MAGAZINE
July 2020 Issue
Financier Worldwide Magazine
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COVER STORY
Rethinking business resilience
Business resilience has perhaps never been more important. It allows companies to adapt quickly to disruptions, maintain continuous business operations and safeguard people, assets and brand equity. Resilient organisations are best placed to survive an…
FEATURES
Since the outbreak of COVID-19, there has been a dearth of announced mergers and acquisitions (M&A). Some transactions have been postponed and others cancelled outright. For those deals which are underway but not yet complete, the pandemic is…
Remaking credit: the future is digital lending
The state of the global economy – both at present and pre-coronavirus (COVID-19) – is such that financial institutions (FIs) are exploring a number of pathways in order to achieve a semblance of equilibrium. One of these is digital lending. The term digital lending…
The benefits of succession planning
Organisations of all sizes should dedicate time and resources to succession planning, to identify the right individuals to step into leadership positions when the time comes. Typically, succession plans are used to identify and prepare replacements for when key…
Managing reputational risk in unprecedented times
Among the potential risks that can impact a company, the risk of reputational damage generally ranks at or near the top of the list. With reputation one of a company’s biggest assets, any loss thereof could lead to a serious downturn in fortunes, perhaps even a…
On the edge? – boosting morale during COVID-19
“Morale and attitude are the fundamental ingredients to success” said the late US politician, broadcaster and football player and coach Bud Wilkinson. In a work context, possession of such traits, while always desirable in a positive sense, are now essential…
ROUNDTABLE
THE PANELLISTS: Ben Williams, King & Spalding LLP; Geraldine Elliott, RPC; Julie Bédard, Skadden, Arps, Slate, Meagher & Flom LLP; and Jamie Maples, Weil, Gotshal & Manges (Paris) LLP.
Shareholder disputes arise in both good and bad economic times. While such disputes have risen steadily since the 2008 financial crisis, the emergence of coronavirus (COVID-19) is expected to lead to a significant uptick in disagreements within the ranks of the many…
SPECIAL REPORT
Q&A: Fraud risk and enforcement in the UK
FW discusses fraud risk and enforcement in the UK with Alma Angotti at Guidehouse and John Hartley at Shoosmiths LLP.
Maintaining an effective compliance programme through COVID-19
Allen & Overy The COVID-19 pandemic continues to influence the operating landscape for organisations across the world. One result of the crisis has been the additional responsibility placed on compliance professionals to identify, mitigate and remediate newly introduced…
COVID-19, the CARES Act and the need for robust compliance
Squire Patton Boggs The coronavirus (COVID-19) pandemic has wreaked havoc on millions of lives and the global economy. In an effort to try to keep the US economy afloat, the US government has provided economic stimulus funds to struggling individuals and businesses…
Fraud investigations in a technologically connected but physically distant world
Ankura At the best of times, managing an investigation related to fraud and financial crime, sanctions or other regulatory issues is a complicated undertaking. Typically, such exercises are conducted under high levels of scrutiny, within short time frames, and with challenges…
How regulatory enforcement in the UK and US is shifting during the pandemic
TLT The question for regulators and prosecuting agencies at the moment is whether they can, or should, enforce regulatory requirements and legislation to the same extent as they did before the coronavirus (COVID-19) pandemic. Corporates and individuals...
How is COVID-19 affecting white-collar crime risks and enforcement?
Osborne Clarke LLP There is almost no aspect of life which has not been impacted by the coronavirus (COVID-19) crisis and white-collar crime and its enforcement is no exception. This article will analyse the fraud risks that businesses may be likely to encounter during the pandemic…
Fines, account freezing and forfeiture orders used to disrupt money laundering in the UK
Lewis Nedas Law Why do UK investigative authorities not prosecute money laundering cases? Because they do not have to, that is why. Despite the constant slew of anti-money laundering (AML) regulations and ‘noise’ around the issue of money laundering in the national…
Prosperity at the National Crime Agency
Saunders Law Few would argue against criminals and corrupt politicians being deprived of the proceeds of their crimes. The National Crime Agency’s (NCA’s) commendable mission is to “lead the UK’s fight to cut serious and organised crime, protecting the public by disrupting…
Q&A: Fraud risk management: lessons learned in the COVID-19 era
FW discusses the fraud risk management lessons to be learned in the COVID-19 era with John Hanson at BDO and Ben Kaye-Smith at Novartis.
TALKINGpoint
Valuation of distressed assets: impact of the COVID-19 crisis
FW discusses the impact of the COVID-19 crisis on the valuation of distressed assets with Harris Antoniades, Justin Burchett, Jason Easterly and James Spaman at Stout.
DEALfront
mergers & acquisitions
North American M&A deal value falls more than 25 percent in Q1
The COVID-19 pandemic had a significant impact on M&A activity in the first quarter of 2020, according to Pitchbook’s ‘North American M&A Report Q1 2020’. Activity in the region reached $400.8bn across 3169 transactions, a year on year decline…
Imperial sells cigar brand for $1.33bn
As part of its plan to become a “leaner and more agile organisation”, multinational tobacco company Imperial Brands PLC is to sell its worldwide premium cigar business Premium Cigars for £1.1bn, with the proceeds to be used to reduce its debt. The disposal is also…
private equity & venture capital
Ethos Capital’s $1bn .org domain name purchase blocked
After months of discussion, the Internet Corporation for Assigned Names and Numbers (ICANN) has turned down Ethos Capital’s controversial offer to buy the .org top-level domain from Public Interest Registry (PIR). In a blog post explaining its decision, ICANN said…
Sycamore Partners pulls out of Victoria’s Secret deal
In one of the highest-profile transactions to fall victim to the coronavirus (COVID-19) pandemic, private equity firm Sycamore Partners has pulled out of a deal to acquire a majority stake in lingerie brand Victoria’s Secret. Sycamore Partners had valued…
bankruptcy & corporate restructuring
J.Crew files for Chapter 11 protection
In May, J.Crew became the first major US retailer to succumb to the financial pressures caused by the COVID-19 pandemic as it filed for Chapter 11 bankruptcy protection in the US Bankruptcy Court for the Eastern District of Virginia. In announcing its bankruptcy filing…
Speedcast files for Chapter 11 bankruptcy
After evaluating a variety of options to strengthen its balance sheet in ways that support its long-term growth and success, satellite communication provider Speedcast International Limited, and a number of its US and international subsidiaries, is to recapitalise…
SPOTlight
Banks look to FinTechs to grow deposit base
White & Case LLP Banks pursuing growth broadly have two options: grow organically, by attracting more customers or widening the product and service range they provide to existing customers, or grow inorganically through mergers and acquisitions. Organic growth through…
COVID crisis unmasks the need for ESG principles to ‘build back better’
Untaptd As COVID-19 sweeps viciously across the globe, the world has come to learn the weaknesses of our economic systems and societal structures, and the price for having not paid attention to them in the past. Hospitals have been overwhelmed, the global death toll…
The coronavirus pandemic, practical steps to safeguard the organisation and its employees
Acuris Risk Intelligence The COVID-19 pandemic has shown how vulnerable the modern world is. The disease spread outside of Asia within two months, damaging many states, businesses and human lives, and a ‘state of emergency’ has been declared in most affected jurisdictions…
LegalTech 3.0: how blockchain and smart contracts can revolutionise compliance
Teichmann International (Schweiz) AG In the contemporary business environment, compliance is one of the most crucial departments for many companies, especially in the financial sector. Studies have shown that compliance officers are frequently under significant stress, which leads them to have trouble…
Policy responses and paperless trade – how the trade finance industry has reacted to COVID-19
International Chamber of Commerce (ICC) The COVID-19 pandemic has caused widespread economic and social shocks – with the full extent of its impact still yet to be seen. Nationwide lockdowns and border closures have forced many businesses to shut or significantly rethink their ways of doing…
CONTRIBUTORS
Acuris Risk Intelligence
Allen & Overy
Ankura
BDO
Guidehouse
International Chamber of Commerce (ICC)
King & Spalding LLP
Lewis Nedas Law
Novartis
Osborne Clarke LLP
RPC
Saunders Law
Shoosmiths LLP
Skadden, Arps, Slate, Meagher & Flom LLP
Squire Patton Boggs
Stout
Teichmann International (Schweiz) AG
TLT
Untaptd
Weil, Gotshal & Manges (Paris) LLP
White & Case LLP