On 14 May 2024, the European Securities and Markets Authority (ESMA) released its final report on the guidelines on funds’ names using ESG or sustainability-related terms (the “Guidelines”), which also include a minimum investment threshold and qualifying criteria for different categories of ESG- and sustainability-related terms. The purpose of these Guidelines is to ensure that fund names using ESG- or sustainability-related terms are fair, clear and straightforward. Background  As part of its efforts to combat greenwashing, in November 2022, the...

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This article was originally published in the ACG Middle Market DealMaker Magazine | Spring 2024 issue on May 6, 2024 and is republished here with permission. Historically, many private equity firms have let their portfolio companies independently manage cybersecurity. Given the increase in data and cyber risks, sophistication of threat actors, and impact and cost of breaches, leading PE firms are taking a new collaborative approach. While portfolio companies are still able to operate independently, PE firms and their deal teams...

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Occasionally, an attorney may draft a United States Will for an international client who holds assets in more than one country. The attorney may pull a model Will out of their file cabinet or off the computer and change the first page. This could involve adding a preamble on the first page stating that this Will pertains only to United States property. The printed back of the Will may declare that this is the client’s “United States Will.” Thus,...

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On May 6, the Federal Deposit Insurance Corporation (FDIC), Office of the Comptroller of the Currency (OCC), and Federal Housing Finance Agency (FHFA) issued a notice of proposed rulemaking and request for public comment to implement Section 956 of the Dodd-Frank and Wall Street Reform and Consumer Protection Act (Dodd-Frank). Under Section 956, the FDIC, OCC, FHFA, National Credit Union Association (NCUA), Securities and Exchange Commission (SEC), and Board of Governors of the Federal Reserve System (the Fed) are tasked with...

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As renewable energy projects contend with volatile energy markets, new regulations and a challenging investment climate, it’s easy to lose sight of the progress being made in the transition away from fossil fuels. Sustained investment in renewables continues, despite the hurdles, and will translate into enduring growth as economic activity becomes less dependent on fossil fuel prices and supply fluctuations. Ultimately, as the transition accelerates and renewable electricity generation increases, economic prosperity will ensue as emissions fall. But getting there is a...

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Tensions rise between UK and Ireland over immigration Attempts to handle the unprecedented levels of immigration have this week prompted diplomatic tensions between Ireland and the UK. Looming general elections on either side of the Irish Sea means that there has been considerable political jockeying on the issue, which perception polling indicates will be top of mind for voters. Responding to a line of questioning from Clare Independent TD – and MEP candidate for Ireland South ­– Michael McNamara, Minister for...

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In this week’s Roar: the Key Bridge cleanup, tightening airfreight capacity, port volumes in the U.S., container ship deliveries hit a record, and diesel prices continue to fall. Baltimore is making good progress cleaning up the shipping channel and removing the Dali—the container ship that caused the Key Bridge collapse in March. Officials are hopeful the ship can be removed by May 10. So far, over 3,000 tons of debris have been pulled from the channel, and the next step is...

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The dollar is mostly a little softer today in thin market conditions, with Tokyo, Seoul, and London closed for holidays. The Japanese yen is the weakest G10 currency, losing about 0.5% and slipping through last Friday's lows. At first, after Fed Chair Powell did not endorse rate hike speculation, the market thought he was dovish. But after the softer than expected jobs data and weakness in the ISM services, the market shifted from doubting one cut to pricing in...

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