Starting January 1, 2019, a number of new laws inspired by the #MeToo movement will take effect in California. The legislation will significantly alter employers’ potential exposure to liability for workplace harassment and will create additional training and inclusion requirements.

The Competition and Markets Authority (CMA) has published the final report in its market investigation into the investment consultancy and fiduciary management services provided to institutional investors, in particular pension scheme trustees. The CMA’s final decision concludes that there are competition concerns in respect of both investment consultancy and fiduciary management services which may lead to substantial customer detriment, and announces a number of remedies.

The French Accounting Standards Authority (Autorité des Normes Comptables - ANC) – the relevant authority enacting French accounting rules – has amended the ANC regulation No. 2014-03 of 5 June 2014 relating to the General Accounting Plan (plan comptable général - PCG) by a regulation No. 2018-07 of 10 December 2018. This regulation will enter into force after approval by the French Ministry for the Economy and its publication in the Official Journal (Journal Officiel).

Intercreditor agreements—contracts that lay out the respective rights, obligations and priorities of different classes of creditors—play an increasingly important role in corporate finance in light of the continued prevalence of complex capital structures involving various levels of debt.

Richard looks at new trustee investment and disclosure duties that will come into force in October 2019 and October 2020.

A political agreement was reached between the European Parliament, the Council of the European Union (EU) and the European Commission on the EU Cybersecurity Act (Act) and announced on December 10, 2018.

In the 2018 Q4 edition, we look at:

On December 10, 2018, Normative Instruction RFB No. 1,855 ("IN RFB No. 1,855/2018") was published in the Official Gazette, regulating the Special Tax Regularization Program ("PERT") in order to require taxpayers to provide information necessary for the consolidation of debts under the program.

REVERSEinquiries is Mayer Brown’s structured and market-linked products-focused newsletter.

On December 5, 2018, the Administrative Council for Economic Defense ("CADE") and the Central Bank of Brazil ("BC") agreed upon a joint normative act establishing procedures to better coordinate and increase efficiency of their actions in merger control regulation and competition defense in the financial sector.

On December 5, 2018, the General Court ruled in favor of the European Commission in a case brought by Bristol-Myers Squibb Pharma (BMS) against the Commission and the European Medicines Agency.

The Prague Rules, also referred to as “Inquisitorial Rules on the Taking of Evidence in International Arbitration,” will be officially launched on 14 December 2018 in Prague. These rules are intended to constitute a tool available to parties and arbitral tribunals to increase efficiency in international arbitration and to reduce costs.

The Prague Rules can be applied by arbitral tribunals as a binding document or be used as guidelines. Parties and arbitrators can also agree or decide to select or modify the elements they wish to apply.

Following the recent decision by the English Court of Appeal in SFO v ENRC (subject of this Legal Update) in relation to principles governing litigation privilege, the English High Court last week handed down a decision in Sotheby's v Weiss and others [2018] EWHC 3179 in which the "dominant purpose" test was applied to determine whether litigation privilege attached to certain correspondence passing between Sotheby's (the auction house and art dealer) and art experts regarding reports prepared in the context of an art dispute.