Online March 2013
On 13 August 2012, the US Securities and Exchange Commission and US Commodity Futures Trading Commission published in the Federal Register joint final rules and interpretive guidance further defining the terms ‘swap’, ‘security-based swap’, ‘mixed swap’, and ‘security-based swap agreement’.
The past year marked record-level global criminal competition law enforcement. The level of fines imposed continued its upward trajectory, with authorities in the US, Europe, China, and India imposing record sanctions.
2012 year-end FCPA update download
By comparison to the blistering pace set in recent years, FCPA prosecutions were down in 2012 (though still far higher than in any of the first 30 of the statute’s 35-year existence).
2012 year-end German law update download
In retrospect, 2012 likely will be remembered as another year of manifold challenges in the Eurozone and of slow consolidation rather than one of fundamental reform or renaissance.
In many respects, 2012 was another year of aggressive SEC enforcement. The SEC’s Division of Enforcement again logged a near record number of enforcement actions.
2013 is likely to see a continued commitment to efficient and pragmatic enforcement, but also an EU Commission and an EU Commissioner increasingly willing to court controversy in key strategic markets.
In addition to the normal disclosure required in the Compensation Discussion and Analysis portion of the annual proxy statement, companies should consider five other matters when preparing the 2013 proxy statement.
The number of anaerobic digestion plants in the UK outside of the water industry has passed the 100 mark.
In part one of this guide, Shoosmiths provides an overview of the agile development process.
ACCC takes enforcement action against manufacturers of car parts for alleged cartel conduct download
The latest Australian Competition and Consumer Commission (ACCC) cartel enforcement action involves the institution of civil proceedings in the Federal Court in Adelaide against Japanese company Yazaki Corporation.
Nearly every public company and financial industry firm subject to the enforcement jurisdiction of the US Securities and Exchange Commission employs both internal and external accountants and auditors.
In the last two weeks, both the Agency for the Cooperation of Energy Regulations and the European Securities and Markets Authority have published consultations for market participants on the Regulation on wholesale energy market integrity and transparency and the European Market Infrastructure Regulation, respectively.
Ramifications of the recent ‘Bermuda Form’ judgment will undoubtedly cause insureds concern.
In August 2012, the People’s Republic of China enacted amendments to its Civil Procedure Law.
Addleshaw Goddard has advised student accommodation provider UPP Group on its property-backed bond programme.
Al Tamimi’s Ahmed Jaafir focuses on Qatar exporting opportunities at Dubai Exports seminar.
AIFMD: challenges and opportunities download
Emmanuelle Entringer and Bishr Shiblaq of Arendt & Medernach explain the impact of the AIFMD on fund managers in the Middle East and North Africa.
Taking a tenancy of airport real estate may at first appear little different to leasing any other type of commercial property. However, the operational requirements of a company wishing to take space at an airport need to be thought through carefully.
This magazine sheds some light on what may lie ahead in a law career at Allen & Overy.
Already v. Nike: the Supreme Court finds covenant not to sue made competitor’s claim for invalidity of trademark moot download
The US Supreme Court issued its opinion yesterday in the closely-watched case, Already, LLC v Nike.
On 12 October 2012, in response to the recent AIJ scandal, the Financial Services Agency of Japan published a draft amendment to certain rules intended to revamp the regulation and supervision of discretionary advisory businesses.
On 1 March 2013, the Federal Counsel (Bundesrat), the second German parliamentary chamber, approved the amended Foreign Trade and Payments Act (Außenwirtschaftsgesetz, or AWG).
The New York Stock Exchange and the Nasdaq Stock Market have each filed recent amendments to their proposed listing rules implementing Rule 10C-1 of the Securities Exchange Act, governing the independence of compensation committee members and compensation consultants.
An ASEAN funds passport? download
This briefing examines recent developments in Southeast Asia that may bring us closer to an ASEAN-centric approach to the distribution of funds in Asia.
The 1983 Security Interests (Jersey) Law is set to be replaced in 2013 by the Security Interests (Jersey) Law 2012.
Global enforcement of anti-corruption laws is at an all-time high and unlikely to recede any time soon.
The Department of Justice has filed a civil antitrust lawsuit challenging the $20 billion proposed acquisition by Anheuser-Bush InBev of the remaining 50 per cent interest in Grupo Modelo S.A.B. de C.V.
Antitrust Alert: UK’s OFT issues new guidelines on penalties for competition law violations download
The UK Office of Fair Trading has published new guidelines on how it will set fines for competition law violations.
NCTM is one of the most authoritative law firms in Italy on competition matters. It brings together a mix of hard-nosed practical legal advice with academic theory and experience.
On 30 and 31 January 2013, the Chinese State Administration for Industry and Commerce (SAIC) posted a press release and a brief question-and-answer protocol (Q&A) on its website to inform of a recent enforcement action.
On 11 December 2012, the European Parliament approved three measures collectively known as the EU Unitary Patent Package.
The Hong Kong Court of Final Appeal has ended the challenge to the Court of Appeal’s reinstatement of an ICC arbitration award, which had been set aside at first instance for want of due process.
The High Court of Australia has handed down its judgment in TCL Air Conditioner (Zhongshan) Co Ltd v The Judges of the Federal Court of Australia  HCA 5.
Are covert recordings admissable? download
The EAT has reaffirmed that, whilst distasteful, covert recordings are admissible as evidence in an Employment Tribunal and the way in which they are made does not alter that.
Are your information management systems helping or hindering best practice in your in-house legal team? download
How does your current management of key information compare?
Arnold J says the SPC system is dysfunctional as it cannot be applied consistently by local patent offices.
Asian Competition Report — Q3 2012 download
An overview of developments in competition law in Asia, covering China, India, Singapore and South Korea.
Paul Christopher, Hong Kong managing partner, talks to Asian Legal Business about increasing interests for private trusts in Asia.
ASIC has finalised its regulatory guidance on codes to obviate the FoFA opt-in requirement.
The ASX has released the final version of its guidance note on continuous disclosure. The revised Guidance Note 8 has been submitted to ASIC.
Building and construction industry participants will be familiar with the Australian strategy of influencing workplace relations practices by way of procurement guidelines requiring compliance with particular workplace relations standards.
The last five years has seen the end of a love-in between central government and housing associations. The government likes local authorities again — or at least hates them less.
Baker & McKenzie offers a challenging and stimulating place to work.
Our experts provide comprehensive assistance in the implementation of domestic and international financial operations of the most complex and innovative kind.
The Basel Committee has made significant revisions to the Basel III Liquidity Coverage Ratio.
Yesterday, the Board of Governors of the Federal Reserve System approved three proposed rules that would revise the general risk-based capital rules to make them consistent with heightened international capital standards.
On 6 January, the Group of Central Bank Governors and Heads of Supervision, the oversight body for the Basel Committee on Bank Supervision, endorsed a revised formulation of the new minimum liquidity standard.
Addleshaw Goddard has successfully defended Plurimi Capital from a $30m (£20m) mis-selling claim.
Award-winning international law firm Berwin Leighton Paisner thrives on talent.
Partner and head of the London representative office
Taylor Wessing has released the spring 2013 issue of its Brands Update publication.
On 14 December 2012, the Administrative Council for Economic Defense, Brazil’s competition authority, proposed a regulation that improves the settlement procedure for companies involved in cartel activity that fail to qualify for amnesty.
The Court of Appeal recently handed down judgment in AIB v Mark Redler & Co.
Break-up fees — picking your number download
During the course of negotiations of every public company deal, inevitably the conversation will turn to the amount of the break-up fee payable by a target company to a buyer if the deal is terminated under certain circumstances.
Bright outlook for covered bonds download
This year has proven to be an interesting one for the covered bond market, and we anticipate that 2013 will bring many important new developments.
The UK government Budget announced on 21 March 2012 made substantial changes to the structure of stamp duty land tax in the UK with immediate effect.
Budget 2013: tax summary download
This briefing from Shoosmiths provides a summary of the main tax points of interest with the draft Finance Bill to be published on 28 March.
In his March 2013 Budget statement, Chancellor George Osborne announced various measures targeted at promoting growth and addressing some of the structural issues with housing supply and accessibility.
On 20 March, George Osborne delivered a budget for an ‘aspiration nation’, but there was little in there to excite the real-estate sector apart from on housing.
The 2013 Budget announced by Chancellor George Osborne on 20 March 2013 contained little or no news for the renewable energy sector
PwC considers ways of developing a bespoke response to these risks, to help tailor mitigations and monitoring to match your company’s particular competition risk profile.
The federal government has introduced amendments to the Fair Work Act 2009 (Cth).
On 6 April, the UK Border Agency will introduce changes to the Tier 2 immigration rules that will affect UK employers.
With an increasingly mobile workforce, the practice of bringing your own device (BYOD) is already a fact of life for many businesses.
California has adopted a new exemption from the state’s investment adviser registration requirements.
Head of the New York representative office
The Pensions Regulator, with other agencies, has launched a campaign against pension ‘liberation’ scams.
The IRS released a ruling this week that opens the door to Indian tribes playing a much larger role in renewable power projects.
King & Wood Mallesons has represented issuers and underwriters in hundreds of domestic and cross-border securities issuances and listings.
Case digest: (un)lawful terminations, religion discrimination and holiday rights of healthy workers download
A number of judgments, published in the last few weeks, are likely to affect the day-to-day working practices of many of our readers.
The English High Court in Arsanovia & Ors v Cruz City 1 Mauritius Holdings  EWHC 3702 (Comm) has delivered a decision dealing with issues revolving around different governing laws and (substantive) jurisdiction.
The Cayman Islands Government confirmed on 25 March its continuing implementation of measures that will ensure that the Cayman Islands Monetary Authority will be ready for the implementation of AIFMD.
Cayman Islands, Guernsey and Jersey announce intention to enter into FATCA agreements with the US and UK download
Cayman Islands, Guernsey and Jersey looks set to enter into US and UK FATCA agreements.
Legislative certainty over portability in Australia is now on its way.
Recent litigation has highlighted a new willingness on the part of the US Government to restrict parties’ activities relating to foreign acquisitions of US companies, through measures that go beyond the standard remedies of barring transactions or ordering divestiture.
On 10 September 2012, in response to market uncertainty, the CFTC issued FAQs clarifying the timing of swap dealer registration.
On 7 January 2013, the US Commodity Futures Trading Commission published a time-limited final order exempting certain “non-US persons” from select regulatory requirements promulgated by the CFTC.
Chadbourne & Parke has acted as counsel on three winning 2012 deal-of-the-year awards for its work in the Americas.
Chadbourne & Parke lawyers have once again advised a group of international lenders to Kreditprombank in connection with their debt and equity interests in the bank.
Chadbourne & Parke is part of a consortium of advisers including BNP Paribas and Lahmeyer International to advise on the Al-Khairan independent water and power project.
Chadbourne & Parke has represented OutServe-SLDN in a Supreme Court effort to overturn DOMA.
On 19 September Senator John D. (Jay) Rockefeller IV (D-WV), chairman of the Senate Committee on Commerce, Science and Transportation, sent a letter to the CEOs of all Fortune 500 companies seeking their input on the nation’s cybersecurity needs.
Olswang has been recognised by Chambers & Partners as one of only four band-one international TMT practices in Singapore in the guide’s 2013 Asia-Pacific edition.
Olswang has been recognised by Chambers & Partners in its 2013 Global edition.
DLA Piper has released a summary of all of the firm’s rankings and editorial commentary in Chambers Global 2013.
Since it came into force on 1 July 2011, the impact of the UK Bribery Act 2010 on the giving of corporate hospitality, gifts and other expenses has raised concerns among those who fall under the Act’s jurisdiction.
The recent judgment of the Chancery Division of the English High Court in Assénagon Asset Management SA v Irish Bank Resolution Corporation Limited (formerly Anglo Irish Bank Corporation Limited), issued on 27 July 2012, struck down an exit consent in a transaction governed by English law.
The Companies Winding Up (Amendment) Rules 2013 came into operation on 1 March 2013. Orders 3, 8, 9, 11, 15, 19 and 25 of the Companies Winding Up Rules 2008 have been revoked and replaced by new orders.
Recent news stories concerning the NHS and the financial services industry have highlighted how challenging the issues associated with whistleblowing can be for an organisation.
The UK government recently announced in a letter to local authorities in England that new legislation will come into force in Spring 2013 allowing a change of use from offices to residential without the need to apply for planning permission.
China antitrust review 2012 download
Looking back at 2012, four years after China implemented its Anti-Monopoly Law, we can discern some important ways in which China’s antitrust regime today both mirrors and departs from antitrust regimes in other jurisdictions to which our clients are subject.
On 28 December 2012, China’s national legislature enacted a new law to further regulate the collection and use of online personal information and to require certain network service providers to implement real name registration for all users.
Welcome to the Fall/Winter 2012 issue of our China Life Sciences Newsletter, a periodic update on key developments, companies, and people in the dynamic China life sciences industry.
China releases draft administrative rules on national standards involving patents (interim) download
On 19 December 2012, the Standardization Administration of the People’s Republic of China (SAC) released a notice to solicit public comments regarding the updated draft Administrative Rules on National Standards Involving Patents (Interim).
On 9 August 2012, China’s State Intellectual Property Office (SIPO) released a draft fourth amendment to China’s Patent Law for public comment.
China sets new energy goals download
Reaction to the new five-year energy plan that China released in late January has been mixed.
China trade marks — inclusion of retail and wholesale services relating to medicines and pharmaceuticals download
The China Trade Marks Office recently announced that from 1 January 2013 it is accepting applications to register trade marks in relation to retail or wholesale services for pharmaceutical, veterinary and sanitary preparations and medical supplies only in class 35.
China’s Supreme People’s Court finalised and issued the “Relevant Issues Concerning the Application of Law in the Trial of Civil Monopoly Dispute Cases” on 8 May 2012.
Recently China’s National Development and Reform Commission imposed an RMB353 million (USD 56.7 million) penalty against an international price-fixing cartel of LCD manufacturers, the largest the NDRC has ever imposed for antitrust infringement.
On 28 December 2012, the Standing Committee of the National People’s Congress, China’s legislature, weighed in on the subject of data privacy with its promulgation of the Decision on Reinforcing the Protection of Network Information.
On 1 August 2012, the Court of Appeals for the Second Circuit revived a putative securities fraud class action lawsuit against China North East Petroleum Holdings Ltd.
On 8 May China’s Supreme People’s Court issued its Rules on the Application of Laws for Adjudicating Civil Disputes Arising From Monopolistic Conduct.
Chinese ruling changes landscape for value adjustment mechanisms in onshore private equity transactions download
The Supreme People’s Court of China rendered its final judgment on 7 November 2012, in the Haifu Investment Co., Ltd. v Gansu Shiheng Nonferrous Resources Recycle Company Limited.
NDRC’s Guizhou and Sichuan offices have imposed fines of RMB247m and RMB 202m on Chinese white liquor (‘baijiu’) makers Maotai and Wuliangye respectively.
In March 2012, the China International Economic and Trade Arbitration Commission released amended arbitration rules that became effective on 1 May 2012.
CIS legal update — September 2012 download
An update on developments in the CIS countries, including the Russian government’s tightening of control over strategic industries and cyberspace, changes to summary proceedings in Russian commercial courts and more.
An Employment Tribunal has held that a provision of the Equality Act 2010 that allows benefits for civil partners to be limited to benefits attributable to service from 5 December 2005 is contrary to EU law that prohibits discrimination on grounds of sexual orientation.
In Europe, many employers are currently caught in the middle of a conflict between older and younger employees. UK employers may lawfully use age directly or indirectly in decision-making if “justified.”
Just one day before the start of New York Fashion Week, the United States Court of Appeals for the Second Circuit gave some much-needed comfort to the fashion industry by ruling in the legal battle between French footwear designer Christian Louboutin and Yves Saint Laurent that Louboutin’s famous red lacquered sole deserves trademark protection.
The Parliamentary Joint Committee on Corporations and Financial Services (Committee) has released the recommendations from its inquiry into the Corporations Legislation Amendment (Derivative Transactions) Bill 2012 (Cth) (Bill).
NCTM has a comprehensive and solid experience in M&A transactions, contracts, regulations and disputes.
The Community Infrastructure Levy (Amendment) Regulations 2012 came into force on 29 November, removing the risk of developers being double charged CIL.
Recent publicity about confidentiality or ‘gagging’ clauses in employees’ severance agreements, especially where matters of wider public interest arise, has highlighted the issues involved in the negotiation and drafting of such provisions.
The US Securities and Exchange Commission’s (SEC) conflict mineral rules, adopted in August 2012, present hard questions for public companies, which must evaluate whether they are covered by the rules, and, if so, make inquiry into the origin of the minerals used in their products.
At an open meeting held on 22 August 2012, the Securities and Exchange Commission voted to approve final rules regarding disclosure and reporting requirements with respect to the use of “conflict minerals” to implement Section 1502 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Ampleforth Abbey Trust v Turner & Townsend Project Management Ltd highlights the need for project managers to consider caps on liability very carefully.
On 12 December 2012, the Securities and Futures Commission published its eagerly anticipated consultation conclusions concerning the regulation of IPO sponsors.
Consultation on UKLA guidance notes download
The UK Listing Authority (UKLA) has published its fifth Primary Market Bulletin.
Contingent convertible bonds in the EU: structuring considerations and current legal issues download
In December 2011, the Basel Committee on Banking Supervision published its final rules, known as Basel III, modifying the Basel II regulatory capital accord for internationally active financial institutions.
Convertible bonds — an overview download
Since 2009, approximately 10 issuances of convertible bonds have been made by Hong Kong-listed companies.
Consent is now needed to most uses of cookies by UK-based websites.
We have reviewed an internal draft of the German Federal Ministry of Justice (Bundesjustizministerium) of a Bill to Facilitate the Handling of Group Insolvencies.
The corporate and commercial department is made up of 81 professionals, including 22 equity partners and 13 salary partners. We are lawyers and chartered accountants.
Not a day passes without news of a data breach or cyber attack on a company’s operations or a nation’s critical information infrastructure.
Corporations are being scrutinised today as never before. Public and private companies alike are examined and investigated not only by the US government, but by increasing numbers of local, state, and foreign government agencies.
Private investment transactions between sophisticated parties often include a negotiated agreement, sometimes called a ‘big-boy letter’, in which the buyer acknowledges that it has made its own independent assessment of the risks involved, including that the seller or other counterparty may possess material, non-public information regarding the issuer which has not been disclosed to the buyer.
The English High Court has opened up the possibility that, even if a website is not itself defamatory, if it hyperlinks to a different website which is defamatory, the operator of the originating website could still be liable for alleged defamatory postings on the hyperlinked website.
From 1 April 2013, UK companies will be able to elect into a new regime that applies a lower rate of corporation tax to profits from qualifying intellectual property rights.
The Supreme Court has ruled that an employee cannot bring a breach of contract claim for losses flowing from the manner of dismissal even where the dismissal is in breach of an express contractual disciplinary procedure.
On 10 December 2012, the Federal Deposit Insurance Corporation and the Bank of England released a white paper, describing how each would resolve a materially distressed or failing financial institution that is globally active and systemically important in order to maintain its ongoing and viable operations.
The China Securities Regulatory Commission recently amended the Rules on the Establishment of Foreign-Invested Securities Companies to raise the cap on the permissible foreign stake in securities companies from one-third to 49 per cent.
On 20 June 2012, the China Securities Regulatory Commission (CSRC) announced that it had started public consultation on a series of proposed rule changes that will lower some of the thresholds and otherwise relax some conditions for non-Chinese investors to obtain a license to be a qualified foreign institutional investor.
China Securities Regulatory Commission, the securities regulator of the People’s Republic China, has scrapped quantitative threshold requirements for Chinese companies applying for offshore listings by promulgating new guidelines on 20 December 2012.
On 16 January 2013, the CSSF published the circular letter 13/556 announcing the entry into force of the CSSF regulation no. 12–02 of 14 December 2012 on the fight against money laundering and terrorist financing.
Cybersecurity is emerging as an area of particular concern for all US federal government contractors, as well as contractors working on non-US public procurements.
With the end of summer, Europe’s political leaders are intensifying their efforts to address the Eurozone’s economic and monetary crisis.
This handbook sets out an overview of the applicable privacy and data protection laws and regulations across 63 different jurisdictions to start you on your way through this complex area of compliance.
The Murray Darling Basin Plan became law on 19 March 2013, following years of negotiation and consultation between the Commonwealth, the Basin States and other key stakeholders.
In this article, we take a brief look at an insolvency proceeding that has been introduced recently in Japan and has garnered a lot of attention.
At the end of 2012, the Standing Committee of the National People’s Congress in China adopted the Decision on Strengthening Protection of Online Information.
Early in the discussions about whether and how to form a joint venture — perhaps as the very first significant issue to be resolved — the potential joint venture partners will try to agree on the scope of the venture’s business.
In an attempt to insulate credit markets from the high-risk residential mortgage lending activities that threatened the global financial system in 2008, regulators both in the US and elsewhere are seeking to impose stricter residential mortgage underwriting standards.
The judgments in Blemain Finance and Webb Resolutions against E.Surv surveyors just before Christmas saw a swing in favour of the lender. A recent ruling against Countrywide Surveyors reiterates that view.
On 15 June 2012, and after a considerable delay, Regulation 388/2012 amending Annex I of the EU Dual-Use Regulation (the EU Dual-Use List) came into force.
The remarkable legislation that provides, across the European Union, a harmonised approach to jurisdiction and the recognition and enforcement of judgments from the courts of EU Member States is often taken for granted.
On 21 September 2012, the Ministry of Commerce promulgated the Interim Provisions of the Ministry of Commerce for Equity Contribution in Relation to Foreign-Invested Enterprises, effective as of 22 October 2012.
NCTM’s litigation department is second to none among Italian law firms. Litigation counts for about 25 per cent of the firm’s work and is central to its culture.
This article discusses some of the issues associated with a divisional acquisition over the acquisition of an entire enterprise.
DLA Piper represents ESPN on UK and Ireland TV business acquisition by BT Group.
DLA Piper has represented Wereldhave on the sale of nearly its entire UK property portfolio in disposals for approximately £243m.
DLA Piper and RBS employees joined together to host a networking evening on 7 March in support of Oxfam’s Get Together campaign.
DLA Piper publishes March issue of ‘Sports, Media and Entertainment Intelligence’.
DLA Piper has released a report on the European hotel sector.
Do stats reveal abuse of the right to challenge an arbitral award for serious irregularity? download
The accusation: that section 68 of the Arbitration Act 1996 is relied on frequently and frivolously by parties wanting to frustrate an award as long as possible, having ‘lost’ the arbitration.
What in-house counsel needs to know now about Dodd-Frank derivatives 101.
The US Federal Reserve has proposed a tiered approach for applying US capital, liquidity and other Dodd-Frank enhanced prudential standards to the US operations of foreign banking organisations with total global consolidated assets of $50 billion or more.
Almost two-and-a-half years after the enactment of the Dodd-Frank Act, the various federal agencies charged with implementation have made measurable progress and have, in the last several months, taken on the major regulatory actions in earnest.
Congress finally got around to extending the production tax credits and investment tax credits for wind, geothemal, biomass, marine, landfill gas and hydro projects.
In this article we list the top ten labour law issues employers operating in Europe need to understand in order to avoid employment disputes, litigation and disruption to their businesses.
On 11 July 2012, the US formally eased certain sanctions relating to “new investment” in the Union of Myanmar and on the exportation of financial services to Myanmar.
The European Court of Human Rights (ECHR) has held that employment law in the United Kingdom does not adequately protect individuals from dismissal as a result of their political beliefs or affiliations.
The ECJ announces its decision on ITV & others v TV Catchup C-607/11.
The European Court of Justice (ECJ) has ruled that cross-border migration by way of converting into a company format subject to the laws of a different EU member state is protected and permitted by overriding EU law even in cases where the national laws of the two countries in question do not provide for such a possibility.
ECJ rules access to documents can be denied if disclosure undermines merger control proceedings download
Amid the recent bout of judgments painting a complex picture of access to documents in antitrust cases, the latest judgment of the European Court of Justice provides very clear guidance in the specific context of merger control.
On 15 March 2013, a number of Regulatory Technical Standards implementing the European Markets Infrastructure Regulation take effect.
This Commentary highlights some of the principal calendar and year-end reporting requirements for employee stock plans that US companies most commonly encounter when offering these programs to their employees in selected jurisdictions worldwide.
The US Department of Labor has updated the Family and Medical Leave Act regulations.
The employment department has developed a considerable experience in providing legal assistance on employment and labour law matters.
According to a 2012 NHS report, 26 per cent of the UK’s adult population is obese. Data shows an approximate one per cent annual increase in obesity.
This week’s Employment News features articles on redundancy selection, disciplinary procedures, data protection and mobile devices.
Employment News — March 2013 download
Hogan Lovells has released its employment news update for March 2013.
NCTM has expertise in financing, contracts, administrative law and the regulation of the energy sector.
Hogan Lovells partners comment on the future of shale gas in the UK, with a focus on regulation.
The English High Court has recently allowed a commercial claim to be served on a defendant via Facebook and in the process has demonstrated that even the senior courts are willing to take advantage of the offerings of modern technology.
NCTM has developed a broad experience in Italian worker safety and environmental regulation.
The EPA has released new separation distance guidelines entitled ‘Recommended separation distances for industrial residual air emissions’ (EPA publication number 1518).
ESMA is consulting on proposed draft regulatory and technical standards on when to publish a supplementary prospectus.
The weeks leading up to the summer vacation saw a flurry of UCITS activity, including the publication of an ESMA report and guidelines on UCITS, the unofficial release of the draft UCITS V Directive and the publication of a consultation paper on UCITS VI.
A distinguishing feature of the UK Listing Authority’s GDR listing regime is that an applicant may submit a listing application (including a listing prospectus) to obtain a ‘block listing’ for its GDRs under which ‘up to’ a certain number of listed GDRs may be issued against deposits of the applicant’s shares into the GDR programme.
ESMA’s technical standards for EMIR download
The European Market Infrastructure Regulation, which came into force on 16 August 2012, created a new framework with the aim of introducing greater transparency and risk management mechanisms to the over the counter derivatives market in Europe.
On 6 November 2012, the Court of Justice of the European Union ruled that the European Commission was entitled to represent the European Union in an action for damages before national courts.
EU commission ends antitrust proceeding after Areva and Siemens agree to limit scope of non-compete and confidentiality obligations download
On 18 June 2012, the European Commission announced its decision to accept commitments offered by Areva SA and Siemens AG limiting the scope and duration of non-compete and confidentiality obligations agreed to in the context of a nuclear technologies joint venture.
On 12 December 2012, the European Commission published an Action Plan with initiatives it intends to undertake in 2013 in the fields of EU company law and corporate governance.
On 3 July 2012, the Court of Justice of the European Union released its much-anticipated ruling in UsedSoft GmbH v Oracle International Corp.
EU implements latest Iran sanctions download
On 21 December 2012, the Council of the European Union adopted Council Regulation No 1263/2012, concerning sanctions against Iran.
The EU Parliament’s Legal Affairs Committee voted recently to strengthen significantly the EU Commission’s proposed mandatory disclosure regime for payments to governments by certain businesses in the extractive industries and other sectors.
On 18 September, 2012, the European Parliament’s Committee on Legal Affairs voted in favour of proposed EU legislation to impose disclosure obligations aimed at deterring corruption by large companies involved in extracting oil, gas and minerals and logging.
On 15 October 2012, the Council of the European Union adopted Council Decision 2012/635/CFSP amending Decision 2010/413/CFSP2 concerning restrictive practices against Iran.
On 14 November 2012, the European Commission adopted a proposal for a directive that aims to substantially increase the number of women on EU corporate boards.
The prospectus regime is being amended throughout Europe.
EU regulations on website cookies download
On 15 October 2012, the Council of the European Union (EU Council) adopted new sanctions against Iran and Syria.
Euro crisis: a UCITS perspective download
The economic uncertainties facing the Eurozone make it increasingly important for investment managers and investment fund boards of directors to anticipate and prepare for the impact of a ‘Euro event’, such as the exit of a country from the Eurozone.
Political agreement was reached at the June 2012 European Council meeting on what had been termed as the last remaining issue on Europe’s new patent system — the location of the Central Division for the Unified Patent Court.
The European Commission has issued a Communication setting out a road map for the future growth of cloud computing in Europe.
On 14 November, the EU General Court ruled that the European Commission had been too broad when setting out its mandate for the carrying out of dawn raids at the offices of companies in France and Italy.
The European Commission has made clear that it is pursuing a broader policy objective of ensuring swift finality to cases in dynamic markets through settlements and commitments.
The European Commission has published an Action Plan on European company law and corporate governance for 2013.
The European Commission recently proposed a directive with the aim of accelerating progress to greater gender equality in corporate boardrooms.
On 19 December 2012, the European Commission published its proposed delegated regulation on exemptions, general operating conditions, depositaries, leverage, transparency and supervision under Directive 2011/61 on alternative investment fund managers.
In a speech delivered at the College of Europe in Bruges on 14 January 2013, Joaquín Almunia, Vice-President of the European Commission, and Commissioner responsible for Competition, stated that the Commission hopes to settle around half of its outstanding cartel investigations in 2013, using the settlement procedure instituted in July 2008.
The network of European antitrust regulators, the European Competition Network, has revised its model leniency programme for cartels.
On 7 March 2013, the European Court of Justice (ECJ) issued its long-awaited judgment in the case brought by ITV, Channel 4 and Channel 5 against TVCatchup.
European IP bulletin — December 2012 download
In this issue (inter alia): European Commission to review misleading and comparative advertising directive; Information Commissioner’s office publishes report on enforcement of new cookie rules; Scrabble tile trade mark declared invalid.
The heart of a marketing authorisation application is the pre-clinical and clinical data that proves the drug’s safety and efficacy.
Over the last decade, the UCITS (Undertakings for Collective Investments in Transferable Securities) product has enjoyed tremendous success globally.
Reservations of mines and minerals have come into sharp focus over the last year and pose a new challenge for developers.
Exemptions and no-action relief help funds navigate year-end CFTC registration requirements download
Changes to the US Commodity Exchange Act made by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 subjected a large number of fund sponsors, including sponsors of non-US funds with US investors, to the jurisdiction of the US Commodity Futures Trading Commission for the first time.
In an important judgment handed down on Friday 27 July 2012 Justice Briggs, sitting at the High Court, Chancery Division, upheld a challenge to the commonly used restructuring technique of “exit consents” used in English law-governed bonds.
The Chancery Division of the English High Court has upheld a challenge to the legality of an exit consent on the basis that it was oppressive towards the minority bondholders and at variance with the purposes for which majorities in a class are given power to bind minorities.
Court construes FOSFA 201 prohibition and default clauses.
As the US bank regulatory agencies continue their efforts to implement the Volcker Rule under increasing political pressure to stiffen the Rule’s requirements, it is worth revisiting how the Rule, in its current proposed form, might affect non-U.S. banks and their activities even outside the US.
The recent growth and success of the US wind power industry is attributable in large part to a federal renewable energy production tax credit that provides significant tax incentives for investment in and development of wind energy projects.
FCPA update — August 2012 download
This issue represents the first installment of a new feature of FCPA Update: our regional spotlight series.
FCPA update — July 2012 download
In this issue: the SFO’s latest bribery related settlement; The difficulty of recovering damages from the government when an FCPA prosecution misfires; German High Court ruling on pharmaceutical industry and doctors.
FCPA update — May 2012 download
An update on cases related to the Foreign Corrupt Practices Act, including the DOJ’s case against Morgan Stanley, the British government’s proposals concerning deferred prosecution agreements, and developments in Russia’s fight against corruption.
FCPA update — November 2012 download
In this issue: US enforcement agencies issue extensive new FCPA guidance; recent surveys highlight anti-corruption trends facing companies; Italy adopts new anti-corruption law.
FDIC and Bank of England signal significant cooperation on resolution issues in joint paper download
On 10 December 2012, the Federal Deposit Insurance Corporation and the Bank of England released a joint paper entitled Resolving Globally Active, Systemically Important, Financial Institutions outlining a resolution strategy for global systemically important financial institutions.
This week, US federal banking regulators each issued final rules that impose stress-testing requirements on all insured depository institutions and insured depository institution holding companies over a $10 billion total consolidated asset threshold, as required by Section 165(i) of the Dodd-Frank Act.
Industrial and Commercial Bank of China Limited and its two controlling shareholders, China Investment Corporation and Central Huijin Investment Limited, are the first Chinese organizations approved by the Board of Governors of the Federal Reserve System to acquire a US bank.
The Federal Reserve Board last week approved for the first time a controlling investment by a Chinese bank in a U.S. bank, opening the door for future Chinese acquisitions and investments in the US banking sector.
The Federal Reserve’s decision this week to confer Comprehensive Consolidated Supervision (CCS) status to three state-owned Chinese banks has been long awaited and paves the way for major Chinese banks to enter retail commercial banking in the US by acquiring US banks.
On 10 July 2012, the new decree on the incentive system for the production of electricity by photovoltaic plants was published in the Official Gazette.
Consumers are naturally drawn to brand names that clearly indicate the services being offered. It is therefore not uncommon for financial services to be offered using descriptive names such as Cash Today or Pay Day Loan.
On 26 July 2012, the Pensions Regulator issued a statement on financial support directions (FSDs) with the intention of providing further guidance and comfort with regard to the circumstances in which it will issue an FSD after a company has been placed into administration.
Momentum is building to reform the US tax system and address the nation’s fiscal challenges.
In its annual summary of regulatory and examination priorities, the Financial Industry Regulatory Authority (FINRA) signaled that it will aggressively pursue market misconduct.
The Australian Securities and Investments Commission has taken the first concrete step to the actual implementation of G20 derivatives reforms in Australia.
On 18 December 2012, the draft Federal Law on Amendments to Chapters 1, 2, 3 and 4 of Part One of the Civil Code of the Russian Federation had its third reading in the Russian State Duma.
On 1 April 2012, a Dubai- and Asia-based ship building and repair company became the first company to commence a reorganisation proceeding in the Special Tribunal created by Dubai Decree No. 57 for 2009 and avail itself of Decree 57’s integrated legal framework.
In this issue: Unitranche in a time crunch; protect your valuable brands.
This briefing from Nabarro looks at a few simple steps that employers can take to reduce the risk of employment tribunal claims and to increase the chance of successfully defending them.
We have extensive experience in food and agriculture policy. Our client base spans the full agri-food supply chain.
The world of international taxation becomes more transparent with every passing year.
On 4 January 2011, the French tax authorities published guidelines on new requirements that had been introduced relating to specific transfer pricing documentation.
The cross-border transfer of a cash pooling activity within a multinational group constitutes an indirect transfer of profits.
This month’s Free Issue focuses on contractor insolvency and its impact on the timely completion of projects.
New insolvency proceedings called “accelerated financial safeguard” were introduced into French law two years ago.
French draft budget for 2013 download
On 28 September 2012, the French government released its much-awaited draft budget for 2013, which, unsurprisingly, contains significant tax increases, targeting wealthy individuals and large businesses.
An update on developments in Frencj employment law, including new legislation on the tax regime concerning severance payments and sexual harassment, as well as important precedents in case law.
This paper concentrates on the criterion on the basis of which the conduct sanctionable in the terms of article 96, third paragraph c.p.c., is added to.
The UK press has had a field day over the past 12 months with news of shareholder challenges or activism. In the run-up to the AGM season in the spring, barely a day went by without report of shareholders flexing their muscles by taking on the boards of listed companies.
FSA-authorised asset managers required to attest compliance with conflicts of interest rules download
The FSA has issued a ‘Dear CEO’ Paper “Conflicts of interest between asset managers and their customers: Identifying and mitigating the risks”.
FTC announces important settlement with social networking app and releases new mobile app report download
The FTC announced a potentially groundbreaking settlement with the social networking app Path and released an important new staff report on Mobile Privacy Disclosures late last week.
For the past year, top officials of the Securities and Exchange Commission (SEC) have repeatedly identified the valuation of illiquid assets held by registered funds and private equity and hedge funds as one of the regulatory agency’s top five areas of enforcement focus. And, true to its word, the SEC has been actively pursuing such investigations.
Gambling law in Germany — an update download
An update on gambling laws in Germany.
Employers are reminded that, for those subject to the reporting requirements under the WGE Act, the current reporting period ends on 31 March 2013.
On 30 July 2012, the German Ministry of Finance published a discussion draft bill regarding High Frequency Trading for the German financial services sector in the form of an Act for the Prevention of Risks and the Abuse of High Frequency Trading (HFTA).
German labour and employment news download
In this issue (Inter alia): minimum wages in Germany; transfer of business by takeover of personnel; facilitation of immigration of specialised personnel.
The ICO has fined DM Design £90,000 for making thousands of unwanted marketing calls.
On 20 September 2012, European Commission officials concluded a Memorandum of Understanding (MoU) with Chinese officials in respect of antitrust law.
On 18 February 2013, the government published a consultation on draft regulations aimed at consolidating and harmonising pensions disclosure requirements.
Hogan Lovells has won two awards at The Times’ Graduate Recruitment Awards 2013.
Since the controversial announcement on 23 January 2012 by Vince Cable, the Business Secretary, that the UK Government intended to implement into law a new corporate governance regime to regulate executive remuneration, there has been much speculation and discussion as to the nature and extent of the proposed regime.
Many companies are applying to own and run as GTLDs either their own names (.brand) or descriptive terms (.money, .travel) instead of .com or .co.uk.
Shoosmiths looks at what any customer entering an agile project should do to ensure that it is geared up to implement such a project and that the documents governing the project adequately protect its position.
California’s first carbon allowance auction on 14 November 2012 featured plenty of demand but a lower-than-expected closing price, based on results released on Monday by the California Air Resources Board.
Tax changes are intended to make owning high-value residential property through companies less attractive.
Recruitment company Manpower has reported that the UK’s employment situation is the best since the recession began and that recruitment is set to increase.
Hogan Lovells has assisted Assosim in a petition against the Dutch government.
Hogan Lovells has advised IT company 2e2 on the sale of its European businesses to Logicalis Group for €24m in cash.
Hogan Lovells advises Afrexim on Kenya Airways aircraft financing.
Hogan Lovells has advised APICORP and Tufton Oceanic on petroleum product tanker financing and acquisition.
Hogan Lovells has advised a syndicate of five lenders on the €80m refinancing of French holiday-park operator Siblu.
Hogan Lovells advises PRUPIM on sale of 30 Berkeley Square to Mercury Finance.
Hogan Lovells has advised Arieso on its sale to JDSU.
Hogan Lovells has announced that the UK Supreme Court has given its decision in the long-awaited Schütz v Werit case, ruling that Werit had not been infringing patent rights by supplying replacing parts.
The March 2013 edition of the Hogan Lovells Africa Newsletter is now available.
Anna Kurian Shaw from Hogan Lovells has been selected as an LCLD fellow for 2013.
Hogan Lovells has announced the formation of the Coalition for Privacy and Free Trade.
Energy partner team set to return to Hogan Lovells.
Hogan Lovells has gained an ECJ referral on behalf of client ZTE in its patent dispute with Huawei.
Warren Gorrell and Robert Bennett from Hogan Lovells make the National Law Journal’s list of influential US lawyers.
Hogan Lovells has helped secure class certification in a race discrimination case involving the US Secret Service.
Hogan Lovells hosts grand final of Mosaic APAX Enterprise Challenge 2013.
Hogan Lovells has announced that the Diversity & Flexibility Alliance has awarded Eve Howard and Susan Herlick as an attorney-client team with one of only two Alliance Flex Success Awards for 2013.
Hogan Lovells’ Lucas Osorio is the exclusive winner of International Law Office’s Client Choice Awards in the public law category for Spain.
Hogan Lovells has revealed that three of its partners were listed as All-Stars in the 2013 BTI Client Services All-Star report.
Hogan Lovells has successfully acted for the German FCO in a €1.1bn liability charges claim brought by GN Store Nord.
Latin Lawyer recognises Hogan Lovells with ‘Private Equity Deal of the Year’ award.
The Hong Kong Securities and Futures Commission (SFC) announced on 23 January 2013 that it has been working closely with the China Securities Regulatory Commission (CSRC) to provide for the mutual recognition of retail funds authorised in Mainland China and Hong Kong.
An overview of recent developments in Hong Kong capital markets, including new HKEx guidance on acquisitions and use of IPO proceeds.
On 9 May 2012 the Securities and Futures Commission released its Consultation Paper on the Regulation of Sponsors, attaching draft new rules to regulate the duties and liabilities of IPO sponsors in Hong Kong.
On Thursday 25 October 2012, the Hong Kong Stock Exchange issued two new Guidance Letters on pre-IPO investments.
On 12 December 2012 the SFC published its Consultation Conclusions concerning the regulation of IPO sponsors in Hong Kong.
The Personal Data (Privacy) Ordinance (PDPO) was amended last year and the direct marketing provisions will take effect on 1 April 2013.
Being English, you might think it is our nature to miss penalties, but what you might not realise is that as lawyers we can be just as anxious about penalties as the Premier League’s finest.
The Financial Services Authority is shortly to embark on a thematic review of asset managers.
Impact of the AIFMD on investment companies
A panel of three judges in the DC Circuit stunned Washington on Friday by striking down President Obama’s recess appointments to the NLRB in Noel Canning v NLRB on a basis much more sweeping than had been anticipated.
This paper from Shoosmiths looks at the importance of legal representation before regulatory bodies.
The Turkish Competition Board (‘TCB’) recently amended the notification thresholds and rules relating to mergers and acquisitions.
In Site — Winter 2012/2013 download
Engineering and construction newsletter, covering: Building Information Modelling; the new 2012 suite of RIBA appointments; and more.
Following the decision of the ECJ in the case of National Grid Indus BV v Inspecteur van de Belastingdienst Rijnmond C-371/10, several EU member states have amended their exit tax regimes.
Ince & Co has been recognised in Chambers Global 2013: The World’s Leading Lawyers for Business.
Ince & Co Hong Kong has advised the Hong Kong Maritime Museum on the legal aspects of its relocation from Stanley to Central Ferry Pier 8.
David Pollard to succeed Andrew Jennings as director of operations at Ince & Co.
Xu Guo has joined Ince & Co as a consultant based in the firm’s Beijing Office.
Ince & Co in China is named ‘International Law Firm of the Year — Shipping’ at Chambers China awards.
Ince & Co recognised as firm winner for Greece at 2013 Client Choice awards.
Ince & Co Singapore and Incisive Law have advised Cyprus-based Dynamic Offshore Drilling on the vessel financing, construction and delivery of Dynamic Vision.
Incentives for start-ups: update download
On 13 December 2012 the Italian Parliament adopted a law (the Law) to convert, with amendments, Law Decree No. 179 of 18 October 2012, aimed, inter alia, at promoting the establishment and growth of innovative start-ups in Italy.
The European Commission and European Securities and Markets Authority recently published additional guidelines for Undertakings for the Collective Investment in Transferable Securities funds and launched further consultations on the UCITS regime.
In K/S Preston Street v Santander (UK) plc  EWCH 1633 (Ch) the High Court ruled in relation to an indemnity clause in a facility agreement.
After months of policy paralysis, the Indian government, on 14 September 2012, announced major reforms permitting and/or increasing foreign direct investment in the areas of multibrand retail, civil aviation, broadcasting and power trading exchanges with a view to boost economic growth.
On 18 December 2012, the lower house of India’s parliament cleared the Companies Bill 2012, in a significant step towards replacing the more than 50-year-old Companies Act 1956.
In an important reversal of precedent, the Supreme Court of India held that Indian courts may not exercise supervisory jurisdiction over foreign-seated arbitrations pursuant to the Arbitration and Conciliation Act, 1996.
On 13 November 2012, the Indonesian Constitutional Court held that the Upstream Oil and Gas Regulator in Indonesia, commonly known as BP MIGAS, was unconstitutional.
NCTM offers strategic and commercial advice for the enforcement and protection of all forms of intellectual property.
The Court of Justice of the European Union has confirmed that the financing of infrastructure projects is subject to the European State aid rules.
The UK government has published the Infrastructure Procurement Routemap — a guide to improving delivery capability for consultation.
BAA’s plight serves as a warning to prospective buyers where a purchase is to be structured through a SPV.
Insider trading annual review — 2012 download
2012 gave us another year of aggressive enforcement of insider trading laws.
The spotlight is shining once again on the use (and possible abuse) of Rule 10b5-1 trading plans by corporate executives.
NCTM offers services to both Italian and foreign insurers, re-insurers and others doing business in Italy.
An overview of issues in insurance and reinsurance law, including the impact of Hurricane Sandy and shipping insurance news.
Insurance e-brief — March 2013 download
Ince & Co has released its insurance e-brief for March 2013.
The CJEU has handed down its decision on the copyright questions referred by the UK High Court in the long-running battle between ITV, Channel 4 and Channel 5 and TV Catchup.
Walker Morris has released the March 2013 edition of its Intellectual Property Matters publication.
Noticed initiative aims to promote diversity and multiculturalism in the legal sector.
International arbitrations often involve parties resident in jurisdictions that are not the same as the seat of the arbitration.
Chadbourne & Parke has released its International Restructuring Newswire for March 2013.
DLA Piper has released the March 2013 edition of International Tax News.
Taylor Wessing has released the latest edition of its International Tax Update.
King & Wood Mallesons was one of the first Chinese law firms to provide legal services in the international trade law area.
We provide assistance to clients engaged in cross-border operations, as well as to companies that sell goods and services in different countries.
On 8 October 2012, Montenegro adopted a new competition law. Karanovic & Nikolic has interviewed the director of the Competition Agency, Miodrag Vujovic, about the law.
The Cayman Islands is one of the world’s leading offshore jurisdictions for the establishment of investment funds.
The International Organization of Securities Commissions (IOSCO), an international organisation of securities regulators, recently published its Policy Recommendations for Money Market Funds.
Karanovic & Nikolic presents a brief overview of IP news for the region of south-east Europe.
The proxy advisory firms Glass Lewis & Co. and Institutional Shareholder Services Inc. recently released the 2013 updates to their US proxy voting guidelines.
On 15 March 2013, the first set of regulatory technical standards relating to the European Union’s implementation of the G20 commitments on over-the-counter derivatives will come into force under the EMIR.
NCTM has extensive experience in Italian and European Community administrative law.
On 21 December 2012, the Italian Parliament approved the budget law for 2013 (the Budget Law) contemplating, among other things, the introduction of a new tax applicable to certain financial transactions.
On 3 August 2012 the Italian Parliament adopted a law to convert, with amendments, Law Decree No. 83 of 22 June 2012, that introduced important measures aimed at stimulating the Italian economy (the so-called decreto sviluppo or ‘development decree’).
On 1 July 2012, the Act on Special Measures concerning Procurement of Renewable Energy Sourced Electricity by Electric Utilities (Act No. 108 of 2011) came into effect and a feed-in tariff system was introduced in Japan in an effort to promote the use of renewable energy.
The government has finally disclosed details of Japan’s version of the Feed-in-Tariff (‘FIT) to be enforced this July.
Japanese listings in Hong Kong download
As an international financial center, Hong Kong is one of the world’s leading capital markets, with the Stock Exchange of Hong Kong being a favored venue for IPO fundraising activities.
Jersey’s finance industry is being consulted on the impact of entering a ‘FATCA-type’ agreement with the UK.
On 6 December 2012, the EU Court of Justice dismissed AstraZeneca’s appeal of the General Court’s judgment in AstraZeneca v Commission.
It has been held that commingled collections of paper, metal, plastic and glass are compliant with the requirements of the EU Waste Framework Directive.
Jurisdiction of the Hong Kong Courts re winding up and unfair prejudice petitions — offshore companies download
Hong Kong law contains a number of provisions designed to protect the interests of minority shareholders, including the “unfair prejudice” remedies under section 168A of the Companies Ordinance and the Ordinance’s “just and equitable” winding-up provisions.
Karanovic & Nikolic held a business briefing on the new Law on Public Procurement on 27 March 2013 at its offices in Belgrade.
Karanovic & Nikolic has hosted a workshop focused on anti-corruption for Croatian corporates.
A corporate survey by Karanovic & Nikolic has confirmed the importance of legal compliance and risk management.
Head of the Hong Kong representative office
The elimination of the exemption from registration under the Investment Advisers Act of 1940, as amended (the Advisers Act), for advisers with fewer than 15 clients resulted in the registration of approximately 1,500 additional investment advisory firms.
Following a public consultation process that began in April 2011, a number of key changes to the securities and capital markets legislation and regulations of the Dubai International Financial Centre take effect from 5 July 2012.
Real Intellectual Property Case Law Guide.
King & Wood Mallesons has acted for Airtrain Holdings in its sale to USS Axle, by way of three interconditional schemes of arrangement, for AUD109.55m (£76m).
King & Wood Mallesons has advised GE Capital on the acquisition of Allianz Australia’s loan book.
King & Wood Mallesons has advised Melbourne IT on the sale of its Digital Brand Services division to Corporation Services Company for AUD152.5m.
King & Wood Mallesons has announced that the High Court has confirmed the constitutionality of Australia’s arbitration framework for resolving international disputes.
King & Wood Mallesons has released the March 2013 edition of its Employee Relations & Safety Update.
KWM has appointed Tim Sherman as a partner in the tax team at the firm’s Sydney office.
King & Wood Mallesons contributes to bi-lingual legal novel.
King & Wood Mallesons has released the March 2013 edition of The Landscape.
King & Wood Mallesons has won the award for ‘Regional Firm of the Year’ at the 2013 IFLR Asia awards.
Partner and head of the Moscow representative office
In February 2010 the National Assembly of Kuwait passed Law No. 7 of 2010 on Establishing a Capital Markets Authority and Regulating Securities Activities.
King & Wood Mallesons advises HeidelbergCement on Holcim joint venture agreement to control Cement Australia.
On 6 March 2013, the Supreme Court delivered its eagerly anticipated judgment in Daejan Investments Ltd v Benson. The court overturned the earlier decisions of the Court of Appeal.
The Late Payment of Commercial Debts Regulations 2013 comes into force on 16 March 2013, affecting commercial contracts for the supply of goods or services entered into after that date.
Minor changes to the UK’s late-payments regime take effect on 16 March 2013. Organisations should review B2B contracts for goods and services to ensure payment periods do not fall foul of the amended rules.
In the past two months, the UK government has announced a number of reforms to existing UK employment law.
Cloud computing continues to be an area of significant interest and investment for many companies.
Rights to light continue to have a major, perhaps disproportionate, impact on the property industry and property development particularly in urban centres.
Thomson Reuters’ Super Lawyers publication recognises Ince & Co.
China’s Anti-Monopoly Law celebrated its fourth anniversary in August 2012. Given the importance of the Chinese economy and the increase in antitrust enforcement in that country, the AML should rank high on in-house counsels’ radar screens.
The High Court has held that it is possible, in certain circumstances, for a sub-licence to remain valid despite the termination of the head licence.
Readers will be aware of the statutory restriction on recovery of service charge from tenants of residential property, if the landlord fails to carry out a consultation with the tenants in relation to ‘qualifying works’.
Against a backdrop of continued global economic uncertainty and risk aversion, mineral companies are generally better placed than companies in many other sectors to seek admission of their securities to the London Stock Exchange and access the international equity capital markets.
The Supreme Court has addressed the question of how far it is possible to ‘pierce the corporate veil’.
Luxembourg legal update — March 2013 download
Arendt & Medernach has released its Luxembourg legal update for March 2013.
The bill of law no. 6518 will introduce ‘criminal settlement’ into the Luxembourg Code of Criminal Procedure.
The ground-breaking reform of rules for electronic archiving.
Luxembourg legal update — March 2013: the ESMA guidelines on sound remuneration policies of AIFMs download
The ESMA guidelines on sound remuneration policies of AIFMs.
Luxembourg legal update, March 2013: AIFMD implementing measures — the delegated regulation download
The delegated regulation supplementing Directive 2011/61/EU.
Walker Morris has published its Employment Briefing for March 2013.
Taylor Wessing’s March 2013 Finance Update summarises some of the more interesting recent legal developments in finance.
NCTM is one of the leading practices in Italy in the marine, aviation and transportation sector.
The European Commission is to allow the guidelines on the application of its treaty to maritime transport services (2008/C 245/02) to lapse.
Medical device alert download
The US FDA has issued new draft guidance on distinguishing medical device recalls from product enhancements.
An overview of recent cases related to M&A and corporate governance.
Various industry publications rate NCTM as one of the best Italian law firms in the field of M&A and private equity.
In a bizarre twist to the case of the money market fund that broke the buck, the investment adviser to the Reserve Primary Fund and its principals sued the fund’s independent trustees, laying the blame for the fund’s spectacular 2008 collapse squarely at their feet.
This afternoon, 13 November 2012, the Financial Stability Oversight Council, faced with a Securities and Exchange Commission that has been deadlocked over whether or how to address concerns about money market funds, voted unanimously to propose three MMF reforms.
For the first time, the Montenegrin competition authority has regulated fees for its activities and services.
The Montenegrin Competition Agency is planning to complete the legal framework for the 2012 Competition Law.
The government has released an exposure draft Corporations Amendment Regulation concerning the ban on conflicted remuneration.
Mourant Ozannes volunteers have helped to clear the vegetation from a historic cemetary site on Grand Cayman.
Mourant Ozannes has gained recognition as the leading offshore law firm for international trusts and private client work.
MPF Awards recognises Hogan Lovells’ development and leadership programmes.
After a period of intense political wrangling and lengthy delays, on 2 November 2012 the President of Myanmar signed into effect a new foreign investment law (the FIL) to replace the previous foreign investment law enacted in 1988.
Myanmar’s new foreign investment law download
This month has marked some significant milestones for Myanmar (also known as Burma) which, as a former pariah state, has recently emerged as the new investment hotspot in Asia due to its rich natural resources and untapped markets.
NAIC 2012 Fall national meeting download
The National Association of Insurance Commissioners held its 2012 Fall National Meeting from 29 November to 2 December 2012 in National Harbor, Maryland.
The information required to be included in an application for RMB bond issuance in Hong Kong by PRC onshore non-financial institutions.
Issue 3 of Winckworth Sherwood’s Need to Know employee law update is now available.
A new bill before Parliament would require trustees of superannuation funds to merge multiple superannuation accounts held by the same member.
From October 2012, the new UK pensions auto-enrolment regime will start to apply to the largest employers in the UK, being employers with 120,000 or more “eligible jobholders”.
The shale gas sector in the UK is still in its infancy, but the UK government has announced recently new measures and incentives to encourage its growth.
On 20 June 2012, the European Securities Markets Authority published new guidance on the use of ‘up to amount’ listings of global depositary receipts (GDRs) which provides much needed clarity to issuers and participants in the European GDR markets.
New EU counterfeit goods regulation download
On 24 January 2013, the Internal Market and Consumer Protection committee of the European Parliament endorsed a new Regulation setting out customs procedures for goods suspected of infringing intellectual property rights.
New European regulation clarifies the status of extra-European bilateral investment treaties download
On 12 December 2012, the European Union issued a Regulation establishing transitional arrangements for bilateral investment treaties between Member States and third countries.
The potentially enormous financial rewards offered to whistleblowers in return for information about suspected wrongdoing are generating a deluge of tips to the SEC.
The Hong Kong Securities and Futures Commission on 12 December 2012 published its consultation conclusions on the regulation of Hong Kong IPO sponsors.
Section 952 of the Dodd-Frank Act directs the national securities exchanges to adopt new listing standards applicable to compensation committees and compensation advisers.
On 27 December 2012, the Spanish government approved Law 16/2012, which provides for long-awaited reform of the current legal and tax regime for Real Estate Investment Trusts.
The much anticipated National Planning Policy Framework has now become a reality.
The government has announced that from spring 2013 it will increase the scope of permitted development rights to make the best use of underused buildings.
On 14 December 2012, the Federal Reserve Board issued a notice of proposed rulemaking to apply enhanced prudential standards and an early remediation framework to foreign banking organizations (FBOs) with $50 billion or more in total global consolidated assets.
The Securities and Commodities Authority has recently published amended market disclosure rules relating primarily to shares in companies listed on the Dubai Financial Market or the Abu Dhabi Securities Exchange.
Since its launch in 2002, the Qualified Foreign Institutional Investor program has been the principal means for foreign investors to invest directly in the securities markets of Mainland China.
On 23 October 2012, the United Arab Emirates enacted its Federal Competition Law (Federal Law No. (4) of 2012), which laid down new rules on anti-competitive agreements, merger control and abuse of dominance.
A court has held that a requirement under the Local Government Pension Scheme in Northern Ireland requiring the deceased member to have completed a nomination form in order for a survivor’s pension to be paid to his unmarried partner was a breach of the ECHR.
Northern Ireland’s Executive announced last month that it intends to update the province’s outdated gambling laws.
The Securities and Commodities Authority of the United Arab Emirates (ESCA) in July 2012 published regulations relating to investment funds that significantly increase the regulation of both foreign and local investment funds active in the United Arab Emirates.
The OFT has found a widespread lack of compliance on the part of licensed businesses in the payday lending market.
Olswang advises Dundee International REIT on €257m financing for the acquisition of SEB Asset Management’s office portfolio.
Olswang has announced a series of partner promotions.
Two partners at Olswang have been recognised by the International Law Office in its Client Choice Awards 2013.
The UK Supreme Court (UKSC) Blog, co-founded by Olswang and Matrix Chambers, has teamed up with The Guardian and the UK Supreme Court for its annual essay competition.
In its tax blog, law firm Olswang discusses the 2013 Budget. The interactive blog features the latest news, views and analysis of Chancellor George Osborne’s announcements.
Two recent decisions highlight the importance of ensuring that adequate information is obtained from and provided to the registered medical practitioner when considering an application for an ill-health early-retirement pension.
On Board is an occasional publication for non-executive directors of Australian public companies and other large organisations.
This is our 3rd Olympics briefing, dealing with how to prepare for issues that may arise once the Olympic Games are underway.
On 19 December 2012, the Court of Justice of the European Union (CJEU) handed down its long-anticipated judgment in the ONEL/OMEL case.
King & Wood Mallesons has hosted a panel discussion entitled ‘Changing tastes: Australian food and agriculture sector spotlight’.
The Court of Justice of the European Union, Europe’s highest court in charge of interpreting harmonised laws among the 27 member states, has set the scene for a new option in patent infringement proceedings in Europe.
This edition of our update on the pan-European short-selling Regulation focuses on the implications of the Regulation for market participants in the US.
The European Commission adopted a proposal on September 15, 2010 to harmonize the regulation of short sales and credit default swaps across the European Union.
The English Court of Appeal recently delivered a judgment in Chandler v Cape Plc  EWCA Civ 525 which has potentially significant implications for groups of companies.
Hogan Lovells’ Patrick Sherrington comments on MoJ’s ‘Plan for Growth’ for the UK legal services sector.
The FSA and OFT have published their final guidance and summary of responses on Payment Protection Products.
At an open meeting held on 15 August 2012, the Public Company Accounting Oversight Board voted to approve new Auditing Standard No. 16, Communications with Audit Committees.
At its open meeting on 15 August 2012, the Public Company Accounting Oversight Board adopted Auditing Standard No. 16, Communications with Audit Committees, and related amendments to other PCAOB standards.
The Pensions Regulator has issued a consultation on a new code of practice, regulatory guidance and regulatory approach relating to the governance of DC occupational pension schemes.
Pensions update — March 2013 download
Nabarro’s March 2013 pensions update is available now.
Pensions update — March 2013 download
Addleshaw Goddard has released its pensions update for March 2013.
To successfully reorganize in Chapter 11, a bankrupt company may need to retain key employees who understand the company’s business and who can design and implement the company’s reorganisation plan.
Planning reform in dribs and drabs download
Environmental planning regulation clause increases scrutiny on the issue of occupation certificates.
Polish legislators have confirmed their commitment to change significantly the provisions of the Polish Competition Act.
For the last four years, regulators and law makers have been focusing extraordinary efforts on ensuring that financial regulation is adequate to protect the financial system from risks emanating from the banking sector.
During his first term, President Obama began an ambitious path of reforming the US financial system with the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Hurricane Sandy wreaked havoc on the East Coast of the US. When it struck land, Sandy was approximately 950 miles wide.
In 2008, China’s Labour Contract Law provided uniform rules regarding non-compete issues after the termination of an employment relationship.
During the current economic downturn, companies and government entities are increasingly finding themselves in financial difficulties, whether due to falling revenues, changing markets or having taken on too much debt which they cannot continue to service.
Shipping law covers a broad range of practice areas, which include both contentious and non-contentious matters.
Care is required to preserve dilapidations rights on a lease surrender.
Major new enforcement action in the People’s Republic of China shows both the continuing crackdown on price-fixing cartels and an increased level of awareness about the prohibitions.
Privacy and data protection continue to be an exploding area of focus for regulators in the United States and beyond.
Our real-estate and private-equity funds lawyers advise on all the aspects relating to the structuring and organisation of private-equity and real-estate funds, managers or advisers.
With effect from 1 April 2013, suppliers tendering for government contracts above the threshold will be required to declare their tax compliance history as part of the public procurement process.
Implications of the EC’s draft data protection package.
In 2008, the government introduced tax breaks for UK property funds. Now, five years on, we are seeing authorised investment funds being launched as property authorised investment funds.
George Osborne’s Autumn Statement contained several key implications for the property industry, examined in this briefing.
Proposed changes to UK listing rules download
The Department for Business, Innovation and Skills on 20 September 2012 announced that it has developed a set of proposals with the London Stock Exchange aimed at attracting high-growth companies to list their businesses on the LSE.
The Securities and Exchange Commission today proposed amendments to Rule 506 of Regulation D and Rule 144A under the Securities Act of 1933 to implement Section 201(a) of the Jumpstart Our Business Startups (JOBS) Act.
There is about to be an explosion in new generic top-level domain names (gTLDs) beyond .com, .org, .edu and so on.
Looking ahead to 2013, directors, executives and general counsel of public companies can take some solace from the fact that 2012 was not a year in which a large number of significant new disclosure rules or governance requirements were adopted.
The US Treasury Department recently issued proposed regulations interpreting sections of the Internal Revenue Code (the Code) commonly referred to as the Foreign Account Tax Compliance Act (FATCA).
The recent case of UBS Limited & UBS AG v. Regione Calabria  EWHC 699 (Comm) examines what happens when there are competing claims in the courts of different EU Member States in circumstances where one of the claims was arguably not properly brought.
Taylor Wessing has published its Radar: Technology and Communications Update for March 2013.
NCTM’s real estate group is one of the leading groups in Italy offering the full range of services.
Issue 93 of Quarter Day discusses topics, including permissable margins and contributory negligence, a change in bailiff action and reformed civil ligitation costs.
Real Estate newsletter — March 2013 download
This month’s Real Estate newsletter from Nabarro discusses residential tenancies, explains how to avoid stopping up and explores the various types of tenant security.
The European Court of Justice recently handed down a significant decision holding that the Tomra Group had abused its dominant position through the use of exclusionary strategies in the European Economic Area.
Walker Morris has released its Receivership Update for March 2013.
The Spanish Government has recently passed Royal Decree-Law 24/2012, of 31 August on the restructuring and liquidation of financial entities.
Recent cartel developments in the UK download
This Alert summarises two significant recent developments in UK cartel law.
In the current environment and in the wake of Dodd-Frank (and, before that, TARP) mandated rules requiring shareholder advisory votes on executive compensation, shareholder-plaintiffs have more aggressively challenged executive compensation decisions.
This Alert summarises recent rulings interpreting when private equity funds could have exposure for the qualified pension liabilities of a portfolio company.
This briefing from Karanovic & Nikolic provides an overview of the latest legislative news and upcoming and ongoing projects in Macedonia.
The Office of Foreign Assets Control (OFAC) recently entered into a settlement agreement with a European-based asset manager for an alleged violation of US sanctions against Iran.
Recommendations of the expert committee on the Indian General Anti-Avoidance Rule: a welcome step download
On 1 September 2012, the Shome Committee, which was constituted by Indian Prime Minister Manmohan Singh to review the General Anti-Avoidance Rule, submitted its 108-page Expert Committee Report to the Indian Government.
An overview of the implications of the German Federal ministry of Finance’s Draft Bill on Recovery and Resolution Planning for Banks, which deals with recovery plans and resolution planning for banks and banking groups.
Recovery of VAT on transaction costs download
It is important that transactions are structured so that VAT on transaction costs may be recovered where possible by the Bidco.
Continuing economic uncertainty presents employers with challenging employment decisions and on occasion the need to conduct redundancy exercises.
A government white paper details its plans for reforming the state pension into a ‘single-tier’ system for future pensioners.
Reform to Mexico’s Federal Labor Law download
The Labor Practice Group of Baker & McKenzie Mexico has prepared this document containing a general analysis of the relevant concepts of the reform to the Federal Labor Law approved by the Mexican Congress on 13 November 2012.
Recognising Australia’s declining share of international energy and resources exploration investment, the Australian government has commissioned its independent research and advisory body, the Productivity Commission, to evaluate non-financial barriers to exploration investment.
Regulation of Jersey fund offers download
The extent to which an offer document for a Jersey fund is regulated depends on the type of fund and how widely the offer document will be circulated.
This briefing considers the circumstances in which regulatory consent is required by a non-Jersey fund for the circulation of an offer document or other marketing activities in Jersey.
This morning, the three federal bank regulatory agencies announced that their proposed new capital rules based on Basel III (and other Basel standards) would not take effect on 1 January 2013, a date previously proposed apparently in order to adhere to international consensus.
Relaxing the regime on company names download
The government is seeking views on proposals to reduce restrictions on company names, which are widely seen as the cause of confusion and delay in the registration process.
Release of confidential cartel information by European Commission to English High Court suspended download
On 29 November 2012, the EU General Court issued a provisional order suspending the European Commission’s decision to communicate to the High Court of England and Wales a copy of Alstom’s reply to the statement of objections in the gas insulated switchgear cartel.
In March 2012, the French customs authorities published an updated version of their guidelines applicable to customs value containing an amendment with respect to transfer pricing.
The European Court of Human Rights has issued its long awaited judgment in the case of Eweida and Others v the United Kingdom.
Renewable and alternative energy (RAE) companies will throw their hats into a rich, but potentially risky, ring for an opportunity to contract with the US Army beginning at the end of September 2012.
After more than a year-and-a-half of tracking and almost 10 years of data, we present some observations on the litigation landscape relating to renewable energy development.
COBO consent is no longer required for borrowings by Guernsey companies.
Taylor Wessing has released the March 2013 edition of its Restructuring & Corporate Update.
NCTM has experience in bankruptcy and insolvency law in general, as well as in debt restructuring procedures, distressed investments and ‘special opportunities’.
The Government of India has revised its policy in relation to downstream investments by banking companies incorporated in India that are owned and/or controlled by non-residents or non-resident entities.
On 7 January 2013, the Basel Committee on Banking Supervision released highly anticipated revised rules governing the Liquidity Coverage Ratio included in the Basel III framework finalised in December 2010.
The Financial Reporting Council has published a consultation paper detailing revisions to the UK Corporate Governance Code and its accompanying guidance on Audit Committees.
The Law Commission has published a consultation paper containing its recommendations for reforming the law on rights of light.
Royal Decree Law 24/2012 addresses restructuring and termination of Spanish credit entities download
The Spanish Council of Ministers has approved the Royal Decree Law 24/2012 , for the restructuring and termination of Spanish credit entities.
Rule 10b5-1 plans are back in the news.
What constitutes best practice in managing an in-house legal team?
Russia’s accession to the World Trade Organization: challenges and opportunities for Russian companies download
On 22 August 2012, after 19 years of negotiations, the Russian Federation became the 156th member of the World Trade Organization.
SAFE and foreign exchange rules download
Is the State Administration of Foreign Exchange finally loosening its grip on foreign exchange transactions? Not exactly.
The Marriage (Same Sex Couples) Bill, which received its second reading in the House of Commons on 5 February 2013, legislation does not grant same-sex married couples equal pension rights to male-female married couples.
Mr Justice Floyd has given two judgments in the case of Samsung Electronics v Apple Retail UK and others, concerning three patents owned by Samsung that were alleged to be infringed by Apple’s 3G devices.
This recent patent decision of the Supreme Court provides guidance about when replacing a part might be treated as the infringing act of ‘making’ a patented product.
On 13 March 2013, the UK Supreme Court handed down its ruling on the question of whether replacing part of a patented product infringes the patent in question.
In a case involving fair valuation of structured notes, the SEC signaled that when investment company fund boards delegate the responsibility to fair value portfolio securities, they must provide “meaningful substantive guidance” and continuously review the appropriateness of valuation methodologies.
The SEC and CFTC have adopted joint final rules further defining the terms ‘swap’, ‘security-based swap’ and ‘security-based swap agreement’, and delineating jurisdiction over mixed swaps between the agencies.
Pursuant to a mandate in the Dodd-Frank Act, the US Securities and Exchange Commission recently issued final rules requiring issuers to account for the use in their products of so-called conflict minerals.
Since the enactment of Dodd-Frank, there has been a great deal of focus on rewards for ‘whistleblowing’ — bringing to the government’s attention evidence of wrongdoing that it did not previously know about.
The China affiliates of the biggest accounting firms in the world have been placed in real jeopardy due to the stalled negotiations between US and Chinese regulators over document sharing.
In late August, the Securities and Exchange Commission (SEC) proposed, by a 4–1 vote, to permit general solicitation and general advertising under two of its private placement safe harbor rules.
On 22 August 2012, SEC Chairman Mary Schapiro announced that three of the five SEC Commissioners, constituting a majority of the Commission, had informed her that they would not support a staff proposal to reform money market funds.
In the latest of a string of litigation victories it has scored in the Second Circuit, the Securities and Exchange Commission convinced a panel of the Second Circuit on 6 September 2012.
On 17 January 2013, the Government of the Republic of the Union of Myanmar, through its Ministry of Energy, invited bids for 18 onshore oil and gas blocks in what is Myanmar’s second international petroleum licensing round.
In the years since the financial reporting scandals and the Sarbanes-Oxley Act of 2002, and in particular following the financial crisis and the Dodd-Frank Act of 2010, boards of directors have faced greater burdens and more intense scrutiny of their activities and performance.
In a pending False Claims Act case involving allegations of noncompliance with the federal physician self-referral law, the US District Court for the Middle District of Florida has issued a recent order denying the protection of attorney-client privilege.
An 8.7 per cent haircut will apply to Treasury cash grants paid for the remainder of this fiscal year due to sequestration.
Industrial production processes have a dominant share in the creation of pollution in Europe. Over the past several years, Serbia has adopted a set of regulations for integrated pollution prevention and to control installations that have a high pollution potential.
Serbian Data Protection Authority issues its second-ever approval for the transfer of personal data out of Serbia.
The SFO has exercised its powers to seek civil recovery of the proceeds of crime once again, resulting in an Order against Oxford Publishing Limited to pay almost £1.9 million.
Servicing non-Jersey funds in Jersey download
In most cases, a Jersey entity that wishes to carry on fund services business in relation to a publicly offered non-Jersey fund will be able to do so entirely under its FS Law registration acting in accordance with the FSB Codes.
In 2006, Grand Pacific Holdings Ltd commenced an ICC arbitration against Pacific China Holdings Ltd (In Liquidation) in an attempt to enforce a loan agreement worth US$40 million.
Settlement is a fundamental part of litigation, and parties should be alive to the potential costs advantages (and pitfalls) of making the right offer.
Against a background where Hong Kong has been the world’s leading IPO center for the third year in a row, the Hong Kong Securities and Futures Commission (SFC) has published its much-anticipated consultation paper on the regulation of sponsors.
Head of Dubai representative office
Shoosmiths is set to add a publishing and digital media specialist to its commercial offering.
Shoosmiths’ real-estate specialists have advised on the multi-million-pound sale and leaseback of a client’s multi-let freehold office building.
Corporate specialists at Shoosmiths have helped Chase Templeton Group to make its first acquisition since securing growth funding.
The social housing team from Shoosmiths’ Edinburgh office is to exhibit at the Chartered Institute of Housing Annual Conference and Exhibition.
History is littered with examples of the law being slow to catch up with the use of technology. Social media is no exception.
Sick workers in UK not required to make leave request to enjoy accrued annual leave benefits download
The Supreme Court recently held in NHS Leeds v Larner that the statutory right to 28 days annual leave is not conditional upon a sick worker having made a leave request to the employer in the relevant leave year.
Simmons & Simmons has advised Equinix on its acquisition of a data centre facility in Dubai and alliance with Emirates Integrated Telecommunications Company.
Simmons & Simmons has advised European Energy on the acquisition of wind farm power plants.
Simmons & Simmons is advising Grant Thornton on the administration of Opal Property Group.
Simmons & Simmons has advised JP Morgan Cazenove and Numis Securities on £49m share placing.
Simmons & Simmons appoints Danny Tsang and Ian Fraser as partners within its international employment group.
Simmons & Simmons has appointed Hidde Koenraad as a partner in its IP team in Amsterdam.
The UK government has continued its measures to streamline the planning process with the publication of the Town and Country DMPO 2012.
Over recent months, announcements have been made in relation to the UK CRC Energy Efficiency Scheme, culminating in the publication of the draft CRC Energy Efficiency Scheme Order 2013 on 4 March 2013.
In the course of 2012, the Italian securities regulator, Commissione Nazionale per la Società e la Borsa approved resolutions with the primary purpose of (i) simplifying and streamlining the compliance requirements with securities law provisions and (ii) implementing the new EU Prospectus Directive.
For China’s real estate sector, the last 18 months has been a relatively quiet period on the legislative front.
Spring is an excellent time to refresh your employment contracts. Even contracts that are kept under regular review may have become a little outdated as a result of recent developments in employment law.
On 5 December 2012, the EU Commission issued an important package of proposals to amend Council Regulation 659/1999 governing State aid procedure and Council Regulation 994/982, which allows the Commission to exempt certain categories of State aid from the requirement of prior notification.
Today the Federal Reserve Board issued instructions and guidelines for two 2013 stress testing and capital planning programs, each of which builds on similar programmes from last year.
Earlier today, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation and the Federal Reserve Board approved final rules, which were proposed for comment in January of this year, implementing the Dodd-Frank Act’s company-run stress testing requirements.
In this issue: additional SEC guidance on estimated value disclosures; FINRA to continue Its focus on structured products; FINRA’s Ketchum discusses structured products; FINRA issues Q&A guidance on new communications rules; FINRA proposal requires disclosure of enhanced compensation.
On 1 July 2012, the Office of Fair Trading will implement its powers under the Groceries Market Investigation (Controlled Land) Order 2010 to assess the competitive impact of land agreements entered into by certain larger supermarkets.
The Supreme Court has confirmed that legal advice privilege extends only to the legal profession.
Supreme Court holds proof of materiality not required to certify securities fraud class action download
On 27 February 2013, the Supreme Court held plaintiffs in a Rule 10b-5 securities fraud class action for damages need not prove materiality to obtain class certification.
Under the Dodd-Frank Act, many categories of swaps will be subject to mandatory clearing.
A number of foreign residents living in Switzerland benefit from an advantageous tax regime called régime du forfait, an attractive alternative to the tax based on the real income of the taxpayer.
This month on Synapse, Taylor Wessing discusses the impact of insolvency on licensors and licensees in the life sciences sector.
Over the years, NCTM’s team of tax experts has gained a strong reputation with audit firms and the corporate sector.
Taylor Wessing has advised MML Capital Partners LLP on ATA Group investment.
Taylor Wessing has advised Inflexion Private Equity Partners on the sale of Pims Group to US buyer Xylem for a headline price of $57m (£38m).
Taylor Wessing has set out a summary of some of the main announcements of the 2013 Budget.
Neil Hawley and Graham Hann summarise the proposed key changes to the regulation of online gambling.
Taylor Wessing has advised on the acquisition of SitexOrbis’s mainland UK business from VPS Holdings by a newly formed company advised by investment firm Sullivan Street Partners.
The Tesco price promise that hit the news recently has come in for criticism from industry analysts and competitors.
The 2013 AGM and reporting season download
As the 2013 AGM and reporting season begins, we highlight the key developments and trends that listed and AIM companies should consider as they prepare for this.
An acquisition of any US corporation involves numerous legal and business issues.
This paper explains the attractions of the Cayman Islands as a destination for hedge fund managers.
The UK Supreme Court has recently handed down a decision in a contentious and difficult application in the Lehman administration, a decision that fundamentally affects the allocation of client moneys in the Lehman estate.
After failing to complete on the purchase of a property and a subsequent diminution in value, the proposed buyers in Hooper v Oates were found liable for damages to be assessed at some later date.
On Tuesday, 13 November 2012, Indonesia’s Constitutional Court declared BPMIGAS, the state upstream oil and gas regulator, unconstitutional.
The Alternative Investment Fund Managers Directive (the Directive) aims to create a harmonised European regulatory framework for managers of alternative investment funds (AIF).
On 15 October 2012 the Council of Ministers of the European Union approved a new round of sanctions against Iran.
The EU’s banking union proposals, consolidating the European regulatory supervision of credit institutions download
On 12 September 2012 the European Commission adopted legislative proposals, including a draft EU Regulation, to establish a single supervisory mechanism for banks which is to be led by the European Central Bank.
This paper seeks to identify, as a matter of contingency planning, legal issues which might arise for asset managers as a result of a contraction or restructuring of the eurozone.
The eventual departure of one or more countries from the Eurozone, and reversion to national currency(ies) is no longer unlikely.
The future of the European single currency stands precariously balanced. While hoping for the best outcome, prudent financial planning requires businesses to at least consider once unthinkable thoughts about the possible withdrawal of one or more member states from the single currency or even its demise altogether.
On 15 August 2012, the International Swaps and Derivatives Association (ISDA) released a new Protocol relating to the effect on ISDA derivatives of taxes levied by the US under the Foreign Account Tax Compliance Act.
The FCPA in 2012 download
The year 2012 will probably be remembered in the annals of FCPA history as the year of the Guidance.
On 12 June 2012, the federal banking agencies (the Office of the Comptroller of the Currency, the Federal Reserve Board and the Federal Deposit Insurance Corporation) formally proposed for comment, in a series of three separate but related proposals, substantial revisions to the US regulatory capital regimen for banking organisations that, if adopted, will have a significant impact on the US banking industry.
On 12 June 2012, the Federal banking agencies formally proposed for comment, in three separate but related proposals, significant changes to the US regulatory capital framework.
The Federal Reserve board proposes Dodd-Frank systemic prudential regulations for foreign banks download
Late Friday afternoon the Federal Reserve Board proposed regulations to implement the enhanced prudential regulation and early remediation requirements of the Dodd-Frank Act for systemically important and other foreign banks.
This paper offers a systematic interpretation of article 96, third paragraph c.p.c. concentrating on the grounds wherein the judge may make award.
The German Ministry of Finance on 20 July 2012 published the draft of a bill to implement the Directive 2011/61/EU on Alternative Investment Fund Managers into German law.
Regulators across the globe have been increasingly proactive in detecting and taking action against unlicensed activities. Take the Hong Kong Securities and Futures Commission as an example.
The importance of proper service download
Applications for consent must be properly served on landlords.
After a lengthy approval process, on 31 October 2012, the Italian Chamber of Deputies passed a long awaited anti-corruption bill, aimed at improving transparency in the country’s public sector.
The JOBS Act eases the SEC-registered IPO process for “emerging growth companies” (EGCs) and will alter the private offering process under Rule 144A and Regulation D of the US Securities Act of 1933, as amended.
The new Saudi arbitration law download
On 16 April 2012, a new Saudi arbitration law was issued by Royal Decree No. M/34 and subsequently approved by the Bureau of Experts at the Council of Ministers in the Kingdom of Saudi Arabia.
China is finding new reasons to trade with and invest in Central Asia, the Middle East and beyond.
England and Wales has a population of 56.2m. It is divided into 348 municipal authorities. 33 of these are in London and serve an estimated population of 8.2m. Figures regarding housing needs in London are provided individually by the municipal authorities rather than on a London wide basis.
Court considerations during Proton Energy Group SA v Public Company Orlen Lietuva  EWHC (Comm).
The principle of freedom to contract, as a result of which parties are entitled to form contracts without the need for the terms to be written down, is fundamental to English law.
Mourant Ozannes focuses on the Securities Investment Business Law.
In this issue of Socially Aware, our Burton Award-winning guide to the law and business of social media, we examine why social media marketing strategies should be concerned with clearing more than just copyrights.
Predictive coding, also known as automated review, represents an evolving technology that provides litigants with a computer-assisted alternative to manual review of large document sets.
The UK Financial Services Authority publishes consultation paper on implementation of AIFMD download
On 14 November 2012, the UK Financial Services Authority published the first part of its long-awaited consultation paper ‘CP 12/32 Implementation of the Alternative Investment Fund Managers Directive Part 1’.
On 14 December 2012, the Federal Reserve Board issued proposed rules implementing the enhanced prudential standards and early remediation requirements of Sections 165 and 166 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.
The Federal Reserve Board’s proposed implementation of Sections 165 and 166 of the Dodd-Frank Act, which require enhanced prudential standards and an early remediation regime for certain large foreign banking organisations, represents a dramatic shift in the Federal Reserve’s approach to supervising and regulating foreign banks.
The CAP recently published a new help note for marketers to ensure that the use of children in peer-to-peer marketing and as brand ambassadors is undertaken responsibly and in accordance with the rules in the CAP Code.
Olswang has announced that 28 of its attorneys have been recognised by Thomson Reuters in its 2013 London Super Lawyers and Rising Stars lists. Partner Eleni Skordaki has also been listed in the Top 50 Women in London.
Internet service providers have frequently been caught in the cross-fire in defamation claims, with claimants increasingly targeting them to get comments removed quickly.
Partner (commercial and corporate)
“In my first year of university, I travelled to Hong Kong to undertake an internship at a boutique investment firm specialising in IPOs.”
“I really enjoyed the academic study of law, and wanted to be in a career that allowed me to build on that.”
“I was attracted to law as I believed that not only would it offer an intellectually challenging career but also the opportunity to interact and work closely with other people in a variety of industries and cultures.”
“I enjoyed my studies at university, I wanted to use my degree, and I also wanted to work in a profession that was both academic and commercial.”
“The prospect of practising law in a dynamic environment with a team of motivated and highachieving people made me consider this career.”
“I went to university abroad and having graduated with a Master of Laws degree, I was able to teach law at two local universities. I soon realised I did not want to pursue an academic career.”
This analysis of French transfer pricing issues addresses a range of topics.
Transparency International issues UK Bribery Act guidance on mergers, acquisitions and investments download
As a consequence of the entry into force of the Bribery Act 2010 on 1 July 2011, for the first time, anti-bribery due diligence has become a necessity for companies undertaking mergers, acquisitions and investments.
‘First, do no harm’ is a fundamental precept of the medical profession. Although not often cited by lawyers, this principle should also guide us when we assist clients in legal disputes and internal investigations involving companies doing business in the People’s Republic of China.
The global financial crisis has resulted in a number of debt restructuring transactions as a result of companies being unable to meet with their debt obligations.
This is the third briefing in Latham & Watkins’ five-part Briefing Series on the Draft UAE Commercial Companies Law.
This is the fourth briefing in Latham & Watkins’ five-part Briefing Series on the Draft UAE Commercial Companies Law.
UAE investment funds regulations download
On 22 July 2012 the UAE Securities and Commodities Authority issued the much anticipated new UAE investment fund regulation.
The United Arab Emirates federal government has issued the long anticipated Federal Law No. 4 of 2012 on the Regulation of Competition.
On 20 June 2012, the UK Secretary of State for Business, Innovation and Skills Vince Cable announced a package of proposals intended to curb executive pay.
UK anti-corruption enforcement update: civil recovery settlement with Oxford Publishing Limited download
The UK Serious Fraud Office (SFO) announced earlier this week that it had obtained a civil recovery order from the High Court requiring Oxford Publishing Limited (OPL), a whollyowned subsidiary of Oxford University Press (OUP), to pay £1,895,435, plus prosecution costs.
The UK Competition Appeal Tribunal has awarded compensatory and exemplary damages to the victim of an abuse of a dominant position.
UK cookie rules: are you compliant? download
The UK Information Commissioners’ Office 12-month grace period for enforcing compliance with the new cookie consent rules has now expired.
The holiday rights of workers who fall ill while on holiday, or are absent on long term sick leave, have been extended further by two recent rulings.
The UK Supreme Court has provided guidance about issues of importance for employers wishing to dismiss a UK employee.
The compensation limits on Tribunal awards will increase as of 1 February 2013.
On 14 February 2013, the FSA fined Nestor Healthcare Group £175,000 for failing to take proper steps to secure the compliance of its board members and senior executives with the share dealing provisions of the Model Code.
On 28 August 2012, the UK’s Financial Services Authority published a consultation paper which includes proposals to amend the rules on how insurance firms deal with client money.
Earlier this year we reported on the UK government’s proposals to give shareholders of companies greater influence over executive pay through the use of binding votes.
UK government announces proposals for enhanced shareholding voting rights on executive remuneration download
The UK government has announced its proposals for the reform of executive remuneration in UK incorporated quoted companies.
The UK’s Department for Business, Innovation and Skills is seeking views on how to boost antitrust damages actions.
The UK government is proposing to amend the Employment Rights Act 1996 to create a new type of employee, the employee-owner.
In March 2012, the UK government announced plans to reform the competition regime, following a consultation exercise in 2011.
In March 2011, the UK Government Department for Business, Innovation and Skills (BIS) issued a consultation entitled A competition regime for growth.
A new office within the Department of Energy and Climate Change has been formed to oversee the exploitation of shale gas by fracking and other types of unconventional oil and gas exploitation in the UK.
Recent announcements by Business Secretary Vince Cable suggest that major employment reforms aimed at encouraging businesses to hire again might be implemented soon.
UK publishes consultation to promote private sector challenges to anti-competitive practices download
On 24 April 2012, the UK government published a consultation paper on methods to promote private sector challenges to anti-competitive practices in the UK.
UK Regulatory Update — Issue 4 considers the new role of the FCA as a competition watchdog (as we shall see, of sorts).
Taylor Wessing has released issue six of its UK Regulatory Update.
Issue 5 of Taylor Wessing’s UK Regulatory Update considers the implications of two significant changes to the level and scope of regulation following legal cut-over.
Aerospace and defence companies, foreign intermediaries and anti-corruption legislation are back in the spotlight.
Following a nine-month consultation process, the UK government has announced proposals for far-reaching changes to the mechanisms for seeking redress in antitrust actions.
The UK law commissions are recommending fine-tuning to two aspects of the unfair terms regime.
China issued a notice on 17 May 2012, jointly promulgated by the People’s Bank of China, the China Banking Regulatory Commission and the Ministry of Finance, re-launching its pilot securitisation programme.
In February, we disseminated a Commentary discussing challenges parties to Indian cross-border transactions face when they invoke contractual dispute resolution clauses.
The European Union has adopted a new regulation on short selling and certain aspects of credit default swaps.
The US and the UK announced on 14 September that they have signed a bilateral agreement to improve international tax compliance and implement the information reporting and withholding tax provisions of the Foreign Account Tax Compliance Act (FATCA).
US Basel III capital proposed rules and market risk final rule: out with the old, in with the new download
Led by the Federal Reserve Board on 7 June 2012, the three federal banking agencies are proposing a broad and comprehensive revision of the regulatory capital rules applicable to all US national banks, state member and nonmember banks.
During the last quarter of 2012, the US Commodity Futures Trading Commission issued a series of no-action letters and other guidance regarding rules issued pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act to address the practical application of the CFTC’s various new rulemakings.
For the past 10 months, the US Department of Justice and the Enforcement Division of the Securities and Exchange Commission have advised the public that they are in the process of drafting guidance for companies regarding the requirements of, and prohibitions within, the US Foreign Corrupt Practices Act.
US DoJ and SEC issue FCPA guidance download
The Department of Justice and Securities and Exchange Commission have released new guidance on the criminal and civil enforcement provisions of the Foreign Corrupt Practices Act.
Recently, the US Department of Justice reaffirmed its guidance as to what it views as the proper Foreign Corrupt Practices Act compliance procedures in the context of mergers and acquisitions.
The recently enacted Iran Threat Reduction and Syria Human Rights Act of 2012 strengthens existing sanctions on Iran.
On 14 November 2012, the US Department of Justice and the Securities and Exchange Commission issued A Resource Guide to the US Foreign Corrupt Practices Act, which provides extensive and long-awaited guidance on the interpretation and enforcement of the FCPA.
On 10 August 2012, President Barack Obama signed into law the Iran Threat Reduction and Syria Human Rights Act of 2012.
A new year brings not only (the potential for keeping) New Year’s resolutions, but also a new set of obligations and undertakings for many investment advisers.
On 11 January 2013, the SEC approved the NYSE and Nasdaq listing standards, as amended, to implement the SEC’s requirement that national securities exchanges prohibit the listing of any equity security of an issuer that does not comply with the SEC’s rules regarding the independence of compensation committees and their advisers.
Plaintiffs in securities fraud cases do not have to establish materiality before a class can be certified based on the ‘fraud-on-the-market’ theory.
Two recent cases have considered the validity of post-acquisition covenants.
A guarantor’s liability is contingent upon the underlying obligations it has guaranteed. If those underlying obligations are altered, the guarantor can be released.
The Court of Appeal has rejected BAA’s claim for recovery of input tax incurred on professional fees invoiced to a company that acquired it and that subsequently became a member of its VAT group.
Amendments to Queensland’s Vegetation Management Act 1999 are being heralded as significant reforms that will promote new agribusiness opportunities in the far north of Queensland.
Football insolvency specialists from Walker Morris have advised the operating company for Ricoh Arena on its application to the High Court to grant an administration order against Coventry City Football Club.
Walker Morris has released its In Brief publication for March 2013.
Walker Morris has launched the 2013 Children’s Calendar Printing Competition, which is now in its 19th year.
Walker Morris’s head of IP set to present at the Global Outsourcing Litigation Conference.
Walker Morris has been appointed to the Government Procurement Service’s Legal Services Framework to provide real-estate advice.
Walker Morris’s renewables, energy and resources group is set to exhibit at Sustainability Live 2013.
In the UK, there has recently been significant media coverage of market abuse in the context of “wall-crossing”, the process by which a securities offering is selectively pre-marketed to potential investors before the deal is publicly announced.
After a year of waiting, the Department of Justice and Securities and Exchange Commission issued A Resource Guide to the US Foreign Corrupt Practices Act on 14 November 2012.
The claimant in Westwood Shipping Lines Inc and another company v Universal Schiffartsgesellschaft MBH and another  EWCH 3837 (Comm) had been a party to arbitral proceedings in which certain documents had been disclosed to it.
Winckworth Sherwood has appointed its first apprentices.
King & Wood Mallesons has published its Workplace (e)ssentials for March 2013.
Companies looking to ban ‘remote working’ could fall foul of employment laws.
Court of Appeal (CoA) judge Lord Justice Rix has retired from the judiciary and is set to join 20 Essex Street as an arbitrator in May.
Bird & Bird has appointed former Virgin Atlantic counsel Leo Fattorini as a partner and head of its Asia aviation practice.
Russians with interests in Cyprus could launch legal claims over the country’s proposed bailout.
German pharmaceutical giant Bayer appoints a range of top firms including Allen & Overy, Clifford Chance and Linklaters to seven sub-panels.
Iain Thomas witnesses the ever-changing nature of the real estate sector as he experiences some new culinary delights at Cannes
Addleshaw Goddard has promoted eight lawyers to partner across its UK offices in an enlarged promotions round.
Addleshaw Goddard and Nabarro have called off merger talks after entering early-stage negotiations over a £280m tie-up.
Just like Oscar Wilde, Bruce Dear finds he’s gone to Cannes to forget
AIG is considering a reverse auction for law firms pitching to win places on part of its legal panel amid a review of its Emea advisers.
Akin Gump chairman-elect Kim Koopersmith has pledged to make the development of the firm’s London office one of her core strategies.
MIPIM remains just a dream for Bruce Dear, who is experiencing a ‘French five minutes’ on a train rather than a long drink in the Cannes sun
Scotland’s Anderson Strathern has hired three banking and finance lawyers from collapsed firm Semple Fraser.
Ashurst and Pinsent Masons have advised as Tesco acquires restaurant chain Giraffe for £48.6m.
Ashurst’s partner conference in Paris took a surprise turn last week when a German partner made an impromptu speech comically maligning the firm’s leadership.
Ashurst has received regulatory approval for its Beijing representative office, a year after the hire of partner Patrick Phua from King & Wood Mallesons.
Ashurst is considering sending more partners to its Australian offices for rolling periods of up to six months.
Ashurst and SNR Denton took lead roles on the sale of Malmaison and Hotel du Vin to a US private equity group.
Former Ashurst senior partner Geoffrey Green is to retire after 34 years and return to London to work with the firm on integration with legacy Australian firm Blake Dawson.
Australian firm Johnson Winter & Slattery (JWS) has hired three corporate partners from Corrs Chambers Westgarth’s Sydney office in a bit to broaden its cross-border M&A capability.
Baker Botts has expanded its Middle East operations by formingan alliance with the International Legal Group (ILG) of Kuwait
Squire Sanders partner Chris Caulfield has left the firm to join the London office of Baker Botts.
Baker & McKenzie has held high-level merger talks with leading United Arab Emirates law firm Habib Al Mulla & Co.
Balfour Beatty selects Pinsents as sole legal advisor for all its ‘business as usual’ legal work in a radical overhaul of its panel arrangements.
Barclays general counsel Mark Harding cashed in shares worth over £3.6m in what is expected to be his final bonus payout before retiring from the bank.
Belgian corporate boutique Strelia has made its first lateral hire since its foundation, picking up former White & Case corporate partner Gisèle Rosselle.
Bird & Bird has re-elected CEO David Kerr and chairman Michael Frie for a further three years.
Bird & Bird confirms merger with Danish IP/IT boutique Bender von Haller Dragsted (BvHD) will go live on 1 May 2013.
Bird & Bird has sealed a cooperation agreement with Australian TMT firm Truman Hoyle in a bid to strengthen its capacity in the Asia Pacific region.
Blackstone Chambers is to bolster its roster with the addition of Matrix Chambers’ silk Sam Grodzinski QC.
Blackstone Chambers’ James Eadie QC has retained his role as lead counsel for the SFO in its defence of two multi-million pound damages claims brought by brothers Vincent and Robert Tchenguiz.
Berwin Leighton Paisner (BLP) has confirmed David Collins as the firm’s new head of corporate following the appointment of incumbent John Bennett as international business partner.
Longstanding Berwin Leighton Paisner (BLP) corporate head John Bennett is to step down from the role and take on a newly-created position overseeing the firm’s international expansion.
Berwin Leighton Paisner (BLP) has delayed paying out bonuses to senior equity partners as a measure of caution in the difficult market.
Berwin Leighton Paisner (BLP) and Morton Fraser have won new spots on Heathrow Airport Holdings’ legal panel following a review by the company formerly known as BAA.
The rise of the litigation boutique has been one of the key features of the profession in the post-2008 disputes boom.
Houston firm Bracewell & Giuliani has appointed Herbert Smith Freehills’ (HSF) finance partner Jason Fox as senior partner in its London office.
Brick Court Chambers silk Mark Cran is relocating to Bermuda to join litigation and insurance-focused firm Attride-Stirling & Woloniecki as a senior counsel.
BT has been granted an ABS licence by the SRA and is launching a corporate motor claims business.
The Government has announced plans to consult on major changes to the rules governing LLPs, with the intention of removing the presumption of self-employment and minimise the tax advantages for LLP partners.
Camerons is shutting down part of its facilities services arrangement with Integreon, becoming the latest in a growing number of UK firms to change elements of its relationship with the outsourcing provider.
Career development issues are front and centre in this issue of The Lawyer Management. This week’s story about trainees at a number of US firms being given short shrift when it comes to training contracts has put the spotlight firmly on all things careers related. It’s becoming a recurring theme in The Lawyer Management, which recently highlighted the growing number of redundancies across the UK ...
After finally making it to Cannes, Bruce Dear indulges in some R&R - MIPIM style
Case management is being reviewed by the Chancery division after it decided to abandon costs control measures proposed by Lord Justice Jackson.
China’s largest law firm by lawyer headcount Yingke has confirmed plans to expand into Milan and Brussels via local associations.
City firms should cut salaries significantly for newly qualified (NQ) lawyers if they are to halt a jobs exodus to the regions and in-house legal departments.
Major City firms are manipulating their retention rate figures by handing out short-term contracts, The Lawyer has learned.
C&J Clark International, the company that produces Clarks Shoes, has appointed Debbie Wakeford as its group director of legal and company secretary.
Blackstone Chambers’ Dinah Rose QC has been instructed to lead the Supreme Court appeal today brought by Client Earth against the Government.
Clifford Chance is to establish a mixed local and foreign lawyer partnership in Saudi Arabia by transferring longstanding co-operation firm Al-Jadaan’s two-partner transactional practice into the magic circle firm.
Clifford Chance global private equity head David Walker is set to join Latham & Watkins in a major hire for the US firm’s London office.
Clifford Chance has won a trophy mandate to represent the organisational body of the 2022 World Cup in Qatar, almost two years after opening an office in the emirate.
Clifford Chance has recruited Norton Rose disputes partner Dorian Drew, who acted for former Barclays CEO Bob Diamond in relation to the Libor scandal.
The country’s highest court will decide whether LLP members should be protected by whistleblowing legislation in a snowballing legal battle between firm and former partner.
Keoghs litigation co-head Peter Unsworth has quit the firm for rival outfit Clyde & Co, The Lawyer can reveal.
CMS Cameron McKenna and Field Fisher Waterhouse (FFW) are both vying for office space in City site Cannon Place as the two firms continue in their plans to move buildings.
Capsticks has acquired Coffin Mew’s social housing team in a move that will enable it to compete with rivals such as Devonshires and Trowers & Hamlins.
Private equity group Coller Capital has added a fourth in-house lawyer with the hire of Slaughter and May associate Giles Lawson.
The Co-operative Bank is the latest client to terminate its relationship with Incasso, the former debt recovery business of collapsed firm Cobbetts.
The company appointed to handle court translation services has won an appeal against a third-party costs order and a finding of serious misconduct.
The Cypriot bailout could have a devastating effect on the whole of the country’s economy, including its legal services market.
DAC Beachcroft has broadened its network with formal associations with Colombian firm De La Torre & Monroy and Malaysia’s Gan Partnership.
As the annual property mega-conference gets under way, Jay Epstien shares his survival tips
Janice Northover’s encounter with a monosyllabic broker lets her see why so many MIPIM attendees just don’t do dinner
Where it’s the topic of discussion or the attendees’ country of origin, MIPIM is more diverse than ever, says Olaf Schmidt
DLA Piper and Kirkland & Ellis have taken the lead roles on the pre-pack administation and sale of bed retailer Dreams
DLA Piper has named IP partner Mark O’Conor as UK managing partner after incumbent Andrew Darwin relocated to Australia to help integrate the Asia business with the rest of the firm.
Firm’s Scotland restructuring head eschews move to Edinburgh in favour of partnership at HBJ Gateley as DLA presses ahead with Glasgow closure.
Cleary Gottlieb Steen & Hamilton corporate partner Jürgen Sieger is moving to DLA Piper, taking up the role of German corporate head in a significant boost for the firm.
Earlier this month a little bit of London legal market rock ‘n’ roll came to LA in the shape of the second annual Law Rocks! Los Angeles.
Having braved arctic conditions to get there, Iain Thomas gets into the MIPIM spirit
US Department of Justice (DoJ) official Lanny Breuer is to rejoin Covington & Burling in the newly created role of vice-chairman after spending four years as head of the DoJ’s criminal division.
Duane Morris has planted its first flag in the Middle East by sealing an association with the Al Mashaikhi Law Firm in Muscat, Oman.
Dundas & Wilson has received resignations from a further two partners including former managing partner candidate Colin Massie.
Dundas & Wilson has confirmed the hire of 12 lawyers from collapsed firm Semple Fraser, with five joining as consultants.
Dundas and Weightmans join Maclays in snapping up parts of Semple Fraser, but 62 staff from the collapsed firm will still be left out in the cold.
DWF has confirmed that it is cutting 38 roles from its support team, with a further 21 support staff still in consultation over their futures.
The Cobbetts partners who transferred to DWF when the firm went into administration at the end of January (30 January 2012) are to be locked in for two years at the firm.
The London Borough of Enfield has ended its relationship with the former debt recovery business of collapsed firm Cobbetts, Incasso.
It has been a week of promotions in the world of dispute resolution, with the Supreme Court announcing the addition of three new judges to the bench and 84 barristers being awarded silk status.
Shearman partner and Essex Court silk brought in to act for Robert Tchenguiz on the entrepreneur’s damages claims against the SFO.
France’s largest law firm, Fidal, has reported a 2.5 per cent increase in revenue for the 2011/12 financial year, with turnover rising from €309.8m to €317.7m.
All the latest partner hires and other appointments within Continental European firms and offices.
All the latest partner hires and other appointments within Continental European firms and offices.
Former New York mayor Rudy Giuliani outlines his firm’s plans to ape its New York growth in London.
The most high-profile partner at Houston-based energy firm Bracewell & Giuliani, former New York Mayor Rudy Giuliani, outlines his firm’s plans to grow in the UK in a video interview with The Lawyer.
Canadian firm Fasken Martineau has hired a duo of lawyers from Nixon Peabody’s Paris office in a bid to strengthen its employment team.
Field Fisher Waterhouse (FFW) made up six lawyers to partner, with four of the promotions coming in its London headquarters.
Field Fisher Waterhouse (FFW) finance team head Alan Hodgson is leaving the firm to join Ince & Co amid a rejig within the latter’s senior business team.
Field Fisher Waterhouse (FFW) has confirmed it has delayed its latest quarterly payout to partners due to the firm’s “conservative” financial approach.
Former 1 Gray’s Inn Square barrister Edward Agbaje has been jailed for 18 months after failing to pay more than £80,000 in tax to HM Revenue and Customs (HMRC).
Former SJ Berwin solicitor Piers Linney will star in the upcoming series of Dragons’ Den, replacing former ‘Dragon’ Theo Paphitis on the BBC investor panel television show.
French independent LMBE Avocats has appointed Fasken Martineau partner Sylvain Beaumont as a partner in its economic law team.
Longstanding Freshfields Bruckhaus Deringer co-arbitration chair Jan Paulsson has retired from the firm to focus on his career as an arbitrator and academic.
Freshfields Bruckhaus Deringer corporate star Mark Rawlinson has been brought in to advise the London Stock Exchange (LSE) on its revised €536m (£463m) offer for a controlling stake in clearing house LCH.Clearnet.
Freshfields Bruckhaus Deringer is set to amalgamate its IP and IT practice into its corporate and disputes groups.
Freshfields Bruckhaus Deringer has appointed Gide Loyrette Nouel partner Erwan Le Douce-Bercot as a partner in its real estate group in Paris.
As the dust settles on another MIPIM, the British weather finally seems to have arrived in Cannes, says Iain Thomas
Gibson Dunn & Crutcher’s UK revenue fell by 11 per cent in 2012 despite the firm posting a double-digit rise in turnover globally.
French corporate boutique Lacourte Balas Raquin has recruited Gide Loyrette Nouel corporate partners Serge Tatar and Renaud Rossa and is rebranding as Lacourte Raquin Tatar.
A trio of senior corporate partners from Gide Loyrette Nouel’s Paris office have teamed up with a former Gide partner to launch a new M&A boutique.
Former Herbert Smith senior partner David Gold has joined the board of litigation support company Proven as its chairman.
It’s amazing what you can pick up while strolling up and down the Croisette, says Nick Ellis
Gordons has been instructed on potential JR proceedings by descendants of Richard III, who want the remains of the last Plantagenet king to be buried in York.
Despite the optimistic mood at MIPIM, Marnix Elsenaar finds that planningis still seen as an obstacle to growth for housing, commercial development and infrastructure
Senior Herbert Smith Freehills (HSF) litigator Ted Greeno has joined the ranks of partners leaving the firm’s disputes practice by resigning to join US outfit Quinn Emanuel Urquhart & Sullivan.
Herbert Smith Freehills (HSF) has appointed Hong Kong arbitration partner Justin D’Agostino as its new managing partner for Greater China as incumbent Andrew Tortoishell retires.
Herbert Smith Freehills (HSF) has received final regulatory approval to open its long-planned base in Seoul.
The High Court has handed another victory to Hogan Lovells in its ongoing legal battle for Kazakhstan’s BTA Bank against its former chairman Mukhtar Ablyazov.
Hogan Lovells has posted a dip of 1.9 per cent in firm-wide revenue, with management blaming exchange rates for the decrease.
Hogan Lovells has made a series of changes to the International Management Committee (IMC) with global litigation head Patrick Sherrington succeeding Crispin Rapinet as Asia and Middle East managing partner.
HowardKennedyFsi has invited all its employed non-equity partners to reclassify with self-employed status in a bid to integrate partners into the business.
CMS, HowardKennedyFsi and White & Case advise as Blockbuster sells its UK shops to restructuring firm Gordon Brothers Europe.
Ince & Co has appointed Chinese shipping veteran lawyer Guo Xu from China Ocean Shipping Group (COSCO) as a consultant in Beijing.
Insurance expenses giant Das Group has completed its acquisition of Bristol personal injury firm CW Law.
The relaunch of the IP Office mediation service should be welcomed by IP rich industries.
Irish firm Byrne Wallace is set to appear in the country’s Supreme Court this week in a bid to overturn a finding of professional negligence that led to a €17.7m damages bill.
Irwin Mitchell has signed up former DLA Piper Birmingham managing partner Chris Rawstron as head of its business legal services team in the city.
CMS and Herbies share nearly £1.5m in fees from a £203m energy takeover that saw two law firms put up Chinese walls to prevent potential conflicts.
India could double the value of its legal market and provide opportunities for UK businesses if it liberalised, according to Justice Secretary Chris Grayling.
US firm K&L Gates has hired 3 Raymond Buildings barrister Christine Braamskamp a year after hiring Addleshaw Goddard corporate crime chief Elizabeth Robertson.
K&L Gates chief Peter Kalis renews his attack on the Swiss Verein model of law firm growth, disputing whether there has been a growing “market acceptance” for the structure.
K&L Gates has hired a partner each from Allen & Overy (A&O) and Orrick, Herington & Sutcliffe in Hong Kong to build up its corporate and dispute resolution practice.
The legal teams at neighbouring London authorities Lambeth and Southwark are considering setting up an ABS vehicle in a bid to cut their legal expenditure.
Landmark Chambers has been the big winner in the HS2 high-speed rail judicial reviews, in which judgment was handed down this morning.
Lawyers are already reacting favourably to the news that Cardinal Jorge Bergoglio has been named Pope.
The Court of Appeal (CoA) has thrown out an appeal by West Yorkshire Police over its obligations to police land owned by Leeds United Football Club.
Lewis Silkin has launched a litigation funding panel in a move that is expected to become increasingly common following the implementation of the Jackson reforms.
Former Lawrence Graham (LG) technology partner Peter Brudenall has joined the Abu Dhabi Investment Authority (ADIA) in its in-house legal team.
Will the media come to regret its reaction to the Royal Charter on press regulation?
Linklaters has hired KPMG global Islamic finance head Neil Miller as its new global Islamic finance head, based in Dubai.
US firm Locke Lord has grown its Hong Kong offering by sealing an association with Cheung & Lee, a local firm formed earlier this year by lawyers from Gide Loyrette Nouel, K&L Gates, Stephenson Harwood and Winston & Strawn.
Berwin Leighton Paisner (BLP) has promoted nine senior associates to partner across its Frankfurt, London and Moscow offices.
Macfarlanes is to reposition its practice by increasing the firm’s focus on advisory work, disputes and investigations, after being over-exposed to the deal market during the downturn.
Scottish firm Maclay Murray & Spens is hiring seven partners from Semple Fraser, which filed notice to appoint administrators earlier this week.
Swedish firm Magnusson has completed its coverage of the Baltic region with the launch of an office in Lithuania, bringing on board local firm Nordia Baublys.
Man Group head of legal Jasveer Singh has been appointed as the FTSE250 group’s general counsel following the exit of former Clifford Chance partner Stephen Ross.
Mayer Brown and SJ Berwin have advised on a Chinese property developer’s £152m acquisition of Stephenson Harwood’s offices from Invesco Real Estate.
McDermott Will & Emery has hired a three-partner team from the Paris office of Canadian firm Fasken Martineau in a bid to strengthen its African energy expertise.
BT has finalised a new ‘network’ of law firms to advise it around the world, with Carter-Ruck, Olswang, Sheridans and Wiggin winning spots.
Mishcon de Reya has launched a competition practice after hiring partners from US firm Crowell & Moring and DLA Piper.
Newly elected Milbank Tweed Hadley & McCloy chairman Scott Edelman listed London as a highlight of 2012 during an annual partners’ meeting.
It’s getting more and more common. A big case hits the headlines, lawyers gear up for a lengthy and expensive court battle - and then it settles on the court steps.
The tender process for the NHS Litigation Authority’s clinical negligence and non-clinical negligence legal panels has begun after several false starts.
Norton Rose has warned selected partners to improve their performance or risk being asked to leave or be moved down the lockstep.
Norton Rose has boosted its corporate practice in Australia with the hire of three partners from Australian firm Corrs Chambers Westgarth.
Osborne Clarke (OC) is to scale back use of Integreon by transferring most of its support services back into the firm in a move that could put a small number of jobs at risk.
Olswang has added three lawyers into its partnership ranks, down from five in 2011 and 2012.
Osborne Clarke (OC) is mourning the death of longstanding partner Andrew Gowans, a member of its senior management team and a central figure in the firm’s development.
This was the week the wheels appeared to start falling off the outsourcing cart. As we exclusively report today, CMS Cameron McKenna has confirmed it is moving part of its monumental £600m outsourcing contract away from the big beast of the jungle, Integreon. This follows Monday’s news that Osborne Clarke is also set to scale back ...
The selection of Cardinal Jorge Bergoglio as Pope has placed the spotlight on a German lawyer appointed last month to head the embattled Vatican Bank.
Plexus Law, the defendant arm of ABS giant Parabis, has hired Hill Dickinson insurance chief Jason Spencer and business development director Laurence Ives.
Hertfordshire-based SA Law, which merged with Pickworths to form a 15-partner firm in October, has opened an office in London in a bid to widen its doors to international work.
European firm Salans has reported growth of 1.6 per cent in its final full financial year ahead of its merger with SNR Denton and Fraser Milner Casgrain.
Global turnover at SNR Denton fell to $710.5m last year, a drop of 1.3 per cent from 2011’s global figure of $719.4m.
Freshfields Bruckhaus Deringer has appointed 14 new partners in its 2013 promotion round, including six in its London office.
Former Paradise Chambers silk HHJ Jeremy Baker QC has been appointed to the Queen’s Bench Division (QBD) to succeed Mr Justice Eady, who retires later this month.
French independent Racine has launched its first overseas office, merging with Akhoun-Rajabaly-Affejee & Associés on the Indian Ocean island of Réunion.
Justice minister Chis Grayling has hinted that foreign litigants will have to pay more to use UK courts than domestic litigants, but Jeremy Winter isn’t sure this is a good idea
A legal and business postgraduate qualification launched by Reed Smith and BPP last year is to be made available on the open market from this September.
Riverview Chambers is to break into the licensing market after adding a team of eight barristers from Francis Taylor Buildings to its roster.
Lawyers from Germany, London and Paris may be having difficulty getting to MIPIM, but those who have made it are experiencing positive vibes, says Orson Alcocer
RPC has made a further addition to its corporate practice with the hire of SJ Berwin partner Anthony Shatz.
Mr Justice Vos has refused two Saudi princes permission to use diplomatic immunity to avoid a costly court battle in London’s High Court.
Media boutique Schillings has been awarded two ABS licences by the SRA, bringing the total number of firms on the ABS register to 100.
Schillings sports and international head John Kelly, who has acted for a host of celebrity clients including scandal-hit cyclist Lance Armstrong and former England manager Steve McClaren, has quit the firm for Harbottle & Lewis.
Semple Fraser is understood to have issued a notice to appoint administrators a day after The Lawyer reported that its separate offices were looking for rescue mergers (5 March 2013).
Scotland’s Semple Fraser has begun a dramatic firm-wide strategy review amid claims that its three offices are discussing separate merger deals.
Scottish firm Semple Fraser has nominated RSM Tenon as its administrator, following management’s decision to seek protection from creditors earlier this week.
Shearman & Sterling has made six lawyers redundant in Hong Kong, as the US firm continues to adjust its Greater China team in response to the capital markets slowdown.
Royal Dutch Shell is set to scrap its global legal panel in favour of individual relationships with firms in different countries.
Shoosmiths has made up six lawyers to partner in its annual promotions round, covering employment, litigation, corporate, regulatory and real estate.
Sidley Austin has appointed its first Singapore-qualified partner, a month after being granted a licence to practise local law in the jurisdiction.
It’s silks day. Clad in brand-new robes and wigs, shoes shined and proud family, friends and colleagues in attendance, 83 barristers and one solicitor-advocate headed to the House of Lords today to be formally appointed as QCs.
Simpson Thacher & Bartlett has elected partner William Dougherty as chairman of the firm, taking over from incumbent Pete Ruegger who has been in the lead role since 2004.
SJ Berwin is consulting with partners about the firm’s capital structure in a process that could lead to it altering its capital requirements from members.
Slater & Gordon breaks business crime and regulation practice in two, focusing on fraud, corruption and bribery cases, and regulatory investigations.
Slaughter and May has made up two associates to partner in this year’s promotions round, with two London lawyers making the cut.
Slaughter and May has extended its lead at the top of the FTSE 250 client rankings for the first quarter of 2013 in a market that has seen little change at the top end.
One of Japan’s largest law firms, Anderson Mori & Tomotsune, is to add three new offices, in Singapore, Shanghai and the Japanese city of Nagoya.
As MIPIM gets into gear Jim Bauwens gets caught up in the social whirl and even ponders a midnight dip in the sea
An Italian businessman who posed as a lawyer for eight years has been convicted of 25 charges including deception, fraud, money laundering and using a false instrument at Southwark Crown Court today.
Slaughters’ best friend announces 4.5 per cent fall in turnover for 2012, with revenues declining from €188.8m in 2011 to €180.2m.
Speechly Bircham and Withers have confirmed that they are in the early stages of discussions over a merger that would create a new top-25 UK firm.
Speechly Bircham and Withers are in merger talks in a bid to create a £170m City firm of roughly 500 lawyers.
Squire Sanders has made up eight new partners in its annual round of promotions, half of whom are in the UK.
Litigation firm Stewarts Law has filed a High Court claim against RBS in an action relating to the bank’s April 2008 rights issue.
Benelux firm Stibbe has hired two partners from White & Case’s Brussels office in a boost for the firm’s corporate and private equity team.
Stone Chambers will be the latest London set to expand into Singapore, as the city-state’s position as a regional disputes resolution hub strengths.
The Supreme Court has jurisdiction to deliver a ruling in a case based upon evidence that was given behind closed doors, it was decided this week (19 March).
Janice Northover gets into the swing of her first-ever MIPIM, but finds the party pace a little too much for her diary to cope with
Top tax silk Graham Aaronson QC has joined forces with former One Essex Court barrister Joe Hage to launch a litigation boutique for ultra high value disputes.
Taylor Wessing’s German head Wolfgang Rehmann is stepping down, over a decade after leading Wessing into a merger with Taylor Joynson Garrett.
Tesco has installed a permanent legal director for China following a year-long vacancy period.
The Bar Professional Training Course is not fit for today’s requirements, argues pupil barrister Greg Callus.
As the white smoke clears above the Vatican the new Pope faces a monumental task, especially if he is to rid the Catholic Church of the horrors of child abuse, says Peter Smith
In trying to defend a claim brought by Apex Global Management behind closed doors Clifford Chance clients Prince Mishal al Saud, the former Saudi minister of defence, and his son Prince Abdulaziz bin Mishal bin Abdulaziz Al Saud, have made the case big news (see blog).wee
The Goverment has appointed Mrs Justices Gloster, Macur and Sharp to the Court of Appeal (CoA) along with seven other High Court judges.
More than 85 senior in-house counsel with a combined spend of at least £350m will meet in Lisbon later next month for the annual The Lawyer In-house Strategy Summit, the leading general counsel forum for discussion of business law issues.
US firms are worse than UK firms at holding on to lateral partner hires but in-house lawyers that move to private practice partnership fare the worst, new research shows.
Trowers & Hamlins has appointed a new managing partner for its Abu Dhabi office following the January retirement of longstanding office head Andrew Rae.
The University of Law will train solicitors in Hong Kong to represent clients in court.
US firm McGuireWoods has signed a cooperation agreement with Saudi Arabian outfit the Law Firm of Badr Alarishi.
US firm McKenna Long & Aldridge (MLA) has opened a base in South Korea, its first Asia office.
Walmart has hired White & Case partner Alberto Sepúlveda Cosío as its Central American legal head.
Weil Gotshal & Manges has posted a 21.6 per cent increase in London office revenue for the 2012 financial year.
As he heads for home Bruce Dear reflects on the value of attending MIPIM
White & Case has become the first international law firm to launch a Spanish office for several years, hiring Latham & Watkins’ local corporate head Juan Manuel de Remedios to open in Madrid.
Winston & Strawn is set to launch in Brussels off the back of last year’s hires from collapsed Dewey & LeBoeuf (10 May 2012).
Withers’ UK LLP accounts have shown a rise in both profit and revenue for the 2011/12 financial year, as well as a £2.4m increase in bank loans.
Wragge & Co has promoted two lawyers to its partnership, one fewer than last year.
Midlands-based Wright Hassall is the latest firm to be granted an ABS licence, as the number of organisations moving away from traditional legal services structures continues to grow.