Fortnight Election Report dentons.com “In politics, there is no use looking beyond the next fortnight.” — Joseph Chamberlain, British politician and statesman 2 dentons.com ^Welcome to the Dentons US Public Policy team’s Election Fortnight Report, a brief snapshot of where we believe things stand two weeks out from election day. In this Report, we have sought to identify the most highly competitive races at the federal and state levels; races you’ll likely want to focus on over the next two weeks. We also highlight a sampling of key ballot measures in states across the country. To say that this election is one for the history books—and not in a good way—is both accurate and woefully understated. Fueled by non-stop 24/7 media coverage, this presidential race will likely be remembered as the most toxic, divisive and dispiriting election that any of today’s voting population has ever experienced. The coalitions that have come together to propel Donald Trump to be the Republican nominee are fundamentally different from those in recent memory, resulting in an historically unorthodox candidate with a vociferous, albeit comparatively narrow, base of supporters, many of whom feel both maligned by the traditional Republican party and powerless in today’s politics. Mr. Trump’s electoral challenge in the final two weeks will be to build support beyond his base. While the Democratic presidential candidate’s core coalition consists largely of the more familiar and conventional Obama coalition from 2008 and 2012, Secretary Clinton’s challenge has been, and will continue to be, to reassemble and re-energize that coalition so that she can take full advantage of the current President’s resurging popularity and build Democratic turnout. Like Mr. Trump, she also will seek to build upon her base by attracting Republicans and Independents who are uncomfortable with voting for her opponent. Whether, and how, these factors translate to down-ballot races (or even produce a wave for one party) are questions that will engage historians, sociologists and political scientists for years to come. We don’t presume to answer those questions in this document. To do that examination justice, we believe that time and reflection clearly will be required. Instead, this Report lays out the playing field on which both parties are competing. We list the players, hazard a guess at the results were the elections held today, and even provide a scorecard for those of you following at home. Look for our comprehensive “day after” Election Insight Report, which will break down what actually occurred on Election Day and why. It will be hitting inboxes by 10 a.m. on November 9. In it, we will explore the trends that the election results reveal and how they will impact the legislative agendas of the new President and Congress. The report will also address potential candidates for the new President’s cabinet; the likely composition of Congressional Leadership, committee chairs and ranking members; and how the results will affect activities in the states. 3 dentons.com 262 Democrats 106Toss Ups Republicans 170 115 Safe 70 77 106 20 49 Safe The race for the Oval Office, when you remove the possibility of “October surprises” on both sides, has been a surprisingly consistent one since Labor Day. Trends have shown Secretary Clinton leading in the national polls as well as in the state polls across the country. Remembering that the Democrats begin the hunt for Electoral College votes with a base of just over 200 votes and the Republicans with just under 130, Donald Trump has had a significantly narrower road to the highest office in the land. As our charts show, were the election held today Hillary Clinton would be inaugurated on January 20 at the Capitol’s West Front. With two weeks to go, only an outside event of significant magnitude could change this trajectory. 41 Solid D Likely D Lean D Toss Up Lean R Likely R Solid R 7 States 6 States 1 CD 9 States 8 States 5 States 1 CD 7 States Alabama (9) California (55) Delaware (3) Colorado (6) Arizona (11) Georgia (16) Alaska (3) Arkansas (6) District of Columbia (3) Illinois (20) Connecticut (7) Florida (29) Maine CD2 (1) Kansas (6) Idaho (4) Hawaii (4) Maine CD1 (1) Maine (2) Indiana (11) Missouri (10) Louisiana (8) Kentucky (8) Massachusetts (11) Michigan (16) New Hampshire (4) Iowa (4) South Carolina (9) Mississippi (6) Nebraska (4) Maryland (10) New Jersey (14) New Mexico (8) Minnesota (10) Texas (38) Montana (3) North Dakota (3) New York (29) Rhode Island (4) Pennsylvania (20) North Carolina (15) Utah (6) South Dakota (3) Oklahoma (7) Vermont (3) Washington (12) Oregon (7) Nevada (8) Tennessee (11) West Virginia (5) Virginia (13) Ohio (18) Wyoming (3) Wisconsin (10) White House 4 dentons.com 47 Democrats 7 Toss Ups Republicans46 44 Safe or Not Up 1 2 7 5 41 Safe or Not Up Races of Note Illinois Incumbent Senator Mark Kirk surprised the political world in 2010 when he won in this very blue state. His luck looks to have run out this time. The seat is expected to captured by the Democrats. Wisconsin Johnson ran as an outsider in ‘10. In this, the year of the outsider, the incumbent finds himself running against former Senator Feingold. In Wisconsin, Sec Clinton has a commanding lead and organization. Speaker Ryan is working hard for RonJohn, but it looks to be too little too late. Indiana The Bayh name is the gold standard in In politics. At least it was. The former Senator has seen his double-digit lead drop to a single point. Nevada The open seat left by retiring minority leader Reid is the only pickup opportunity on the board for the GOP. Heck was out of the box early condeming the GOP’s nominee after the leaked NBC tape. This has caused disgust at best and disillusionment at worst for the Trump base in NV. New Hampshire A neck-and-neck race, where neither candidate has seen a lasting significant lead. To-date, Ayotte is over-performing the GOP nominee in NH, but sitting governor Hassan has significant name ID and a well-oiled operation. Pennsylvania Senator Toomey has had a moderate record in the Senate on social and gun issues. The question is: Is it enough to cut into the Democratic lead in the Philadelphia suburbs. North Carolina Closer than anyone thought, except for possibly the incumbent. The polling has had each candidate in the lead, by small single digets in the last three weeks. Missouri Was it the campaign ad of the season? Unknown—but it certainly added momentum to Kander’s campaign against Senator Blunt. In a state where only two statewide officials are republicans, and one of them is the incumbent, this race has been trending in Kander’s direction. Florida Jumping from the race for the White House back to one’s “old job” has not been a successful proposition for candidates in the past. However, the weakness of the democratic nominee and the near 100% name recognition of the incumbent looks to favor Mr. Rubio’s return to the Senate for another term. Louisiana November 8th won’t settle this seat. Like 2014 we’ll have to wait until the December 3rd rub off to see who fills the seat of retiring Senator David Vitter. The open primary includes 23 candidates. Of those GOP State Treasurer John Kennedy, GOP Congressmen Charles Boustany and John Fleming, Democratic Public Service Commissioner Foster Campbell as well as former KKK leader David Duke have the highest name recognition. Recent media polls have the State Treasurer ahead. Georgia A January run off is in the cards should popular incumbent Johnny Isakson not break the 50% threshold and with a well known libertarian candidate on the ballot that is looking increasing likely. Republicans are expected to hold the seat in a run off should it come to that. Senate 5 dentons.com Ranking St D/R Incum Challenger 2010% Obama 2012%* FLIP TO D IL Kirk Duckworth 48% 58% FLIP TO D WI Johnson Feingold 52% 53% TOSS UP IN Open Young Bayh NA 44% TOSS UP NV Open Masto Heck NA 52% TOSS UP NH Ayotte Hassan 60% 52% TOSS UP PA Toomey McGinty 51% 52% TOSS UP NC Burr Ross 55% 48% TOSS UP MO Blunt Kander 54% 44% LEAN R FL Rubio Murphy 49% 50% LEAN R LA Open**** Run Off Dec. 3rd NA 41% HOLD D CO Bennet Glenn 48% 51% HOLD D CA Open** Harris Sanchez (D) NA 60% HOLD D CT Blumenthal Carter 55% 58% HOLD D HI Schatz Carrol NA 71% HOLD D MD Open Van Hollen Szeliga NA 62% HOLD D NY Schumer Long 66% 63% HOLD D OR Wyden Callahan 57% 54% HOLD D VT Leahy Milne 64% 67% HOLD D WA Murray Vance 52% 56% HOLD R AZ McCain Kirkpatrick 59% 45% HOLD R AK Murkowski Metcalfe 39% 41% HOLD R AL Shelby Crumpton 65% 38% HOLD R AR Boozman Eldridge 58% 37% HOLD R GA Isakson Barksdale 58% 45% HOLD R IA Grassley Judge 64% 52% HOLD R ID Crapo Sturgill 71% 33% HOLD R KS Moran Wiesner 70% 38% HOLD R KY Paul Gray 56% 38% HOLD R ND Hoeven Glassheim 76% 39% HOLD R OK Lankford Workman NA 33% HOLD R SC Scott Dixon NA 44% HOLD R SD Thune Williams NA 40% HOLD R UT Lee Snow 62% 25% HOLD R OH Portman Strickland 57% 51% *Obama % in 2012. 2016 Senate races 6 dentons.com House NY-01 Zeldin (R) NY-19 OPEN (R) NY-22 OPEN (R) NY-24 Katko (R) PA-08 OPEN (R) NH-01 Guinta (R) MD-06 Delany (D) NJ-05 (R) Garrett VA-04 OPEN (R) MD-06 Delaney (D) NY-25 Slaughter (D) NY-03 Open (D) VA-10 Comstock (R) VA-05 Open Garrett FL-10 OPEN (R) FL-13 Jolly (R) FL-26 Curbelo (R) FL-18 OPEN (D) FL-07 Mica (R) Fl-02 Open (D) FL-27 Ros-Lehtinen (R) AZ-01 OPEN (D) TX-23 Hurd (R) NV-04 Hardy (R) OR-05 Schrader (D) NV-03 OPEN (R) IA-03 Young (R) NE-02 Ashford (D) IL-10 Dold (R) CO-06 Coman (R) CO-03 Tipton (R) AK-AL Young (R) AZ-02 McSally (R) MT-AL Zinke (R) MN-03 Paulsen (R) WA-08 Reichert (R) IN-09 Open (R) UT-04 Love (R) MI-07 Walberg (R) MI-01 Open (R) PA-06 Costello (R) PA-16 Open (R) NE-02 Ashford (D) MN-02 Open (R) MN-08 Nolan (D) ME-02 Poliquin (R) CA-25 Knight (R) CA-24 Open (D) CA-52 Peters (D) CA-07 Bera (D) CA-16 Costa (D) CA-03 Garamendi (D) CA-52 Peters (D) CA-10 Denham (R) CA-49 Issa (R) CA-21 Valadao (R) NY-23 Reed (R) NY-21 Stefanik (R) IL-12 Bost (R) IL-13 Davis (R) KS-03 Yoder (R) WI-08 OPEN (R) IA-01 Blum (R) 190 Democrats 21 Toss Ups Republicans224 171 Safe 11 7 21 24 191 Safe House race overview Late October usually brings clarity to the quest for a majority in the House of Representatives, but not this year. While there are still no clear signs of a major wave for Democrats in the House, the number of competitive races has grown at the expense of GOP incumbents. Republicans holding seats in suburban swing districts are seeing the effects of a down-ticket drag caused by the unpopularity of GOP presidential nominee Donald Trump. The opposite effect seems to be happening in more rural areas across the county. This dynamic has strengthened the hand of Republicans in upstate New York’s rust belt, for example, while weakening the GOP’s prospects in areas with a high number of college graduates like Northern Virginia. Our race tracker is following 46 GOP-held seats in various degrees of competitiveness. Of these, roughly 20 are expected to result in Republican holds. However, should the national dynamics continue to worsen for the GOP, these races are expected to tighten and could result in surprises on election day. Democrats need to win 30 seats net to take the majority in the House. 9 7 dentons.com Flip to D Likely D Lean D Toss-up Lean R Likely R Flip to R FL-10 CA-24 TX-23 FL-26 CO-06 IN-09 FL-02 VA-04 CA-52 IA-03 VA-10 AK-AL IA-01 MD-06 IL-10 CA-10 CO-03 MN-02 NY-25 ME-02 CA-49 FL-27 NH-01 NY-03 NV-03 NY-23 IL-12 NV-04 CA-07 NY-22 KS-03 FL-13 MN-08 NY-24 MT-AL CA 16 WI-08 NY-21 CA 3 NY-01 PA-06 OR 5 PA-08 PA-16 CA-25 VA-05 NY-19 WA-08 AZ-01 MI-07 FL-18 AZ-02 NE-02 CA-21 FL-07 MN-03 NJ-05 UT-04 MI-01 IL 13 07 10 01 17 5 19 01 House races of interest 8 dentons.com Governors Ranking State Party Incumbent Challenger D Hold DE (OPEN) John Carney Colin Bonini D Hold OR Kate Brown Bud Pierce D Hold WA Jay Inslee Bill Bryant Lean D MT Steve Bullock Greg Gianforte Toss-up MO (OPEN) Chris Koster Eric Greitens Toss-up NH (OPEN) Colin Van Ostern Chris Sununu Toss-up VT (OPEN) Sue Minter Phil Scott Toss-up WV (OPEN) Jim Justice Bill Cole Toss-up IN (OPEN) Eric Holcomb John Gregg Lean D NC Pat McCrory Roy Cooper R Hold ND (OPEN) Doug Burgum Marvin Nelson R Hold UT Gary Herbert Mike Weinholtz Sitting governors have won reelection in 50 of their past 53 attempts. And while both parties have opportunities to elect new state leaders in 2016, Democrats’ best shot run through Red State governors seeking reelection in North Carolina and Indiana. The GOP, meanwhile, has two Democrats in their sights, in WV and MO. Two other open seats, in Vermont and New Hampshire, seemed with in reach in June, but with “top of the ticket drag,” this no longer seem viable Seven of the 12 elections for governor in 2016 are open seats. Only five governors are running for reelection: Bullock in MT, Inslee in WA, McCrory in NC, Brown in OR and Herbert in Uta. 9 dentons.com Partisan control of state senates prior to the 2016 election. 86 of the nation’s 99 state legislatures chambers will hold elections In 43 of the 50 state senates, 1,210 seats will be up for election. In 43 of the 49 state houses, 4,710 of the country’s 5,411 state house seats (or 87% of the total) are up for election. Democrats control 14 state senates and Republicans control 36 state senates. Partisan control of state houses prior to the 2016 election. Democrats control 16 state houses and Republicans control 33 state houses Heading into the 2016 elections, 30 states are controlled by a so called trifecta of one party control. Only 19 states have split control. Nebraska is a unique case in that the Governor is a Republican and the legislature, although technically nonpartisan, is controlled by the Republican majority. State Chambers Chamber Seats Control Margin % Margin Colorado Senate 35 1 2.90% Colorado House 65 3 4.60% Iowa Senate 50 3 6.00% Iowa House 100 14 14.00% Kentucky House 100 6 6.00% Maine Senate 35 5 14.30% Maine House 151 9 6.12% Michigan House 110 16 14.60% Minnesota Senate 67 11 16.40% Minnesota House 134 12 9.00% Nevada Senate 21 1 4.80% New Hampshire Senate 24 4 16.70% New Hampshire House 400 75 19% New Mexico Senate 42 6 14.30% New Mexico House 70 4 5.70% New York Senate 63 1 1.60% Washington Senate 49 1 2.00% Washington House 98 2 2.00% West Virginia Senate 34 2 5.90% Wisconson Senate 33 5 15.20% Battleground states 10 dentons.com Ballot Overview In 2016, 163 statewide ballot measures have been certified for the ballot in 35 states. Of the 163 measures, 8 were voted on in pre-November elections, leaving 157, 72 were put on the ballot by citizens through signature petitions, rather than by state legislatures. Of the 163 measures, 8 were voted on in pre-November elections, leaving 157 measures for statewide ballots in November. Low 2014 voter turnout lowered many states’ signature requirements for 2016; more than twice as many citizen initiatives qualified for the ballot this year than in 2014. • In 2016, 72 citizen initiatives were certified for the ballot; this is the highest number of citizen initiatives to go before voters since 2006 Marijuana - 82.0 million residents live in states that could loosen rules on marijuana in November. Minimum wage - 21.6 million residents live in states that could increase minimum wages in November. Gun control - 50.5 million residents could be subject to additional gun control regulations. Tobacco - 51.4 million residents could see tobacco taxes increase after the November election. Taxes - 123.3 million residents could see changes in tax policy in their states in November, including issues like tax increases, tax revenue allocation, and tax exemptions Interesting and unusual Porn actors in California could be required to wear condoms during filming if Proposition 60 is approved. Californians will also decide another measure to ban plastic shopping bags, which is on the ballot as Proposition 67. Electors in Maine will decide on an overhaul of their voting system. Cannabis Minimum wage Health Guns Tax Education 11 dentons.com Lame Duck Must do Could do Sometimes it snows in July FY ‘17 Funding (Omni, or Mini Buses Comprehensive Energy Bill Water Resources Development Act Trans Pacific Partnership National Defense Authorization Act (NDAA) 21st Century Cures Mental Health // Criminal Sentencing Reform “Orphaned” tax Extenders Temporary Assistance for Needy Families (TANF) Post Office Reauthorization School Nutrition Gerland Confirmation Mine Workers Pension Reform Veterans Administration Reform The election results will have a huge impact on the scope of the legislative agenda that the Congress considers during its lame duck session, as there is little that this Congress absolutely must pass before adjourning. There are only two legislative issues and one organizational issue that are virtually certain to be addressed in some manner on or before December 16 when Congress is currently scheduled to adjourn: a bill funding the federal government beyond December 9, an FY 2017 National Defense Authorization Act (NDAA) conference report that preserves Congress’s record of passing an NDAA authorization each year; and the election of both House and Senate Leadership to serve for the next Congress (the 115th). The Continuing Resolution (CR) that is currently funding the federal government’s operations expires on December 9 and Congress must pass, and the President must sign, legislation that funds the federal government for all or a portion of FY 2017 beyond that date. Most Congressional Democrats and virtually all Congressional appropriators, regardless of party, support passage of an omnibus appropriations bill that would fund all elements of the federal government through September 30, 2017, the end of FY 2017. Reflecting the historical resistance of many Congressional Republicans to omnibus appropriations bills, House Speaker Paul Ryan opposes passage of an omnibus and instead has proposed passage of an unspecified number of so-called mini-buses that would combine some but not all of the individual appropriations bills in multiple packages. The most conservative members of the House Republican Conference oppose passage of either an omnibus or multiple mini-buses and instead would punt FY 2017 funding issues to the new President and the next Congress by passing another short-term CR funding the government through the beginning of March 2017. House Minority Leader Nancy Pelosi says that while she prefers passage of an omnibus, she is willing to consider passing multiple mini-buses so long as all of the individual appropriations bills are included in one of the mini-buses. However, Leader Pelosi is concerned that the Speaker’s mini-bus strategy is actually intended to ensure that only a few individual appropriations bills are passed and the remainder of the federal government is funded through another CR. As House Appropriations Committee Chairman Hal Rogers is term-limited and Senate Minority Appropriations Committee Ranking Member Barbara Mikulski is retiring, most observers believe that the appropriators, in a coalition supported by virtually all Congressional Democrats, will pass, and the President will end up signing, an omnibus appropriations bill. If an omnibus is the legislative vehicle ultimately chosen, the open question will be how many legislative riders or other bills, if any, end up hitching a ride and being included in that omnibus. Other bills likely to be considered include a Water Resources Development Act (WRDA), mine workers pension reform legislation and legislation intended to amend certain specific aspects of the legislation passed over the President’s veto permitting suits by 9/11 victims against Saudi Arabia. The Senate could also take up some nominations including Merrick Garland’s nomination to the Supreme Court and vacancies on the Federal Reserve Board and the Ex-Im Bank. Many of the committee chairs and ranking members for the next Congress also will be determined. Less likely, but still potential, candidates for lame duck consideration are a 21st Century Cures bill, a comprehensive energy bill, mental health reform legislation and “orphaned” tax extenders legislation. The TPP trade deal, a priority for President Obama, is unlikely to be considered. 12 dentons.com Presidential race Senate State State Alabama (9) Montana (3) Alaska (3) Nebraska (4) Arizona (11) Nevada (6) Arkansas (6) New Hampshire (4) California (55) New Jersey (14) Colorado (9) New Mexico (5) Connecticut (7) New York (29) Delaware (3) North Carolina (15) Florida (29) North Dakota (3) Georgia (16) Ohio (18) Hawaii (4) Oklahoma (7) Idaho (4) Oregon (7) Illinois (20) Pennsylvania (20) Indiana (11) Rhode Island (4) Iowa (6) South Carolina (9) Kansas (6) South Dakota (3) Kentucky (8) Tennessee (11) Louisiana (8) Texas (38) Maine (2) Utah (6) Maryland (10) Vermont (3) Massachusetts (11) Virginia (13) Michigan (16) Washington (12) Minnesota (10) West Virginia (5) Mississippi (6) Wisconsin (10) Missouri (10) Wyoming(3) Total Clinton Total Trump WINNER Incum Challenger Kirk Duckworth Johnson Feingold Open Young Bayh Open Masto Heck Ayotte Hassan Toomey McGinty Burr Ross Blunt Kander Rubio Murphy Open**** Run Off Dec. 3rd Bennet Glenn Open** Harris Sanchez Blumenthal Carter Schatz Carrol Open Van Hollen Szeliga Schumer Long Wyden Callahan Leahy Milne Murray Vance McCain Kirkpatrick Murkowski Metcalfe Shelby Crumpton Boozman Eldridge Isakson Barksdale Grassley Judge Crapo Sturgill Moran Wiesner Paul Gray Hoeven Glassheim Lankford Workman Scott Dixon Thune Williams Lee Snow Portman Strickland Election night scorecard 13 dentons.com House Governor ST Incumbent Challenger (OPEN) John Carney D Colin Bonini R Kate Brown D Bud Pierce R Jay Inslee D Bill Bryant R Steve Bullock D Greg Gianforte R (OPEN) Chris Koster D Eric Greitens R (OPEN) Colin Van Ostern D Chris Sununu R ST Incumbent Challenger (OPEN) Sue Minter D Phil Scott R (OPEN) Jim Justice D Bill Cole R (OPEN) Eric Holcomb R John Gregg D Pat McCrory R Roy Cooper D (OPEN) Doug Burgum R Marvin Nelson D Gary Herbert R Mike Weinholtz D District Incumbent Challenger FL-10 OPEN Lowe R Demings D VA-04 OPEN Wade R McEachin D IA-01 Blum R Vernon D MN-02 OPEN Lewis R Craig D NH-01 Guinta R Shea-Porter D NV-04 Hardy R Kihuen D FL-13 Jolly R Crist D FL-02 OPEN Dartland D Dunn R FL-26 Curbelo R Garcia D IA-03 Young R Mowrer D IL-10 Dold R Schneider D ME-02 Poliquin R Cain D NV-03 OPEN Tarkanian R Rosen D NY-22 OPEN Tenney R Myers D NY-24 Katko R Deacon D WI-08 OPEN Gallagher R Nelson D NY-01 Zeldin R Throne-Holst D PA-08 OPEN Fitzpatrick R Santarsiero D CA-25 Knight R Caforio D NY-19 OPEN Faso R Teachout D AZ-01 OPEN O'Halleran D Babeu D FL-18 OPEN Perkins D Mast R NE-02 Ashford D Bacon R FL-07 Mica R Murphy D NJ-05 Garrett R Gotheimer D TX-23 Hurd R Gallego D CO-06 Coffman R Carroll D VA-10 Comstock R Bennett D CA-10 Denham R Eggman D CA-49 Issa R Applegate D District Incum Challenger NY-23 Reed R Plumb D CA-24 OPEN Carbajal D Fareed R CA-52 Peters D Gitsham R MD-06 Delaney D Hoeber R NY-25 Slaughter D Assini R NY-03 OPEN Suozzi D Martins R CA-07 Bera D Jones R MN-08 Nolan D Mills R CA 16 Costa D Tacherra R CA 3 Garamendi D Cleek R OR 5 Schrader D Willis R IN-09 OPEN Hollingsworth R Yoder D AK-AL Young R Lindbeck D CO-03 Tipton R Schwartz D FL-27 Ros-Lehtinen R Fuhram D IL-12 Bost R Baricevic D KS-03 Yoder R Sidie D MT-AL Zinke R Juneau D NY-21 Stefanik R Derrick D PA-06 Costello R Parrish D PA-16 OPEN Smucker R Hartman D VA-05 OPEN Garrett R Dittmar D WA-08 Reichert R Ventrella D MI-07 Walberg R Driskell D AZ-02 McSally R Heinz DC CA-21 Valadao R Huerta D MN-03 Paulsen R Bonoff D UT-04 Love R Owens D MI-01 OPEN Bergman R Johnson D IL 13 Davis R Wicklund D Election night scorecard DRAFT CSFortnight Report — 25/10/2016 ^Dentons is the world’s first polycentric global law firm. A leading firm in the Acritas 2016 Global Elite Brand Index, the Firm is committed to challenging the status quo in delivering consistent and uncompromising quality and value in new and inventive ways. Driven to provide clients a competitive edge, and connected to the communities where its clients want to do business, Dentons knows that understanding local cultures is crucial to successfully completing a deal, resolving a dispute or solving a business challenge. Now the world’s largest law firm, Dentons’ global team builds agile, tailored solutions to meet the local, national and global needs of private and public clients of any size in more than 125 locations serving 50-plus countries. www.dentons.com. © 2016 Dentons. Dentons is a global legal practice providing client services worldwide through its member firms and affiliates. This publication is not designed to provide legal or other advice and you should not take, or refrain from taking, action based on its content. Please see dentons.com for Legal Notices.