Global Dealmaking & the Supply Chain

The European Court of Justice in a recent judgment nullified a key provision in the 2018 version of the EU Money Laundering Directive requiring that information regarding beneficial owners registered in the European national transparency registers be publicly accessible.

European commercial real estate (CRE) lending markets face a difficult environment, resulting from a higher than usual cost of debt and declining property valuations. In the face of such uncertainties, we examine how private credit funds with a real estate debt strategy might nonetheless take advantage of funding opportunities and what considerations might shape how back leverage providers choose to participate.

The Singapore Exchange Regulation (SGX RegCo) published a public consultation paper proposing to amend the Listing Rules to impose a hard nine-year limit on the tenure of independent directors, removing the current two-tier voting rule. The SGX RegCo is also proposing mandatory disclosures of the actual amounts of the remuneration of each listed company director and chief executive officer.

The United Kingdom’s Office of Financial Sanctions Implementation (OFSI) has granted the London Court of International Arbitration (LCIA) a General Licence allowing it to process payments from designated parties (DPs) who are subject to the United Kingdom’s recent financial sanctions against Russia and Belarus.

The Hong Kong Stock Exchange (HKEx) has issued its much-anticipated consultation paper on creating a listing regime for Specialist Technology Companies (STCs) under proposed Chapter 18C of the HKEx listing rules, with a view toward launching in the first half of 2023. The new listing regime eases the existing profit and trading record requirements under the listing rules for STCs, and is expected to facilitate a number of large, emerging, and innovative technology enterprises with high growth potential to list on the HKEx.

The UAE enacted a new Federal Law No. 38 of 2021 concerning copyright and neighboring rights (New Law) that replaced the old Federal Law No. 7 of 2002 (Old Law) and came into force in January 2022. The New Law provides a clearer framework in an increasing digital environment for businesses.

The UK Law Commission is currently undertaking a review of the Arbitration Act 1996, the principal legislation governing arbitrations in England, Wales, and Northern Ireland, to ensure it is as “clear, modern, and efficient as possible.” It set out its key proposals for this goal in a recent consultation paper.

The Department of Defense issued an interim rule amending the Defense Federal Acquisition Regulation Supplement to require bidders on defense contracts to disclose when work will be performed in the People’s Republic of China, furthering the isolation of targeted countries deemed a threat to US national security at various points in the supply chain.

The French regulator, the Autorité des Marchés Financiers (the AMF) has recently published a report (the AMF Report) following its inspection, involving a sample group of credit institutions, of certain simple, transparent and standardised (STS) securitisation transactions covering the period between 1 January 2019 and 30 September 2021. The AMF Report noted significant shortcomings in the due diligence process of these institutions, particularly the arrangements relating to the granting, monitoring, and withdrawal of the STS label.

The United Kingdom launched a new visa route on 22 August that allows businesses that have demonstrated a sustained period of growth to recruit highly skilled individuals to support them in their continued growth.

On August 19, Russian State Duma member Andrey Kuznetsov introduced a bill on compulsory licensing of copyrights that allows the courts to approve compulsory licenses for content and other copyrightable objects not available in Russia.

The Singapore High Court has clarified the definition of “centre of main interests” in the context of a crypto exchange group seeking to restructure its collective debts in Singapore. The analysis has implications to any group business which has interconnected shared services provided by the group companies in a collective service “ecosystem” to customers.

The European Banking Authority (the EBA) recently published a consultation paper with proposed amendments to the regulatory technical standards (RTS) on the homogeneity of the underlying exposures in securitisation, following amendments to the EU Securitisation Regulation which allow on–balance sheet synthetic securitisations to be designated as simple, transparent and standardised (STS).

EU simple, transparent, and standardised (STS) securitisations may be recognised as STS for the purposes of the UK Securitisation Regulation if they are designated as STS under the EU Securitisation Regulation regime before the end of 2022. A draft UK statutory instrument proposes to extend that recognition for an additional two years.

The rules for taxation of dividends in respect of shares that are included in the official listing of a stock exchange in Kazakhstan will significantly change as of 1 January 2023.

Russian Decree No. 430 was signed on July 5, establishing a basic framework for the replacement of Eurobonds with Russian bonds. The Decree also confirms that debts owed to Russian participants of international syndicates of banks must be repaid directly—not through facility agents from “unfriendly states”—and in rubles at the lender’s option, but at the same time substantially relaxes the repatriation rule with respect to exempt contracts.

The UK’s national security and investment regime came into effect on 4 January 2022. On 16 June, the UK government published its first report on the operation of the regime for the period between 4 January and 31 March (Report). The Report shows that during the initial three-month period, the UK government received 222 notifications, out of which it only called in for investigation 17 transactions, clearing three (with the remaining 14 pending at the end of the reporting period).

The Securities and Futures Commission recently issued a consultation paper on proposed enforcement-related amendments to the Securities and Futures Ordinance, the principal legislation that regulates the securities and futures industry in Hong Kong. The proposal is a significant step toward aligning the regulatory regime with other major common law jurisdictions and a legislative development not seen in Hong Kong since the law was enacted and came into force in 2003.

The Dubai Financial Services Authority (DFSA) has implemented a new regime for credit funds, which comes into force on June 1, 2022. The new regulation primarily impacts the managers of credit funds domiciled in the DIFC, but there are some implications for non-DIFC credit funds. The new regulation results in heightened regulation of DIFC credit funds and their managers (as compared to other DIFC funds and their managers) and, in practice, will likely operate as a new licensing category, with higher fees and additional compliance obligations.

This blog post is Part 2 in the “Ready for a Sale?” series, which is aimed at getting the human resources, benefits, and executive compensation functions of your organization ready for a potential sale or similar corporate transaction. Part 1 provided general guidelines and suggestions on how to get organized and start the process. This second part will address key considerations in the process that often arise early: (1) identifying, assembling, and analyzing documents that will be automatically triggered or impacted by the potential sale, and (2) determining the expected impact of the transaction on any outstanding equity compensation.

Turkmenistan, a holder of one of the world’s largest natural gas reserves, has recently taken steps to improve its business climate. In May 2022, Turkmenistan acceded to the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards, the UN Convention on Contracts for the International Sale of Goods, and the Framework Agreement on Cross-Border Paperless Trade in Asia and the Pacific.

The European Banking Authority recently published its final draft of the regulatory technical standards in relation to risk retention under the EU Securitisation Regulation. This LawFlash covers some of the key aspects of these draft regulatory technical standards.

Following previously adopted restrictions on payments of dividends in joint stock companies, Decree No. 254 requires that any dividend payment from a limited liability company to its foreign participant connected with an “unfriendly state” must be made in Russian rubles and to a special blocked type “C” account, subject to certain exceptions.

When two parties engage in a merger or acquisition, there are several processes that must take place before the transaction can be completed, including due diligence of the seller’s assets—and particularly the seller’s relevant and material intellectual property (IP).

The Central Bank of the Russian Federation has recently been active in adopting secondary legislation clarifying and implementing presidential decrees on cross-border transactions. Such legislation imposes new restrictions which need to be considered in commercial dealings involving Russia.

The draft law on external management was submitted to the Russian Parliament and differs considerably from the previous version. The new draft provides for the establishment of a special interdepartmental commission that will have broad powers to impose external management on any company as it deems necessary. The law is still proposed to apply to circumstances that occurred from February 24. If adopted, the law will create further uncertainty in Russian markets.

The US Securities and Exchange Commission recently proposed new rules and amendments relating to initial public offerings by special purpose acquisition companies and to business combinations involving shell companies and private operating companies. While the proposed rules would enhance investor protections, it is possible they could have a cooling effect on the volume of such transactions or materially increase the costs of deal execution.

The European Union, United Kingdom, and United States have introduced a number of extensive sanctions against Russia in relation to the delivery, sale, transit, and export of luxury goods, with the intention of focusing on items that will impact Russian oligarchs and other members of the Russian elite.

A Special Purpose Acquisition Company (SPAC) is a blank-check company formed for the purpose of effecting a business combination with one or more businesses. While SPACs are not new, they have recently increased in prevalence. In 2021, there were 613 SPAC initial public offerings (IPOs), a significant increase from 248 in 2020. The total SPAC IPO proceeds also increased from $83 billion in 2020 to more than $160 billion in 2021. De-SPAC merger activity in 2021 was also high, as 267 were announced and 199 closed.

President Biden on March 15 signed into law the Adjustable Interest Rate (LIBOR) Act, which aims to reduce uncertainty regarding the effect of ending LIBOR on existing USD LIBOR transactions, as part of an omnibus spending package.

As another measure to support Russia’s financial market, Presidential Decree No. 126 imposes further limitations on cross-border monetary transfers for both Russian and non-Russian residents. However, Decree No. 126 also gives Russian regulators broad discretion to make exceptions from the previously adopted general bans and specific restrictions.

The conflict in Ukraine has resulted in the disruption of innumerable commercial agreements between and among financial, manufacturing, and other entities. The sanctions imposed by nations and international bodies on various Russian and Belarusian persons and entities as a result of the conflict (Ukraine-Related Sanctions) are in many ways exceptional in their coordination, breadth, and speed. Russia has imposed initial countermeasures in response to the Ukraine-Related Sanctions, which could also affect the performance of commercial agreements by parties across the globe. Many US businesses are considering whether (and if so, how) the operations in Ukraine or the Ukraine-Related Sanctions might impact their and their counterparties’ obligations under agreements that require performance by or with sanctioned entities.

Russia is considering introducing legislation that, if adopted, will have a dramatic impact on foreign-owned businesses and their strategies concerning Russia. The goal of the proposed law is to (1) warn foreign owners that they may lose their Russian companies if they abandon them and (2) conserve business and preserve jobs by allowing the sale of affected companies’ assets to a Russian third-party.

President Vladimir Putin issued a decree introducing a special procedure for repayment of debt by the Russian state bodies as well as Russian residents (Russian Debtors) to non-Russian creditors related to foreign states that commit “unfriendly actions towards Russia” or that are controlled by such non-Russian creditors (deemed “Creditors from Unfriendly States”). The new procedure will apply to payments exceeding 10 million rubles ($95,000) per month and effectively prevent the free receipt of repayment amounts by Creditors from Unfriendly States.

In connection with recent Russia-related sanctions issued by the US government, organizations face a variety of issues when navigating the questions of who and what transactions may be subject to the reach of these sanctions. Economic sanctions administrated by the US Department of Treasury’s Office of Foreign Asset Control (OFAC) are often intended to have extraterritorial effect, and therefore can impose significant compliance costs and penalties on US subsidiaries as well as their non-US affiliates or parent entities.

The Financial Services and Markets Bill 2022, the goal of which is to address risks and challenges that impact institutions across the financial sector, was recently moved for first reading in the Parliament of Singapore on 14 February. The bill will grant the Monetary Authority of Singapore additional regulatory powers to address misconduct, cryptoassets, and technology risks and to deal with various financial institutions, including banks, insurers, financial advisers, virtual asset service providers, trustees for collective investment schemes, trustee-managers of business trusts, licensed trust companies, and operators of payment services.

President Vladimir Putin issued a decree, “On Special Economic Measures in connection with the Unfriendly Actions of the United States of America and Other Foreign Countries” (Decree), on 28 February. This is the first decree addressing Russian economic measures to respond to the recent sanctions adopted by several countries in connection with the current geopolitical situation.

While international humanitarian law (ius in bello) also protects personal property, it is only enforceable on a State-to-State level. International investment law, however, provides for direct recourse by the investor against the host State and can therefore be a powerful and effective means of protecting investments during and after armed conflicts.

In response to the Russian Federation’s recognition of certain regions of Ukraine as independent states which followed an expansion of nearly 200,000 troops on the Ukrainian border, US President Joseph Biden authorized the imposition of additional sanctions against Russia and indicated that further sanctions were under consideration. This LawFlash summarizes these newly issued sanctions.

The Singapore Parliament recently passed the Corporate Registers (Miscellaneous Amendments) Act, which seeks to amend the Companies Act 1967 and the Limited Liability Partnerships Act 2005 to strengthen Singapore’s corporate governance regime and improve the transparency and beneficial ownership of companies and limited liability partnerships.

The second amendment of the Ordinance on the Designation of Critical Infrastructures under the BSI Act entered into effect on January 1, 2022. Such amendment broadens the definition of “critical infrastructures,” which are of particular relevance for Germany’s foreign direct investment screening regime.

During an address to the Parliament’s Mazhilis on 11 January 2022, the president of Kazakhstan instructed the respective state bodies to “secure a strict monitoring, inspection, and control of all transactions and persons who unjustifiably diverts funds out of the country.” In conjunction with this address, as it follows from the government’s papers, Kazakhstan plans to revise the exemptions (incentives) related to the taxation of dividends, including dividends paid to non-residents.

In two draft companion guidance documents, the US Food and Drug Administration (FDA) establishes a proposed framework for transitioning medical devices currently marketed under emergency use authorization (EUA) or enforcement policy guidance to permanent marketing authorization. The draft FDA guidance documents provide manufacturers a 180-day transition period to submit a marketing application and stress that they should submit permanent marketing authorizations prior to finalization of the guidance documents.

The UK Competition and Markets Authority updated its guidance on the merger control regime in the United Kingdom on 4 January 2022—the same day the National Security and Investment Act 2021 came into effect. The updated merger guidance clarifies that the new national security regime is separate to UK merger control and that transactions may be subject to both regimes.

It is the prerogative of government authorities—US and non-US alike—to demand information from individuals or organizations and seek the assistance of courts to enforce compliance. Although such demands take various forms, one of the most common is a subpoena, which is a formal legal request to obtain information from an individual or organization over whom or which the courts or government agencies believe they have jurisdiction.

The United Kingdom’s Foreign, Commonwealth & Development Office (FCDO) and Office of Financial Sanctions Implementation (OFSI) have announced they will change the structure and format of the UK Sanctions List and OFSI’s Consolidated List in February 2022.

Directors have significant ongoing duties towards the company they lead, including taking the changing factual landscape into account. This should include learning lessons from the recent disruption of global supply chains.

In the wake of the COVID-19 pandemic, the global healthcare services sector has unsurprisingly been thrust into the limelight as it has been tackling an ongoing backlog. Following a decline in activity during the first, and most damaging, months of the pandemic, the United Kingdom has seen a marked uptick in the level of healthcare mergers and acquisitions (M&A) activity commencing towards the end of 2020 and continuing throughout 2021. This LawFlash discusses some of the trends contributing to the changing healthcare services M&A market in the United Kingdom, as well as essential considerations for conducting M&A in this sector.

The Federal Register recently published the US Department of Energy’s (DOE) notice of Request for Information (RFI) seeking public input on energy sector supply chains. The RFI requests that stakeholders provide comment on a wide variety of issues concerning supply chains of energy and related technologies.

Partner Joanna Christoforou and associate Savas Manoussakis wrote an article for Law360 about the New Security and Investment Act which comes into effect on January 4, 2022. They analyzed the act and discussed its impact on transactions that may involve potential national security concerns.

The United States has a long history of reviewing cross-border investment (FDI) to assess the national security implications of these types of transactions. With more than 20,000 to 40,000 FDIs a year, most transactions, however, occur outside the purview of US government review.

The Hong Kong Stock Exchange recently published a consultation paper seeking market feedback on its proposed rule amendments relating to share schemes of Hong Kong–listed issuers and their subsidiaries. The consultation paper, published on 29 October 2021, is now open for public comments until 31 December 2021, and the proposed changes are significant.

Are you a customer negotiating a services agreement that will grant you access to use certain technology? Have you read through the agreement or accompanying links to determine if you need to adhere to an acceptable use policy (AUP) for such technology? In this post, we’ll discuss some of the items a customer should consider when reviewing AUPs within services agreements.

FDA recently entered into domestic mutual reliance (DMR) agreements with the states of California, Florida, Utah, and Wisconsin to help ensure the safety of domestic food production and distribution systems. FDA’s goal is to coordinate efforts with these states to help decrease human foodborne illness outbreaks, avoid duplication of regulatory oversight, and increase public health protection. Erik Mettler, assistant commissioner for partnerships and policy in FDA’s Office of Regulatory Affairs, noted that the agency is using these partnerships to “improve industry compliance with applicable food safety requirements.”

The Hong Kong Stock Exchange (HKEx) has issued the much-anticipated consultation paper on creating a listing regime for special purpose acquisition companies (SPACs).

In this conversation with partner Steve Cohen and Linda Wellbrock, the CEO and founder of Leading Women Entrepreneurs (LWE) and named a Force for Change (FFC), a variety of venture capital and emerging business topics is covered. Included among the discussion was how COVID impacted the start-up landscape which is known for being a disruptive market, and how women and people of color are making advances in the market and securing additional capital.

It is a common misconception, particularly among multinational businesses, that the European design protection system is nearly identical to the design patent system in the United States.

A recent US Securities and Exchange Commission (SEC) settled enforcement action that found that a hedge fund acted as an unregistered “dealer” has blurred the traditional line between dealers and traders.

The year 2020 saw a wave of healthcare activity in the Asia Pacific region. Buyouts rose to a record high of 156 deals in 2020, up from 68 in 2019. Disclosed value reached a new peak of $16.9 billion compared with $11 billion the year earlier . This is attributed to macroeconomic trends such as aging populations and increasingly affordable healthcare, and favorable government policies encouraging local manufacturing and development of healthcare products.

The recent reform of the German transparency register affects almost all companies in Germany and greatly expands the reporting obligations for German entities.

Companies doing businesses in the European Union should note an important development that could introduce a duty of care for companies. On 10 March 2021, the EU Parliament approved an outline proposal for an EU Directive on Mandatory Human Rights, Environmental and Good Governance Due Diligence (Directive).

The rule changes mostly reflect those proposed in the April 2021 consultation. The key change is that the new regime will apply to SPACs which raise a minimum amount of £100 million at IPO (as opposed to a £200 million threshold proposed in the original consultation).

On July 7, 2021, the Japan Ministry of Finance (MOF) published an updated list of classifications of companies listed on Japanese exchanges requiring prior notifications of inward direct investment under the Foreign Exchange and Foreign Trade Act (FEFTA).

The proposed guidance also identifies principles that are applicable to each stage of the third-party risk management life cycle, including: (1) developing a plan that outlines the banking organization’s strategy, identifies the inherent risks of the activity with the third party, and details how the banking organization will identify, assess, select, and oversee the third party; (2) performing proper due diligence in selecting a third party; (3) negotiating written contracts that articulate the rights and responsibilities of all parties; (4) having the board of directors and management oversee the banking organization’s risk management processes, maintaining documentation and reporting for oversight accountability, and engaging in independent reviews; (5) conducting ongoing monitoring of the third party’s activities and performance; and (6) developing contingency plans for terminating the relationship in an effective manner. The proposed guidance provides extensive details on all the above identified principles.

The UK Financial Conduct Authority (FCA) announced on July 9 that, while changes to the scope of the UK commodity position limits regime are being consulted on, it will not take enforcement action against firms that breach position limits on cash-settled commodity derivative contracts unless the underlying is an agricultural commodity. However, the FCA will keep its stance under review, and reconsider if there are indications of market abuse.

The United Kingdom’s Department for Digital, Culture, Media & Sport (DCMS) is requesting views on supply chain cybersecurity, which it will look to incorporate into its new National Cyber Security Strategy.

Our healthcare team recently launched a publication series highlighting the global impact of COVID-19 on healthcare transactions. Around the globe, the healthcare industry has faced similar issues from the unprecedented pandemic, prioritizing their operational response to COVID-19. Now, as countries begin to reopen, healthcare entities may refocus on planning for long-term transformation of their business models. In this series, we will explore how the pandemic impacted healthcare transactions in specific regions and what we can expect in a post-pandemic world.

Last year was a record-breaking one for capital raising in life sciences, and 2021’s first quarter was robust for special purpose acquisition company (SPAC) transactions. Now, after a second-quarter SPAC and initial public offering (IPO) slowdown, the outlook for summer SPACs has rebounded just in time for the Morgan Lewis Global Public Academy program, Going Public Through a SPAC: Current Issues for SPAC Sponsors and Private Companies 2021. Our panelists will discuss some of the most important legal issues for companies considering going public through a SPAC and for SPACs seeking an acquisition target. Topics covered will include the use of private investments in public equity (PIPEs), obtaining shareholder approval for a merger, and the required SEC filings and review process.

The UK National Security and Investment Act 2021 (NSI Act) received royal assent on 29 April 2021. Expected to come into force in late 2021, the NSI Act will introduce a standalone UK foreign direct investment and national security screening regime, replacing the current regime that links national security screening with UK merger control.

The Financial Services Agency of Japan (FSA) recently submitted a bill to the National Diet of Japan including certain amendments to finance-related laws for purposes of strengthening Japan’s financial system and financial stability in response to social and economic changes caused by the COVID-19 pandemic. Among these measures, this LawFlash addresses the proposed amendments to the Financial Instruments and Exchange Act (FIEA) for purposes of promoting foreign asset managers’ entry into the Japanese market.

The Singapore Exchange has launched a consultation on proposed rules governing special purpose acquisition companies.

The president of the Republic of Kazakhstan signed Law No. 399-VI, On Amendments into Certain Labour-Related Legislative Acts of the Republic of Kazakhstan (the Amendment Law), on January 2, 2021. The Amendment Law entered into force on January 16 and amended a number of legislative acts of the Republic of Kazakhstan, including the Civil Code, the Budget Code, and the Entrepreneurial Code as well as the Law of the Republic of Kazakhstan on Public-Private Partnership (PPP), No. 379-V, dated October 31, 2015 (the PPP Law). This LawFlash summarizes the most important new elements introduced into the PPP Law through the Amendment Law.

With special purpose acquisition companies increasingly being used in initial public offerings and the commercial insurance market continuing to harden, captive insurance could be a solution for offering directors and officers protection against increased shareholder scrutiny and resulting derivative lawsuits.

The Financial Market Integrity Strengthening Act includes a large number of innovations aimed at strengthening confidence in the German financial market by placing more comprehensive obligations on auditors when auditing companies of public interest. In addition to optimizing balance sheet control and further regulating the auditing of financial statements, the innovations also affect corporate governance at companies.

Mexico’s Federal Consumer Protection Agency (Procuraduría Federal del Consumidor (PROFECO)) on February 26 announced its new voluntary Ecommerce Ethics Code (Código de Ética en Materia de Comercio Electrónico), which may be adopted by entities doing online business in Mexico. Although the adoption of the Ecommerce Ethics Code is voluntary, it signals the authority’s baseline expectation for market participants, and sets forth the parameters and guidelines for suppliers of goods and services that operate through digital platforms or virtual salesrooms.

The German Act on the Further Development of the Restructuring and Insolvency Law (Sanierungs- und Insolvenzrechtsfortentwicklungsgesetz – SanInsFoG) took effect on January 1, 2021, transforming the European Restructuring Directive of June 20, 2019 ((EU) 2019/1023) and introducing a self-administrated restructuring option outside the standard insolvency proceeding.

Recent sanctions imposed by the European Union, United Kingdom, and the United States on Turkey and certain Turkish persons will be of interest to European and American investors in Turkey’s defense and energy sectors. The following update contains a summary of each regime.

The Consumer Financial Protection Bureau (Bureau or CFPB) on January 13 issued a Statement Regarding the Provision of Financial Products and Services to Consumers with Limited English Proficiency (Statement), which is intended to provide compliance principles and guidelines to inform and assist financial institutions in their decisionmaking related to serving limited English proficiency (LEP) consumers in non-English languages.

China’s Ministry of Commerce (MOFCOM) published the Rules on Counteracting Unjustified Extraterritorial Application of Foreign Legislation and Other Measures (the Blocking Statutes) on January 9. The rules, which consist of only 16 articles, became effective upon publication.

New changes to UAE corporate and foreign ownership laws will abolish longstanding foreign ownership restrictions and remove substantial barriers to doing business in the UAE.

Partner Merryn Craske spoke to GlobalCapital about the divergence in the regulation of securitization between the European Union and the United Kingdom.

Lawyers from our London practice have contributed to Lexology’s Getting the Deal Through (GTDT) – Distressed M&A 2023 guide. The UK chapter features insight from lawyers in our corporate, finance, tax, and antitrust practices.

Partners Carl Valenstein and David Plotinsky spoke to Asian Legal Business about the new set of criteria on international investment reviews introduced by US President Joseph Biden and strategies for companies looking to invest in the United States.

Partners Carl Valenstein and David Plotinsky spoke to Asia Business Law Journal about the strategies for companies looking to invest in the United States.

Partner Giovanna Cinelli discussed export controls on advanced computing and semiconductor equipment destined for China recently announced by the US government with Export Compliance Daily.

Partner Wai Ming Yap and senior associate Gina Ng spoke to IFLR about the Monetary Authority of Singapore’s consultation on its regulatory approach to stablecoin-related issuance and intermediation.

Partner Sabine Smith-Vidal authored an article for SHRM about the measure implemented by France in the French Act No. 2021-1774 of December 24, 2021—which created an obligation of balanced representation between women and men among senior executives and board members. She discusses the requirement of the act and its implications for senior managers and management bodies.

Partner Daniel Chia and senior associate Jonathan Tang authored an article for IFLR about the comprehensive update of insolvency laws in Singapore and its attractiveness for companies seeking debtor-led reorganizations.

Hedge Fund Law Report released the second article in a two-part series analyzing the US Securities and Exchange Commission’s (SEC’s) second set of proposed amendments to Form PF—in conjunction with the US Commodity Futures Trading Commission (CFTC)—released on August 10, 2022.

Fundraising remains competitive and ongoing, despite the record amount of dry powder sitting in the coffers of private equity (PE) sponsors.

Partner Shannon Donnelly and associates Yvette Allen and Carina Bryk authored an article for International Employment Lawyer about the United Kingdom’s new Scale-up visa route launched on August 22, 2022. They discuss the requirements for sponsors and applicants and the advantages of using the Scale-up visa.

Partner Kenneth Nunnenkamp was featured in the “Ten Minutes On” Foreign Investment Watch video series discussing his and partner Giovanna Cinelli’s report, “Analysis: It’s Time to Create ‘The Commission on Foreign Investment and National Security.”

Partners William Yonge, Alishia Sullivan, and Kate Habershon were quoted by Private Equity Law Report in relation to UK and EU regulatory updates and trends in Shari’a-compliant funds in the Middle East. William said, “[T]he U.K. did not onshore the E.U. [Sustainable Finance Disclosures Regulation] into U.K. law as part of Brexit, and it is currently developing its own sustainability disclosure regime.”

Partner Merryn Craske spoke to GlobalCapital about European reporting requirements for public and private transactions under the EU Securitization Regulation. 

Partner Julia Frost-Davies and other leading practitioners are profiled by Insider discussing the current state and future of bankruptcies and debt restructurings.

Given its existing limitations, the Committee on Foreign Investment in the United States is ready for its next evolution—not a tweaking around the edges of an existing process that continues to perpetuate limitations to the flexibility and certainty essential to managing a range of interests, but a foundational shift from a “committee” to a statutorily established “commission” comparable to others operating at the federal level, such as the Federal Communications Commission, International Trade Commission, and US Securities and Exchange Commission.

Partner William Yonge spoke to Hedge Fund Law Report about the UK Financial Conduct Authority’s (FCA’s) recently issued portfolio letter to firms in the custody and funds services portfolio, which includes third-party custodians, fund depositaries, third-party fund administrators, and transfer agents.

Partner Amanjit Fagura spoke to Salaam Gateway about Sharia-compliant environmental, social, and governance (ESG) investments in the Islamic finance industry.

Partner Merryn Craske spoke to IFLR about simple, transparent, and standardised (STS) securitization. “From the start, the authorities were strongly opposed to investors investing in instruments that they didn’t understand,” she said. “The idea was to introduce more reporting and more investor due diligence.”

Partners Alishia Sullivan, Carol Tsuchida, Wai Ming Yap, and Alice Haung wrote an article for Thomson Reuters Regulatory Intelligence about digital asset regulations and trends for private funds in Asia and the Middle East.

Partner Grigory Marinichev spoke to Frankfurter Allgemeine about the recent Russian law on mandatory delisting of Russian companies from foreign exchanges. 

A recent PYMNTS.com article looks at China’s tech regulatory landscape, noting that the “decision by the Chinese authorities brings back the debate about how far it is necessary to go in regulating Big Tech companies to get more competition in the market and the unintended consequences of having additional rules.”

Global Legal Group has published ICLG — Lending & Secured Finance 2022 — a guide providing corporate counsel and international practitioners with a comprehensive worldwide legal analysis of the laws and regulations of lending and secured finance.

Morgan Lewis partner Rebecca Kelly spoke with Global Investigations Review about the recently introduced whistleblowing regime in the United Arab Emirates, stating that “the [Financial Action Task Force] had particular concerns about the lack of [anti-money laundering] prosecutions in the country and so the protection of whistleblowers, when it comes to employees highlighting wrongdoing within their companies, is essential in order to assist with securing these types of prosecutions in the future.”

The Financial Industry Regulatory Authority (FINRA) is accepting public comments on a proposed rule that could drastically change how new exchange-traded funds (ETFs) are treated and how easily retail investors can trade them - a move that is drawing fire from some sectors of the industry.

Partner Giovanna Cinelli was quoted in an Export Compliance Manager article highlighting key steps for companies complying with rapidly escalating sanctions.

Partner Grigory Marinichev spoke to Bloomberg about Type C accounts in relation to Russia’s debt settlement.

Partner Bruce Johnston spoke to GlobalCapital about the possible implications of a Russian foreign debt moratorium.

Partner David Plotinsky, former acting chief of the US Department of Justice’s (DOJ’s) Foreign Investment Review Section (FIRS), was profiled by Foreign Investment Watch following his arrival at Morgan Lewis.

This Q&A provides a high-level overview of retail investment funds in the Russian Federation. Areas covered include: a market overview; a description of how interests in funds are accessed and priced; fund vehicles and structures; key statutes, regulations, and rules governing funds; applicable local or state laws; authorisation requirements for retail funds; rules governing managers and operators; marketing; the assets portfolio; investment and borrowing restrictions; redemption of interests; reporting requirements; tax treatment; and reform.

In the first article of a two-part series, Private Equity Law Report covers insights on secondary transactions and co‑investments shared during Morgan Lewis’s webinar “State of the Private Funds Market,” hosted during the 2021 Annual Private Fund Investors Roundtable.

GCR featured findings from Morgan Lewis’s 2021 Global Cartel Enforcement Report, which noted that global cartel fines increased by 229% last year, while the United States experienced a significant drop in penalties.

Partners Rebecca Kelly and Bill Nash spoke to Law.com about regulatory investigations and investments across the Middle East.

Morgan Lewis partner Rebecca Kelly and associate Laura Jane Shorthall co-authored the United Arab Emirates (UAE) chapter for the Global Legal Insights Bribery & Corruption 2021 guide, offering an overview of the law and enforcement regime in the UAE.

Partner Maurice Hoo spoke with the Asian Venture Capital Journal about the increase in listing applications from companies with the Hong Kong Stock Exchange. “If the most recent funding round was at the end of last year or beginning of this year, before the recent issues, even if the company listed today, would it get the valuation it was expecting? That is the major concern,” says Maurice, who advises private equity and venture capital investors.

International Comparative Legal Guide (ICLG) has published the Class and Group Actions 2022. This guide provides corporate counsel and international practitioners with a comprehensive worldwide legal analysis of the laws and regulations class and group actions.

Partner Steven Stone provided insight into the private equity industry as a panelist during the ACA Group’s Fall 2021 Virtual Conference.

In its latest toolbox memo, the Standards Board for Alternative Investments covers indemnification and exculpation provisions in private fund governing documents. In the first article of a two-part Private Equity Law Report series, partner Christopher Dlutowski discusses key issues raised in the memo and associated market practice on indemnification rights.

Morgan Lewis recently assisted the U.S.-U.A.E. Business council, of which Morgan Lewis is a Founding Member, to update its guide to doing business in the United Arab Emirates (UAE).

Lesli Ligorner discusses China’s Blocking Statute with Lexology PRO. The Blocking Statute authorizes government entities in China to take substantive measures, including issuing prohibition orders declaring foreign sanctions unenforceable, penalizing Chinese persons for violating the prohibition orders, and allowing Chinese persons to seek damages from entities that comply with the foreign sanctions.

Partner Shannon Donnelly and associate Jennifer Connolly authored an article for Law in Sport discussing the UK immigration landscape for the sports industry. With more events taking place within the context of restricted travel, the article provides key considerations for sports professionals and those who work in the industry.

Tsugumichi Watanabe, Mitsuyoshi Saito, and Masaki Ichimura contributed the discussion of attorney-client privilege in Japan in the most recent update of the widely used handbook, International Corporate Practice: A Practitioner’s Guide to Global Success, published by Practicing Law Institute (PLI).

Partner Giovanna Cinelli, who leads the firm’s international trade and national security practice, told World ECR she has seen no slowdown in Chinese investments in US technology companies despite countries’ fortification of investment regulations.

Partners Daniel Nelson, Kate Habershon, and Kathryn Hambrick and associates Meghan McCarthy, Alexios Hadji, and Grace Tan co-authored an article for the Journal of Investment Compliance regarding tax-related issues in the private wealth fund investment area. The article dives into regional tax considerations for sovereign wealth funds that are looking to ramp up investments post-pandemic.

Fund Management 2021, published by Lexology’s Getting The Deal Through (GTDT), gives a high level overview of the key considerations for the fund management industry and predictions for the year ahead.

Motonori Araki co-authored  "The Impact of the Rules on Counteracting Unjustified Extra-territorial Application of Foreign Legislation and Other Measures (Order of the Ministry of Commerce of the People’s Republic of China 2021 No.1) Japanese companies at the mercy of trade conflict between US and PRC" in Japanese for the Journal of the Japanese Institute of International Business Law.

London-based partners Georgia Quenby and Victoria Thompson consider how the new Restructuring Plan under English law interacts with intercreditor agreements which have voting restrictions and other contractual prohibitions on creditor actions.

Morgan Lewis partner Jeffrey Raskin was quoted in Business Insurance in an article about how insurance policies can protect special purpose acquisition companies (SPACs).

Morgan Lewis partner Jeffrey Raskin and associate Lauren Burke authored an article for Law360 about how captive insurance policies can protect special purpose acquisition companies (SPACs) from lawsuits and scrutiny from shareholders.