McDermott International Legal Highlights August 2017


Privacy Shield Implementation and How-To Kit from McDermott Will & Emery

Mark E. Schreiber | Michael G. Morgan | Amy C. Pimentel

Japanese companies may have European branches or subsidiaries that send personal data to the US or that may be accessed by entities in the US, including customer, employee or marketing information. A cross-border data transfer mechanism is necessary to accomplish this, to comply with EU data protection laws and rules.

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China Issues New Policies to Attract Foreign Investments

Making use of foreign investment has long been recognized by the Chinese government as an important part of economic reform. China’s economy is deeply integrated into the world economy, and the country is facing new challenges and opportunities in the form of foreign investment and maintaining a positive balance of its foreign capital reserves. These challenges are compounded by new trends in global trans-national investment and industrial transfer. A further consideration must be China’s “new normal” in economic development, characterized by mid-to-high economic growth rates and a shift from production and investment to service, consumption and innovation.

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The Emergency Arbitrator Provisions in the ICC Arbitration Rules

The ICC’s current version of the rules of arbitration (“2017 ICC Rules”), which came into effect on March 1, 2017, include “Emergency Arbitrator Provisions” providing for urgent interim measures by a so-called “emergency arbitrator.” Such measures, which include preserving the status quo and conserving evidence, can be ordered by the emergency arbitrator in circumstances where the full arbitral tribunal has not been constituted and is therefore not itself empowered to order such measures. These provisions render ICC arbitration more attractive than certain other forms of arbitration as they avoid potential vacuums of jurisdiction.

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New Italian Rules Allowing Direct Lending and Purchasing of Claims by EU Alternative Investment Funds

Emidio Cacciapuoti | Ettore Scandale

Law Decree 14 February 2016, No. 18 (as converted by Law 8 April 2016, No. 49) expressly allows EU Alternative Investment Funds (“EU AIFs”) to carry out, under certain conditions, direct lending and purchasing of claims in Italy. On 23 December 2016, the Bank of Italy issued rules which implemented the new regulation concerning collective asset management activity (“Bank of Italy Regulation”).

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