10 Dec
Member News

Steptoe | Council of the EU Calls for Due Diligence Rules Along Global Supply Chains

On December 1, 2020 the Council of the EU adopted conclusions calling on the Commission to launch an Action Plan by 2021 focusing on shaping global supply chains sustainably, promoting human rights, social and environmental due diligence standards and transparency. In April 2020, the Commission already announced its intention to develop a legislative proposal and published a study on due diligence requirements through the supply chain (see our previous client alert). The Action Plan should include a call for a proposal from the...

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09 Dec
Member News

CEA Legal | Fashion law highlights in our practice

Fashion Law is a growing and emerging legal category that encompasses several other and more traditional legal specialties. Intellectual Property Fashion companies protect their brands by filing for state or federal trademark registration. After filing for federal registration, the fashion company owns the exclusive right to use the trademark in the U.S. and the right to use the official registered trademark symbol ®. If a fashion company believes that its designs are being copied, to prevail in court, the fashion company would...

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09 Dec
COVID-19 News, Member News

Troutman Pepper | Changes to Target’s Business Prompted by COVID-19 Pandemic Breached Ordinary Course Covenant, Permitting Buyer to Escape Deal

Who Needs to Know Companies and individuals negotiating contracts governed by Delaware law. Why It Matters In a recent decision, the Delaware Court of Chancery permitted a buyer to escape its obligation to acquire a target from a seller under the parties’ purchase agreement because the target had made extensive changes to its business as a result of the COVID-19 pandemic in violation of the agreement’s ordinary course of business covenant. The court’s holding reaffirms that standard ordinary course of business covenants...

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09 Dec
Brexit News, Member News

Orrick | Brexit: the Italian legal framework on UK financial entities operating in Italy after the end of the transition period (December 31st, 2020)

Banks From January 1st, 2021, UK banks will qualify as non-EU banks and relative provisions will apply. Accordingly, UK banks shall be authorized by the Bank of Italy to operate in Italy, through a branch or on a cross-border basis. In addition, UK banks may also be authorized to provide investment services (Bank of Italy having consulted Consob): towards retail and professional on request clients, only if a branch is established; towards eligible counterparties and per se professional clients, also on a cross border basis. If...

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09 Dec
Member News

CLA | Should You Accelerate Income in Anticipation of Tax Rate Increases?

Key insights President-elect Biden ran on proposed increases of top tax rates. Tax rate increases may not occur until a later year (if at all), and may not affect you. Acceleration of income may not be appropriate in all circumstances. Your individual situation can help to determine if you should take action or wait and see. As part of his campaign, President-elect Biden proposed an increase of the top tax rates on personal income (from 37% to 39.6%), capital gains...

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09 Dec
Chapter News

IMF | Navigating Capital Flows—An Integrated Approach

In a continuous effort to help countries manage volatile cross-border capital flows, the IMF has taken a major step toward a new analytical macroeconomic framework that can guide appropriate policy responses. The work reflects evolving thinking on macroeconomic policy and will feed into the upcoming review of the IMF’s Institutional View on the Liberalization and Management of Capital Flows, which currently guides the Fund’s advice and assessments of members’ policies. Our analysis suggests that there is no “one-size-fits-all” response to capital...

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09 Dec
Chapter News

A fundamental transport transformation: EU Commission presents its plan for green, smart and affordable mobility

The European Commission presented today its ‘Sustainable and Smart Mobility Strategy' together with an Action Plan of 82 initiatives that will guide our work for the next four years. This strategy lays the foundation for how the EU transport system can achieve its green and digital transformation and become more resilient to future crises. As outlined in the European Green Deal, the result will be a 90% cut in emissions by 2050, delivered by a smart, competitive, safe, accessible and affordable transport...

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08 Dec
Brexit News, Chapter News

Joint statement by the co-chairs of the EU-UK Joint Committee re the Brexit Negotiations

The co-chairs of the EU-UK Joint Committee – European Commission Vice-President Maroš Šefčovič and the UK Chancellor of the Duchy of Lancaster, the Rt Hon Michael Gove – yesterday held a political meeting to address the outstanding issues related to the implementation of the Withdrawal Agreement. Ensuring that the Withdrawal Agreement, in particular the Protocol on Ireland and Northern Ireland, is fully operational at the end of the transition period, i.e. as of 1 January 2021, is essential. The...

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08 Dec
COVID-19 News, Member News

SH Legal | Practical insights on M&A transactions during COVID-19

In this series of briefing notes, we will look at some key areas of a private M&A transaction that may be impacted during COVID-19 era. This note is designed to focus on the valuation and structuring issues that may arise in these transactions. Valuation and purchase price structure The market uncertainty caused by the COVID-19 outbreak has led to difficulties in valuing the target and forecasting its future business performance. As such, it is not hard to see why buyers now...

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08 Dec
Member News

Troutman Pepper | Nasdaq Proposes New Listing Rules on Board Diversity

In this vein, Troutman Pepper released a podcast to expand upon the theories asserted in these new board-diversity derivative actions, analyze potential problems for plaintiffs in sustaining the claims, and provide additional guidance on how to respond to a shareholder demand to take action to address diversity and inclusion. Listen here: Board Diversity Podcast | Momentum continues to build to mandate diversity on corporate boards. A new proposal by Nasdaq will require all Nasdaq-listed companies to have at least two diverse...

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