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

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?

Perspective

The Defense Production Act—What US Businesses Need to Know

Mar 31, 2020

Using his authority under the Defense Production Act of 1950 (“DPA”), President Trump issued an Order on March 27 requiring that the General Motors Company accept and perform contracts and fulfill orders for the manufacture and production of ventilators to treat patients afflicted with the COVID-19 virus.

Perspective

Compensation and Governance Restrictions on CARES Act Stimulus Recipients

Mar 31, 2020

We provide a deeper dive into the key stimulus programs under the CARES Act, as summarized in our client note Congress Passes Largest Ever Economic Stimulus Package: Key Provisions of CARES Act.

Perspective

ESMA’s Post-Brexit Regime for UK Investment Firms—‘Equivalence’ or Direct Regulation?

Mar 30, 2020

The European Union’s financial regulatory regime for third-country access in many sectors relies on a framework of “equivalence,” whereby institutions based in approved non-EU countries with similar standards may have varying degrees of access to EU markets or investors, depending on the extent to which their laws and regulations achieve equivalent outcomes to those of EU law.

Perspective

PJM Makes MOPR Compliance Filing and Proposes Timing for Delayed RPM Auction

Mar 30, 2020

On March 18, PJM Interconnection, L.L.C (PJM) filed with the Federal Energy Regulatory Commission (FERC) proposed changes to its Tariff[1] in compliance with FERC’s order of December 19, 2019,[2] which required PJM to expand, with certain exemptions and exceptions, its current Minimum Offer Price Rule (MOPR)[3] to address state-subsidized electric generation resources and their impact on PJM’s capacity market, the Reliability Pricing Model (RPM).

Perspective

France: Crisis Impact on Capital Markets and Corporate Law – continued

Mar 30, 2020

The health crisis and the restrictions and containment measures also have an impact on French securities and corporate law. We offer below an update of our previous alert regarding the holding of general meetings of public limited companies (sociétés anonymes), the ban on taking or increasing of net short positions, profit warnings and risk factors.

Perspective

SEC Issues New COVID-19 Disclosure Guidance

Mar 27, 2020

As part of its response to the effects and economic disruption that the novel coronavirus disease 2019 (“COVID-19”) is causing to the worldwide economy, on March 25, 2020, the Division of Corporation Finance of the U.S. Securities and Exchange Commission (“SEC”) issued additional guidance regarding public company disclosure requirements with respect to COVID-19.

Perspective

SEC Issues Order Extending Conditional Exemptions from Reporting and Proxy Delivery

Mar 27, 2020

As part of its response to the effects and economic disruption that the novel coronavirus disease 2019 (“COVID-19”) is causing to the worldwide economy, on March 25, 2020, the Securities and Exchange Commission (“SEC”) issued an order to extend the conditional relief for certain public company filing obligations and to offer relief from proxy delivery rules under the Securities Exchange Act of 1934, as amended (“Exchange Act”).[1]

Perspective

Congress Passes Largest Ever Economic Stimulus Package: Key Provisions Of Cares Act

Mar 27, 2020

The Novel Coronavirus (COVID-19) pandemic has swiftly and significantly unsettled key sectors of the U.S. economy, impacted the viability of many businesses and affected the financial health of millions of Americans. In response, the Senate passed the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) in the late hours of March 25, 2020.

Perspective

COVID-19: Update for Borrowers and Lenders in Germany

Mar 27, 2020

In light of the growing pandemic of COVID-19 the German government has decided on a number of unprecedented restrictions for all areas of private and business life which were unimaginable just a few weeks ago. As a result, many production facilities and businesses had to shut down.