London is a hub for many pan-European funds, but Brexit could disperse that power. "Brexit means Brexit" said Theresa May, now U.K. prime minister, in the early days after the U.K.'s vote to leave the European Union. There would, she said, be no attempt to remain inside the Union. Unfortunately, for anyone trying to plan ahead for a post-Brexit world, any attempt to interpret the phrase more deeply is doomed to fail. Nobody knows what Brexit will really mean. Britain has...

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It takes money to make money, as any business owner knows. But many businesses also know what it’s like to be turned down by a bank for a loan or line of credit, not get as much as they need, or simply not get the cash quickly enough. It’s not just start-ups that run into financing difficulties. Even an established company that is growing rapidly will frequently have financial challenges. To make matters worse, owners of small or early...

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Recently, Congress enacted, and President Obama signed, the Defend Trade Secrets Act of 2016 (“DTSA”), the first comprehensive federal trade secrets legislation.  This landmark legislation provides a federal civil remedy for the misappropriation of trade secrets, thereby allowing trade secret owners to protect their innovations and seek redress in federal court—as owners of copyrights, patents and trademarks have already been able to—when violations of their rights occur. Unlike other types of intellectual property, trade secrets have primarily been defined and...

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NEW YORK (August 9, 2016) – Reed Smith LLP today announced the addition of Jess Drabkin as a partner in the firm’s global Entertainment & Media Industry Group in New York. Drabkin was most recently a partner at Grubman Shire & Meiselas. The addition of Drabkin follows on that of Leif Reinstein who joined the firm’s Entertainment & Media Industry Group in Los Angeles in April. “Jess is a world-class entertainment and corporate lawyer and we are incredibly fortunate to...

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On 10 August 2016, the Luxembourg court of appeal overturned the decision of the Luxembourg lower administrative tribunal regarding the VAT treatment of fund investment management services supplied by a Luxembourg based asset manager to an Irish SICAV and entirely delegated to a US service provider. Arendt & Medernach's intervention for the asset manager concerned (i) the right of VAT deduction of the Luxembourg asset manager and by extension, (ii) the VAT exemption applicable on the delegated services. Regarding the...

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The Treasury Department issued proposed regulations to Section 2704 of the Internal Revenue Code on August 4, 2016 that will likely increase the value of intra-family transfers of equity interests in a family controlled business entity for gift, estate, and generation-skipping transfer (GST) tax purposes, and also increase the number of valuation disputes between taxpayers and the government. The proposed regulations are controversial and, if adopted, could have a significant impact on the business succession plans of many family...

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The Pirelli Scorpion K gravel tyres stood up to the fastest stages on the World Rally Championship on Rally Finland. Although the stages around host city Jyväskylä are not as rough as those on many other WRC events, they are extremely fast; this year’s event was the quickest in WRC history, beating the previous record set in Finland in 2015. Good grip and stability from the tyres are crucial, and at these speeds and on the many big jumps that make...

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EY announces that the team from Society Consulting, a US-based market-leading analytics and big data consulting firm in Seattle, Washington, has joined Ernst & Young LLP in the US. Society Consulting is known for aggregating, organizing and visualizing companies’ data to improve the customer experience for its clients across a variety of media channels, and creating scalable, actionable analytics solutions that span all customer touch points. Its services include web development, dynamic content strategy, content management, personalization, segmentation and campaign...

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In June 2015 the European Securities and Markets Authority (“ESMA”) published guidelines on Alternative Performance Measures (“APMs”) (05/10/2015│ESMA/2015/1415en, the “Guidelines”). The Guidelines replace the previous CESR guidelines of October 2005 and apply to relevant disclosures made on or after 3 July 2016. APMs can be useful to issuers and investors because they can provide additional insight into an issuer’s financial performance, financial position and/or cash flow. However, problems may arise when APMs are presented inconsistently, defined inadequately or obscure financial...

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Nearly $1.3 billion in CMBS loans were transferred to special servicing in July. Whether a CMBS loans go unpaid after their maturity date, falls into financial distress, or is subject to a bankruptcy filing from the borrower, chances are they’ll end up in the hands of a special servicer. Trepp has published an infographic that highlights the top 10 loans to be transferred to special servicing. The infographic also features statistical breakdowns for a number of criteria, including property type...

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