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Shearman & Sterling has been advising many of the world's leading corporations and financial institutions, governments and governmental organizations…
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Shearman & Sterling LLP | USA | 13 Apr 2021

Getting smart: financial regulators seek input on AI

Various federal agencies recently issued a request for information (RFI) which seeks insight into the financial industry's use of AI in the provision of financial services to customers and appropriate AI governance, risk management and controls. The RFI reflects the federal agencies' increasing interest in AI, particularly regarding the risks that it poses to consumers and the safety and......
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Shearman & Sterling LLP | USA | 6 Apr 2021

LIBOR transition update: financial institutions brace for exam scrutiny

The Federal Reserve Board recently published guidance for examiners on how to assess a supervised firm's progress in its transition away from the use of the London Interbank Offered Rate (LIBOR). This article summarises the notable features of this guidance. Firms should allocate adequate attention and resources to the effective design, implementation and execution of their LIBOR transition plans
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Shearman & Sterling LLP | USA | 30 Mar 2021

OCC releases self-assessment tool to help institutions prepare for LIBOR cessation

The London Interbank Offered Rate (LIBOR) is being phased out and replaced by risk-free rates globally. The Office of the Comptroller of the Currency recently issued a self-assessment tool to help national banks, federal savings associations and federal branches and agencies of foreign banking organisations evaluate their preparedness for LIBOR's expected cessation.
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Shearman & Sterling LLP | USA | 23 Mar 2021

Annual reports: SEC updates and other changes to consider for Form 20-F

In 2020 the Securities and Exchange Commission (SEC) issued new guidance and adopted amendments to its rules and forms, including Form 20-F, to modernise and simplify disclosure requirements. Registrants should consider the guidance on key performance indicators and management discussion and analysis disclosure, and the related amendments, when preparing Form 20-F. For companies with a......
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Shearman & Sterling LLP | USA | 16 Mar 2021

Annual reports: developments and trends to consider for Form 20-F

It is time for foreign private issuers to prepare their annual reports on Form 20-F. For companies with a calendar year end, Form 20-F must be filed with the Securities and Exchange Commission (SEC) by 30 April 2021. This article discusses the developments, trends and topics that may be the SEC's areas of focus during the 2021 review process.
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Shearman & Sterling LLP | USA | 2 Mar 2021

SEC adopts payment disclosure rules for resource extraction companies

The Securities and Exchange Commission (SEC) has adopted a final rule which requires US and foreign resource extraction issuers to disclose any payments made to the US federal government or foreign governments for the commercial development of oil, natural gas or minerals. The new rule follows the SEC's effort in 2018 to modernise its disclosure requirements for mining company issuers.
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Shearman & Sterling LLP | USA | 6 Oct 2020

CFTC approves final rule on post-trade name give-up on swap execution

The Commodity Futures Trading Commission (CFTC) has adopted a final rule to prohibit the controversial practice of post-trade name give-up for swaps that are executed anonymously through a swap execution facility and are intended to be cleared. Although the CFTC rejected requests for various exceptions to the prohibition, it did include an exception for package transactions which include a......
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Shearman & Sterling LLP | USA | 25 Aug 2020

SEC identifies LIBOR preparedness as an examination priority

The Securities Exchange Commission's Office of Compliance Inspections and Examinations (OCIE) recently announced the details of an examination initiative specifically focused on London Interbank Offered Rate (LIBOR) preparedness. The OCIE has previously identified LIBOR preparedness of registrants as a key examination priority for 2020, but the latest announcement offers specific insights......
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Shearman & Sterling LLP | USA | 14 Jul 2020

ARRC announces best practices for completing LIBOR transition

The Alternative Reference Rates Committee (ARRC) recently published best practices for completing the financial industry's transition away from the US dollar London Interbank Offered Rate (USD LIBOR). With 19 months remaining before the anticipated cessation of USD LIBOR at the end of 2021, the ARRC's recommendations should provide market participants with further guidance as they continue to......
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Shearman & Sterling LLP | USA | 19 May 2020

Debt buyback and liability management considerations

As the markets continue to react to the COVID-19 pandemic, the trading prices of many corporate loans and bonds have fallen dramatically. As a result, many companies (or their private equity sponsors) are looking at repurchasing their debt at a discount. In addition, many companies are concerned that the impact of the COVID-19 pandemic will result in covenant breaches or other defaults and......
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