In July 2022, the sponsors of the Uniform Commercial Code (“UCC”) approved wide-ranging amendments to the UCC (“2022 UCC Amendments”) to provide workable rules for emerging technologies, such as distributed ledger technology and virtual currency. If adopted by individual state legislatures, these amendments should provide greater certainty regarding the rules governing security interests, competing claims, custodial risks, and other issues associated with digital assets. This article provides a high level summary of selected aspects of the 2022 UCC Amendments that may be of particular interest to financial market participants.
On July 15, 2022, China’s antitrust authority SAMR announced a three-year pilot program beginning August 1, 2022 to delegate the review of certain simplified-procedure merger filings that the agency currently handles on its own, to five of its local branches (“AMRs”) in Beijing, Shanghai, Guangdong, Chongqing, and Shaanxi. Each of the five local AMRs will be responsible for a specific geographic area (“Territory”) within China. This article discusses this first step to implement China’s “categorized and classified” merger control review regime under the new Anti-Monopoly Law.
On August 29, 2022, the Hong Kong Competition Commission (“HKCC”) published an Advisory Bulletin regarding the sharing of competitively sensitive information on employees’ employment conditions (such as future wages) among employers in the context of “joint negotiations” (“Joint Negotiation Advisory Bulletin”). In the Joint Negotiation Advisory Bulletin the HKCC outlines a set of guidance on the circumstances under which the exchange of information on employment conditions among employers may be justified in the context of joint negotiations.
As regulations for cross border data transfer continue to evolve, businesses will need to be proactive to remain compliant with the latest requirements. Learn what conditions need to be satisfied to export personal data from China.
Learn the consequences and obligations for both the French company and the foreign company and its employees when performance of certain services is subcontracted to a foreign company under a subcontracting agreement.
Any US corporation with multinational operations and an unoptimized corporate structure that would benefit from reorganization of its operations along regional lines and responsibilities should consider whether a principal or other efficiency and profitability promoting restructuring might achieve similar benefits for it.
This article provides a discussion of the principal US Securities Act of 1933 sections, rules and regulations that may be used for registration-exempt offers and sales of securities for the purpose of raising capital and their respective requirements, advantages and disadvantages. Following the discussion, are “Deal Points” on important considerations in the exempt-from-registration offering process and what at all costs not to do.
SPACs (“Special Purpose Acquisition Companies”) burst into mainstream popularity in 2020 as a financing alternative to traditional Initial Public Offerings (“IPOs”) and private placements after years of on-again-off-again vogue. While SPACs are not for every business financing need, they have largely shed an earlier sometimes negative reputation and emerged as a mainstream alternative in the palette of financing options. This article discusses SPACs and “Deal Points” on important considerations in the SPAC IPO and business combination process and what at all costs not to do.
On August 3, 2022, a new bipartisan US Senate crypto/digital assets bill titled the "Digital Commodities Consumer Protection Act of 2022" ("DCA") was introduced by Senators Debbie Stabenow (D-MI), John Boozman (R-AR), Cory Booker (D-NJ) and John Thune (R-SD). This article compares and contrast the Lummis-Gillibrand Responsible Financial Innovation Act and the DCA. While neither bill is likely to become law in its current form, their common assumptions and elements, and that both are bipartisan efforts indicate the likely direction of U.S. regulation of crypto/digital assets.
On June 7, 2022, US Senators Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY) introduced a bipartisan bill to regulate the cryptocurrency/digital assets market. While the Lummis-Gillibrand Bill will no doubt undergo substantial amendments before - and if - it becomes law, its bipartisan provenance points to likely directions for U.S. crypto/digital assets law and regulation. This article explains why some of the Lummis-Gillibrand provisions are revolutionary.