On March 31, 2022, as part of the 2022 Paris Arbitration Week, Shearman & Sterling LLP and the Ukrainian Arbitration Association co-hosted a conference on “International Law and the War in Ukraine: The Path(s) to Reparations.”

Obviously, interest in international trade of hydrogen is rising rapidly. New announcements of credible major export initiatives are occurring frequently. But there remain doubts about the rate of development of the infrastructure needed for importing hydrogen at scale, whether as hydrogen or via carriers such as ammonia.

On 18 May 2022, the European General Court rejected Canon’s appeal against a €28 million fine imposed by the European Commission in 2019 for its breach of EU gun-jumping rules, just a few months after a similar judgment, therefore vindicating the Commission’s aggressive stance on such breaches.

Partners Donna Parisi and Jennifer Morton co-authored an article for Reuters on the SEC’s proposed amendments to expand the definition of ‘exchange’ under the U.S. Securities Exchange Act of 1934, to include “communication protocol systems,” among other amendments, which could capture certain digital asset platforms, secondary trading platforms, and financial technology providers that do not function as exchanges, as currently defined, within the SEC’s jurisdiction.

Of Counsel Simon Dodds has written an article for Global Banking & Finance Review about the legal and compliance challenges for startups in the financial services sector.

The SEC announced on May 9, 2022 that it has extended the public comment period on its proposed rules for climate-related disclosures until June 17, 2022.

The U.K. Competition and Markets Authority (CMA) is expected to be granted wider jurisdictional powers for merger control enforcement in legislative proposals mentioned in today’s Queen’s Speech. The powers derive from the outcome of a consultation on reforming competition and consumer policy initially announced by the U.K. Government in April 2022.

The Chemical Industry Is the Largest Industrial Energy Consumer Worldwide. With a total gross value addition to the global economy of $5.7 trillion annually, equivalent to 7% of global GDP, the chemical industry is an integral part of the global economic landscape, permeating nearly every goods-producing sector while supporting 120 million workers worldwide.

 

The world’s response to Russia’s invasion of Ukraine dominated the first quarter of 2022, as the US and its international partners coordinated efforts to impose unprecedented sanctions designed to isolate the Russian Federation from the global economy. The sweeping measures include the freezing of Russia’s foreign held reserves, blocking sanctions on Russia’s largest banks and Russian elites, sectoral sanctions against major issuers, and strict trade restrictions to deprive Russia of key goods and services. Elsewhere, the Department of Justice terminated its controversial “China Initiative” while the SEC identified six Chinese companies for potential de-listing from US exchanges for non-compliance with US audit requirements. Meanwhile, the US imposed sanctions on more conventional targets this quarter, including North Korean and Iranian ballistic missile procurement networks. Finally, OFAC announced settlements with US and non-US companies for prohibited dealings with Cuba and Iran.

On April 26, 2022, the Division of Examinations (the “Division”) of the Securities and Exchange Commission issued a Risk Alert listing notable examples of deficiencies that its staff has identified regarding investment advisers’ obligations to establish, maintain and enforce written policies and procedures to prevent the misuse of material nonpublic information (“MNPI”), as required by Section 204A of the Investment Advisers Act of 1940, as amended (the “Act”) and Rule 204A-1 thereunder (the “Code of Ethics Rule”).