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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

Shearman & Sterling Lawyers Co-Author Two-Part Series on Board’s Shifting Role in Cyber

Feb 20, 2018

As large-scale data breaches become regular occurrences and new regulations are implemented, shareholder derivative suits are increasingly being used by investors seeking to be made whole after data breaches. Boards of directors need to take note and understand the increasing costs and risks these suits pose. In a two-part article series for the Cybersecurity Law Report, Counsel Jeewon Kim Serrato (San Francisco-Privacy & Data Protection), head of the Private & Data Protection practice; and associates Marc Elzweig (Menlo Park-Privacy & Data Protection) and David Lee (New York-Privacy & Data Protection) review the evolving understanding of the board of directors’ responsibility for cybersecurity and consider recent shareholder derivative suits filed in the wake of data breaches as case studies in Part one.  Part two draws on the recent cases and identifies five lessons that boards may learn from these suits – lessons that are applicable to companies seeking to assess litigation risks related to data breaches and that also provide a practical starting point for managing cybersecurity risks in general.

Perspective

Trump Infrastructure Plan Proposes Expansion of Federal Credit Programs

Feb 20, 2018

Last week, the White House released to Congress its long-awaited infrastructure plan—a 53-page Legislative Outline for Rebuilding Infrastructure in America.  The Outline reflects the central themes of the infrastructure “fact sheet” published last May and analyzed in our related client alert.  However, the Outline is far more descriptive than the broad principles set forth in the fact sheet as to the specific policies and programs the Trump Administration would support in a legislative process.  To date, little attention has been given to the Administration’s proposed enhancements to existing federal programs. The Administration recognizes that four key federal credit programs, including three programs administered by the U.S. Department of Transportation and one by the Environmental Protection Agency, are working and proposes to expand both their budget and the scope of projects they are able to support.

Perspective

Financial Regulatory Developments Focus

Feb 14, 2018

In this week's newsletter, we provide a snapshot of the principal U.S., European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset managers and corporates.

Perspective

LSTA’s Argument That CLO Managers Are Not “Securitizers” in Open-Market CLOs Carries the Day in Court. Now What?

Feb 12, 2018

On February 9, 2018, the D.C. Court of Appeals ruled that treating managers of open-market CLOs as “securitizers” subject to the risk retention rules exceeded the statutory authority to promulgate rules to implement the risk retention requirements under Section 941 of the Dodd-Frank Act.

Perspective

High Court Rules That Litigation Privilege Can Apply in Respect of Internal Investigations

Feb 09, 2018

In Bilta (UK) Ltd (in Liquidation) & Ors v Royal Bank of Scotland plc and Mercuria Energy Europe Trading Limited [2017] EWCH 3535 (Ch) (“Bilta v RBS”), the High Court upheld RBS’s claim of litigation privilege over documents prepared as part of an internal investigation, including transcripts of interviews with its employees.

Perspective

SEC’s Inspections and Examinations Office Sets 2018 Priorities

Feb 08, 2018

The Securities and Exchange Commission’s Office of Compliance Inspections and Examinations’ long-awaited examination priorities for 2018 will focus on five principal areas: retail investors; infrastructure risks; FINRA and MSRB; cybersecurity; and anti-money laundering programs. Among other things, the Office of Compliance Inspections and Examinations (OCIE) will focus on mutual funds with poor performance or liquidity and those managed by inexperienced investment advisers, and on conflicts of interest that may arise when a fund tracks a proprietary index created or maintained by the fund’s investment adviser.

Perspective

Energy Update

Feb 08, 2018

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.

Perspective

Top Federal Securities and Commodities Regulators Testify on Virtual Currency Regulation Before Senate Committee

Feb 07, 2018

In testimony before a Senate committee, the top federal securities and commodities regulators said they are cooperating to step up enforcement actions targeting fraud in initial coin offerings and other virtual currency-related activities. Chairman Clayton of the Securities and Exchange Commission fired a warning shot aimed at “gatekeepers and others,” including securities lawyers, investment bankers, accountants and consultants, who, he said, must focus on their professional responsibilities to ensure that virtual currency activities comply with federal disclosure and investor protection laws.

Perspective

Governance & Securities Law Focus: Asia Edition

Feb 07, 2018

In this newsletter, we provide a snapshot of the principal Asian, US, European and selected international governance and securities law developments of interest to Asian corporates and financial institutions.

Perspective

Financial Regulatory Developments Focus

Feb 07, 2018

In this week's newsletter, we provide a snapshot of the principal U.S., European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset managers and corporates.