Bank share prices rose again as economic data and market activity bolstered expectations for a Fed rate increase. Initial estimates for Q3 GDP came in above expectations, fueling an increase in bond yields. The 10-year Treasury yield rose 11 basis points to 1.845%, while the broader stock market fell. Regional bank shares rose 1.8% for the week, while the largest banks’ shares rose a smaller 0.9%. Banks have had a good run recently, with banks’ shares advancing 4.9% and 6.4%...

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Employers who rely heavily on independent contractors or temporary workers should take note: “Gig” economy companies are now a priority of the U.S. Equal Employment Opportunity Commission (EEOC). The EEOC recently approved its Strategic Enforcement Plan (SEP) for fiscal years 2017 –2021, updating and identifying areas of priority for the agency. In particular, the EEOC is interested in “larifying the employment relationship and the application of workplace civil rights protections in light of the increasing complexity of employment relationships and...

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2016 has been dominated by the UK’s decision to leave the European Union. With this in mind, our latest survey of senior Europe-based executives was taken once before the 23 June, and then again with the same participants in the months after the Brexit vote. The result is a unique contrast of expectations for European M&A pre- and post-referendum, as corporates and private equity firms wrestle with its consequences for their businesses and dealmaking prospects. The results show that, in...

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I was giving a talk recently when a senior executive asked me, “If we have the time and resources to focus on just one thing to improve our information security, what would you suggest?” I didn’t hesitate: “Train your workforce.” As we know from multiple studies, the biggest threat to information assets comes from “insiders,” which means (mostly) your employees. It’s not that you have a team packed with spies; but employees notoriously misunderstand their confidentiality obligations. In a recent...

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The U.S. Food and Drug Administration (FDA) recently launched a website1 that will now make it easier to report allegations of medical device manufacturer misconduct to the agency.2 Misconduct reports were historically submitted electronically (e.g., by email) or by letter. As many reporters wished to maintain anonymity, third parties (e.g., law firms) were often engaged to submit these reports. And once a third-party report was submitted, it was difficult to determine if the FDA commenced an investigation until an...

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Daniel Glazer and Collins Belton at Wilson Sonsini Goodrich & Rosati and leading UK VC firm Notion Capital have teamed up on a blog to offer their perspectives on transatlantic VC investment and considerations for UK and other non-US companies looking to raise VC funding from US investors. Check out the full series here. We’re often asked what to watch for when reviewing or negotiating US term sheets. Below are five key concepts non-US founders – and founders generally – should understand. Note that...

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If the employment relationship comes under general protection against dismissal, a dismissal pursuant to the German Act on Protection Against Unfair Dismissal (KSchG) is justified if it is necessary due to urgent operational requirements. But even if these reasons are on hand and continued employment at the establishment or company is not possible, the employer generally may not select and dismiss his employees at his free discretion. On the contrary, he has to carry out a so-called social selection....

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On 25 October 2016 the European Commission presented 3 new proposals for Council directives. The first proposal amends the anti-tax avoidance directive (ATAD) as regards hybrid mismatches with third countries, while the other two have relaunched the Common Consolidated Corporate Tax Base proposal of 2011 which has been split into 2 parts: a proposal for a Common Corporate Tax Base (CCTB) and a proposal for a Common Consolidated Corporate Tax Base (CCCTB). The CCTB/CCCTB proposals are at the early stage...

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According to The DI Wire, Cantor Fitzgerald is launching a $1 billion non-traded REIT called Rodin Global Property Trust Inc. Rodin intends to focus investments to single-tenant, net-leased commercial properties located in the US, the UK and other countries in Europe. The firm is offering three classes of common stock: class A, class T and class I shares. The Blackstone Group also launched its first non-traded REIT, Blackstone Real Estate Income Trust, back in August. The Wall Street Journal> reports...

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In just over a six-week span, the U.S. Securities and Exchange Commission has fined three different companies for employee agreements that, in its view, could impede individuals from communicating with the commission about securities law violations. The SEC’s prioritization of this issue, combined with its incredibly expansive interpretation of its rule, places companies at a heightened risk of SEC scrutiny based on standard employee, consultant, vendor, confidentiality, separation and other agreements. SEC Rule 21F-17 provides that “No person may take...

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