When we last blogged in January about what borrowers can do to prepare for a potential cessation of the London interbank offered rate (“LIBOR”), there was a lot of uncertainty surrounding whether LIBOR would actually be replaced, what that replacement would be, and whether the market would have sufficient time to react. Due to this
Finance
A Summary of the SEC’s Director of Corporation Finance Speech on Cryptocurrencies
On June 14, 2018, the SEC’s Division of Corporation Finance Director, William Hinman, gave a speech titled “Digital Asset Transactions: When Howey Met Gary (Plastic).” This speech provides additional insight into the SEC’s view as to whether cryptocurrencies and initial coin offerings (“ICOs”) are securities. Here is a summary:
In his speech, Hinman…
Blockchain and Cryptocurrency: Recent Legal and Regulatory Developments
The first two weeks in March 2018 have seen a number of developments with respect to the regulation of cryptocurrencies in the United States.
Regulation of Online Cryptocurrency Trading Platforms
On March 7, 2018, the Securities and Exchange Commission (“SEC”) issued a release addressing the regulation of online trading platforms (or exchanges) on which investors…
Preparing Borrowers for the LIBOR Phase-Out: Some Practical Advice
By James Stefanick & Nicole Indelicato on
Posted in Finance, Recent Developments
As a result of the well-publicized scandals involving LIBOR rate manipulation, British regulators announced plans in July 2017 to phase-out LIBOR by 2021 and replace it with a more reliable benchmark. In addition to other markets, the LIBOR phase-out will have a broad impact on the $4 trillion syndicated loan market, including currently existing loan…
Technology as a “Horizontal” in M&A Transactions
By Christopher Kula & Rimma Tsvasman on
Not too long ago, technology was considered a “vertical” market filled with companies that met the needs of the “technology” industry (think Microsoft, Dell, Cisco, Intel, and IBM). However, technological products and services have evolved to the point of serving a “horizontal” market, having become an important aspect of many different types of businesses across…