-bribery laws now penalize the "demand-side" of foreign bribery. While, for decades, the Foreign Corrupt Practices Act…more

Anti-Bribery, Anti-Corruption, Books & Records, Bribery, FEPA

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U.S. Patent and Trademark Office seeks stakeholder input on Patent Trial and Appeal Board decision-making procedures

The U.S. Patent and Trademark Office's interim procedures for reviewing decisions of the Patent Trial and Appeal Board are receiving increased scrutiny. On July 20, 2022, the PTO issued a notice announcing notice-and-comment…more

Administrative Patent Judges, Inter Partes Review (IPR) Proceeding, Patent Trial and Appeal Board, PTAB Precedential Opinion Panel (POP), Rulemaking Process

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COVID-19 – Key Provisions Tracker for Shelter in Place, Safer at Home, and Other Work Reduction Orders for Key Jurisdictions in the United States

Both individuals and companies are facing unprecedented circumstances, with COVID-19 changing situations and circumstances on a minute-by-minute basis. In these state-by-state matrices, we have set out below the key guidelines,…more

Business Closures, Coronavirus/COVID-19, Emergency Management Plans, Executive Orders, Non-Essential Businesses

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COVID-19: Swiss Government Financial Assistance Measures -COVID-19 – The Swiss government’s measures to support the Swiss economy

Since mid-March 2020, the Swiss government has enacted a number of measures to mitigate the effects of the coronavirus (“COVID-19”) on the Swiss economy. The most important measure was announced on 20 March 2020 to help SMEs…more

Commercial Bankruptcy, Consumer Bankruptcy, Coronavirus/COVID-19, Debt Collection, Employee Retention

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DOL proposes new investment advice PTE

DOL Proposes New Prohibited Transaction Exemption Allowing for Broader Investment Advice Using "Impartial Conduct Standards" and Formally Reinstates 1975 Five-Part Test for Status as an Investment-Advice…more

Comment Period, Conflicts of Interest, Department of Labor (DOL), Employee Retirement Income Security Act (ERISA), Fiduciary Duty

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Global retail M&A volume drops to lowest total since 2009

COVID-19 has put dealmaking in the already disrupted retail industry under further strain. Some retailers, however, have proven resilient and those that survive will see opportunity to vertically integrate supply chains and…more

Acquisitions, Coronavirus/COVID-19, Delays, Financial Distress, Food Products .

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CFIUS Proposes Regulatory Updates to Shorten Mitigation Negotiation Timelines for Transaction Parties & Expand CFIUS Authorities for Monitoring and Enforcement

On April 11th, the US Department of the Treasury, as chair of the Committee on Foreign Investment in the United States (CFIUS), issued a Notice of Proposed Rulemaking (NPRM) to "enhance certain CFIUS procedures and sharpen its…more

CFIUS, Civil Monetary Penalty, Enforcement, Foreign Investment, Mitigation

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Winning the AML Intelligence War with Public Private Partnerships

Key considerations for banks engaging with governments and peer institutions to improve financial crime compliance systems - Every year, banks spend billions of dollars on core financial crime compliance systems and are…more

Anti-Money Laundering, Banking Sector, Banks, FATF, Financial Crimes

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UAE issues first Federal sector-wide Data Protection Law

Federal Decree Law No. 45/2021 on the Protection of Personal Data (the "UAE Personal Data Protection Law") will revolutionize the way that data is regulated in the UAE. How did we get here? Up until now, onshore UAE has not…more

Data Protection, DIFC, Dubai, General Data Protection Regulation (GDPR), Personal Data

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European leveraged finance: A whole new world

European leveraged finance in 2023 was saddled with the negative effects of elevated interest rates. But as the market adjusts to the “new normal”, rate and price stability offer hope for a brighter 2024. -Rising interest…more

Acquisitions, Banking Sector, Buyouts, Debt, Debt Market

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From rising costs to ESG ratchets: Five trends that will drive leveraged finance in 2022

The first half of the year has marked an inflection point for US leveraged finance markets. After a buoyant but brief post-pandemic period in 2021, the combination of surging inflation, rising interest rates and events in…more

Borrowers, Debt, Environmental Social & Governance (ESG), High Yield Bonds, Investors

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Five Things Funds need to know about the Foreign Subsidies Regulation

The EU Foreign Subsidies Regulation took effect on 12 July 2023 to much fanfare. We take a look at the top five things PE funds need to know when considering acquisitions with a European footprint. The Foreign Subsidies…more

Acquisitions, EU, European Commission, Foreign Subsidiaries, Foreign Subsidies

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Snapshot: Der deutsche Übernahmemarkt 2023

Blick auf den Markt und die bedeutendsten Transaktionen - Die Analyse öffentlicher Übernahmen im Jahr 2023 erscheint auf den ersten Blick wie eine Blaupause des Vorjahres. Die bereits 2022 festgestellten Trends bestätigten…more

Acquisitions, Capital Markets, EU, European Commission, Financial Regulatory Reform

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European leveraged finance: A whole new world

European leveraged finance in 2023 was saddled with the negative effects of elevated interest rates. But as the market adjusts to the “new normal”, rate and price stability offer hope for a brighter 2024. -Rising interest…more

Acquisitions, Banking Sector, Buyouts, Debt, Debt Market

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The Rise of Artificial Intelligence, Big Data, and the Next Generation of International Rules Governing Cross-Border Data Flows and Digital Trade

1. Introduction and Overview - Developing international rules for cross-border data flows and digital trade. Cross-border data flows are integral to the modern economy, enabling communications, financial transactions, access…more

Artificial Intelligence, Cross-Border, International Data Transfers, Machine Learning, Popular

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The Delaware General Assembly to the Rescue: Proposed Legislative Fixes to Uncertainty Created by Three Significant Delaware Chancery Court Decisions

Summary - On March 28, 2024 the Council of the Corporation Law Section of the Delaware State Bar Association released a set of proposed amendments to the Delaware General Corporation Law (the "DGCL"). The proposed amendments,…more

Beneficial Owner, Board of Directors, Breach of Contract, Damages, Delaware

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President Trump's Most Favored Nation Policy for Medicare Drug Costs Unlikely to Bring Near Term Changes

On September 13, 2020, President Trump issued an Executive Order seeking to establish most favored nation ("MFN") pricing for Medicare drug payments. The Trump Administration's Order, 'Lowering Drug Prices by Putting America…more

Anti-Kickback Statute, Drug Pricing, Executive Orders, Imports, Medicare

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Mercosur Trade Alert

Chief negotiators from Mercosur and the European Union (EU) met in Brasilia, Brazil earlier this month to resume attempts to conclude an inter-regional free trade agreement (FTA) after new proposals from both sides tabled…more

Brazil, EU, Free Trade Agreements, MERCOSUR, Regulatory Agenda

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FTSE indicates how it expects to update rules following FCA’s listing reforms

FTSE Russell has published an overview of the provisional changes it expects to make to its FTSE UK Index Series rules following reforms to the UK listing regime by the Financial Conduct Authority ("FCA") later this…more

Corporate Governance, Financial Conduct Authority (FCA), FTSE, Listing Standards, Regulatory Reform

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Global software M&A volume rebounds

Tech valuations fell through the second half 2022 and M&A in the sector shifted gears producing a rise in lower-value deals, particularly among private equity (PE) firms. That trend continued in Q1 2023 For the past two…more

Acquisitions, Investment, Investors, Mergers, Nasdaq

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Fund finance market—adapting to change

Following a period of rapid growth, the fund finance market has reached an inflection point. Once considered a small, esoteric area of the lending landscape, fund finance—loan facilities secured against investor commitments to…more

Acquisitions, Banking Sector, Domestic Dealmaking, Financial Institutions, Financial Markets

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Two courts confirm the logical limits of the validation principle

Courts in Paris and The Hague have recently refused to enforce awards from the same arbitration. These decisions confirm the logical limits to the pro-arbitration principle that arbitrators and courts should seek to uphold the…more

Appeals, Arbitration, Arbitration Agreements, Arbitrators, France

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German real estate corporates enter the leveraged debt and high yield bond scene

European Leveraged Finance Client Alert Series: Issue 6 July, 2019 - Sub-investment grade rated property companies in the German market are increasingly supplementing conventional real-estate senior secured bank financing…more

Capital Markets, Debt Financing, Debt Market, EBITDA, EU

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Italy – New Capital Markets Law

The Italian legislature enacted new measures , effective from March 27, 2024, to attract new investors to the Italian capital markets and rationalize corporate governance dynamics (the "Capital Markets Law")…more

Board of Directors, Capital Markets, Corporate Governance, Investors, Italy

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Ongoing Appeals May Shape How Juries and Courts Determine Patent Royalties

A patent holder that prevails in a patent infringement suit is entitled to either lost profits or a reasonable royalty. A reasonable royalty calculation often implicates the infringing product's revenues (the "royalty base").1…more

FRAND, Intellectual Property Protection, IP License, Patent Infringement, Patent Litigation

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US SEC Adopts Final Private Fund Adviser Rules

On August 23, 2023, the US Securities and Exchange Commission ("SEC") voted 3 – 2 to approve the adoption of significant new rules applicable to advisers of private funds (the "Private Fund Adviser Rules"). With these sweeping…more

Audits, Borrowers, Clawbacks, Compliance, Disclosure Requirements

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Home Office and Mobile Work: Status quo, Corona-ArbSchV and Outlook (Germany)

We have now been back in a "hard lockdown" since mid-December 2020. Even when the so-called "lockdown lite" was decided, the German Chancellor and the heads of government of the German states called on companies to (re)enable…more

Coronavirus/COVID-19, Employer Responsibilities, Germany, Health and Safety, Home Offices

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European Real Estate Finance: Market Update – Q2 2023

The past six months have seen difficult economic times in much of Europe, with governments and central banks seeking to respond to both the increases in costs of living and the need to curb inflation. Notwithstanding the wider…more

Belgium, EMEA, EU, Germany, Italy

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US CARES Act: Relief Available to US Subsidiaries of Latin American Companies

On March 27, 2020, the United States Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") became effective. The primary purpose of the CARES Act is to provide businesses affected by the novel coronavirus…more

CARES Act, Certification Requirements, Eligibility, Foreign Subsidiaries, Latin America

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How to Manage the Risks of SPAC Securities Fraud Actions in 2022

In March 2021, White & Case published a client alert entitled "How SPACs Can Manage the Risks of White Collar Scrutiny." The article discussed the surge in interest and publicity surrounding "SPACs" (Special Purpose Acquisition…more

Criminal Prosecution, Department of Justice (DOJ), Enforcement Actions, Indictments, Motion to Dismiss

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Investment treaty protection: How to safeguard foreign investments in Africa

Prudent African investors—and investors within Africa—can ensure that their foreign investments are protected from wrongful conduct that the state and its organs can inflict. …more

Africa, Bilateral Investment Treaties, Foreign Investment, Investment, Investor State Dispute Settlement (ISDS)

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Energy Transition and Investor-State Disputes

Past and current investor-state disputes relating to the energy transition may provide valuable lessons for what lies ahead. The global energy sector is transitioning from fossil fuels to increased use of renewable energy…more

Dispute Resolution, Electricity, Energy Sector, EU, Fossil Fuel

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ESG liability and litigation risks with a focus on Germany: Greenwashing

The European Commission ("Commission") is relentless in its fight against Greenwashing and the misrepresentation of sustainability impacts or benefits of a company’s products or actions. Following the global ESG trend and the…more

Advertising, Audits, Debt, Enforcement, Environmental Social & Governance (ESG)

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COVID-19: Turkish Government Financial Assistance Measures

As in the rest of the world, the coronavirus (“COVID-19”) pandemic has caused significant disruption in the Turkish economy and financial markets. In response, the Turkish Government has introduced an economic stimulus package,…more

Banking Sector, Commercial Bankruptcy, Coronavirus/COVID-19, Credit Insurance, Economic Stimulus

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CFIUS Proposes Regulatory Updates to Shorten Mitigation Negotiation Timelines for Transaction Parties & Expand CFIUS Authorities for Monitoring and Enforcement

On April 11th, the US Department of the Treasury, as chair of the Committee on Foreign Investment in the United States (CFIUS), issued a Notice of Proposed Rulemaking (NPRM) to "enhance certain CFIUS procedures and sharpen its…more

CFIUS, Civil Monetary Penalty, Enforcement, Foreign Investment, Mitigation

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Vietnamese M&A proves resilient amid global economic adversity

Vietnam's M&A market put in a strong performance in 2022, despite signs of the global economy fighting against a falling tide. Total deal volume for 2022 dropped by 19% year-on-year to 62 transactions (down from 77 in 2021), but…more

Acquisitions, Coca Cola, Coronavirus/COVID-19, Credit Cards, GDP

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Important Changes to FIDIC’s Rainbow Suite

In international construction contracts, few legal matters are more important than the definitions of "Claim" and "Dispute" or the procedure for the "Dispute Avoidance/Adjudication Board ("DAAB")". These are all the subject of…more

Claim Procedures, Construction Contracts, Construction Disputes, Construction Industry, Contract Terms

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Social Infrastructure supporting Australia’s sporting life

The 2023 Women's Football World Cup, shared between Australia and New Zealand, has seen attendance records broken for Women's sport. A total of 1,977,824 fans went to the 64 games in total. Four games at Sydney's Stadium…more

Arenas and Stadiums, Australia, Commercial Development, Infrastructure, Sports

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European leveraged finance: A whole new world

European leveraged finance in 2023 was saddled with the negative effects of elevated interest rates. But as the market adjusts to the “new normal”, rate and price stability offer hope for a brighter 2024. -Rising interest…more

Acquisitions, Banking Sector, Buyouts, Debt, Debt Market

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The 2022 Annual Law for Competition has been published in the Official Journal

The 2022 Annual Law for Competition (the "Law") has been published in the Official Journal No. 303 of 30 December 2023 and entered into force on 31 December 2023. The Law has changed the powers of the Italian Competition…more

Acquisitions, Antitrust Provisions, Competition, Competition Authorities, Digital Markets Strategy

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Modern slavery reporting requirements in Australia and the impact of COVID-19: What you need to know

The Modern Slavery Act 2018 (Cth) (Act) requires large Australian entities and foreign entities carrying on business in Australia to report annually on the risks of modern slavery in their operations and supply chains and the…more

Australia, Coronavirus/COVID-19, Corporate Governance, Corporate Social Responsibility, Forced Labor

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M&A headwinds and tailwinds

After two years of pandemic caution and amid perpetually increasing valuations, growing piles of dry powder and pent-up investment willpower, 2021 exploded in a global deal frenzy unrivaled in the past decade. On the heels of…more

Acquisitions, China, Coronavirus/COVID-19, Global Dealmaking, Global Economy

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Vendor performance during social isolation

White & Case Technology Newsflash - Every industry is at a critical juncture in evaluating how to successfully continue business operations in a period of unprecedented disruption. We have received a number of inquiries from…more

Business Continuity Plans, Coronavirus/COVID-19, Force Majeure Clause, Nonperformance, Remote Working

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Buy-and-build boom sees add-on debt surge

Issuers are tapping institutional loan markets for add-on debt at a rapid pace as private equity firms turn to buy-and-build strategies to lower entry multiples and accelerate deployment - Debt issuance to fund add-on…more

Acquisitions, Borrowers, Buyouts, Foreign Direct Investment, Global Dealmaking

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Middle Eastern dealmaking builds on active 2021

Middle East dealmaking has been trending up steadily over recent years, reaching the highest annual volume on record in 2021. Annual deal value, meanwhile, posted its second highest figure on record, after 2019, with US$120.7…more

Acquisitions, Buyers, Global Dealmaking, Investment, Investors

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Biden Executive Order Seeks to Solidify European Union-U.S. Data Privacy Framework

After a two year absence of a legal framework for transferring personal data from the EU to the U.S., President Biden signed an Executive Order on Enhancing Safeguards for United States Signals Intelligence Activities (the…more

Biden Administration, Court of Justice of the European Union (CJEU), Data Privacy, Data Protection, EU

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COVID-19: Uzbekistan Government Financial Assistance Measures - State support for business and public

During the course of March and April 2020, the Government of the Republic of Uzbekistan (the “Government”) has implemented a number of laws and measures, including: 19 March 2020:  Presidential Decree No. UP-5969 “On priority…more

Coronavirus/COVID-19, Financial Assistance Policies, Moratorium, Relief Measures, Small Business Loans

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Intermediary liability frameworks for digital platforms in Latin America still a patchwork

Digital platforms and other information intermediaries, such as Facebook, Instagram, Snapchat, TikTok and Twitter have shaped and transformed the way we communicate, connect, and do business. Just before the turn of the 21st…more

Argentina, Brazil, Digital Platforms, EU, Intermediaries

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Guidelines on the Certification Mechanisms under the GDPR

The European Data Protection Board ("EDPB") has published guidelines on the use of the certification mechanism under the GDPR. Certifications are intended to help businesses provide evidence of compliance with the GDPR. The…more

Certifications, Compliance, Data Protection, Data Protection Authority, EU

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European leveraged finance: A whole new world

European leveraged finance in 2023 was saddled with the negative effects of elevated interest rates. But as the market adjusts to the “new normal”, rate and price stability offer hope for a brighter 2024. -Rising interest…more

Acquisitions, Banking Sector, Buyouts, Debt, Debt Market

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Private debt players open for business, but only on the right terms

Private debt managers seized the opportunity to win market share in 2022 as leveraged loan and high yield bond activity slowed—moving into 2023, private debt players remain open for business, but mainly on their terms…more

Borrowers, Buyouts, Capital Markets, Debt, High Yield Bonds

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Pandemic powers European infrastructure M&A

Soaring demand for digital infrastructure, transportation and social assets has generated landmark deals so far this year - While increasing digitization has been gathering pace over the past decade, the COVID-19 pandemic…more

Acquisitions, Critical Infrastructure Sectors, EU, Foreign Investment, Mergers

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Returning to Work: COVID-19, Workers' Compensation, and Employee/Consultant Waivers

As states allow businesses to reopen and employers begin returning to the workplace, questions arise regarding the potential liability of employers if employees and consultants contract COVID-19 in the workplace—which might…more

Centers for Disease Control and Prevention (CDC), Civil Liability, Compliance, Consultants, Coronavirus/COVID-19

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US utilities M&A remains resilient in H1

The US utilities dealmaking scene appears to be springing back to life. Following two years of below average activity amid the pandemic, there are positive signs of a revival in deal activity. There were 24 deals in the sector…more

Acquisitions, Capital Markets, Clean Energy, Investment, Mergers

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Leisure industry readies for distress amid prolonged lockdowns

Despite encouraging signs that economies could reopen as COVID-19 vaccinations are rolled out, additional waves of infections and extended travel restrictions weigh heavily on the leisure and hospitality industry - The…more

Capital Markets, Coronavirus/COVID-19, High Yield Bonds, Hospitality Industry, Leveraged Loans

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Q2 PE dealmaking fails to live up to record 2021

In line with the global M&A trend, global private equity (PE) activity in Q2 continued to compare unfavorably to a blockbuster 2021. A total of US$429.4 billion in PE deals were announced in the three-month period—a 14% increase…more

Acquisitions, Automation Systems, Automotive Industry, Department of Justice (DOJ), Global Dealmaking

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5 things you need to know about … the Law Commission's Paper on Smart Legal Contracts

1. What is the Law Commission's paper on smart legal contracts? On 25 November 2021, the Law Commission published its advice to the UK government on smart legal contracts (the "Paper")... Among other things, the Paper considers…more

Computer Programs, Financial Services Industry, Smart Contracts, UK

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A spotlight on shareholder value spurs Japanese M&A

M&A in Japan has remained steady since the outlier spike in activity in Q4 2021, with that momentum continuing in the first months of this year. In Q1 2023, there were 196 deals, almost exactly matching the 192 total in the…more

Acquisitions, Corporate Governance, Corporate Restructuring, Japan, Mergers

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Loan activity climbed to boost leveraged finance issuance in the Asia-Pacific region

Real estate sector headwinds stifled high yield markets in the Asia-Pacific region, but loan issuance went from strength to strength to post double-digit gains - Debt markets in the Asia-Pacific region (excl. Japan) (APAC)…more

Asia Pacific, Capital Markets, Debt Market, Leveraged Loans, Loans

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How should the impact of the COVID-19 outbreak be managed on projects under FIDIC and NEC?

The impact of COVID-19 has already had a profound impact on all business sectors globally, including the construction industry. Projects in many countries have been impacted by the outbreak, including as a result of labour…more

Construction Contracts, Construction Industry, Contract Modification, Contract Termination, Coronavirus/COVID-19

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Recent Singapore Case Highlights Considerations Relating to Worldwide Moratorium

A worldwide moratorium is one of the most important protections and tools available to a debtor in the Singapore cross-border restructuring regime. A recent Singapore High Court case, Re: Zetta Jet Pte Ltd and Others (Asia…more

Chapter 11, Commercial Bankruptcy, Conflicts of Laws, Corporate Restructuring, Creditors

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Government Commission publishes revised Corporate Governance Code

Following consultations, the Government Commission on the German Corporate Governance Code (the "DCGK") adopted the new version of the Code on May 9, 2019 and published it on May 22, 2019 (new version of the DCGK (in German))…more

Board of Directors, Consultation Periods, Corporate Governance, Corporate Management, Germany

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A Novel Antitrust Defense for COVID-19 Agreements: Section 708 of the Defense Production Act

This alert describes the surprisingly broad antitrust defense – against federal and state antitrust actions – that Congress created in Section 708 of the Defense Production Act of 1950. Recent media attention on the…more

Antitrust Violations, Coronavirus/COVID-19, Defense Production Act, Defense Strategies, Federal Contractors

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Effective service of notices under construction contracts

In the recent case of The Trust Company (Australia) Ltd atf the WH Buranda Trust v Icon Co (Qld) Pty Ltd & Anor [2019] QSC 87, the Supreme Court of Queensland was asked to consider whether a contractual notice served via a…more

Australia, Cloud Computing, Cloud Service Providers (CSPs), Construction Contracts, Construction Disputes

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In Re Boeing Decision Underscores Need for Risk-Based Corporate Governance by Directors

Following enforcement actions imposing corporate criminal or civil liability, shareholders often bring derivative actions seeking to hold directors liable for related compliance failures by alleging they breached their fiduciary…more

Board of Directors, Boeing, Civil Liability, Compliance, Corporate Governance

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US Supreme Court Declines to Review Ruling that Syndicated Loans Are Not Securities

The order marks the end of the Kirschner case, which had threatened to expand US securities regulation to syndicated loans. The US Supreme Court has denied a petition for certiorari review in the Kirschner case, in which…more

Amicus Briefs, Bank Loan Markets, Financial Institutions, Loan Syndication and Trading Association (LSTA), Securities

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Upheaval in the Litigation Funding Industry: UK Supreme Court Rules that many Litigation Funding Agreements are Unenforceable

In a heavy blow to the litigation funding industry, the UK Supreme Court has held that many litigation funding agreements are damages-based agreements and must comply with the relevant regulatory regime. Funders will be urgently…more

Judicial Discretion, Litigation Fees & Costs, Litigation Funding, Third Party Funding, UK

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LatAm debt markets ready to rebound

Loan and bond issuance by borrowers/issuers in Latin America and the Caribbean (LatAm) in international debt markets dropped significantly over the first nine months of 2023. But after a slow start, momentum is beginning to…more

Brazil, Capital Markets, Debt Market, Financial Regulatory Reform, Investment

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US leisure and retail M&A roars back - Investors are finding businesses showing resilience

Healthy deal activity has returned to the leisure and retail sectors—areas of the economy that were among the worst affected by the pandemic. Together, the leisure and retail sectors saw M&A value reach US$41.7 billion in…more

Acquisitions, Coronavirus/COVID-19, Investors, Mergers, Retail

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US COVID-19 Real Estate Legal Developments: Federal, California, Florida, Illinois, New York (Updated)

In this report, we set out the key real estate developments in the US during the period of disruption caused by COVID-19 on a federal level and in California, Florida, Illinois and New York. The report covers: - Lease…more

Commercial Leases, Construction Project, Coronavirus/COVID-19, Eviction, Executive Orders

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Consumer & Retail goes Phygital – are digital and physical assets converging?

The Consumer & Retail Industry has been an early champion of the benefits of Web 3 concepts like NFTs (non-fungible tokens) and the metaverse, helping retailers to drive sales and growth and supercharge brand awareness. NFTs and…more

Blockchain, Cryptocurrency, Digital Assets, Non-Fungible Tokens (NFTs), Popular

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Uptick in high yield could signal start of recovery

High yield bond issuance in the US and Europe improved in 2023, but came in significantly below long-term annual averages, while markets in the Asia-Pacific (“APAC”) (excl. Japan) region remained stymied, primarily due to real…more

Asia Pacific, Borrowers, Capital Markets, Debt Market, EU

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Historic US Disaster Relief Legislation in Response to COVID-19 Crisis Will Have a Significant Impact on Companies and Their Employees Through Changes in the Tax Code and Related Provisions

The novel coronavirus referred to as SARS-CoV-2 and the disease that the virus causes (“COVID-19”) has created significant challenges for companies and employees across the United States as quarantine, self-isolation, and travel…more

CARES Act, Coronavirus/COVID-19, Financial Stimulus, Popular, Relief Measures

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Morocco: A new legal framework for Independent Power Producers

In Morocco, renewables now account for more than 19% of market energy, up from 18.5% in 2020. Installed renewable energy capacity has exceeded 5 GW, which represents major growth over the past two decades. The government intends…more

Energy Sector, France, Morocco, Renewable Energy, Sustainability

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Tying deposit insurance reform to reform of the tying of deposits

On March 10, 2023 the California Department of Financial Protection and Innovation ("CDFPI") closed Silicon Valley Bank ("SVB"), a California chartered, non-member bank. The CDFPI placed SVB into receivership and appointed the…more

Banking Sector, Banks, Borrowers, California, Deposit Insurance

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ESG in APAC: 3 Trends to Watch in 2024

Faced with increased scrutiny by consumers, regulators, shareholders and boards, Environmental, Social and Governance (ESG) considerations have been at the forefront for multinational companies globally. Multinational companies…more

Asia Pacific, Australia, Corporate Governance, Corporate Social Responsibility, Disclosure Requirements

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Okpabi v Royal Dutch Shell Plc: UK Supreme Court allows Nigerian citizens' environmental damage claim to proceed against UK parent company

The UK Supreme Court has issued the latest in a series of landmark decisions on parent company liability under English law for claims alleging environmental damage and human rights abuses. In a unanimous reversal of the Court…more

Corporate Counsel, Corporate Governance, Due Diligence, Duty of Care, Environmental Violations

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Snapshot: Der deutsche Übernahmemarkt 2023

Blick auf den Markt und die bedeutendsten Transaktionen - Die Analyse öffentlicher Übernahmen im Jahr 2023 erscheint auf den ersten Blick wie eine Blaupause des Vorjahres. Die bereits 2022 festgestellten Trends bestätigten…more

Acquisitions, Capital Markets, EU, European Commission, Financial Regulatory Reform

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FTSE indicates how it expects to update rules following FCA’s listing reforms

FTSE Russell has published an overview of the provisional changes it expects to make to its FTSE UK Index Series rules following reforms to the UK listing regime by the Financial Conduct Authority ("FCA") later this…more

Corporate Governance, Financial Conduct Authority (FCA), FTSE, Listing Standards, Regulatory Reform

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Short-selling activism—A new challenge for companies listed in Sweden

As the year draws to an end, it is clear that 2022 will be the year when short-selling activism and short-seller reports gained real traction in Sweden. From being virtually unheard of in the Swedish context, the use of…more

Borrowers, EU, Financial Adviser, Financial Services Industry, Sellers

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The HMRC Restructuring Plan Challenges: Lessons Learned from GAS, Nasmyth and Prezzo

Earlier this year, the English Court refused to sanction two Part 26A restructuring plans ("RPs") which sought to bind HMRC, the UK tax authority, into restructurings via "cross-class cram down". (See "Restructuring Plans 101"…more

Companies Act, Corporate Governance, Corporate Restructuring, Cramdown, HMRC

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SEC Voluntarily Stays Its Climate Rules Pending Judicial Review

On April 4, 2024, less than one month after their adoption, the U.S. Securities and Exchange Commission ("SEC") has chosen to stay its newly adopted climate disclosure rules, pending judicial review (the "Final Rules"). The SEC…more

Climate Change, Disclosure Requirements, Environmental Social & Governance (ESG), Judicial Review, New Rules

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Australian Government set to boost investment into Southeast Asia

The A$2 billion Southeast Asia Investing Financing Facility (SEAIFF) is one of several measures recently announced by the Australian Government to boost investment and strengthen trade relationships between Australia and the…more

Asia, Australia, Capital Markets, Global Market, Investment

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Letter from America: navigating Australia’s new debtor-in-possession insolvency reforms

The Federal Government has announced its largest insolvency reform package in over 30 years, which includes a simplified formal debt restructuring process for eligible small businesses... …more

Australia, Bankruptcy Reform, Commercial Bankruptcy, Coronavirus/COVID-19, Debt Restructuring

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You’ve been Airdropped: English Courts Approve Service of Lawsuit via NFT

As the popularity of cryptocurrency as an investment asset balloons, the number and types of lawsuits involving crypto assets has also increased. Issues such as traceability and effective methods of service are now at the…more

Cryptocurrency, Digital Assets, Facebook, Investment, Non-Fungible Tokens (NFTs)

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FCA revises stance regarding Exchange Traded Notes for professional investors involving cryptoassets

The Financial Conduct Authority (FCA) confirmed on 11 March 2024 it will not object to requests from Recognised Investment Exchanges (RIEs) to establish UK-listed market segments for cryptoasset-backed exchange-traded notes…more

Crypto Exchanges, Cryptoassets, Cryptocurrency, Financial Conduct Authority (FCA), Financial Services Industry

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Aviation Insurance and Other Claims Arising out of Russian Sanctions

The following materials contain a high level description of potential insurance claims and other claims that may be available to a foreign owner, lessor or financier of aircraft stranded in Russia..…more

Aircraft, Economic Sanctions, EU, Insurance Claims, Popular

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Call of Duty: Sequana and the state of directors’ duties

Recently, the Supreme Court of the United Kingdom released its judgment in BTI 2014 LLC v Sequana SA1. This marks the first occasion on which the nature, scope and content of directors' duties to creditors when a company is…more

Board of Directors, Corporate Counsel, Creditors, Fiduciary Duty, Insolvency

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The CARES Act’s Paycheck Protection Loan Program for Smaller and Specially Qualified Businesses

On March 27, 2020, the President signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act (the “Act”). The purpose of the Act is to provide emergency assistance for individuals, families, and businesses affected by…more

CARES Act, Coronavirus/COVID-19, Paycheck Protection Program (PPP), Relief Measures, Small Business

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A flurry of activity early in 2022 sees real estate outperform

Real estate has historically shown resilience during challenging economic periods and is considered a reliable hedge against inflation—but not all assets are created equal, and dealmakers were highly selective in the…more

Acquisitions, Buyers, Investment, Investors, Mergers

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ATAD III: Is the tide turning on shell companies?

The European Commission (the "Commission") published a draft Directive on 22 December 2021, known as the anti-tax avoidance Directive III ("ATAD III"), aimed at preventing the use of shell companies for tax evasion and avoidance…more

Anti Tax Avoidance Directive (ATAD), Anti-Avoidance, Controlled Foreign Corporations, Corporate Taxes, EU

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Regulatory Hot Topics: Highlights

It has been a period rife with notable shifts on the global stage; a new administration in the US, the end of the Brexit transition period and the reaching of key milestones in the discontinuation of LIBOR, to name but a few…more

Banking Sector, Biden Administration, Climate Change, Cross-Border, Department of Labor (DOL)

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Fund finance market—adapting to change

Following a period of rapid growth, the fund finance market has reached an inflection point. Once considered a small, esoteric area of the lending landscape, fund finance—loan facilities secured against investor commitments to…more

Acquisitions, Banking Sector, Domestic Dealmaking, Financial Institutions, Financial Markets

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Offshore cryptocurrency exchange obtains clarity from the English High Court on ownership and control of trading account

In HDR v Shulev and Nexo, the High Court considered the entitlement to a cryptocurrency trading account, and the ownership of its contents, as part of stakeholder proceedings brought under CPR 86 by the operator of a…more

Asset-Based Lending, Business Litigation, Crypto Exchanges, Cryptocurrency, Employees

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There is no turning back for the global energy transition

Ambitious net-zero targets will unquestionably be the biggest catalyst for M&A in the energy sector for years to come - The race is on to achieve carbon neutrality, and this is providing one of the biggest investment…more

Acquisitions, Batteries, Carbon Emissions, Energy Market, Energy Reform

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SEC Adopts Rule Amendments to Modernize Beneficial Ownership Reporting

On October 10, 2023, the Securities and Exchange Commission ("SEC") adopted amendments to modernize the rules governing beneficial ownership reporting under Sections 13(d) and 13(g)1 of the Securities Exchange Act of 1934…more

Beneficial Owner, Financial Markets, Institutional Investors, Investors, Proposed Amendments

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United States Expands and Strengthens Enforcement of Antidumping and Countervailing Duty Laws

On March 25, 2024, the US Department of Commerce (“DOC”) published a final rule revising substantive and procedural aspects of antidumping duty (“ADD”) and countervailing duty (“CVD”) investigations. The changes enter into force…more

Anti-Dumping Duty, Countervailing Duties, Cross-Border, Department of Health and Human Services (HHS), Enforcement

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Are You as Senior Secured as You Think?

Senior secured creditors, being the anchor creditor in the capital stack, will always be focused on ensuring their priority claim is as robust as possible, with clearly delineated capacity for 'super priority' debt. However,…more

Creditors, Debt, Debtors, EBITDA, EU

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Global IPOs: Seeking signs of stabilization

Resetting expectations - It was clear in the opening months of 2022 that the winds had changed for the global IPO market as compared to the prior year, a rocky path that continued throughout the year and into the first…more

Asia Pacific, Capital Markets, Economic Growth, EMEA, Environmental Social & Governance (ESG)

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CFIUS Update: Proposed Changes to Critical Technology Mandatory Filing Requirements; 2018-2019 Statistics Show Key Trends; CFIUS Implements New Case Management System

There have been several recent developments related to the Committee on Foreign Investment in the United States (CFIUS). Most notably, CFIUS has released a proposed rule that would change the mandatory filing criteria for…more

Case Management, CFIUS, Critical Infrastructure Sectors, Export Administration Regulations (EAR), FIRRMA

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Biden Administration Announces New Measures to Protect US Steel, Aluminum, and Shipbuilding Industries

The Biden administration has announced a package of policy measures to protect the US steel, aluminum, and shipbuilding industries from what they allege are unfair trade practices by China and calling the industries critical to…more

Aluminum Sales, Biden Administration, China, Investigations, Mexico

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Biden Administration Announces New Measures to Protect US Steel, Aluminum, and Shipbuilding Industries

The Biden administration has announced a package of policy measures to protect the US steel, aluminum, and shipbuilding industries from what they allege are unfair trade practices by China and calling the industries critical to…more

Aluminum Sales, Biden Administration, China, Investigations, Mexico

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European CMBS 2.0: How Sustainability is the Future of the Product

Post-crisis commercial mortgage-backed securities ("CMBS") issuance in Europe has been on the slow-burner with only a handful of transactions each year. The year 2018 saw European "CMBS 2.0" experience something of a revival…more

Climate Change, CMBS, Commercial Mortgage Securitization, EU, EU Transparency Directive

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US and EU impose coordinated Navalny sanctions

On 2 March 2021, the United States and European Union ("EU") imposed coordinated sanctions in response to the poisoning and imprisonment of Russian opposition politician Aleksey Navalny (and the related US determination that…more

CAATSA, Economic Sanctions, Foreign Policy, Foreign Relations, Office of Foreign Assets Control (OFAC)

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Civil Plaintiffs Must Prove GDPR Damages, says CJEU

The Court of Justice of the European Union (CJEU) ruled out automatic damages awards for civil litigants establishing infringements of the General Data Protection Regulation (GDPR). At the same time, the CJEU suggested that…more

Compensation, Court of Justice of the European Union (CJEU), Damages, EU, General Data Protection Regulation (GDPR)

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Private equity firms hunt for value in public markets

Take private activity reached a decade high in the first half of 2021, fueled by large sums of dry powder and heated competition for assets - The takeover of supermarket chain Morrison's, the fourth-largest in the UK, has…more

Foreign Investment, FTSE, Nasdaq, National Security, Private Equity Firms

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SEC Warns Individual Actors of Potential Liability for AI-Related Security Risk Disclosure Failures

Over the past few months, the Securities and Exchange Commission (the "SEC") has issued several warnings to companies to ensure accurate disclosure of the role and risks of artificial intelligence ("AI") in their businesses. In…more

Artificial Intelligence, Disclosure Requirements, Environmental Social & Governance (ESG), Securities and Exchange Commission (SEC), Securities Regulation

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A Few Words on DORA – Proposal for Regulation on Digital Operational Resilience in Financial Sector

The financial sector is greatly dependent on information and communication technologies (ICT). The importance of ensuring remote access to financial services increased to an even greater extent during the COVID-19 pandemic, with…more

Cross-Border, EU, European Commission, European Supervisory Authorities (ESAs), Financial Institutions

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European Real Estate Finance: Market update – Q2 2020

As part of our periodic updates, here is an overview of recent developments of relevance to participants in the real estate finance market across certain key jurisdictions in Europe. Europe - COVID-19 - First and…more

Borrowers, Consumer Lenders, Coronavirus/COVID-19, EU, Leases

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German Government publishes key points to improve the German capital market

The German capital market needs to be modernized to remain efficient and competitive. Therefore, the German Government published a paper outlining a German Future Financing Act (Zukunftsfinanzierungsgesetz)1 on 29 June 2022,…more

Capital Markets, Corporate Governance, Emerging Growth Companies, EU, Germany

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COVID-19: Global Government Financial Assistance Measures

This alert provides an overview of COVID-19 governmental financial assistance measures available in some of the principal jurisdictions. Our team can cover advice on governmental financial assistance across the globe. The…more

Banking Sector, Competition, Coronavirus/COVID-19, Economic Stimulus, Financial Assistance Policies

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Why small modular reactors will shape the future of nuclear debate

SMRs are gaining the attention of governments and power providers across the world because of the optionality they offer. But the champions of the SMR will have to work hard to ensure its potential can be fully unlocked. The…more

Electricity, Energy Projects, Energy Sector, Nuclear Power, Power Plants

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COVID-19: Global Government Financial Assistance Measures

This alert provides an overview of COVID-19 governmental financial assistance measures available in some of the principal jurisdictions. Our team can cover advice on governmental financial assistance across the globe. The…more

Banking Sector, Competition, Coronavirus/COVID-19, Economic Stimulus, Financial Assistance Policies

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Bright spots: Sweden and CIS present opportunities after a challenging 2023

The past 12 months have not been the best for European IPO activity, with EMEA IPO proceeds (including SPACs) falling 24 percent year-on-year to US$22.19 billion. After a challenging year when IPO appetite was impacted by…more

Capital Markets, Commonwealth of Independent States (CIS), EU, Initial Public Offering (IPO), Investment

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Returning to Work: COVID-19, Workers' Compensation, and Employee/Consultant Waivers

As states allow businesses to reopen and employers begin returning to the workplace, questions arise regarding the potential liability of employers if employees and consultants contract COVID-19 in the workplace—which might…more

Centers for Disease Control and Prevention (CDC), Civil Liability, Compliance, Consultants, Coronavirus/COVID-19

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“Novel” or Not: the SEC and DOJ’s Expansion of Insider Trading to “Shadow Trading” and 10b5-1 Plans Survive Their Days in Court

On April 5, 2024, the U.S. Securities and Exchange Commission ("SEC") won a jury verdict in its first "shadow trading" insider trading action. Only a few weeks before this verdict, a court denied a motion to dismiss a criminal…more

10b5-1 Plans, Affirmative Defenses, Department of Justice (DOJ), Enforcement, Good Faith

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Compensating non-material damages based on Article 82 GDPR – is there a de minimis threshold?

Germany's Federal Constitutional Court holds that the question should be referred to the European Court of Justice - Is a data subject entitled to compensation from a controller or processor if the data subject's GDPR rights…more

Damages, Data Controller, Data Processors, Data Protection, EU

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Sharma v Minister for the Environment: A setback for climate change claimants as landmark decision is overturned on appeal

In a setback for climate change claimants, on 15 March 2022 a three-judge panel of the Full Federal Court of Australia overturned the earlier decision of the Federal Court of Australia in Sharma v Minister for the Environment,1…more

Appeals, Australia, Carbon Emissions, Class Action, Climate Change

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Financial assistance: South African Supreme Court of Appeal interprets section 45 of the Companies Act to apply to an exhaustive list of transactions

On 13 December 2022, the South African Supreme Court of Appeal ("SCA") delivered its judgment in Constantia Insurance Company Limited v The Master of the High Court, Johannesburg and Others (512/2021) [2022] ZASCA 179…more

Appeals, Companies Act, Financial Assistance Policies, Indemnity, Investment

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At Mid-Year 2023, WAMS Data Show Global Decrease in Merger Filing Notifications, with Significant Declines in U.S. and EU Merger Filings

White & Case Global Antitrust Merger StatPak (WAMS)—the first real-time clearinghouse for global merger notification data—has analyzed merger notifications in reporting jurisdictions around the first half of calendar year 2023…more

Acquisitions, Competition, Competition Authorities, EU, Global Dealmaking

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Six things to reflect on for creditors considering a share pledge enforcement

In the current market, investors are increasingly considering their options in relation to the stressed and distressed credits in their portfolios. Whilst mindful of stakeholder relationships, secured lenders may, in some…more

Acquisitions, Capital Markets, Creditors, Enforcement, Holding Companies

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Italy – New Measures to enhance Italian debt capital markets

The Italian legislators and CONSOB enacted new measures, as part of a general attempt to modernize the market infrastructure. The new rules relate to, inter alia, the following: The issuance of unlisted debt…more

Capital Markets, CONSOB, Debt, Debt Securities, Insolvency

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ACCC announces its Compliance and Enforcements Priorities for 2024/25

Gina Cass-Gottlieb, Chair of the Australian Competition and Consumer Commission (ACCC), this week announced the ACCC's 2024-25 Compliance and Enforcement Priorities.1 The ACCC's priorities continue to be shaped by the key…more

Australia, Australian Competition and Consumer Commission (ACCC), Australian Consumer Law, Competition, Enforcement Actions

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The rising sovereign risk of doing business in Western Australia: summary of the Palmer and Mineralogy decisions and their wider implications

On 13 October 2021, the High Court of Australia handed down its decisions in Palmer v The State of Western Australia1 and Mineralogy Pty Ltd & Anor v State of Western Australia2, confirming that the State of Western Australia…more

Arbitration, Australia, Constitutional Challenges, Foreign Arbitral Awards, High Court of Australia

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Luxembourg Investment Funds - A practical handbook on fund vehicles in Luxembourg

Luxembourg has developed a significant expertise in collective asset management and structuring of investment funds, and the Luxembourg "investment toolbox" provides a broad array of options in respect of fund regimes and legal…more

Alternative Investment Fund Managers Directive (AIFMD), Environmental Social & Governance (ESG), EU, Foreign Investment, Investment

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SPACS drive automotive sector dealmaking uphill

Automotive and automotive-adjacent M&A sees fourth consecutive quarterly rise in value, supported by strong SPAC interest in electric vehicles - Looking at automotive sector M&A, you would think the pandemic had never…more

Acquisitions, Automotive Industry, Capital Markets, Electric Vehicles, Global Dealmaking

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Constructing the low-carbon economy

With an unprecedented momentum for the construction of new major projects linked to the shift away from fossil fuels and the development of a low-carbon economy, there is a real focus on construction law issues relevant to such…more

Australia, Brownfield Properties, Carbon Emissions, Climate Change, Construction Industry

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EU General Court strikes a blow to Commission approach to fiscal State aids in the Apple tax case

The General Court has upheld a challenge to a 2016 Commission decision that had required Ireland to recover €13.2 billion in illegal State aid from Apple, on account of alleged preferential tax treatment for the multinational’s…more

Annulment, Apple, Corporate Taxes, EU, European Commission

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Navigating Chapter 11 Restructurings in Australia: How Important is Recognition?

In today's globalised economy, local recognition of foreign insolvency proceedings can be essential for the successful implementation of cross-border restructurings. This is particularly relevant in Australia — a popular host…more

Australia, Bankruptcy Code, Chapter 11, Commercial Bankruptcy, Corporate Governance

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Extension of consumer protection to farmers - new rules for entering into contracts

On January 7, 2024, the Act of April 14, 2023, on Consumer Lombard Loans (the "Act") entered into force. The Act introduces significant changes in financing provided to farmers and extends consumer protection to farmers…more

Agribusiness, Contract Terms, Farmers, Financial Services Industry, Loans

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COVID-19 Foreign Direct Investment (FDI) – An Overview of Restrictions in Western Europe and the CEE

Prior to the outbreak of the COVID-19 pandemic, there had been a growing and global trend of established Western economies increasingly scrutinising foreign investment in key sectors. FDI restrictions have been on the European…more

Belt and Road Initiative (BRI), Blocked Mergers, China, Coronavirus/COVID-19, Critical Infrastructure Sectors

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New Polish Tax Reforms Bring Much-Needed Structural Certainty Allowing Direct Issuances by Polish Issuers

European Leveraged Finance Alert Series: Issue 1, 2019 - New Polish laws, effective 1 January 2019, have reformed the tax treatment of a number of different taxable business activities. In particular, the Ministry of Finance…more

Anti-Avoidance, Bondholders, Corporate Bonds, Corporate Issuers, Corporate Structures

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Coronavirus: Legal Considerations to a Global Health Emergency – French law focus

What was first thought to be a cluster of pneumonia cases in the city of Wuhan, Hubei region in China turned out to be the start of a new strand of coronavirus (2019-nCoV). On 30 January 2020, the World Health Organization (WHO)…more

Breach of Contract, Chain of Distribution, Contract Terms, Coronavirus/COVID-19, Distributors

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Oregon Passes Comprehensive Data Privacy Law

On July 18, 2023, Oregon Governor Tina Kotek signed into law Senate Bill 619 (the "Oregon Consumer Privacy Act"), Oregon's new state consumer privacy law, which will become effective July 1, 2024. Oregon now joins California,…more

Consumer Privacy Rights, Data Protection, Gramm-Leach-Blilely Act, Health Insurance Portability and Accountability Act (HIPAA), Opt-Outs

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Impact of Global Price Volatility on Damages Calculations in International Arbitration

The global energy and commodity sectors face unprecedented uncertainty. Increased global demand, coupled with supply chain constraints triggered by Russia's invasion of Ukraine, and China's COVID-19 restrictions and its recent…more

China, Commodities, Coronavirus/COVID-19, Damages, Economic Damages

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COVID-19 and Data Protection Compliance in Poland

Following the outbreak of COVID-19 and its development into a global pandemic, organizations have been implementing exceptional measures to safeguard the health of employees, customers and others. Organizations are also…more

Consent, Coronavirus/COVID-19, Customers, Data Protection, Data Protection Authority

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Evolution, not revolution – the Law Commission recommends limited reforms to ensure that the Arbitration Act (1996) remains state of the art

Time has been kind to the English Arbitration Act 1996. Although nearly 30 years old, it continues to function effectively and supports London's position as a global arbitration centre. Nonetheless, in 2021, the UK Government…more

Arbitration, EU, International Arbitration, Proposed Amendments, Proposed Legislation

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The Delaware General Assembly to the Rescue: Proposed Legislative Fixes to Uncertainty Created by Three Significant Delaware Chancery Court Decisions

Summary - On March 28, 2024 the Council of the Corporation Law Section of the Delaware State Bar Association released a set of proposed amendments to the Delaware General Corporation Law (the "DGCL"). The proposed amendments,…more

Beneficial Owner, Board of Directors, Breach of Contract, Damages, Delaware

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Short selling bans and market restrictions – Considerations for investors

A number of regulators across the globe responded to recent market volatility by introducing temporary short selling bans and/or market restrictions. Such bans have since expired as of 18 May 2020. Other regulators (including…more

BaFin, Capital Markets, European Securities and Markets Authority (ESMA), Financial Markets, Market Manipulation

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New legislation for the protection of whistleblowers and its impact on companies in the Czech Republic

At the end of this year, a new Act on the Protection of Whistleblowers is set to come into force (based on the "Whistleblowers Protection Bill"), which will impose a host of new obligations on about 25,000 employers and public…more

Anti-Retaliation Provisions, Czech Republic, EU, New Legislation, Whistleblower Protection Policies

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Are You as Senior Secured as You Think?

Senior secured creditors, being the anchor creditor in the capital stack, will always be focused on ensuring their priority claim is as robust as possible, with clearly delineated capacity for 'super priority' debt. However,…more

Creditors, Debt, Debtors, EBITDA, EU

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LNG to Power Projects in Asia-Pacific: Turning Prospects into Realities

Energy firms and financial institutions have been eyeing LNG to power projects in Asia Pacific for some time but these projects have not materialised as anticipated. Of late, however, interest in developing these projects has…more

Asia Pacific, Electricity, Energy Projects, Energy Sector, Hydrogen Power

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Determining arbitrability of disputes in Singapore: the “composite” approach

Traditionally, there has been a lack of clarity across jurisdictions over what law applies to determine whether a dispute is arbitrable. The Singapore Court of Appeal has now set out a novel "composite" approach, considering…more

Arbitration, Arbitration Agreements, Arbitration Procedural Rules, Arbitrators, Dispute Resolution

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The Law on Foreign Relations of the People’s Republic of China became effective on 1 July 2023

The Law on Foreign Relations of the PRC (中华人民共和国对外关系法) (the "Foreign Relations Law") became effective on 1 July 2023. In summary, the Foreign Relations Law provides, for the first time, a comprehensive framework for China's…more

China, Extraterritoriality Rules, Foreign Policy, Foreign Relations, National Security

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Japan Offshore Wind Update – Round 2 Results & Round 3 Process

The Japanese government released the results of the remaining "Round 2" offshore wind auctions. A consortium of Japanese and foreign developers was selected. Meanwhile, the next "Round 3" auctions are in progress…more

Clean Energy, Energy Projects, Energy Sector, Japan, Offshore Wind

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Credit Bids on the rise in Australia

Investors in the Australian market are more sophisticated than ever and – unsurprisingly – so too are the restructuring transactions being promoted by these investors. One such transaction is the credit bid. While not a…more

Acquisitions, Australia, Corporate Governance, Corporate Restructuring, Credit Bids

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Chinese battery material companies remain active despite economic downturn

China is looking beyond its borders to maximize the returns from the minerals needed to make the energy transition happen. China is one of the biggest producers of the critical minerals and rare earth elements that are…more

Batteries, China, Electric Vehicles, Foreign Investment, Investors

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On 1 January 2021 the Corporate Stabilisation and Restructuring Act (StaRUG) has come into force and introduced the new ‘Preventive Restructuring Framework’ in Germany

Prior to the introduction of the Preventive Restructuring Framework by the StaRUG out-of-court restructurings in Germany other than the restructuring of German law-governed bonds generally required unanimous approval by all…more

COMI, Commercial Bankruptcy, Corporate Restructuring, Creditors, Debt Restructuring

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European Commission trims merger procedures, leaving scope for a further trim

The European Commission ("Commission") has adopted a package of revised legal texts aimed at simplifying the EU merger review process. The package expands the categories of cases that may be eligible for the simplified…more

Corporate Counsel, EU, European Commission, Filing Requirements, Mergers

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Constructing the low-carbon economy

With an unprecedented momentum for the construction of new major projects linked to the shift away from fossil fuels and the development of a low-carbon economy, there is a real focus on construction law issues relevant to such…more

Australia, Brownfield Properties, Carbon Emissions, Climate Change, Construction Industry

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Foreign direct investment reviews 2021: Japan

Japan continues to tighten foreign direct investment reviews but also offers a prior notification exemption - Japan's Ministry of Finance (MOF) and its ministries with jurisdiction over the target entity's business review…more

FEFTA, Foreign Acquisitions, Foreign Direct Investment, Foreign Investment, Japan

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Constructing the low-carbon economy

With an unprecedented momentum for the construction of new major projects linked to the shift away from fossil fuels and the development of a low-carbon economy, there is a real focus on construction law issues relevant to such…more

Australia, Brownfield Properties, Carbon Emissions, Climate Change, Construction Industry

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Morocco Competition Council Announces Merger Control Amendments

Morocco has enacted amendments to its competition law that will have significant impacts on its merger control regime. The amendments include increasing the minimum turnover thresholds for merger control filings, introducing a…more

Antitrust Provisions, Competition, Enforcement, Filing Requirements, Legislative Amendments

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New Swedish Restructuring Act

Effective from 1 August 2022, a new Restructuring Act (Sw. lag om företagsrekonstruktion), which implements the EU Directive on restructuring and insolvency (the "Restructuring Directive"), comes into force in Sweden. As further…more

Debtors, Enforcement Actions, EU Directive, Insolvency, Ipso Facto Clauses

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FRC publishes new UK Corporate Governance Code

On 22 January 2024, the Financial Reporting Council ("FRC") published its much-anticipated revisions to the UK Corporate Governance Code. The publication of the 2024 UK Corporate Governance Code (“2024 Code”) follows a…more

Board of Directors, Corporate Governance, Financial Regulatory Reform, Financial Reporting Council (FRC), Internal Controls

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The new reality for UK employers - Part 2: The duty to self-isolate - what employers need to know

On 28 September 2020, new regulations introduced an obligation on people to self-isolate where they have been advised to do so through the NHS track and trace system or where they or someone they live with has tested positive…more

Contact Tracing, Coronavirus/COVID-19, Criminal Liability, Employer Liability Issues, Holiday Pay

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US Government Shutdown Averted – For Now: Action Items for Government Contractors

With approximately one hour to spare, Congress passed a temporary spending bill which allows the federal government to continue to operate for 45 days, averting what would have been the third government shutdown in the last five…more

Federal Acquisition Regulations (FAR), Federal Budget, Federal Contractors, Federal Funding, Furloughs

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Somewhere Between a Summary and a Data Dump – CJEU Finds Controllers Must Provide Data Subjects a “Faithful And Intelligible” Copy of Their Personal Data

The Court of Justice of the EU (CJEU)1 has held that the General Data Protection Regulation (GDPR) requires controllers to provide data subjects a "faithful reproduction" of their personal data, which takes into account the…more

Court of Justice of the European Union (CJEU), Data Collection, Data Controller, Data Protection, Data Protection Authority

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High yield squeezed in face of economic uncertainty

High yield bond issuance in the US and Europe feels the pinch in a challenging macro-economic environment, but green shoots emerge in Asia as real estate sector dislocation bottoms out and markets stabilize…more

Buyers, Buyouts, Capital Markets, China, EU

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Top considerations –EMEA Tax trends impacting Private Equity Real Estate in 2021

White & Case has advised a large number of high-profile international clients on cutting-edge, cross-border and domestic private equity real estate deals, providing valuable strategic tax insight to a broad range of investors…more

Capital Markets, Czech Republic, Financial Markets, France, Germany

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Kazakhstan Law News Digest for April – June 2023

Legislative News - Subsoil Use - The Ministry of Energy has amended the Rules for monitoring subsoil users' compliance with the terms and conditions of subsoil use contracts regarding the annual scheduled / unscheduled…more

Digital Assets, Energy Sector, Financial Markets, Infrastructure, International Relations

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Distressed sales likely to rise in Europe’s troubled real estate sector

The European real estate sector is enduring a period of turbulence not seen since the 2008 financial crisis. Industry players are dealing with a confluence of stubbornly high interest rates, falling valuations, rising energy and…more

Buyers, Debt, Distressed Debt, EU, Investors

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The US Supreme Court Fixes Constitutional Defect in the AIA by Making PTAB Decisions Reviewable by the USPTO Director

On June 21, 2021, the US Supreme Court issued its decision in Arthrex, Inc. v. Smith & Nephew, Inc., No. 19-1434. The Court found that the provisions of the America Invents Act establishing inter partes review proceedings…more

Appointments Clause, Arthrex Inc v Smith & Nephew Inc, Constitutional Challenges, Director of the USPTO, Patent Trial and Appeal Board

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Biogen rehearing denied: Is SCOTUS the next step?

On March 16, 2022, the Court of Appeals for the Federal Circuit denied Biogen’s petition for en banc review in Biogen International GmbH et al. v. Mylan Pharmaceuticals Inc. ("Petition Denial"), in which a Federal Circuit…more

Appeals, Denial of Rehearing, Dissenting Opinions, En Banc Review, Mylan Pharmaceuticals

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European Central Bank launches Emergency Bond-Buying Programme as a Response to the Coronavirus Pandemic

The European Central Bank has launched a EUR 750 billion bond purchase programme designed to mitigate the enormous economic and financial risks to the Eurozone caused by the coronavirus pandemic. The creation of the "Pandemic…more

Asset-Backed Securities, Bonds, Buyback Programs, Coronavirus/COVID-19, Emergency Response

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Whole-business securitization on the M&A radar

Whole-business securitization (WBS), a structured finance product where a company issues secured debt against substantially all of its cash-yielding assets, is now on the radar of dealmakers seeking ways to manage M&A financing…more

Acquisitions, Bond Markets, Capital Markets, Domestic Dealmaking, Investment

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The New Corporate Due Diligence Act: Potential Liability under Civil Law and Administrative Law

The key aspects of the German Act on Corporate Due Diligence Obligations in Supply Chains ("LkSG" or "Act") have already been explained in our previous Client Alert. In the following, we will take a closer look at the liability…more

Civil Liability, Corporate Governance, Due Diligence, Environmental Social & Governance (ESG), Germany

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Bright spots: Sweden and CIS present opportunities after a challenging 2023

The past 12 months have not been the best for European IPO activity, with EMEA IPO proceeds (including SPACs) falling 24 percent year-on-year to US$22.19 billion. After a challenging year when IPO appetite was impacted by…more

Capital Markets, Commonwealth of Independent States (CIS), EU, Initial Public Offering (IPO), Investment

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European Commission initiates anti-subsidy investigation on imports of electric vehicles from China

On 4 October 2023, the European Commission initiated an anti-subsidy investigation that could lead to increased tariffs on imports of Chinese electric vehicles to the European Union and has broader implications for the global…more

Anti-Subsidies, China, Countervailing Duties, Electric Vehicles, EU

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Change of Control Clauses in High Yield: What You Need to Know

European Leveraged Finance Client Alert Series: Issue 4, 2019 - Most high yield indentures contain a "Change of Control" clause that relates to changes in the beneficial ownership of the issuer. We provide an overview of the…more

Beneficial Owner, Bonds, Buyers, Change in Control, Contract Terms

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The new reality for UK employers - Part 1: Planning for the end of furlough

As the end of the Coronavirus Job Retention Scheme (the "Scheme") approaches, employers should start to consider their plans in relation to any employees currently furloughed. In this alert, we have set out below some key…more

Coronavirus/COVID-19, Employer Liability Issues, Furloughs, Job Retention Schemes, National Insurance Contributions

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Cybersecurity Developments and Legal Issues

For most large companies, a frictionless flow of information and the ability to transfer customer data, employee files, financial records and other information around the world quickly and cost-effectively is a critical element…more

Biometric Information, Board of Directors, Corporate Governance, Corporate Officers, Cybersecurity

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Mining & Metals survey: Your thoughts for 2024

In December 2023 – January 2024, we conducted a straw poll of 240 decision makers in the mining & metals sector via an online survey. While the findings are subject to the limitations of sample-based information, they do provide…more

Acquisitions, Environmental Social & Governance (ESG), Geopolitical Risks, Global Economy, Global Market

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Recent Singapore Case Highlights Considerations Relating to Worldwide Moratorium

A worldwide moratorium is one of the most important protections and tools available to a debtor in the Singapore cross-border restructuring regime. A recent Singapore High Court case, Re: Zetta Jet Pte Ltd and Others (Asia…more

Chapter 11, Commercial Bankruptcy, Conflicts of Laws, Corporate Restructuring, Creditors

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US and EU impose coordinated Navalny sanctions

On 2 March 2021, the United States and European Union ("EU") imposed coordinated sanctions in response to the poisoning and imprisonment of Russian opposition politician Aleksey Navalny (and the related US determination that…more

CAATSA, Economic Sanctions, Foreign Policy, Foreign Relations, Office of Foreign Assets Control (OFAC)

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Sanctions-related amendments to the Russian Commercial Procedure Code

This overview summarises the recent amendments to the Russian Commercial Procedure Code (“Commercial Procedure Code”) relating to disputes involving sanctioned persons. The new law, which comes into effect on 19 June 2020, has…more

Anti-Suit Injunctions, Arbitration, Arbitration Agreements, Commercial Court, Dispute Resolution Clauses

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Five things you need to know about the latest Panel consultation

On 24 April 2024, the Takeover Panel published a consultation paper, PCP 2024/1, which proposes to narrow the scope of the companies to which the Takeover Code (Code) applies. The changes would have the effect of removing UK…more

Acquisitions, Investment, Investors, Listed Company Manual, Mergers

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European leveraged finance: A whole new world

European leveraged finance in 2023 was saddled with the negative effects of elevated interest rates. But as the market adjusts to the “new normal”, rate and price stability offer hope for a brighter 2024. -Rising interest…more

Acquisitions, Banking Sector, Buyouts, Debt, Debt Market

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How ESG features are changing the Bank of Italy’s supervision approach

The attention of financial regulators on environmental, social and governance factors is significantly and rapidly increasing. A proper integration of ESG features in the business model of financial and non-financial entities…more

Bank of Italy, Climate Change, Environmental Social & Governance (ESG), European Banking Authority (EBA), European Securities and Markets Authority (ESMA)

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FTC Annual Changes to U.S. HSR Thresholds Will Be Effective March 6; Highest Filing Fees Now $2.335 Million

The Federal Trade Commission (FTC) announced the annual changes to the Hart-Scott-Rodino (HSR) Act notification thresholds – effective for deals closing on or after March 6, 2024 – and updated filing fee thresholds, effective…more

Acquisitions, Federal Trade Commission (FTC), Filing Fees, Hart-Scott-Rodino Act, Mergers

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Resilience and reform: Hong Kong adapts to change

Global IPO markets endured a difficult 2023 in the face of rising interest rates and geopolitical uncertainty. But after a challenging 12 months, the outlook for IPO activity in 2024 is brightening This past year has been one of…more

Capital Markets, China, Corporate Governance, Global Market, Hong Kong

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Negotiated Criminal Justice and French Guilty Plea Procedure: Improved Rights for the Prosecuted Individuals

A number of recent legislative and jurisprudential developments have improved the rights of persons prosecuted under the French guilty plea procedure (Comparution sur reconnaissance préalable de culpabilité in French, or…more

CJIP, Criminal Justice Reform, French Supreme Court, Guilty Pleas

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Construction Projects: Issues with Cost Estimates

The cost of construction materials has risen like never before. This, in turn, creates pressure for parties to use cost estimates and budgets rather than "fixed price" contracts. Providing cost estimates can therefore be…more

Construction Contracts, Construction Industry, Construction Project, Contractors, Cost-Containment

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Oil & gas M&A rebounds after pandemic lows

After a year of volatility, the oil & gas industry has stabilized and M&A activity has resumed - The oil & gas sector was hit especially hard in the first half of 2020, when oil & gas prices plummeted due to two main factors,…more

Acquisitions, Capital Markets, Energy Sector, Market Conditions, Mergers

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Key trends emerging from the start of the EU Foreign Subsidies Regulation regime

The first months of application of the EU Foreign Subsidies Regulation (FSR) have involved a large number of notifications, lengthy and wide-ranging requests for information, and the opening of the first in-depth investigation…more

Acquisitions, Competition, EU, European Commission, Foreign Subsidies

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Summary of FERC Meeting Agenda for April 2024

Summaries of the agenda items for the Federal Energy Regulatory Commission's monthly open meeting to be held on April 25, 2024, as well as a forthcoming meeting to be held on May 13, 2024, pursuant to the respective sunshine…more

Certificate of Public Convenience and Necessity, Electricity, Energy Sector, FERC, Hydro Issues

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High Court: Recipient bank not unjustly enriched by fraudulent payment

In Tecnimont Arabia Limited v National Westminster Bank plc, the High Court considered the extent of a bank's liability to victims of fraud who were not direct customers. The High Court found that the bank had not been unjustly…more

Banking Sector, Banks, Financial Fraud, Fraudulent Transfers, Liability

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Dealmakers prepare to face new uncertainties in 2024

Global M&A activity continued to make slow progress in 2023, with stubbornly high interest rates and stringent financing conditions stifling market confidence. Nearly US$3.2 trillion of M&A deals were announced last year—a…more

Acquisitions, Buyers, Capital Markets, Competition, EU

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Latin America Focus - Fall 2023

As we embark on our third year of Latin America Focus, the ever-evolving landscape in the region brings fresh opportunities and challenges for local, regional and international businesses. After an extremely positive…more

Arbitration, Chapter 11, Disclosure Requirements, Environmental Social & Governance (ESG), Exports

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Time-bar clause in construction contract defeated by estoppel

Estoppel and waiver are common arguments used to rebut the enforcement of time bar and notice provisions in construction contracts. However, these arguments have often seen limited success. Nevertheless, estoppel was…more

Construction Contracts, Construction Industry, Estoppel, Notice Provisions, Time-Barred Claims

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Congress Passes $2.2 Trillion COVID-19 Stimulus Bill

On Friday, March 27, 2020, the U.S. House of Representatives voted to approve the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) submitted by the Senate, and President Trump just signed the bill.The bill…more

Airlines, Automotive Industry, CARES Act, Credit Reporting Agencies, Financial Services Industry

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Technology – The hottest commodity in the mining & metals sector

The mining & metals sector, long perceived by the broader markets as an old-fashioned heavy industry, is embracing technological innovation and new forms of partnership as it seeks to harness productivity growth and the energy…more

Artificial Intelligence, Capital Markets, Energy Sector, Global Market, Investors

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European leveraged finance: A whole new world

European leveraged finance in 2023 was saddled with the negative effects of elevated interest rates. But as the market adjusts to the “new normal”, rate and price stability offer hope for a brighter 2024. -Rising interest…more

Acquisitions, Banking Sector, Buyouts, Debt, Debt Market

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Recent Trends in Aviation Finance and Leasing: Post-Pandemic Guidance For Operating Lessors and Financiers

In addition to being a crucial time for aviation finance and leasing lawyers to navigate their clients through the numerous challenges which it presented, the onset and duration of the COVID-19 pandemic required lawyers to…more

Aircraft, Aviation Industry, Borrowers, Debt Trading, Enforcement

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Africa Focus: Winter 2023 - Fueling a sustainable future

Green hydrogen will play important roles in Africa’s transition to renewable energy and as an exportable commodity. But is the current focus on the areas that will deliver the most value for Africa and its people? Carina Radford…more

Africa, Climate Change, Global Market, Green Energy, Hydrogen Power

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Drafting Settlement Agreements with Enforcement in Mind

There are currently a significant number of unresolved claims in Qatar as a result of the construction activities that took place in the lead-up to the FIFA World Cup, including due to the minimum wage increase,…more

Class Action, Construction Contracts, Construction Industry, Dispute Resolution, Enforcement Actions

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AI Legal News Summer Roundup: Edition 3

Welcome to the third edition of our AI Legal News Summer Roundup! After five class actions were filed between June 28 and July 11 (as reported on in our first edition of this series), on July 21, another class action lawsuit was…more

Artificial Intelligence, Australia, Automated Decision Systems (ADS), Broker-Dealer, Class Action

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Foreign direct investment reviews 2021: Russian Federation

Further developments to Russian foreign investment laws introduce new requirements for investors and simplify regulation in some spheres - Established by the Russian government in 2008, the Government Commission on Control…more

Acquisitions, Beneficial Owner, Beneficiaries, Filing Requirements, Foreign Acquisitions

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ESG liability and litigation risks with a focus on Germany: Greenwashing

The European Commission ("Commission") is relentless in its fight against Greenwashing and the misrepresentation of sustainability impacts or benefits of a company’s products or actions. Following the global ESG trend and the…more

Advertising, Audits, Debt, Enforcement, Environmental Social & Governance (ESG)

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Historic US Disaster Relief Legislation in Response to COVID-19 Crisis Will Have a Significant Impact on Companies and Their Employees Through Changes in the Tax Code and Related Provisions

The novel coronavirus referred to as SARS-CoV-2 and the disease that the virus causes (“COVID-19”) has created significant challenges for companies and employees across the United States as quarantine, self-isolation, and travel…more

CARES Act, Coronavirus/COVID-19, Financial Stimulus, Popular, Relief Measures

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Europe holds enduring appeal for Asia-Pacific dealmakers

APAC investors continue to seek out high-growth assets across the continent despite a global slowdown in M&A activity - High inflation, geopolitical uncertainty and an uncertain macroeconomic outlook precipitated a slowdown…more

Acquisitions, Asia Pacific, Capital Markets, EU, Global Dealmaking

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EU proposes Green Claims Directive to combat greenwashing

The European Commission has proposed a directive on regulating so-called 'Green Claims', that lays down detailed rules on the substantiation, communication and verification of voluntary environmental claims and environmental…more

Enforcement Actions, EU, EU Directive, European Commission, Green New Deal

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Drafting Settlement Agreements with Enforcement in Mind

There are currently a significant number of unresolved claims in Qatar as a result of the construction activities that took place in the lead-up to the FIFA World Cup, including due to the minimum wage increase,…more

Class Action, Construction Contracts, Construction Industry, Dispute Resolution, Enforcement Actions

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Morocco: A new legal framework for Independent Power Producers

In Morocco, renewables now account for more than 19% of market energy, up from 18.5% in 2020. Installed renewable energy capacity has exceeded 5 GW, which represents major growth over the past two decades. The government intends…more

Energy Sector, France, Morocco, Renewable Energy, Sustainability

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Judge Albright and Transfers of Patent Cases

Judge Alan Albright, one of the most active patent jurists, recently amended his standing orders to clarify inter-district transfers and venue discovery, adding predictability for parties that litigate in the Western District of…more

Intellectual Property Protection, Judges, Patent Litigation, Patents, Standing Orders

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Managing civil disputes in France during the COVID-19 crisis (III)

The outbreak of COVID-19 has substantially disrupted the management of civil litigation during the first national lockdown of 17 March 2020 to 11 May 2020. French judicial activity was limited to "essential litigation" and…more

Business Continuity Plans, Coronavirus/COVID-19, Court Closures, Court Schedules, France

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SEC Modernizes Internet Adviser Rule

On March 27, 2024, the Securities and Exchange Commission ("SEC") adopted amendments to the rule allowing internet-based investment advisers to register with the SEC instead of with states (the "internet adviser exemption"). The…more

Internet, Investment Adviser, New Amendments, New Rules, Regulatory Reform

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Luxembourg Reform of Restructuring Procedures

On 1st November 2023, the new Luxembourg law of 7 August 2023 on the continuation of businesses and modernisation of insolvency law (the "Law") enters into force. This long-awaited reform implements Directive 2019/1023 to…more

Corporate Restructuring, Creditors, Debt Restructuring, Debtors, EU

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New EU sanctions to target malicious external cyber-attacks

On 17 May 2019, the EU put in place a new legal framework for sanctions targeting malicious cyber activities from outside the EU that threaten the Union or its Member States. The aim is to enhance the EU's cyber resilience and…more

Asset Freeze, Cyber Attacks, Cybersecurity, Economic Sanctions, EU

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Entry into force of the prohibition of unfair terms in B2B contracts: are you ready?

On 1 December 2020, the prohibition of unfair terms in B2B contracts imposed by the law of 21 March 2019, will enter into force. From now on, any contractual terms creating a manifest imbalance between the rights and…more

B2B Transactions, Contract Negotiations, Contract Terms, EU, Unfair Contract Terms

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Disagreement rather than consensus: The concrete implementation of the Directive on representative actions remains unclear

When two people quarrel, someone else has the last laugh. It remains to be seen whether this saying proves true in the case of the transposition of the EU Directive on representative actions (EU 2020/1828) ("the Directive") into…more

Capital Markets, Collective Actions, Consumer Protection Laws, EU, EU Directive

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EU targets Wagner Group and three oil & gas companies over alleged human rights violations and destabilising activities in Ukraine, Syria, and Libya

On 13 December 2021, the EU imposed sanctions against the Wagner Group, a private military entity based in Russia, as well as related entities and individuals, citing human rights abuses and destabilising activities in various…more

Beneficial Owner, EU, Human Rights, Libya, Oil & Gas

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“Like a Phoenix from Ashes” – The UPC is finally under way

After decades of drafting and negotiating, the Unified Patent Court ("UPC") is finally set to go ahead. The year 2022 has been dynamic for this new European court: The regulations on the unitary patent entered into force…more

EU, European Patent Office, Member State, Patents, Unified Patent Court

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LCIA Introduces New Arbitration Rules for New Era

On 11 August 2020, the LCIA Court formally adopted its new arbitration rules (the "2020 Rules"). The 2020 Rules will come into force on 1 October 2020 and shall apply to any LCIA arbitration commenced from that date..…more

Arbitration, Arbitration Agreements, Arbitration Awards, Arbitration Procedural Rules, Arbitrators

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Latest Plans to Increase Nuclear Energy in South Africa

Nuclear energy has been significant in South Africa's energy landscape for decades. South Africa's focus on nuclear energy (as a low-carbon and efficient base-load source of energy1) is ever-increasing as the global drive…more

Energy Sector, International Atomic Energy Agency, Nuclear Power, Renewable Energy, South Africa

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Mexico reinstates tariff hikes ranging from 5% to 50% on over 544 goods

On April 22, 2024, the ‘DECREE amending the Tariff of the Law on General Import and Export Taxes’ was published in the Official Gazette of the Federation.1 This decree will be valid for two years starting from its effective date…more

Anti-Dumping Duty, China, Countervailing Duties, Exports, Imports

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Revised EU “Blue Guide” on product rules zooms in on e-commerce, modifications/repairs, assembling, software and Brexit

On 29 June 2022, the European Commission revealed its updated Blue Guide on the implementation of product rules in the EU. This contains some important changes, reflecting current market surveillance rules, and fills some gaps…more

E-Commerce, EU, European Commission, Foreign Direct Product Rule, Guidance Update

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European Real Estate Finance: Recent developments – June 2019

As part of our periodic updates, here is an overview of recent developments of relevance to participants in the real estate finance market across certain key jurisdictions in Europe…more

Asia, Base Erosion Tax, Belgium, BEPS, Commercial Tenants

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Market overview: The global IPO landscape

Global IPO markets endured a difficult 2023 in the face of rising interest rates and geopolitical uncertainty. But after a challenging 12 months, the outlook for IPO activity in 2024 is brightening This past year has been one of…more

Asia Pacific, Capital Markets, Czech Republic, EU, Global Market

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Impending USD LIBOR Discontinuation: Key Considerations for Latin America Loan Market

This article sets out certain key considerations specific to the Latin American loans market that may arise in transitioning legacy USD LIBOR loans to SOFR and supplements our earlier article published on December 6, 2022 on the…more

Bank Loan Markets, Collateral, Filing Requirements, Latin America, Libor

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Glass Lewis Guidelines Update on Virtual-Only Meetings Due to COVID-19

On March 19, 2020, Glass Lewis announced that for the duration of the 2020 proxy season, it will "take into account the extenuating circumstance of the COVID-19 pandemic when applying [its] policy on virtual-only shareholder…more

Annual Meeting, Board of Directors, Coronavirus/COVID-19, Glass Lewis, Proxy Season

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Publication of relevant energy judicial criteria (Jurisdiction for COS validation and challenge of CRE and CNH acts)

The Federal Judicial Branch published on August 14, 2020, on the Weekly Federal Judiciary, certain jurisprudence criteria related to the energy sector. In particular, the criteria relates to the jurisdiction of the District…more

Energy Projects, Energy Sector, Hydrocarbons, Judicial Authority, Mexico

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Middle Eastern dealmaking strides ahead in 2021

Deal volume has reached new highs as dealmaking confidence in the region returns - Middle Eastern dealmaking has surpassed expectations so far in 2021. A total of 98 deals changed hands during the first three quarters—the…more

Acquisitions, Global Dealmaking, Investment, Investors, Mergers

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New expansion of foreign direct investments control regime in France and the impact on French biotech companies

White & Case Technology Newsflash - In line with the increased protectionism around foreign direct investments (FDI) in the past few years, the economic impact of COVID-19 led to a worldwide rapid expansion of existing…more

Biotechnology, Foreign Acquisitions, Foreign Direct Investment, Foreign Investment, France

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Mexican Senate Approves Bill to Amend the Mexican Securities Market Law and the Investment Funds Law

On April 29, the Mexican Senate approved a Bill to Amend, Repeal and Supplement Certain Provisions of the Securities Market Law and the Investment Funds Law (the "Bill"). If approved in its terms by the Mexican House of…more

Hedge Funds, International Securities Market (ISM), Investment, Investment Adviser, Legislative Agendas

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NAFTA’s Sunset Period Will End in June 2023 and Claims Must Be Notified Earlier, in Some Cases by Year-End 2022 – NAFTA Investors Should Consider their Options Now

State conduct may adversely affect foreign investors and their investments.  Investors protected under international investment treaties may bring arbitration proceedings against States in those cases, seeking financial…more

Bilateral Investment Treaties, Canada, Foreign Investment, Investors, Mexico

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Snapshot: Der deutsche Übernahmemarkt 2023

Blick auf den Markt und die bedeutendsten Transaktionen - Die Analyse öffentlicher Übernahmen im Jahr 2023 erscheint auf den ersten Blick wie eine Blaupause des Vorjahres. Die bereits 2022 festgestellten Trends bestätigten…more

Acquisitions, Capital Markets, EU, European Commission, Financial Regulatory Reform

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Real estate 2024: Emerging from the storm?

The real estate sector is looking ahead with more optimism, as interest rates peak and a clearer picture forms on valuation and future financial performance - Key sections - Section 1: Market overview and outlook…more

Environmental Social & Governance (ESG), Funding, Investment, Investors, Real Estate Market

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Climate change litigation in Africa: Current status and future developments

Climate change litigation is increasing steadily worldwide, but few cases have been filed yet in Africa - Only 10 climate change cases have so far been raised on the African continent." Climate change litigation covers a…more

Africa, Climate Change, Environmental Claims, Environmental Litigation

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German real estate corporates enter the leveraged debt and high yield bond scene

European Leveraged Finance Client Alert Series: Issue 6 July, 2019 - Sub-investment grade rated property companies in the German market are increasingly supplementing conventional real-estate senior secured bank financing…more

Capital Markets, Debt Financing, Debt Market, EBITDA, EU

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COVID-19 – Guidance for International Employers

Companies and their workforces are facing extraordinary challenges during the period of disruption caused by COVID-19, and Governments around the world are introducing new legislation and guidance on a frequent basis to help…more

Business Closures, Business Interruption, Coronavirus/COVID-19, Employer Liability Issues, New Guidance

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European leveraged finance: A whole new world

European leveraged finance in 2023 was saddled with the negative effects of elevated interest rates. But as the market adjusts to the “new normal”, rate and price stability offer hope for a brighter 2024. -Rising interest…more

Acquisitions, Banking Sector, Buyouts, Debt, Debt Market

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Term loan C in the spotlight

In debt markets characterized by tighter liquidity and cautious lenders, term loan C debt is providing borrowers with essential liquidity - Volatile credit markets and guarded banks have made securing term loan C (TLC) debt…more

Banks, Borrowers, Debt Market, Financial Services Industry, Lenders

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Climate Change Disputes Take Center Stage at Paris Arbitration Week (PAW)

There is increasing awareness about the interconnected nature of climate-related issues such as biodiversity loss, health, human rights, security and inequality. Indeed, climate change disputes are on the rise, and the…more

Arbitration, Climate Action Plan, Climate Change, Coronavirus/COVID-19, Dispute Resolution

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Constructing the low-carbon economy

With an unprecedented momentum for the construction of new major projects linked to the shift away from fossil fuels and the development of a low-carbon economy, there is a real focus on construction law issues relevant to such…more

Australia, Brownfield Properties, Carbon Emissions, Climate Change, Construction Industry

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Current Conditions Present Historic Gifting Opportunities; Time to Review Retirement Plan Beneficiary Designations

The dramatic decline in asset values caused by the emergence of COVID-19 as a significant health threat, combined with historically high gift tax exemptions and historically low interest rates make now an opportune time to focus…more

Beneficiary Designations, Coronavirus/COVID-19, Estate Planning, Gift-Tax Exemption, Gifts

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Regulatory Hot Topics: Highlights

It has been a period rife with notable shifts on the global stage; a new administration in the US, the end of the Brexit transition period and the reaching of key milestones in the discontinuation of LIBOR, to name but a few…more

Banking Sector, Biden Administration, Climate Change, Cross-Border, Department of Labor (DOL)

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The Basics of Bridge Loans - European Leveraged Finance Client Alert Series: July 2022

Bridge loans are a key way to finance large acquisitions, but their terms are very specialized. In "The Basics of Bridge Loans", the White & Case team explains the key terms of bridge loans and discusses some challenges faced in…more

Acquisitions, Bridge Loan, Buyers, Commitment Letter, EU

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Ready for restructuring

HEADLINES - -Rising interest rates and reduced refinancing options are increasing the likelihood of restructuring and financial distress in the next 12 months -Cov-lite debt packages have given borrowers breathing room,…more

Borrowers, Coronavirus/COVID-19, Debt Restructuring, Financial Distress, Interest Rates

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Landmark UK Supreme Court decision clarifies scope of banks’ so-called ‘Quincecare duty’

In Philipp v Barclays Bank UK PLC, the UK Supreme Court has given unanimous judgment in favour of Barclays Bank, and provided clear guidance on the so-called ‘Quincecare duty’ owed by banks to their customers. White & Case acted…more

Appeals, Banking Sector, Banks, Barclays, Corporate Counsel

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COVID-19: Key Issues When Sourcing Pandemic Prevention Supplies from China

Pandemic prevention supplies are in high demand during the current coronavirus disease (“COVID-19”) outbreak. China, as it gradually gets the outbreak under control, is resuming manufacture and exporting the supplies to the…more

Buyers, China, Contract Terms, Coronavirus/COVID-19, Customs

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Two courts confirm the logical limits of the validation principle

Courts in Paris and The Hague have recently refused to enforce awards from the same arbitration. These decisions confirm the logical limits to the pro-arbitration principle that arbitrators and courts should seek to uphold the…more

Appeals, Arbitration, Arbitration Agreements, Arbitrators, France

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ESG in APAC: 3 Trends to Watch in 2024

Faced with increased scrutiny by consumers, regulators, shareholders and boards, Environmental, Social and Governance (ESG) considerations have been at the forefront for multinational companies globally. Multinational companies…more

Asia Pacific, Australia, Corporate Governance, Corporate Social Responsibility, Disclosure Requirements

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CCPA Settlement Illustrates Continued Focus on the Sale of Consumer Personal Information

On February 21, 2024, California Attorney General Rob Bonta ("Cal AG") announced that his office reached a settlement with DoorDash, the food delivery service company, for violating the California Consumer Privacy Act ("CCPA")…more

California Consumer Privacy Act (CCPA), Consumer Privacy Rights, Data Selling, DoorDash, Enforcement Actions

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Key Considerations for the 2022 Annual Reporting and Proxy Season

This memorandum outlines key considerations for U.S. public companies in preparation for the 2022 annual reporting and proxy season.   ▪️ Part I of this memo, which was published in January 2022, describes key considerations…more

Annual Reports, Coronavirus/COVID-19, Corporate Counsel, Corporate Governance, Disclosure

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Looking ahead: The future for US infrastructure

It is an exciting time for US infrastructure. Alongside the potential passage of President Biden's historic bill, our research indicates that investors, financiers and developers expect to step up their activity over the year to…more

Biden Administration, Brownfield Properties, Capital Markets, Environmental Social & Governance (ESG), Financial Services Industry

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Scaling up the energy transition

Around the world, the journey to a net-zero economy has started. Smaller carbon footprints and cleaner energy sources are now a priority for energy companies, despite the imperative to meet near-term energy needs that is…more

Carbon Capture and Sequestration, Energy Sector, Investment, Net Zero, Renewable Energy Investments

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The rise of Private Credit in the United Arab Emirates

As creditors continue to look across the global market for strategic opportunities, the United Arab Emirates (the "UAE") is primed to emerge as a relatively untapped well of potential for private credit providers…more

Borrowers, Creditors, EBITDA, Financial Services Industry, Insolvency

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Sport before the European Court of Justice – three decisions upholding the primacy of EU law also in the organization of sport

On 21 December 2023, the European Court of Justice ("ECJ") issued three decisions in three separate cases concerning the discretionary power of sports federations to prevent alternative competitions and to otherwise impose…more

Arbitration, Competition, EU, European Court of Justice (ECJ), Sports

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Africa Focus: Spring 2019 - Sustainability in Africa's maritime industry

Africa has an opportunity to lead on environmental and social global best practices - Some of the most important global sea lanes pass the continent of Africa. Major routes navigate the Cape of Good Hope between the Atlantic…more

Africa, Blue Finance, Child Labor, Environmental Policies, Exports

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Infrastructure M&A remains robust despite COVID uncertainty

The energy transition and a growing need for efficient digital infrastructure are two trends fueling infrastructure dealmaking in 2020 - In a year that has seen global M&A activity drop significantly, M&A within the…more

5G Network, Acquisitions, Coronavirus/COVID-19, Energy Sector, Global Dealmaking

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ESM Financial Assistance vs. Eurobonds – A Dilemma and the Pandemic Crisis Support

On April 9, 2020, after intense and lengthy discussions, the EU finance ministers reached a comprehensive economic policy response to the COVID-19 pandemic. The President of the Eurogroup, Mario Centeno, stated: "Today, we…more

Coronavirus/COVID-19, EU, Eurobonds, Financial Assistance Policies

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Government Commission publishes revised Corporate Governance Code

Following consultations, the Government Commission on the German Corporate Governance Code (the "DCGK") adopted the new version of the Code on May 9, 2019 and published it on May 22, 2019 (new version of the DCGK (in German))…more

Board of Directors, Consultation Periods, Corporate Governance, Corporate Management, Germany

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German IP Withholding Tax

On November 6, 2020, the German Federal Ministry of Finance issued a decree addressing certain open questions relating to foreign taxpayers’ obligation to submit tax filings for royalty income derived from intellectual property…more

Beneficial Owner, Capital Gains, Corporate Taxes, Foreign Taxpayers, Income Taxes

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European leveraged finance: A whole new world

European leveraged finance in 2023 was saddled with the negative effects of elevated interest rates. But as the market adjusts to the “new normal”, rate and price stability offer hope for a brighter 2024. -Rising interest…more

Acquisitions, Banking Sector, Buyouts, Debt, Debt Market

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Financial institutions M&A: Sector trends - January 2019: Smaller and mediumsized asset/wealth managers consolidate at a feverish pace

Smaller and medium-sized managers are seeking scale to compete with "the trillionaires", who have enjoyed the lion's share of business inflows in 2018. Industry-wide margin squeeze, fierce market competition, eager buyers and…more

Acquisitions, Asset Management, EU, Financial Conduct Authority (FCA), Financial Institutions

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High yield bonds held firm in the first quarter against a tough backdrop

High yield bond activity in key global markets showed signs of life in Q1 2023, with quarter-on-quarter issuance improving despite ongoing macroeconomic challenges. In the US, high yield bond issuance in Q1 2023 came in at US$29…more

Borrowers, Capital Markets, Financial Services Industry, High Yield Bonds, Lenders

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French Merger Control Update: Key Takeaways from 2022

In 2022, the French Competition Authority (the "FCA") maintained a high level of activity, focusing notably on digital markets, which remain one of its key priorities. Last year also brought the first successful failing firm…more

Acquisitions, Competition, EU, European Commission, France

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European leveraged finance: A whole new world

European leveraged finance in 2023 was saddled with the negative effects of elevated interest rates. But as the market adjusts to the “new normal”, rate and price stability offer hope for a brighter 2024. -Rising interest…more

Acquisitions, Banking Sector, Buyouts, Debt, Debt Market

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Private Capital – Outlook for 2024

A subdued 2023 is in the rear-view mirror but the outlook for 2024 is positive – how do Private Capital players in Australia optimise their chances of deal success in 2024? On both sides of the M&A equation – Private Equity…more

Acquisitions, Asia Pacific, Australia, Debt Financing, Global Dealmaking

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Connected cars merge with payment technology

As connected cars proliferate, auto, tech and financial companies will form alliances that raise familiar legal issues in new contexts - An estimated 125 million connected passenger cars are expected to ship worldwide by 2022,…more

Automotive Industry, Compliance, Connected Cars, Cybersecurity, Data Collection

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Upheaval in the Litigation Funding Industry: UK Supreme Court Rules that many Litigation Funding Agreements are Unenforceable

In a heavy blow to the litigation funding industry, the UK Supreme Court has held that many litigation funding agreements are damages-based agreements and must comply with the relevant regulatory regime. Funders will be urgently…more

Judicial Discretion, Litigation Fees & Costs, Litigation Funding, Third Party Funding, UK

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Quid pro-quo: Conditioning Waiver Requests

Faced with a rapidly evolving business landscape, lenders, borrowers, advisors and other stakeholders in the leveraged finance market are working hard to assess and monitor current and anticipated problems in existing loan…more

Borrowers, Credit, Debt, Investment Portfolios, Lenders

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Mandatory climate-related financial disclosures proposed for Australia

Following two rounds of consultation, the Australian Government has released an exposure draft of the Treasury Laws Amendment Bill 2024: Climate related financial disclosure (Draft Bill) which would introduce mandatory,…more

Australia, Climate Action Plan, Climate Change, Environmental Social & Governance (ESG), Financial Regulatory Reform

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Integrated Resource Plan 2019 - Where to from here?

South Africa's Integrated Resources Plan 2019 ("IRP") continues to espouse the need to balance supply and demand on a least-cost basis, and gives limited guidance in relation to the "Where from here?"…more

Coal, Electric Generation Suppliers, Energy Policy, Energy Sector, Hydropower

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European Commission proposes measures to up the ante on EU FDI screening

Foreign direct investment ("FDI") screening was one of the major topics of 2023 as a myriad of new regimes joined the FDI club and its more seasoned members continue to strengthen scope and enforcement, with the impacts felt in…more

EU, European Commission, Foreign Direct Investment, Foreign Investment, Investors

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Snapshot: Der deutsche Übernahmemarkt 2023

Blick auf den Markt und die bedeutendsten Transaktionen - Die Analyse öffentlicher Übernahmen im Jahr 2023 erscheint auf den ersten Blick wie eine Blaupause des Vorjahres. Die bereits 2022 festgestellten Trends bestätigten…more

Acquisitions, Capital Markets, EU, European Commission, Financial Regulatory Reform

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USTR Proposes Tariffs on French Goods and Possible Restrictions on Services in Section 301 Investigation of France's Digital Services Tax

On December 2, 2019, the Office of the US Trade Representative (USTR) announced its determination that France's Digital Services Tax (DST) is "unreasonable or discriminatory and burdens or restricts U.S. commerce" and is…more

BEPS, Digital Services Tax, France, OECD, Proposed Rules

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Longer and longer: the ever lengthening loan agreement

Leveraged loan agreements form key aspects of capital structures, balancing lender protection against allowing the borrower to run its business according to its business plan. In recent times, the length of such loan agreements…more

Acquisitions, Borrowers, Capital Structures, Creditors, High Yield Bonds

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Financial Regulatory Observer - December 2019: Lifting the lid on MAR

The latest consultation paper from ESMA raises some important questions about the market abuse regulation (MAR) but lacks detail in some crucial areas. On October 3, 2019, the European Securities and Markets Authority (ESMA)…more

Commodities, Derivatives, EU, EU Market Abuse Regulation (EU MAR), European Securities and Markets Authority (ESMA)

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Federal Circuit Directs Transfer Out of the Western District of Texas Finding Clear Abuse of Discretion in Judge Albright's Denial

Since Judge Alan D. Albright took the bench in the Western District of Texas in September 2018, the number of patent litigation cases in that district has risen exponentially…more

Abuse of Discretion, Adobe, Appeals, Litigation Strategies, Motion to Transfer

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California Attorney General Bark Turns to Bite as First CCPA Settlement Includes Monetary Penalty

In a long anticipated development, on August 24 California Attorney General Rob Bonta ("Cal AG") announced the state's first monetary penalty under the California Consumer Privacy Act ("CCPA"), in a settlement with the beauty…more

California, California Consumer Privacy Act (CCPA), California Privacy Rights Act (CPRA), Civil Monetary Penalty, Consumer Privacy Rights

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Turning to Transmission: A Critical Connection in the Energy Transition

Building on the sweeping climate and energy goals set forth by the Biden administration, the spotlight turns to transmission development and power grid infrastructure. An array of federal and state proposals may usher in a wave…more

Biden Administration, Bipartisan Budget Act, Climate Change, Energy Projects, Energy Sector

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Due Diligence in Supply Chains – Update on corporate human rights and environmental due diligence requirements in the EU and Germany

The German Act on Due Diligence in Supply Chains (Lieferkettensorgfaltspflichtengesetz, "LkSG") came into force on 1 January 2023 and imposes new obligations for supply chain due diligence. In parallel, the European legal…more

Corporate Governance, Due Diligence, EU, European Commission, Germany

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Six things to reflect on for creditors considering a share pledge enforcement

In the current market, investors are increasingly considering their options in relation to the stressed and distressed credits in their portfolios. Whilst mindful of stakeholder relationships, secured lenders may, in some…more

Acquisitions, Capital Markets, Creditors, Enforcement, Holding Companies

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Sector trends - September 2023: Payments

Deliver a burst of bright sunlight amidst storm clouds across the European financial services M&A landscape. Service providers merge, acquire, partner and de-SPAC their way to scale, scope and new technology…more

Acquisitions, Capital Raising, Cryptocurrency, Infrastructure, Mergers

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Understanding Tax: The UK as a holding and investment company jurisdiction

This article is produced by our London Tax team, which is part of our global Tax practice. Our series, "Understanding Tax", explores commercially relevant and recent changes to the UK's tax code. The UK as a holding and…more

BEPS, Holding Companies, International Tax Issues, Investment Companies, OECD

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U.K. Supreme Court provides welcome clarity on how to determine the governing law of an arbitration agreement

In its recent decision in Enka v Chubb [2020] UKSC 38, the U.K. Supreme Court has provided a high degree of clarity on the test to be applied to determine the governing law of an arbitration agreement. The Court also took…more

Arbitration, Arbitration Agreements, Choice-of-Law, Contract Terms, Corporate Counsel

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MiCA Regulation: New regulatory framework for Crypto-Assets Issuers and Crypto-Asset Services Providers in the EEA

On 29 June 2023, the Regulation (EU) 2023/1114 (the "MiCAR") entered into force. The MiCAR will apply from 30 December 2024, except for Titles III and IV, which will apply from 30 June 2024. The MiCAR introduces a new,…more

Cryptoassets, Cryptocurrency, EU, European Economic Area (EEA), New Regulations

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Biden Administration Pauses Review of Non-FTA LNG Export Applications

On January 26, 2024, the Biden Administration announced a temporary pause on all pending applications seeking authorization under Section 3 of the Natural Gas Act to export liquefied natural gas (LNG) to non-Free Trade Agreement…more

Biden Administration, Department of Energy (DOE), Exports, Free Trade Agreements, Liquid Natural Gas

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Africa's digital infrastructure transformation

Affordable, universal digital access is key to Africa's growth and development- Now, more than ever, Africa is looking to digital solutions to increase productivity and drive development. According to a report by the IFC and…more

Digital Platforms, Infrastructure, Internet, Investment, Investors

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DACH dealmaking powers ahead in 2021

Traditionally a powerhouse of European M&A, the DACH region—D for Germany, A for Austria and CH for Switzerland—did not disappoint in the first three quarters of the year. A total of 1,113 announced deals valued at US$167.1…more

Acquisitions, Austria, Buyers, Emerging Technologies, EU

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Latin America Focus - Fall 2023

As we embark on our third year of Latin America Focus, the ever-evolving landscape in the region brings fresh opportunities and challenges for local, regional and international businesses. After an extremely positive…more

Arbitration, Chapter 11, Disclosure Requirements, Environmental Social & Governance (ESG), Exports

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Investing in India

What a difference a decade can make! Since the publication of our first report, "Navigating India: Lessons for Foreign Investors," in 2013, India has undergone a remarkable transformation. The country’s population grew by 100…more

Arbitration, Capital Markets, Clean Energy, Cross-Border, Debt Financing

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Getting deals done despite the odds

M&A, debt finance and investment fund actors seek alternative routes to dealmaking in the face of a dim macroeconomic outlook - The past two years have witnessed significant geopolitical fracturing and macroeconomic…more

Acquisitions, China, Debt Financing, Financial Sponsors, Fund Managers

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Renewables push drives M&A in Japan’s energy sector

Ambitious decarbonization targets and high investment returns are drawing interest from both local and international buyers - M&A in Japan’s energy and utilities sectors has reached a new peak in recent years, with 24 deals…more

Acquisitions, Buyers, Energy Sector, EU, Global Dealmaking

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COVID-19 Foreign Direct Investment (FDI) – An Overview of Restrictions in Western Europe and the CEE

Prior to the outbreak of the COVID-19 pandemic, there had been a growing and global trend of established Western economies increasingly scrutinising foreign investment in key sectors. FDI restrictions have been on the European…more

Belt and Road Initiative (BRI), Blocked Mergers, China, Coronavirus/COVID-19, Critical Infrastructure Sectors

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Recent Trends in Aviation Finance and Leasing: Post-Pandemic Guidance For Operating Lessors and Financiers

In addition to being a crucial time for aviation finance and leasing lawyers to navigate their clients through the numerous challenges which it presented, the onset and duration of the COVID-19 pandemic required lawyers to…more

Aircraft, Aviation Industry, Borrowers, Debt Trading, Enforcement

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Quest to bolster critical mineral supply will persist through economic downturn

Technologies underlying the energy transition—including wind turbines, solar panels, electricity networks and electric vehicles (EVs)—rely upon sufficient access to critical minerals such as copper, lithium, nickel, cobalt,…more

Clean Energy, Energy Sector, EU, Global Economy, Global Market

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Chinese battery material companies remain active despite economic downturn

China is looking beyond its borders to maximize the returns from the minerals needed to make the energy transition happen. China is one of the biggest producers of the critical minerals and rare earth elements that are…more

Batteries, China, Electric Vehicles, Foreign Investment, Investors

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US Court of International Trade Suggests Customs May Reject Declared Value Based on "First Sale" Rule or "Related-Party" Prices If Non-Market Economy Might Have "Influenced" Buyer or Seller

A recent (March 1, 2021) Court of International Trade ("CIT") opinion, Meyer Corp. v. United States,1has potentially wide-ranging implications for global supply chains, because it calls into question use of the "first sale" rule…more

China, Court of International Trade, First Sale Doctrine, Foreign Sales, Foreign Subsidiaries

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New requirements for outbound data transfers from China

The Cybersecurity Administration of China (the "CAC") has published guidelines concerning outbound data transfers of personal information and "important data" from China to other jurisdictions. Businesses must comply with these…more

China, Corporate Counsel, Cybersecurity, Data Privacy, Data Protection

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Modern slavery reporting requirements in Australia and the impact of COVID-19: What you need to know

The Modern Slavery Act 2018 (Cth) (Act) requires large Australian entities and foreign entities carrying on business in Australia to report annually on the risks of modern slavery in their operations and supply chains and the…more

Australia, Coronavirus/COVID-19, Corporate Governance, Corporate Social Responsibility, Forced Labor

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COVID-19: Key Issues When Sourcing Pandemic Prevention Supplies from China

Pandemic prevention supplies are in high demand during the current coronavirus disease (“COVID-19”) outbreak. China, as it gradually gets the outbreak under control, is resuming manufacture and exporting the supplies to the…more

Buyers, China, Contract Terms, Coronavirus/COVID-19, Customs

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Supply Chain Compliance with Human Rights and Environmental Obligations

The United States, the European Union, and Germany have recently adopted or proposed new rules requiring enhanced due diligence in supply chains, targeting human rights and environmental issues. This alert examines key…more

Civil Monetary Penalty, Compliance, Customs and Border Protection, Due Diligence, Enforcement

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The Framework for Cooperation between the European Public Prosecutor's Office and Non-EU Third Countries

The European Public Prosecutor’s Office ("EPPO") is the European Union's ("EU") supranational prosecutorial body that launched its operations on 1 June 2021. The EPPO is charged with investigating and prosecuting economic crimes…more

Criminal Investigations, Criminal Prosecution, Enforcement Actions, EU, Financial Crimes

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Information regarding the antidumping and countervailing duty petitions on Crystalline Silicon Photovoltaic Cells from Cambodia, Malaysia, Thailand, and Vietnam

The Petition - On April 24, 2024, the American Alliance for Solar Manufacturing Trade Committee ("Petitioners") filed antidumping duty ("ADD") and countervailing duty ("CVD") petitions on imports of crystalline silicon…more

Anti-Dumping Duty, Cambodia, Countervailing Duties, Importers, Imports

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Recent Developments in IP Protection in China

The National People’s Congress of China (NPC) adopted the new Foreign Investment Law (FIL) on March 15, 2019, with a view toward unifying and streamlining the foreign investment framework into China.  One of the main emphases…more

China, Copyright Infringement, Foreign Investment, Intellectual Property Protection, Joint Venture

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Nebraska Enacts Comprehensive Data Privacy Law

On 17 April, 2024, Nebraska Governor Jim Pillen signed into law omnibus Legislative Bill 1074, which includes the Nebraska Data Privacy Act, making Nebraska the seventeenth state to adopt comprehensive data privacy legislation…more

Consumer Privacy Rights, Data Privacy, Data Protection, New Regulations, Opt-Outs

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Transformation in the construction industry: Keeping pace with change

[co-authors: Rhulani Matsimbi, and Kit Goodfellow] Three pillars are at the heart of global efforts to boost sustainability and make our built environment cleaner, greener and more socially responsible: construction, energy…more

Construction Contracts, Construction Disputes, Construction Industry, Construction Project, Coronavirus/COVID-19

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Limited protection of tenants' dismissal as a result of the coronavirus crisis in Germany

The German lawmaker has decided to impose a moratorium on rents following the coronavirus crisis. Thereafter, both private and commercial leases may not be terminated until June 30, 2022 due to any rent arrears in the period…more

Commercial Tenants, Coronavirus/COVID-19, Germany, Landlords, Moratorium

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Global PE activity returns to baseline as boom fades

Aggregate global buyout value dipped sharply in the second half of 2022 reverting to pre-pandemic levels—the first three months of 2023, however, have seen an uptick in volume..…more

Buyouts, Global Market, Investment, Investors, Leveraged Finance

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SEC Adopts Amendments to Modernize Disclosures and Adds Human Capital Resources as a Disclosure Topic: Key Action Items and Considerations for U.S. Public Companies

On August 26, 2020, the Securities and Exchange Commission ("SEC") adopted amendments  to crucial SEC disclosure requirements under Regulation S-K, including Item 101 (Description of Business), Item 103 (Legal Proceedings) and…more

Amended Rules, Disclosure Requirements, Human Capital, Item 101, Item 103

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European direct lenders step in to fill the gap

Heading into 2023, European leveraged finance markets continue to deal with fierce headwinds, following 12 months of economic and geopolitical volatility that has prompted a general slowdown in issuance. What does this mean for…more

Bond Markets, Capital Markets, Direct Lending, EBITDA, EU

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Australian Government set to boost investment into Southeast Asia

The A$2 billion Southeast Asia Investing Financing Facility (SEAIFF) is one of several measures recently announced by the Australian Government to boost investment and strengthen trade relationships between Australia and the…more

Asia, Australia, Capital Markets, Global Market, Investment

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Construction contracts: vesting of title to goods

When does title to goods transfer from a contractor to an employer? This can be a critical issue, especially when a party to a project has become insolvent. A recent English case considered this issue, and the application of…more

Certification Requirements, Conditions of Payment, Construction Contracts, Contract Terms, Contractors

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Managing construction risks in Asia-Pacific: Vietnam

Changes in the construction law and favorable government policy continue to spur Vietnam's construction industry. Vietnam is the third-largest country in Southeast Asia. Due to favorable government policy and an abundance of…more

Breach of Contract, Construction Contracts, Construction Industry, Contract Terms, Dispute Resolution

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Repos in Islamic Finance – 2

1. Repos in the Islamic market - In our article titled "Repos in Islamic Finance"1 we concluded that Shari'ah-compliant repurchase transactions ("Repos") could play a useful role as a liquidity management instrument to assist…more

Capital Markets, Collateral, Collateralization, Financial Institutions, Financial Services Industry

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Sixth Circuit Permits U.S.-Style Discovery in Aid of International Commercial Arbitration Under Section 28 U.S.C. § 1782

On September 19, 2019, the United States Court of Appeals for the Sixth Circuit rendered a landmark decision which recognized that district courts within the Sixth Circuit can order discovery under 28 U.S.C. § 1782 for use in…more

28 U.S.C. § 1782, Appeals, Arbitration Agreements, Commercial Arbitration, Corporate Counsel

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The Basics of P2P Acquisition Financing

A public-to-private transaction ("P2P") is one in which a publicly listed company is acquired and taken into private ownership. Because they involve changes in ownership of public companies, P2Ps are subject to various…more

Acquisitions, EU, Going-Private Transactions, Leveraged Finance, Mergers

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2023 Half-year in review – M&A legal and market developments

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

Acquisitions, Buyers, Capital Markets, Companies Act, Contract Interpretation

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Sanctions-related amendments to the Russian Commercial Procedure Code

This overview summarises the recent amendments to the Russian Commercial Procedure Code (“Commercial Procedure Code”) relating to disputes involving sanctioned persons. The new law, which comes into effect on 19 June 2020, has…more

Anti-Suit Injunctions, Arbitration, Arbitration Agreements, Commercial Court, Dispute Resolution Clauses

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Stimulus Bill Brings Welcomed Changes to the Renewable Energy Industry

On December 27, 2020, President Trump signed into law the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (the "Extenders Bill"), extending certain renewable energy tax credits and introducing new ones. The Extenders Bill…more

Energy Projects, Energy Sector, Investment Tax Credits, IRS, Production Tax Credit

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Top considerations –EMEA Tax trends impacting Private Equity Real Estate in 2021

White & Case has advised a large number of high-profile international clients on cutting-edge, cross-border and domestic private equity real estate deals, providing valuable strategic tax insight to a broad range of investors…more

Capital Markets, Czech Republic, Financial Markets, France, Germany

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Regulating the Supply and Demand of Foreign Bribery

With the December 2023 enactment of the Foreign Extortion Prevention Act ("FEPA"), the United States' anti-bribery laws now penalize the "demand-side" of foreign bribery. While, for decades, the Foreign Corrupt Practices Act…more

Anti-Bribery, Anti-Corruption, Books & Records, Bribery, FEPA

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Italy – New Measures to enhance Italian debt capital markets

The Italian legislators and CONSOB enacted new measures, as part of a general attempt to modernize the market infrastructure. The new rules relate to, inter alia, the following: The issuance of unlisted debt…more

Capital Markets, CONSOB, Debt, Debt Securities, Insolvency

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Investment treaty protection: How to safeguard foreign investments in Africa

Prudent African investors—and investors within Africa—can ensure that their foreign investments are protected from wrongful conduct that the state and its organs can inflict. …more

Africa, Bilateral Investment Treaties, Foreign Investment, Investment, Investor State Dispute Settlement (ISDS)

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Rogachev v Goryainov: White & Case secure the discharge of an English High Court freezing injunction for non-disclosure

In Rogachev v Goryainov [2019] EWHC 1529 (QB) the High Court discharged a freezing injunction for non-disclosure at the return date hearing and refused to grant further injunctive relief highlighting the significance of full and…more

Affidavits, Disclosure Requirements, EU, Freezing Order, Injunctions

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Guardians of the AI Galaxy: Lessons from Bletchley Park

Last week, on 1 and 2 November 2023, the UK hosted the world's inaugural large-scale AI Safety Summit (the "Summit") at the historic Bletchley Park – once the epicenter of WWII code-breaking efforts. A milestone event, the…more

Artificial Intelligence, Cybersecurity, EU, Innovative Technology, Machine Learning

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PCAOB and Chinese Authorities Sign Agreement, Taking First Step Toward Complete Access for PCAOB to Inspect and Investigate Auditors in China and Hong Kong

On August 26, 2022, the US Public Company Accounting Oversight Board (the "PCAOB") signed a Statement of Protocol (the "SOP") with the China Securities Regulatory Commission (the "CSRC") and the Ministry of Finance of the…more

Accounting, Audits, China, Hong Kong, International Trade

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Oil & gas dealmaking continues to ride high in H1

Dealmaking within the US O&G sector remained largely in line with H1 2021's strong activity, despite the ongoing challenges facing the industry. A total of 85 deals valued at US$44.2 billion were announced in the sector in H1—…more

Acquisitions, Domestic Dealmaking, Investment, Mergers, Oil & Gas

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Funding the energy transition: the role of Islamic finance

Access to energy underpins our day-to-day and powers global economic prosperity and development, yet consumption of energy is the dominant contributor to climate change, accounting for approximately 60% of total global…more

COP, Energy Sector, Funding, Global Economy, Greenhouse Gas Emissions

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Resilience and reform: Hong Kong adapts to change

Global IPO markets endured a difficult 2023 in the face of rising interest rates and geopolitical uncertainty. But after a challenging 12 months, the outlook for IPO activity in 2024 is brightening This past year has been one of…more

Capital Markets, China, Corporate Governance, Global Market, Hong Kong

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The New FISR Measures – A Step Further in China’s National Security Review of Foreign Investments

On December 19, 2020, China's National Development and Reform Commission ("NDRC") and the Ministry of Commerce ("MOFCOM") jointly issued the Measures for the Security Review of Foreign Investments ("New FISR Measures"), which…more

China, Critical Infrastructure Sectors, Foreign Direct Investment, Foreign Investment, MOFCOM

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Foreign direct investment reviews 2020: A global perspective - Japan

In 2020, Japan tightened foreign direct investment review but also introduced a prior notification exemption scheme - Japan's Ministry of Finance (MOF), and its ministries with jurisdiction over the target entity's business,…more

Critical Infrastructure Sectors, FEFTA, Foreign Direct Investment, Foreign Investment, Investors

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German real estate corporates enter the leveraged debt and high yield bond scene

European Leveraged Finance Client Alert Series: Issue 6 July, 2019 - Sub-investment grade rated property companies in the German market are increasingly supplementing conventional real-estate senior secured bank financing…more

Capital Markets, Debt Financing, Debt Market, EBITDA, EU

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US and EU impose coordinated Navalny sanctions

On 2 March 2021, the United States and European Union ("EU") imposed coordinated sanctions in response to the poisoning and imprisonment of Russian opposition politician Aleksey Navalny (and the related US determination that…more

CAATSA, Economic Sanctions, Foreign Policy, Foreign Relations, Office of Foreign Assets Control (OFAC)

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Federal Circuit Denies Rehearing of Decision Finding the Appointment of PTAB Judges Unconstitutional

On March 23, 2020, the Court of Appeals for the Federal Circuit ("CAFC") issued a per curiam order denying all filed petitions for rehearing en banc and panel rehearing in Arthrex, Inc. v. Smith & Nephew, Inc. No. 18-2140 (Fed…more

Administrative Patent Judges, Appointments Clause, Constitutional Challenges, Denial of Rehearing, Inter Partes Review (IPR) Proceeding

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Chinese M&A bounces back in Q2 - A surge of interest from inbound investors drives recovery after a sharp fall in Q1

The COVID-19 pandemic hit Chinese M&A hard in Q1, but the second quarter has already witnessed a remarkable recovery with a total of 434 deals announced—an increase of 56% on Q1. Value also rebounded strongly, with deals worth…more

Acquisitions, China, Global Dealmaking, Inbound Investments, Media

See all updates »

CJEU ruling on EU Blocking Regulation provides some clarifications but leaves difficult questions to national courts

The Grand Chamber of the Court of Justice of the European Union ("CJEU") has opined for the first time on the controversial 1996 EU Blocking Regulation,1 which prohibits EU companies from complying with certain US sanctions…more

Blocking Sanctions, Corporate Counsel, Court of Justice of the European Union (CJEU), EU, European Commission

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On 1 January 2021 the Corporate Stabilisation and Restructuring Act (StaRUG) has come into force and introduced the new ‘Preventive Restructuring Framework’ in Germany

Prior to the introduction of the Preventive Restructuring Framework by the StaRUG out-of-court restructurings in Germany other than the restructuring of German law-governed bonds generally required unanimous approval by all…more

COMI, Commercial Bankruptcy, Corporate Restructuring, Creditors, Debt Restructuring

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European leveraged finance: A whole new world

European leveraged finance in 2023 was saddled with the negative effects of elevated interest rates. But as the market adjusts to the “new normal”, rate and price stability offer hope for a brighter 2024. -Rising interest…more

Acquisitions, Banking Sector, Buyouts, Debt, Debt Market

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German Climate Activists File Climate Change Lawsuits Against Major German Car Manufacturers To Prohibit Selling Combustion Engine Cars

At the beginning of September 2021, climate activists affiliated with German NGO Deutsche Umwelthilfe ("DUH") sent pre-action letters to major German car manufacturers Daimler and BMW and to Wintershall, Germany's largest oil…more

Activist, Climate Change, Environmental Litigation, EU, European Commission

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Information for EU and Swiss Residents

JD Supra's principal place of business is in the United States. By subscribing to our website, you expressly consent to your information being processed in the United States.

  • Our Legal Basis for Processing: Generally, we rely on our legitimate interests in order to process your personal information. For example, we rely on this legal ground if we use your personal information to manage your Registration Data and administer our relationship with you; to deliver our Website and Services; understand and improve our Website and Services; report reader analytics to our authors; to personalize your experience on our Website and Services; and where necessary to protect or defend our or another's rights or property, or to detect, prevent, or otherwise address fraud, security, safety or privacy issues. Please see Article 6(1)(f) of the E.U. General Data Protection Regulation ("GDPR") In addition, there may be other situations where other grounds for processing may exist, such as where processing is a result of legal requirements (GDPR Article 6(1)(c)) or for reasons of public interest (GDPR Article 6(1)(e)). Please see the "Your Rights" section of this Privacy Policy immediately below for more information about how you may request that we limit or refrain from processing your personal information.
  • Your Rights
    • Right of Access/Portability: You can ask to review details about the information we hold about you and how that information has been used and disclosed. Note that we may request to verify your identification before fulfilling your request. You can also request that your personal information is provided to you in a commonly used electronic format so that you can share it with other organizations.
    • Right to Correct Information: You may ask that we make corrections to any information we hold, if you believe such correction to be necessary.
    • Right to Restrict Our Processing or Erasure of Information: You also have the right in certain circumstances to ask us to restrict processing of your personal information or to erase your personal information. Where you have consented to our use of your personal information, you can withdraw your consent at any time.

You can make a request to exercise any of these rights by emailing us at privacy@jdsupra.com or by writing to us at:

Privacy Officer
JD Supra, LLC
150 Harbor Drive, #2760
Sausalito, CA 94965

You can also manage your profile and subscriptions through our Privacy Center under the "My Account" dashboard.

We will make all practical efforts to respect your wishes. There may be times, however, where we are not able to fulfill your request, for example, if applicable law prohibits our compliance. Please note that JD Supra does not use "automatic decision making" or "profiling" as those terms are defined in the GDPR.

  • Timeframe for retaining your personal information: We will retain your personal information in a form that identifies you only for as long as it serves the purpose(s) for which it was initially collected as stated in this Privacy Policy, or subsequently authorized. We may continue processing your personal information for longer periods, but only for the time and to the extent such processing reasonably serves the purposes of archiving in the public interest, journalism, literature and art, scientific or historical research and statistical analysis, and subject to the protection of this Privacy Policy. For example, if you are an author, your personal information may continue to be published in connection with your article indefinitely. When we have no ongoing legitimate business need to process your personal information, we will either delete or anonymize it, or, if this is not possible (for example, because your personal information has been stored in backup archives), then we will securely store your personal information and isolate it from any further processing until deletion is possible.
  • Onward Transfer to Third Parties: As noted in the "How We Share Your Data" Section above, JD Supra may share your information with third parties. When JD Supra discloses your personal information to third parties, we have ensured that such third parties have either certified under the EU-U.S. or Swiss Privacy Shield Framework and will process all personal data received from EU member states/Switzerland in reliance on the applicable Privacy Shield Framework or that they have been subjected to strict contractual provisions in their contract with us to guarantee an adequate level of data protection for your data.

California Privacy Rights

Pursuant to Section 1798.83 of the California Civil Code, our customers who are California residents have the right to request certain information regarding our disclosure of personal information to third parties for their direct marketing purposes.

You can make a request for this information by emailing us at privacy@jdsupra.com or by writing to us at:

Privacy Officer
JD Supra, LLC
150 Harbor Drive, #2760
Sausalito, CA 94965

Some browsers have incorporated a Do Not Track (DNT) feature. These features, when turned on, send a signal that you prefer that the website you are visiting not collect and use data regarding your online searching and browsing activities. As there is not yet a common understanding on how to interpret the DNT signal, we currently do not respond to DNT signals on our site.

Access/Correct/Update/Delete Personal Information

For non-EU/Swiss residents, if you would like to know what personal information we have about you, you can send an e-mail to privacy@jdsupra.com. We will be in contact with you (by mail or otherwise) to verify your identity and provide you the information you request. We will respond within 30 days to your request for access to your personal information. In some cases, we may not be able to remove your personal information, in which case we will let you know if we are unable to do so and why. If you would like to correct or update your personal information, you can manage your profile and subscriptions through our Privacy Center under the "My Account" dashboard. If you would like to delete your account or remove your information from our Website and Services, send an e-mail to privacy@jdsupra.com.

Changes in Our Privacy Policy

We reserve the right to change this Privacy Policy at any time. Please refer to the date at the top of this page to determine when this Policy was last revised. Any changes to our Privacy Policy will become effective upon posting of the revised policy on the Website. By continuing to use our Website and Services following such changes, you will be deemed to have agreed to such changes.

Contacting JD Supra

If you have any questions about this Privacy Policy, the practices of this site, your dealings with our Website or Services, or if you would like to change any of the information you have provided to us, please contact us at: privacy@jdsupra.com.

JD Supra Cookie Guide

As with many websites, JD Supra's website (located at www.jdsupra.com) (our "Website") and our services (such as our email article digests)(our "Services") use a standard technology called a "cookie" and other similar technologies (such as, pixels and web beacons), which are small data files that are transferred to your computer when you use our Website and Services. These technologies automatically identify your browser whenever you interact with our Website and Services.

How We Use Cookies and Other Tracking Technologies

We use cookies and other tracking technologies to:

  1. Improve the user experience on our Website and Services;
  2. Store the authorization token that users receive when they login to the private areas of our Website. This token is specific to a user's login session and requires a valid username and password to obtain. It is required to access the user's profile information, subscriptions, and analytics;
  3. Track anonymous site usage; and
  4. Permit connectivity with social media networks to permit content sharing.

There are different types of cookies and other technologies used our Website, notably:

  • "Session cookies" - These cookies only last as long as your online session, and disappear from your computer or device when you close your browser (like Internet Explorer, Google Chrome or Safari).
  • "Persistent cookies" - These cookies stay on your computer or device after your browser has been closed and last for a time specified in the cookie. We use persistent cookies when we need to know who you are for more than one browsing session. For example, we use them to remember your preferences for the next time you visit.
  • "Web Beacons/Pixels" - Some of our web pages and emails may also contain small electronic images known as web beacons, clear GIFs or single-pixel GIFs. These images are placed on a web page or email and typically work in conjunction with cookies to collect data. We use these images to identify our users and user behavior, such as counting the number of users who have visited a web page or acted upon one of our email digests.

JD Supra Cookies. We place our own cookies on your computer to track certain information about you while you are using our Website and Services. For example, we place a session cookie on your computer each time you visit our Website. We use these cookies to allow you to log-in to your subscriber account. In addition, through these cookies we are able to collect information about how you use the Website, including what browser you may be using, your IP address, and the URL address you came from upon visiting our Website and the URL you next visit (even if those URLs are not on our Website). We also utilize email web beacons to monitor whether our emails are being delivered and read. We also use these tools to help deliver reader analytics to our authors to give them insight into their readership and help them to improve their content, so that it is most useful for our users.

Analytics/Performance Cookies. JD Supra also uses the following analytic tools to help us analyze the performance of our Website and Services as well as how visitors use our Website and Services:

  • HubSpot - For more information about HubSpot cookies, please visit legal.hubspot.com/privacy-policy.
  • New Relic - For more information on New Relic cookies, please visit www.newrelic.com/privacy.
  • Google Analytics - For more information on Google Analytics cookies, visit www.google.com/policies. To opt-out of being tracked by Google Analytics across all websites visit http://tools.google.com/dlpage/gaoptout. This will allow you to download and install a Google Analytics cookie-free web browser.

Facebook, Twitter and other Social Network Cookies. Our content pages allow you to share content appearing on our Website and Services to your social media accounts through the "Like," "Tweet," or similar buttons displayed on such pages. To accomplish this Service, we embed code that such third party social networks provide and that we do not control. These buttons know that you are logged in to your social network account and therefore such social networks could also know that you are viewing the JD Supra Website.

Controlling and Deleting Cookies

If you would like to change how a browser uses cookies, including blocking or deleting cookies from the JD Supra Website and Services you can do so by changing the settings in your web browser. To control cookies, most browsers allow you to either accept or reject all cookies, only accept certain types of cookies, or prompt you every time a site wishes to save a cookie. It's also easy to delete cookies that are already saved on your device by a browser.

The processes for controlling and deleting cookies vary depending on which browser you use. To find out how to do so with a particular browser, you can use your browser's "Help" function or alternatively, you can visit http://www.aboutcookies.org which explains, step-by-step, how to control and delete cookies in most browsers.

Updates to This Policy

We may update this cookie policy and our Privacy Policy from time-to-time, particularly as technology changes. You can always check this page for the latest version. We may also notify you of changes to our privacy policy by email.

Contacting JD Supra

If you have any questions about how we use cookies and other tracking technologies, please contact us at: privacy@jdsupra.com.

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