On Your MARks: New EU Market Abuse Regime Now in Force Overview From 3 July 2016, the EU Market Abuse Regulation (MAR) has direct effect across the EU, replacing the EU Market Abuse Directive (MAD). Pending the UK’s exit from the EU (and depending on the negotiated terms of that exit), MAR will, for some years at least, have direct effect in the UK and will impact issuers with securities listed on UK exchanges, as in other EU jurisdictions. Read more.

Workers-owned cooperatives and prompt payment of labor credits under Argentine Bankruptcy Law A recent decision of the Court of Appeals in Commercial Matters upheld the right of the members of a workers cooperative to receive prompt payment of their labor claims in a liquidation case. By Martín Campbell and Fernando D. Hernández F.A.D.I.P. Fábrica Argentina de Instrumentos de Precisión S.A. (“FADIP”) was adjudicated bankrupt on October 13, 2009 by the National First Instance Commercial Court Number 6 sitting in the City of Buenos Aires in the “in re F.A.D.I.P.

NEW Free Webinar This Thursday Eye on Bankruptcy, May 26, 1:00 pm ET Join Prof. Michelle Harner with guest speakers Hon. Kevin R. Huennekens, U.S. Bankruptcy Court (E.D. Va.) and Brian Shaw of Shaw Fishman Glantz & Towbin LLC as they discuss the most recent bankruptcy opinions. Read more.

WHAT’S NEW Recording Available Supreme Court Rules Puerto Rico’s Only Debt Recourse Is Through Congress ABI Editor-at-Large, Bill Rochelle, hosted a free media webinar with Prof. Stephen Lubben to discuss the recent Supreme Court decision. Listen to the recording. Read more.

Kirkland & Ellis is pleased to announce that the International Association of Outsourcing Professionals (IAOP) has inducted Kirkland partner Gregg Kirchhoefer into the 2016 IAOP Leadership Hall of Fame, for his dedication and contributions to outsourcing, and his leadership in the industry, for more than three decades. Gregg’s induction took place at The 2016 Leadership Hall of Fame Awards Luncheon during the Outsourcing World Summit on February 16, 2016. Read more.

In recent years, constructively fraudulent transfer claims asserted in bankruptcy cases, especially those arising from LBOs and similar shareholder transactions, have hit a major road block. Read more.

One month after the May 19, 2016 Alberta Court of Queen’s Bench’s decision in Redwater Energy Corporation (Re), 2016 ABQB 278 (“Redwater”), the Alberta Energy Regulator (“AER”) has released Bulletin 2016-16 (the “Bulletin”). The AER (and Orphan Well Association) have appealed the Redwater decision to the Alberta Court of Appeal, where it is pending. Effective June 20, 2016, substantive changes were made to the transfer requirements for licensees, and licensee eligibility.

Employer wage obligations are expected to rise in the United States in 2017, now that the U.S. Department of Labor (“DOL”) has announced the implementation date of its new regulatory Rule increasing the minimum salary that must be paid to employees for them to qualify as overtime “exempt” under the federal Fair Labor Standards Act (“FLSA”). Read more.

In a case of first impression, DLA Piper argued before the US Bankruptcy Court for the District of Delaware that a consent provision in a Delaware LLC operating agreement effectively granting a creditor a veto right over a debtor’s decision to file for bankruptcy was void because it was contrary to federal public policy. Read more.

On June 8, 2016, the U.S. Department of Treasury Office of Foreign Assets Con- trol (“OFAC”) issued new guidance in the form of frequently asked questions (“FAQs”) on the scope of sanctions relief available under the Joint Comprehensive Plan of Action (“JCPOA”). (See January 2016 Kirkland Alert for more details). The new FAQs address key areas of concern for U.S. companies and their affiliates, in- cluding recusal; changes to policies and procedures to permit foreign entities owned or controlled by U.S.