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Inflation Reduction Act
Attestation: Practical Reflections on What the SEC Climate Proposal Will Require
Among the many changes set forth in the U.S. Securities and Exchange Commission’s proposed rules governing climate-related disclosures are the attestation requirements 1 covering registrants’ greenhouse gas (GHG) emissions disclosures. This article provides a general overview of these attestation requirements...
Summary Outline of SEC's Proposed Rule on Climate-Related Disclosure and Accounting
The SEC’s proposed rule on climate-related risks includes amendments to both the financial reporting requirements (Reg S-X) and the narrative disclosure requirements (Reg S-K). The proposal interlinks the new requirements, drawing aspects of the required narrative disclosures into the financial...
The SEC's Proposed Rules on Climate-Related Disclosures – What to Do Now: A Guide for In-House Counsel Facing the Proposed Rules
The U.S. Securities and Exchange Commission’s recently proposed rules governing climate-related disclosures, if adopted as proposed, would represent a sea change to the existing public-company disclosure regime. The rules would require that public companies include the following, among other disclosures...
UAE Employment Law Update
2 February 2022 saw the introduction of a new UAE Labour Law in the form of UAE Federal Law No. 33 of 2021, Regulating Labour Relations (“ New Law ”), repealing the existing UAE Labour Law, UAE Federal Law No...
HSR Notification Thresholds Increase for 2022
The Federal Trade Commission (“FTC”) has announced the annual revisions to the Hart-Scott-Rodino Antitrust Improvements Act (“HSR Act”) thresholds, which will become effective on February 23, 2022. The revised thresholds will apply to any merger or acquisition closing on or...
New UAE Commercial Companies Law: Summary of Key Changes
Background Federal Law No. 32 of 2021 on Commercial Companies (the New Companies Law ) has repealed and replaced Federal Law No. 2 of 2015 on Commercial Companies (the Repealed Companies Law ). The New Companies Law, which came into...
Buyers and Sellers Should Plan for Close Scrutiny of North Sea Oil and Gas Deals
Over recent years, there has been an increase in M&A activity in the UK’s upstream oil and gas sector. The UK’s offshore industry has attracted this investment for reasons including the recent oil price recovery, a relatively lower risk profile...
UAE Law Regarding the Protection of Personal Data
The United Arab Emirates joins Saudi Arabia by passing Federal Decree-Law No (45) of 2021 Regarding the Protection of Personal Data (“PPD Law”) to bring comprehensive data protection legislation to another country in the MENA region. Notably the PPD broadly...
SEC Continues Its Focus on Executive Compensation
In its latest move to press for stronger regulation of executive compensation, on November 29, 2021, the U.S. Securities and Exchange Commission announced staff accounting guidance on share-based executive compensation awards while the company is in possession of “positive” material...
Updates to Saudi Arabia's Data Protection Law
Whilst European and North American businesses are well accustomed to dealing with complex data protection legislation, businesses in the MENA region have by and large not had to consider the same in their local markets. From a Saudi standpoint, the...
Decree No. 34 of 2021 Concerning the Dubai International Arbitration Centre Impacting DIFC-LCIA Arbitration – Update
Described as aggressive yet progressive, on 14 September 2021, Sheikh Mohammed bin Rashid Al Maktoum, Ruler of Dubai, issued Decree No. 34 of 2021 (the “ Decree ”), accompanied by the Statute of Dubai International Arbitration Centre (the “ Statute...
Anti-Concealment in the Kingdom of Saudi Arabia
The Saudi Ministries of Commerce and Justice, and the Zakat, Tax and Customs Authority (collectively the “ Saudi Authorities ”) have recently and significantly beefed up their approach to parties breaching anti-concealment legislation in the Kingdom, i.e. foreign entities unlawfully...
SEC Approves Nasdaq Board Diversity Requirements
The U.S. Securities and Exchange Commission has approved a Nasdaq proposal regarding new listing rules on board diversity, as described in a previous Client Alert, which can be found here . The new rules will require most Nasdaq-listed companies to...
President Signs Executive Order Directing Federal Agencies to Promote Competition and Increase Antitrust Enforcement
On July 9, 2021, President Biden issued Executive Order 14036 , “Promoting Competition in the American Economy,” which broadly targets anticompetitive practices and corporate consolidation across many sectors of the U.S. economy. The ambitious and wide-ranging Executive Order contains 72...
Will Mandated ESG Disclosures Lead to Increased Litigation Risk?
With the Securities and Exchange Commission resolute in its efforts to establish new disclosure requirements related to environmental, social and governance (ESG) risks, companies appear increasingly resigned to some measure of mandatory reporting. But these companies haven’t yet given up...