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International Regulatory Update 12 – 16 August 2024

Tue, 20 Aug 2024 12:28:00 GMT

Clifford Chance's International Regulatory Update is a weekly digest of significant regulatory developments affecting banking and investment banking business, drawing on our daily content from our Alerter: Finance Industry service

Ukraine: The latest Global Sanctions and Export Controls

Wed, 14 Aug 2024 10:09:00 GMT

The following briefing provides an overview of the sanctions and export controls imposed by the US, UK, EU, Poland, Japan, Singapore, Australia, and Ukraine; as well as measures adopted in response by Russia, as at 7pm GMT on 14 August 2024.

These sanctions are complex, multilateral and continue to change incrementally in real time in response to the situation on the ground in Ukraine. Our team of sanctions experts is monitoring the situation closely and we will endeavour to keep our briefings up to date.

International Regulatory Update 5 – 9 August 2024

Tue, 13 Aug 2024 11:11:10 GMT

International Regulatory Update 29 July – 2 August 2024

Tue, 06 Aug 2024 09:12:24 GMT

US Bankruptcy Court Issues Ruling Relating to Cape Town Convention

Mon, 05 Aug 2024 17:36:00 GMT

Since its adoption in the US, practitioners and commentators have questioned whether and how a US court would apply the Cape Town Convention in a Chapter 11 case of a non-US airline. The significant number of non-US airlines that have commenced Chapter 11 cases since the onset of the COVID-19 pandemic has intensified that discussion. Although it stops short of definitively answering the question, a recent decision from the Southern District of New York suggests that Alternative A of the Cape Town Convention should be enforceable in a US bankruptcy case so long as the debtor’s primary insolvency jurisdiction has made the necessary declaration to give international effect to Alternative A.

International Regulatory Update 22 – 26 July 2024

Tue, 30 Jul 2024 10:11:22 GMT

Clifford Chance reports record global revenue and profit growth

Wed, 24 Jul 2024 16:13:00 GMT

Continued investment drives surge in US revenue growth

Clifford Chance today announced record financial performance for the year ended 30 April 2024. In a year of substantial investment in talent and operations, the firm delivered the highest rate of revenue increase since 2017 and double-digit partnership profit growth.

Financial highlights:

Revenue up 9%1 to £2.3 billion
Partnership profit2 up 10% to £856 million
Profit per equity partner (PEP) up at £2.04 million
Strong growth globally led by US delivering best performance to date with 28% revenue increase.

¹Revenue is reported in GBP. In constant currency revenue increased 11%

²Partnership profit is calculated after remuneration of non-equity partners and excludes the cost of profit-related annuities payable to partners

Charles Adams, Global Managing Partner at Clifford Chance said:

"In another year of very strong performance, our record profits have enabled us to make substantial investments in our global team and operations. These strategic investments are already yielding benefits for our clients and our firm and position us for long-term success.

All practice areas delivered strong growth, particularly our litigation teams, which had another exceptional year. Energy transition and infrastructure investment, technology including AI, and private capital all continued to drive strong client demand for our breadth of transactional and advisory capabilities and sector expertise on a global scale."

Strong client-led growth across a diverse and balanced global platform

The firm's leading global litigation and disputes resolution and regulatory investigations teams grew revenue by 20% and now represent more than 20% of total firm income. This was driven by increased demand for the firm's expertise in resolving complex, high-stakes disputes, investigations and government enforcement action, across multiple jurisdictions and sectors.

Increased demand for multi-jurisdictional, complex M&A and financing transactions advice drove high single digit income growth for the Corporate and Global Financial Markets teams globally. Both practices also benefited from ongoing investment to expand these core global capabilities in the US and Europe (including London) regions.

Clifford Chance advised on 224 M&A deals during 2023, with a value of US$208 billion, with strong momentum continuing into the second half of FY24. In Chambers Global 2024, the firm retained 33 Band 1 rankings spanning corporate M&A, private equity, investment funds, competition, and international & cross-border transactions.

Other areas of strong growth included the firm's tax, pensions and employment offering and a robust recovery in its real estate practice reporting 15% revenue growth on prior year.

Global growth with 28% increase in US revenues

The firm achieved significant momentum in expanding its core global capabilities in the US, with ongoing investment driving a 28% surge in revenue. The firm further consolidated its leading position in its legacy markets of Europe including UK, and in the Middle East - all recording strong high single digit growth and performed solidly across APAC despite subdued market activity in some parts of the region.

Charles Adams commented; "We are making great progress everywhere but fastest in the US. Our new Houston office is thriving and we have continued to make strategic hires in the US to further strengthen our global capabilities there. We are strongly positioned to continue profitable expansion in the US where it makes most sense for our clients and our firm."

In FY24, a total of 19 partners, predominantly from prime US firms, joined Clifford Chance in New York, Houston and Washington DC, strengthening its broad offering of complex M&A, antitrust, restructuring and insolvency, leveraged finance, tax and real estate advice. This investment takes the total number of partners in the US to 115.

Since opening in Houston with seven lateral partner hires in June last year in a move to expand its global Energy & Infrastructure practice, partner headcount there has doubled to 14, with a total of 41 fee earners delivering for clients on multiple high-profile matters across its core strengths of energy and infrastructure, environmental transactions and regulatory, tax, private capital and technology.

Investing in exceptional talent

Investing in and nurturing top talent remains core to the firm's growth strategy and a total of 29 lawyers were promoted to the global partnership effective 1st May, 2024, alongside a further 29 new partners who joined the firm globally in FY24.

The firm continues to make progress in meeting its global inclusion goals. Twenty percent of newly-promoted partners identified as under-represented minority ethnic partners in the UK and US. A total of 38% of newly-promoted partners were female. The firm is committed to working towards its goal of achieving 40% female partners by 2030, led by the Executive Leadership Group which is now 46% female.

Investing in technology and global operations

The firm was one of the first organisations globally to deploy a fully integrated suite of private and secured AI tools at scale, digitally empowering its 7,000 strong global work force within its published global AI policy. The firm also made targeted investments to enhance client service delivery and efficiencies, including the launch of a new Warsaw operational hub to complement its established hubs in India and Newcastle.

Notes to Editors:

The exchange rates used to determine the US Dollar and Euro equivalent figures are USD 1.26 /GBP 1 and EUR 1.16 /GBP 1, which are the average annual exchange rates for the year ended 30 April 2024
- In US Dollars, these figures are equivalent to revenues of USD 2,829 million, profit USD 1,079 million, PEP USD 2.6 million
- In Euros, these figures are equivalent to revenues of EUR 2,604 million, profit EUR 993 million, PEP EUR 2.4 million
Clifford Chance's Executive Leadership Group is the firm's top strategic decision-making body. More information on our governance is here.
Not all partners disclosed ethnicity. Note that Clifford Chance can only collect ethnicity data legally in the UK and US. Full regional diversity data against all criteria we measure will be published in the firm's Responsible Business Report.
Under-represented minority ethnic partners exclude white minorities.

Key Changes - Leasehold and Freehold Reform Act 2024

Wed, 24 Jul 2024 13:33:09 GMT

The Leasehold and Freehold Reform Act 2024 ("Act") aims to improve fairness for leaseholders. These changes are significant, varied and affect a range of stakeholders. The main provisions are highlighted in this article.

International Regulatory Update 15 – 19 July 2024

Tue, 23 Jul 2024 09:11:00 GMT

EU crypto regulation: MICAR overview for issuers and crypto-asset service providers

Mon, 22 Jul 2024 10:29:00 GMT

The EU's Markets in Crypto-assets Regulation (MiCAR) introduces an EU regulatory framework for the issuance of, intermediating and dealing in crypto-assets. Parts of MiCAR impacting the issuance, offering and admission to trading of stablecoins entered into force at the end of June 2024, while equivalent provisions for other crypto-assets, new licensing and conduct of business requirements for cryptoasset service providers, and a market abuse regime with respect to cryptoassets will apply from the end of the year.

We look at what issuers of stablecoins and other crypto-assets, custodians and other crypto-asset service providers need to know now.

What does MICAR mean for issuing and offering stablecoins and other crypto-assets in the EU?

Mon, 22 Jul 2024 10:17:00 GMT

The new EU Markets in Crypto-assets Regulation (MiCAR) creates an EU regulatory framework for the issuance of, intermediating and dealing in, cryptoassets. Parts of MiCAR impacting the issuance, offering and admission to trading of stablecoins entered into force at the end of June 2024, while equivalent provisions for other crypto-assets, new licensing and conduct of business requirements for cryptoasset service providers, and a market abuse regime with respect to crypto-assets will apply from the end of the year.

In our new briefing, we look in detail at what issuers of stablecoins and other crypto-assets, and wider market participants, need to know about the new requirements for issuing, offering and seeking admission to trading. We cover when authorisation will be required, stablecoin reserve requirements and the key form and content requirements for white papers and who may be liable for them.

反垄断全球进展

Fri, 19 Jul 2024 03:10:30 GMT

季度更新
2024年4月1日—2024年6月30日

GAFA等科技公司本季度的反垄断热点追踪 — 本季度，欧盟法院认定意大利政府对Google等施加的额外信息披露义务不符合欧盟法；日本批准Google有关搜索引擎和搜索广告技术的承诺。意大利就Amazon的不公平交易行为开出巨额罚单；墨西哥对Amazon和Mercado Libre整合流媒体服务和忠诚折扣计划展开调查；印度认定Amazon和Flipkart从事了反竞争行为。Meta因未能证明其达成合规要求，导致其被土耳其施加的每日罚款金额已持续累计至1,600万欧元。欧委会加强了对Apple移动支付系统的审查，请求竞争对手和零售商提供更多Apple移动支付系统的相关信息。

科技领域本季度其他反垄断动态 — 本季度，欧委会将Booking.com指定为“守门人”；英国正式通过《数字市场、竞争和消费者法案》；加拿大强化对数字领域的外商投资审查；波兰对PlayStation商店和Steam开展反垄断调查；印度尼西亚认定Shopee在配送领域实施了自我优待行为；新加坡竞争执法机构对Grab拟收购Delivery Hero实施临时措施指令；日本批准《促进特定智能手机软件竞争法》的议案；韩国宣布修订后的数字经济领域合并指南生效日期；韩国以滥用支配地位为由对Coupang处以罚款；巴基斯坦启动数字经济市场研究。

其他领域的反垄断及外商投资进展 — 本季度值得中国及跨国企业关注的其他反垄断立法和外商投资政策进展涉及欧盟、英国、美国、加拿大、巴西、阿根廷、日本、澳大利亚、埃及等司法辖区的并购审查、国家安全投资审查制度等多方面的重要动态。在反垄断和外商投资审查执法层面，欧盟、英国、法国、荷兰、斯洛伐克、波兰、立陶宛、美国、加拿大、智利、日本、新加坡、韩国、香港、澳大利亚等司法辖区均在本季度有重要的调查行动。

Energy Transition Decoded: A to Z Guide

Wed, 17 Jul 2024 16:48:00 GMT

The world of energy has always been the subject of acronyms, industry short-hand and slang. With the acceleration in energy transition, we are all learning about new technologies and developments that will assist in our journey toward decarbonisation. This has resulted in the evolution of additional “industry speak” in the area of energy transition.

The aim of this “Energy Transition Decoded – A to Z Guide” is to try to demystify some of the terminology we encounter in the industry. We have collected in the lexicon terminology from across our global network of 33 offices in 22 countries.

Not all jurisdictions are covered in the lexicon and not all topics are explored in great detail. The lexicon is not intended to be a definitive guide, but simply a collection of some of the most commonly encountered terms in wind, carbon capture, hydrogen, solar and other energy transition-related sectors. The guide is not intended to constitute legal advice (on what can be complex legal issues) or be relied upon as such, but is simply a tool to help navigate what is for some unfamiliar territory.

We hope this guide is of some benefit as we all work collectively towards the objective of a lower carbon world.

International Regulatory Update 8 – 12 July 2024

Tue, 16 Jul 2024 07:49:53 GMT

Green fuels: Structuring and procurement issues to consider as demand takes off

Fri, 12 Jul 2024 14:01:00 GMT

Demand for e-fuels and biofuels is rocketing. Last year, the EU enacted new regulations in the aviation and shipping industries designed to force airlines and shipping companies to switch to alternative fuels, ratcheting up from a 2% blend in 2025 to 70 or 80% (depending on the industry) by 2050. Other jurisdictions such as Australia, South Korea and Japan are following suit and introducing similar binding commitments.

In this briefing, we discuss what developers and investors need to consider when structuring green fuel projects, including strategies for managing the construction and procurement phase.

Global developments in AI regulation

Fri, 05 Jul 2024 11:44:00 GMT

AI is growing rapidly, but how do you control and regulate it?

In this extract from a recent Clifford Chance webinar, we explore how different jurisdictions including the US, EU, UK, China and Singapore are taking different approaches to AI regulation but ultimately want the same thing – responsible AI.

Private Credit – A global perspective on market developments

Thu, 04 Jul 2024 08:10:00 GMT

With the continued global expansion of the pool of private credit, what does the future hold? Will the boom times continue, or will enthusiasm be dampened by the resurgence of syndicated bank loans and the return of CLOs? The private credit market over the past few years has expanded exponentially but this has been against the backdrop of a very subdued syndicated loan market.

In this paper, senior members of Clifford Chance’s Global Private Credit Group look at the impact on private credit of the return of the Broadly Syndicated Loan (BSL) market, the options for private credit in the short term and what developments we expect to see happening in the future.

International Regulatory Update 24 – 28 June 2024

Tue, 02 Jul 2024 09:23:49 GMT

Ukraine: The latest Global Sanctions and Export Controls

Thu, 27 Jun 2024 10:09:00 GMT

The following briefing provides an overview of the sanctions and export controls imposed by the US, UK, EU, Poland, Japan, Singapore, Australia, and Ukraine; as well as measures adopted in response by Russia, as at 12:30pm GMT on 27 June 2024.

International Regulatory Update 17 – 21 June 2024

Tue, 25 Jun 2024 12:09:00 GMT

Clifford Chance RSS Feed

International Regulatory Update 12 – 16 August 2024

Ukraine: The latest Global Sanctions and Export Controls

The following briefing provides an overview of the sanctions and export controls imposed by the US, UK, EU, Poland, Japan, Singapore, Australia, and Ukraine; as well as measures adopted in response by Russia, as at 7pm GMT on 14 August 2024.

International Regulatory Update 5 – 9 August 2024

International Regulatory Update 29 July – 2 August 2024

US Bankruptcy Court Issues Ruling Relating to Cape Town Convention

International Regulatory Update 22 – 26 July 2024

Clifford Chance reports record global revenue and profit growth

Continued investment drives surge in US revenue growth

Key Changes - Leasehold and Freehold Reform Act 2024

International Regulatory Update 15 – 19 July 2024

EU crypto regulation: MICAR overview for issuers and crypto-asset service providers

What does MICAR mean for issuing and offering stablecoins and other crypto-assets in the EU?

反垄断全球进展

季度更新 2024年4月1日—2024年6月30日

Energy Transition Decoded: A to Z Guide

International Regulatory Update 8 – 12 July 2024

Green fuels: Structuring and procurement issues to consider as demand takes off

Global developments in AI regulation

AI is growing rapidly, but how do you control and regulate it?

Private Credit – A global perspective on market developments

International Regulatory Update 24 – 28 June 2024

Ukraine: The latest Global Sanctions and Export Controls

The following briefing provides an overview of the sanctions and export controls imposed by the US, UK, EU, Poland, Japan, Singapore, Australia, and Ukraine; as well as measures adopted in response by Russia, as at 12:30pm GMT on 27 June 2024.

International Regulatory Update 17 – 21 June 2024

季度更新
2024年4月1日—2024年6月30日