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9/24/2018 - Alert
Kirkland & Ellis International LLP
Hard choices: Restructuring and insolvency dealmakers face uncertainty ahead of possible "Hard Brexit"
The U.K. Government has issued guidance on the prospect of a “no deal” Brexit, including the possible future of the cross-border European restructuring and insolvency landscape. In this alert, we consider the potential practical implications of this scenario.
9/17/2018 - Alert
Kirkland & Ellis
SFO v. ENRC: UK Litigation Privilege Protection Reinvigorated for Investigations
On 5 September 2018, the Court of Appeal of England and Wales handed down judgment in the highly anticipated case of SFO v. ENRC.
9/7/2018 - Alert
Kirkland & Ellis International LLP
UK Seeks to Strengthen its National Security Regime
In a recent white paper, the U.K. government proposed a new framework that will transform how the U.K. assesses and manages national security risk arising from certain types of investments and acquisitions.
9/5/2018 - Alert
Kirkland & Ellis International LLP
New Horizons Major UK Insolvency and Corporate Governance Reform Announced
The U.K. Insolvency Service has launched reforms under five categories which Kirkland believes will improve the ability of companies to be efficiently restructured in times of distress, but sound caution for creditors seeking to employ hold-out strategies.
Authors: Kate Stephenson
Article
Bloomberg Law
Reform on the Horizon for the U.K.’s National Security Regime
Marcus Thompson, Mike Casey, Mark Gardner and Kartikey Mahajan authored an article regarding the UK's latest proposal for dealing with investments and acquisitions that may present national security concerns.
8/3/2018 - Alert
The European Commission’s €125M Gun Jumping Decision Against Altice: Key Considerations for Post-Signing Conduct of Business Protections & Activities
It is a well-established principle of European merger control that the exercise of decisive influence over a merging party prior to receipt of clearance under the European Commission’s mandatory and suspensory regime can amount to gun jumping.
Article
Corporate on Bloomberg Law
INSIGHT: U.S. Economic Sanctions: Mid-Year Review
Mike Casey and Zach Brez authored an article regarding developments with respect to sanctions policy and enforcement.
7/5/2018 - Article
Practical Law Arbitration blog
Implications of economic sanctions on international arbitration
Chiraag Shah and Kartikey Mahajan authored an article regarding how economic sanctions may impact international arbitrations and the measures that may be adopted to address them.
6/5/2018 - Article
Thomson Reuters Practical Law Dispute Resolution Blog
No oral variation clauses are effective, Supreme Court clarifies
Richard Boynton and Noah Stewart-Ornstein discuss a crucial court decision resulting in the resolution of a fundamental issue in contract law.
5/25/2018 - Article
China Business Law Journal
Heads or tails?
Cori Lable, Richard Sharpe Jodi Wu and Emma Flett authored this article regarding a new Cybersecurity Law in China.
Article
Practical Law Arbitration Blog
Confirmed: foreign act of state doctrine applies in English arbitrations
Noah Stewart-Ornstein authored an article regarding the foreign act of state doctrine.
May 16, 2018 - Book
The Law Reviews
The Private Equity Review
Kirkland attorneys contributed to this publication regarding developments in private equity law across the globe.
5/14/2018 - Alert
Kirkland & Ellis International LLP
EU GDPR — Coming Soon to an M&A Transaction Near You
Beginning May 25, 2018, European regulators will be able to enforce the EU General Data Protection Regulation (“GDPR”).
5/10/2018 - Alert
Kirkland & Ellis LLP
President Trump Withdraws U.S. from the Iran Nuclear Deal and Sets in Motion Re-Imposition of Comprehensive Economic Sanctions
On May 8, 2018, President Trump announced that the U.S. was ending its participation in the Iran nuclear deal, known formally as the Joint Comprehensive Plan of Action (“JCPOA”), and instructed the Administration to take steps to re-impose economic sanctions broadly targeting the Iranian economy.
5/1/2018 - AIM
Kirkland & Ellis LLP
SEC Proposes Standard of Conduct Interpretation and Enhanced Regulation for Investment Advisers; Private Fund Manager Penalized for Failing to Disclose Conflicts of Interest
On April 18, 2018, the Securities and Exchange Commission (“SEC”) proposed a long-anticipated package of rulemakings and interpretations aimed at establishing a broker-dealer standard of conduct and clarifying investor confusion about differences in a customer relationship with a broker-dealer and investment adviser.
4/27/2018 - Alert
Kirkland & Ellis LLP
SEC Proposes Broker-Dealer Standards of Conduct and Related Investment Adviser Rulemaking and Guidance
On April 18, 2018, the Securities and Exchange Commission (“SEC”) proposed a long-anticipated package of rulemakings and interpretations aimed at establishing a broker-dealer standard of conduct and clarifying investor confusion about differences in a customer relationship with a broker-dealer and investment adviser.
4/13/2018 - AIM
Kirkland & Ellis LLP
SEC Risk Alert Cites Frequent Advisory Fee and Expense Compliance Issues
In recent years, the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) has been focused on private fund managers’ fee and expense practices when examining registered advisers. On April 12, OCIE issued a Risk Alert detailing the most frequent advisory fee and expense compliance issues identified in examinations of registered advisers completed during the past two years.
4/2/2018 - Alert
Kirkland & Ellis LLP
Singapore Introduces Deferred Prosecution Agreements
On 19 March 2018, Singapore passed legislation introducing the concept of the deferred prosecution agreement (“DPA”) to the jurisdiction for the first time.
Apr-Jun 2018 - Article
Corporate Disputes
A Light at the End of the Tunnel for Internal Investigation Privilege?
Noah Stewart-Ornstein authored an article regarding legal professional privilege.
3/22/2018 - Alert
Kirkland & Ellis LLP
Trump Administration Bans Dealings in Venezuelan Cryptocurrency in a First Step Toward Extending Sanctions to Digital Currency Transactions
On March 19, 2018, President Trump issued an Executive Order “Taking Additional Steps to Address the Situation in Venezuela” (“Executive Order”) that prohibits U.S. persons from engaging in dealings in any digital currency, digital coin, or digital token issued by, for, or on behalf of the government of Venezuela.
3/21/2018 - Alert
Kirkland & Ellis LLP
Treasury Department Sanctions Russian Entities and Individuals for Cyberattacks and Election Interference, Indicating Additional Measures May be Forthcoming
On March 15, 2018, the U.S. Department of the Treasury Office of Foreign Assets Control (“OFAC”) designated five entities and 19 individuals in response to Russian cyberattacks and Russia’s attempted interference in the 2016 U.S. presidential election.
2/26/2018 - Alert
Kirkland & Ellis LLP
New North Korea Sanctions Impact Shipping Transactions Worldwide
On February 23, 2018, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued some of the widest sweeping North Korea-related sanctions imposed to date.
2/2/2018 - Alert
Kirkland & Ellis LLP
U.S. Department of the Treasury Identifies Russian Political Leadership and Oligarchs, Though Ultimate Implications Remain Forthcoming
On January 29, 2018, the U.S. Department of the Treasury (“Treasury”) released the Report on Senior Foreign Political Figures and Oligarchs in the Russian Federation (“Report”) pursuant to Section 241 of the Countering America’s Adversaries Through Sanctions Act of 2017 (“CAATSA”).
1/30/2018 - Book
Commodities & Futures Enforcement: Practice and Procedure in CFTC and SRO Investigations
The third edition of Commodities & Futures Enforcement: Practice and Procedure in CFTC and SRO Investigations authored by Kirkland & Ellis partner, Zachary S. Brez, P.C. was published in December 2017 as part of Bloomberg BNA’s Securities Practice Portfolio Series.
Authors: Zachary S. Brez P.C., Helen Gugel
12/5/2017 - Alert
Kirkland & Ellis LLP
DOJ Solidifies and Sharpens FCPA Enforcement Guidance
On November 29, 2017, the U.S. Department of Justice (“DOJ”) released a new enforcement policy for cases brought under the U.S. Foreign Corrupt Practices Act (“FCPA”), the primary U.S. law governing bribery of foreign government officials.
12/1/2017 - Article
China Business Law Alert
How Should Chinese Companies Face Increased U.S. Enforcement Risks from Their Global Business Operations?
Michael Casey, Cori Lable, Tiana Zhang and Ning Ning authored this article regarding the potential consequences of the Trump administration's recent sanctions, directed at North Korea and Iran, on Chinese companies and financial institutions.
11/30/2017 - Article
Thomson Reuters Practical Law Arbitration Blog
LCIA’s changes to its tribunal secretary process: about time to make it more transparent
Kartikey Mahajan authored an article regarding the use of tribunal secretaries in international arbitration.
11/15/2017 - Alert
Kirkland & Ellis LLP
Venezuela's Debt Crisis: Creditors' Options in a Disorderly Default
After months on the precipice of default, Venezuela’s President Maduro has acknowledged that Venezuela and its state-owned oil company PDVSA are unable to pay their debts. With a series of missed coupon payments and the 30-day grace period expired, all three major ratings agencies now rate Venezuela and PDVSA as in default or selective default.
10/31/2017 - Alert
Kirkland & Ellis LLP
As Investigations Continue in Washington, U.S. State Department Issues Sanctions Guidance on Russia’s Defense and Intelligence Sectors
On October 27, 2017, the U.S. State Department released a list of 39 Russian entities identified as being involved in the defense and intelligence sectors, and as a result, U.S. and non-U.S. companies may face sanctions for doing business with these listed entities.
10/31/2017 - AIM
Kirkland & Ellis LLP
SEC Staff Issues No-Action Relief for Advisers Covered by MiFID II Research Payment Restrictions
Primarily of interest to registered fund and hedge fund advisers, on October 26, 2017, the SEC Staff issued three related no-action letters that permit certain market participants to comply with the research requirements of the EU’s Markets in Financial Instruments Directive (MiFID II) in a manner consistent with U.S. federal securities laws.
10/12/2017 - Alert
Kirkland & Ellis LLP
Understanding the Rising Corruption, Sanctions and Money Laundering Risks of Doing Business with Venezuela
Recent actions by the U.S. and other governments targeting the government of Venezuela significantly raise the legal and reputational risks of doing business, directly or indirectly, with Venezuelan counterparties, and warrant close attention by financial institutions, companies and investors, especially those operating in or with the energy industry.
09/26/2017 - PEN
Kirkland & Ellis LLP
Private Equity Newsletter - September 26, 2017
This issue includes the article "SEC Settles with PE Fund Manager over Broken-Deal Expenses," which discusses a recent SEC settlement against a private equity fund manager alleging that the manager's private equity funds were inappropriately allocated and charged broken-deal expenses attributable to affiliated co-investors.
9/18/2017 - AIM
Kirkland & Ellis LLP
SEC Risk Alert Cites Frequent Advertising Rule Compliance Issues
On September 14, the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) issued a Risk Alert detailing the most frequent Advertising Rule compliance issues identified in examinations of registered advisers.
9/8/2017 - Alert
Kirkland & Ellis LLP
The Trump Administration Sharpens Secondary Sanctions — China and Russia Are On Notice
As recently as July 25, 2017, in a wide-ranging interview with the Wall Street Journal, President Trump suggested a willingness to offer trade-related inducements to China in return for China's assistance in peacefully resolving the North Korea problem. In recent weeks, however, as the threat from North Korea has intensified, the Trump administration has signaled a shift in tactics in dealing with China, North Korea's principal economic partner and strategic ally, and Russia.
9/1/2017 - Article
Entertainment Law Review
David and Victoria have IP Office at Beck and Call for Children—Trade Marking the Kids’ Names puts Beckhams on Cruz Control for IP Protection
Emma Flett and Eleanor Harley authored this article regarding David and Victoria Beckham's trademark registration of their children's names.
8/30/2017 - Alert
Kirkland & Ellis International LLP
EU General Data Protection Regulation
In April 2016, the EU Commission and Parliament adopted the General Data Protection Regulation (the “GDPR”). The GDPR is designed to harmonise national data protection laws across the EU, whilst at the same time, modernising the law to address new technological developments. As a regulation, the GDPR will be directly applicable, and therefore enforceable, in all 28 EU Member States as of the 25 May 2018.
8/14/2017 - AIM
Kirkland & Ellis LLP
Revised Form ADV Effective for Filings After October 1, 2017
The SEC recently sent a notice to all SEC-registered investment advisers and exempt filers stating that all investment advisers filing Form ADV (e.g., for annual amendments or interim updates) must use the revised version of Form ADV for filings made on or after October 1, 2017.
8/2/2017 - AIM
Kirkland & Ellis LLP
SEC Settles with Affiliated Advisers and their Principal/CCO over Registration and Other Practices
The SEC recently settled a proceeding against two affiliated investment advisers related to the failure to register an investment adviser to two private funds and a number of other practices, which were inconsistent with the advisers’ obligations under the Advisers Act.
7/20/2017 - Alert
Kirkland & Ellis International LLP
No Comparison: Google Hit with Record EC Fine
Last month, the European Commission (EC) fined Google €2.4 billion for abusing its dominance in the search engine marketplace by favoring its own price comparison service in searches. This is the largest ever penalty against a single company by the EC.
7/6/2017 - Alert
Kirkland & Ellis LLP
EU Renews Sanctions and Restrictive Measures Targeting Russia
Recently, the European Union (EU) renewed territorial sanctions and restrictive measures in respect of Russia, Crimea and Sevastopol.
June 6, 2017 - Article
CTLR, The Journal of e-Commerce, Technology and Communications
Avoid the Worst, Put Data Security First! Warns the UK ICO
Emma Flett and Joanna Balata discuss the importance of data security in the United Kingdom.
5/18/2017 - AIM
Kirkland & Ellis LLP
SEC’s OCIE Issues Cybersecurity Alert
On May 17, 2017, the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) issued a Cybersecurity: Ransomware Alert in connection with the prior week’s widespread “WannaCry” ransomware attack, in which the Staff shared key takeaways from OCIE’s recent Examination Initiative to assess industry cybersecurity preparedness.
April 25, 2017 - Article
Computer and Telecommunications Law Review
Artificial Intelligence: Is Johnny 5 Alive? Key Bits and Bytes from the UK’s Robotics and Artificial Intelligence Inquiry
Artificial Intelligence (AI) was the hottest technology topic of 2016. Following successive advances in AI, powered by increasing computer processing power, the abundance of data and techniques such as ‘deep learning’, the House of Commons recently reported on the legal, ethical and social considerations that the rise of AI entails. This article provides an overview of this crucial dialogue.
4/12/2017 - Article
Bond
What Does Brexit Mean for your Organization's Data Protection?
Emma Flett and Jennifer Wilson authored this article regarding the potential effects of Brexit on data protection in the UK.
3/8/2017 - Alert
Kirkland & Ellis International LLP
New UK Regulations in Force on 6 April: Behavioural Change Tool or Compliance Burden?
Two new ‘ethical compliance’ reporting obligations are due to come into force in the UK next month.
Authors: Sarah Brewer
1/27/2017 - Alert
Kirkland & Ellis LLP
Key EU Legislative/Regulatory Updates
This Kirkland Alert sets out in summary form certain key legislative and regulatory developments in EU and UK legislation that are likely to have an impact on private equity and other fund managers and advisors in the United Kingdom.
1/19/2017 - AIM
Kirkland & Ellis LLP
SEC Announces 2017 Examination Priorities and Continues Adviser Enforcement Focus
On January 12, 2017, the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) published its Examination Priorities for 2017, many of which could impact private fund advisers.
1/11/2017 - AIM
Kirkland & Ellis LLP
2017 Private Fund Manager U.S. Filing Deadlines
As 2017 gets under way, registered advisers should plan for the upcoming year’s filing and compliance deadlines.
1/4/2017 - Article
Kluwer Arbitration Blog
Two Roads Diverged in a Clause – the Law of a Free-Standing Arbitration Agreement vs. The Law of an Arbitration Agreement That Sits Within a Main Contract
Kartikey Mahajan co-authored an article regarding a Singapore High Court decision related to arbitration agreements.
2017 - Book
Enforcing Arbitral Awards in India
Chapter on Enforcement of an Award Annulled at the Seat
Kartikey Mahajan contributed to this publication regarding the execution and enforcement of arbitral awards in India.
12/7/2016 - Article
Kluwer Arbitration Blog
Uncertainty of enforcement of emergency awards in India
Kartikey Mahajan co-authored an article regarding emergency awards in foreign seated arbitrations in India.
December 2016 - Article
World Data Protection Report
Things That Go Bump in the Night: Confronting Data Protection Monsters in the M&A Closet
Emma Flett and Jennifer Wilson discuss merger and acquisition transactions from a data protection perspective.
11/22/2016 - Alert
[English] New York State Department of Financial Services Fines Mega Bank and its New York Branch $180 Million for Alleged Violations of State Anti-Money Laundering Laws
Mega International Commercial Bank Co., Ltd. (“Mega Bank”) is a Taiwan-based international financial institution with approximately $103 billion in assets, including $9 billion at its New York branch (“New York Branch”). During a recent examination, regulators from the New York State Department of Financial Services (“NYDFS”) discovered numerous deficiencies in Mega Bank’s Anti-Money Laundering Laws (“AML”) compliance function. On August 19, 2016, the NYDFS entered into a consent order with Mega Bank and its New York Branch in which Mega Bank agreed to pay $180 million penalties and install an independent monitor for alleged violations of New York State AML requirements.
11/22/2016 - Alert
[Simplified Chinese] New York State Department of Financial Services Fines Mega Bank and its New York Branch $180 Million for Alleged Violations of State Anti-Money Laundering Laws
Mega International Commercial Bank Co., Ltd. (“Mega Bank”) is a Taiwan-based international financial institution with approximately $103 billion in assets, including $9 billion at its New York branch (“New York Branch”). During a recent examination, regulators from the New York State Department of Financial Services (“NYDFS”) discovered numerous deficiencies in Mega Bank’s Anti-Money Laundering Laws (“AML”) compliance function. On August 19, 2016, the NYDFS entered into a consent order with Mega Bank and its New York Branch in which Mega Bank agreed to pay $180 million penalties and install an independent monitor for alleged violations of New York State AML requirements.
11/22/2016 - Alert
[Traditional Chinese] New York State Department of Financial Services Fines Mega Bank and its New York Branch $180 Million for Alleged Violations of State Anti-Money Laundering Laws
Mega International Commercial Bank Co., Ltd. (“Mega Bank”) is a Taiwan-based international financial institution with approximately $103 billion in assets, including $9 billion at its New York branch (“New York Branch”). During a recent examination, regulators from the New York State Department of Financial Services (“NYDFS”) discovered numerous deficiencies in Mega Bank’s Anti-Money Laundering Laws (“AML”) compliance function. On August 19, 2016, the NYDFS entered into a consent order with Mega Bank and its New York Branch in which Mega Bank agreed to pay $180 million penalties and install an independent monitor for alleged violations of New York State AML requirements.
11/22/2016 - Article
Kluwer Arbitration Blog
Lessons for referring disputes to arbitration involving Negotiable Instruments
Kartikey Mahajan co-authored an article regarding a decision by the Singapore Court of Appeal on the application of an arbitration agreement in a supply agreement to a dispute arising out of promissory notes provided as payment under the supply agreement.
10/17/2016 - Alert
Kirkland & Ellis LLP
Dealmakers, Take Note: GAO to Study CFIUS at Congress' Urging
On October 3, 2016, the U.S. Government Accountability Office (“GAO”) announced that it would undertake an assessment of the Committee on Foreign Investment in the United States (“CFIUS”) review process to evaluate “how the current statutory and administrative authorities of the Committee on Foreign Investment in the United States have kept pace with the growing scope of foreign acquisitions in important economic sectors in the United States.” The GAO’s statement responds to a September 15 letter from 16 Members of Congress calling on the GAO to examine the advisability of identified enhancements to CFIUS’ authority and jurisdictional ambit.
October 2016 - Article
Entertainment Law Review
High Court Decision in Campbell v. Campbell Provides Food for Thought—Rights in the UB40 Name and Arguable Abandonment of Goodwill
Shannon Yavorsky authored this article discussing abandonment of goodwill in relation to Campbell v. Campbell.
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