For the first time ever, a court in France has examined the compatibility of the statutory netting safe harbor with the French Constitution. The French High Court of Justice (Cour de cassation) addressed the preliminary...more
On December 15, 2023, the International Swaps and Derivatives Association, Inc. (“ISDA”) published its legal opinion (the “ISDA RMI Opinion”) as to the enforceability under the law of the Republic of the Marshall Islands of...more
On September 28, 2023, the Nitijela of the Republic of the Marshall Islands (“Nitijela”) during the 44th Constitutional Regular Session, 2023, enacted the Netting Act, 2023 (the “Netting Act”), which was certified by the...more
As the derivative exposure of U.S. insurers continues to increase and the industry increasingly engages in derivative transactions, including Qualified Financial Contracts (“QFCs”) and Netting Agreements (defined below), it...more
The Inflation Reduction Act of 2022, which was signed into law on August 16, 2022, enacted a new 1% excise tax on certain repurchases of the stock of publicly traded corporations, codified in Section 4501 of the Internal...more
On December 27, 2022, the US Treasury Department and the Internal Revenue Service (“IRS”) issued Notice 2023-2 (the “Notice”), which provides taxpayers interim guidance (until regulations are issued) on how the new 1% excise...more
On December 27, 2022, the IRS and Treasury issued Notice 2023-2 (the “Notice”), which provides guidance relating to the application of the new excise tax on repurchases of corporate stock (the “Stock Buyback Tax”) under...more
After a decade of rulemaking efforts, the Commodity Futures Trading Commission is proposing revisions to its regulations concerning federal speculative position limits to conform to the Wall Street Transparency and...more
The final Base Erosion and Anti-Abuse Tax regulations recently approved in T.D. 9885 generally follow the December 21, 2018, proposed regulations with a few important changes. The IRS also issued new proposed regulations at...more
On December 2, 2019, the Treasury Department and the Internal Revenue Service (the “IRS”) issued final and proposed regulations (the “Final Regulations” and the “2019 Proposed Regulations,” respectively) regarding the base...more
The U.S. Department of Health and Human Services’ Centers for Medicare and Medicaid Services (HHS) operates the reinsurance and risk-adjustments program for Colorado, including the application of the “netting rule” — a method...more
For the benefit of our clients and friends investing in European distressed opportunities, our European Network is sharing some current developments...more
General Administrative Act to Ensure Legal Certainty for Netting Agreements in the Scope of German Insolvency Law - As of June 9th 2016 BaFin issued a General Administrative Act to ensure legal certainty for netting...more