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  • Cleary Gottlieb Discusses Business Interruption Claims in the UK After COVID-19

    Following the decision of the English High Court[1] in the high profile test case brought by the UK’s Financial Conduct Authority (the “FCA”), the UK insurance industry faces the prospect of being liable to cover losses relating to COVID-19 under business interruption policies. In this piece, we review the implications of the decision and the...

  • What Factors Affect International Buyout Investments?

    Since the1990s, global investment in private equity has increased from under $10 billion per year to well over $100 billion. Over the same period, there has also been a shift from public markets in major economies like the U.S. and UK.  These developments are likely connected by the fact that small and mid-sized companies are...

  • Paul Weiss Discusses Transition from LIBOR to Alternative Reference Rates by End of 2021

    Notwithstanding the impact of COVID-19 on the global economy and market participants, from the perspective of regulators, working groups and industry leaders, the anticipated cessation of the London Interbank Offered Rate (“LIBOR”) remains the end of calendar year 2021.[1] Indeed, the UK Financial Conduct Authority (“FCA”) has confirmed this 2021 deadline.[2] The Bank of England...

  • Cleary Gottlieb Discusses New UK Powers to Intervene in Mergers on Public Interest Grounds

    On 22 June 2020, the UK Government introduced new measures allowing it to intervene in merger transactions “to maintain in the United Kingdom the capability to combat, and to mitigate the effects of, public health emergencies.”[1]  The Government will be able to intervene on these grounds in any transaction that meets UK merger thresholds, including...

  • Sullivan & Cromwell Discusses Significant Ruling on EU Merger Control

    On 28 May 2020, the General Court of the European Union (“General Court”) handed down its judgment in Case 399/16 CK Telecoms UK Investments Ltd v European Commission (the “Judgment”), annulling the decision of the European Commission (“Commission”) of 11 May 2016, which prohibited the merger of the two mobile network operators O2 and Hutchison...

  • Skadden Discusses UK Covid-19 Bill to Aid Business, Restructuring

    On 20 May 2020, the U.K. government published the Corporate Insolvency and Governance Bill (the bill), which includes measures designed to help businesses through the COVID-19 pandemic and features important substantive reforms to U.K. restructuring law, whose introduction has been accelerated by the crisis. COVID-19-Related Measures: The key temporary measures introduced by the bill are:...

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

    Amid the ongoing push for standardized, comparable and decision-useful ESG disclosures, regulators in the United Kingdom and the European Union have proposed additional disclosures and benchmarks to promote sustainable economic activity. The United Kingdom’s Financial Conduct Authority (FCA) has published a consultation paper proposing that certain U.K. issuers make climate change disclosures...

  • Paul Weiss Discusses the Scheduled End of LIBOR

    Notwithstanding numerous COVID-19-related challenges faced by market participants, UK regulators have affirmed that—at least for now—the anticipated cessation of the London Interbank Offered Rate (“LIBOR”) at the end of calendar year 2021 remains unchanged. Complying with regulators’ and working groups’ recommendations for reducing LIBOR exposure and transitioning to alternative reference rates,...

  • Cleary Gottlieb Discusses UK Merger Control Enforcement Ahead of Brexit

    The UK’s Competition and Markets Authority (CMA) is strengthening its approach to merger control as it prepares for its new status as a global enforcer with expanded jurisdiction. Following the UK’s departure from the EU on 31 January 2020, the UK entered a transition period due to end on 31 December 2020.[1]  EU competition law...

  • Wachtell Lipton Pushes Back Against Attack on Stakeholder Governance

    In an article posted yesterday [March 2] on the Harvard Law School Forum on Corporate Governance blog, Professor Lucian Bebchuk rejects stakeholder governance and, in so doing, attacks the committed positions of influential institutions as varied as the Business Roundtable, the World Economic Forum, BlackRock, State Street, Vanguard, the UK Financial Reporting Council, and the...

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

    A no-deal Brexit would have significant and immediate effects on UK competition law enforcement: Parallel investigation of mergers, cartels, and dominance cases by the UK Competition and Markets Authority (“CMA”) and European Commission (“EC”); Possible delay to transactions notified to the EC but not cleared by Brexit day; A significant increase in the CMA’s caseload,...

  • All Hale the UK Supreme Court: How Its Groundbreaking Ruling Affects Brexit

    In an extraordinary judgment delivered by Lady Hale, 11 justices of the Supreme Court of the United Kingdom ruled unanimously on September 24 that the suspension – or “prorogation” – of Parliament last month was “unlawful, null and of no effect” [1]. The decision prompts at least two important questions: Does it show the politicization...

  • Does Gender Diversity in the Boardroom Matter?

    Gender diversity on boards is a leading issue in corporate governance, as has been made clear by anecdotal evidence that associates board gender diversity with better boardroom practices (e.g., Credit Suisse Research Institute, 2016 [1]; Morgan Stanley Research, 2018 [2]) and a growing trend to voluntarily or legislatively increase female board of director representation at...

  • Brexit Fools’ Day

    March 29 was meant to be Brexit Day, marking the UK’s departure from the EU. Instead, it was yet another day of Brexit high drama as Prime Minister Theresa May’s Brexit deal was voted down for a third time, leaving the possibility of (i) the UK leaving the EU on April 12 in a “no...

  • How Workers as Directors Affect Tax Aggressiveness and Earnings Management

    Employee participation in corporate decision-making is a trending issue for politicians on both sides of the pond. In the U.S. and the UK, politicians and the popular press are debating whether assigning board seats to workers by law could be transferred to their corporate governance systems. In August 2018, U.S. Senator Elizabeth Warren proposed legislation...

  • March Madness – Brexit Edition

    The countdown to Brexit on March 29 brings new twists and turns every day. On Wednesday, the UK’s House of Commons voted on amendments to the Brexit process, establishing a March timetable for decisions on whether to seek a deal, no deal, or delay, while dangling the possibility of a second referendum. In light of...

  • The Faulty Governance of Ring-Fenced Banks in the UK

    A key policy of UK financial regulation since the financial crisis has been the ring-fencing of retail banks into separate and independently operated entities, so-called “ring-fenced bodies” (RFBs), distinct from entities that carry on other, and especially investment, banking activities within the same corporate group. Such structural regulation of the banking sector – which went...

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