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COVER STORY

Open banking – the next phase

With open banking taking hold and spreading to new jurisdictions, the industry will continue to evolve. Its rapid development has placed a spotlight on regulation of the space.

FEATURES

Ahead of time: planning for succession

Succession planning is critical in ensuring, as far as is possible, that an organisation’s next generation of leadership is capable and the transition of power seamless.

Sustainable entrepreneurship: safeguarding future generations

Entrepreneurs are challenging themselves to develop innovative solutions and integrate a responsible way of thinking about the world into their business models.

The data conundrum: assessing the GDPR’s quinquennial

Despite the GDPR’s undoubted influence on companies’ personal data handling over the past five years, there exists a fierce debate between European regulators as to how successful the legislation has been in holding tech giants to account.

AI in e-discovery

AI automates the otherwise mundane, repetitive and time-consuming tasks associated with discovery, while improving accuracy. At present, however, deployment of AI in e-discovery is less prevalent than it could be.

Unpacking privilege: a UK perspective

The scope of protection provided by privilege can be difficult to determine and is frequently the subject of litigation. The issue is compounded by an increasingly challenging regulatory environment.

ROUNDTABLE

Shareholder activism and engagement

Evidenced by the number of campaigns that have emerged over the last 12 months, shareholder activism is back and more present than before the pandemic buffeted the markets. More evolved and sophisticated than before, shareholder activism can at times prove unpredictable in both origin and tactics. FW moderates a discussion between Michael J. Ulmer at Cleary Gottlieb Steen & Hamilton LLP, Stephen I. Glover at Gibson, Dunn & Crutcher LLP, Eric M. Swedenburg at Simpson Thacher & Bartlett LLP, Demetrius A. Warrick at Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates, and David A. Katz at Wachtell, Lipton, Rosen & Katz.

SPECIAL REPORT

Technology, media & telecommunications sector

Q&A: Team Telecom review and national security

The new Team Telecom process enables the FCC to act in a more timely manner and with more transparency. FW discusses Team Telecom and its impact on national security with Ari Q. Fitzgerald at Hogan Lovells US LLP.

Legal risks arising from the use of biometric data and AI

Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates Biometric data is seen by regulators as warranting a higher level of security and more rigorous privacy compliance.

Leveraging intellectual property and other intangible assets as collateral

Davis Polk & Wardwell LLP There have been some recent high-profile IP financing transactions involving airlines, consumer product companies, retailers, and software and other technology companies.

How the venture debt market has grown and developed recently

CMS Both traditional banks and specialised debt funds offer venture debt products and structure venture debt facilities to accommodate the specific cash-flow patterns and growth projections of start-ups.

Q&A: Competition and antitrust in the TMT sector

The advent of widely available AI will have large and unforeseen impacts on markets and may reshape the competitive landscape in the TMT sector. FW discusses competition and antitrust in the TMT sector with Maureen K. Ohlhausen at Baker Botts LLP, Nikolaos Peristerakis at K&L Gates LLP and Josh Buckland at Simpson Thacher & Bartlett LLP.

TALKINGpoint

Assessing dynamic competition in merger control

A merger could harm dynamic competition if it reduces incentives to innovate. The growing importance of technology companies, and the increase in their M&A activity, has triggered interest in dynamic theories of harm. FW discusses dynamic competition in merger control with Dennis Beling, Andrew Swan, Guillaume Duquesne and Zita Vasas at Compass Lexecon.

DEALfront

mergers & acquisitions

Bunge and Viterra to merge in $34bn megadeal

In a drive to meet the demands of increasingly complex markets and better serve farmers and end-customers, US agribusiness and food company Bunge Ltd has merged with Canadian grain handling business Viterra Ltd in a transaction valued at $34bn.

Vodafone and Hutchison announce $19bn mobile merger

In a deal which will create a new market leader in the UK, Vodafone and CK Hutchison have announced the $19bn merger of their British mobile telephone businesses.

private equity & venture capital

PacWest Bank sells $3.5bn lender finance portfolio to Ares

In a move to strengthen its balance sheet after it was rocked by the US regional banking crisis, bank holding company Pacific Western (PacWest) Bank has sold its specialty finance loan portfolio to global alternative investment manager Ares Management Corporation in a transaction valued at $3.5bn.

PE-backed Neptune Energy sold to Italy’s Eni for $4.9bn

Neptune Energy is to be sold to Italian energy firm Eni in a deal worth $4.9bn, the largest cash deal in the European oil & gas sector in several years.

bankruptcy & corporate restructuring

Instant Brands files for Chapter 11

Despite its products being found in millions of homes across the globe, international houseware and appliance manufacturer Instant Brands has filed for Chapter 11 bankruptcy protection.

Cineworld plans UK administration

Cinema chain Cineworld is to file for administration in the UK in July as part of a major bankruptcy restructuring plan.

SPOTlight

Open banking and open finance: outlook for ASPSPs and data holders

Cleary Gottlieb Steen & Hamilton LLP The European Commission has been keen to underline that it is not proposing radical changes that may destabilise the market and create additional implementation costs. Hence, the EC’s proposals make only targeted amendments.

Cable car PPPs: financing sustainable transport solutions for Latin America

Egis Projects SA Cable cars are usually cheaper than other transport modes, which makes them easier to finance for local governments.

A new dawn for ESG regulation in Singapore?

Drew & Napier LLC Corporates should recognise that clear disclosure requirements and a more regulated ESG rating industry will enable them to more clearly communicate potential ESG risks, including physical, transitional and reputational risks.

“A sweeping expansion of federal criminal jurisdiction”: the US Supreme Court’s recent review of federal fraud prosecutions

Sullivan & Cromwell LLP For years, white-collar practitioners have grumbled about what they characterise as the seemingly limitless use of the federal fraud statutes by the US DOJ to pursue a wide array of conduct.

Internal corporate investigations in Greece

Hogan Lovells International LLP The practice of investigations will ultimately be assimilated into Greek law, like so many other Anglo-Saxon practices, in line with the gradual adoption of restorative justice principles in the new criminal code.

New proposal for a Directive to improve withholding tax relief procedures

Ashurst The EC’s proposal is a long awaited, welcome initiative that will encourage investment in the EU capital markets by allowing investors to effectively obtain refunds and exemptions to which they are entitled.

Sanctions against Russia: a Gordian knot for business

Brown Rudnick LLP Divergence between regimes means that it is increasingly difficult for multinational entities or those that transact or otherwise deal with them to establish what is prohibited.

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CONTRIBUTORS

Ashurst

Baker Botts LLP

Brown Rudnick LLP

Cleary Gottlieb Steen & Hamilton LLP

CMS

Compass Lexecon

Davis Polk & Wardwell LLP

Drew & Napier LLC

Egis Projects SA

Gibson, Dunn & Crutcher LLP

Hogan Lovells International LLP

Hogan Lovells US LLP

K&L Gates LLP

Simpson Thacher & Bartlett LLP

Skadden, Arps, Slate, Meagher & Flom LLP

Sullivan & Cromwell LLP

Wachtell, Lipton, Rosen & Katz