The next phase of the European Union’s (the “EU”) new regulatory regime for securitizations will become applicable from January 1, 2019 pursuant to Regulation (EU) 2017/2402 (the “Securitization Regulation”).

On December 18, 2018 the Commission published a Request for Comment on Earnings Releases and Quarterly Reports (the “Request”), which solicits public comment on both earnings releases and the frequency of periodic reporting.

On November 28, 2018, the US Department of Treasury and Internal Revenue Service released proposed regulations on the determination of foreign tax credits, providing much-awaited guidance to the many taxpayers struggling to assess the impact of provisions introduced by the 2017 Tax Cuts and Jobs Act.

On November 20, 2018, the European Parliament, the Council and the European Commission reached a political agreement on the final text of a regulation establishing a framework for screening foreign direct investments ("FDI") into the European Union. The essence of a proposal tabled by the Commission in September 2017 remains intact in the final text of the regulation. However, there are some important additions and nuances that are discussed in this Legal Update.

At the 43rd Ordinary Session of the Federal Senate's Economic Affairs Committee ("CAE"), held on December 11, 2018, Senate Bill No. 283 was approved, with some amendments.

On 4 December 2018, Singapore's Ministry of Health (MOH) and the Health Promotion Board (HPB) launched a public consultation on certain measures which may be adopted to reduce the country's sugar intake from pre-packaged sugar-sweetened beverages (SSBs). The consultation will end on 25 January 2019.

After two days of 32 rounds of competitive bidding by 19 companies in the latest auction of Outer Continental Shelf (OCS) renewable energy leases by the US Bureau of Ocean Energy Management (BOEM), the three winning bidders will pay $405 million for their 30-year leases, setting a new record.

On December 11, 2018, the Loan Syndications and Trading Association (LSTA), the Loan Market Association (LMA) and the Asia Pacific Loan Market Association (APLMA) jointly announced the release of revised and extended Green Loan Principles (GLP).

On 12 December 2018, the Vietnam regulator announced that following an investigation into Grab's acquisition of Uber's operations in Southeast Asia, the transaction raised potential concerns under Vietnam's Law on Competition. The case has been referred to the Vietnam Competition Council for further review.

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.