Posts from August 2017

In a decision of 20 July 2017 in the case Marco Tronchetti Provera SpA e.a. v Consob, the European Court of Justice ruled for the first time on the interpretation of article 5(4) of the Takeover...

In 2015, the number of Israeli debtors who were insolvent was nearly 75,000, and the number of bankruptcy applications stood at 50,296; all together, 2.2% of the total population in Israel looked to...

The now well-versed decision in Aslam and others v Uber BV opened with the line ‘Uber is a modern business phenomenon’. It is not entirely clear whether the tribunal saw Uber as a new phenomenon in...

The shareholder empowerment movement (the 'movement'), driven primarily by public pension funds and union-related funds with over $3 billion in assets, has renewed its effort to eliminate, restrict,...

Human choice is a foundational part of our social, economic and political institutions. This focus is about to be significantly challenged. Technological advances in data collection, data science,...

The bargaining theory of corporate debt suggests that a firm's management could use debt policies to influence its bargaining position relative to non-financial stakeholders such as employees...

More than 8,000 domestic equity securities were publicly traded in the U.S. OTC market in 2010. Yet, research studying this market is limited. Stocks in this market tend to be small. The OTC market...

Annual General Meetings (AGMs) are considered dull mandatory yearly rituals that provide entertainment to some small shareholders, but, above all, cause many business lawyers and executive officers a...

In April 2017, the government published a ‘call for evidence’ inviting comments on a proposed new public register (the ‘Register’) to record information about the beneficial ownership of any overseas...

In recent times, cybersecurity has been among the foremost of issues that global financial regulators have sought to address. In attempting to do so, several distinct approaches have emerged. These...

Important if underwhelming, Erzberger v TUI AG (2017) C-566/15 has held national codetermination laws are not an ‘impediment to free movement of workers’ in the European Union. Codetermination laws,...

The Bitcoin blockchain has just forked into two rivaling chains; the same split happened to the Ethereum blockchain after its hard fork of July 2016. The development of these, and other,...

Crowdfunding - an outcome of the modern sharing economy - has experienced rapid growth in some EU Member States, notably the UK, France, Germany, Italy and the Netherlands. However, home bias by...

In a much-anticipated action, on July 25 the SEC issued a Section 21(a) report of its investigation into an offering of digital tokens by “The DAO,” an unincorporated virtual organization. Though...

The digital economy has boasted of 'unicorns', 'change agents' and 'disruption'. But the difficult question that competition law, and the European Commission, must grapple with is whether the nature...

Many scholars have called for legal reform to end taxpayer-funded bailouts and crack down on anticompetitive practices by financial institutions. Failure to do so, in an era of fintech innovation,...

The European Securities and Markets Authority (‘ESMA’) was established over six years ago. It, and its sibling bodies for banking, and the insurance and occupational pensions sector, emerged from the...

In ‘Pari Passu Undone: Game-Changing Decisions for Sovereigns in Distress’, which appears in Issue No. 3 of the ‘Cleary Gottlieb Emerging Markets Restructuring Journal’, published by Cleary Gottlieb...

The private ordering of corporate governance arrangements is a wonderful thing. It ‘allows the internal affairs of each corporation to be tailored to its own attributes and qualities, including its...