Key Takeaways - On 3 July 2024, the Council of the European Union (the “EU Council”) published its revised Update of the EU Best Practices for the effective implementation of restrictive measures (“Best Practices”).This...more
On November 14, 2023, the U.S. Securities and Exchange Commission (SEC), with two Commissioners dissenting, announced settled charges against Charter Communications Inc. (Charter) for violating internal accounting controls...more
The US Securities and Exchange Commission has adopted a package of amendments, originally proposed in late 2021, to the disclosure requirements for corporate issuers’ share repurchases. The SEC stated that the new rules are...more
On December 27, 2022, the US Treasury Department and the Internal Revenue Service (“IRS”) issued Notice 2023-2 (the “Notice”), which provides taxpayers interim guidance (until regulations are issued) on how the new 1% excise...more
The SEC has reopened the period for submission of comments on its December 2021 rule proposal regarding corporate stock buybacks. The proposed rules would, among other things, require companies to file a notification on a new...more
The federal government's 2022 Fall Economic Statement (Economic Statement), released on November 3, 2022, introduced a new tax on share buybacks by public corporations in Canada. Under the proposal, which would come into...more
One of the headline tax changes in the Inflation Reduction Act of 2022, Public Law 117-169, is a 1% excise tax on stock repurchases by public companies. Public issuers should be aware that the new tax, which applies beginning...more
The US Securities and Exchange Commission has proposed amendments to its rules regarding disclosure about issuer repurchases of its equity securities, often referred to as buybacks, including a new proposed Form SR to be...more
In the decade since the global financial crisis, ship financing has undergone considerable change. Traditionally, debt financing with banks and equity financing were the most common methods used by shipping companies to raise...more
On October 15, 2020, the Securities and Exchange Commission issued a settled administrative order charging Andeavor LLC with failing to devise and maintain adequate internal controls surrounding its buyback of company stock...more
COVID-19 has disrupted many aspects of work and play, leaving employees with canceled vacations and hesitance to schedule additional travel. As a result, employers are grappling with an unusual dilemma - managing ever-growing...more
Recent regulatory developments of interest to financial institutions. COVID-19: EBA and PRA approach to regulatory reporting and Pillar 3 disclosures - On 2 April 2020, the PRA published a statement on amendments made to...more
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
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
As market uncertainty continues, companies are taking proactive measures to ensure short- and medium-term liquidity, including by fully drawing on revolving credit facilities. In turn, financial institutions would be wise to...more
On July 11, 2019, in Magnetek, Inc. v. The Travelers Indem. Co., Case No. 17 C 3173, Judge Robert Gettleman of the Northern District of Illinois issued an important decision preserving insurance coverage for a former...more
The Background: Corporate share buybacks skyrocketed in today's low interest rate environment and the trend is likely to continue. The Issue: Although stock buybacks are an efficient method to return cash to shareholders,...more
The solar financing market is maturing. You can tell because new money is crowding into the market, and the capital stacks are getting more complicated. Many of these funky structures even have names, like the “Double...more
A Volkswagen manager pleaded guilty to conspiracy and violating the Clean Air Act and could get seven years in prison. A Volkswagen engineer who agreed to testify against the Volkswagen manager was sentenced to three years in...more
NAD Inquiry Results in Modified Celebrity Endorsements - As a result of an inquiry by the National Advertising Division, celebrity endorsements of FitTea were revised to better disclose material connections. The...more
The EU Regulation on Market Abuse (“MAR”) came into effect on 3 July 2016, replacing the previously existing Market Abuse Directive and expanding the application of the EU’s market abuse regime. In addition to detailing...more
YouTube Adds Sponsored Content Notification Feature - To help influencers achieve compliance with the necessary disclosures about their relationships with advertisers, YouTube has unveiled a new tool to provide notice to...more
The announcement that San Francisco private company Hampton Creek faces an SEC inquiry related to their alleged “buyback” program of vegan mayo comes as no shock... As soon as the facts were initially reported it seemed only...more
News of “Dieselgate” broke in the Fall 2014, when vaunted vehicle-maker Volkswagen was accused of dodging federal emissions laws by rigging its automobiles so they would pass smog tests. The summer of 2015 saw the scandal...more
Proposed settlement filed in Volkswagen class action - The class plaintiffs, the government and VW filed a proposed settlement agreement in court yesterday. I wanted to provide you with a copy of the proposed settlement...more