On March 15, 2012, the UK Government published its response to a consultation relating to the possible reform of the UK's competition regime ("Response").
March 19, 2012
As we reported in our 2011 Mid-Year Update, antitrust and competition authorities around the world have continued to intensify merger enforcement efforts and have launched a number of important merger-related policy initiatives. In the United States, the Department of Justice, Antitrust Division ("DOJ") succeeded in blocking three major transactions over the past year, while increasing scrutiny of vertical mergers and patent acquisitions. The European Commission (the "Commission") issued two prohibition decisions -- the Commission's first prohibition decisions since 2007 -- blocking proposed transactions in the airline and financial services sectors. Antitrust authorities in some of the world's largest and fastest-growing economies -- Brazil, Chin
March 9, 2012
Los Angeles partner Patrick Dennis and associate Perlette Michèle Jura are the authors of "Birth Defects — Prenatal Liability Or Workers Comp?" [PDF] published by Law360 at www.law360.com on March 6, 2012.
March 6, 2012
I. IntroductionThe most significant impact of SEC registration on private fund advisers is that the adviser becomes subject to inspection by the SEC's Office of Compliance Inspections and Examinations (OCIE). The greatest risk arising from an examination is that the inspection staff decides to refer finding from an inspection to the Division of Enforcement for an investigation. This article discusses the risks of an examination becoming an investigation and strategies for anticipating and mitigating those risks. II. The Risk That an Examination Results in a Referral to EnforcementAsset managers are particularly vulnerable to collateral consequences of a government investigation. Particularly in the wake of recent cases, many investors have l
March 6, 2012
Fines Imposed by UK Financial Services Authority Illustrate Differences between US and UK Market Abuse Regimes The UK Financial Services Authority ("FSA") imposed fines of £3.651 million ($5.77 million) on Greenlight Capital Inc., a US hedge fund manager ("Greenlight"), £3.638 million ($5.74 million) on David Einhorn, Greenlight's owner, and £350,000 ($553,000) on Andrew Osborne, a former Bank of America Merrill Lynch banker. These fines were levied in connection with Greenlight's trading in the shares of Punch Taverns Plc ("Punch"), a UK pubs business, ahead of a planned equity offering. The FSA imposed the fines on the grounds that Greenlight traded on inside information conveyed to David Einhorn during a conference call with Punch's CEO and A
March 5, 2012
On February 29, 2012, Chancellor Strine of the Delaware Court of Chancery issued an opinion that is highly critical of the sale process run by El Paso Corporation in connection with its $21.1 billion acquisition by Kinder Morgan, Inc. See In re El Paso Corporation Shareholder Litigation, No.
March 5, 2012
Munich partner Mark Zimmer and associate Lauren Reynolds are the authors of "Haften Unternehmen nach dem US-amerikanischen Alien Tort Statute?" [PDF] published in the March 2012 issue of Recht der Internationalen Wirtschaft.
March 1, 2012
New York partners Eduardo Gallardo and Brian Lutz and associate Aaron Holmes are the authors of "Delaware Court of Chancery Enters Rare TRO Enjoining Annual Stockholder Meeting in Order to Protect Stockholder Voting Rights" [PDF] published in the February 2012 issue of Thomson Reuters' Securities Litigation Report.
February 29, 2012
On February 23, 2012, the Obama Administration unveiled a new framework for protecting privacy and promoting innovation on the internet and in the digital economy ("Framework"). The Framework consists of five key elements: (1) a Consumer Privacy Bill of Rights ("Bill of Rights") that sets out seven basic principles; (2) a process to develop more detailed sector-specific opt-in codes of conduct ("Codes of Conduct"); (3) enforcement powers for the Federal Trade Commission ("FTC") to enforce both the Bill of Rights and Codes of Conduct (when a company opts to abide by a Code of Conduct); (4) a national standard for security breach notification; and (5) greater global interoperability.
February 24, 2012
Washington, D.C. partner David Burns and associates Jeremy Robison and Michael McGinnis are the authors of "2011 Year-End U.S. Criminal Antitrust Review" [PDF] published in the February 24, 2012 issue of BNA's White Collar Crime Report.
February 24, 2012
Institutional Shareholder Services ("ISS"), a leading proxy advisory firm, recently announced updates to its Governance Risk Indicators (GRId) methodology for U.S.
February 21, 2012
Case C-17/10 Toshiba Corporation et al v. Úřad pro ochranu hospodářské soutěže ECR NYPOn February 14, 2012, the Court of Justice of the European Union (the "CJEU") delivered a landmark Judgment that clarifies the parallel application of EU and national competition law to infringements taking place before and after the accession of a Member State to the EU.
February 16, 2012
As the Supreme Court continues its 2011 Term, Gibson Dunn's Supreme Court Round-Up is summarizing the opinions the Court has already released, the issues presented in cases that will be argued, and other key developments. The Court has accepted over seventy cases for argument this Term, including eight cases in which Gibson Dunn is involved. With fourteen argued cases decided in the past month, the Round-Up provides a snapshot of the issues that are at the forefront of the Court's docket.Spearheaded by former Solicitor General Theodore B.
February 14, 2012
On February 10, 2012, the U.S.
February 13, 2012
The Hiring Incentives to Restore Employment Act (the HIRE Act), enacted in 2010, contained provisions (now commonly referred to as FATCA) intended to reduce the evasion of U.S.
February 9, 2012
The pace of data privacy and security legal events accelerated in 2011, as the global economy became increasingly dependent on online, mobile and server-based platforms and networks.
February 7, 2012
Introduction: The Financial Reporting Council ("FRC"), the independent regulator responsible for promoting corporate governance in the UK, published its annual report at the end of last year assessing the impact and effectiveness of the new UK Corporate Governance Code ("CGC") and the new Stewardship Code ("SC") (the "Codes"), setting out proposals for reform and improvement in best practice.Which Companies Have Been Appraised?
February 7, 2012
***FOR 2014 UPDATE, please see "Renegotiation of the France and Luxembourg Tax Treaty: Taxation of Real Estate Capital Gains Now Expanded by Way of a September 5, 2014 Amendment to the Treaty" (Gibson Dunn update, September 8, 2014). __________________________________The French tax authorities have announced their decision to renegotiate the France-Luxembourg tax treaty.
February 7, 2012
Gibson Dunn provides a detailed review of notable settlements and judgments in the health care area in 2011 as well as significant actions and investigations.
February 6, 2012
In an important decision regarding the scope of the Sarbanes-Oxley "whistleblower" provision, the U.S. Court of Appeals for the First Circuit ruled on Friday that the provision generally does not extend to employees of non-public companies. Lawson v. Fidelity Management & Research LLC, et al., No.
February 6, 2012