Over the weekend, former Vice President Joseph R. Biden, Jr. was declared the winner of the U.S. presidential election. Although President Trump has yet to concede and press reports suggest he will continue to make his case in court, thoughts have turned to what the Biden administration will mean for federal regulation of business and finance.

In many ways, the future will depend on whether the centrist, coalition-building Biden of yesteryear will show up, or if he will embrace the more progressive wing of the Democratic party that has since grown in influence. Below we lay out our initial reactions on how the Biden presidency is likely to reshape the corporate landscape.

If you have any questions, please feel free to contact the authors listed below or your regular contacts at the firm.
Continue Reading What to Expect From the Biden Administration

The UK’s Competition and Markets Authority (CMA) is strengthening its approach to merger control as it prepares for its new status as a global enforcer with expanded jurisdiction.

Following the UK’s departure from the EU on 31 January 2020, the UK entered a transition period due to end on 31 December 2020.  EU competition law

Partially overturning a decision of the High Court, the Court of Appeal held on 18 February 2020 that a company is able to withhold privileged material when responding to a notice from the Financial Reporting Council (the “FRC”) requiring the production of documents in connection with an FRC investigation[1]. The decision has broad implications for the ambit of privilege during regulatory investigations.

The FRC (the UK regulator for auditors, accountants and actuaries) is currently conducting an investigation into Grant Thornton and one of its employees, in relation to its audit of Sports Direct International Plc (“Sports Direct”) for the year ending April 2016. In April 2017, the FRC (pursuant to its powers under the Statutory Auditors and Third Country Auditors Regulations 2016 (“SATCAR”)) notified Sports Direct that it was required to disclose emails and their attachments which: (i) relate to the audit, (ii) are held by one or more of five identified custodians, (iii) are dated within certain specified date ranges, and (iv) are responsive to one or more of 27 different specified search terms. Sports Direct provided approximately 2,000 documents to the FRC in response, but withheld 40 documents on the grounds of privilege (these documents were emails and attachments sent to or by Sports Direct’s legal advisers, either internal or external). The FRC applied to Court to force disclosure of the withheld documents.
Continue Reading UK Court of Appeal Finds That Privilege Affords Protection Against Regulators’ Requests for Documents Unless Overriden by Statute