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MAGAZINE

November 2020 Issue

Financier Worldwide Magazine


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COVER STORY

Tech sector M&A outlook

Mergers and acquisitions (M&As) have remained a vital source of growth and value generation for the technology sector. Tech deal volume has surged in recent years, growing to more than $500bn in 2018, from less than $150bn in 2013, according to Bain & Company…

FEATURES

Role of FinTech in the post-COVID-19 world

The growth of the global FinTech market has been significant. According to the Business Research Group, the market was valued at about $127.66bn in 2018 and expected to reach $309.98bn at an annual growth rate of 24.8 percent through 2022. Of course, the COVID-19…

Financing recovery: EC proposes package to support EU businesses

To support the region’s economic recovery from the devastating impact of coronavirus (COVID-19), the European Commission (EC) has proposed changes to capital market rules to encourage greater economic investment across the European Union (EU). The EC’s proposals…

Resilient, dynamic and relevant: ERM in a new risk environment

Perhaps one of the very few benefits the coronavirus (COVID-19) pandemic has bestowed upon the corporate world is to illustrate to companies the business benefits of managing risk from an enterprise-wide perspective. Such is the role of enterprise risk management (ERM)…

Implications of the Privacy Shield ruling

In 2000, the European Commission (EC) introduced ‘Safe Harbor’, a principles-based, voluntary framework for companies transferring personal data of European residents to the US. But Maximilian Schrems subsequently took Facebook to court claiming…

Top secret: refining trade secrets protection

Trade secrets can represent the jewel in the crown for a business, the difference between standing toe to toe with a competitor and besting them. For some, there are simply no circumstances in which trade secrets should be divulged. Be it R&D data, process know-how…

ROUNDTABLE

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Corporate fraud

THE PANELLISTS: Daniel Igra, Nokia; Robert Sikellis, Novartis; James A. Garrett, NuVasive; Sarah Foley, Patterson Companies, Inc.; and Andrew Good, Skadden, Arps, Slate, Meagher & Flom LLP.

During times of economic stress corporate wrongdoing often comes to light, and the impact of the coronavirus (COVID-19) pandemic is a case in point. Companies may become embroiled in accounting misstatements, corruption, fraud or other misconduct, with third-party…

SPECIAL REPORT

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Corporate tax

Q&A: Effective transfer pricing strategies in the COVID-19 era

FW discusses effective transfer pricing strategies in the COVID-19 era with Jian-Cheng Ku at DLA Piper and Nathaniel Carden at Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates.

Equity compensation and transfer pricing – emerging cross-border issues

Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates On 22 June 2020, the US Supreme Court denied review in a closely followed case, Altera v. Commissioner, that concerned the validity of the stock-based compensation (SBC) portion of the US cost-sharing regulations that came into effect in 2003. These regulations…

Cum-ex: a game of high-stakes musical chairs

Guidehouse On 23 September 2020, the Frankfurt District Court in Germany held that Deutsche Bank was not liable to compensate German private bank M.M. Warburg for its €167m tax bill in connection with cum-ex transactions. Why is this case relevant? Coverage of cum-ex has only recently…

Tax liability insurance in Europe: an effective solution for tax uncertainties

Ashurst LLP Uncertainty and complexity are unavoidable realities in the international tax arena and can even lead to the frustration of a number of different transactions, such as M&A or corporate restructuring processes, where potential tax risks normally arise and where uncertainties…

The impact of COVID-19 on holding company structures and the potential development of the UK as a holding company jurisdiction

Proskauer Rose (UK) LLP A particular concern of UK managers of private investment funds whose structures include non-UK (Luxembourg or Channel Islands, for example) holding companies is to ensure that those holding companies are operated so as not to, inadvertently, become UK tax resident…

The partial employment schemes in the EU and in the UK

Fieldfisher On 24 September 2020, the Chancellor of the Exchequer announced a number of measures designed to ameliorate the adverse financial consequences of COVID-19. These measures include the Job Support Scheme (JSS), which will replace the Coronavirus Job Retention Scheme (CJRS)...

Q&A: EU VAT and reporting compliance

FW discusses EU VAT and reporting compliance with Alison Birch at Mitchell Charlesworth LLP.

TALKINGpoint

Remote investigations during COVID-19

FW discusses the process of conducting remote investigations during COVID-19 with Brian Mich, Ching Liu, Mavis Tan and Michael Zimmern at Control Risks, and Andrew Weissmann at Jenner & Block.

DEALfront

mergers & acquisitions

Nippon Paints agrees $12.18bn deal for Wuthelam assets

Singapore’s Wuthelam Group has agreed a $12.18bn deal to acquire Japan’s leading paint manufacturer, Nippon Paint Holdings Co. Under the terms of the deal, Wuthelam will take majority control, with its stake rising from 39 percent to just under 60 percent…

Liberty Global strikes $7.4bn Sunrise deal

In a landmark deal for the Swiss telecommunications sector, multinational telecommunications company Liberty Global is to acquire Switzerland-based telecommunication services provider Sunrise Communications Group AG in an all-cash tender offer valued at $7.4bn.

private equity & venture capital

TPG and Warburg Pincus’ $12bn Visma deal

Warburg Pincus and TPG have agreed to invest in Norwegian software developer Visma, valuing the company at $12.2bn, including debt, in one of the European technology industry’s biggest deals this year. Under the terms of the agreement, the US private equity firms will acquire…

Blackstone to pay $4.7bn for Ancestry

In a transaction valued at $4.7bn, private equity (PE) funds managed by investment firm Blackstone have reached a definitive agreement to acquire genealogy provider Ancestry from a consortium of PE firms. With more than 3 million paying subscribers across its Ancestry…

bankruptcy & corporate restructuring

Valaris files for Chapter 11 bankruptcy

Another victim of the struggling energy sector, offshore drilling contractor Valaris plc has filed for Chapter 11 in order to implement a restructuring support agreement (RSA) and a backstop commitment agreement (BCA) with approximately 50 percent of its noteholders…

Arena Energy files for bankruptcy protection

Arena Energy, one of the largest offshore oil & gas companies operating in the Gulf of Mexico, filed for Chapter 11 in August. According to its bankruptcy filing, Arena has more than $1bn of debt and $35m cash on hand. The company reported operating revenue of about $581m in 2019…

PROFESSIONALinsight

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Business and human rights: a match made in third-party risk management

Novartis Business and human rights often seem like new friends forced to shake hands. Since the United Nations adopted the ‘Guiding Principles on Business and Human Rights’ in 2011, many businesses have for the first time introduced human rights approaches into their business decisions…

Know your cyber risk: the importance of assessment and quantification

Aon If questioned by a shareholder, no chief executive or chief financial officer would say that they intentionally leave their organisation’s most valuable assets vulnerable to a cyber attack. Yet, that does not explain why, according to our ‘Financial Impact of Intellectual Property…

A more specific regulatory approach to data security

WilmerHale The global financial sector continues to be a major target for cyber attacks. Information security teams across the sector are grappling with various types of threats on a daily basis – ransomware, business email compromise and credential stuffing – to name a few. Although the sector overall…

Compliance and regulatory developments in the light of digitalisation

Teichmann International (Schweiz) AG Digitalisation is a phenomenon that concerns every sector and all aspects of corporate governance. However, it is particularly relevant in the context of financial services regulation. From a legal perspective, digitalisation can be a source of risks and uncertainty. However…

SPOTlight

The costs and benefits of strategic bank capital

White & Case LLP In recent years, banks have shifted to view FinTechs as attractive strategic partners, rather than simply as disruptive threats to their market share. Resulting partnerships between banks and FinTechs come in various forms, including a bank sourcing a FinTech’s services…

Why now is the time to hit the reset button and embrace ESG

Untaptd Ltd In light of coronavirus (COVID-19), the opportunity may never be greater for organisations to finally cohere around a more socially conscious approach to business that creates greater benefits for all. If history teaches us anything, choices made during crises can shape the world for decades…

Compliance and anti-corruption on the 2020 G20 agenda: recommendations of the business community

Novartis International AG Since 2009, anti-corruption has been a part of the agenda of the G20 – the international forum for governments and central bank governors from 19 countries and the European Union (EU) founded in 1999. The members together account for around 80 percent of gross world product…

Intellectual property (IP) during COVID-19: what you need to know to avoid loss of rights and unnecessary headaches

Baker Botts LLP In response to the extraordinary social and economic impact of coronavirus (COVID-19), administrative agencies and courts which handle intellectual property (IP) matters have enacted measures to provide parties relief against the potential of lost IP rights. The response…



CONTRIBUTORS

Aon

Ashurst LLP

Baker Botts LLP

Control Risks

DLA Piper

Fieldfisher

Guidehouse

Jenner & Block.

Mitchell Charlesworth LLP

Nokia

Novartis

NuVasive

Patterson Companies, Inc.

Proskauer Rose (UK) LLP

Skadden, Arps, Slate, Meagher & Flom LLP

Teichmann International (Schweiz) AG

Untaptd Ltd

White & Case LLP

WilmerHale


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