May 2016 Issue

Financier Worldwide Magazine

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Defending against insider fraud

Companies are coming to terms with the threat of attack from malicious parties. In recent years, cyber crime and cyber terrorism have become facts of life for businesses of all sizes. As the battle with external forces has intensified...



Shadow banking in China: boon or threat?

Having been viewed in a less than positive light during the darkest days of the financial crisis, shadow banking, though still perceived as risky, is now very much viewed as a niche trade providing substantial benefits (as well as...

Investors take bullish attitude to US real estate market

2015 was a strong year for US real estate investment. Commercial real estate in particular enjoyed high demand and few vacancies, driving commercial rents higher. Though the market could turn quickly, optimism is widespread...

Observer to instigator: the rise of the reluctavists

Many long-term shareholders are a passive lot, content to go along with the ebb and flow of the corporate world with a regular expectation of reaping the rewards of their investment. Yet there are times when concerns over corporate behaviour...

Angst mounts as oil & gas uncertainty climbs

Turn to the business pages of any periodical on any given day and there is a strong chance that the latest instalment in the tale of woe that is the current state of the global oil & gas industry will have pride of place...

Implications of a ‘Brexit’

Until just a few years ago, the prospect of Britain leaving the European Union was unthinkable. Yet the conversation has changed. The burgeoning influence of euro-sceptic groups such as the UK Independence Party, and election of the...




Data protection & privacy laws

MODERATOR: Sam Pfeifle, IAPP. THE PANELLISTS: Niranjan Arasaratnam, Allens; Evan Sills, Good Harbor Security Risk Management; Alex C. Nisenbaum, Pepper Hamilton LLP; Alexander Shepherd, Simmons & Simmons LLP; and Jessica N. Cohen, Skadden, Arps, Slate, Meagher & Flom LLP.

Data privacy is increasingly complex and subject to constant discourse and revision. Indeed, over the past 12 months, there has been a host of major regulatory and legislative developments in this area, including the Safe Harbour invalidation...



Operating an effective board

In an ideal world, every organisation would have an effective board leading the way – especially in view of a business environment that has metamorphosed into its current form, in which dealing with intensive, increasing scrutiny is...

FORUM: Governance and ethics best practice

FW moderates a discussion on governance and ethics best practice between Miriam Garnier at Finance & Gouvernance, Tim Goodman at Hermes EOS, Chiara Diaz at Kraft Heinz Company, and Dr Solomon Osagie at TSYS International.

Duties and liabilities of European directors – too much risk for too little return?

ecoDa Serving as a corporate director or supervisory board member can sometimes seem like a thankless task. Unlike chief executive officers or senior company executives, board members do not necessarily earn the substantial...

Performance in the spotlight: assessment and board effectiveness

Spencer Stuart Investor focus on board performance has reached new levels of intensity, as a growing number of institutional investors have joined activist investors in calling for greater transparency about board composition and performance. A robust...

Building an environment of trust is a board responsibility?

Frank C. Bucaro & Associates Warren Buffet, in a memo to his senior managers, stated “Culture, more than rule books, determines how an organisation behaves.” Boards need to have oversight of their ethics and compliance function...

Corporate governance is not one-size-fits-all

Third Creek Advisors, LLC In the US financial markets, investor, media and regulatory focus is predominantly trained upon the largest public companies. But, the large-cap bias in the US, and other global markets, camouflages a capital markets truism: the...

Key considerations for boards of pre-IPO companies

Protiviti As anyone who has been part of a successful IPO will attest, preparing to become a public company in the US involves significant business transformation. The discussion below focuses on key considerations at the board level...

Q&A: M&A strategy – creating shareholder value and managing risks

FW moderates a discussion on using M&A as a strategy to create shareholder value and manage risks between David McCourt at Granahan McCourt Capital, Diego S. Krischcautzky at Marval O’Farrell & Mairal, and Derek Devgun at Medtronic.



mergers & acquisitions

LSE and Deutsche Börse in $30bn merger of equals

The London Stock Exchange Group and Deutsche Börse have announced an all share $30bn ‘merger of equals’ which will create one of the largest exchange companies in the world. LSE-Deutsche Börse would be the world’s biggest exchange...

Starwood Hotels sold to Marriott in $13.6bn deal

Marriott International, Inc and Starwood Hotels & Resorts Worldwide, Inc. have announced a $13.6bn merger that will create the world’s largest hotel company. The deal, an amended agreement by Marriott to take over Starwood...

private equity & venture capital

TPG to sell Nexeo for $1.67bn

In an agreement valued at $1.67bn, Nexeo Solutions, the world’s largest chemical and plastics distributor, has announced that it is to merge with WL Ross Holding Corp, a special purpose acquisition company (SPAC) sponsored...

KKR to buy Airbus’ defence electronic business

American private equity giant KKR has agreed to acquire the defence electronics division of Airbus Group for around $1.24bn, including debt. According to a statement released by Airbus announcing the deal, the transaction is expected...

bankruptcy & corporate restructuring

Venoco files for Chapter 11 protection

Volatility in the commodities market has forced many businesses into bankruptcy over the last two years. To date, 51 North American oil & gas producers have filed for bankruptcy protection since 2015, according to data from law firm...

Abengoa wins creditor approval for restructuring plan

Heavily indebted Spanish multinational corporation Abengoa S.A. has won support from a number of its creditors to allow it more time to approve a $10.5bn debt restructuring. According to a regulatory filing made on 28 March, a group of more...



Auditing culture – a piece of a broader governance puzzle

RMS US LLP The governance world is increasingly focusing on the relationship between organisational culture and risk. It’s also focusing on approaches to gaining deeper insight into the alignment between the culture throughout the organisation...

Sharing cyber vulnerabilities with the government

Robinson & Cole LLP The sophistication of cyber intrusions has increased exponentially over the past two years, evidenced by the devastating hackings of companies in every industry, including major retailers, healthcare companies, banks, movie...

Time for financial services companies to take a more assertive approach to email phishing

Cyber Security Partners Britons today are far more likely to check their bank balance online than visit a high street branch. With a daily login of around 9.6 million, online banking is our most relied upon means of keeping in touch with our finances, and...

Transatlantic compliance: understanding today’s picture and best practice next steps

Epiq Systems A complicated picture just got more complex. The transatlantic transfer of personal data between the European Union and the US is now governed by new data privacy compliance obligations following an October 2015 ruling that...

Modern slavery and supply chains – what’s your approach?

Shoosmiths LLP The transparency in supply chains provisions contained in the Modern Slavery Act 2015 came into force on 29 October 2015. Companies are taking a varied approach to compliance. Companies with a turnover of £36m and above who supply goods...

The implementation of the new UK PSC regime

Morgan Lewis On 25 January, the final version of the Register of People with Significant Control Regulations 2016 (the PSC Regulations) was laid before the UK Parliament for approval. Similarly, the Department for Business, Innovation and Skills (DBIS)...

Managing market inquiries in Africa

Norton Rose Fulbright South Africa Recent market inquiries by African competition authorities have highlighted the need for companies operating in Africa to be properly prepared to participate in these inquiries and to take adequate steps to protect their confidential information...



Private equity in Switzerland: an overview

CP-DL Leone & Partners SA The private equity market in Switzerland is on a slow trend forward, and, similarly to its surrounding EU member countries, Switzerland has seen an increase in the volume of investments in private equity and venture capital structures in the last...

Triple negative – making sense of the current wave of corporate restructurings

Peter J Solomon Company Corporate restructuring is cyclical, defaults rising and falling with the general level of economic activity. It is often argued that little changes from cycle to cycle. Business failures have common causes. Remedies fit standard moulds...

RMBS and the changing investor landscape

Robins Kaplan LLP In a persistently low-interest rate environment, investors have been scrambling for high-yield opportunities across a variety of asset classes. The last several years have seen an explosion in the issuance of high-yield debt, collateralised...

IFRS9: the impact on collections and recoveries for businesses

4most Europe At this stage, most organisations are well on their way to coming up with a compliant solution for the new accounting standard IFRS9, which becomes mandatory on 1 January 2018. Management teams are also starting to understand...


4most Europe

CP-DL Leone & Partners SA

Cyber Security Partners


Epiq Systems

Finance & Gouvernance

Frank C. Bucaro & Associates

Good Harbor Security Risk Management

Granahan McCourt Capital

Hermes EOS


Kraft Heinz Company

Marval O’Farrell & Mairal


Morgan Lewis

Norton Rose Fulbright South Africa

Pepper Hamilton LLP

Peter J Solomon Company



Robins Kaplan LLP

Robinson & Cole LLP

Shoosmiths LLP

Simmons & Simmons LLP

Skadden, Arps, Slate, Meagher & Flom LLP

Spencer Stuart

Third Creek Advisors, LLC

TSYS International

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