Perspectives mondiales

Impact of 2017 Tax Reform Bill on Executive Compensation and Employee Benefits

The Senate and House approved, and the President of the United States is expected to sign into law, the Tax Cuts and Jobs Act1 (the “Tax Reform Bill”). Despite the media’s predominant focus on the sweeping reforms to individual and corporate income taxation, the Tax Reform Bill includes significant changes in the areas of (i) Executive Compensation; (ii) Qualified Retirement Plans; and (iii) Health, Welfare and Fringe Benefits.


Changes to the UK Takeover Code

The UK Takeover Panel has published important changes to its rules governing takeovers of public companies in the UK. The most significant changes continue the ongoing theme since 2011 of rebalancing the Takeover Code more in favour of target companies, as well as other stakeholders, such as employees. These amendments will require a bidder to provide more information on its intentions for the target business (and at an earlier stage), will give target boards more time to respond with their views on the bid and will oblige a bidder to report publicly on commitments and statements of intent it makes during the course of a bid. There are also separate changes intended to prevent a bidder circumventing key Code provisions by purchasing a target company's assets after a failed bid, as well as other changes in the detail of the Code. The new rules come into effect on 8 January.

Abu Dhabi Financial Services Regulatory Authority Issues Guidance on Initial Coin Offerings

Earlier this month, the Financial Services Regulation Authority of the Abu Dhabi Global Market joined the ranks of various regulatory agencies from countries, including Australia, Canada, and the United States that have addressed ICOs, by issuing Supplementary Guidance on the regulation of ICOs and virtual currencies. The Guidance offers parameters for classifying, for legal and regulatory purposes, various types of digital assets. The Guidance is generally consistent with the product-and activity-based regulation approaches of the United States and the European Union.

Administrative measures for overseas investment by enterprises – highlights and developments

Recently, the NDRC issued China’s new Administrative Measures for Overseas Investment by Enterprises, which will come into effect on 1 March 2018. Chinese investors shall abide by the new rules and be subject to relevant procedures specified therein with NDRC when conducting overseas investment activities. With just less than 2 months before the new rules are in effect, we discuss in this article the highlights and developments, compared to the previous version released in 2014, of the new rules. 

Tour d’horizon

The Collaborative Decade

Welcome to the Reed Smith Conversations, a new podcast from Reed Smith, produced by Wf360 productions. Reed Smith Conversations is a four-part series, each a highly interactive discussion on a topic of importance to all of us, perhaps now more than ever. In each episode, you’ll hear from people who may shake up your thinking on issues you thought you already knew well. 

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