Introduction Last November, more than 100 countries (including the Netherlands) concluded the negotiations for the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (the "Convention"). The Convention is the outcome of OECD Base Erosion and Profit Shifting ('BEPS') Action 15 (a mandate for the development of a multilateral instrument on tax treaty measures to tackle BEPS) and is essential in implementing the outcome of certain OECD BEPS Actions in the more than 3,000...

On 8 December 2016 the Dutch Corporate Governance Code Monitoring Committee published the revised Corporate Governance Code. The new Code will take effect on 1 January 2017, which means that management reports for the year 2017 will have to comply with its provisions. The changes will require for many companies to amend their rules governing their supervisory board ("SB"). We are in the process of drafting standard rules which meet the new Code's requirements and will make this available to...

After a quarter of a century at Deutsche Bank, sub-investment grade debt specialist Anthony Forshaw says he's looking to work more closely with clients at Houlihan Lokey in London Anthony Forshaw's departure from Deutsche Bank AG (DB) after 25 years rising up the ranks had nothing to do with CEO John Cryan's sweeping reorganization of the German investment bank. Instead, when he left to join Houlihan Lokey Inc. (HLI), as a managing director in the capital markets group in London,...

GRANITO's team, including its CEO, recently returned from Macerata, the beautiful city in the south of Italy affected by several earthquakes. In Macerata, at the Bellisario Foundation conference of more than 200 professional women, managers and entrepreneurs, GRANITO's CEO spoke on the topic of women leadership, its perception, management and promotion abroad. The speech focused on illustrating alternative "business models" that can be used to endorse the promotion of gender equality in various work environments. GRANITO welcomes, once again, women and companies...

But Second Circuit’s Reversal of Defendants’ Conviction in Newman Unaffected by High Court Ruling in Salman Introduction In a much-anticipated ruling on insider trading, the Supreme Court held today, in Salman v. United States, that the disclosure of inside information by a corporate insider (tipper) to a “trading relative” (a tippee) constitutes a “personal benefit” for the tipper and is sufficient to convict a direct or indirect tippee who also trades on the information and knows about the intra-family “gift.” The...

California has a rich set of State-based incentive programs that target retention of existing businesses, growth of targeted industries and attracting companies outside of the state One special program that encompasses the State's plan is the California Competes Tax Credit (CCTC). The California Competes Tax Credit is a discretionary income state tax credit available to companies in California that are growing, as well as national or global companies that are planning to expand, relocate or grow in California.     About NYGC: For over 15 years, NYGC has awarded $750...

For years, Lewis Silkin has established itself as one of the UK’s leading law firms, renowned for providing practical, market-leading advice to clients around the globe and across a range of industries and sectors. At the heart of our vibrant business have always been our clients and our people, both of which we feel make us unique in a highly competitive and ever-changing legal services marketplace.   As the next step in our journey, we are pleased to share with you...

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 this discussion assumes investment into a US holding company. Investments into UK or other non-US holding companies will present similar issues, but with some differences due to the nuances of the applicable non-US law. Valuation and Total Financing Amount Founders need to intimately understand valuation. Simply put, your startup’s valuation is what a group of reasonably...