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  • Shearman & Sterling Lawyers Author Article on the ADGM Legislative Framework, Approach and Methodology

    12 May 2017
    Shearman & Sterling lawyers have authored an article titled “The Abu Dhabi Global Market—Legislative Framework, Approach and Methodology." The article first appeared in the Journal of International Banking Law and Regulation
  • High Court Rules That Witness Interview Notes Are Not Covered by Legal Advice Privilege

    9 Jan 2017

    In December 2016, the English High Court ruled that transcripts, notes and other records of witness interviews prepared by in-house and external counsel in the course of an internal investigation were not covered by legal advice privilege (“LAP”) and was not be covered by lawyers’ working papers privilege either.  The Court’s ruling has significant implications for the way in which companies and their legal advisers conduct internal investigations before litigation is commenced or reasonably in contemplation.

  • Shearman & Sterling’s Recent Trends and Patterns in the Enforcement of the Foreign Corrupt Practices Act (FCPA)/FCPA Digest

    3 Jan 2017
    Shearman & Sterling’s bi-annual Trends & Patterns in FCPA Enforcement report provides insightful analysis of recent enforcement trends and patterns in the US, the UK and elsewhere, as well as helpful guidance on emerging best practices in FCPA and global anti-corruption compliance programs.
  • Brexit: Implications for the Insurance and Reinsurance Industry

    19 Jul 2016

    Even in the scenario of a full exit, assuming relevant equivalency decisions are taken by EU authorities for the UK, cross-border reinsurance should generally remain unaffected. Direct insurance businesses should in principle be able to benefit from certain equivalency arrangements as regards group solvency calculations and group supervision requirements, but would not have access to customers in the single market unless they establish a local branch or subsidiary. Insurance sales, mediation and distribution have no third-country access or equivalence regimes, and so UK insurance sales firms will become subject to the national regimes of EU states when marketing there. Were the UK to remain in the EEA, all current passporting rights should be preserved. Insurance businesses in the UK and EU should consider the impact of Brexit and some of the potential structuring solutions discussed in this note.

  • Brexit: Key Issues for General Counsel

    15 Jul 2016

    Even at this early stage, we recommend that management teams begin to assess and prioritize the risks and potential opportunities that Brexit introduces, including as a first step adopting a practical approach towards carrying out that assessment and doing so on an ongoing basis.

  • UK Serious Fraud Office Secures Its Second DPA

    13 Jul 2016
    The President of the Queen's Bench Division of the High Court has given final approval to the Serious Fraud Office’s (“SFO”) second ever Deferred Prosecution Agreement (“DPA”).
  • Brexit: Issues and Q&A for Businesses

    28 Jun 2016
    On Thursday 23 June 2016, the UK electorate voted to leave the European Union. While this vote was advisory in nature, we expect that ultimately the UK Government and Parliament will respect the outcome and serve notice to terminate the UK’s membership of the EU, thereby commencing a negotiation of the terms of both the UK’s withdrawal from the EU and of a framework for its new relationship with the EU and its other trading partners. This memorandum focuses on some of the main legal and commercial impacts of the UK’s proposed exit, across a broad range of commercial and industrial areas where UK business may be impacted or English law is used.
  • CFTC Adopts Final Rules Regarding the Cross-Border Application of Its Swap Margin Requirements

    8 Jun 2016
    On May 24, 2016, the U.S. Commodity Futures Trading Commission (“CFTC”) adopted a final rule defining the cross border application of its margin requirements for uncleared swaps. The final rule covers all swap dealers and major swap participants subject to the CFTC’s margin rules—that is, those registered with the CFTC but not subject to the margin rules of the U.S. bank regulators.
  • FCA Obtains Two Criminal Convictions in High-Profile Insider Dealing Trial

    11 May 2016

    The jury in the so-called ‘Tabernula’ (“Little Tavern”) case has on Monday delivered its verdict after a 12-week trial.

  • To Self-Report or Not to Self-Report, That Remains the Question After the Justice Department’s Latest Effort to Encourage Self-Reporting

    29 Apr 2016

    On April 5, 2016, the United States Department of Justice, Criminal Division, Fraud Section launched a one-year Pilot Program that invites companies to self-report potential violations of the Foreign Corrupt Practices Act (“FCPA”) to the FCPA Unit of the Justice Department in exchange for, among other things, up to a fifty percent reduction in criminal fines, declination and, where appropriate, settlements without a compliance monitor.

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