Cleary Gottlieb Discusses European Merger Control During the Pandemic

By Nicholas Levy, Richard Pepper, Anita Ng and Géraldine Babin May 21, 2020 by renholding

As the COVID-19 pandemic causes commercial and financial difficulties, many businesses will be considering M&A to address strategic issues, take advantage of market opportunities, and, in some cases, ensure their survival. This memorandum considers the merger control implications of the …

Skadden Discusses How Covid-19 Prompts EU Nations to Protect Against Foreign M&A

By John Adebiyi, Bill Batchelor and Scott C. Hopkins April 28, 2020 by renholding

The coronavirus pandemic has weakened European economies and companies. EU and national governments have expressed concern that foreign investors may opportunistically take advantage of the crisis to acquire domestic companies regarded as strategic.

Acquirers should anticipate the risk that governments …

Wachtell Lipton Discusses UK and EU Regulators’ Latest Moves on ESG

By David M. Silk, David A. Katz, Sabastian V. Niles, Carmen X. W. Lu and Ram Sachs April 16, 2020 by renholding

Amid the ongoing push for standardized, comparable and decision-useful ESG disclosures, regulators in the United Kingdom and the European Union have proposed additional disclosures and benchmarks to promote sustainable economic activity. The United Kingdom’s Financial Conduct Authority (FCA) has published …

Stealth Takeovers: How Hidden Shareholders Are Buying Companies

By Pietro Bonetti, Miguel Duro and Gaizka Ormazabal April 1, 2020 by renholding

In 2014, luxury firms LVMH Moët Hennessy, Louis Vuitton, and Hermès signed a truce, ending a long and arduous battle popularly known as the “handbag war.” The melee erupted in October 2010, when the fashion giant controlled by Bernard Arnault …

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 …

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

…

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 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 …

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 …

“Centros” and Defensive Regulatory Competition in the European Union

By Martin Gelter November 7, 2019 by renholding

Centros, a landmark 1999 decision by the European Court of Justice (now Court of Justice of the European Union or CJEU), has profoundly transformed European company law. Previously, many EU member states used the “real seat theory” to …

Welcome to Vilnius: Regulatory Competition in the EU Market for E-Money

By Luca Enriques November 4, 2019 by renholding

If you google “Lithuania e-money,” the auto-fill function will suggest that you search for ”Lithuania e-money license.” If you accept the tip, the first result will be Ecovis, which describes itself as “the most experienced finance institution and FinTech licensing …

Cleary Gottlieb Discusses EU’s New Whistleblower Protections

By J.F. Daniel Weyde, Richard Kreindler, Rüdiger Harms, Patrick Gerardy and Johannes Natus October 24, 2019 by renholding

A lively debate has been sparked both among the public and scholars about the protection of informants, prompted in part by the whistleblowers who uncovered the scandals that recently attracted so much interest in the media, including Cambridge Analytica, …

Cleary Gottlieb Discusses the UK Competition Law Implications of a No-Deal Brexit

By Nicholas Levy, Paul Gilbert and Alexandra Hackney October 8, 2019 by hdh2120

A no-deal Brexit would have significant and immediate effects on UK competition law enforcement:

Parallel investigation of mergers, cartels, and dominance cases by the UK Competition and Markets Authority (“CMA”) and European Commission (“EC”);
Possible delay to transactions notified to

…

Cleary Gottlieb Discusses U.S. CLOUD Act’s Possible Impact on EU Data Protection

By Natascha Gerlach and Elisabeth Macher September 16, 2019 by Avesh Krishna

Responding to a request by the European Parliament’s Committee on Civil Liberties, Justice and Home Affairs (LIBE), the EU’s data protection supervisory bodies released an initial joint opinion on the impact of the U.S. Clarifying Lawful Overseas Use of Data …

Does Reporting Frequency Affect the Allocation of Investor Attention Among Peer Firms?

By Emmanuel T. De George, Minh Phan and Robert C. Stoumbos September 12, 2019 by renholding

The frequency at which public companies must report financial information to investors has been the subject of intense debate in the European Union, Asia, and more recently the United States. For example, the Securities and Exchange Commission (SEC) is examining …

SEC Chairman Clayton Speaks to Investor Advisory Committee

By Jay Clayton July 29, 2019 by renholding

Thank you, Anne [Sheehan]. Good morning everyone, and I want to extend a special welcome to our new commissioner, Allison Lee.

I am interested in today’s discussion. I understand the Committee first will be talking about the SEC approach to

…

Gibson Dunn Discusses New EU Sanctions Framework Aimed at Cyber-Attack Threats

By Judith Alison Lee, Adam M. Smith and Richard W. Roeder June 25, 2019 by renholding

In a previous client alert, we highlighted a recent U.S. sanctions regime aimed at deterring threats of election interference [1], which further expanded the U.S. menu of cyber-related sanctions.[2] Across the Atlantic, as a step forward that demonstrates …

“Centros,” California’s ‘Women on Boards’ Statute, and the Scope of Regulatory Competition

By Jill E. Fisch and Steven Davidoff Solomon May 30, 2019 by renholding

It has been 20 years since the European Court of Justice issued its decision in Centros Ltd. v. Erhvervs – og Selskabsstyrelsen (Centros). Since that time, Centros has been widely understood as shifting the European Union (EU) from …

Debevoise Discusses When to Disclose a European Deal

By James C. Scoville, Pierre Clermontel, Vera Losonci and Philippe Tengelmann May 20, 2019 by renholding

In Europe, when negotiating a transaction which may affect the market price of listed instruments of the parties, a key question arises: when to disclose it to the market? The short answer is as soon as possible unless you have …

Protecting Against Protectionism in EU M&A

By Marco Claudio Corradi and Julian Nowag April 18, 2019 by renholding

In a recent paper, we explore EU law covering EU cross-border mergers. These are typically more difficult and costlier than purely national mergers. Additionally, political hurdles can exist. In a time of global political and institutional transformations away from …

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