Sullivan & Cromwell LLP

Ben Perry, M&A Partner and Training Principal in S&C’s London office, discussed S&C’s UK Trainee Solicitor Programme with Legal Cheek, highlighting the welcoming culture and the opportunities available to trainees and junior lawyers.   Learn more about our UK Trainee Solicitor Programme: https://lnkd.in/eWHSe4pk

Our latest memorandum outlines key disclosure considerations for companies preparing Form 10-K and Form 20-F filings for the upcoming reporting season. With new SEC leadership and evolving regulatory priorities, this year’s focus will be on addressing relevant disclosure developments, including macroeconomic, geopolitical and policy trends. Subscribe to our memos: https://lnkd.in/dEuHB5Z   Learn more: https://lnkd.in/e4Qhz5kv

S&C Co-Chair Robert Giuffra spoke with Bloomberg Law about recent court rulings on how U.S. law applies to American Depositary Receipts. Read the article: https://lnkd.in/ej7QyZcW   Learn more: https://lnkd.in/eNSbDZNU

Aisling O’Shea, Co-Head of S&C’s FCPA and Anti-Corruption Group, spoke at ACI's Annual Conference on FCPA and Global Anti-Corruption, held in Washington, D.C. from December 3 to 4. Aisling’s panel, “Reading the Prosecutorial Tea Leaves: What the DOJ’s FCPA Case Pipeline and Go/No-Go Decisions Reveal About the Road Ahead,” provided an in-depth look at what recent prosecutorial activity reveals about the direction of future investigations and what companies should be doing now to prepare. Learn more about Aisling’s Practice: https://lnkd.in/ev36staz

On November 18, the U.S. District Court for the District of Columbia ruled that the FTC failed to prove that Meta illegally maintained a monopoly in personal social networking through an alleged years-long course of anticompetitive conduct that included acquiring Instagram in 2012 and WhatsApp in 2014. The decision highlights the challenges regulators face when bringing enforcement actions where significant time has passed and the industry has rapidly evolved. Read our takeaways below.   Subscribe to our memos: https://lnkd.in/eJ2NJfei Learn more: https://lnkd.in/e4wSQie6

Notice 2025-72 provides guidance for allocating foreign income taxes between the short 2025 taxable year created by the OBBBA repeal of the one-month deferral and the succeeding 2026 taxable year, allowing taxpayers to elect either a closing-of-the-books or ratable allocation method to avoid distorted foreign tax credit outcomes. The notice also offers transition rules for 2024 foreign-currency regulations, requiring 10-year section 987 gain/loss amortization to be pro-rated monthly over 120 months. Subscribe to our memos: https://lnkd.in/eJ2NJfei Learn more: https://lnkd.in/eMvRMDjk

Sullivan & Cromwell’s London office hosted its annual Senior Associate Development Programme, welcoming 90 attendees from 54 law firms across 24 jurisdictions in the EMEA and Canada to discuss developments, trends and opportunities in the global financial institutions sector.   Thanks to all who attended, shared their insights and contributed to our lively discussions, including S&C lawyers Nikolaos Andronikos, Nicolas de Boynes, Eric Diamond, Charles Gray, Nicolas Karmin, Peter Klormann, Marion Leydier, Barnabas Reynolds, Azad Ali, Edward Jones and Nicholas Ormondroyd.

Tax Policy Update for Week of December 1:   • Health insurance tax credit discussions resume as Congress returns after Thanksgiving • Notice 2025-72: foreign tax credits and foreign currency under OBBBA repeal of one-month deferral • Final regulations on user fees for estate tax closing letters • Notice 2025-70: Request for Comments on OBBBA Tax Credit for Contributions to SGOs • Johnson Amendment oral arguments in National Religious Broadcasters v. Bessent   Subscribe to our memos: https://lnkd.in/eJ2NJfei Learn more: https://lnkd.in/ePuXs_TB

Andy Dietderich, Co-Head of S&C’s Global Restructuring Practice, spoke on the panel “The New Mass Torts” on December 2 at the Beard Group’s Distressed Investing Conference. Andy’s panel explored how Chapter 11 is being tested as a tool to address complex mass tort liabilities in the post-Purdue era, including complexities raised by novel theories of liability that are long-dated and/or difficult to value. Learn more about Andy’s Practice: https://lnkd.in/eFkGsJ97

S&C was recognized by the IJGlobal Investor Awards for advising Minera Los Pelambres on its $2 billion project financing to expand its water infrastructure assets, which won “Bond of the Year, Latin America” and “Utilities Deal of the Year, Latin America.” Learn more: https://lnkd.in/eumPF2AB