Shearman & Sterling advised Engie Energía Chile S.A. (Engie) as New York counsel on the entry into a $125 million unsecured loan facility from the Inter-American Investment Corporation (IDB Invest) in its own capacity and in separate capacities as agent of the Inter-American Development Bank and as sub-implementing entity of the Trust Fund for the Clean Technology Fund.

On January 19, 2021 the Small Business Administration (SBA) issued frequently asked questions that address how to calculate revenue reduction and maximum loan amounts for second-draw Paycheck Protection Program (PPP) loans.

The 2020 Election Results and Implications for the Financial Services Industry.
Former Vice President Joseph R. Biden Jr. has won the 2020 presidential election and the Democratic Party will remain in control of the House of Representatives. Though it is yet uncertain whether President-elect Biden and the Democratic Party will win the ability to propose and pass wide-sweeping legislation, President-elect Biden will have the opportunity to pursue financial services regulatory and supervisory reform through agency appointments and rulemaking. This presentation highlights key potential personnel changes at the federal financial regulatory agencies and provides our view of how the financial services regulatory landscape may change in a Biden presidency.

Partner Donna Parisi, the Global Head of Financial Services and FinTech at Shearman & Sterling, moderated an upcoming panel discussion hosted by NYC Fintech Women, on January 21 at 5:30 ET pm.

Shearman & Sterling advised software company Citrix Systems (NASDAQ: CTXS) in its definitive agreement to acquire Wrike, Inc., a portfolio company of private equity firm Vista Equity Partners, for $2.25 billion in cash.

Global law firm Shearman & Sterling today announces the appointment of Heather Waters Borthwick as a Leveraged Finance partner in New York.

Partner Adam Schwartz (Washington, D.C.-Litigation) participated in a webinar titled, “How to Effectively Conduct an Internal Investigation: Key Considerations During a Pandemic” on January 20, 2021 from 3:00–4:00 pm ET.

On January 7, 2021, the Internal Revenue Service (the IRS) and the U.S. Department of the Treasury (“Treasury”) issued final regulations (T.D. 9945) addressing circumstances under which net long-term gains will be recharacterized as short-term capital gains with respect to certain partnership interests (the “Final Regulations”). The Final Regulations provide guidance under Section 1061 of the Internal Revenue Code (the “Code”)^[1] and finalize certain provisions of the proposed regulations (REG-107213-18) issued on July 31, 2020 (the “Proposed Regulations”), as summarized in our previous client publication, “IRS Proposes Carried Interest Rules Recharacterizing Certain Capital Gain in Connection with Profits Interests.”

In a significant test case brought by the U.K.’s Financial Conduct Authority, the Supreme Court confirms business interruption insurance coverage for losses arising from COVID-19.

Following many months of consultation, on January 25, 2021, ISDA’s IBOR Fallbacks Protocol and related Supplement to the 2006 ISDA Definitions, which together provide fallbacks for LIBOR and other interbank offered rates (IBORs), will take effect. Pursuant to Supplement number 70 to the 2006 ISDA Definitions (the Supplement), all transactions incorporating the 2006 ISDA Definitions that are entered into on or after this date will incorporate the new IBOR fallbacks, unless the parties specifically exclude them. The ISDA IBOR Fallbacks Protocol (the Protocol) will incorporate the new IBOR fallbacks into existing (legacy) derivatives agreements between adhering parties.