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MAGAZINE

August 2019 Issue

Financier Worldwide Magazine


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COVER STORY

Tempered TIER tantalises US-China trade war thaw

Costly and predictable, the US-China trade war has continued to escalate in recent months, with the US raising tariffs and China vowing to retaliate in kind – despite the Chinese offering an olive branch designed to warm relations between the two superpowers...

 

FEATURES

AI and financial services

Artificial intelligence (AI) is transforming organisations, driving growth and innovation and changing the way they think about integrating and analysing data. While there are regulatory, ethical and privacy concerns surrounding AI’s applications, for financial institutions (FIs)...

Evolving role of the CFO

The chief financial officer (CFO) plays a pivotal role in designing and driving company strategy and is responsible for ensuring that a high state of operational resilience and efficiency is maintained. Today, they must be stubborn in the face of ever-evolving challenges...

Activism in the ESG sphere

Beneficial for companies and the communities they serve, environmental and social governance (ESG) oversight has increased dramatically in recent years, to the extent that it is now a core component of companies’ corporate policy and strategy...

Perils of self-reporting

The fight against fraud, bribery and corruption is never ending. Since the global financial crisis, authorities in the US, the UK and elsewhere have attempted to combat corporate malfeasance wherever it is found. Self-reporting has become one important...

GDPR: year one and beyond

After arriving amid a chorus of concern, even foreboding, the European Union’s General Data Protection Regulation (GDPR) has steadily bedded-in and has now passed its first anniversary – no longer deemed an instrument of fear, uncertainty and doubt...

 

ROUNDTABLE

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Resolving patent disputes

THE PANELLISTS: Josep Montefusco, Clifford Chance; Stanley M. Gibson, Jeffer Mangels Butler & Mitchell LLP; Bill Devitt, Jones Day; Joshua L. Simmons, Kirkland & Ellis LLP; Clemens Heusch, Nokia; David A. Prange, Robins Kaplan LLP; and Trent Webb, Shook, Hardy & Bacon LLP.

Resolving a patent dispute can be complex, highly technical and time consuming. An arena particularly subject to litigation, over the past year a host of key decisions have had an impact, affecting patent eligibility requirements, administrative proceedings...

 

SPECIAL REPORT

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Competition & antitrust

One critical element of today’s business landscape is paying attention to antitrust and competition issues – an especially acute concern given the increasing prevalence of cross-border components in transactions and the greater...

Q&A: Effective use of expert witnesses in competition disputes

FW moderates a discussion on the effective use of expert witnesses in competition disputes between Miguel de la Mano, Thilo Klein, Frédéric Palomino and David Sevy at Compass Lexecon.

Why all businesses need an effective competition law compliance programme

Ashurst LLP Regulators around the world are becoming increasingly active in their enforcement of competition law. Around 150 countries have competition laws and no business, regardless of size and industry sector, is safe from regulatory scrutiny. Large businesses continue...

Canadian Competition Bureau actively investigating below-threshold mergers

McCarthy Tétrault LLP Once merging parties conclude that their transaction is not reportable to competition authorities, they often assume that competition law considerations have been dispensed with and focus on other deal points. However, just because a transaction falls below...

Merger control: the road ahead

K&L Gates EU commissioner for competition Margrethe Vestager delivered a speech entitled ‘Merger control: the road ahead’ in Brussels on 18 June 2019. As she will reach the end of her five-year mandate on 31 October 2019, it is a good time to evaluate how the competition...

Digital markets: recent competition law developments in the EU

Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates In recent years, the debate over antitrust enforcement in digital markets has intensified. Hefty fines levied on Google by the European Commission (EC) and multiple European probes into ‘big tech’ companies, including Google, Amazon, Facebook and Apple...

Gun-jumping: the growing firepower of EU and UK merger authorities

Cleary Gottlieb Steen & Hamilton LLP On 11 February 2019, the Competition Appeal Tribunal (CAT) upheld the first ever ‘gun-jumping’ fine imposed by the UK Competition and Markets Authority (CMA). The £100,000 fine was found by the CAT to be “appropriate” in light of the “utmost importance...

An overview of the Belgian Competition Authority’s activity

CMS Law 2018 marked the 25th anniversary of the Belgian Competition Authority (BCA). On that occasion, the BCA took stock of its activity and priorities for the future. Its findings and conclusions were recently published, on 17 June 2019, in its 2018 annual report...

Putting the ‘aid’ in dawn raid: a lesson in first response

Arnold & Porter In the midst of your morning coffee, reading your financial broadsheet of choice, you receive an alarming call from reception; officials from the European Commission (EC) have arrived at the office announcing a dawn raid. In the search for anti-competitive agreements...

How to deal with data while complying with antitrust law

Clifford Chance Data has been described as the new asset class of today’s economy. Companies increasingly collect, analyse and report vast volumes of data. This increasing collection of data and the ability to produce insights from it has important consequences in the field of competition compliance...

Funding private enforcement actions

Shepherd and Wedderburn The general trajectory of an increasing number of ever higher fines against cartelists is now being matched with an increased vigour on the part of claimants who have suffered losses to bring damages claims seeking recompense. The UK remains one of the...


TALKINGpoint

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M&A analytics – deal valuations and due diligence

FW moderates a discussion between Andrew Robinson, Steve Xing, Chris Woolley and Angelina Kuznetsova at Deloitte on M&A analytics, focusing on deal valuations and due diligence.

Reducing third-party fraud risk

FW moderates a discussion between Richard Shave and Natalie Butcher at BDO LLP on reducing third-party fraud risk.

DEALfront

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mergers & acquisitions

United Technologies and Raytheon create giant through all-stock deal

Raytheon and United Technologies have agreed to an all-stock merger of equals which will create a $120bn aerospace and defence giant. The deal is expected to generate more than $1bn in cost synergies by the end of the fourth year, the companies said in a...

Salesforce to buy Tableau Software for $15.7bn

In a combination that will drive digital transformation around the world – spending on which the International Data Corporation (IDC) projects will reach $1.8 trillion by 2022 – leading global customer relationship management (CRM) company Salesforce...

private equity & venture capital

Blackstone buys warehouse assets for $18.7bn

Private equity giant Blackstone Group LP has announced that it is acquiring the US industrial warehouse properties of Singapore-based logistics provider GLP for $18.7bn. The deal is the largest ever private real estate transaction globally and Blackstone’s...

EQT sells IP-Only for €1.7bn

In a transaction with an enterprise value of $1.7bn, Swedish private equity (PE) group EQT’s Mid Market fund has sold high-growth fibre infrastructure provider IP-Only to EQT Infrastructure – the EQT arm tasked with identifying investment opportunities...

bankruptcy & corporate restructuring

Fusion Connect files for Chapter 11 bankruptcy

As a result of the failure of two recent acquisitions, cloud services provider Fusion Connect, and each of its US subsidiaries, has entered into a Restructuring Support Agreement (RSA) with lenders holding more than two-thirds of the aggregate outstanding...

Arcadia avoids administration

Arcadia Group, the fashion retail firm, has narrowly avoided administration after a group of the company’s creditors agreed to its controversial restructuring plan. Under the terms of its plan, Arcadia, the parent company of Topshop, Topman, Burton...

SPOTlight

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Are you prepared for the conscious consumer?

SAI Global In an environment where conscious consumerism has gone mainstream and trust in business is paramount, managing this new breed of customer expectations and perceptions has become critical to building organisational resilience. In the decade since...

CJEU Danish cases on beneficial ownership and treaty abuse

NovioTax On 26 February 2019, the Court of Justice of the European Union (CJEU) issued landmark judgements in six cases which deal with the application of the EC Parent-Subsidiary Directive and the EC Interest and Royalty Directive. The majority of the cases involved...



CONTRIBUTORS

Arnold & Porter

Ashurst LLP

BDO LLP

Cleary Gottlieb Steen & Hamilton LLP

Clifford Chance

CMS Law

Compass Lexecon

Deloitte

Jeffer Mangels Butler & Mitchell LLP

Jones Day

K&L Gates

Kirkland & Ellis LLP

McCarthy Tétrault LLP

Nokia

NovioTax

Robins Kaplan LLP

SAI Global

Shepherd and Wedderburn

Shook, Hardy & Bacon LLP

Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates


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