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Why Stock Markets Are Essential at the Time of Coronavirus

By Luca Enriques March 13, 2020 by renholding

If stocks were still traded in pits, stock exchanges would have been shut down in China, Korea, Italy and possibly elsewhere a while ago. A bunch of men shouting and feverishly passing each other sheets of papers would have …

Cleary Gottlieb Discusses UK Merger Control Enforcement Ahead of Brexit

By Nicholas Levy, Maurits Dolmans, Paul Gilbert and Ricardo Zimbron March 11, 2020 by hdh2120

The UK’s Competition and Markets Authority (CMA) is strengthening its approach to merger control as it prepares for its new status as a global enforcer with expanded jurisdiction.

Following the UK’s departure from the EU on 31 January 2020, the …

Cleary Gottlieb Discusses the Coronavirus – Force Majeure or Frustration?

By Jonathan Kelly, Jeffrey A. Rosenthal and Delphine Michot March 2, 2020 by renholding

The recent outbreak of novel coronavirus (also known as COVID-19) has had devastating effects since the first cases were reported in the city of Wuhan in China on 23 January 2020. As of 19 February there have been 75,285 reported …

Cleary Gottlieb Discusses Upcoming LIBOR Transition

By Jim Ho, Ferdisha Snagg and Jonathan Griggs February 24, 2020 by Avesh Krishna

On 16 January 2020, the Bank of England (the “BoE”), the UK Financial Conduct Authority (the “FCA”) and the Working Group on Sterling Risk-Free Reference Rates (“RFRWG”) published a set of documents outlining priorities and milestones for 2020 on LIBOR …

Financial Regulators Warn Over Chinese Audit Quality Amid Coronavirus Outbreak

By Jay Clayton, Bill Hinman, Sagar Teotia and William D. Duhnke III February 20, 2020 by renholding

In November 2019, we met with senior representatives of the four largest U.S. audit firms, including certain of their network representatives, to discuss audit quality across their global networks and certain of the challenges faced in auditing public companies with

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Skadden Discusses Merger Reviews and Antitrust Investigations Under Brexit Agreement

By Bill Batchelor, Frederic Depoortere, Giorgio Motta, Ingrid Vandenborre, Alexander Kamp and Nick Wolfe February 18, 2020 by renholding

The U.K. Competition and Markets Authority (CMA) has published “Guidance on the Functions of the CMA Under the Withdrawal Agreement” (Guidance), which sets out the regulator’s approach to merger and competition cases during the Brexit transition period that …

The Results Are in: Global Investor-Director Survey on Climate Risk Management

By The Millstein Center and LeaderXXchange February 14, 2020 by renholding

Institutional investors are increasingly focused on “extra-financial performance” as a predictor of long-term success of companies. Topics like climate change, CO2 emissions reduction, respect for the environment, labour rights, and diversity are more and more factored into investment decisions.

Investors, …

Davis Polk Reviews China Antitrust in 2019

By Arthur Burke, Howard Shelanski, Ronan Harty, Miranda So and Howard Zhang February 10, 2020 by renholding

Last year marked the eleventh anniversary of China’s Anti-Monopoly Law (the “AML”). In 2019, China announced the first-ever set of proposed amendments to the AML as well as the introduction of several new regulations aimed at more transparency …

Cleary Gottlieb Discusses Final CFIUS Regulations

By Paul Marquardt, John McGill, Nathanael Kurcab, Sameer Jaywant and Hani Bashour February 7, 2020 by Avesh Krishna

On January 13, 2020, the U.S. Department of the Treasury (“Treasury”) released final regulations (the “Final Regulations”)[1] implementing the updates to the foreign investment review process of the Committee on Foreign Investment in the United …

Cleary Gottlieb Discusses Developments in Brexit and Corporate Governance

By David Gottlieb, Chrishan Raja and Dan Tierney February 3, 2020 by hdh2120

In 2020, businesses operating in the UK will need to grapple with the continued uncertainty caused by Brexit and will need to closely monitor a number of important corporate governance and reporting developments expected in the coming year.

Continued Uncertainty

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ISS Offers 2019 Hong Kong Proxy Season Review

By Institutional Shareholder Services January 29, 2020 by renholding

In early 2019, the government of Hong Kong proposed a bill that would allow for the transfer of criminal suspects to jurisdictions with which it does not have an extradition agreement, including Mainland China. The proposed extradition bill triggered an …

The Role of ESG in the Financial Performance of Banks

By Brando Maria Cremona and Maria Lucia Passador January 14, 2020 by renholding

In a new article, we aim to identify the elements and stages that have led to increased attention to corporate social responsibility issues, especially with regard to environmental, social, and governance factors, and to focus on the meaning of each …

Gibson Dunn Offers 2019 Year-End FCPA Update

By F. Joseph Warin, John Chesley and Christopher Sullivan January 13, 2020 by renholding

2019 was, by many measures, the most significant year ever in Foreign Corrupt Practices Act (“FCPA”) enforcement. More than $2.6 billion in corporate fines sets a new high-water mark, driven by the two largest corporate resolutions in the statute’s history. …

ISS Discusses Investor Considerations for Aramco Oil

By Damien Fruchart, Harshpreet Singh, Barbara Hof, Ivan Gjoshevski and Benedikt Koch December 20, 2019 by renholding

When Saudi Arabia’s Crown Prince Mohammad Bin Salman announced plans to sell stakes in state-owned Saudi Arabian Oil Co. (Saudi Aramco) in 2016, he was also setting the stage for the biggest initial public offering (IPO) in history. On December …

Long-Run Short Selling

By Joshua Mitts December 9, 2019 by renholding

On December 3, 2019, Japan’s Government Pension Fund (GPIF) announced that it would suspend share lending to short sellers. This is the latest development in a growing global regulatory skepticism of shorting, with Reuters recently reporting that short selling …

Gibson Dunn Discusses EU and U.S. Expectations for Internal Compliance Programs

By Judith Alison Lee, Patrick Doris, Michael Walther, R.L. Pratt and Richard Roeder December 9, 2019 by renholding

The European Union has become more active in addressing EU common foreign and security policy (“CFSP”) objectives with the help of what it calls “restrictive measures,” i.e., EU Financial and Economic sanctions. As indicated in our recent client …

Reaching for Yield and the Diabolic Loop in a Monetary Union

By Sabri Boubaker, Dimitrios Gounopoulos, Duc Khuong Nguyen and Nikos Paltalidis December 6, 2019 by renholding

One of the repercussions of the housing market collapse in the U.S. in 2007 was global anxiety about excess leverage, debt repayment, and overall credit conditions. Risk-pricing levels increased abruptly for highly indebted countries, making new borrowing to refinance debt …

Restructuring Argentina’s Sovereign Debt: Navigating the Legal Labyrinth

By Sebastian Grund December 3, 2019 by renholding

For almost two years, Argentina has been facing a severe economic recession and has not had the ability to access international capital markets. This has been due to several factors, including a general capital flight from emerging markets following the …

Davis Polk Discusses Strengthening UK Merger Control

By Nicholas Spearing, Leonore De Mullewie, Matthew Yeowart, Arthur J. Burke and Ronan P. Hart December 3, 2019 by renholding

The UK operates a voluntary merger control regime[1]. In addition, the European Commission (EC) operates a ‘one-stop shop’ jurisdiction to review the largest and most complex cases on behalf of all EU Member States, including the …

Wachtell Lipton Discusses Shareholder Activism in France as Model for U.S.

By Martin Lipton and Joshua R. Cammaker November 11, 2019 by renholding

In response to the sharp increase in campaigns by activist hedge funds in France and Europe generally, a French commission has conducted an extensive investigation and issued a carefully researched, reasonable and balanced report recommending regulatory and procedural changes to …

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