In three recent Client Alerts, Latham & Watkins lawyers examine how government measures to fight COVID-19 may affect French M&A transactions, key questions for French listed companies and high yield issuers, and how companies can respond to the impact on their current French law contracts. By Latham’s Mergers & Acquisitions, Capital Markets, and Litigation & Trial Practices Impact of COVID-19 on French M&A Transactions On March 16, 2020, President Emmanuel Macron announced the…

Market participants must treat clients fairly and exercise care when recommending potentially volatile or illiquid products. By Simon Hawkins and Kenneth Y.F. Hui In response to ongoing volatility in local and international markets caused by the COVID-19 pandemic, on 27 March 2020, the Hong Kong Securities and Futures Commission (SFC) published two circulars reminding fund industry participants and SFC-licensed intermediaries of their obligations to safeguard client interests. The first circular, directed at fund managers,…

By Axel Schiemann, Marco Bonasso, Rob Moulton, Pia Naib Several countries have announced or have already implemented extensive debt relief measures for consumers and companies. In some instances these measures also include debt moratoria. The following provides a brief overview of key headlines reflecting the current status for such debt moratoria in Germany, Italy, UK, and the US.…

UK regulators announce a further package of measures to ease the burden on issuers. By Chris Horton, James Inness, Rob Moulton, Koushik Prasad, Connor Cahalane, and Charlotte Collins In response to the COVID-19 pandemic, UK regulators have published further measures affecting issuers, to try to preserve the flow of information to investors and support the continued functioning of the UK’s capital markets. However, the FCA has also noted that issuers…

ESMA, BaFin, and FCA have provided guidelines on firms’ obligation to record client telephone calls. By Rob Moulton and Axel Schiemann Remote working raises uncertainties in various regulated areas as it dramatically changes institutions’ day-to-day business. In particular, institutions are confronted with practical and technical difficulties regarding client-related requirements such as the obligation to tape telephone conversations with clients — which employees working remotely may not be able to do because they lack access to…

The FCA, the Bank of England, and members of the Working Group on Sterling Risk-Free Reference Rates have stated that firms should still plan for the transition away from LIBOR at the end of 2021. By Becky Critchley, Jonathan Ritson-Candler, and Anna Lewis-Martinez On 25 March 2020, the Financial Conduct Authority (FCA), after discussions with the Bank of England and the Working Group on Sterling Risk-Free Reference Rates, published a statement confirming that…

The FCA has clarified which people working in regulated financial services firms will meet the definition of a “key worker”. By Rob Moulton On 19 March 2020, the UK government published guidance setting out which “key workers” will be permitted special status as regards to educational provision for their children. (It is possible that this definition may start to be used for other purposes.) Then on 20 March, the FCA set out guidance, which…