CROSS BORDER INVESTMENTS AND FINANCINGS. Vivian Lam, Partner, Paul Hastings
|
|
- Eric Simon
- 5 years ago
- Views:
Transcription
1 CROSS BORDER INVESTMENTS AND FINANCINGS Vivian Lam, Partner, Paul Hastings
2 OVERVIEW OF CHINA S DIRECT INVESTMENT AND CONSTRUCTION CONTRACTS ALONG THE BELT AND ROAD 2 The total value of China s direct investment and construction contracts along Belt and Road countries reached US$221.1bn, which accounted for 34.5% of China s overall foreign direct investment and construction contracts, from While the value of direct investment along Belt and Road fluctuated, it demonstrated an overall upward trend Sources: Thomson Reuters M&A database, public information, AEI database, Minsheng Securities Co., Ltd.
3 OVERVIEW OF CHINA S DIRECT INVESTMENT AND CONSTRUCTION CONTRACTS ALONG THE BELT AND ROAD 3 China has engaged in a wide variety of sectors along the Belt and Road including energy, transportation, metals, real estate, technology, chemistry, agriculture, finance, utilities, tourism, entertainment, etc. Energy and transportation have been the key sectors which accounted for over 50% of China s BRI direct investment and construction contracts during Particularly in 2016, the total investment and contract value of energy and transportation sectors reached US$52.8bn, i.e % of the total value Sources: Thomson Reuters M&A database, public information, AEI database, Minsheng Securities Co., Ltd.
4 OVERVIEW OF CHINA S MERGERS AND ACQUISITIONS ALONG THE BELT AND ROAD 4 Chinese companies mergers and acquisitions ( M&A ) activities in the Belt and Road region have experienced robust growth in the past three years During , Chinese companies completed 230 M&A transactions with a total transaction value of US$37bn which was more than the total M&A transactions completed during Sources: Dealogic, SWS Research
5 OVERVIEW OF CHINA S MERGERS AND ACQUISITIONS ALONG THE BELT AND ROAD China s M&A activities in the Belt and Road region have been primarily in public utilities & energy, finance, computer/electronics and oil & gas sectors. During , Chinese companies completed 21 M&A transactions with a total transaction value of US$10.4bn in these two sectors, which accounted for 28.1% of the overall China s M&A in Belt and Road Region 5 Sources: Dealogic, SWS Research
6 KEY ISSUES 6 Transaction Management Transaction Structure Financing
7 TRANSACTION MANAGEMENT AN EXERCISE IN COLLABORATION Governmental Agencies Local and Foreign Legal Counsels Financial Advisors Industry consultants/ technical experts Independent Accountants Public Relations Firms Tax Advisors Lending Syndicate Lenders Legal Counsel Paying / Escrow Agent Insurance Providers Translation Teams 7
8 RISKS AND OPPORTUNITIES 8 Evaluating geopolitical and other risks Belt and Road span diverse geographies: Political system Legal and regulatory framework Level of economic development Currency risk/ availability of foreign exchange/forex controls Labour laws/ union rights Social and cultural differences Bilateral relationship between China and host country can change Regional conflicts: Multi-territorial projects involving several countries/ jurisdictions Regulatory risks (e.g. anti-competition laws, foreign investment review and approval) Commercial viability high DSR and long pay off period
9 STRUCTURAL AND STRATEGIC ISSUES 9 Structuring the Transaction Creating different levels for co-investments and financing Utilizing offshore structures (e.g. Hong Kong special purpose vehicle) to reduce Chinese regulatory approvals and filings Reducing tax leakage International style documentation (but adopted to the local market) Document consistency Operational and compliance issues Choice of law, dispute resolution
10 FINANCIERS OF BELT AND ROAD PROJECTS 10 Government/ Sovereign funding Multilateral Financial Institutions (e.g. Asian Development Bank) Bilateral Funds (e.g. Russia-China Development Fund) Sovereign Funds (e.g. CIC, Silk Road Fund) Chinese Banks (e.g. ICBC, CCB, ABC, BOC) Chinese Financial Institutions (e.g. Import-Export Bank of China)
11 FINANCIERS OF BELT AND ROAD PROJECTS 11 Private funding Accessing international finance and meeting international regulatory standards Private sector/ private equity funding Many projects financed in RMB HK is largest RMB offshore center and process 70% global RMB denominated transactions HK s connectivity to China s financial markets
12 ABOUT SPEAKER 12 VIVIAN LAM Partner, Corporate Department Hong Kong T (852) F (852) vivianlam@paulhastings.com
13 THE AMERICAS ASIA EUROPE 13 Atlanta Century City Chicago Houston Los Angeles New York Orange County Palo Alto San Diego San Francisco São Paulo Washington, D.C. Beijing Hong Kong Seoul Shanghai Tokyo Brussels Frankfurt London Milan Paris 22 Offices ACROSS THE AMERICAS, ASIA, AND EUROPE 1 Legal Team TO INTEGRATE WITH THE STRATEGIC GOALS OF YOUR BUSINESS
14 OUR OFFICES THE AMERICAS ASIA EUROPE 14 Atlanta 1170 Peachtree Street, N.E. Suite 100 Atlanta, GA t: f: Century City 1999 Avenue of the Stars Los Angeles, CA t: f: Chicago 71 S. Wacker Drive Forty-Fifth Floor Chicago, IL t: f: Houston 600 Travis Street Fifty-Eighth Floor Houston, TX t: f: Los Angeles 515 South Flower Street Twenty-Fifth Floor Los Angeles, CA t: f: New York 200 Park Avenue New York, NY t: f: Orange County 695 Town Center Drive Seventeenth Floor Costa Mesa, CA t: f: Palo Alto 1117 S. California Avenue Palo Alto, CA t: f: San Diego 4747 Executive Drive Twelfth Floor San Diego, CA t: f: San Francisco 101 California Street Forty-Eighth Floor San Francisco, CA t: f: São Paulo Av. Presidente Juscelino Kubitschek, 2041 Torre D, 21º andar Sao Paulo, SP Brazil t: f: Washington, D.C th Street, N.W. Washington, D.C t: f: For further information, you may visit our home page at or us at Beijing 26/F Yintai Center Office Tower 2 Jianguomenwai Avenue Chaoyang District Beijing , PRC t: f: Hong Kong 21-22/F Bank of China Tower 1 Garden Road Central Hong Kong t: f: Seoul 33/F West Tower Mirae Asset Center1 26, Eulji-ro 5-gil, Jung-gu, Seoul, 04539, Korea t: f: Shanghai 43/F Jing An Kerry Center Tower II 1539 Nanjing West Road Shanghai , PRC t: f: Tokyo Ark Hills Sengokuyama Mori Tower 40th Floor, Roppongi Minato-ku, Tokyo Japan t: f: Paul Hastings Brussels Avenue Louise 480-5B 1050 Brussels Belgium t: f: Frankfurt TaunusTurm Taunustor Frankfurt am Main Germany t: f: London Ten Bishops Square Eighth Floor London E1 6EG United Kingdom t: f: Milan Via Rovello, Milano Italy t: f: Paris 32, rue de Monceau Paris France t: f:
15
EARLY CASE ASSESSMENT
EARLY CASE ASSESSMENT Getting An Early Edge: How Robust Early Case Assessment Can Help You Quantify Litigation Risk, Provide Better Settlement Opportunities, And Develop An Overall Cost-Effective Winning
More informationTHE FIGHT AGAINST FINANCIAL CRIMES AND ITS EFFECT ON THE CHIEF COMPLIANCE OFFICER
THE FIGHT AGAINST FINANCIAL CRIMES AND ITS EFFECT ON THE CHIEF COMPLIANCE OFFICER How proposed New York regulations and the Department of Justice may hold CCOs personally liable Sara K. Weed Global Banking
More informationTRANSNATIONAL ISSUES IN U.S. TRADE SECRETS LITIGATION
TRANSNATIONAL ISSUES IN U.S. TRADE SECRETS LITIGATION Speaker: Jeff Pade jeffpade@paulhastings.com FICPI 16th Open Forum October 2016 St. Petersburg, Russia LOSSES DUE TO TRADE SECRET THEFT 2 PWC estimates
More informationSANCTIONS: OVERVIEW, HOT TOPICS AND COMPLIANCE CHALLENGES U.S. SANCTIONS: GENERAL PROHIBITIONS U.S. DEPARTMENT OF THE TREASURY (OFAC)
SANCTIONS: OVERVIEW, HOT TOPICS AND COMPLIANCE CHALLENGES Scott M. Flicker Chair, Washington D.C. Office Paul Hastings LLP 2 U.S. SANCTIONS: GENERAL PROHIBITIONS U.S. DEPARTMENT OF THE TREASURY (OFAC)
More informationJennifer B. Hildebrandt, Partner, Corporate Department, Paul Hastings, Los Angeles Christopher G. Ross, Of Counsel, Paul Hastings, New York
Presenting a live 90-minute webinar with interactive Q&A Structuring Intercreditor Agreements in Split Collateral Lien Structures Between ABL and Term Lenders Navigating Collateral Pool, Priority of Rights,
More informationQualified Opportunity Zones & Energy Projects: New Tax Incentives
Presenting a live 90-minute webinar with interactive Q&A Qualified Opportunity Zones & Energy Projects: New Tax Incentives Eligibility Requirements, Formation, Self-Certification, Favorable Treatment of
More informationDrafting Standstills in Intercreditor Agreements: Junior Lienholder Standstill Periods and Secured Creditor Remedies
Presenting a live 90-minute webinar with interactive Q&A Drafting Standstills in Intercreditor Agreements: Junior Lienholder Standstill Periods and Secured Creditor Remedies Negotiating Duration, Commencement,
More informationattorney advertising
MEzzanine Finance attorney advertising Capital Markets Team of the Year C h a m b e r s U S A A w a r d s f o r E x c e l l e n c e, J u n e 2 0 0 8 Mezzanine FINANCE PRACTICE Simpson Thacher s corporate
More informationMemorandum. SEC Allows Exclusion of Proxy Access Shareholder Proposal Due to Conflict with Management Proposal. Introduction.
Memorandum SEC Allows Exclusion of Proxy Access Shareholder Proposal Due to Conflict with Management Proposal December 8, 2014 Introduction On December 1, 2014, the Securities and Exchange Commission (
More informationProposed Amendment to Delaware Law May Increase Pressure for Private Equity-Sponsors to Use Two-Step Merger Structures in Going- Private Transactions
Proposed Amendment to Delaware Law May Increase Pressure for Private Equity-Sponsors to Use Two-Step Merger Structures in Going- Private Transactions April 17, 2013 The Delaware State Bar Association has
More informationI. Notable Updates to ISS s U.S. Proxy Voting Guidelines
Memorandum ISS and Glass Lewis Issue Updates to Their Proxy Voting Guidelines for the 2016 Season November 24, 2015 Institutional Shareholder Services Inc. ( ISS ) and Glass Lewis & Co. ( Glass Lewis )
More informationRecent Developments Regarding Potential Pension Liabilities for Private Equity Funds
Recent Developments Regarding Potential Pension Liabilities for Private Equity Funds December 3, 2012 OVERVIEW This Alert summarizes recent rulings interpreting when private equity funds could have exposure
More informationSEC Staff Issues No-Action Responses With Regard to 18 Proxy Access Shareholder Proposals Challenged on Substantial Implementation Grounds
Memorandum SEC Staff Issues No-Action Responses With Regard to 18 Proxy Access Shareholder Proposals Challenged on Substantial Implementation Grounds March 1, 2016 On February 12, 2016, the Staff of the
More informationNew York City Prohibits Discrimination Against The Unemployed and Requires Mandatory Sick Leave
New York City Prohibits Discrimination Against The Unemployed and Requires Mandatory Sick Leave June 28, 2013 Introduction Employers in New York City should take note of two recent initiatives by the New
More informationOCC Releases Guidelines for Heightened Expectations for Bank Risk Governance
OCC Releases Guidelines for Heightened Expectations for Bank Risk Governance September 8, 2014 On September 2, 2014, the Office of the Comptroller of the Currency (the OCC ) issued final guidelines (the
More informationLong-Awaited FCPA Guidance is Reportedly Imminent
Long-Awaited FCPA Guidance is Reportedly Imminent October 15, 2012 At a November 2011 conference on the Foreign Corrupt Practices Act (FCPA), Assistant Attorney General Lanny Breuer announced that detailed
More informationThe New Italian Compliance Law Paris, 26 May Francesca Petronio Partner, Paul Hastings
The New Italian Compliance Law Paris, 26 May 2008 Francesca Petronio Partner, Paul Hastings Legislative Decree No. 231 of 8 June 2001 (Law 231) Legal entities may be criminally liable when individuals
More informationCalifornia Passes Legislation Requiring Placement Agents Who Solicit State Pension Systems to Register as Lobbyists
California Passes Legislation Requiring Placement Agents Who Solicit State Pension Systems to Register as Lobbyists November 8, 2010 INTRODUCTION On September 30, 2010 Governor Arnold Schwarzenegger signed
More informationGuidance on New SEC Rating Agency Expert Consent Requirement
Guidance on New SEC Rating Agency Expert Consent Requirement July 21, 2010 On July 21, 2010, President Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act, the most sweeping
More informationSEC Proposes Executive Compensation Clawback Rule. Disclose those recovery policies as an exhibit to their annual reports.
Memorandum SEC Proposes Executive Compensation Clawback Rule July 23, 2015 On July 1, 2015, the Securities and Exchange Commission ( SEC ) proposed a rule requiring that national securities exchanges and
More information2015 Global Results. Deep Industry Expertise Globally Integrated Platform Culture of Excellence
2015 Global Results Mergers & Acquisitions Debt Advisory Valuations & Opinions Special Situations Deep Industry Expertise Globally Integrated Platform Culture of Excellence Record Results 165+ transactions
More informationAlert Memo. Directors Remuneration Reforms in the United Kingdom: UK Enterprise and Regulatory Reform Act 2013 Published
Alert Memo MAY 21, 2013 Directors Remuneration Reforms in the United Kingdom: UK Enterprise and Regulatory Reform Act 2013 Published 1. Introduction The UK Enterprise and Regulatory Reform Bill received
More informationU.S. Regulators Propose Rules on Incentive-Based Compensation Arrangements at Large Financial Institutions
U.S. Regulators Propose Rules on Incentive-Based Compensation Arrangements at Large Financial Institutions February 24, 2011 In the latest round of rulemaking under the Dodd-Frank Wall Street Reform and
More informationThe Final SEC Rule on Political Contributions by Investment Advisers
The Final SEC Rule on Political Contributions by Investment Advisers July 29, 2010 INTRODUCTION On June 30, 2010, the U.S. Securities and Exchange Commission (the SEC ) approved Rule 206(4)-5 (the Rule
More informationIRS Establishes Corrections Program to Cure Deferred Compensation Defects Under Code Section 409A
IRS Establishes Corrections Program to Cure Deferred Compensation Defects Under Code Section 409A February 1, 2010 On January 5, 2010, the IRS issued Notice 2010-6 (the Notice ), which establishes a corrections
More informationThe CFTC Adopts Final Rules on the Recordkeeping and Reporting of Historical Swaps
The CFTC Adopts Final Rules on the Recordkeeping and Reporting of Historical Swaps June 20, 2012 The U.S. Commodity Futures Trading Commission (the CFTC ) has adopted final rules governing the recordkeeping
More informationAlert Memo. Italy Introduces a Financial Transaction Tax as of 2013
Alert Memo DECEMBER 26, 2012 Italy Introduces a Financial Transaction Tax as of 2013 On December 21, 2012, the Italian Parliament approved the budget law for 2013 (the Budget Law ) contemplating, among
More informationFund Managers Alert: CFTC Rescinds Exemptions and Expands its Regulations
Fund Managers Alert: CFTC Rescinds Exemptions and Expands its Regulations April 16, 2012 The U.S. Commodity Futures Trading Commission ( CFTC ) recently announced the adoption of significant amendments
More information2017 Market Terms in Independent Sponsor Transactions
2017 Market Terms in Sponsor Transactions Survey of Selected Deals Family Office $7.5M $250,000 25% promote on Invested (with full catch-up) 20% after 1X after 2.5X MOIC N/A 5% of annual Family Office
More informationCurrent and Year-End Estate Planning Issues
Current and Year-End Estate Planning Issues December 17, 2009 UNCERTAINTY REGARDING THE FEDERAL ESTATE TAX AND APPLICABLE EXCLUSION AMOUNT Under current law, the maximum amount an individual can shelter
More informationProposed Regulations Providing Additional Examples of Private Foundation Program-Related Investments
Proposed Regulations Providing Additional Examples of Private Foundation Program-Related Investments April 19, 2012 On April 19, 2012, the Department of the Treasury ( Treasury ) issued proposed regulations
More informationAlert Memo. Further Changes to Russian Securities Law Aimed at Bringing Liquidity to the Local Market
Alert Memo 25 FEBRUARY 2013 Further Changes to Russian Securities Law Aimed at Bringing Liquidity to the Local Market On December 29, 2012, the President of the Russian Federation signed into law Federal
More informationAttorney General Guidance on the New York Prudent Management of Institutional Funds Act
Attorney General Guidance on the New York Prudent Management of Institutional Funds Act March 17, 2011 On March 17, 2011 the New York State Attorney General s Charities Bureau released A Practical Guide
More informationIFLR Indonesia Forum: Debt Capital Markets
BEIJING BRUSSELS CHICAGO DALLAS FRANKFURT GENEVA HONG KONG HOUSTON LONDON LOS ANGELES NEW YORK PALO ALTO SAN FRANCISCO SHANGHAI SINGAPORE SYDNEY TOKYO WASHINGTON, D.C. IFLR Indonesia Forum: Debt Capital
More informationRenault s Mea Culpa This Week: A Reminder Of What Can Happen When A Company Investigating A Whistleblower Claim Is Misled
Renault s Mea Culpa This Week: A Reminder Of What Can Happen When A Company Investigating A Whistleblower Claim Is Misled March 17, 2011 Earlier this year, following an internal investigation into allegations
More informationRegulation of Private Funds and Their Advisers Under the Dodd-Frank Wall Street Reform and Consumer Protection Act
Regulation of Private Funds and Their Advisers Under the Dodd-Frank Wall Street Reform and Consumer Protection Act August 3, 2010 I. INTRODUCTION On July 21, 2010, President Obama signed into law the Dodd-Frank
More informationBank of America Merrill Lynch Global Securities Operations
CPA Contact Lists Audit Confirmation Contact List Effective as of June 1, 2018 Domestic Account Type Address Phone Number Bank of America Domestic Deposit Accounts Bank of America Commercial Non-Syndicated
More informationRecent SDNY Opinions Provide Guidance for Foreign Nationals Charged with Violations of the FCPA
Recent SDNY Opinions Provide Guidance for Foreign Nationals Charged with Violations of the FCPA February 21, 2013 Two recent decisions out of the Southern District of New York provide new guidance on the
More informationThe Decision. 1. The Facts
June 13, 2013 clearygottlieb.com Circuit Court Affirms Broad Reading of the Bankruptcy Code Safe Harbor for Transfers in Connection with a Securities Contract in In re Quebecor World (USA) Inc. A recent
More informationInvestment Advisers and Funds New Treasury Report Form for Foreign Claims and Liabilities
February 2014 Practice Groups: Investment Management Hedge Funds and Venture Funds Investment Advisers and Funds New Treasury Report Form for Foreign Claims and Liabilities By Clifford J. Alexander and
More informationReal Estate Investment Beyond(?) the Global Credit Crisis
Real Estate Investment Beyond(?) the Global Credit Crisis James Valente (james.valente@ipd.com) Director, North America November 29 th 2011 2011 ipd.com Overview Variation in regional trends Global investment
More informationFederal Banking Agencies Revamp Guidance on Leveraged Lending
Federal Banking Agencies Revamp Guidance on Leveraged Lending Heightened Standards Set for Bank Underwriting Practices and Evaluating the Financial Support of Private Equity Sponsors March 27, 2013 The
More informationPatterns of Global Capital Flow
Patterns of Global Capital Flow Real Estate Capital Flows (from one continent to another) have been more than $100 billion in each of the last three years North America was the largest source of cross-regional
More informationThe Supreme Court Requires Deference to Plan Administrator s Interpretation of ERISA Plan Notwithstanding Administrator s Prior Invalid Interpretation
To read the decision in Conkright v. Frommert, please click here. The Supreme Court Requires Deference to Plan Administrator s Interpretation of ERISA Plan Notwithstanding Administrator s Prior Invalid
More informationFederal Agencies Revise Proposed Securitization Risk Retention Rules
Federal Agencies Revise Proposed Securitization Risk Retention Rules September 10, 2013 On August 28, 2013, five federal banking and housing agencies 1 and the Securities and Exchange Commission (collectively,
More informationChanges to Hedge Fund Disclosure and Reporting Obligations
22 January 2014 Practice Groups: Investment Management Changes to Hedge Fund Disclosure and Reporting Obligations By Jim Bulling, Daniel Knight and Julia Baldi In October 2013, the Australian Investment
More informationOverview of Final Rules on Recordkeeping and Reporting of Swaps
Overview of Final Rules on Recordkeeping and Reporting of Swaps February 21, 2012 This memorandum discusses the final rules adopted by the Commodity Futures Trading Commission (the CFTC or the Commission
More informationAlert Memo. Coordination but no Consolidation: Internal Draft Bill on Group Insolvencies in Germany
Alert Memo FRANKFURT, FEBRUARY 4, 2013 Coordination but no Consolidation: Internal Draft Bill on Group Insolvencies in Germany We have reviewed an internal draft of the German Federal Ministry of Justice
More informationJack Wolfskin A comprehensive yet fully consensual restructuring
Jack Wolfskin A comprehensive yet fully consensual restructuring 12 October 2017 Wolfram Prusko, Partner, Munich 2017. All rights reserved. 1 1. Pre-restructuring situation Jack Wolfskin: outdoor apparel
More informationIRS Moves Forward with Plan to Change the Determination Letter Process
July 14, 2016 Practice Group(s): Employee Benefits IRS Moves Forward with Plan to Change the Determination Letter Process By Karrie Johnson Diaz, Jennifer S. Addis, Alyssa M. Fritz In 2015, the Internal
More informationUSA PATRIOT Act Certification WELLS FARGO BANK, N.A. A Wells Fargo & Co. Company CERTIFICATION REGARDING CORRESPONDENT ACCOUNTS FOR FOREIGN BANKS
WELLS FARGO BANK, A Co. The information contained in this Certification is delivered pursuant to Sections 5318(j) and 5318(k) of Title 31 of the United States code, as added by sections 313 and 319(b)
More informationFCA AUTHORISED FIRMS REQUIRED TO DISCLOSE POSSIBLE COMPETITION INFRINGEMENTS
August 18, 2015 clearygottlieb.com FCA AUTHORISED FIRMS REQUIRED TO DISCLOSE POSSIBLE COMPETITION INFRINGEMENTS The Financial Conduct Authority ( FCA ) now requires authorised firms 1 to report to the
More informationMemorandum. Department of Labor Releases Final Definition of ERISA Fiduciary and Related Conflict of Interest Rules: Groups Move to Challenge in Court
Memorandum Department of Labor Releases Final Definition of ERISA Fiduciary and Related Conflict of Interest Rules: Groups Move to Challenge in Court June 14, 2016 On April 6, 2016, the Department of Labor
More informationUp We Go Again Financial Threshold Increases Effective 1 July 2016
June 2016 Practice Group: Labour, Employment and Workplace Safety Up We Go Again Financial Threshold Increases Effective 1 July 2016 By Michaela Moloney and Meg Aitken What Businesses Need to Know Before
More information2017 Financial Highlights
2017 Financial Highlights The Strength To Support You TransRe is one of the world s leading property and casualty reinsurers. For forty years we have delivered the expertise, creativity and capacity needed
More informationQuarterly Report. Q Financial Highlights QUARTERLY REPORT
Quarterly Report Q1 2018 Financial Highlights QUARTERLY REPORT 1 Table of Contents 2018 Highlights Strength To Support You Financial Highlights Strong, Diverse, Underwriting Contacts 3 4 5 8 9 QUARTERLY
More informationTax Alert. China Issues New Tax Rules on Corporate Restructurings. I. Overview
June 2009 Authors: Clifford Ng clifford.ng@klgates.com + 852. 2230.3558 Shuang Peng shuang.peng@klgates.com + 852.2230.3590 K&L Gates is a global law firm with lawyers in 33 offices located in North America,
More informationIncident Investigations on Multi-Employer Work Sites. OSHA Oil & Gas Safety Conference December 5, 2018
Incident Investigations on Multi-Employer Work Sites OSHA Oil & Gas Safety Conference December 5, 2018 The Stakes Serious incidents continue to drive focus on (i) how to conduct investigations, (ii) how
More informationAlert Memo BRUSSELS AND HONG KONG FEBRUARY 18, China s State Council Issues Notice on National Security Review of Foreign Acquisitions
Alert Memo BRUSSELS AND HONG KONG FEBRUARY 18, 2011 China s State Council Issues Notice on National Security Review of Foreign Acquisitions On March 5, 2011, a new national security regime regulating foreign
More informationSupplemental Information Earnings Call
Supplemental Information Earnings Call Fourth-Quarter 2015 Market volume & outlook JLL Research Investment volumes remain solid; outlook steady Market Volumes Actual Forecast Capital Markets (1) LC USD
More informationSingapore. Core Strengths. Financial Markets. Major Projects. Information, Communications & Technology. Corporate and Commercial
Singapore Sep 2016 Singapore Investment Funds Law Firm of the Year and Employment Law Firm of the Year Asian Legal Business Law Awards 2014 Our Singapore office provides a hub to support clients throughout
More informationPrivate Investment in Renewable Energy
Private Investment in Renewable Energy Tia S. Barancik June 19, 2013 Attorney Advertising Prior results do not guarantee a similar outcome. Why Invest in Renewable Energy? Legislative and Regulatory Support
More informationAlert Memo. 1. Introduction. 2. Consultation on profit forecasts, merger benefits statements and material changes in information. 2.
Alert Memo JULY 11, 2012 Takeover Panel publishes three consultation papers (on profit forecasts, merger benefits statements and material changes in information; issues relating to pension scheme trustees;
More information2012 North American Deal Flow Expected to be on Par with or Better than in 2011, Say Leading M&A Advisors in 5 th Annual Brunswick Group M&A Survey
Embargoed until Wednesday, March 7 at 6:00am EST 2012 North American Deal Flow Expected to be on Par with or Better than in 2011, Say Leading M&A Advisors in 5 th Annual Brunswick Group M&A Survey - Global
More informationNumerix Economic Scenario Generator
Numerix Economic Scenario Generator Transparency and Flexibility in an Easy-to-Use Application Risk neutral and real world scenarios Built on the world s largest capital market model library Easy to use
More informationIntroducing the New Multi-Level Marketing Governing Act
March 2014 Practice Group(s): Corporate/M&A Public Policy and Law Introducing the New Multi-Level Marketing By Max Wang Background Taiwan had approximately 369 multi-level marketing (MLM) companies and
More informationTransRe Financial Highlights. TransRe 2018 Financial Highlights
TransRe 2018 Financial Highlights TransRe 2018 Financial Highlights 1 Table of Contents The Strength To Support You Ratings & Values Balance Sheet Highlights Underwriting Highlights Strength & Diversity
More informationTransRe 3Q18. Financial Highlights. TransRe 3Q18 Financial Summary
TransRe 3Q18 Financial Highlights TransRe 3Q18 Financial Summary 1 Table of Contents Strength To Support You 2018 Highlights Balance Sheet Highlights Underwriting Highlights Contacts 3 4 5 6 8 TransRe
More informationMemorandum. Combatting Securities Fraud Allegations With 10b5-1 Trading Plans. I. 10b5-1 Plans and Regulatory Requirements.
Memorandum Combatting Securities Fraud Allegations With 10b5-1 Trading Plans July 24, 2017 A recent decision issued by the United States District Court for the District of Massachusetts, Harrington v.
More informationTwo Federal Bills Regulating Insurance and Reinsurance Are Proposed
Two Federal Bills Regulating Insurance and Reinsurance Are Proposed October 23, 2009 Two bills purporting to regulate insurance and reinsurance are currently pending in Congress. One, the Nonadmitted and
More informationAlert Memo. More Documents About the Target Would Be Required
Alert Memo AUGUST 19, 2010 FTC Proposes HSR Changes: Would Require More Documents from All Filers, Extensive New Information from Private Equity Funds, Foreign Manufacturers, and Others On August 16, the
More informationInvestor Presentation
Investor Presentation May 2013 48,000 employees 200 offices 70 countries 1 global platform Table of Contents I. Company Description II. Global Growth Strategy III. Financial Overview IV. Appendix 2 Company
More informationHaynes and Boone, LLP Borrowing Base Redeterminations Survey: Fall 2016
, LLP Borrowing Base Redeterminations Summary of results September 29, 2016 OBJECTIVES OF THE SURVEY Since April 2015,, LLP has conducted four borrowing base redetermination surveys, including one most
More informationCFTC and SEC Adopt New Rules Further Defining Major Swap Participant and Major Security-Based Swap Participant
CFTC and SEC Adopt New Rules Further Defining Major Swap Participant and Major Security-Based Swap Participant May 3, 2012 Pursuant to Section 712 of the Dodd-Frank Wall Street Reform and Consumer Protection
More informationMemorandum. Business Interruption Coverage in Hurricane Harvey s Aftermath. September 7, 2017
Memorandum Business Interruption Coverage in Hurricane Harvey s Aftermath September 7, 2017 As Texas and the Gulf Coast grapple with the devastation caused by Hurricane Harvey, affected companies will
More informationNEUBERGER BERMAN Environmental, Social and Governance Policy
NEUBERGER BERMAN Environmental, Social and Governance Policy SEPTEMBER 2017 OUR FIRM Founded in 1939, Neuberger Berman is a private, 100% independent, employee-owned investment manager. From offices in
More informationSEC Issues Risk Alert on Custody Rule, Reinforcing Its Message to Registered Investment Advisers in Its Examination Priorities for 2013
March 15, 2013 Practice Group: Private Equity Investment Management, Hedge Funds and Alternative Investments SEC Issues Risk Alert on Custody Rule, Reinforcing Its Message to Registered Investment Advisers
More informationInvesting in U.S. Utility Assets
Investing in U.S. Utility Assets Atlanta Beijing Brussels Chicago Cleveland Columbus Dallas Frankfurt Hong Kong Houston Irvine London Los Angeles Madrid Menlo Park Milan Munich New Delhi New York Paris
More informationIranian Nuclear Accord Reached, But Specific Implementation of Meaningful Sanctions Relief Will Not Be Immediate
July 16, 2015 Practice Group: International Trade Iranian Nuclear Accord Reached, But Specific Implementation of Meaningful Sanctions Relief Will Not Be Immediate By Daniel J. Gerkin and Jerome J. Zaucha
More informationAlert Memo NEW YORK, BRUSSELS, LONDON, AUGUST 28, 2012
Alert Memo NEW YORK, BRUSSELS, LONDON, AUGUST 28, 2012 European Banking Authority Publishes Guidelines for Data Collection on EEA Remuneration Practices On July 27, 2012, the European Banking Authority
More informationCredit Suisse AG Appendix to USA PATRIOT Act Certification Credit Suisse AG, Dubai Branch The Gate, 9th Floor East, Dubai International Financial Centre Dubai/UAE Central Bank of the United Arab Emirates
More informationSupplemental Information Second-Quarter 2013 Earnings Call
Supplemental Information Second-Quarter 2013 Earnings Call Market & Financial Overview Q2 Capital Markets & Leasing Markets Volumes Strong Q2 for Capital Markets Q2 2013 v. Q2 2012 Market Volumes Capital
More informationM&A ACADEMY: TAX ISSUES IN M&A TRANSACTIONS
M&A ACADEMY: TAX ISSUES IN M&A TRANSACTIONS Daniel Nelson, Partner Casey August, Partner February 12, 2019 2019 Morgan, Lewis & Bockius LLP Introductory Notes Focus on domestic transactions Cross-border
More informationGibson Dunn Webcast: Critical Developments and Trends in M&A Post- Closing Remedies
Gibson Dunn Webcast: Critical Developments and Trends in M&A Post- Closing Remedies November 18, 2015 Webcast Agenda This fast-paced program explores the latest trends, structures, pitfalls and opportunities
More informationAstra Agro Lestari (AALI IJ)
3/16 4/16 5/16 6/16 7/16 8/16 9/16 10/16 11/16 12/16 1/17 2/17 3/17 (AALI IJ) Ripple effect from lower forex debt Agriculture Company Report March 22, 2017 (Upgrade) Buy Target Price (12M, IDR) 18,600
More informationGlobal. Real Estate Outlook. Jeremy Kelly Global Research. David Green-Morgan Global Capital Markets Research
Global Real Estate Outlook Jeremy Kelly Global Research David Green-Morgan Global Capital Markets Research Ben Breslau Director of Research, Americas 7 th February 2013 Global Real Estate Outlook Road
More informationSurvey of 2008 Life Sciences Private Investment in Public Equity (PIPE) Transactions
Survey of Life Sciences Private Investment in Public Equity (PIPE) Transactions Prepared by Robert Claassen, Jeffrey Hartlin, Scott Joachim and Michael Zuppone January 9 Table of Contents INTRODUCTION...
More informationMethods for Maximizing Value in M&A Tax Structures
Methods for Maximizing Value in M&A Tax Structures Saul Rudo Katten Muchin Rosenman LLP Chicago David Sterling RMS US LLP Chicago Agenda Building Blocks to Structure Transactions Entity characterization
More informationExecutive Summary New Section 457A (Nonqualified Deferred Compensation)
Executive Summary New Section 457A (Nonqualified Deferred Compensation) New York November 3, 2008 On October 3, 2008, the Emergency Economic Stabilization Act of 2008 (H.R. 1424) was signed into law. The
More informationTerm Asset-Backed Securities Loan Facility Launches: Key Details
Term Asset-Backed Securities Loan Facility Launches: Key Details Washington, DC March 11, 2009 On March 3, 2009, the U.S. Treasury and Federal Reserve Board ( Fed ) announced the launch of the Term Asset-Backed
More informationNuclear New Build: Risk and Finance
Nuclear New Build: Risk and Finance George Borovas May 2016 Contents Shearman & Sterling s Global Nuclear Group 3 A Changing Industry 4 Nuclear Project Risks from Lenders Perspectives 5 Nuclear Finance
More informationPrepaid and Stored Value Cards: Navigating the CARD Act and New FinCEN Regulations
presents Prepaid and Stored Value Cards: Navigating the CARD Act and New FinCEN Regulations A Live 90-Minute Teleconference/Webinar with Interactive Q&A Today's panel features: Gizelle Barany, Senior Corporate
More information55 East 52nd Street, New York, NY, 10055, U.S.A. BlackRock (Netherlands) B.V. Rembrandt Tower, 17th floor, Amstelplein, Amsterdam, Netherlands
PRESS RELEASE Brussels, 19 June 2018 17:40 (CET) Ageas and : Transparency notification REGULATED INFORMATION In accordance with the rules on financial transparency*, Blackrock has notified Ageas on 14
More informationHaynes and Boone, LLP Borrowing Base Redeterminations Survey: Fall 2018
, LLP Borrowing Base Redeterminations September 26, 2018 OBJECTIVE OF THE SURVEY Since April 2015,, LLP has conducted eight borrowing base redetermination surveys, including one most recently in September
More informationSEC Adopts Payment Disclosure Rules for Resource Extraction Issuers
2 August 2016 Practice Groups: Oil & Gas Energy Corporate/M&A Mining and Metals Public Policy and Law Global Government Solutions SEC Adopts Payment Disclosure Rules for Resource By Bryce D. Linsenmayer
More information55 East 52nd Street, New York, NY, 10055, U.S.A. BlackRock (Netherlands) B.V. Rembrandt Tower, 17th floor, Amstelplein, Amsterdam, Netherlands
PRESS RELEASE Brussels, 21 June 2018 17:40 (CET) Ageas and : Transparency notification REGULATED INFORMATION In accordance with the rules on financial transparency*, Blackrock has notified Ageas on 19
More informationCharlie Grover 4 November Structuring Financing for RE Companies
Charlie Grover 4 November 2010 Structuring Financing for RE Companies Key points Financing gap between would-be developers and investors Various challenges to developing RE projects in the region. Lack
More informationSupplemental Information Earnings Call Third-Quarter 2015
Supplemental Information Earnings Call Third-Quarter 2015 Q3 2015 Market Volume & Outlook JLL Research Investment Volumes Remain Strong; Outlook Steady Market Volumes Capital Markets (1) (in USD) Americas
More informationSEC Approves Amendments to Rule 15c2-12
Number 1039 June 8, 2010 Client Alert Latham & Watkins Tax Department SEC Approves Amendments to Rule 15c2-12 For issuers or obligated parties with any currently outstanding municipal securities, including
More informationTAX ISSUES IN M&A TRANSACTIONS
MORGAN LEWIS 2018 M&A ACADEMY PRESENTS: TAX ISSUES IN M&A TRANSACTIONS Daniel Nelson, Partner Casey August, Partner March 6, 2018 2018 Morgan, Lewis & Bockius LLP Introductory Notes Focus on domestic transactions
More information