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The U.S. Securities and Exchange Commission ("SEC") has published for public comment proposed rules regarding the application of U.S. laws and regulations to cross-border securities-based swaps.  The proposal includes a substituted compliance framework...

High yield bonds have become increasingly attractive to sponsors in financings and, most importantly, refinancings. Sustained liquidity and growing investor demand, coupled with the reduced availability of new M&A credits, has driven the inclusion of flexible...

The first set of final Export Control Reform rules should have caught no one by surprise given the steady drumbeat since 2009 announcing the US government's intent to rethink its entire approach to protecting sensitive US technology. These new rules, published...

A recent Fifth Circuit decision serves as a reminder to loan market participants that they should choose their words very carefully when discussing terms of a trade over the telephone. The Fifth Circuit Court of Appeals recently ruled that a bank loan purchaser...

Counterparties to inter-affiliate swaps may now qualify for recently issued regulatory relief from mandatory clearing or reporting requirements. On April 1, 2013, the US Commodity Futures Trading Commission ("CFTC") approved Regulation 50.52, which...

Recently, the European Commission and the Ministry of Commerce ("MOFCOM") issued proposals aimed at simplifying their respective merger control notification procedures.  The United States merger control notification procedures, known for being...

Lien subordination agreements are common in commercial transactions. Section 9-339 of the Uniform Commercial Code (UCC) generally permits a secured creditor with a prior security interest to subordinate such priority by agreement.

On February 6 in In re Puda Coal, Inc. Stockholders Litig., Chancellor Leo E. Strine, Jr. of the Delaware Court of Chancery, in a bench ruling, declined to dismiss breach of loyalty claims brought by stockholders against the independent directors of a Delaware...

The decision of the United States Court of Appeals for Second Circuit in Dish Network Corp. v. DBSD North America, Inc. (In re DBSD North America, Inc.) ("DBSD") put those who trade in distressed debt on notice that courts may scrutinize claims...

Your company is doing well – perhaps through invention, innovation, historical accident, or a well-timed decision.  As a result, you may have come up with a niche product that has placed your company in its own marketplace.  Market share is increasing...