The last two decades have been marked by robust enforcement of the U.S. Foreign Corrupt Practices Act (“FCPA”) by the U.S. Department of Justice (“DOJ”) and Securities and Exchange Commission (“SEC”). In line with its “shock...more
In addition to the normal operational and legal risks associated with owning and managing portfolio companies, 2025 has introduced or exacerbated a wave of geopolitical and macroeconomic risks such as inflation, tariffs,...more
On May 12, 2025, the U.S. Department of Justice (DOJ) issued a memorandum outlining the Criminal Division’s enforcement priorities and policies for prosecuting corporate and white-collar crimes in the new Administration....more
Times of economic volatility often increase disparities between a seller’s valuation and the buyer’s valuation of the same company. Earn-out provisions are one tool frequently used to address such disparities. An earn-out...more
6/18/2025
/ Acquisitions ,
Contract Disputes ,
Contract Terms ,
Dispute Resolution ,
Earn-Outs ,
EBITDA ,
Litigation Strategies ,
Mergers ,
Private Equity ,
Risk Management ,
Valuation
Private credit has become an essential source of financing globally, with fund sponsors enjoying strong demand from borrowers, market participants, and investors. However, as the industry’s “golden age” continues, regulatory...more
Amid a challenging environment for exits, especially in the wake of the recent market volatility, private fund managers continue to pursue alternative strategies, such as term extensions and liquidity solutions, to ride out...more
Motivated by a rapidly evolving geopolitical climate, governments around the globe have increasingly scrutinized and intervened in transactions under foreign direct investment (FDI) screening regimes in recent years. Rising...more
With Paul Atkins as the new SEC Chair, the agency’s priorities have shifted away from many of the aggressive policies of former Chair Gensler. The first four months of the Republican controlled SEC saw a dramatic shift in the...more
6/18/2025
/ Enforcement Actions ,
Enforcement Priorities ,
Fund Managers ,
Investment Advisers Act of 1940 ,
Investment Management ,
Private Funds ,
Regulatory Reform ,
Retail Investors ,
Rulemaking Process ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
Over the past year, regulatory scrutiny of the credit markets has intensified, with the SEC investigating the potential use of material nonpublic information (“MNPI”) relating to credit instruments. The SEC brought a number...more
With ESG regulation now well embedded across all major jurisdictions, the trend we see for 2025 is about increasingly sophisticated triangulation by private fund managers between the regimes that apply by default (such as...more
5/7/2025
/ Disclosure Requirements ,
Enforcement Actions ,
Environmental Social & Governance (ESG) ,
European Securities and Markets Authority (ESMA) ,
Fund Managers ,
Greenwashing ,
Investment Funds ,
Popular ,
Private Funds ,
Regulatory Agenda ,
Regulatory Requirements ,
SFDR ,
Sustainable Finance
Confession: writing this in May 2025, we cannot predict with confidence what the rest of 2025 will bring. The year has already seen four months of change and upheaval – political, regulatory, and economic. The new US...more
5/1/2025
/ Compliance ,
Department of Justice (DOJ) ,
Enforcement ,
Environmental Social & Governance (ESG) ,
Foreign Corrupt Practices Act (FCPA) ,
Investment Funds ,
Portfolio Companies ,
Private Equity ,
Private Funds ,
Regulatory Requirements ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
Practitioners and stakeholders in the arbitration community have welcomed the long-awaited Arbitration Act 2025, which has now received Royal Assent, marking the most significant update to English arbitration law in nearly...more
We are keeping an eye on the progress of the reform of the English Arbitration Act 1996. The Arbitration Bill, first introduced in November 2023, was designed to update the Arbitration Act 1996 and reinforce England’s...more
In the first part of this article, we discussed why we need experts in international arbitration, how to find the right expert to instruct, and some practical guidance on how to work with experts for the best results. In this...more
Experts can make or break a case. In this two-part article, we consider how to get the best results at trial looking at the why, the who and the how of working with experts....more
On 31 May 2024, a new anti-greenwashing rule is being introduced by the Financial Conduct Authority (the “FCA”) as part of its Sustainability Disclosure Requirements (“SDR”). We cover here the introduction of the FCA’s...more
5/30/2024
/ AIFM ,
Asset Management ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Services and Markets Act ,
Greenwashing ,
Investors ,
Misleading Statements ,
Regulatory Requirements ,
SFDR ,
Sustainability ,
UK
In this article series, we look at key arbitration related decisions from the past year and draw out the key lessons for users of arbitration.
Arbitral awards are rarely set aside by national courts but the 2023 English...more
In response to rising geopolitical tensions – from the Middle East to the Taiwan Strait to the ongoing conflict in Ukraine –the Biden Administration is increasingly using economic incentives and sanctions to assist the United...more
Hope for a resurgence during 2024 in Venture Capital fundraising, investment, and returns was strong at the beginning of this year, with optimism fueled by the recovery in 2023 of U.S. stock markets (lead by the performance...more
4/30/2024
/ Anti-Money Laundering ,
Corporate Transparency Act ,
Exempt Reporting Advisers (ERAs) ,
FinCEN ,
Initial Public Offering (IPO) ,
Investment ,
Investors ,
Private Equity Funds ,
Regulatory Agenda ,
Securities and Exchange Commission (SEC) ,
Stock Markets ,
Terrorist Financing Regulations ,
Venture Capital
Adviser-led secondary transactions have seen explosive growth over the last five years. That growth has brought increased regulatory concerns over the conflicts of interests inherent in these transactions and a perceived...more
2023’s excitement for generative artificial intelligence (AI) prompted the SEC to respond on multiple fronts – stump speeches, rulemaking, new exam priorities and sweeps and previewing potential enforcement actions. SEC Chair...more
ESG continues to be a hot topic for 2024 for investors and regulators alike. The specific concerns investors and regulators have – and what they expect to develop over the coming months – differ, however, across...more
4/1/2024
/ Breach of Duty ,
Disclosure Requirements ,
Enforcement ,
Environmental Social & Governance (ESG) ,
EU ,
Fiduciary Duty ,
Financial Statements ,
Form 10-K ,
Greenhouse Gas Emissions ,
Greenwashing ,
Investors ,
Jurisdiction ,
Proposed Rules ,
Regulation S-K ,
Regulation S-X ,
Regulatory Agenda ,
Sustainability ,
UK
Economic headwinds and the interest rate environment that developed over the course of 2023 increased financial stress on portfolio companies and portend heightened litigation risk in 2024 for portfolio companies and their...more
In a wave of SEC rulemaking this past year, representing a “new world order” event akin to Dodd-Frank, the SEC has provided itself with a fresh set of tools to increase regulatory and enforcement scrutiny on private funds....more
3/26/2024
/ Conflicts of Interest ,
Corporate Counsel ,
Cybersecurity ,
Enforcement ,
Environmental Social & Governance (ESG) ,
New Amendments ,
New Rules ,
Portfolio Companies ,
Private Equity ,
Regulatory Agenda ,
Securities and Exchange Commission (SEC)
To understand the litigation and regulatory risks that are coming in 2024 for private capital, it is helpful to look back briefly on recent events. Arguably, the single most important event over the last 18 months was the...more
3/19/2024
/ Acquisitions ,
Asset Management ,
Cryptocurrency ,
Cybersecurity ,
Dispute Resolution ,
Enforcement Actions ,
Fund Managers ,
Hedge Funds ,
Interest Rates ,
Investment Management ,
Investors ,
Mergers ,
Private Equity ,
Private Funds ,
Regulatory Agenda ,
Regulatory Reform ,
Regulatory Requirements ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Technology Sector