9 October 2009 – The 2010 edition of IFLR1000, a guide to the world’s leading financial law firms, ranked Mayer Brown in 15 practice categories. Four practices were given top-tier rankings: Hong Kong Restructuring & Insolvency; Thailand Restructuring & Insolvency; United States Capital Markets – Structured Finance & Securitization; and Vietnam Banking & Finance. In addition, 26 partners were ranked as leading lawyers. IFLR1000 rankings are based on extensive independent research, and provides analysis of the best financial law firms operating in more than 100 markets worldwide.
By a vote of 4-1 (with OTS Acting Director John Bowman dissenting), the board of the Federal Deposit Insurance Corporation (FDIC) adopted a final policy statement establishing guidelines for private equity investors in failed banks or thrifts. The “Final Statement of Policy on Qualifications for Failed Bank Acquisitions” (Policy Statement) (available at http://www.fdic.gov/news/board/Aug26no2.pdf) reflects a few important modifications to the FDIC’s controversial July 2, 2009, proposal (Proposal) (see our Client Alert, “FDIC Proposes a Hard Line on Private Equity Investments in Failed Banks”), but retains many of the elements of the original proposal.
The Federal Deposit Insurance Corporation (FDIC) issued today for public comment its anticipated guidance for private equity investors in failed banks or thrifts. The proposed policy statement, which will be open for public comment for 30 days following publication in the Federal Register, would impose significant and, in many cases, ambiguous restrictions on (i) private equity investors in a company (other than certain existing bank or thrift holding companies) seeking to acquire from the FDIC deposits (or deposits and assets) of failed institutions, and (ii) applicants for de novo bank or thrift charters in connection with the resolution of failed institutions.
June 19, 2009 – Mayer Brown, a leading global law firm, announced that its practices are ranked in 21 categories in the 2009 edition of Legal 500: Europe, Middle East & Africa.
12 June 2009 - Mayer Brown LLP, a leading global law firm, announced today that 124 of its attorneys are ranked in the 2009 edition of Chambers USA: America’s Leading Lawyers for Business, including 32 who achieved top-band ranking or higher in 26 national and/or state categories.
Yesterday afternoon the draft text of the "Proposal of the European Parliament and of the Council on Alternative Investment Fund Managers" (the "Draft Directive") was published. Though widely heralded as a measure directed at the hedge fund industry, the proposals in fact affect the operations of managers of all funds that are not registered as UCITS (Undertakings for Collective Investments in Transferable Securities), including private equity, real estate, infrastructure and venture capital funds.
Robert M. Hertzberg, a partner in the Los Angeles office of leading global law firm Mayer Brown, has been elected to serve as co-chair of California Forward, a bipartisan, non-profit entity that promotes state government reform. Hertzberg was elected to the post by unanimous vote of California Forward’s Leadership Council and replaces former co-chair Leon E. Panetta, who recently was tapped by President Obama to serve as director of the Central Intelligence Agency.
Mayer Brown, a leading global law firm, advised on three deals that received awards from International Financial Law Review (IFLR) in the IFLR 2009 Americas Awards competition. The awards recognized Mayer Brown’s work on the winning Securitization Deal of the Year, Private Equity Deal of the Year and Project Finance Deal of the Year.
March 12, 2009 – Two Latin American transactions for which Mayer Brown attorneys provided legal counsel were selected as the best in their respective categories in Project Finance magazine’s Project Finance Deals of the Year 2008 Americas. The awards ceremony was held at Cipriani Wall Street in New York before a crowd of nearly 250 people on March 5.
On March 2, 2009, Senator Carl Levin reintroduced a bill to the Senate and Representative Lloyd Doggett introduced a companion bill to the House, entitled the “Stop Tax Haven Abuse Act.” The bill is similar to legislation introduced in February 2007, but contains several new provisions including one regarding treating certain foreign corporations as US domestic corporations for US federal income tax purposes.
A taskforce established by the European Private Equity and Venture Capital Association have produced a written response addressed to the European Parliament and the European Commission (the “Submission”) entitled “Private Equity and Venture Capital in the European Economy”, the principal theme of which is that the European private equity and venture capital industry can be part of the solution to help overcome the current financial crisis and thereby play an active role contributing to the recovery of European economies.
The economic stimulus package, signed into law on February 17, 2009, grants corporations and businesses that repurchase their debt at a discount a right, under certain circumstances, to elect to defer the recognition of their cancellation of indebtedness (COD) income for up to five years.
Mayer Brown, a leading global law firm, has been named the Law Firm of the Year in the private equity sector by Private Equity Magazine, which reports on the French capital investment industry. The award was determined by a jury comprising representatives of private equity firms and partners from law firms active in the private equity market. Mayer Brown also won in 2006.
13 January 2009 - On December 22nd, 2008 the German Financial Supervisory Authority (Bundesanstalt für die Finanzdienstleistungsaufsicht “BaFin”) published circular 14/2008 (WA) (“Circular”) on its interpretation of the scope of the German Investment Act (Investmentgesetz – “InvA”) as amended on December 21st, 2007.
On 29 July 2008 the Board of Legal Counsellors of the Department of Business Development, Ministry of Commerce (the "Legal Counsellors") resolved at meeting No. 5/2551 (2008) that boards of directors of private limited liability companies ("Private Companies") shall no longer pass resolutions without holding physical (actual) meetings or by way of circular resolutions. This interpretation is already in force and applies to all existing and newly incorporated Private Companies.
22 January 2007 - Mayer, Brown, Rowe & Maw LLP is adding two partners to its Private Equity Practice, David H. Lee and Robert C. Davis III. Both are joining the firm's Chicago Corporate and Securities Practice from Kaye Scholer LLP.
17 February 2006 - Mayer, Brown, Rowe & Maw LLP advised Residential Capital Corporation (ResCap) in a $4 billion private offering of senior notes that has received the prestigious International Financing Review (IFR) 2005 U.S. Dollar Bond Deal of the Year award as well as the Creditweek Dollar Investment Grade Deal of the Year award.
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