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A thought leadership series focusing on some of the big picture topics being discussed around the world.

Newsletter
27 September 2016
Mayer Brown Newsletter
Competition; State Aid; Trade & Customs; Internal Market & General; Financial Services & Taxation; Competitiveness, Industry, SMEs; Energy; Environment & Climate Change; Health, Food & Products Safety; Digital & Information Society; Transport & Mobility; Justice, Home Affairs & Migration; Euro, ECB, Economy; Foreign Affairs & Accession
Newsletter
26 September 2016
Fund Finance Market Review - Fall 2016
Fund Financings continued positive growth and strong credit performance as an asset class through Q2 2016. Capital call subscription credit facilities (each, a “Facility”) continued their steady growth and followed the uptick of closed funds and capital raised through Q2 2016. Investor capital call (each, a “Capital Call”) funding performance continued its near-zero delinquency status, and we were not aware of any Facility events of default in 2016 that resulted in losses. Below we set forth our views on the state of the Facility market and current trends likely to be relevant in the latter half of 2016. In addition to such trends, this Market Review touches on Brexit and its impact on the Fund Finance markets, developments in Irish regulated funds, developments relating to the introduction of Cayman limited liability companies, and hedging constraints and Facility attractiveness.
Newsletter
26 September 2016
Mayer Brown Newsletter

In this Fall 2016 edition of our Fund Finance Market Review, we discuss some of the more noteworthy developments in the subscription credit facility and fund finance markets, including our views of BREXIT’s impact on our sector and its forthcoming implementation.

We also analyze some of the trends in financing the underlying assets of secondary funds, how  the facility market may be able to adjust thereto, as well as the convergence of the US and UK markets with respect to facility documentation.

Audio
26 September 2016
UK Financial Dispute Resolution Law - The View from Mayer Brown
Over the hills and far away: this month Ed Sautter considers the position of foreign banks served with Norwich Pharmacal Orders.
26 September 2016
Fund Finance Market Review - Fall 2016
Real estate, buyout, infrastructure, debt, secondary, energy and other closed-end funds (each, a “Fund”) frequently seek to obtain the benefits of a subscription credit facility (a “Subscription Facility”). However, to the extent that uncalled capital commitments may not be available to support a Subscription Facility (for example, following expiration of the applicable investment or commitment period, a Fund’s organizational documentation does not contemplate a Subscription Facility) or a Subscription Facility already exists, alternative fund-level financing solutions may be available to Funds based on the inherent value of their investment portfolios (each, an “Investment”).
Newsletter
26 September 2016
Fund Finance Market Review - Fall 2016
A management fee credit facility (a “Management Fee Facility”) is a loan made by a bank or other financial institution (a “Lender”) to the management company or investment advisor (collectively, a “Management Company”) that is typically the sponsor (or affiliated therewith) (a “Sponsor”) of a private equity fund (a “Fund”). The Lender under a Management Fee Facility is typically secured by, among other things, a pledge from the general partner (the “General Partner”) or Management Company of its rights to receive management fees under the Fund’s limited partnership agreement (a “Partnership Agreement”) or other applicable management or investment advisory agreement.
Newsletter
26 September 2016
Fund Finance Market Review - Fall 2016
As the subscription credit facility market continues to experience steady growth, lenders seek to expand their lending capabilities beyond traditional subscription credit facilities to commingled private equity investment vehicles (“Funds”). One way lenders have accomplished this is by lending to Funds that have a single dedicated investor in the Fund (each, a “Fund of One”).
Newsletter
26 September 2016
Mayer Brown Newsletter
Competition; State Aid; Trade & Customs; Internal Market & General; Financial Services & Taxation; Competitiveness, Industry, SMEs; Environment & Climate Change; Food & Products Safety & Health; Digital & Information Society; Transport & Mobility; Future of Europe & Brexit; Foreign Affairs & Accession
Newsletter
26 September 2016
Fund Finance Market Review - Fall 2016
As of the start of the second quarter of 2016, 1,684 private equity funds were in the market fundraising, with nearly 20 percent of those funds (representing approximately 26 percent of aggregate target capital levels) focused on investing primarily in the European subcontinent. In addition, as of March, 2016, Europe was the most targeted geographic region for private equity investment, with 57 percent of active investors seeking exposure to Europe.
Legal Update
23 September 2016
Mayer Brown Legal Update
On September 16, 2016, the WTO’s Appellate Body released its report in India – Certain Measures Relating to Solar Cells and Solar Modules.
Legal Update
23 September 2016
Mayer Brown Legal Update
In the recent case of Allen Tod Architecture Ltd (in liquidation) v Capita Property & Infrastructure Ltd [2016] EWHC 2171 (TCC) the Court held that permission to call a second, replacement expert at trial, was conditional on disclosure of documents containing the first expert's opinion.
Legal Update
23 September 2016
Mayer Brown Legal Update
On September 14, 2016, the US Senate held a hearing on “Protecting Internet Freedom: Implications of Ending U.S. Oversight of the Internet.”
Legal Update
22 September 2016
Mayer Brown Legal Update
The New York State Department of Financial Services (“DFS”) on September 13, 2016, proposed regulations, to be effective as of January 1, 2017, that would mandate cybersecurity standards for any entity authorized by DFS to operate in New York, including certain banks and insurance companies doing business in New York.
Legal Update
22 September 2016
Mayer Brown Legal Update
This article looks at the current regulatory landscape for shale gas extraction, problems struck by applications to date, the latest Government proposal to overcome the local engagement problem, and finally analyses whether this proposal is likely to be successful.
Legal Update
22 September 2016
Tauil & Chequer Legal Update
On September 14, 2016, Normative Ruling No. 1,658/2016 was published.  The Ruling included an updated list of countries and premises with favorable taxation and privileged tax regimes related to Normative Instruction No. 1,037/2010.
Newsletter
22 September 2016
Mayer Brown Newsletter
Competition; State Aid; Trade & Customs; Internal Markets & General; Financial Services & Taxation; Environment & Climate Change; Health, Food & Products Safety; Digital & Information Society; Justice, Home Affairs & Migrations; Euro, ECB & Economy; Future of Europe & Brexit; Foreign Affairs & Accession
White Paper
22 September 2016
Mayer Brown White Paper
The largest cost in litigation is discovery, an ever-growing percentage of which is electronic discovery (“e-discovery”). A 2012 study by the RAND Institute for Civil Justice found that the median cost for producing electronically stored information (“ESI”) in the cases studied was $1.8 million.1 And these expenses are only increasing.
Newsletter
21 September 2016
Mayer Brown Newsletter
Competition; State Aid; Trade & Customs; Internal Market & General; Financial Services & Taxation; Competitiveness, Industry, Research & SMEs; Health, Food & Products Safety; Digital & Information Society; Transport & Mobility; Justice, Home Affairs & Migrations; Euro, ECB & Economy
Legal Update
21 September 2016
Mayer Brown Legal Update
On September 8, 2016, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation released a report on the activities and investments that banking entities may engage in under US state and federal law (the “Report”).
Newsletter
20 September 2016
Mayer Brown Newsletter
Competition; State Aid; Trade & Customs; Internal Market & General; Financial Services & Taxation; Energy; Environment & Climate CHange; Health, Food & Products Safety; Digital & Information Society; Transport & Mobility; Euro, ECB & Economy; Future of Europe & Brexit; Foreign Affairs & Accession
Legal Update
20 September 2016
Mayer Brown Legal Update
On July 30, 2016, the United States celebrated its National Whistleblower Appreciation Day.
Legal Update
20 September 2016
Mayer Brown Legal Update
The High Court of Justice in London has handed down a landmark decision concerning the recovery of third party funding costs in the case of Essar Oilfield Services Ltd v Norscot Rig Management PVT Ltd.
Newsletter
19 September 2016
Mayer Brown Newsletter
Competition; State Aid; Trade & Customs; Internal Market & General; Competitiveness, Industry, Employment & SMEs; Energy; Food & Products Safety & Health; Digital & Information Society; Justice, Home Affairs & Migrations; Euro, ECB & Economy; Future of Europe & Brexit; Foreign Relations, Accession & Development
Book
September 2016
Mayer Brown Book
Since we published the 3rd European Edition of our "High Yield Bonds – An Issuer’s Guide" in late 2013, the European high yield market has experienced a number of ups and downs, with generally high levels of activity in 2014 and the first half of 2015 followed by long periods of only sporadic or highly subdued activity in the second half of 2015 and the first half of 2016.
In Brief
19 September 2016
Mayer Brown JSM In Brief
The Honourable Mr Justice Harris, the incumbent Companies Judge, has continued the recent development of cross-border assistance in insolvency matters. An example is his Lordship's decision in Re Centaur Litigation SPC (In Liquidation) (HCMP 3389/2015, 10 March 2016), which relates to an application by the liquidators of three companies incorporated and being wound up in the Cayman Islands. Appended to that decision were the terms of the order made by his Lordship for recognition of and assistance to the foreign liquidators. That order has since been regarded by practitioners as the standard form in subsequent applications.

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