Shearman & Sterling LLP multinational law firm headquartered in New York City, United States.

Shearman & Sterling is firmly committed to helping clients achieve their business objectives. With a focus on our clients’ changing needs and goals, we deliver a wide range of materials and services to keep them up to date and informed.

Perspective

Co-Directors Of SEC’s Division Of Enforcement Issue Statement On Market Integrity In Wake Of COVID-19 Emergency

Apr 01, 2020

On March 23, 2020, Stephanie Avakian and Steven Peikin, co-directors of the Securities & Exchange Commission’s (“SEC”) Division of Enforcement, issued a statement reminding public companies, officers, and directors of their responsibilities related to material, non-public information in connection to the COVID-19 public health emergency.

Perspective

Federal Reserve Board to Extend Effective Date for the Final Control Regulation

Apr 01, 2020

On March 31, 2020, the Board of Governors of the Federal Reserve System (the “Board”) announced that it has decided to delay the effective date of its final rules revising the Board’s framework for determining whether a company controls another for purposes of the Bank Holding Company Act or the Home Owners’ Loan Act (the “Final Control Regulation”). The Final Control Regulation was to become effective on April 1, 2020, but pursuant to the Board’s new release, the effective date has been pushed back by two quarters to September 30, 2020. The Board did not make or discuss any substantive changes to, or interpretations of, the Final Control Regulation. For more on the content of the Final Control Regulation, please refer to our previous client note, Federal Reserve Board Adopts Final Control Rule.

Perspective

The Liquidity Crunch

Apr 01, 2020

The global economy has been greatly impacted by the COVID-19 pandemic and a significant drop in oil prices. The combination of these two factors coupled with the uncertainty surrounding the length of time COVID-19 will hold a significant portion of the world’s population captive has brought the primary debt markets to a grinding halt.

Perspective

ARRC Releases NY Law Proposal To Amend Transactions Referencing USD LIBOR

Apr 01, 2020

On March 6, 2020, the Alternative Rate Reference Committee (ARRC), the Federal Reserve’s LIBOR-transition working group comprised of private-sector entities and industry regulators, released its New York State legislative proposal for amending financial contracts that lack adequate fallback language.[1]

Perspective

Short Sale Bans in Response to the COVID-19 Pandemic

Apr 01, 2020

In the wake of the COVID-19 pandemic, numerous European jurisdictions, including the European Union, France, Italy, Spain and Belgium have enacted short sale bans or taken other actions in an attempt to stabilize financial markets and maintain investor confidence. 

Perspective

UPDATED - The Fed Repurposes the Financial Crisis Playbook for Pandemic Response

Apr 01, 2020

In the face of the coronavirus (“COVID-19”) pandemic, the U.S. Federal Reserve Board (the “Fed”) and the U.S. federal banking agencies have announced several market and supervisory actions to address the sudden market stress and strain.

Perspective

France: State Guarantee Scheme for New Money Loans

Apr 01, 2020

In light of the growing pandemic of COVID-19, the French government has made a number of unprecedented decisions in order to support business activities. Among an extensive panoply of measures relating to short time work, tax relief, capital markets and other areas, the French Government has introduced a EUR 300 billion State guarantee scheme (the “Scheme”) for new money loans to be granted to French entities by financial institutions.

Perspective

Qualified Retirement Plans During COVID-19: The CARES Act and Other Considerations

Mar 31, 2020

If you are a decision-maker or part of a COVID-19 response team at a U.S. business, you are making urgent, daily decisions that affect the health and wellbeing of your workers, customers and suppliers, as well as the long-term viability of the enterprise. At some point in the near term, your attention will need to turn to questions about your company’s retirement plans: whether to offer your workers the ability to take advantage of applicable relief provisions included in the recently enacted CARES Act; whether to delay or modify the funding schedule for single-employer pension plans sponsored by your company; whether to adjust matching or profit-sharing contributions for workers; and how to address current and possible future declines in the value of any company stock fund that may be part of a defined contribution retirement plan.

Perspective

COVID-19 Changes Announced to UK Insolvency Law and for AGMs

Mar 31, 2020

On 28 March 2020, the Secretary of State for Business, Energy and Industrial Strategy (BEIS) announced key measures to protect companies and businesses facing major funding and operational difficulties in the current COVID-19 pandemic[1].

Perspective

How Will COVID-19 Measures Impact Substantive EU Merger Control Review?

Mar 31, 2020

The first wave of discussion about the impact of COVID-19 on EU merger control was very much on the practical and procedural. What, impact if any, will the response to this crisis have on the substantive assessment of mergers going forward?