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MAGAZINE

March 2019 Issue

Financier Worldwide Magazine


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COVER STORY

Balancing BYOD: risks and rewards

The working world is changing. Cultural revolutions, social and environmental issues and technological advancements are combining to re-shape working conventions. As traditional practices change, new patterns emerge. Worker mobility has become a...

 

FEATURES

Biotech M&A outlook

Following strong levels of M&A activity over the last few years, the biotech industry is poised for another year of regular dealmaking in 2019. Activity has been driven by a number of factors. One is the pharma industry’s ongoing need to replace aging...

Shareholder disputes in the EU: analysis and resolution

Conflict is part and parcel of all business relationships, with shareholder disputes in particular often to the fore. Indeed, disputes between companies and their shareholders are becoming an increasingly common battleground, with dissension...

Asset tracing and recovery in the Asia-Pacific region

Globalisation has had transformative effect on criminal activity. Today, criminals that go to great lengths to conceal the location and source of their misappropriated assets are able to exploit all markets. Logistically, it has become very difficult to identify...

OFAC ups the ante on cryptocurrency fraud

As part of its efforts to respond to fraudulent activity within the burgeoning cryptocurrency market, the US federal government has been upping the ante on its regulatory sanctions and enforcement. Among the actions taken is the Treasury...

Digital crossroads: analytics and automation in the insurance sector

The insurance sector is at a digital crossroads. Increasing competition, evolving customer expectations and a changing regulatory landscape are redefining the sector’s parameters and forcing insurers to adopt new technologies in order to remain...

 

ROUNDTABLE

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Sanctions compliance & enforcement

THE PANELLISTS: Henry Smith, Control Risks; Judith Alison Lee, Gibson, Dunn & Crutcher LLP; Eva Monard, Jones Day; Bryce Bittner, Textron; and Priya R. Aiyar, Willkie Farr & Gallagher LLP.

Today, companies have to navigate a complex global sanctions landscape. Two key trends which have emerged in recent months are an increase in targeted sanctions to achieve strategic geopolitical goals and a number of enforcement cases...

 

SPECIAL REPORT

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Managing risk

Risk is a major cause of uncertainty for any organisation. In order to manage risk, organisations need to focus on identifying sources of risk before they impact normal business operations. Risk management policies and procedures – whether financial, strategic...

FORUM: Third-party corruption and fraud risk management

FW moderates a discussion on third-party corruption and fraud risk management between Hannah Musgrave at Bell Gully, Anupreet Amole at Brown Rudnick LLP, and Hannah Laming at Peters & Peters Solicitors.

Cyber misconceptions

ProWriters Insurance With cyber crime constantly making headlines, some business owners are gaining awareness of the risks posed by a data breach. We typically see large companies, in the wake of a breach, paying huge sums of money, issuing public apologies and promising...

Why cyber business interruption is a bigger threat than GDPR

BTVK Advisory LLP Businesses and the cyber insurance market on either side of the Atlantic have developed a sophisticated understanding of, and response mechanism to, data breaches. The same cannot be said about cyber business interruption, which poses a...

Cyber security due diligence in M&A transactions

Bristows LLP It goes without saying that every company should have a cyber security policy that addresses prevention rather than cure, but it is clear that whatever preventative measures are put in place companies could still be the victim of an attack and without...

IP due diligence

J A Kemp Intellectual property (IP) has long been recognised as an important asset – inventors’ and authors’ rights were acknowledged as far back as the US Constitution. Fast forward a few centuries and IP is well-established as a central pillar of company assets in many...

Gun jumping is an enforcement priority for EU competition authorities

Uría Menéndez In April 2018, the European Commission (EC) imposed a record fine of €125m on telecommunications company Altice for the implementation of its acquisition of control over Portugal Telecom before having obtained the required...

Challenges and trends in reporting for asset managers

Global Risk Management Advisors Asset management firms, including wealth managers, face ever growing challenges in terms of data management and reporting related to their investment exposure, risk management and performance attribution and benchmarking. One driver is that...

Where angels fear to trade: algorithms and antitrust

Cleary Gottlieb Steen & Hamilton LLP Algorithms are at the core of many of today’s largest and fastest-growing sectors. Defined by the Organisation for Economic Co-operation and Development (OECD) as a “sequence of rules that should be performed in an exact order to carry out a certain task”...

Directors’ duties and liability under Saudi law

King & Spalding The subject of directors’ duties and liabilities under the laws of the Kingdom of Saudi Arabia is debated often and has recently undergone changes, as Saudi Arabia continues to work to modernise its laws and regulations. The subject has also gained significance...

How to deal with different motivations to shape an effective compliance programme

FreitasLeite Advogados Perhaps one of the most elusive challenges in the design of an effective compliance programme is determining how to properly react to different motivations. Each motivation would ideally require a different answer. However, at first glance, such an approach...


TALKINGpoint

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Outlook for life settlements in 2019

FW speaks with Corwin Zass at Actuarial Risk Management, Ltd about the outlook for life settlements in 2019.

Digital transformation in the chemicals industry

FW speaks with Frank Jenner at Ernst & Young GmbH WPG about digital transformation in the chemicals industry.

DEALfront

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mergers & acquisitions

Bristol-Myers to buy Celgene for $74bn

In January, Bristol-Myers Squibb announced it had agreed to acquire Celgene Corporation in a cash and stock transaction valued at $74bn. The deal, one of the biggest mergers in the history of the pharmaceuticals industry, will see Celgene shareholders...

Newmont set to acquire Goldcorp for $10bn

In a combination designed to create a world leading gold company, Newmont Mining Corporation is to acquire all the outstanding common shares of Goldcorp Inc. in a stock-for-stock transaction valued at $10bn. Under the terms of the agreement, Newmont...

private equity & venture capital

Fiserv pays $22bn to acquire PE-backed First Data Corp

Financial technology provider Fiserv Inc has agreed to acquire payment processor First Data Corp in a $22bn all-stock deal. The deal, once completed, will create a payment provider giant and could spark a wave of consolidation in the industry in the...

Apollo to buy RPC in $4.28bn deal

Following months of negotiation, US private equity firm Apollo Global Management is to acquire plastic packaging specialist RPC Group Plc in a deal valued at $4.28bn. Under the terms of the transaction, RPC shareholders will be entitled to receive...

bankruptcy & corporate restructuring

PG&E secures $5.5bn in bankruptcy financing

As a result of the devastation wrought by wildfires in California in 2017 and 2018, energy company Pacific Gas and Electric (PG&E) Corporation has filed for Chapter 11 bankruptcy, with its liabilities estimated to be $30bn. The Chapter 11 process is intended...

Sears bankruptcy-led auction offers lifeline

The chairman of iconic US retailer Sears Holdings Corp has won a bankruptcy auction to buy the company after submitting a revised offer of $5.2bn. The auction win, in which all the other bidders were liquidators, meant that Sears avoided a total shutdown...

SPOTlight

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Earn outs as part of the overall consideration for transactions

Coffin Mew LLP An earn out is a mechanism commonly used in acquisitions, under which part of the purchase price is deferred and made attributable to the future performance of the target’s business after completion. The mechanism is popular with buyers...

Small is beautiful

Charles Russell Speechlys LLP While there seems to be a wall of money being invested in private equity (PE) funds at the moment – some attribute this to the relatively poor performance of hedge funds in recent years – and some PE houses are raising larger and larger funds as a result...

Diminishing commodity prices and increased interest rates

Saul Ewing Arnstein & Lehr LLP On 3 December 2018, five months after China imposed a punitive 25 percent tariff on soybean imports from the US, president Donald Trump declared, via Twitter, that “Farmers will be a a [sic] very BIG and FAST beneficiary of our deal with China...

The board’s oversight role in corporate culture definition

ICR Governance Advisory Solutions If one thinks about some of the landmark corporate breakdowns in recent years, no matter how disparate the causes may be – whether it concerns a company besieged with negative publicity and allegations of accounting fraud, or certain institutions...

Investigation and enforcement of financial crime

Steptoe & Johnson LLP Motorcycle enthusiasts have Sturgis, beer-lovers have Oktoberfest, and compliance professionals have the annual ACI Conference on the Foreign Corrupt Practices Act (FCPA) held in Washington, DC in late November or early December. For the uninitiated...

Ensuring value in early stage company patent portfolios

Knowles Intellectual Property Strategies, LLC Most early stage companies rely on their patent portfolios to drive initial company valuation and establish a competitive advantage. In light of the significant monetary commitment required to secure meaningful patent protection, which as a percentage...

Issues surrounding patenting of inventions relating to artificial intelligence in the US and Europe

Ladas & Parry LLP Arguably, artificial intelligence (AI) – that is, the use of tools to perform tasks previously done by the human brain – is as old as the abacus, or perhaps even older. However, it is only with the dramatic increase of computer computational power after 1990 that...

Overage and contractual interpretation: a round-up of recent cases

Walker Morris LLP In recent years, contractual interpretation, and, in particular, the interpretation and operation of overage agreements, has prompted several high profile disputes. Overage payments are frequently negotiated and are payable to sellers if and when...



CONTRIBUTORS

Actuarial Risk Management, Ltd

Bell Gully

Bristows LLP

Brown Rudnick LLP

BTVK Advisory LLP

Charles Russell Speechlys LLP

Cleary Gottlieb Steen & Hamilton LLP

Coffin Mew LLP

Control Risks

Ernst & Young GmbH WPG

FreitasLeite Advogados

Gibson, Dunn & Crutcher LLP

Global Risk Management Advisors

ICR Governance Advisory Solutions

J A Kemp

Jones Day

King & Spalding

Knowles Intellectual Property Strategies, LLC

Ladas & Parry LLP

Peters & Peters Solicitor

ProWriters Insurance

Saul Ewing Arnstein & Lehr LLP

Steptoe & Johnson LLP

Textron

Uría Menéndez

Walker Morris LLP

Willkie Farr & Gallagher LLP


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