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SEC Continues to Bring Actions Against ADR Lenders For Use of Uncovered Pre-Released ADRs

By Cleary Gottlieb on September 18, 2019

In what appears to be an industry-wide sweep involving American Depositary Receipts (“ADRs”), over the last few years the SEC has brought enforcement actions against 13 financial institutions – including depositary banks and brokers that borrow and lend “pre-released” ADRs. On August 16, 2019, the SEC announced the latest of these actions against two brokers – Cantor Fitzgerald & Co. and BMO Capital Markets Corporation – for charges related to the improper borrowing and lending…

Cleary Enforcement Watch

Five Important Questions for Addressing an Investigative Request

By Cleary Gottlieb on September 18, 2019

Global Crisis Management Series: This post is part 11 in a series concerning topics further elaborated on in Cleary Gottlieb’s Global Crisis Management Handbook—a desk reference for spotting issues and avoiding common mistakes when faced with a crisis. The current version is available here. Upon receiving a request for information from a governmental authority or other agency, it is critical to make early strategic decisions about how to respond to the request and effectively…

Cleary International Trade and Sanctions Watch

The Impact of Sanctions on Arbitration: A Recent Case Study Involving the EU Sanctions Regime

By Christopher P. Moore, Milo Molfa, Adam Grant & Sarah Haddad on September 16, 2019

In the case of Ministry of Defence and Support for Armed Forces of the Islamic Republic of Iran v International Military Services Ltd [2019] EWHC 1994 (Comm), the High Court examined in detail the effect of the EU sanctions regime against Iran in the context of the enforcement of arbitral awards. The High Court found that EU sanctions precluded Iran’s Ministry of Defence (“MODSAF”) from enforcing the interest element of an ICC award against International Military Services…

Cleary Cybersecurity and Privacy Watch

Can the GDPR Tip the Scales in U.S. Discovery – Finjan v. Zscaler

By Natascha Gerlach & Natalie Farmer on September 13, 2019

While the EU General Data Protection Regulation 2016/679 (the “GDPR”) has grabbed headlines due to its extraterritorial reach and administrative fining regime (which permits fines for non-compliance up to the higher of €20 million or 4% of global, annual turnover),[1] a recent decision in the Northern District of California – Finjan v. Zscaler (“Finjan”)[2] – suggests that U.S. Courts won’t view the EU data protection legislation as an absolute obstacle to domestic discovery. …

Cleary M&A and Corporate Governance Watch

Guidance on Navigating the Atlassian Term Sheet: Understanding the Substantive Implications Behind the Virtues of Standardization in M&A

By Ethan A. Klingsberg, Michael Albano & Sharon Nyakundi on September 11, 2019

Standardization can be a virtue and one that M&A lawyers, likely due to self-interest and ego, sometimes resist. If venture financing and derivatives practices can have widely accepted forms of legal documentation as a starting point, why should M&A be an exception? Ironically, agreements for takeovers of publicly traded companies – once revered as a rarified realm that only an elite group huddled in skyscrapers in Manhattan could navigate – has evolved considerably toward standard…

Cleary Enforcement Watch

Public Relations Considerations When Managing a Crisis

By Cleary Gottlieb on September 11, 2019

Global Crisis Management Series: This post is part 10 in a series concerning topics further elaborated on in Cleary Gottlieb’s Global Crisis Management Handbook—a desk reference for spotting issues and avoiding common mistakes when faced with a crisis. The current version is available here. In an increasingly global, regulated, and litigious environment, companies face unanticipated and potentially destabilizing events that often play out in the public eye. Frequently, the issues organizations face during large-scale,…

Cleary Enforcement Watch

U.S. CLOUD Act’s Potential Impact on the GDPR

By Natascha Gerlach & Elisabeth Macher on September 3, 2019

Responding to a request by the European Parliament’s Committee on Civil Liberties, Justice and Home Affairs (LIBE), the EU’s data protection supervisory bodies released an initial joint opinion on the impact of the U.S. Clarifying Lawful Overseas Use of Data Act (“CLOUD Act”) on the EU data protection framework. The preliminary assessment by the European Data Protection Supervisor (“EDPS”) and European Data Protection Board (“EDPB”) leaves service providers facing a familiar dilemma. Although the CLOUD…

Cleary Cybersecurity and Privacy Watch

U.S. CLOUD Act’s Potential Impact on the GDPR

By Natascha Gerlach & Elisabeth Macher on September 3, 2019

Cleary Enforcement Watch

New York States Extends the Statute of Limitations for Claims Brought Under Martin Act to Six Years

By Jennifer Kennedy Park, Alex Janghorbani & Charity E. Lee on September 3, 2019

On August 26, 2019, New York Governor Andrew Cuomo signed into law legislation extending the statute of limitations for claims brought under the Martin Act from three to six years. The statute reverses a New York Court of Appeals decision holding that Martin Act claims must be brought within three years.…

Cleary Cybersecurity and Privacy Watch

German Court Divorces GDPR and Competition Law in Facebook Appeal

By Constanze Kauffmann, Tobias Pesch & Natascha Gerlach on August 29, 2019

In February of this year the German antitrust agency, the Federal Cartel Office (“FCO”), issued a decision against Facebook regarding their handling of user data. Please see our previous blog-post detailing the FCO’s arguments here Facebook appealed and on August 26, 2019, the Düsseldorf Court of Appeal (“DCA”) in an interim decision granted suspensive effect to Facebook’s appeal against the FCO decision. The DCA can order suspensive effect to an appeal if it has serious doubts…

Cleary Gottlieb Steen & Hamilton LLP

Cleary Gottlieb Steen & Hamilton LLP Blogs

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SEC Continues to Bring Actions Against ADR Lenders For Use of Uncovered Pre-Released ADRs

Five Important Questions for Addressing an Investigative Request

The Impact of Sanctions on Arbitration: A Recent Case Study Involving the EU Sanctions Regime

Can the GDPR Tip the Scales in U.S. Discovery – Finjan v. Zscaler

Guidance on Navigating the Atlassian Term Sheet: Understanding the Substantive Implications Behind the Virtues of Standardization in M&A

Public Relations Considerations When Managing a Crisis

U.S. CLOUD Act’s Potential Impact on the GDPR

U.S. CLOUD Act’s Potential Impact on the GDPR

New York States Extends the Statute of Limitations for Claims Brought Under Martin Act to Six Years

German Court Divorces GDPR and Competition Law in Facebook Appeal

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