• Treasury Issues Report and Recommendations on Capital Markets

    13 Oct 2017

    On October 6, 2017, the US Department of the Treasury released a 220-page report on reforming the US regulatory system for the capital markets (Capital Markets Report).[1] The Capital Markets Report includes 91 recommendations directed at financial regulators and Congress, but with a focus on the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

  • GCR Know-How – IP & Antitrust 2017 - USA

    13 Oct 2017

    Partners Jessica Delbaum (New York-Antitrust), David Higbee (Washington, DC-Antitrust) and associate Timothy Haney (New York-Antitrust) have co-authored the chapter “GCR Know-How – IP & Antitrust 2017 – USA” that was published on October 13, 2017 in the Global Competition Law Review.

  • New Transparency Register in Germany - Obligations and ‘To Dos’ Pursuant to the New Prevention of Money Laundering Act

    12 Oct 2017

    On June 26, 2017, the German Prevention of Money Laundering Act (the “Act”) implementing the 4th EU Money Laundering Directive (Directive (EU) 2015/849 of May 20, 2015, the “Directive”) came into effect. The Directive requires all EU Member States to ensure that certain information on beneficial ownership of corporate and other legal entities is held in a central register in each Member State. In addition, in the latest proposal for an amendment of the Directive, the EU envisages the direct interconnection of the national registers in order to facilitate cooperation between the Member States.

  • New Transaction Value-Based Merger Reporting Threshold in Germany: Much Ado About Little?

    12 Oct 2017
    Germany this summer introduced a new transaction value-based set of reporting thresholds. Austria introduced a similar provision which will enter into force on November 1. On the European level, the Commission is contemplating to introduce a transaction value-based reporting threshold as well. The new German thresholds are subsidiary to the primary purely turnover based thresholds, i.e., they become relevant if the primary thresholds are not met. First experiences with the new thresholds unsurprisingly show that the criterion of the target being active in Germany “at a significant scale” raises questions in practical application since the text of the law does not give any guidance. Moreover, there is no consensus among commentators how to interpret the new criterion, and there is so far no guidance from the Federal Cartel Office available.
  • Sanctions Round Up: Third Quarter 2017

    11 Oct 2017

    The third quarter was headlined by the imposition of broad new US legislative sanctions against Russia, Iran, and North Korea.  The Trump Administration also acted unilaterally to significantly expand sanctions against both North Korea and Venezuela, while removing decades-old sanctions against Sudan.  OFAC continued its recent trend of pursuing enforcement actions again non-financial entities.

  • The English High Court Rules in Favour of Air Cargo Defendants Regarding Temporal Scope of Claimants’ Claims

    5 Oct 2017

    On 4 October 2017, the High Court gave a judgment on a preliminary issue significantly restricting the temporal scope of the claimants’ claims in four air cargo cartel damages actions.

  • DOE Directs FERC to Consider Rule Providing Cost Recovery for Coal- and Nuclear-Fired Generating Facilities Operating in RTO/ISO Markets

    3 Oct 2017
    On September 29, 2017, Rick Perry, the Secretary of Energy, sent a letter to the Federal Energy Regulatory Commission (FERC) directing that FERC consider exercising its ratemaking authority under Sections 205 and 206 of the Federal Power Act to require regional transmission organizations (RTOs) and Independent System Operators (ISOs) subject to FERC jurisdiction with day-ahead and real-time markets, or the functional equivalent, to allow for the recovery of costs and a return on investment by “eligible grid reliability and resiliency resources” participating in those markets.
  • DOJ’s Challenge of Parker-Clarcor: HSR Clearance Does Not Equal Safe From DOJ Challenge

    28 Sep 2017

    On September 26, the DOJ challenged Parker-Hannifin’s $4.3-billion consummated acquisition of Clarcor, serving as a reminder that receiving HSR clearance does not immunize transactions from being challenged, even after closing.

  • Trump Administration and Congressional Leaders Release Tax Reform Framework

    28 Sep 2017
    On September 27, 2017, the Trump Administration, the House Committee on Ways and Means and the Senate Committee on Finance released their much-anticipated framework for tax reform (the “Framework”). The Framework generally proposes to lower taxes on most businesses and individuals and to simplify the US federal income tax system. The Framework sets forth broad principles for tax reform and leaves numerous important details and decisions to the tax-writing Congressional committees.
  • Energy Update

    Sep 2017

    We are pleased to release the latest issue of our client newsletter, Energy Update, designed to inform clients and friends of the firm about important developments affecting U.S. and international energy markets.

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