Below, we highlight some of our latest thought leadership articles on important legal topics and trends.
Capital Markets
Hong Kong Regulatory Update – August 2022
This update provides an overview of key regulatory developments in the second quarter of 2022 relevant to companies listed, or planning to list, on The Stock Exchange of Hong Kong Limited (HKEx), and their advisers. In this edition, among other updates, we cover: new rules on book-building and placing activities; reverse takeovers; cases of extreme reliance and bribery and their consequences for directors; HKEx’s new board diversity platform and expanded ESG Academy; amendments to guidance on the preliminary results requirements for new listing applicants; and recent enforcement actions.
China Regulations
New PRC Regulations on Cross-Border Transfer of Data (August 23, 2022)
Chinese regulatory authorities have published new regulations and proposals seeking to clarify the requirements of the Chinese Personal Information Protection Law. The updates would strengthen the rules for handling and exporting data originating in China.
Digital Assets
The Office of Science and Technology Policy Issues a Report on the Environmental Impact of Cryptoassets (September 16, 2022)
A new Office of Science and Technology Policy report assesses the impact of cryptocurrencies on climate change and U.S. energy policy. It is one of a number of reports mandated by President Biden’s March 2022 digital asserts executive order.
Cryptoasset Seizures and Forfeitures: US and UK Enforcement Overview (September 7, 2022)
Those involved with cryptoassets need to be aware of the wide array of seizure and forfeiture procedures now available to U.S. and U.K. enforcement officials in order to manage the legal and compliance risk stemming from the ownership and management of cryptoassets.
The Distributed Ledger: Blockchain, Digital Assets and Smart Contracts – August 2022
A flurry of recent legal and enforcement activity has arisen across a wide range of areas in the Web3 space, including actions by the Securities and Exchange Commission, the Office of Foreign Assets Control, the Commodity Futures Trading Commission and the New York Department of Financial Services. In the August 2022 issue of The Distributed Ledger, we describe these developments and what they mean for companies in this space.
Cryptocurrency Insider Trading Case Could Have Broader Ramifications for the Industry (July 26, 2022)
By alleging that insider trading in cryptocurrencies constituted securities fraud, the SEC provided limited insights into its approach to regulating fungible tokens. But significant questions remain, creating uncertainty for Web3.
ESG
H1 2022 – ESG Trends and Expectations (July 28, 2022)
Amid ESG-related legislation across the U.S., U.K. and Europe and unexpected recent U.S. Supreme Court decisions, ESG considerations have continued to develop. We discuss how current trends may evolve during the rest of the year.
EU Competition Law Enforcement
EU To Step Up Enforcement Against Foreign State-Backed Companies (July 12, 2022)
Sweeping new EU rules aimed at foreign state-backed companies define government subsidies very broadly — to include many tax breaks, for instance — creating new due diligence burdens and uncertainty for transactions in the EU.
M&A
UK Public M&A Update – H1 2022 (July 25, 2022)
Public M&A deal activity had a resilient start to 2022 but has since been affected by market skepticism and uncertainty stemming from the Russia-Ukraine war and associated sanctions, and by rising inflation and interest rates.
National Security
UK and EU National Security and Investment Screening Update: June 2022 (July 1, 2022)
Companies face greater uncertainty as U.K. and European regulators become more assertive in their national security reviews of foreign investments, examining completed transactions and questioning even some stakes less than 25%.
Sanctions
See all our client alerts relating to sanctions on Russia.
SEC Rulemaking
SEC Adopts Long-Awaited Final Pay Versus Performance Disclosure Rules (August 31, 2022)
The SEC has adopted final rules requiring public companies to disclose the relationship between the executive compensation actually paid to the company’s named executive officers and the company’s financial performance.
SEC Proposes Amendments to the Shareholder Proposal Rules (July 15, 2022)
On July 13, 2022, the SEC proposed amendments that would modify the standards under which companies may exclude shareholder proposals from their proxy statements. The proposed changes to the “substantial implementation,” “duplication” and “resubmission” tests likely would increase the number of shareholder proposals received by companies and make it less likely that the proposals could be excluded.
Securities Litigation
Inside the Courts – September 2022
This quarter’s issue highlights noteworthy cases and associated court opinions principally decided between May and July 2022.
Tax
Blockchain for Beginners: Basic Tax Issues for Digital Assets (Podcast) (July 27, 2022)
In this episode of Skadden’s “GILTI Conscience” podcast, hosts Nate Carden, David Farhat and Stefane Victor discuss taxation issues for digital assets such as bitcoin and stable coins with Roger Brown, the global head of Tax Controversy at the blockchain data platform Chainalysis.