LEGAL ISSUES IN COMMODITIES
commodities trading sector has, however, been transforming rapidly, and nowhere more so than on the regulatory front. This requires integrated offerings from legal teams. “The scope and complexity of regulation is
increasing all the time meaning our trading clients require cross border regulatory support and advice on compliance, often in respect of a number of different regulatory regimes,” explain Clyde & Co.
Beyond Contract Negotiation & Dispute Resolution Contract negotiation and dispute resolution
in this arena requires a deep understanding of commodity business enabling practices to give expert advice and offer decisive action to clients. The commodity markets are, by their very nature, global, fragmented marketplaces which require a ‘world view’ of legal requirements and practices. Specialist in this market – Reed smith – are a
global law firm with over 1,800 lawyers and 25 offices across Europe, the Middle East, Asia and the US. They have a specialist group of approximately 150 lawyers with a focus on and expertise in the energy & natural resources sector and are well thought of in many facets of the sector including in commodities; commodity finance; structured finance in the sector; regulation; environmental; shipping; disputes; projects and infrastructure; derivatives; climate change; renewable energy; and shale gas among other areas. [Reed Smith won the 2013 Commodity Business Award for Best Legal Firm (it should be said)]. In the last 12-18 months, the big developments
for Reed Smith have been opening in Houston with a real focus on the energy & natural resources and growing to 35 lawyers from a standing start in less than a year. Specialist commodities areas include; oil and gas transactions and litigation; employment; environmental litigation and toxic tort; construction; financing; and acquisitions and disposals.
Sanctions and regulatory activity continue to dominate the commodity business landscape
Reed Smith have also opened in Singapore –
again with a real focus on the sector. “We chose a specialist team with a history in that market and we supplemented that with lawyers who joined from our London office to service our clients’ needs in the region. The areas focus in Singapore is shipping; commodities finance; commodities trading; and offshore projects and disputes (including international arbitration,” according to Kyri Evagora, co-chair of Reed Smith’s energy and
34 March 2014
natural resources group. Sanctions and regulatory activity continue to dominate the commodity business landscape. Reed Smith saw this challenge emerging and acted five years ago in response to anticipated developments and now has one of the strongest regulatory practices tailored for the sector.
Kyri Evagora, Reed Smith practitioners
“We hired many of the market leading in
this field who bring a deep
understanding of the regulatory environment. Our team is a global. We have expertise in Asia, Europe and the USA,” says Evagora. Clyde & Co regularly advise on bribery and
corruption, WTO/EU and other regulatory issues associated with investment and have a particularly strong record on trade sanctions. “We have established a market-leading sanctions practice and are recognised as the ‘go to’ firm in this field, with an authoritative reputation for advising on matters relating to Iran, Syria, Libya and Myanmar.” Others like Holman Fenwick Willan (HFW)
provide expertise and advice across the entirety of the supply chain (from mine or field to processors and eventually to market) and across the full range of the commodities markets. “Perhaps unusually, we can service clients that
have physical, derivatives, trade finance, and regulatory needs. My experience reflects the full spread of what we do across the department,” says Brian Perrott, Parner with HFW. Having practised for well over 20 years, both in-house and in private practice, Perrott has been involved in almost every aspect of commodities and almost every type of commodity – from gold bullion to rice, cotton, sugar, oil and coal, he’s seen it all. “Perhaps rather uniquely, my practice has been
split 1/3rd physical commodities, 1/3rd derivatives and 1/3rd freight trading. At any one time, one of those areas is buoyant, he explains. Before
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