A&O Shearman was formed in 2024 via the merger of two historic firms, Allen & Overy and Shearman & Sterling. With nearly 4,000 lawyers globally, we are equally fluent in English law, U.S. law and the laws of the world’s most dynamic markets.
This combination creates a new kind of law firm, one built to achieve unparalleled outcomes for our clients on their most complex, multijurisdictional matters – everywhere in the world. A firm that advises at the forefront of the forces changing the current of global business and that is unrivalled in its global strength.
Our clients benefit from the collective experience of teams who work with many of the world’s most influential companies and institutions, and have a history of precedent-setting innovations.
Together our lawyers advise more than a third of NYSE-listed businesses, a fifth of the NASDAQ and a notable proportion of the London Stock Exchange, the Euronext, Euronext Paris and the Tokyo and Hong Kong Stock Exchanges.
On October 13, 2016, the US Department of the Treasury and the Internal Revenue Service released final and temporary regulations under section 385 of the Internal Revenue Code...
On October 13, 2016, the US Department of the Treasury and the
Internal Revenue Service released final and temporary regulations
under section 385 of the Internal Revenue Code (the
"Regulations") that contain rules requiring that certain
related-party debt instruments be recharacterized as equity where
specified documentation requirements are not satisfied or the debt
instruments are issued under certain circumstances described in
more detail below. While generally retaining the framework and key
operative rules contained in the proposed section 385 regulations,
issued on April 4, 2016 (including the "funding rule" and
"per se funding rule", which have been the subject of
considerable criticism from commentators), the Regulations contain
a number of meaningful changes and exceptions. In particular,
the Regulations contain new exceptions for cash pooling
arrangements, short-term loans, and instruments issued by foreign
issuers.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
