Corporate Finance

September 30, 2020

The Financial Reporting Council’s ambitious UK Stewardship Code 2020, effective 1 January 2020, required a new mandatory annual Stewardship Report to be published. This is challenging for investors as it requires reporting on stewardship activities actually undertaken and the outcomes actually achieved, not just stating intent or policy. Some institutions have already reported early and the FRC has published a report, “Review of Early Reporting“, which scrutinises those reports and concludes that…

Gravity Legal Blog

Episode 16: Could you be an outsourced general counsel? An interview with Beth Lebowitz from Auxana and Nimbus Legal

By Dan Lear

September 29, 2020

https-www-gravity-legal-com-hubfs-beth%20lebowitz%20v2-png

Subscription-based outsourced fractional general counsel sounds like a mouthful, but it’s not really that complicated. A fixed monthly fee for part of a lawyer’s time offering business advice to a company. Beth Lebowitz believes that this model is as good for lawyers as it is for clients. In fact, she’s so committed to it that she’s founded both a law firm, Nimbus Legal, a marketplace/community, Auxana, around the model.…

Iowa Banking Law Blog

Register Now: Hagen to Discuss the M&A Market on Bank Webinar Panel

By noreply@dickinsonlaw.com Dickinson Mackaman Tyler Hagen P.C.

September 29, 2020

Register Now: Hagen to Discuss the M&A Market on Bank Webinar Panel Howard Hagen, chair of the Dickinson Law Banking Group, will be participating in an M&A panel discussion with banking industry professionals during the Eide Bailly Seminar Virtual Series, “Uncharted – Leading the Way to the Next Normal,” on October 7th. Trends, Deal Pricing & More The session runs from 10:00 a.m. to noon and will begin with information on vendor contracts as they…

The Securities Edge

Shhh!

By Robert B. Lamm

September 29, 2020

One of the principal duties of corporate directors and officers is the duty of confidentiality. That’s not just my personal opinion; it’s supported by case law, corporate governance treatises, law review articles, and more. Generally viewed as a subset of the duty of loyalty, the duty of confidentiality means that directors and officers are expected to keep their knowledge of the company to themselves or, at a minimum, to disseminate it on a strict “need…

LIBOR Transition Blog

ARRC hardwired fallback language’s first adoption in a syndicated institutional loan

By Donald A. Ensing, Susan Rodriguez, Jennifer J. Kafcas, Lauren J. Blaber & Harry Poland

September 28, 2020

As we approach the ARRC’s September 30, 2020 deadline for new issue syndicated loans to include the ARRC’s recommended hardwired fallback language, several market sources report that a borrower has included the language in an amendment to its term loan and revolving facilities documentation in what appears to be the first example of the language’s adoption in a syndicated loan.…

Gravity Legal Blog

Gravity Legal Presents at the ABA Dispute Resolution Tech Expo

By Dan Lear

September 26, 2020

https-track-hubspot-com-__ptq-gifa6898615k14rhttps%3a%2f%2fwww-gravity-legal-com%2ffinanciallylegal%2fgravitys-emery-wager-presents-at-the-aba-dispute-resolution-tech-expobuhttps%253a%252f%2

This September I had the pleasure of speaking to the innovative lawyers, mediators and greater dispute resolution community members at the American Bar Association’s Dispute Resolution Tech Expo. …

LIBOR Transition Blog

ISDA Delays Publication of IBOR Fallbacks, Supplement and Protocol

By Jennifer J. Kafcas, Lauren J. Blaber & Harry Poland

September 25, 2020

ISDA had intended to publish a supplement to the 2006 ISDA Definitions such that new transactions incorporating them would include fallbacks for LIBOR cessation (the Supplement), and a protocol to facilitate amendments to legacy derivate contracts (the Protocol) (for more information, see our earlier blog post). ISDA initially expected publication of the supplement and protocol to occur in the coming months. However, on September 21, 2020 they published a letter in which the Protocol…

Covington Competition

The European Commission Adopts a White Paper on Foreign Subsidies to Protect the EU Single Market

By Sophie Bertin & Peter Camesasca

September 25, 2020

On 17 June 2020, the European Commission (‘Commission’) published a White Paper “on levelling the playing field as regards foreign subsidies” which outlines a proposal for a series of new investigatory and enforcement tools, intended to identify and counteract the possible distortions of competition in the EU single market due to foreign subsidies. A public consultation ran until 23 September 2020, inviting stakeholders to provide their views on the options set out in the White…

The Securities Edge

Out with the old, in with the new: Banks and S&Ls must now provide updated and expanded statistical disclosures

By Andrew M. Piper

September 24, 2020

How did we get here? On September 11, 2020, the SEC adopted new rules to “update and expand the statistical disclosures” that bank holding companies, banks, savings and loan holding companies, and savings and loan associations are required to provide to investors. The old regime – Industry Guide 3, “Statistical Disclosure by Bank Holding Companies” – had not been meaningfully updated for more than 30 years. There have been all sorts of developments since then,…

Down the Wire

FCA Consultation on Climate-Related Financial Disclosures For 2021

By Hannah Kendrick

September 24, 2020

The Financial Conduct Authority’s consultation paper (CP 20/3) on climate-related disclosures proposes that a new listing rule will take effect for financial accounting periods beginning on or after 1 January 2021. There is a growing ground-swell around disclosure of all environmental, social and governance (“ESG”) related matters as issuers and investors become increasingly engaged with these issues. The FCA is not proposing to mandate disclosure at this point given that issuers’ reporting practices are still…