Paris associate Jérôme Delaurière is the author of "The Papillon Decision: Upcoming French Tax Group Reform" [PDF] published in the March 9, 2009 issue of Tax Analysts's Tax Notes International (pg.903).
Client Alert | March 9, 2009
A key Senate investigative body this week continued its series of investigative hearings on offshore tax havens and tax abuse, focusing on the strict secrecy in which U.S.
Client Alert | March 6, 2009
The Gibson, Dunn & Crutcher Financial Markets Crisis Group is closely tracking government responses to the turmoil that has catalyzed a dramatic and rapid reshaping of our capital and credit markets.
Client Alert | March 4, 2009
Paris partner Jérôme Délaurière and associate Charlotte Prest are the authors of "Cession d’une filiale intégrée et procédure collective" [PDF] published in the March 2, 2009 issue of Option Finance.
Client Alert | March 2, 2009
The Gibson, Dunn & Crutcher Financial Markets Crisis Group is closely tracking government responses to the turmoil that has catalyzed a dramatic and rapid reshaping of our capital and credit markets.
Client Alert | February 25, 2009
The Gibson, Dunn & Crutcher Financial Markets Crisis Group is closely tracking government responses to the turmoil that has catalyzed a dramatic and rapid reshaping of our capital and credit markets.We are providing updates on key regulatory and legislative issues, as well as information on legal issues that we believe could prove useful as firms and other entities navigate these challenging times.
Client Alert | February 25, 2009
The American Recovery and Reinvestment Act of 2009 (the "Stimulus Act") is expected to be signed into law by President Obama today. The approximately 11oo pages of the Stimulus Act include a number of tax provisions.
Client Alert | February 17, 2009
The Gibson, Dunn & Crutcher Financial Markets Crisis Group is closely tracking government responses to the turmoil that has catalyzed a dramatic and rapid reshaping of our capital and credit markets.
Client Alert | February 17, 2009
The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.
Client Alert | February 10, 2009
The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.
Client Alert | February 4, 2009
Recent instability in the debt markets has increased the tax risks associated with amending loan terms. Proposed amendments to any loan should be examined to determine whether the amendment will result in a deemed exchange of the unmodified debt obligation for the modified debt obligation for U.S.
Client Alert | January 23, 2009
The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.
Client Alert | January 15, 2009
The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.
Client Alert | January 13, 2009
New York partner Romina Weiss is the author of "Fifteen Years of Antichurning: It's Time to Make Butter" [PDF] published in the January 12, 2009 issue of Tax Analysts.
Client Alert | January 12, 2009
The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.We are providing updates on key regulatory and legislative issues, as well as information on legal issues that we believe could prove useful as firms and other entities navigate these challenging times.This update focuses on the Federal Reserve Board's announcement that it expects to begin purchasing mortgage-backed securities (MBS) in early January 2009.On November 25, 2008, the Federal Reserve announced three major new initiatives as follows: The Term Asset-Backed Securities Loan Facility (TALF) -- under which the Federal Reserve Bank of New York, with Treasury credit protection in
Client Alert | January 5, 2009
The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.
Client Alert | December 24, 2008
The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.
Client Alert | December 16, 2008
The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.
Client Alert | November 25, 2008
The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.We are providing updates on key regulatory and legislative issues, as well as information on legal issues that we believe could prove useful as firms and other entities navigate these challenging times.This update focuses on the final rule issued today by the Federal Deposit Insurance Corporation (the "FDIC") governing its Temporary Liquidity Guarantee Program (the "TLGP").On October 13, 2008, the FDIC adopted the TLGP, which guarantees newly issued senior unsecured debt of banks, thrifts, and most holding companies of federally insured depository institutions (the &quo
Client Alert | November 21, 2008
The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.We are providing updates on key regulatory and legislative issues, as well as information on legal issues that we believe could prove useful as firms and other entities navigate these challenging times.This update focuses on a series of hearings which are being conducted by Congressman Henry Waxman, chair of the House Committee on Oversight and Government Reform, and, in particular, the recent hearing on hedge funds' role in the financial crisis.BackgroundOn Thursday, October 2, 2008, Representative Waxman announced that the House Committee on Oversight and Government Reform would hold a seri
Client Alert | November 19, 2008
In the past few months, executive compensation practices have received unprecedented attention. In the recent "bailout" legislation for the financial services industry, for the first time Congress has imposed substantive limitations on executive compensation. In this case, the restrictions are imposed on executives of financial institutions that accept federal assistance under the Troubled Assets Relief Program ("TARP"). It is widely anticipated that Congress will expand some of the limitations under TARP to cover other publicly-traded companies. In addition, Congress may enact "say on pay" legislation in the next Congress. Even if it does not, it can be expected that compensation-related shareholder proposals, perhaps model
Client Alert | November 14, 2008
The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.
Client Alert | November 13, 2008
The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.
Client Alert | November 7, 2008
The Emergency Economic Stabilization Act was signed into law by President Bush on October 3, 2008. Included in the Act is new Internal Revenue Code Section 457A, which is intended to end the deferral of compensation payable to managers of offshore hedge funds under a nonqualified deferred compensation plan.
Client Alert | October 30, 2008
On October 16, 2008, the IRS released the inflation-adjusted limitations applicable to tax-qualified retirement plans for 2009. The increases are pursuant to inflation adjustment factors included in the applicable sections of the Internal Revenue Code.
Client Alert | October 23, 2008
The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.
Client Alert | October 23, 2008
The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.
Client Alert | October 23, 2008
The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.
Client Alert | October 21, 2008
Many of our clients have been facing unprecedented new challenges as a result of the dramatic economic events that have occurred over the last month. The financial markets continue to evolve in Washington on a real-time basis and the daily volatile gyrations in the stock markets around the world have led to uncertainty, anxiety and issues of first impression for many of our clients. We believe that the events that occur in the coming months will shape not only the financial futures of many of our clients and their competitors, but also the world economy.
Client Alert | October 20, 2008
The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.
Client Alert | October 20, 2008
The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.
Client Alert | October 14, 2008
The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.
Client Alert | October 9, 2008
With the Emergency Economic Stabilization Act (EESA) now law, Treasury is moving quickly to choose advisers, issue regulations, and hire companies to serve as asset managers for the Troubled Asset Relief Program (TARP).Today, Secretary Paulson announced that he has selected Neel Kashkari to be the interim head of the new Office of Financial Stability, which will implement the Troubled Asset Relief Program. Kashkari is currently Assistant Secretary for International Economics and Development and has been a key adviser to Secretary Paulson. It is our understanding that Secretary Paulson intends to hire a small staff with expertise in asset management, accounting, and legal issues to commence the Troubled Asset Relief Program.
Client Alert | October 6, 2008
The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.
Client Alert | October 3, 2008
We are pleased to provide our clients and friends with a section-by-section analysis of the Emergency Economic Stabilization Act of 2008 (hereinafter, the "Act") as passed by the Senate, by a vote of 74-25, on October 2, 2008.
Client Alert | October 2, 2008
Munich partner Hans Martin Schmid and of counsel Christian Schmidt are the authors of "Double Taxation of Profits from a Hybrid US LLC" [PDF] published in the October 2008 issue of Practical European Tax Strategies.
Client Alert | October 1, 2008
The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.
Client Alert | September 30, 2008
The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.What follows is our latest in a series of updates on key regulatory and legislative issues.Bipartisan RejectionLawmakers labored over the weekend to craft a financial package that would be palatable to both Democrats and Republicans, as well as to constituents back home. Draft legislation was circulated and tinkered with all weekend until the House Rules Committee, at 12:01 a.m.
Client Alert | September 29, 2008
The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking government responses to the turmoil that has reshaped our capital and credit markets. The following is an update on key regulatory and legislative issues that are of particular interest to and are likely to affect hedge funds and private equity funds.Federal Reserve Board Enhances Passive Investment Framework for Minority Investors in Bank Holding Companies and BanksIn connection with its various efforts to increase the capital and liquidity available to the banking industry, on September 22, 2008 the Federal Reserve Board (the "Fed") issued a new policy statement providing additional guidance on making equity investments in a bank or bank holding company ("BHC"). Importantly, the iss
Client Alert | September 26, 2008
The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.
Client Alert | September 25, 2008
The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.What follows is our latest in a series of updates on key regulatory and legislative issues.Congressional HearingsToday, Treasury Secretary Henry Paulson and Federal Reserve Board Chairman Ben Bernanke testified before the House Financial Services Committee. Both Secretary Paulson and Chairman Bernanke reiterated the message they conveyed to the Senate Banking Committee yesterday, urging Congress to pass legislation quickly and warning of dire economic consequences if the federal government does not intervene soon. Tomorrow, the House Financial Services Committee will hear testimon
Client Alert | September 24, 2008
The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.What follows is our latest in a series of updates on key regulatory and legislative issues.Senate Banking Committee HearingThe Senate Banking Committee met today to hear testimony from Treasury Secretary Henry Paulson, Federal Reserve Chairman Ben Bernanke, Securities and Exchange Commission Chair Chris Cox, and Federal Housing Finance Agency Director James Lockhart.Treasury Secretary Paulson continued to advocate for a narrowly tailored bill without additional corporate governance provisions which could slow down approval of the legislation. Though he maintained that approval of the le
Client Alert | September 23, 2008
A key Senate investigative body has issued its latest findings in its investigation of alleged abusive tax practices, which is now in its seventh year. The investigation has examined alleged offshore tax havens, the way tax shelters are promoted, how assets are "hidden" offshore, and, most recently, dividend tax abuse. While it is not clear where the investigation will focus next, it is highly likely that it will continue.
Client Alert | September 22, 2008
Gibson, Dunn & Crutcher Deploys a Team of ExpertsMany of our clients are facing new challenges because of the dramatic economic events that have occurred over the last two weeks and as a result of changes that in their scope and reach we have not seen since the Depression. Financial markets are literally being reshaped in Washington on a real-time basis. As the Administration and Congress move forward to address the liquidity crisis and related problems, we are positioned to keep our clients apprised of key developments and to ensure that their voices are heard in the debate about how to repair our financial infrastructure.To that end, Gibson, Dunn has assembled a team of attorneys with a broad range of experience in the securities, financial, corporate, real estate, tax, b
Client Alert | September 22, 2008
Paris associates Jerome Delaurière and Charlotte Prest are authors of "French Taxation of Real Property Capital Gains" [PDF]. This article first appeared in Tax Notes International on August 25, 2008, p.661.
Client Alert | August 25, 2008
Partner Wendy Singer and Associate Jérôme Delaurière are authors of "Why Is Denmark Terminating Tax Treaties?" [PDF] which appeared in the July 7, 2008 issue of Tax Notes International.
Article | July 8, 2008
The "good faith" transition period for compliance with Section 409A of the Internal Revenue Code expires on December 31, 2008, and the final Section 409A regulations become fully effective on January 1, 2009.
Client Alert | June 26, 2008
In reliance on the IRS's view as expressed in private letter rulings in 1999 and 2006, many public companies have taken the position that amounts can qualify as “performance-based compensation” under section 162(m) of the Internal Revenue Code if the amounts are payable in connection with an executive’s termination of employment without “cause” or for “good reason” regardless of whether the performance goals have been satisfied. However, in a controversial private letter ruling issued in late January, the IRS reversed its longstanding position that such provisions are permissible in performance-based arrangements, thereby calling into question deductions that many companies have taken in prior years and the attendant financial reporting, as well as the deductibility of
Client Alert | February 22, 2008
On December 3 the Internal Revenue Service issued Notice 2007-100, which provides a limited voluntary correction program for certain operational violations of Section 409A of the Internal Revenue Code.
Client Alert | December 5, 2007
As another year comes to a close, employers must take a number of actions to (i) address Section 409A of the Internal Revenue Code for deferred compensation plans, (ii) comply with the Labor Department's "qualified default investment alternative" ("QDIA") fiduciary safe harbor for defined contribution retirement plans, and (iii) begin operating their qualified retirement plans in compliance with new rules that become effective on January 1, 2008.
Client Alert | December 4, 2007