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2017 ExpertBriefing

The dilemma faced by merging companies vis-à-vis gun jumping risks in Brazil


Pinheiro Neto Advogados

The 2011 Brazilian Competition Act came into force five years ago, and during the initial period of implementation of the pre-merger control system in Brazil, some important lessons were learned in relation to the measures and conduct that...

Promoting UK FinTech


Pillsbury Winthrop Shaw Pittman LLP

When president Trump signed an executive order cracking down on immigration in the US, one of the largest protests was registered by technology groups in California. The Bay Area attracts highly talented and motivated engineers from outside...

Make every decision better than the last



No industry places a greater focus on data-based decisions than financial services. But as advanced as the industry is in this regard, more is needed. Increasing volumes of data, higher expectations from customers and bigger demands from regulators...

Addressing the funding gap in post-Brexit Britain


Prestige Asset Management

Interest in the UK as a market for investment does not seem to have dissipated in the wake of the Brexit vote. Foreign investors see an opportunity from the weaker British pound to increase their exposure and there is also considerable interest...

Six things you should know when considering an appointment as a director of a Brazilian company


Veirano Advogados

Especially when composed by members with diverse cultural backgrounds, a company’s board of directors may be a fascinating source of naïve realism – the human tendency to believe that we see the world around us objectively and that people...

Securing your data: a shift across the board



Protecting what amounts to the lifeblood of a company – its data and its reputation – from both external attacks and operational errors is a staple business requirement. Gone are the days of limited corporate engagement on the topic...

Business intelligence in e-disclosure – why it matters


Epiq Systems

Business intelligence (BI) has existed in various forms of corporate life for a number of years. From marketing teams using information such as click-through rates to gauge the success of campaigns, through to sales teams assessing the impact of individual...

Will major Croatian tax reform boost investments and reduce outflow of workers?


Vidan Law Office

On 1 January 2017, Croatia introduced a comprehensive tax reform affecting a number of tax and social contribution related laws. Most of the laws have entered into force but there have been exceptions, such as real estate tax, which will...

The Trade Facilitation Agreement


Jones Day

On 22 February 2017 the World Trade Organisation’s (WTO) Trade Facilitation Agreement (TFA) finally came into force, following its ratification by two-thirds of the WTO membership, including the world’s key trading nations. The TFA, which...

Canadian oil sands industry: watch this space


Burnet, Duckworth & Palmer, LLP

Two announcements have recently rocked the Canadian oil sands industry. On 29 March 2017, ConocoPhillips Canada Resources Corp. announced it had entered into a C$17.7bn transaction to sell almost all of its Canadian assets to Cenovus... 

Infrastructure vulnerability – what do you need to know?


CLT 3 Consulting

While disruption is now a business model, it is also a sobering concern for infrastructure security. With a politically unstable world climate, and volatility at home and abroad, essential services in the US can realistically be considered at risk from attack...

Restrictive covenants in M&A transactions: corporate and labour perspectives


Veirano Advogados

Restrictive covenants usually consist of more than one specific obligation – the most common being non-compete and non-solicitation obligations – designed to preserve, in an M&A transaction, the buyer’s benefit of acquiring (or investing in) a business...

Privatisations: the key to Romania’s upgrade to emerging market status


Allen & Overy

Several years of intense reforms and legislative initiatives in Romania seem to be finally paying off. In September last year, Romania, an EU member since January 2007 and currently classified by FTSE Russell, MSCI and S&P Dow Jones as a frontier market...

Kazakhstan’s privatisation programme

April 2017  |  FINANCE & INVESTMENT 

Morgan Lewis

The process of privatisation of state property in Kazakhstan began in the early 1990s after Kazakhstan obtained independence following the break-up of the Soviet Union, where private property was almost non-existent. The privatisation...

Investing into ASEAN’s emerging markets: a snapshot from the venture capital perspective


Rajah & Tann Singapore LLP

In 2011, Gideon Rachman, the chief foreign affairs commentator of the Financial Times, proposed in his book, Zero Sum World, that the global financial crisis in 2008, coupled with the rising economic prominence of Asia, would lead to the adoption by...

Investors diversify alternative assets exposure in 2017



The alternative assets industry is bigger than ever, with more than $7.7 trillion in hedge fund and private capital assets managed globally. The industry has cemented itself as an important facet of the investment portfolios of large institutional investors...

Investment arbitration and financial products


BCH Lawyers

Over the past few years, it has been common knowledge that banks and other financial institutions do not afford arbitration much interest, believing that this mechanism of dispute resolution is at odds with their industry. We do not demonstrate...

Investments funds and access to debt restructuring agreements: a revolutionary order issued by the Court of Milan



On 10 November 2016, the court of Milan, Insolvency Sector, ratified a debt restructuring agreement concluded, pursuant to Article 182-bis of the Italian Bankruptcy Law, between a closed-end real estate fund and its creditors. The peculiarity...

2017: the year alternative finance takes centre stage

April 2017  |  BANKING & FINANCE

Quivira Capital

It is undeniable that the alternative finance sector has enjoyed significant growth over the past few years. However, up to this point, the industry has been prevented from taking centre stage by limited secured lending options, a lack of offerings...

The importance of gender diversity in financial technology

April 2017  |  BANKING & FINANCE


The concept of women in technology, or in any senior business role, still grabs the headlines. Names such as Sheryl Sandberg, Marissa Mayer and Virginia Rometty are paraded about as impressive female role models, with the aim of showing...

Consumer credit in the Czech Republic: from chaos to order

April 2017  |  BANKING & FINANCE

Wolf Theiss

The Czech Republic has long represented a promised land for non-bank consumer credit providers which enjoyed only very mild regulation and extraordinary revenues without being put under any serious scrutiny for a lack of proper risk...

Patent priority examination in Brazil – an attempt to expedite examination and go around the backlog


Araripe & Associates

It is a common complaint that delays in examining patent applications by national offices causes serious harm to the patent system and, in particular, to the rights of the patentee. Such delays drastically affect business decisions and...

New DPO guidelines adopted by EU body

April 2017  |  DATA PRIVACY

Norrbom Vinding

The new EU General Data Protection Regulation (GDPR) provides that public authorities, as well as certain private businesses, must designate a data protection officer (DPO). However, the general description provided by the GDPR as to when...

The next game changer in global litigation and arbitration


Woodsford Litigation Funding

Third-party litigation and arbitration finance is now firmly established as a valuable tool that facilitates both litigation risk sharing and better access to justice. Jurisdictions such as Hong Kong and Singapore, and arbitral bodies including...

Maritime mortgages in Brazil: a controversial ongoing court dispute


Pinheiro Neto Advogados

Financiers usually look for a security interest over the financed asset. For financing and acquisition transactions involving assets or companies in the oil and gas business, maritime transportation and other sectors involving shipping activities, the...

What can governments and the private sector do to prepare for an economic downturn?

April 2017  |  ECONOMIC TRENDS

Nexia TS Tax Services Pte Ltd

2017 is set to be a distinctive year on a number of fronts. All businesses are operating against the backdrop of an uncertain and challenging global economic environment. Not since the 1930s has such a combination of falling growth, increasing...

Alberta transitions away from coal and an energy only market toward a lower carbon power system and new capacity market

April 2017  |  SECTOR ANALYSIS

Burnet, Duckworth & Palmer LLP

In November 2015, the newly elected New Democratic Party in Alberta released its Climate Leadership Plan (Climate Plan) introducing a multitude of policy changes intended to limit provincial greenhouse gas emissions. As these policies have...

Drug pricing: caught between ethics and politics

April 2017  |  SECTOR ANALYSIS


Drug pricing has become a topic of much heated debate, both on the political stage and among drug companies, patients and payors. Many of us are either directly or indirectly (through friends and family) affected by what seem to be ever-rising...

Relevant social and environmental impact matters for project development

April 2017  |  SECTOR ANALYSIS

Gonzalez Calvillo

In Mexico, there is an increasing tendency to see the development of projects either delayed, or cancelled, as a consequence of social protests. Social discomfort around a project may arise when the rights of indigenous people are not respected...

Outlining the new reform of the Italian Bankruptcy Law under discussion by parliament



The Italian parliament is currently discussing yet another reform which touches upon the regulation of insolvency and bankruptcy proceedings. However, contrary to the numerous reforms approved between 2012 and 2016, which intervened...

Recent corporate governance changes and anti-raiding measures implemented in Ukraine



Historically, Ukrainian corporate laws have denied a significant degree of flexibility. For example, shareholders in a joint stock company (JSC) may not change the quorum of a general shareholder’s meeting (GSM) or the procedure for convocation...

Crime and corruption in the 4th industrial revolution

March 2017  |  FRAUD & CORRUPTION

Garry Clement

The first Industrial Revolution used water and steam power to mechanise production; the second used electric power, resulting in a vast industrial sector and the third saw the beginnings of electronics and information technology...

Cartel prosecution in the context of the ‘Lava Jato’ corruption probe

March 2017  |  FRAUD & CORRUPTION

Lefosse Advogados

Recent enforcement decisions by the competition authority, especially with respect to the calculation of penalties applicable to informers, as well as interactions between the several different bodies with powers to pursue and to...

The end of privacy?

March 2017  |  DATA PRIVACY

Smith & Williamson LLP

How do governments secure their national tax base in a world where exchange controls have largely been abolished, money can be transferred instantly around the globe and ways of holding structures located in tax efficient jurisdictions are readily...

A best-practice approach to gain Privacy Shield certification

March 2017  |  DATA PRIVACY

Pitney Bowes

Against a backdrop of domestic economic turbulence, organisations are increasingly looking to minimise risk and fuel growth by expanding their business operations overseas. Encouraged by continued customer demand for variety...

The proposed e-Privacy Regulation: what is new?

March 2017  |  DATA PRIVACY

Arthur Cox

In January 2017 the European Commission published its proposal for an e-Privacy Regulation (EPR) just weeks after an unofficial draft of the proposed law was leaked. The Commission’s proposal is still very much in draft form and will likely undergo...

Paying employees through prepaid debit cards is efficient, but potentially risky for employers

March 2017  |  LABOUR & EMPLOYMENT

Watson Farley & Williams

The use of payroll cards is widespread and becoming more popular. In 2012 alone, businesses loaded $34.1bn worth of wage payments onto prepaid debit cards, according to Aite Group. The benefits of using prepaid debit cards are...

VAT in the financial sector: partial exemption



As the VAT year-end is fast approaching for most businesses, it is an opportune time for businesses to take stock of their VAT position. The majority of businesses in the financial sector will be partly exempt, which means that they are not...

Artificial intelligence: the investment of 2017 and beyond


Shoosmiths LLP

The rise of artificial intelligence (AI) has, for the last couple of years, dominated headlines as technologies associated with AI advance and appetite grows exponentially for AI products. Key market players in industries too many to mention...

The new Panamanian insolvency law and its cross-border insolvency provisions


Mizrachi Davarro & Urriola

The recent questions laid against the world’s offshore industry, amid the so called ‘Panama Papers’ affair, have overshadowed Panama’s enactment of Law No. 12 of 19 March 2016, “[w]hich establishes the Regime of the bankruptcy proceedings...

Quasi-security transactions in Nigeria: sidestepping the adverse effects of insolvency proceedings by taking back what is yours


Fidelis Oditah & Co.

The importance of a security interest is highlighted when a company is unable to pay its debts. A security interest primarily secures the debtor’s payment obligation and insulates a secured creditor from insolvency. Hence, so long as a company...

The exciting future of banking technology

February 2017  |  BANKING & FINANCE


As waves of technological change continue to sweep across the banking industry and innovative FinTech companies introduce new technologies, 2017 promises to continue the trend of disruption we have seen in recent years. Clearly, what we think...

Recent changes in Germany regarding transparency of indirect major holdings in voting rights

February 2017  |  FINANCE & INVESTMENT

K&L Gates LLP

The implementation of the EU Amending Directive (2013/50/EU) to the Transparency Directive (2004/109/EC) has resulted in a couple of changes to the notification and publication requirements for major holdings of voting rights in shares...

Listing on Euro MTF

February 2017  |  CAPITAL MARKETS

Hance Law Avocats

The Luxembourg Stock Exchange (LSE) operates two separate markets: the Bourse de Luxembourg (Bourse), the regulated European market, and the Euro MTF (MTF), the multilateral trading platform. With over 10,000 stock market introductions in...

GDPR: do not bury your head in the sand

February 2017  |  DATA PRIVACY

REaD Group

2016 was the year in which the General Data Protection Regulation (GDPR) became a serious topic. The year was tarnished by a number of high profile company data breaches which undermined public confidence in the way companies...

Sports and intellectual property in India: an emerging sector


Jafa & Javali, Advocates

The Indian sports market is rapidly growing with different disciplines such as cricket, football, badminton, hockey, tennis and kabbadi proving popular. Sport in India has never really been taken seriously, however. It has always been seen as...

Is dumping of foreign capital to offer discounts ‘anti-competitive’?

February 2017  |  GLOBAL TRADE


E-commerce marketplaces have been a game changer when it comes to retail trading in India. E-commerce market players have been trying to acquire a customer base for the purpose of enhancing their gross merchandise value. For some years...

How a culture of altruism benefits the bottom line


Center for Conflict Resolution

In every culture, including corporate culture, there is conflict created in both the ‘quid pro quo’ profit motive and the losses inevitably resulting from the problem known as ‘the tragedy of the commons’. The secret to success lies in...

A step toward a more efficient dispute resolution mechanism in Brazilian public contracts


GVM Advogados

On 25 November 2016 the Brazilian president Michel Temer signed Provisional Measure 752/2016, which, among other objectives, seeks to remedy a series of impasses related to concession contracts in infrastructure sectors. These concessions...

The alleged transition from partners to neighbours – US and Mexico 2017

February 2017  |  SECTOR ANALYSIS

González Calvillo, S.C.

In December 2013 Mexico was energised by a widespread structural and constitutional reform which initiated the so called ‘Mexican energy reform’. This change of paradigm aimed to update the country after nearly eight decades of state...

Labour contingencies should not undermine M&A deals in Argentina


Perez Alati, Grondona, Benites, Arntsen & Martínez de Hoz

As in every other M&A deal elsewhere in the world, the potential buyer of a company based in Argentina will have to carry out due diligence processes on the target, its business and assets in an interdisciplinary effort. A properly designed and...

The Austrian HETA saga: successful investor appeasement at last?

January 2017  |  FINANCE & INVESTMENT

Freshfields Bruckhaus Deringer LLP

In October 2016, almost seven years after the emergency nationalisation of the failed Hypo Alpe-Adria-Bank (a €40bn Austrian regional bank based in the province of Carinthia, which in 2014 was re-named ‘HETA Asset Resolution’ (HETA)), the Austrian...

Bridging the gap between impact investors and social impact opportunities

January 2017  |  BANKING & FINANCE

Reed Smith LLP

For impact investment to be able to unlock its true potential in targeting positive change around the world, both sides of the impact investment spectrum must be satisfied: there must be a robust supply of capital and a sufficient number of investable...

Brexit and FinTech

January 2017  |  BANKING & FINANCE

Morgan Lewis

Recent news reports and surveys suggest that UK FinTech firms are more concerned with the loss of EU free movement of labour than the passporting of their services to other EU markets. In many cases this is true. However, this does not...

There is such a thing as free-cash funding – but it is only for ultra-high-net-worth corporations, foundations and nations

January 2017  |  BANKING & FINANCE

PreConstruction Catalysts, Inc.

Raising funds for a given project is usually at the top of the to-do-list when a company, foundation or nation has a need. Conventional financing avenues can be quite disappointing in today’s environment, as banks and other financial institutions...

Maximising value in enforcement of development finance

January 2017  |  BANKING & FINANCE

Berwin Leighton Paisner LLP

The current economic climate of low but potentially rising interest rates, increasing inflation, weak sterling, falling overseas investment and solvency concerns in the construction industry, poses multi-faceted risks to the real estate market, and in...

I don’t wanna TalkTalk about it?

January 2017  |  RISK MANAGEMENT

Advent IM Ltd.

In October 2016, telecoms provider TalkTalk was hit with a record £400,000 fine (and a smaller £1000 fine for another, earlier data breach) by the Information Commissioner’s Office (ICO) for security failings that led to their failure to prevent...

EPA financial provision scheme for environmental liabilities

January 2017  |  RISK MANAGEMENT

Philip Lee

The Environmental Protection Agency (EPA) is the statutory body responsible for the licensing of significant activities under environmental law in Ireland. Pursuant to a number of EU environmental directives and national legislation, licensees...

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