Welcome to this month's edition of our commercial and tech update, covering a wide range of topics from Facebook's lacklustre approach in dealing with IP infringement to further confirmation on the Courts' approach to liquidated damages.

(Mis)Adventures in advertising

Certainty is a key element in any business planning. For corporate restructuring practitioners who are planning or working on cross border transactions, the uncertainty relating to Brexit and the departure of the United Kingdom from the European Union ("EU") may have long-term significant consequences and a "no-deal" Brexit (without a withdrawal agreement and the certainty of a transition period) will have immediate and significant consequences for any such cross-border transaction.

Although they disagree about the severity, economists and market watchers generally agree that the U.S. economy is headed for a slow-down. According to data from the Federal Reserve Bank in St. Louis, industrial production and retail sales are at all-time highs, exceeding levels seen before the 2008 recession. Unemployment rates are at the lowest levels since November 2000. So why the gloomy predictions for 2019 and beyond? Historically, retail sales, industrial production and employment are at their peaks right before a recession.

On 18 December 2018 the English Court of Appeal held in the case of OJSC International Bank of Azerbaijan that the rule in Gibbs is still a fundamental tenet of English insolvency law and not to be sidestepped by the Cross-Border Insolvency Regulations.

Facts

The facts in summary are these:

FINANCIAL REGULATORY DEVELOPMENTS FOCUS JUNE 7, 2018 ISSUE 22 In this week’s newsletter, we provide a snapshot of the principal U.S., European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset managers and corporates. Click here if you wish to access our Practice Group/Industry website. IN THIS ISSUE Bank Prudential Regulation & Regulatory Capital ..............................................................................................

FINANCIAL REGULATORY DEVELOPMENTS FOCUS APR 26, 2018 ISSUE 16/2018 In this week’s newsletter, we provide a snapshot of the principal U.S., European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset managers and corporates. Click here if you wish to access our Financial Regulatory Developments website. The latest Governance & Securities Law Focus is available here.

Financial Regulation Weekly Bulletin 22 February 2018 / Issue 950 Major UK and European regulatory developments of interest to banks, insurers and reinsurers, asset managers and other market participants Selected Headlines General FinTech innovation – FCA and CFTC sign cooperation arrangement 1.1 Using technology to achieve smarter regulatory reporting – FCA launches call for input 1.2 Brexit Implementation period – DExEU publishes draft text for discussion 5.1 The impact of Brexit on wholesale financial services contracts – AFME publishes FAQs 6.1 Banking and Finance Implications of FinTec

MAR 8, 2018 ISSUE 9/2018 FINANCIAL REGULATORY DEVELOPMENTS FOCUS Proxima Nova A ExCn 35pt In this week’s newsletter, we provide a snapshot of the principal U.S., European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset managers and corporates. Click here if you wish to access our Financial Regulatory Developments website. IN THIS ISSUE AML/CTF, Sanctions and Insider Trading ..............................................................................................................

With miserable Christmas trading figures exacerbating an already challenging climate for UK retailers, a growing number of companies are turning to company voluntary arrangements ("CVAs") as a possible source of respite. Most commonly used by retailers and other UK companies to impose improved lease terms on their landlords, CVAs look set to come back into fashion.

Market Backdrop

PRA updates remuneration policy statement for PRA category 1 and 2 firm • PRA publishes CP24/17: Solvency II: internal models - modelling of the matching adjustment • PRA publishes CP23/17: Financial management and planning by insurers • Wholesale insurance brokers market study launched by the FCA • The FCA's future approach to consumers • PRA publishes CP22/17: Solvency II: Supervisory approval for the volatility adjustment • FCA publishes PS17/24: Handbook changes to reflect the new regulatory framework for insurance-linked securities - feedback to CP16/34 and CP17/3 and near-final rules