Sullivan & Cromwell LLP

S&C lawyers received 138 rankings in the 2024 Chambers USA Guide, and S&C practices earned 52 rankings. 28 S&C lawyers and 20 S&C practices earned prestigious Band 1 rankings. Learn more: https://lnkd.in/ejKwD-6v

The Fifth Circuit ruled on June 5, in National Association of Private Funds Managers, et al. v. Securities and Exchange Commission, that the SEC exceeded its statutory authority under Sections 211(h) and 206(4) of the Advisers Act in adopting a 2023 final rule to enhance the regulation of private fund advisers (the “Private Funds Rule”), which imposed substantial new disclosure requirements and restricted a broad range of activities within the private funds industry. Subscribe to our memos: https://lnkd.in/eJ2NJfei Read more: https://lnkd.in/eMZriUhf

Evan Simpson, Partner in S&C’s London office, spoke in the session “Distressed M&A – challenges and opportunities?” at the International Bar Association’s 29th Annual Global Insolvency and Restructuring Conference held in Zürich from June 2 to 4. The panel discussed issues arising from distressed M&A, including emerging challenges and risks in the current market, tools for debtor companies to manage risk, and the outlook and opportunities for distressed M&A in the future. Learn more about Evan’s practice: https://lnkd.in/eDdfbENz

Carsten Berrar and Florian Spaeth co-authored a chapter in the inaugural Chambers Global Venture Capital 2024 Guide which details trends in the German venture capital market. Carsten Berrar, Managing Partner of S&C’s Frankfurt office, the Guide’s Global Editor, also authored the introduction, which provides an overview of the industry in 2023 and its outlook for 2024. Learn more: https://lnkd.in/e37dsg9j

Gwen Wong and Rosana Tse are advising the independent board committee of SciClone Pharmaceuticals on the privatization proposal by controlling shareholder GL Capital. Learn more: https://lnkd.in/ee-NGANP

A team led by Scott Miller, Ken Li, Davis Wang, Jameson Lloyd and Terence Kim advised Pershing Square Capital Management in the sale of a 10 percent common equity interest in Pershing Square Holdco, a newly formed limited partnership that owns 100 percent of Pershing Square Capital Management, for $1.05 billion. Learn more: https://lnkd.in/eH4fPdME

John Horsfield-Bradbury, a partner in S&C’s London office, co-led a guided discussion on “Developing a Responsible Generative AI Policy” with Beth Meyer, Chief Legal Officer at Novata, at a private dinner hosted by TechGC’s L Suite London on June 4. TechGC brings together GCs of high-growth technology companies and leading venture capital funds to engage in active discussion, establish new connections and reinforce existing ones. S&C is a TechGC sponsor. Learn more about John’s practice: https://lnkd.in/eKwdd5rg

Werner F. Ahlers, Co-Head of S&C’s Latin America Practice, represented S&C in a roundtable discussion with Latin Lawyer’s ”International Elite,” a group of the Latin American region’s eight leading law firms as selected by Latin Lawyer. The roundtable covered a variety of subjects including investment opportunities in Latin America, big firms’ approaches to leveraging AI and strategies to continue building and maintaining relationships in Latin America. Read the discussion, published in a series of three articles: https://lnkd.in/eFZcp8Vj

A team led by John Horsfield-Bradbury advised CRH, one of the world’s largest providers of building materials, in closing two concurrent SEC-registered offerings of senior guaranteed notes, following its transition to a U.S. primary listing. Learn more: https://lnkd.in/eGJix8cr

Jameson Lloyd, Partner in S&C’s Tax Group, discussed the U.S. Treasury Department’s recently proposed regulations around a new stock buyback excise tax with Law360. He offered perspective on the elimination of the “per se” rule, calling it a welcome development to foreign-parented groups. Read the article: https://lnkd.in/eyZCzssc Learn more: https://lnkd.in/er9imK5Y