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Perspective

Proposed Amendments to HKIAC Rules put the Emergency into Emergency Arbitration

February 22, 2024

On 23 January 2024, the HKIAC announced a Public Consultation on Proposed Amendments to the 2018 HKIAC Administered Arbitration Rules. The HKIAC’s proposed amendments include enhancements to the mechanism by which a single arbitration can proceed under multiple contracts, clarifications of arbitral tribunal’s powers to address preliminary issues and new provisions concerning information security matters and arbitrator diversity. In addition, the HKIAC’s proposals clarify the scope of Emergency Arbitrators’ powers by expressly confirming that an Emergency Arbitrator can issue orders in the period between the Emergency Arbitrator’s appointment and his/her issuance of the Emergency Decision. This confirmation should be welcomed by HKIAC arbitration users for the reasons explained in this post. 

Perspective

Devas v. Antrix: Ninth Circuit Requires Minimum Contacts for Personal Jurisdiction over Foreign States

February 21, 2024

The Ninth Circuit’s February 6, 2024, decision denying rehearing en banc of Devas v. Antrix and upholding its earlier ruling to overturn the enforcement of a $1.3 billion arbitration award diverges significantly from the jurisprudence of other federal circuit courts, and impacts individuals and entities looking to enforce arbitration awards in federal courts within the Ninth Circuit. In Devas, the Ninth Circuit found that award creditors looking to enforce arbitration awards against foreign states and their agencies must prove, in addition to the personal jurisdiction requirements of the Foreign Sovereign Immunities Act (FSIA), that the award debtor has minimum contacts with the United States.

Perspective

Corporate Transparency Act: New FINCEN Reporting Requirements

February 12, 2024

On January 1, 2024, the Corporate Transparency Act (CTA) went into effect. The CTA aims to combat illicit financial activity and enhance national security interests by requiring certain entities to file beneficial ownership information reports (BOI Reports) with the Department of Treasury’s Financial Crimes Enforcement Network (FinCEN).

Perspective

New Rules Highlight the Need to Review Employee Forms and Policies

February 05, 2024

For many companies, the use of “form” employee documents is an efficient practice that ensures consistent treatment. That said, reliance on forms can often breed complacency. In this new year, companies should consider a wholesale review of their existing forms of offer letters and employment agreements, separation agreements, restrictive covenant agreements (including proprietary information and confidentiality agreements), equity award agreements and employee handbooks to ensure they adequately address recent changes in employment laws, the enforcement priorities of relevant regulators and evolving standards of best practice.

Perspective

2024 Increases to HSR Thresholds, Filing Fees, HSR Penalties and Interlocking Directorate Thresholds (Update with March 6, 2024 Effective Date for HSR Thresholds)

February 05, 2024

The updated filing thresholds and related filing fees under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”) will go into effect on March 6, 2024 and apply to all transactions closing on or after that date.  The thresholds for interlocking directorates under Section 8 of the Clayton Act, which also increased, went into effect on January 22, 2024. Potentially unlawful interlocking directorates continue to be an enforcement priority.

Perspective

Court of Appeal Overturns Restructuring Plan Sanction and Looks at Cram Down

February 02, 2024

On 23 January 2024, Snowden LJ handed down the Court of Appeal's judgment in the Adler Restructuring Plan case - AGPS Bondco plc -...

Perspective

EPA’s Final Rule for Reducing Methane Emissions in the Oil and Gas Industry

January 31, 2024

On December 2, 2023, the U.S. Environmental Protection Agency (EPA) announced a Final Rule under the Clean Air Act that will sharply reduce methane emissions from the oil and gas sector. The rule applies to sources involved in crude oil production (which includes the well and extends to the point of custody transfer to the crude oil transmission pipeline or any other form of transportation) and natural gas production, processing, transmission and storage (which includes the well and extends to, but does not include, the local gas distribution company custody transfer station (up to the “city-gate”)).

Perspective

SEC Adopts Clearing Requirement for U.S. Treasury Transactions

January 26, 2024

On December 13, 2023, the Securities and Exchange Commission (the “SEC” or “Commission”) adopted rule amendments (the “Amendments”)[1] under the Securities Exchange Act of 1934 that will, in effect, require direct participants of covered securities clearing agencies (CCAs)[2] to submit for clearing all their repurchase and reverse repurchase transactions involving U.S. Treasury securities and other cash market transactions in U.S. Treasury securities with certain types of regulated counterparties.

Perspective

FRC publishes revised UK Corporate Governance Code

January 25, 2024

On 22 January 2024, the FRC published a revised edition of the UK Corporate Governance Code (the Code). This follows on from the...

Perspective

EMILY WESTRIDGE BLACK, MALLORY BRENNAN AND ABDUL ALTHEBAITY DISCUSS ARTIFICIAL INTELLIGENCE IN Law360

January 23, 2024

In Law360, Shearman & Sterling Litigation partners Emily Westridge Black and Mallory Brennan, and Litigation associate Abdul Althebaity discuss the potentially transformative benefits and associated risks that companies must consider as they rely more heavily on artificial intelligence to power their technologies.