Latest Briefings

The sustainability of green financing

Maples Group acted for Xiaomi Corporation in connection with Xiaomi’s offering of US$800,000,000 2.875% Senior Bonds Due 2031 and US$400,000,000 4.100% Senior Green Bonds Due 2051 issued by Xiaomi Best Time International Limited, incorporated in Hong Kong and unconditionally and irrevocably guaranteed by Xiaomi Corporation, a company controlled through weighted voting rights and incorporated in the Cayman Islands and listed on the Hong Kong Stock Exchange. The green bonds offering marked Xiaomi’s initial foray into the world of green financing and more broadly Environmental, Social and Governance (ESG). The proceeds of the green bonds are earmarked for ‘Eligible Projects’ within Xiaomi’s finance framework aimed at positive environmental and social benefits. Their framework follows the green bonds and loan guidelines of the International Capital Markets Association.

Guernsey consolidates economic substance and extends it to partnerships

Guernsey has brought partnerships into scope of economic substance requirements for accounting periods commencing on or after 1 January 2022, although partnerships formed on or after 1 July 2021 will be in scope immediately on formation where they conduct activities that trigger the economic substance requirements.

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Solicitors Regulation Authority

Cleary caught up in investigation over former employee

A former employee of Cleary Gottlieb Steen & Hamilton’s London office has been banned from working in the legal sector by the Solicitors Regulation Authority after he was found to have been involved in a fraudulent scheme with three of the firm’s suppliers. Paul Fitzsimmons was the firm’s facilities and services manager until 5 August […]

Penningtons Manches in talks to boost borrowing amid pandemic

In an attempt to stand up to the economic ramifications of the coronavirus pandemic, Penningtons Manches Cooper is looking to extend its external credit facilities. A decision has officially been taken by the firm in regard to raising more capital, although The Lawyer understands it is still only in negotiations with its primary lender. The […]

David Pollitt, DAC Beachcroft

DAC Beachcroft cuts pay for partners on reduced working week

Fee-earners in quieter practice areas at DAC Beachcroft are taking temporary pay cuts in line with reduced working hours, while the majority of the firm’s most recent profit distributions have been withheld. This means that partners have at least received some of their distributions, unlike other firms, although the rest of the payments have been […]

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