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Breach of the Agreement to Arbitrate due to Third Party Conduct

March 02, 2021

Senior associate Dimitrios Katsikis (Singapore-International Arbitration) authored an article titled “Breach of the Agreement to Arbitrate due to Third Party Conduct,” which was recently published in Arbitration International (2021).

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Regulatory Developments in the Mexican Power Sector—Chapter 3: Tipping the Scales Further in Favor of State-Owned Companies

March 01, 2021

As a follow-on to our May 27, 2020 note “Recent Regulatory Developments in the Mexican Power Sector“ (referred to hereinafter as “Chapter 1”) and our July 28, 2020 note “Recent Regulatory Developments in the Mexican Power Sector – Chapter 2: The Tug-of-War Continues“ (referred to hereinafter as “Chapter 2”), this note highlights further developments in the efforts of the administration of President Andrés Manuel López Obrador (hereinafter, “AMLO” and, his administration, the “AMLO Administration”) to realign the legal framework of the Mexican energy sector in favor of the Federal Electricity Commission (Comisión Federal de Electricidad—CFE) and Mexican Petroleum Company (Petróleos Mexicanos—Pemex).

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UK Business Crime Review 2021

February 28, 2021

This is the second edition of UK Business Crime Review—an annual publication focused on the outcomes, trends and developments over the past 12 months that are likely to be of interest to businesses operating in the United Kingdom. While this publication primarily focuses on the introduction and use of criminal sanctions in the business crime space, we also consider key regulatory developments that are likely to be of interest to those managing financial crime risks within businesses.

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UK Court Confirms Limited Scope of Disclosure Under Bankers’ Books Evidence Act

February 26, 2021

The UK Bankers’ Books Evidence Act (“BBEA”) has been on the statute books for well over a century. It provides for certain procedural rules that are specifically applicable to banks, including for the inspection of banking records. In the recent judgment of Wangzhou Meng v HSBC Bank Plc [2021] EWHC 342 (QB), handed down in connection with high profile foreign extradition proceedings, the English High Court took a narrow approach to the types of material that may be obtained, and the parties who may obtain them, under the BBEA.

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Draft New York State Budget Addresses LIBOR Transition

February 25, 2021

Following requests from industry, New York State incorporated legislative language addressing the expected discontinuance of LIBOR in its recently released draft budget. The draft language amends the General Obligations Law to require New York law-governed contracts without LIBOR fallback provisions to use the replacement rate recommended by the Alternative Reference Rates Committee (ARRC).

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US District Court for Southern District of NY Confirms Leveraged Loans Are Not Securities

February 24, 2021

Federal and state securities laws generally apply only to instruments that fall under the definition of “security” within the meaning of Federal securities laws (and states’ “blue-sky” laws which generally refer to the definitions in the Federal securities laws). Whether a particular instrument is a “security” therefore generally determines whether that instrument may be, among other things, subject to disclosure requirements in connection with the issuance thereof and whether issuers and underwriters may be subject to liability under securities laws based on inadequate disclosure. Consequently, the classification has important consequences for the way in which an instrument may be issued and traded.

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UK Supreme Court Gives Further Guidance on Parent Company Liability for Subsidiaries in Environmental and Other Mass Tort Claims

February 18, 2021

The UK Supreme Court has handed down judgment in Okpabi v Royal Dutch Shell Plc [2021] UKSC 3. The judgment concerned a challenge to the jurisdiction of the English courts in an environmental tort claim against a UK-domiciled parent company in connection with the acts of its foreign subsidiary. It will therefore be of interest to all UK-domiciled companies (particularly in the extractive sectors) with foreign subsidiaries performing activities that potentially give rise to environmental or other tortious liability.

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Restoring UK Law – Freeing the UK’s Global Financial Market

February 12, 2021

Partner Barnabas Reynolds, head of Shearman & Sterling’s global Financial Institutions Advisory & Financial Regulatory Group, has authored Restoring UK Law – Freeing the UK's Global Financial Market, published by POLITEIA on February 8, 2021.

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LIBOR Readiness: the OCC Releases a Self-Assessment Tool

February 11, 2021

On February 10, 2021, the Office of the Comptroller of the Currency (the “OCC”) issued a bulletin (OCC Bulletin 2021-7) that provides a self-assessment tool for national banks, federal savings associations, and federal branches and agencies of foreign banking organizations (“banks”) to evaluate their preparedness for the expected cessation of the London Interbank Offered Rate (“LIBOR”).

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The New Corporate Transparency Act’s Impact on Real Estate Investment

February 11, 2021

The new Corporate Transparency Act (CTA) will require that certain entities, called reporting companies, provide detailed information about their beneficial ownership to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Treasury Department.