Session 7: Introduction to Supply Chain Finance and Receivables Purchasing
|
|
- Britney Pope
- 5 years ago
- Views:
Transcription
1 Session 7: Introduction to Supply Chain Finance and Receivables Purchasing Jolyon Ellwood-Russell Richard McKeown 30 October :00 10:00
2 Agenda Overview of Receivables Risks and credit quality Specific structures: Supplier led Buyer led Other types Legal issues to consider Fraud Conclusions
3 Overview of Receivables What type of receivables? Payables arising from sales of goods (and services) characterised and evidenced in an invoice Cross border Nature of SCF and receivables purchase Involving a mixture of jurisdictions Could be multi-jurisdictional in same transaction Assumes the existence of the receivables But view performance and payment risks Both seller and paying party
4 Overview of structures Framed as receivables purchases and documented as a Receivables Purchase Agreement (RPA) Different types Bilateral Multiparty both sellers and buyers of goods Use of electronic platforms Structured arrangements Forfaiting Factoring Invoice Discounting Securitisation
5 Risks and credit quality Key risks Receivable does not exist Receivable is not paid Receivable gets paid to someone else Due diligence Quality of supplier Performance risk Quality of what is supplied Quality of receivable Quality of paying party
6 Receivables Due Diligence What performance is needed from the supplier? Will the buyer pay the invoice delivered? The independent payment undertaking (IPU) What is its place? What are its problems?
7 Supply Chain and Receivables structures Supply Chain structures - Buyer-led Receivable Purchase arrangements - Supplier-led Legally structured as a purchase by way of assignment Third party structures
8 Receivables Purchase (Supplier-led) structure The supplier is the financer s primary client Usually contractual arrangements with supplier only might be limits on debtor exposure Can be facultative or whole turnover May be confirmed or unconfirmed receivables May be disclosed or undisclosed Supplier as collection agent of the financer maintain commercial relationship Risk of Recharacterisation
9 Receivables Purchase arrangement 2. SUPPLIES GOODS / SERVICES AND INVOICE SUPPLIER (SELLER) 1. PURCHASE ORDER SUPPLY CONTRACT DEBTOR (BUYER) 7. ON PAYMENT OF FACE VALUE OF RECEIVABLE ON MATURITY DATE 5. FINANCER ACCEPTS AND PURCHASE / ASSIGNMENT AND MAKES PAYMENT OF DISCOUNTED PURCHASE PRICE 3. RECEIVABLES PURCHASE AGREEMENT 4. DETAILS OF ELIGIBLE INVOICES / REQUEST AND OFFER TO FINANCIER TO PURCHASE 5a. NOTICE OF ASSIGNMENT 6. PAYMENT OF FACE VALUE OF RECEIVABLE ON MATURITY DATE INTO TRUST ACCOUNT FINANCER
10 Supply Chain finance - Buyer-led The buyer / debtor is the financer s primary client and repayment covenant Contractual arrangements with the buyer / debtor Confirmed / accepted receivables Electronic platform and IT infrastructure Disclosed assignment and debtor onboarded to platform Commercial reasoning suppliers obtain early payment with financing costs based on creditworthiness of buyer used as a wider scheme to help buyer / debtor lengthen payment term producing cash-flow benefit Focus on accounting treatment for supplier AND buyer / debtor
11 Supply Chain (Buyer-led) structure 1. PURCHASE ORDER SUPPLIER (SELLER) 2. SUPPLIES GOODS / SERVICES AND INVOICE DEBTOR (BUYER) SUPPLY CONTRACT 5. REQUEST FOR FINANCES TO PURCHASE RECEIVABLES (manual discount only) 6. PAYMENT OF DISCOUNTED PURCHASE ORDER TO THE SUPPLIER FOR ASSIGNMENT OF THE RECEIVABLES SERVICE PROVIDER / FINANCER 7. NOTICE OF ASSIGNMENT OF RECEIVABLE 8. PAYMENT OF FACE VALUE OF RECEIVABLE ON MATURITY DATE
12 Third party structures Lots of providers in the SCF market usually buyer-led Has a ready made IT platform for financiers to utilise Financiers can be disclosed or just behind the scenes Third party originator as paying agent and collection agent
13 Third party structures other contractual structures SUPPLIER (SELLER) SUPPLY CONTRACT DEBTOR (BUYER) RECEIVABLES PURCHASE AGREEMENT FINANCER FINANCES AGREEMENT THIRD PARTY ORIGINATOR
14 Third party structures other contractual structures SUPPLIER (SELLER) SUPPLY CONTRACT DEBTOR (BUYER) FINANCER AGENCY AGREEMENT THIRD PARTY ORIGINATOR
15 Legal issues of Receivables Purchase Purchase or Loan Sale v secured financing True sale issues Best position for financer Notice of assignment Avoid set offs and counterclaims Contract of Sale (or at least the receivable) must be assignable. How to transfer the receivables Purchase of future receivables
16 Cross border Receivables Governing law of the sale contract / receivable Governing law of the receivable purchase document Must they be the same? The issues How to work around the problems
17 Financial crime in Receivable Finance Increasing concern on financial crime Documents passing on risk to customers Need right systems Trade Based Money Laundering (TBML)
18 Case study The double funding BANK 4 SELLER BANK 2 1. Seller and Buyer enter into Contract of Sale. 2. Seller provides goods. 3. Invoice issued to Debtor a. Obtains financing from Bank. DEBTOR 4b. No notice of financing to Debtor. 5. Seller then issued more invoices to Debtor and signed up to new RPA with another bank.
19 Double funding - analysis Straight fraud Financers too relaxed No notices of assignment Financers let supplier act as agent Little tracking of payments Worked while business growing until Legal fights on priorities Lessons learned Track your receivables
20 Case study Change to payment instructions BANK 4a SELLER 1. Seller and Debtor enter into Contract of Sale. Trust Account New Account 2. Seller ships goods. 4b Creates a receivable and Seller issues an invoice. 4a. Seller enters into RPA with Bank. DEBTOR 4b. Gives notice to Debtor. 5. Seller sends further notice to make payment into new account.
21 Change to payment instructions - analysis Possible fraud Financer too slow to react Know your transaction should not have permitted this Paying party says come and sue me in my jurisdiction Financier unlikely to see much return on financing
22 Conclusions Receivable Purchase good structuring possible Cross border issues can be dealt with Look at structuring from true sale point of view Important to have an enforceable right to payment Remember what has gone wrong and can go wrong Length of document is not an excuse for poor due diligence There are Risks in Trade Finance but Trade Finance is not Risky
23 A to Z of Trade Finance Structures & Solutions in Trade Finance
24 Speakers Jolyon Ellwood-Russell Partner, Hong Kong T E jolyon.ellwood-russell@simmons-simmons.com Richard McKeown Partner, Hong Kong T E richard.mckeown@simmons-simmons.com
25 The complete service Best Trade Finance Law Firm in Asia Pacific GTR Asia Leaders in Trade 2015 Awards Simmons & Simmons delivers innovative solutions, industry knowledge and commercial focused advice to clients throughout the trade & commodities sector. With market leading lawyers based in Asia, Europe & the UK, we provide an end-toend service; work on the largest, most complex transactions; and have a reputation for developing new approaches to traditional financing transactions. For further information, please contact: Jolyon Ellwood-Russell T E Jolyon.ellwood-russell@simmons-simmons.com simmons-simmons.com
26 simmons-simmons.com elexica.com This document is for general guidance only. It does not contain definitive advice. SIMMONS & SIMMONS and S&S are registered trade marks of Simmons & Simmons LLP. Simmons & Simmons is an international legal practice carried on by Simmons & Simmons LLP and its affiliated practices. Accordingly, references to Simmons & Simmons mean Simmons & Simmons LLP and the other partnerships and other entities or practices authorised to use the name Simmons & Simmons or one or more of those practices as the context requires. The word partner refers to a member of Simmons & Simmons LLP or an employee or consultant with equivalent standing and qualifications or to an individual with equivalent status in one of Simmons & Simmons LLP s affiliated practices. For further information on the international entities and practices, refer to simmonssimmons.com/legalresp. Simmons & Simmons LLP is a limited liability partnership registered in England & Wales with number OC and with its registered office at CityPoint, One Ropemaker Street, London EC2Y 9SS. It is authorised and regulated by the Solicitors Regulation Authority. A list of members and other partners together with their professional qualifications is available for inspection at the above address.
Navigating Trade Compliance. Jolyon Ellwood-Russell
Navigating Trade Compliance Jolyon Ellwood-Russell 26 April 2017 Agenda Xx x 1 / L_LIVE_APAC1:5642312v1 Supply Chain International Trade A Origin Custom Procedures Destination B Transport Chain Decomposition
More informationIntroduction to the Mechanics of Trade Finance
Introduction to the Mechanics of Trade Finance 15 October 2014 Jolyon Ellwood-Russell Partner, Hong Kong Introduction What is Trade Finance Documentary Credits Standby Letters of Credit Threats to Unconditional
More informationBrexit related reorganisations and transitions
Brexit related reorganisations and transitions Isabella Roberts David Parkes Khasruz Zaman FI & AMIF Autumn Legal Update 2017 Introduction As a result of Brexit: EU banks/other regulated entities passporting
More informationFinancing the next industrial revolution. Dan Marjanovic
Financing the next industrial revolution Dan Marjanovic dan.marjanovic@simmons-simmons.com 30 November 2017 The Next Industrial Revolution We stand on the brink of a technological revolution that will
More informationCompliance in Germany - Tax Compliance
Compliance in Germany - Tax Compliance Sascha Kuhn Bernulph von Crailsheim April 21, 2015 Overview I. Why Compliance should care about taxes II. Organisational aspects III. Tax law bear traps IV. Tax correction./.
More informationMiFID2: Documentation Updates
MiFID2: Documentation Updates Nick Colston Louise Tudor-Edwards FI & AMIF Autumn Legal Update 2017 Introduction what we ll cover today MiFID2 s impact on documentation Legal agreements Internal policies
More informationSession 9: Hot Button Items in Hong Kong Equity Capital Markets: Pre-IPO Investments and Weighted Voting Rights
Session 9: Hot Button Items in Hong Kong Equity Capital Markets: Pre-IPO Investments and Weighted Voting Rights David Neuville Joseph Lee 30 October 2015 11:30 12:30 Pre-IPO Investments Extremely common
More informationTelecoms Infrastructure Sharing: The Asset Purchase Agreement
Telecoms Infrastructure Sharing: The Asset Purchase Agreement This article follows on from Telecoms infrastructure sharing: structures and [Telecoms infrastructure sharing: The Tower Use Agreement], and
More informationDispute Avoidance: Navigating Complex Infrastructure Projects
Dispute Avoidance: Navigating Complex Infrastructure Projects with a specific focus on airport developments Andrew Mackenzie 18 February 2016 Simmons & Simmons LLP 2013. Simmons & Simmons is an international
More informationNegotiating co-investment and side car arrangements
Negotiating co-investment and side car arrangements Dale Gabbert Matthew Pitman James Cofer (Seward & Kissel) David Mulle (Seward & Kissel) Introduction What is co-investment? Typical structure Commercial
More informationCPD Day 2016 Shanghai Stock Connect Margin Financing
CPD Day 2016 Shanghai Stock Connect Margin Financing Richard McKeown Joseph Lee 19 October 2016 Outline Taking security over listed shares Stock Connect - Shanghai (Nov 2014) / Shenzhen (Nov 2016) Common
More informationDerivatives Markets not Leaving the Regulatory Spotlight yet
Derivatives Markets not Leaving the Regulatory Spotlight yet Financial Markets Legal Update 18 May 2017 Rezah Stegeman Programme EMIR for a minute Trading obligation (MiFID2) Post-trade transparency for
More informationEmployment law in Germany Employee claims. Verena Braeckeler-Kogel
Employment law in Germany Employee claims Verena Braeckeler-Kogel 01 December 2016 Agenda Rules of legal procedure Labour courts Course of the proceedings Evidence Common claims and employer pitfalls Dismissal
More informationEmployment law and HR implications of Brexit. Olly Jones Peter Lockwood. 21 July 2016
Employment law and HR implications of Brexit Olly Jones Peter Lockwood 21 July 2016 Brexit What has happened so far - UK voted on 23 June 2016 52:48 in favour of the UK leaving the EU The referendum outcome
More informationEmployment law in Germany avoiding the common pitfalls? Verena Braeckeler-Kogel
Employment law in Germany avoiding the common pitfalls? Verena Braeckeler-Kogel London, 03 April 2014 Recruitment Advertising job vacancies We are looking for a committed, fully qualified lawyer (0-2 years
More informationRationalising legal entities and moving operations
Rationalising legal entities and moving operations Isabella Roberts Ania Rontaler Hatice Ismail 25 January 2017 Introduction Rationalising legal entities Moving operations From a corporate and tax perspective
More informationThe Consumer Rights Act 2015: getting your business ready. Mark Dewar Robert Allen
The Consumer Rights Act 2015: getting your business ready Mark Dewar Robert Allen 14 May 2015 The Consumer Rights Act 2015 What New rules - new challenges New risks - new threats When 01 October 2015 1
More informationMiFID2. Commodities. Jonathan Melrose Rosali Pretorius. October 2017
MiFID2 Commodities Jonathan Melrose Rosali Pretorius October 2017 Introduction Overview of change in commodities rules Rules that apply across the board Market infrastructure and reporting Investor protection
More informationProduct Governance and Funds. What is changing on the way to MiFID2. Mahrie Webb, Partner. Romeo Battigaglia, Partner. Caroline Hunter-Yeats, Partner
Product Governance and Funds What is changing on the way to MiFID2 Mahrie Webb, Partner Romeo Battigaglia, Partner Caroline Hunter-Yeats, Partner October 2015 Agenda Summary of the key Product Governance
More informationRegulatory Capital the proposed revision of the Standardised Approach for credit risk and the automated FinTechsolution
Regulatory Capital the proposed revision of the Standardised Approach for credit risk and the automated FinTechsolution Diana Paredes Murat Abur Pascal di Prima 17.11.2015, London Agenda Introduction Current
More informationThe NEC3. The Unknowns
The NEC3 The Unknowns The Gaps Between the Express Terms; Is Clause 10.1 the Answer? First, a few unknowns in the NEC 1. What happens when the Accepted Programme is not accepted? 2. What happens when a
More informationThe gig economy: The workplace changed forever? Dr Anne Sammon, Simmons & Simmons
The gig economy: The workplace changed forever? Dr Anne Sammon, Simmons & Simmons 18 May 2017 Overview The gig economy Employment status The gig economy under attack Conclusion 1 / B_LIVE_EMEA1:4375456v1
More informationOversight. Mutual Recognition of Funds between France and Hong Kong. Introduction. August 2017 simmons-simmons.com elexica.com
Oversight August 2017 simmons-simmons.com elexica.com Mutual Recognition of Funds between France and Hong Kong Introduction The Securities and Futures Commission of Hong Kong (SFC) and the Autorité des
More informationHot topics in international employment law - Belgium
Hot topics in international employment law - Belgium Wage moderation - Indexation Marie-Hélène Jacquemin 01 October 2015 Background Wage moderation Maximum margin for 2015-2016 Obligations Sanctions Future
More informationAIFMD vs UCITS vs MiFID2
AIFMD vs UCITS vs MiFID2 Nick Colston Darren Fox FI & AMIF Autumn Legal Update 2017 Overview: what we ll cover today When regulation makes headline news.. Part 1: overview of three regulatory regimes Part
More informationSM&CR Roundtable Questions
SM&CR Roundtable Questions Pollyanna Deane Felix Zimmermann Richard Sims Andrea Finn Laura Allen 27 September 2017 SMCR for insurers and insurance distributors 1. Different approaches SMCR for insurers
More informationStructuring Investments into Africa: Tax and BITs Aspects
Structuring Investments into Africa: Tax and BITs Aspects February 2015 Structuring Investments into Africa Tax is, of course, only one of many elements to consider when planning cross-border investments.
More informationIndividual Accountability: Extending the Senior Managers and Certification Regime to insurers
Individual Accountability: Extending the Senior Managers and Certification Regime to insurers 4 August 2017 Pollyanna Deane Felix Zimmermann Emma Sutcliffe Peter Lockwood Just before the new accountability
More informationEU margin requirements for non-cleared derivatives: What do hedge fund managers need to know? Adam Jacobs-Dean Lucian Firth Allan Yip
EU margin requirements for non-cleared derivatives: What do hedge fund managers need to know? Adam Jacobs-Dean Lucian Firth Allan Yip 20 September 2016 Adam Jacobs-Dean Global Head of Markets Regulation
More informationThe next generation of market abuse
The next generation of market abuse Alix Boberg Richard Sims Emma Sutcliffe Jochen Kindermann Wednesday 05 & Thursday 06 October 2016 Market abuse: an outline UK criminal and civil enforcement Perspectives
More informationEmployment law and HR implications of Brexit. Olly Jones Peter Lockwood. 13 July 2016
Employment law and HR implications of Brexit Olly Jones Peter Lockwood 13 July 2016 Brexit What has happened so far - UK voted on 23 June 2016 52:48 in favour of the UK leaving the EU The referendum outcome
More informationVAT, Asset Management & Pensions
VAT, Asset Management & Pensions Nick Skerrett Heather Rowlands Crystal Randles-Mills FI & AMIF Autumn Legal Update 2017 Introduction Update on the case law concerning the VAT liability of investment management
More informationFinancial Markets Legal Update Seminar
Financial Markets Legal Update Seminar Programme 18 May 2017 Stream 1 Capital Markets Stream 2 Banking / Restructuring & Insolvency Stream 3 Financial Services / Tax 12:30-13:00 Registration and sandwiches
More informationUCITS V: Who needs to do what by when?
UCITS V: Who needs to do what by when? Andrea Finn Viviane de Moreau Neil Simmonds Mahrie Webb 07 & 08 October Agenda Summary of changes being introduced under UCITS V Impact on remuneration structures
More informationRestrictive Covenants: A PRC and Hong Kong Perspective
Restrictive Covenants: A PRC and Hong Kong Perspective K. Lesli Ligorner, Partner, Shanghai Fiona Loughrey, Partner, Hong Kong China Employment Group Simmons & Simmons 10 February 2015 Simmons & Simmons
More informationRecent developments in Structured Finance
Recent developments in Structured Finance Financial Markets Legal Update 18 May 2017 Jeroen Bos Marieke Driessen Introduction The Dutch Landscape Securitisation Covered Bonds Other structured finance issues
More informationGDPR: The future of marketing and commercialisation of data. Alexander Brown & Matt Dyer, Simmons & Simmons
GDPR: The future of marketing and commercialisation of data Alexander Brown & Matt Dyer, Simmons & Simmons 18 May 2017 Fair and lawful processing Consents and notices Fair and lawful processing Personal
More informationEquity Capital Markets Update
Equity Capital Markets Update Colin Bole Chris Horton Simon Ovenden Chris Walton Alex Ainley FI & AMIF Autumn Legal Update 2017 Overview FCA consultations: - IPOs and unconnected research - review of UK
More informationOut of the Shadows Limits on Exposures to Shadow Banking Entities
Out of the Shadows Limits on Exposures to Shadow Banking Entities Jochen Kindermann Pascal di Prima London, 22 June 2016 Agenda Introduction Background Definition range Exemptions Consequences 1 / L_LIVE_EMEA2:13469741v1
More informationPublic consultation on EU merger control
Public consultation on EU merger control Tony Woodgate Koen Platteau Martin Gramsch Geneviève Borremans 07 December 2016 Background Ongoing evaluation of the functioning of procedural and jurisdictional
More informationPeter Wright. Renewable Energy Projects in Africa Comparing Procurement Models for Renewable Generation Capacity. Simmons & Simmons March 2015
Renewable Energy Projects in Africa Comparing Procurement Models for Renewable Generation Capacity Peter Wright Simmons & Simmons March 2015 Meeting the cost of Green Energy When renewables first emerged
More informationConstruction Webinar: BIM
Construction Webinar: BIM Rob Horne rob.horne@simmons-simmons.com 28 April 2016 Section 1 BIM What is it? BIM The Basics What is Business Information Modelling (BIM)? A digital representation of physical
More informationThe Taxman Cometh. Jon Brose (Seward & Kissel) Martin Shah. Hatice Ismail. Zoë Arnautov. Wednesday 11 & Thursday 12 October 2017
The Taxman Cometh Jon Brose (Seward & Kissel) Martin Shah Hatice Ismail Zoë Arnautov Wednesday 11 & Thursday 12 October 2017 Session agenda A time of change in the tax environment What do asset managers
More informationAutumn Legal Update: Duties and Trade Errors
Autumn Legal Update: Duties and Trade Errors Robert Turner, Paul Baker, Gerard Heyes, Adam Blair and Mark Uttley 11 & 12 October 2017 Introduction Duties Considerations Fiduciary Definition, Policies and
More informationDistribution update the competition law perspective. Peter Meyer Koen Platteau Genevieve Borremans Claudia Mercer Filippo Fioretti
Distribution update the competition law perspective Peter Meyer Koen Platteau Genevieve Borremans Claudia Mercer Filippo Fioretti 3 June 2015 Overview EU legal framework National reports from France UK
More informationMiddle East Regulatory Update
Middle East Regulatory Update Muneer Khan Partner - Dubai Ahmed Butt Partner - Riyadh Ali Hassan Senior Representative Europe & North America DIFC Authority 7 & 8 October 2015 Agenda Introduction Saudi
More informationSession 4, Stream 6. Global regulation of lending. John Paul Zammit. 07 & 08 October 2015
Session 4, Stream 6 Global regulation of lending John Paul Zammit 07 & 08 October 2015 This document sets out a high level summary only of the information received from local counsel for the purposes of
More informationMiFID2 for asset managers headlines and roadmaps
MiFID2 for asset managers headlines and roadmaps Nick Colston Darren Fox Wednesday 05 & Thursday 06 October 2016 Introduction what we ll cover today 1. Re-cap and recent developments 2. L2 Directive: finalised
More informationAnti-trust Law with an IP Protection Interface in China
Anti-trust Law with an IP Protection Interface in China An emerging legal area affecting your business Xun Yang 20 September 2016 1 /APAC 5320363 Content Legal Framework of Anti-trust Laws with IP Interface
More informationWhat is happening to ISDA documentation?
What is happening to ISDA documentation? Aron Berket Dirk-Jan Gerrits Rezah Stegeman FMLUS - 17 May 2018 Programme 1. Recent developments 1. Benchmarks 2. Settled-to-market 3. MiFID2 4. VM Requirements
More informationEmployment law in Germany Works Council
Employment law in Germany Works Council Steffen Nguyen-Quang, EMBA 9 June 2016 Agenda Employee representative bodies Establishment of a works council General functions and competencies of the works council
More informationContract Law: legal issues to bear in mind when negotiating contracts. Jayne Bentham Paolo Caldato
Contract Law: legal issues to bear in mind when negotiating contracts Jayne Bentham Paolo Caldato 14 May 2015 What will this session cover? Some drafting pitfalls Governing law and choice of forum clauses
More informationPaul Browne, Partner, London Yongmei Cai, Partner, Beijing Jay Lee, Partner, Hong Kong
One Belt One Road and RMB internationalisation: a look at how recent PRC regulatory developments provide significant opportunities for market participants in the Financial Markets in the UK and Europe
More informationNew Terminology. References to. The main theme of NEC4 is that it represents an evolution rather than a revolution in thinking
New Terminology The main theme of NEC is that it represents an evolution rather than a revolution in thinking References to project participants as him and his actions are now stated in a neutral voice
More informationThe German Netting Decision
The German Netting Decision The Enforceability of Contractual Netting in light of the Decision of the German Federal Supreme Court (BGH) dated 9 June 2016 Pascal di Prima Partner, Frankfurt Regina Rath
More informationLandfill Tax evasion by landfill operators and the new offences of facilitation 24 April 2017, 12:00 12:45
Landfill Tax evasion by landfill operators and the new offences of facilitation 24 April 2017, 12:00 12:45 Host Presenter Presenter Presenter Adam Read Resource Efficiency & Waste Management Practice Director
More informationBaFin s sanctioning practice. Jochen Kindermann Lennart Dahmen
BaFin s sanctioning practice Jochen Kindermann Lennart Dahmen European landscape Harmonization and bigger fines After the financial crisis of 2007, report by De Larosiere (2009) Competent authorities in
More informationBreakfast Briefing: German regulatory law - loan funds and distribution matters
Breakfast Briefing: German regulatory law - loan funds and distribution matters Dr Harald Glander Oliver Kittner Norman Mayr 28 April 2016 Agenda UCITS V and loan funds German Master-KVG structure Solvency
More informationThe ECB single supervisory mechanism and judicial review in the EU courts
The ECB single supervisory mechanism and judicial review in the EU courts Enrico Leone Koen Platteau Wednesday 05 & Thursday 06 October 2016 Introduction Introduction Functioning and decisions of the SSM
More informationThis Summer News Macron & Rebsamen Laws : All you need to know
This Summer News Macron & Rebsamen Laws : All you need to know Laurence Renard Partner Employment Department Paris Office 01 October 2015 THE REBSAMEN LAW INDEX Unique Delegation of Employee Representatives,
More informationBEPS: What does it mean for funds and asset managers?
BEPS: What does it mean for funds and asset managers? Client Seminar Martin Shah René van Eldonk Malcolm Richardson, M&G 10 March 2015 Overview Background to and progress to date of BEPS Action Plan More
More informationMAJOR LEGAL TRENDS FOR 2018 JEGI MEDIA & TECHNOLOGY CONFERENCE
MAJOR LEGAL TRENDS FOR 2018 JEGI MEDIA & TECHNOLOGY CONFERENCE Robert W. Dickey January 18, 2018 2018 Morgan, Lewis & Bockius LLP REPRESENTATION AND WARRANTY INSURANCE A lot of times people don t know
More informationDebt layering and intercreditor issues
Debt layering and intercreditor issues Investment and financing structures set out in various Intercreditor Agreements of the LMA Financial Markets Legal Update -17 May 2018 - Jan-Joost van Rijsbergen
More informationThis article considers the changes that the new Regulation will make to the current prospectus regime for equity issuers.
The new Prospectus Regulation: Key features for equity issuers July 2017 simmon-simmons.com elexica.com Overview The long-awaited Prospectus Regulation (the Regulation), which repeals and replaces the
More informationUK Takeover Code: Panel consultation on profit forecasts and other amendments
UK Takeover Code: Panel consultation on profit forecasts and other amendments simmons-simmons.com elexica.com UK Takeover Code: Panel consultation on profit forecasts, quantified financial benefits statements,
More informationDoing Business in the UAE September Alan Wood and Nigel Wilson Pinsent Masons LLP Dubai Branch
Doing Business in the UAE September 2009 Alan Wood and Nigel Wilson Pinsent Masons LLP Dubai Branch Introduction The Legal Framework of the UAE Legal Issues faced operating in the UAE Trading from Overseas
More informationBond Connect - Frequently Asked Questions for the Buy Side Investors
1 September 2017 Bond Connect - Frequently Asked Questions for the Buy Side Investors What is Bond Connect? Bond Connect is a new mutual market access scheme that is established to allow Mainland China
More informationOur ref COMM LIT/OPEN/-1/TIHA OH ZO'I5 Your ref
Simmons &Simmons Simmons &Simmons LLP CityPoint One Ropemaker Street London EC2Y 9SS United Kingdom T +44 20 7628 2020 F +44 20 7628 2070 DX Box No 12 Our ref COMM LIT/OPEN/-1/TIHA OH OCtOb@f ZO'I5 Your
More informationMiFID2 Extraterritorial Impact on FIs and AMIFs. Charlotte Stalin Jason Valoti
MiFID2 Extraterritorial Impact on FIs and AMIFs Charlotte Stalin Jason Valoti 15 March 2017 TIMING: EU LEGISLATIVE PROCESS LEVEL 1 LEVEL 2 LEVEL 3 LEVEL 4 The European Parliament and European Council prepare
More informationCoffee, you and MiFID 2 Algorithmic and High-Frequency Trading under MiFID 2
Coffee, you and MiFID 2 Algorithmic and High-Frequency Trading under MiFID 2 Jochen Kindermann Partner Marc Burgheim Head of Trading - Foreign Exchange (BayernLB) 23 July 2015 The promises and pitfalls
More informationThe NEC Definitely, Maybe?
The NEC Definitely, Maybe? Rob Horne - Simmons & Simmons David Thomas QC - Keating Chambers Keith Strutt - DriverTrett General Introduction 1 / B_LIVE_EMEA1:1842195v2 The NEC Why is it relevant The 2015
More informationAutomatic Exchange of Information in Hong Kong
May 2017 simmons-simmons.com elexica.com Automatic Exchange of Information in Hong Kong Introduction In September 2014, Hong Kong indicated its support for implementing the international standard for automatic
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 informationGrowing digital health innovations
Growing digital health innovations Organisers: Dr Adesina Iluyemi, Healthtronics Consulting Paolo Caldato, Simmons & Simmons LLP For further information: www.meetup.com/digihealthiest www.elexica.com @Digihealthiest
More informationTax round-up for banks
Tax round-up for banks Mark Sheiham René van Eldonk 07 & 08 October 2015 Topics to be covered July Budget changes to UK bank levy and bank surcharge The future of UK withholding taxes (WHT) General HMRC
More informationReform proposed by PRC SAFE
March 2014 Reform proposed by PRC SAFE Relaxation of PRC regulatory restrictions on cross-border security and guarantees 1 Introduction SAFE is considering making sweeping changes to the regulatory regime
More informationNew UAE Investment Funds Regulations and Impact on International Businesses
New UAE Investment Funds Regulations and Impact on International Businesses 2 October 2012 Authors: VincentR.Gordon, AmritaMaini The Emirates Security and Commodities Authority ( ESCA ) have implemented
More informationEU VAT: Cross-border chain transactions in the single market under scrutiny Court of Justice of the EU decision in Toridas UAB
August 2017 EU VAT: Cross-border chain transactions in the single market under scrutiny Court of Justice of the EU decision in Toridas UAB A recently published decision of the Court of Justice of the EU
More informationEU trade mark reforms: Practical implications What you need to know and do. Bex Heard Frédérique Potin Adrian Dykes
EU trade mark reforms: Practical implications What you need to know and do Bex Heard Frédérique Potin Adrian Dykes 26 May 2016 Directive 2015/2436 and Regulation 2015/2424 A new EU order for EUTMs and
More informationCMS Pension Scheme GDPR Toolkit
CMS_LawTax_Negative_28-100.ep CMS Pension Scheme GDPR Toolkit Helping you to get ready for the General Data Protection Regulation before 25 May 2018. January 2018 2 CMS Pension Scheme GDPR Toolkit CMS
More informationSupply Chain Finance Primer
Article Supply Chain Finance Primer By Massimo Capretta and David A. Ciancuillo Massimo Capretta Chicago Partner mcapretta@mayerbrown.com T +1 312 701 8152 David A. Ciancuillo Chicago Partner dciancuillo@mayerbrown.com
More informationReform of the Trustee Ordinance Consultation Conclusions.
November 2012 Reform of the Trustee Ordinance Consultation Conclusions. The Financial Services and the Treasury Bureau (the FSTB ) published the conclusions (the Conclusions ) to the Consultation on Detailed
More informationPinsent Masons in Spain
Pinsent Masons in Spain Pinsent Masons in Spain Pinsent Masons is a sector focussed global law firm. Our strategy is to invest in geographies that connect our clients to where they want to do business.
More informationFATCA IRS Proposes Extending Certain Deadlines and Grandfathering Provisions.
November 2012 FATCA IRS Proposes Extending Certain Deadlines and Grandfathering Provisions. The US Internal Revenue Service released Announcement 2012-42 (the Announcement ) on October 24, 2012 containing
More informationShanghai International Energy Exchange: Direct Trading Access for Overseas Participants
September 2017 Shanghai International Energy Exchange: Direct Trading Access for Overseas Participants Introduction After nearly two years of preparation, the Shanghai International Energy Exchange Corporation
More informationLiving Wage, Modern Slavery Act 2015, and Public Procurement
Living Wage, Modern Slavery Act 2015, and Public 10 June 2016 Paul Henty, Partner charlesrussellspeechlys.com Paul Henty Partner, CRS Tel: +44 207 427 6506 Email: paul.henty@crsblaw.com Paul Henty is a
More informationDC Governance: Chair s statement
DC Governance: Chair s statement February 2016 1 DC Governance: Chair s statement New governance standards apply to trustees of most occupational pension schemes which provide defined contribution benefits
More informationBusiness Assurance Questionnaire
Underwriting Questionnaire Business Assurance Questionnaire Please remember that if you do not answer the following questions fully and accurately it may mean that a claim is not paid or the policy is
More informationPinsent Masons in the UAE
Pinsent Masons in the UAE Pinsent Masons In the UAE Introduction Our UAE office, based in the heart of Dubai s financial district, combines local knowledge with an international experience to advise clients
More informationProjected Compliance Timelines for the CFTC s Trading Documentation Rules and Uncleared Swap Margin Rules
September 20, 2011 Projected Compliance Timelines for the CFTC s Trading Documentation Rules and Uncleared Swap Margin Rules Contents On September 8, 2011, the Commodity Futures Trading Commission (the
More informationCorporate. Burges Salmon Guide to the responsibilities and duties of a company director
Corporate Burges Salmon Guide to the responsibilities and duties of a company director Contents Introduction The role The general duties Other duties and responsibilities Indemnities and insurance Key
More informationTeam Moves: The High Court Decides!
March 2012 Team Moves: The High Court Decides! A recent first instance decision of the High Court of Hong Kong has commented on a number of important issues relating to team moves, and in particular team
More informationMiFID II/ MIFIR and Asset Management In a nutshell
MiFID II/ MIFIR and Asset Management In a nutshell MiFID II/ MIFIR and Asset Management With less than 6 months until MiFID II/MiFIR transitions from an implementation project to the way of life, understanding
More informationStock Connect: The Beneficial Ownership Conundrum
March 2015 Stock Connect: The Beneficial Ownership Conundrum It is amazing not how big China has become but how little it is understood. This aphorism that greets visitors on a billboard as they pass through
More informationNetworks Around the World: development and sharing of networks in Europe, Africa and Asia
Networks Around the World: development and sharing of networks in Europe, Africa and Asia Christophe Fichet Alexander Shepherd Christian Taylor Christopher Götz George Morris 14 May 2015 Overview of the
More informationFailure to prevent the facilitation of tax evasion:
Failure to prevent the facilitation of tax evasion: Our solution to help you avoid committing the new offence October 2016 This note does not constitute legal advice. Specific legal advice should be taken
More informationSFC Consults on Structured Products Marketing Regime
5 November 2009 SFC Consults on Structured Products Marketing Regime Introduction As part of the ongoing reforms anticipated in the Consultation Paper on Proposals to Enhance Protection for the Investing
More informationCORPORATE CRIME AND INVESTIGATIONS
CORPORATE CRIME AND INVESTIGATIONS Famed for handling complex financial crime matters on behalf of large corporations and individuals. Particularly experienced in cases that involve market manipulation,
More informationInvestment Online Submission Declaration form
Submission Declaration Investment Online Submission Declaration form About this form Please use black ink and write in CAPITAL LETTERS or tick as appropriate. Any corrections must be initialled by the
More informationFailure to prevent the facilitation of tax evasion: Our solution to help you avoid committing the new offence
Failure to prevent the facilitation of tax evasion: Our solution to help you avoid committing the new offence November 2016 Tax evasion can take many forms, and distinguishing tax evasion from tax avoidance
More information