IMPACT OF US TAX REFORM
In the months since the passage of the most significant U.S. tax reform bill in more than 30 years, a number of trends have begun to emerge. Taxpayers, though wary that the lower corporate tax rate and other incentives may not be permanent, have started to adjust to the new law and are expected to continue to do so as guidance is released on its more uncertain provisions.
CHIINA'S NEW ANTITRUST REGIME
China has consolidated its three antitrust enforcement agencies under a single administrator, which may help enhance consistency in enforcement approach while protecting China's economic development, especially as trade tensions with the U.S. continue to escalate.
2018 PROXY SEASON
Companies have had limited early success following the SEC Division of Corporation Finance's late-2017 guidance concerning companies’ ability to exclude certain shareholder proposals from their proxy statements. But lessons learned from the 2018 proxy season could inform a more targeted and productive use of the guidance going forward.
REGULATING DIGITAL HEALTH
Digital technology is rapidly changing the health care sector, forcing the FDA to reimagine its regulatory approach to new devices and products.
REGULATORY CHANGES TO CRYPTOCURRENCY
The legal landscape continues to evolve as interest in distributed ledger technologies and virtual currencies grows. Recent regulatory and private actions in the space may affect the proliferation and regulation of cryptocurrencies, initial coin offerings and the exchanges on which these digital assets are traded.
CROSS-BORDER ESTATE PLANNING
The U.S. tax act includes a number of provisions that impact high net worth families with U.S. connections, including as they relate to new gift planning opportunities, inbound U.S. investments through corporations and partnerships, and foreign corporations with U.S. shareholders.
Southeast Asian Competition Regulators Ramp Up Merger Control Enforcement
Merger control regimes in Southeast Asia have become increasingly active and are enforcing failures to file relevant transactions for review, as was evident in regulators' responses to a recent agreement by Singapore-based Grab to acquire the regional operations of its competitor, Uber. Other multinational firms considering acquisitions or joint ventures with significant activities in Southeast Asia must now carefully account for this increased enforcement in deal planning, structure and strategy going forward.
SEC’s Proposed Transaction Fee Pilot Program Continues to Provoke Discussion
On March 14, 2018, the SEC proposed new Rule 610T of Regulation NMS, which would establish a pilot program to study the effects of potential changes on certain transaction fees and rebates paid by exchanges to broker-dealers and market makers. The impact of such changes on U.S. equity markets continues to be the subject of significant debate, and it is not yet clear what the SEC’s final program may look like.
Latin America Dispute Resolution Update – The Latest Developments in Cross-Border Disputes Involving the US and Latin America
In this issue, we examine a recent U.S. Supreme Court decision regarding the level of deference U.S. courts must afford to a foreign sovereign’s interpretation of its own laws, a recent arbitration award issued against Venezuela’s national oil and gas company, and developments surrounding the expansion of China’s “One Belt, One Road” Initiative to Latin America, among other topics.