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Information you need from those in the know
Cadwalader regularly publishes materials, including newsletters and news alerts of interest to our clients. Our communications portfolio also includes articles authored by our attorneys, as well as information about events in which our personnel will participate.
Articles & Books
Trulia’s Impact
June 4, 2019Harvard Law School Forum on Corporate Governance and Financial Regulation
The Harvard Law School Forum on Corporate Governance and Financial Regulation published an excerpt of a recent Clients & Friends Memo (Corporate Governance Litigation & Regulation: A Periodic Review and Predictions for the Remainder of 2019) written by members of the Global Litigation practice.
Related Practice(s): Corporate & Financial Services Litigation & Regulation, Corporate Governance Litigation and Counseling, Global Litigation
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On Wealth: The Modern Evolution of the Trust Company
June 1, 2019International Family Offices Journal
During the past decade there has been a significant shift in the ownership and structure of the private trust business that serves high net worth individuals and families in the United States and abroad.
Related Practice(s): Estate Planning & Administration, Family Office, Private Wealth
Related Office(s): New York
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DOJ’s Wire Act Interpretation Adds Hurdle for Stakeholders via Sports Business Journal
Apr 15, 2019Sports Business Journal
Stephen Weiss and Christian Larson discuss the Department of Justice’s new interpretation of the Wire Act and its potentially profound impact on the legalization of online and app-based sports betting in America. States and companies that offer online sports betting have much to consider in a suddenly murky legal environment.
Related Practice(s): Global Litigation, Sports Law, White Collar Defense and Investigations
Related Office(s): Washington
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Events
Structured Finance Association’s Women in Securitization Breakfast, New York
Aug. 7, 2019 (8:30 AM - 10:30 AM)Cadwalader is proud to host the Structured Finance Association’s Women in Securitization breakfast as part as WiS Week 2019.
Related Office(s): New York
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Finance Forum 2019
Oct 17, 2019Cadwalader will host it's fourth annual Finance Forum in Charlottle, NC, hosting panels to discuss emerging trends, market developments and hot topics.
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Clients & Friends Memos
Blurring the Lines: Dolan v. Altice Demonstrates the Potentially Unexpected and Significant Impact that “Boilerplate” Provisions Can Have on Merger Agreement Interpretation
Jul 16, 2019In a recent decision arising out of the sale of Cablevision, the Delaware Court of Chancery issued important guidance regarding the interplay between what are commonly regarded as boilerplate merger agreement provisions and “bespoke” provisions that are drafted specifically for the transaction at issue.
Related Practice(s): Global Litigation
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A Tale of Two Continents - European CMBS v U.S. CMBS & CRE CLOs
Jul 11, 2019U.S. CMBS issuance equalled approximately $171 billion during 2018. In the same period, European CMBS issuance equalled approximately €4 billion which, whilst not close to the issuance levels of the U.S. CMBS market, represents a significant increase for the European market compared to any other period since the financial crisis. Issuance of U.S. CRE CLOs during 2018 equalled approximately $14.5 billion. The activity levels in 2019 for all of these products continue at a strong pace reflecting the global demand for commercial mortgage backed securities.
Related Practice(s): Real Estate, Securitization & Asset Based Finance
Related Office(s): Charlotte, London, New York
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The Bank of England’s Discussion Paper on Collateral Referencing LIBOR
Jul 08, 2019The Bank of England (“BoE”) has initiated a review of its own exposure to LIBOR, and in particular, the exposure to the collateral that banks and other financial firms are asked to provide when borrowing from the BoE under the Sterling Monetary Framework (“SMF”), where the BoE only lends against collateral of sufficient quality and quantity, in order to protect itself from counterparty credit risk.
Related Practice(s): Financial Regulation, LIBOR Preparedness Team, Securitization & Asset Based Finance
Related Office(s): London
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Newsletters
Antitrust and Financial Services
Mass Claim Against MasterCard in UK is Given a Second Chance at Certification
Apr 29, 2019
On 16 April 2019, the Court of Appeal issued a ruling that gives a second chance at certification to the £14 billion mass consumer claim brought against MasterCard by Walter Merricks. The ruling breathes new life into the claim and into the UK’s nascent opt-out class action regime.
Related Practice(s): Antitrust
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EU Loan Syndication Study Identifies Areas of Potential Antitrust Risk
Apr 10, 2019
On 5 April 2019, the Competition Directorate of the European Commission published a report of a study into ‘EU loan syndication and its impact on competition in credit markets’. The decision to commission the Report reflects a growing concern by regulators as to the establishment and conduct of syndicates in the lending and other sectors. This concern is, in part, reflected in several recent antitrust and regulatory investigations and decisions.
Related Practice(s): Antitrust, Antitrust & Financial Services
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European Commission Extends FX Scrutiny to FX Options
Feb 22, 2019
On 19 February 2019, HSBC reported that the European Commission is investigating “potential coordination in [FX] options trading”. The announcement signals an extension of the Commission’s long-running antitrust scrutiny into FX markets.
Related Practice(s): Antitrust, Antitrust & Financial Services
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BrassTax
BrassTax
Jun 27, 2019
BrassTax is a monthly market intelligence update providing clear, concise insights on important recent developments that impact our transactional practices coupled with thought-provoking practical implications.
Related Practice(s): Corporate Taxation, Mergers & Acquisitions Taxation, Restructurings & Bankruptcies Taxation, Securitization & Structured Products Taxation, Tax, Tax Controversy
Related Office(s): London, New York, Washington
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FCPA Advisor
US and UK Regulators Speak Out on Anti-Corruption Enforcement Trends and Priorities
Dec 06, 2016
A number of key trends and priorities in international anti-corruption enforcement emerged last week at the 33rd ACI International Conference on the Foreign Corrupt Practices Act, held November 29 – December 2 outside of Washington, DC. Leading prosecutors and regulators from the US and UK described skyrocketing international law enforcement coordination, announced both “sticks” and “carrots” to encourage self-disclosure and cooperation, and pledged again to hold individuals accountable for anti-corruption violations. Officials from the Department of Justice (DOJ), the Securities and Exchange Commission (SEC), and the UK Serious Fraud Office (SFO) repeatedly emphasized these points in both their prepared remarks and their responses to questions.
Related Practice(s): FCPA Enforcement and Compliance, White Collar Defense and Investigations
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Paper Tigers: Recent Settlements Show Companies Operating in China Need to Do More to Enforce FCPA Policies
Mar 02, 2016
Amid a recent flurry of Foreign Corrupt Practices Act (“FCPA”) settlements announced by the U.S. Department of Justice (“DOJ”) and U.S. Securities and Exchange Commission (“SEC”) were two settlements relating to the provision of improper gifts, hospitality and travel to Chinese government officials.
Related Practice(s): FCPA Enforcement and Compliance, White Collar Defense and Investigations
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Eleventh Circuit Defines “Instrumentality” Broadly Under the FCPA
May 19, 2014
On May 16, the Court of Appeals for the Eleventh Circuit became the first federal appellate court to define an important element of the Foreign Corrupt Practices Act (“FCPA”) – what constitutes an “instrumentality” of a foreign government and, thus, who is a foreign official. In United States v. Esquenazi,1 a three-judge panel adopted a broad, fact-based definition of that term. Affirming the criminal convictions of both appellants, the court held that, in order to satisfy the statute, an “instrumentality” had to be an entity that both (1) is controlled by a foreign government and (2) performs a function that the foreign government “treats as its own.” The court provided clear guidance to trial judges and juries by setting out the critical elements to be determined when applying the two-pronged test.
Related Practice(s): FCPA Enforcement and Compliance
Related Office(s): New York
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Fund Finance Friday
Introducing fundfinancefriday.com
Jul 12, 2019
Today marks the 36th edition of Fund Finance Friday, and we are pleased to introduce our new website.
Related Practice(s): Fund Finance
Related Office(s): Charlotte, London, New York, Washington
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ILPA's 'Principles 3.0' Hits the Press
Jun 28, 2019
In this week’s Fund Finance Friday: The ILPA's 'Principles 3.0' hits the press.
Related Practice(s): Fund Finance
Related Office(s): Charlotte, London, New York, Washington
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London Time: An Update from the European Fund Finance Symposium
Jun 21, 2019
In this week’s Fund Finance Friday: Key Themes From the European Fund Finance Symposium
Related Practice(s): Fund Finance
Related Office(s): Charlotte, London, New York, Washington
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REF News and Views
Introducing REF News and Views
Jun 24, 2019
Cadwalader is pleased to introduce REF News and Views, a monthly newsletter comprised of news and commentary around legal matters concerning mortgage finance, mezzanine finance, loan sales and construction finance.
Related Practice(s): Real Estate
Related Office(s): Charlotte, London, New York, Washington
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Women in the City Program
Update - October 2016
Oct 14, 2016
How can more women be encouraged into funds?
This question was debated by a panel of women leaders in the investment fund industry at Cadwalader's second Women in the City debate. The programme of discussions is designed to inspire more women to take leadership roles in their organisations by offering open dialogue, useful insights and practical guidance. Cadwalader hosted a large group of clients and colleagues over breakfast for a very lively panel discussion entitled "Women in Investment Funds: A Fundamental Advantage: Building Female Talent in the Investment Management Sector".
Related Office(s): London
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Update - August 2016
Aug 04, 2016
What skills do women need to be successful leaders?
This question was debated by a panel of high profile female leaders at the recent launch of Cadwalader's Women in the City Programme, a series of seminars designed to inspire more women to take leadership roles in their organisations by offering open dialogue, useful insights and practical guidance.
Related Office(s): London
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Videos
Cadwalader Cabinet Makes Available LIBOR Preparedness Resource
June 5, 2019Cadwalader's LIBOR Preparedness Team made available its LIBOR Topic Page, a free resource that provides guidance on the sunset of LIBOR and the design of indices to replace it.
Related Practice(s): LIBOR Preparedness Team
Cadwalader’s Tobias Discusses the Future Impact of New EU Securitisation Regulation for CLOs at the Creditflux CLO Symposium 2019
May 8, 2019Cadwalader partner Daniel Tobias spoke with Creditflux reporter Hugh Minch about market preparation for the new European Union securitization regulation reporting standards as part of the Creditflux CLO Symposium and Manager Awards in London on May 8.
Related Attorney(s): Daniel Tobias
Related Practice(s): CLOs
