Sullivan & Cromwell LLP


New York State Regulations Increase Salary Required for Employees Exempt from Overtime

January 5 2017 On December 28, 2016, the New York State Department of Labor issued notices of adoption of new rules, effective December 31, 2016, substantially…

Finance and secured lending in the United States

May 5 2017 A structured guide to finance and secured lending in the United States

Enforcement of loans, guarantees and security documentation in the Unites States

May 5 2017 A structured guide to enforcement of loans, guarantees and security documentation in the USA

UK tax treatment of depositary receipts: HMRC will still treat ADR holders as beneficial owners of shares

May 21 2012 HM Revenue and Customs lost the HSBC case on stamp duty reserve tax in February, but did succeed in arguing that the American Depositary Receipts concerned did not give their holders beneficial ownership of HSBC shares.

Structuring a lending transaction in the United States

May 5 2017 A structured guide to structuring a lending transaction in the USA

Snapshot: insurance claims and coverage in USA

May 29 2021 This article answers some of the key legal and practical questions surrounding insurance claims and coverage in USA, including third-party claims, defending a claim, indemnity policies and more.

Q&A: insurance & reinsurance regulation in USA

May 29 2021 A Q&A guide to the regulation of insurance and reinsurance in USA, covering company formation and licensing, regulatory agencies and examinations, investment rules, reinsurance agreements and much more.

Insurance & Reinsurance: Introduction

May 28 2021 <p>The regulatory landscape for insurance companies has undergone significant change in the past decade. Standards and policy measures under development internationally by the Financial Stability Board (FSB) and the International Association of Insurance Supervisors (IAIS), once finalised and implemented, could have significant implications on the regulatory framework applied to international insurance groups. The prudential regulation of insurance and reinsurance companies across the European Union has changed dramatically under the Solvency II Directive, which came into effect on 1 January 2016 and affects both European and non-European insurance groups with operations in the European Union. As at the time of writing, it remains to be seen how the United Kingdom’s pending exit from the European Union (Brexit) will affect the UK insurance industry and regulatory environment. In the United States, the individual states have begun implementing various regulatory and legislative changes that will continue to fundamentally affect the operations of large international insurance groups, and at the US federal level, the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010 (the Dodd-Frank Act) has introduced a new era of federal regulation of certain areas of insurance in the United States, although the future of many aspects of the Dodd-Frank Act remains uncertain. In addition, the International Accounting Standards Board in 2017 and the Financial Accounting Standards Board in 2018 issued important new accounting standards and guidance for insurance companies that will have a significant impact on accounting and financial reporting for insurance companies that use generally accepted accounting principles (GAAP) and International Financial Reporting Standards, although the changes will not become effective until 2021 or 2022. As the legal environment is likely to continue to be in a state of flux for several years to come, it will be critical for practitioners who provide corporate and transactional advice to stay abreast of the latest developments with respect to the United States,the European Union and international insurance regulatory schemes.</p>

In brief: filing and documentary requirements for debt securities offerings in USA

February 26 2021 A look at the key filing and documentary requirements for offerings of debt securities in USA.

Debt Capital Markets: Global overview

February 10 2021 <p>The global economy avoided the recession that many feared would arrive in 2019. With an all-out trade war between the United States and China looming over the markets, 2019 was a bumper year for investment-grade corporate bonds, which enjoyed their best performance since the 2009 financial crisis. A flight of capital to safety does not paint the whole picture – bonds across the ratings spectrum, as well as equities and commodities, also had an outstanding year. In light of slowing global GDP growth, lower productivity levels and receding corporate profits, observers have suggested that asset prices may have been propped up by loose monetary policy and other conditions that are not likely to persist in 2020.</p>