The New York State Legislature recently proposed a bill, entitled the Sovereign Debt Stability Act, intended to facilitate sovereign debt restructuring. The bill, which could be brought to a vote as soon as May or June 2024,...more
In 2023, the economies of some nations stagnated, but developing economies particularly struggled. As a new year commences, some of these countries will continue their efforts at restructuring their debts—a process that has...more
Welcome to the UK Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation....more
Crypto Firms Continue to Launch New Initiatives Across Markets - In a recent press release, digital asset infrastructure firm Fireblocks announced its acquisition of BlockFold, “a smart contract development and...more
As we have blogged repeatedly, there is a close nexus between money laundering and tax crimes. The frequent connection between the two sets of offenses – and the potentially related methods of combatting them – is a topic...more
New ERC-4337 Smart Contract Standard Released to Enhance Wallet Security - According to reports, Ethereum has deployed a new feature known as “account abstraction,” which has been in development for two years and can “make...more
The call highlights the challenges in developing alignment between global ESG reporting standards. The European Central Bank (ECB) and the International Monetary Fund (IMF), two of the world’s leading public financial...more
The Credit Suisse case highlights the significant impact that global corruption and fraud can have on developing economies. Mozambique’s economy suffered serious harm from the scheme, which started to unravel when the IMF...more
M&A is back in Latin America. As COVID-19 hit the region hard in 2020, M&A volume and value in Latin America and the Caribbean slid 15% and 27% respectively year on year, together logging only 651 deals worth US$68 billon....more
For the first time in years, inflation is on the radar for high yield bond and leveraged loan lenders and borrowers—but how might it impact markets? A sustained period of low interest rates and abundant liquidity have been...more
On July 23, the Office of the U.S. Trade Representative (“USTR”) announced the conclusion of its investigation under Section 301 of the Trade Act of 1974 (“the Trade Act”) into Vietnam’s practices related to currency...more
A fiery, deadly Tesla crash outside of Houston over the weekend is prompting a federal probe of the company’s self-driving autonomous mode for “potential gaps in self-driving car technology.” ...more
Though raising projections for overall economic growth over the next 2 years, the IMF warned this week that “an uneven rollout of vaccines” threatens to add to concerns about a “K-shaped” economic recovery on a global scale. ...more
On January 27, 2021, President Biden signed Executive Order 14008, Tackling the Climate Crisis at Home and Abroad (the “Order”). The Order sets forth the Biden administration’s policies to address climate change through both...more
Moved by Covid’s bite out of the energy industry, oil behemoths ExxonMobil and Chevron Corp. have held talks about joining forces, “testing the water for what could be one of the largest corporate mergers ever.” ...more
U.S. Developments - Kik & SEC Agree to $5M Judgment - On October 20, 2020, Canadian messaging company Kik Interactive Inc. (Kik) and the U.S. Securities and Exchange Commission (SEC) agreed to resolve an ongoing enforcement...more
Bayer, the German parent company of Monsanto, will pay more than $10 billion to resolve “tens of thousands of claims in the United States that its popular weedkiller Roundup causes cancer.” The settlement covers an estimated...more
The COVID-19 pandemic has wreaked havoc across the globe, with a rising human and economic toll. Containment of this crisis has warranted unprecedented government intervention in public health and in the economy. ...more
On 15 April, the G20 nations agreed to a time-bound suspension of debt service payments for the poorest countries that request forbearance. Here, we set out the details of the initiative and some of the things such countries...more
The White House and the US airline industry have agreed in principle to a $25 billion bailout after weeks of “haggling” over the terms, including whether the Treasury Department was “effectively turning the grants into loans...more
On 25 March 2020, the World Bank Group and the International Monetary Fund released a joint statement to the G20 requesting official bilateral creditors to suspend debt payments from International Development...more
As it kicked off its 50th annual gathering today, the World Economic Forum in Davos is facing some hard questions—both about the state of the ideals it has long espoused (“open borders, liberal democracy and free borders,” to...more
In September 2019, the Central Bank of Ireland (the Central Bank) published CP130, a consultation paper on the proposed regulatory framework (the Framework) for the treatment, correction and redress of errors in investment...more
Fed Chair Powell, speaking at an economics conference in Denver yesterday, made news by indicating that the central bank would “once again begin expanding its portfolio of government-backed securities”—a shift in policy...more
This week’s summary includes updates on anti-money laundering in the crypto-friendly nation of Malta and a proposal to regulate cryptocurrency miners in the United States to help stop human trafficking....more