CHINESE UPDATE: The Recent Judicial Development of “Piercing the Corporate Veil” in China

The Recent Judicial Development of “Piercing the Corporate Veil” in China 1.      Summary of “Piercing the Corporate Veil” and the relevant regulations “Piercing the corporate veil” (also known as “forward disregard of corporate personality”, hereinafter referred to as the “forward disregard”), originated in the United States.  The doctrine is used to prevent shareholders … Continued

Editors' Note: This article was authored by Zhenyong (Allan) Ye, a partner at JunHe. Mr. Ye has broad experience in foreign related dispute resolution, cross-border enforcement, and crisis management services.  Sien Bi (Associate) and Jin Wang (Intern) also contributed to the article. The authors give special thanks to Adam Li (Partner), who edited extensively the English version of this article.


Some Thoughts for Boards of Directors in 2021

Some Thoughts for Boards of Directors in 2021 Martin Lipton, Steven A. Rosenblum, Karessa L. Cain, Hannah Clark and Bita Assad Many of the challenges that corporations and their boards have encountered in 2020 will continue to be front and center in 2021, including the COVID-19 pandemic, the movement to address racial injustice and broad-based … Continued

Editor’s Note: This article was co-authored by Martin Lipton, Steven A. Rosenblum, Karessa L. Cain, Hannah Clark and Bita Assad of Wachtell, Lipton, Rosen & Katz


GLOBAL STATISTICAL UPDATE – XBMA Quarterly Review for First Quarter 2020

Executive Summary/Highlights Global M&A volume was just US$730 billion in Q1 2020, a decrease of approximately 30% from Q4 2019 (US$1 trillion), approximately 25% from Q1 2019 (US$982 billion) and the lowest first-quarter global M&A volume since 2014 (US$657 billion). The decline in M&A volume relative to prior quarters was particularly pronounced in the United … Continued

Editors' Note: The XBMA Review is published on a quarterly basis in order to facilitate a deeper understanding of trends and developments. In order to facilitate meaningful comparisons, the XBMA Review has utilized generally consistent metrics and sources of data since inception. We welcome feedback and suggestions for improving the XBMA Review or for interpreting the data.


FRENCH UPDATE: Revised Key Topics for Boards of Directors and Senior Management in Relation to the COVID-19 Crisis

This is a revised summary version of our initial client memos regarding the crisis. In his speech on March 16, President Macron stated, “we are at war,” six times.  Since then, businesses continue to assimilate and react to the radical changes that have occurred over the last weeks.  The government and various regulators, including the … Continued

U.S. UPDATE – Key ESG Considerations In the Crisis

*Originally distributed on April 13, 2020 The social and economic turmoil unleashed by the global spread of COVID-19 and the collapse in the price of crude oil has brought to the fore a number of critical incident and systemic risk management concerns, including traditional ESG concerns such as human capital issues, business model and supply … Continued

Editors’ Note: This article was co-authored by David M. Silk (Partner), David A. Katz (Partner), David B. Anders (Partner), David E. Kahan (Partner), Sabastian V. Niles (Partner), Lauren M. Kofke (Partner), Carmen X. W. Lu (Associate) and Ram Sachs (Associate), at Wachtell, Lipton, Rosen & Katz (New York).


U.S. UPDATE: What to Say on Your Next Earnings Call in the Time of COVID-19 – SEC Chairman Jay Clayton and CorpFin Director Bill Hinman Lead the Way

*Originally distributed on April 8, 2020 Every publicly traded company is wrestling with the following question: how to handle the upcoming earnings call now that the unprecedented global, human and economic impacts of COVID-19 are apparent?  In an unusual and groundbreaking statement, the Chairman of the U.S. Securities and Exchange Commission and the Director of the SEC’s … Continued

Editors’ Note: This article was co-authored by Martin Lipton and Sabastian V. Niles, partners at Wachtell, Lipton, Rosen & Katz (New York).


SPANISH UPDATE – COVID-19 and Investments: Spain Enacts Screenings for Sensitive Non-European Investments

*Originally distributed on April 3, 2020 On 19 March 2020 Spain re-introduced foreign investment screenings by executive order. In doing so, the Government confessed aim is to protect Spanish companies in their time of financial weakness as a result of the COVID-19 pandemic. However, the measures are not time-limited and are intended to survive the … Continued

This article was co-authored by Juan Miguel Goenechea, Juan Martín Perrotto and Pedro Ravina, partners at Uría Menéndez (Spain).


INDIAN UPDATE: Further Measures Taken by SEBI in Light of the COVID-19 Outbreak

*Originally distributed on April 2, 2020. Since our Client Alert dated March 21, 2020 (accessible here), the Securities and Exchange Board of India (‘SEBI’) has taken further measures in light of the COVID-19 outbreak. Some of the key features are set out below. 1. Reduction in Compliance Burden on Market Participants By its press release … Continued

This article was contributed by AZB Partners (Mumbai)


UK UPDATE: The Impact of Covid-19 on Competition Law

*Originally distributed on April 1, 2020 The Covid-19 pandemic and the exceptional containment and lockdown measures adopted around the world to protect public health and suppress the spread of the virus have had a significant impact on the global economy and have created severe constraints for many businesses. It is clear that collectively many companies … Continued

This article was contributed by Cameron Firth (Partner), Christophe Humpe (Partner) and Fiona Beattie (Senior Counsel), Macfarlanes (London)


UK UPDATE: Keeping Shareholders Informed During The COVID-19 Crisis: An Update

*Originally distributed on March 31, 2020 Companies are currently dealing with unprecedented challenges, with some facing an existential threat. With new developments occurring daily, we highlight below key points that have emerged in the last week or so that companies should consider in the context of their communications with investors. Financial results and reporting In … Continued

This article was contributed by Slaughter and May (London)


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