Robin Johnson, Christian Mense and Nicola Evans continue their series of papers on corporate reorganisations. In this article, they look at the key considerations on a multinational reorganisation project.[Continue Reading]
Change is the new norm and each month, companies are contemplating how to transform their current business set-up to create efficiencies, maximise use of invested capital and simplify corporate structures. Other motives for corporate reorganisations are very often the improvement of fiscal compliance and tax efficiency. The Trump administration’s tax reforms have created a recent trend: the increase of cash repatriation programmes. [Continue Reading]
David Boyd, partner in Eversheds Sutherland Consulting and previous head of banking for the firm talks about the changes in the legal market and how solutions deemed ‘new law’ are becoming the future in the way legal teams work. [Continue Reading]
The Department for Digital, Culture, Media and Sport has just published a ‘Statement of Intent’ on the Data Protection Bill. For those hoping to see the draft bill itself, sadly we will have to wait. It is not the draft bill, but simply a statement of what it plans to do to keep in line with EU laws. So we are still left waiting to see the detailed wording of implementation. Once you read through the document you quickly realise that it is largely restating provisions that are already known to be found within the General Data Protection Regulation, which will come into force on 25 May 2018, and the Data Protection Law Enforcement Directive.
Having reformed insurance law for consumers with a new Act in spring 2012, the Law Commissions have been grappling with changing the law as it affects business insurance.
The principle drivers for reform are, firstly, that insureds say they struggle with fulfilling their obligation to disclose all material information that an insurer requires and, secondly, that the current remedy available to an insurer to avoid an insurance policy for any material non-disclosure is perceived to be outdated, one-sided, draconian and unfair. [Continue Reading]
On 16 May 2012, the Financial Services Authority (FSA) announced that it had decided to ban Anthony Verrier, a senior executive at BGC Brokers LP (BGC), from performing a controlled function in the financial services industry. The FSA banned Mr Verrier because it believes that he is not a fit and proper person due to concerns over his honesty, integrity and reputation. Mr Verrier is appealing the FSA’s decision to the Upper Tribunal. [Continue Reading]
Over the past five years lenders have suffered staggering losses on residential mortgage lending. Many lenders have sought to mitigate these losses by taking legal action against third parties – often valuers and solicitors – alleging that the losses (at least in part) were caused by the negligence of these professionals. In more extreme cases of loss, lenders have taken action against fraudulent borrowers involving injunctions and recoveries litigation extending into foreign jurisdictions.
The number of syndicated loans signed in EMEA in the first quarter of 2012 was less than half the number seen in the same period last year and the pipeline for the remainder of 2012 remains thin, bar any uptick in M&A activity. Banks are operating under tighter capital constraints and are increasingly selective on deals. For as long as market volatility persists, this seems set to continue. For those borrowers embarking on any form of financing in the current market, they are likely to find themselves treading a fine line between protecting their banking relationships (and locking in available liquidity) and signing up to a facility that is overly or unduly restrictive and that potentially prevents them from carrying out their day-to-day business without seeking bank consent. The aim of this article is to provide finance directors, treasurers and in-house counsel with an overview of some of the key issues they may face when negotiating a syndicated loan agreement in the current market and to highlight those areas where borrowers may wish to focus their efforts when negotiating with their banks.
Calling on a performance bond should result in swift receipt of the bond amount by the beneficiary. However, there are risks involved in making calls on performance bonds, which can result in complex proceedings leading to delay and cost. Partners Richard Ward and Ben Bruton of Eversheds report on this area of law with attention given to issues highlighted by recent case law.
International law firm Eversheds LLP recently gathered together senior City executives and canvassed their views concerning the City’s regulatory framework. The results clearly demonstrate that, while the City is broadly in favour of compulsory regulation, the generally held view was that the current uncertain regulatory landscape – particularly around international regulation – is creating a problematic working environment for the City. In some cases, this is even leading to organisations delaying business activity. As well as unearthing the detail of this in-depth research study, this article also unveils a ‘Regulation in the City’ charter – a wish list that summarises how City professionals would like to be regulated.