シャーマン アンド スターリングはクライアントによるビジネス目標達成に貢献することを目指しています。変化するクライアントのニーズと目標に注目し、様々なニュースレター等の資料を通じて最新の情報を提供しています。

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At Long Last—SEC Modernizes GUIDE 3 Disclosures for Banking Registrants

Sep 25, 2020

Since the 1960s, the U.S. Securities and Exchange Commission (SEC) has had various so-called “Guides” for business disclosure by SEC registrants engaged in banking, oil and gas, real estate, insurance and mining activities. Guide 3, applicable to bank holding companies and other registrants with material lending and deposit activities (including savings and loan holding companies) has required various tabular and qualitative disclosures on these entities’ assets, liabilities and stockholders’ equity, interest rates and interest rate differentials, investment portfolios, loan portfolios, summaries of loan loss experience, deposits, return on equity and assets and short-term borrowings. The requirements have changed little since the 1960s, even though U.S. GAAP and IFRS, the two principal accounting standards used by SEC registrants, have changed significantly.

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Guide to the Evolving Workplace

Sep 24, 2020

Among its many impacts on society, COVID-19 has changed, perhaps permanently, how employees interact with each other and the workplace.

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Current Issues Relating To Spin-Offs: Two-Part Discussion

Sep 23, 2020

Partners George Casey, Heiko Schiwek (both New York-Mergers & Acquisitions) and Jay M. Singer (Washington, D.C.-Tax) led a two-part discussion concerning the legal, business and tax considerations for navigating and structuring spin-offs.

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Strategies for Navigating the Flood Insurance Regulations - Webinar

Sep 18, 2020

Shearman & Sterling’s Real Estate group produced a webinar on the strategies that can be employed by bank lenders to comply with the National Flood Insurance Program regulations.

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CFTC Approves Final Rule on Post-Trade Name Give-Up on Swap Execution Facilities

Sep 17, 2020

The CFTC has adopted a final rule to prohibit the controversial practice of post-trade name give-up for swaps that are executed anonymously through a Swap Execution Facility (SEF) and are intended to be cleared. Although the CFTC rejected requests for various exceptions to the prohibition, it did include an exception for package transactions which include a component transaction that is not a swap intended to be cleared.

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Family Offices and Investing for Impact - Webinar

Sep 17, 2020

Partner Chris Forrester led a recent webinar discussion with City Light Capital partners Josh Cohen and Tom Groos. They discussed the increasing number of family offices that are exploring ways to invest for impact across asset classes.

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Massih and Pratt Author Article on EU Taxonomy

Sep 17, 2020

Counsel Mehran Massih and Jason Pratt co-authored an article for Wall Street Lawyer titled “EU Taxonomy Regulation Comes into Force.” 

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Africa Insight Series: Part 3 Managing Business Crime Risks in Sub-Saharan Africa - Webinar

Sep 16, 2020

Shearman & Sterling hosted a series of live webinars, focusing on Africa, where our multidisciplinary team of lawyers explored the future challenges, opportunities and risks facing those doing business across the African continent.

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A New Restructuring Plan

Sep 16, 2020

For over a century, U.K. company law has enabled a company to propose, to its creditors or shareholders, a compromise or arrangement of their rights which, if approved by the requisite majority and then by the court, is binding on all of the relevant creditors or shareholders. This process—a scheme of arrangement under Part 26 of the Companies Act 2006—has been frequently used by companies (including those non-U.K. companies that fall within the winding up jurisdiction of the English courts, to whom the court’s scheme jurisdiction extends) to implement a wide variety of different forms of financial restructuring, despite it not being a formal insolvency proceeding. In June 2020, the U.K. Government introduced a new form of restructuring plan under a new Part 26A of the Companies Act 2006, that would be focused on the needs of companies facing financial difficulties. In this briefing, we examine how the new restructuring plan differs from a scheme of arrangement and how it is likely to be used going forward.

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Important Arbitration Decision for Lenders

Sep 15, 2020

A recent decision of an arbitral tribunal constituted under the auspices of the International Centre for Settlement of Investment Disputes (ICSID) has opened the door for potential direct claims by project finance lenders against states in circumstances in which the projects they finance are adversely affected by state measures. In a decision rendered on August 20, 2020, the tribunal in Portigon AG v. Kingdom of Spain (ICSID Case No. ARB/17/15) held that project finance provided by Portigon, a German financial services company, qualified as an investment protected under the Energy Charter Treaty (ECT) and the ICSID Convention. The tribunal thereby allowed Portigon to bring claims for losses allegedly caused by changes introduced to Spain’s renewable energy incentive regime.

The decision provides welcome news for development finance institutions, commercial banks, investment funds and other providers of project finance active in project finance transactions across all industry sectors.