Next Generation Partners

Firms in the Spotlight Capital markets

ADG Legal

ADG Legal logo

ADG Legal, established in 2017 following the merger of Mohammed Al Dahbashi Advocates and Kingsgove Partners, is now a renowned full-service law firm headquartered in Dubai, UAE, with offices in Abu Dhabi, Egypt, and London.

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ADG Legal

ADG Legal logo

ADG Legal, established in 2017 following the merger of Mohammed Al Dahbashi Advocates and Kingsgove Partners, is now a renowned full-service law firm headquartered in Dubai, UAE, with offices in Abu Dhabi, Egypt, and London.

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Capital markets in United Arab Emirates

Allen & Overy LLP

Allen & Overy LLP' team has 'experience gained over many years, across many borders, and across many products, making them a 'go to'' in the region. The firm further cemented its market-leading position through blockbuster transactions such as advising on Adnoc Gas' IPO as well as the first concurrent dual-listing on the UAE stock exchange in the form of Americana Restaurants International Plc's IPO. Anzal Mohammed, who has knowledge of Islamic financing, jointly leads the practice with Khalid Garousha, who has an extensive IPO record. Bilal Ahmad is proficient in equity-linked security issues, hybrid capital issues, and liability management transactions. Counsel Nazuma Hassan is building an impressive portfolio in this space.

Practice head(s):

Anzal Mohammed; Khalid Garousha


Other key lawyers:

Bilal Ahmad; Nazuma Hassan


Testimonials

‘The team standout is the strength they have at every level, and the ability to fully staff projects with true subject matter experts. Their global reach also is a differentiator, plus their product coverage.’

‘They have a strong culture and team collaboration which makes deals run smoothly.’

‘Khalid Garousha is one of the top capital markets lawyers in the region from every aspect – he is always available and approachable, his knowledge of the space and ability to answer every question immediately, his connectivity with all regulatory/exchange individuals, his Arabic language skills – set him apart from most other lawyers. ’

Clifford Chance

Clifford Chance is equally proficient handling equity and debt capital markets matters, advising on landmark IPOs in the UAE and the wider region, as well as transactions for sovereign wealth funds, financial institutions, and corporates. The firm has played a crucial role in IPOs involving Taaleem Holdings, Americana Restaurants, and Al Ansari Financial Services and frequently collaborates with colleagues in the firm's London office. Mike Taylor is predominantly engaged with high-profile IPOs, and is lauded for his 'in-depth knowledge of the market' and Stuart Ure focuses on structured finance and conventional and Islamic debt capital markets. Senior associate Rezwan Azam has a 'broad knowledge of the entire transaction spectrum'.

Practice head(s):

Mike Taylor; Stuart Ure


Other key lawyers:

Rezwan Azam


Testimonials

‘CC have a tight-knit team which means that they always work in partnership to deliver a great end product. They have increased team size & on-the-ground-presence over the past 12 months, and I feel this has had a notable impact on their work quality. I feel now that they have specialists to cover all areas, rather than spreading the individuals too wide. CC take a more considered approach to responding to issues, which whilst may take longer, often means that you have a higher-quality end product.’

‘Mike Taylor has an in-depth knowledge of the market. A particular differentiator for Mike is his knowledge outside of the Capital Markets space. He is an extremely accomplished Corporate/M&A lawyer, and this knowledge comes across in to the Capital Markets when a deal is more complex, or requires additional structuring aspects.

‘Rezwan Azam continues to grow as an associate, and has taken on more leadership across deals. He has a broader knowledge of the entire transaction spectrum now, which I believe is increasing his work output – as he focuses across the bigger picture.’

Key clients

ACWA Power


Abu Dhabi Commercial Bank PJSC


Al Ansari Exchange


Americana Restaurants


Bank of America (BofA)


Citigroup Global Markets


Credit Suisse


Dubai Islamic Bank


EFG Hermes UAE Limited


Emirates NBD Bank P.J.S.


First Abu Dha bi Bank PJSC


Goldman Sachs International


HSBC Bank Middle East Limited


J.P. Morgan Securities Plc


Moelis


Morgan Stanley & Co. International plc


Rothschild


Taaleem


Work highlights


  • Acted as issuer’s counsel to Americana Restaurants on its IPO and first-ever dual listing on the Abu Dhabi Securities Exchange (ADX) and the Saudi Stock Exchange (Tadawul).
  • Advising the Federal Government of the United Arab Emirates, acting through the Ministry of Finance, as issuer on the establishment of a UAE dirham Treasury Sukuk Programme and AED 1.1 billion auction and AED 1.1 billion tap issuance.
  • Advising the Egyptian Ministry of Finance on the establishment of its US$5 billion sovereign sukuk programme and the debut US$1.5 billion issuance.

Linklaters

Linklaters's expertise ensures that the team is sought out by numerous established corporates and financial institutions for blockbuster transactions in the region. The firm has been active in a variety of complex IPOs, including first-of-its-kind transactions in the ADX and overseas listings, while on the debt side the team has been notably active on a range of sukuk issuances. Jonathan Fried works with a global portfolio of banks and corporates on an array of instructions and Scott Campbell is a leading figure in the public M&A and equities space. Dalia Nammari, who is well versed across Islamic finance transactions, is regularly supported by counsel Peter Cullen. Sergey Shiposha is active on a growing volume of ESG transactions.

Practice head(s):

Jonathan Fried; Dalia Nammari; Scott Campbell;


Other key lawyers:

Peter Cullen; Sergey Shiposha


Testimonials

‘Jonathan delivered outstanding service.’

‘High quality work, time of delivery, unmatched level of professionalism and ethics.’

Key clients

Burjeel Holdings PLC


BNP Paribas


Emirates NBD Bank PJSC


First Abu Dhabi Bank PJSC


HSBC Bank plc


Industrial and Commercial Bank of China Limited, Dubai (DIFC) Branch


Standard Chartered Bank


Goldman Sachs International


Damac Real Estate Development (“Damac”)


Oman Telecommunications Company S.A.O.G. (“Omantel”)


Work highlights


  • Advised Abraj Energy on its recent IPO.
  • Advised the arrangers, dealers and joint lead managers on Egyptian Sovereign US$5bn Trust Certificate Issuance Programme and its debut US$1.5bn issuance thereunder.
  • Advised the joint lead managers on the issue of US$500m 4.375 per cent.

White & Case LLP

White & Case LLP is well positioned to act on a range of market transactions, including some of the largest IPOs in the Middle East and specialise in sovereign bonds and Sukuk offerings, in addition to project bond issuances. The group’s experienced practitioners advise a variety of parties engaged in capital markets work including sellers, buyers, underwriters and hedge providers. Debashis Dey is highly regarded for his securitisation and fixed income experience. Sami E. Al-Louzi's expertise was crucial to the IPO of DEWA and Abdulwahid Alulama brings near-unparalleled regulatory understanding to bear on a number of transactions. Greg Pospodinis and senior associate Marcin Zawadzki are also noted. Ibrahim Soumrany left the firm.

Practice head(s):

Debashis Dey; Sami E. Al-Louzi; Abdulwahid Alulama


Other key lawyers:

Greg Pospodinis; Marcin Zawadzki


Testimonials

‘Most comprehensive international law firm in the region. Very well positioned and established in every major market in EMEA. I have been working with them over twenty years and am a big fan. The lawyers and senior partners are all exceptional and talented professionals.’

‘Debashis and Marcin: Super professional and cooperative. They always make us feel that they are in-house counsels while providing the huge institutional knowledge of W&C.’

‘Their massive exposure makes it easy to find precedents and suggest creative solutions.’

Key clients

Dubai Electricity and Water Authority PJSC


Saudi Arabian Oil Company (Saudi Aramco)


J.P. Morgan


Citi


HSBC Saudi Arabia


Goldman Sachs


Saudi Real Estate Refinance Company


DP World


Abu Dhabi Commercial Bank


Deutsche Bank


Empower


First Abu Dhabi Bank


Mubadala


Bank of America


Emirates NBD Capital Limited


BNY Mellon Corporate Trustee Services Limited


Investcorp Holdings and Investcorp S.A.


Republic of Indonesia


Taaleem


Al Rajhi Capital Company


ENBD REIT PLC


Investcorp


Moove B.V.


Commercial Bank of Dubai


Work highlights


  • Acted as issuer’s counsel on the IPO of DEWA, the electricity and water utility company for the Emirate of Dubai.
  • Represented Empower in its AED 2.6 billion initial public offering (IPO) on the Dubai Financial Market.
  • Represented Moove Africa B.V. on an inaugural Sukuk issuance.

Al Tamimi & Company

Al Tamimi & Company has an impressive track record record in IPOs in the DFM and ADX, areas where Andrew Tarbuck has a key focus. The team is also well positioned to advise on bond and Sukuk issuances, securitatisations, deposit-linked notes, and mortgage-backed securities, key strengths of Rafiq Jaffer. Husam Hourani  is noted for his experience of major capital markets transactions, bringing astute regulatory understanding to his counsel. Hamzah Abu-Hassan lends support on a number of mandates from the firm's Jordan office.

Practice head(s):

Andrew Tarbuck; Rafiq Jaffer


Other key lawyers:

Husam Hourani; Hamzah Abu-Hassan


Testimonials

‘Unique relationships in the UAE markets with regulators, exchanges and key stakeholders’

‘Strong team with good connectivity in-house across the GCC & ability to get quick responses internally, without contracting external law firms. Strong client relationship skills and willingness to take onboard feedback to grow and enhance their offering’

‘Hussam Hourani is very well-connected with all the parties that matter (exchanges, regulatory bodies both onshore & offshore). As such, he has access to information & knowledge that make him a stand-out vs many other peers, and puts him at the forefront of innovative thinking.’

Key clients

Abu Dhabi National Oil Company


Salik


Dubai Islamic Bank


BNP Paribas


GreenSaif Pipelines Bidco S.à r.l.(a Blackrock related entity)


Union Coop


Gulf Navigation Holdings PJSC


Emirates Investment Bank PJSC


The Latest Venture Limited


Work highlights


  • Advised ADNOC Gas on its initial public offering on the Abu Dhabi Securities Exchange, raising over AED 9.1 billion, creating a market capitalisation of over AED 182 billion.
  • Advised Salik Company PJSC on its initial public offering on the Dubai Financial Market raising over AED 3.7 billion, creating a market capitalisation of over AED 15 billion.
  • Advised GreenSaif Pipelines Bidco S.à r.l. on (i) the establishment of a USD 11.5 billion GMTN Programme by GreenSaif Pipelines BidCo S.à r.l (as issuer) and the issuance of USD 3 billion Notes under the GMTN Programme; and (ii) USD 1.5 billion Sukuk issued by TMS Issuer S.à r.l, a SPV set up by Blackrock for the Sukuk issuance.

Dentons

Dentons' team advises issuers, arrangers and underwriters on substantial transactions. The firm is noted for its ESG work, advising on the first corporate green issuance in the Middle East as well the largest ESG sukuk in the world. Team head Alex Roussos has led on high-profile deals for a mix of leading industry players that include regional and international banks. Senior associate James Osun-Sanmi has provided support on a number of key practice mandates, and has experience working with both governments and general corporate clients.

Practice head(s):

Alex Roussos


Other key lawyers:

James Osun-Samni


Key clients

Abu Dhabi Islamic Bank (ADIB)


Dubai Islamic Bank (DIB)


Barclays Bank


Citigroup


Standard Chartered Bank (SCB)


Emirates NBD


First Abu Dhabi Bank (FAB)


HSBC


JP Morgan


Kuwait Finance House (KFH)


Commercial Bank of Dubai (CBD)


Islamic Development Bank (IDB)


Qatar International Islamic Bank (QIIB)


Bank of Sharjah


Burgan Bank KPSC


National Bank of Ras Al Khaimah (RAKBANK)


National Bank of Oman


Oman Electricity Transmission Company


Oman Arab Bank SAOC


Mashreq Bank


Sharjah Islamic Bank


Emirates REIT


UBS Investment Bank


Morgan Stanley


Gulf International Bank


BNP Paribas


Credit Suisse


Credit Agricole


Societe Generale


United Arab Bank


Work highlights


  • Advising on IsDB’s sukuk issuance of US$1.7 billion, issued under IsDB’s US$25 billion Trust Certificate Issuance Programme.
  • Advising Arada Developments LLC (Arada) on its successful tap issuance of US$100 million sukuk (to be consolidated and form a single series with the existing US$350 million sukuk due 2027 issued by Arada Sukuk Limited on 8 June 2022).
  • Advising the managers on the successful issuance of US$500 million Trust Certificates by MAF Sukuk Ltd.

Gibson Dunn

Gibson Dunn‘s capital markets team has grown recently with the arrivals of Marwan Elaraby and Jade Chu who joined from Shearman & Sterling LLP in October 2022 and January 2023 respectively, and Ibrahim Soumrany  in early 2024 from White & Case LLP. Elaraby is ‘a clear leader in the capital markets space, with unrivalled deal flow, transactional experience, and relationships’ and Chu brings additional regulatory and cross-border transactional knowledge to the groupThe team has advised on a number of blockbuster IPOs, including acting as issuer’s counsel on ADNOC’s listing on the ADX, as well as advising the joint bookrunners on Salik’s IPO and listing on the DFM.

Practice head(s):

Marwan Elaraby


Other key lawyers:

Jade Chu; Ibrahim Soumrany


Testimonials

‘Marwan Elaraby is exceptional in delivering successful IPOs for companies looking to list on the Abu Dhabi Stock Exchange having personally advised on all ADNOC Group Company IPOs.’

‘The team is very new and growing rapidly – potentially one of the fastest growing teams not only in the region, but globally. They have made some very notable hires, with some industry experts joining who also have an excellent client following, both in the banking syndicate and key client space.’

‘They have a differentiated product offering with their coverage outside the Capital Markets space – but with a big focus on regulatory matters, as well as project finance.’

Key clients

Abu Dhabi National Oil Company


ADNOC Gas plc


Borealis AG


Borouge plc


BofA Securities, Goldman Sachs, ENBD, Citigroup, HSBC and EFG-Hermes


Work highlights


  • Advised ADNOC and ADNOC Gas in connection with the IPO of ADNOC Gas.
  • Advised ADNOC, Borealis and Borouge in connection with the IPO of Borouge.
  • Advised BofA Securities, Goldman Sachs, ENBD, Citigroup, HSBC and EFG-Hermes as joint bookrunners in connection with the AED 3.7 billion (US$1 billion) IPO and listing on Dubai Financial Market (DFM) of Salik Company PJSC.

Ibrahim & Partners

Ibrahim & Partners' team has close connections with the government of Dubai, acting on the landmark IPOs of DEWA, Empower and Tecom. The team also provide transactional counsel on deals structured through the issuance of convertible bonds. Ahmed Ibrahim has vast experience advising on equity capital markets and has an impressive portfolio of work across the Middle East and GCC. Malack El Masry assists with IPO and rights issues, alongside general corporate and commercial matters. Senior associate Nour Al Jafari leverages nine years of in-house experience at a publicly listed insurance company to advice on a range of queries.

Practice head(s):

Ahmed Ibrahim; Malack El Masry


Other key lawyers:

Nour Al Jafari


Testimonials

‘The team is quite knowledgeable when it came to navigating local markets regulatory system. They have always come up with practical solutions. This was felt across the board from associates to partners. In addition, they have managed timelines quite effectively.’

‘The dedication and experience we saw from Ahmed Ibrahim was extraordinary. He always provided creative, yet workable solutions to balance between our needs as a client and the regulators. He more often than not goes the extra mile when giving advice, building client trust.’

Key clients

Dubai Electricity and Water Authority (DEWA)


Empower Colling District


Americana Restaurants International PLC


Al Ansari Group


Ethmar


Peninsula


Dubai Holding


Investcorp


Polymetal International plc


Taaleem Holding


Ajman Bank


Burjeel Holding


Prophase Lap


Meraas


Emirates NBD


Gulf Pharmaceutical Industries (Julphar) PJSC


Abu Dhabi National Oil Company (ADNOC)


Tristar Transport LLC


TECOM Investments


Work highlights


  • Advised Emaar Properties on an innovative structure that allowed Emaar to acquire a strategic subsidiary owned by Dubi Holding in consideration for issuance of new shares worth AED7.5 billion.
  • Advised ADNOC in respect of the sale of 19% equity stake in ADNOC L&S by way of an IPO and listing on the Abu Dhabi Securities Exchange (“ADX”).
  • Advised Americana Restaurants International PLC on its IPO.

Latham & Watkins LLP

Latham & Watkins LLP is noted for its debt capital markets work, advising on complex bond deals and assisting a range of clients with conventional and Sukuk transactions. The firm also acts for sovereign wealth funds in the UAE and Saudi Arabia on a range of capital markets transactions and financings. Practice head Nomaan Raja is a prolific debt and equity capital market practitioner who is renowned for his expertise in high-yield bonds. Basil Al-Jafari acts for government-related entities and financial institutions and has been active in a number of market firsts.

Practice head(s):

Nomaan Raja


Other key lawyers:

Basil Al-Jafari


Key clients

Emirates REIT (CEIC) PLC


Emirates Telecommunications Group Company (Etisalat Group) PJSC


Government of Dubai


Dana Gas PJSC


Crescent Petroleum


BAPCO Energies (formerly Nogaholding)


Dar Al Arkan Real Estate Development Company


Public Investment Fund


Citigroup Global Markets Limited


Deutsche Bank AG


Goldman Sachs International


Morgan Stanley


JPM


Emirates NBD Capital


First Abu Dhabi Bank


HSBC Bank plc


Akin

Akin's team is a frequent port of call for international corporates and financial institutions who rely on the firm's strong multi-jurisdictional reach for their capital markets work. Recent work includes assisting European banks issue capital on the Irish Stock Exchange, advising on offerings out of Jordan, and acting for various Asian clients on their initial Sukuk issuances. Rizwan Kanji is handles transactions on both a conventional and Shariah compliant basis. Associate Nicola Minervini is also noted.

Practice head(s):

Rizwan H. Kanji


Other key lawyers:

Nicola Minervini


Key clients

Kuvet Tȕrk Katilim Bankasi A.S.


Ad Hoc Committee of Certificate holders of Emirates REIT


Capital Investments (DIFC) Ltd


Work highlights


  • Advised Kuveyt Türk Katilim Bankasi A.S. (“Kuveyt Turk”) on the issuance of US$350 million of fixed-rate resettable sustainability Tier 2 certificates due 2031, listed on the Irish Stock Exchange plc (Euronext Dublin).
  • Advising the Ad-Hoc Committee of sukuk holders of US$400 million Trust Certificates issued by Emirates REIT, with respect to a liability management exercise and restructuring of the Trust Certificates, listed on the Irish Stock Exchange plc (Euronext Dublin).
  • Advised Capital Investments (DIFC) Ltd. and Capital Investments and Brokerage Company / Jordan Ltd. as the sole structuring agent and manager, respectively, on Capital Bank of Jordan’s inaugural $100 million Reg S perpetual Basel III-compliant additional tier 1 capital securities offering.

Norton Rose Fulbright

Norton Rose Fulbright advises on structured products, equity-linked issuances, securitisations, and a number of Sukuk issuances for large financial players. The group also closely collaborates with colleagues across its network to act on global equity offerings for multinational companies. Zubair Mir is sought out by clients for transactional advice. Hamed Afzal has notable expertise in both the equity and debt space and has a strong understanding of a number of regional markets.

Practice head(s):

Hamed Afzal


Other key lawyers:

Zubair Mir


Key clients

ACWA Power


Haykala Management Company LLC


Apex Group


Ashmore Investment Saudi Arabia


Dar Global PLC


Work highlights


  • Advised as issuer in relation to ACWA Power’s Sukuk issuance under its SAR5bn sukuk issuance programme and are also currently advising it in respect of amendments required to a previous Sukuk issuance.
  • Advised Dar Global on its pre-IPO restructuring and direct listing on the London Stock Exchange.
  • Advising Haykala as arranger in relation to Azmeel Construction Company’s SAR5.4bn debt restructuring via a perpetual Sukuk issuance.

Shearman & Sterling LLP

The wide ranging practice at Shearman & Sterling LLP covers the full gamut of capital markets work, with a strong track record on IPOs. Pawel Szaja has a mixed ECM and DCM practice and has been involved in substantial offerings on the ADX. Senior associate Kasia Lebiecki is also noted.

Practice head(s):

Pawel Szaja


Other key lawyers:

Kasia Lebiecki


Testimonials

‘We used them for an Abu Dhabi stock exchange IPO and they have considerable experience of this type of project, and can anticipate and plan the work required.’

‘Pawel Szaja is very “hands on” in providing legal support’.

‘Pawel Szaja is the key person in the office, and he has an incredibly sharp mind and an ability to solve issues with a “think outside the box” approach. This is extremely important when working on complex transactions with tight timelines, as the ability to deliver is critical. His experience in other emerging markets comes across clearly & differentiates his thinking & approach to other partners in the space. He has a more holistic approach to transactions to ensure he gets the best outcome for his clients.’

‘Under the leadership and guidance of the partner, Pawel Szaja, the Shearman’s team was collaborative, efficient, and a joy to work with as part of our team. What impressed me most was the international nature of the team from across the UAE, Saudi, Europe, UK CEE and the Balkans. This international aspect was unvaluable to us given the nature of our work and the significant transactions we were undertaking that Pawel and the Shearman’s team assisted and/or led on.’

‘Pawel Szaja is simply one of the best in the business. His technical knowledge, market understanding, and deal experience is second to none. His ability to work and collaborate with us as his client was instrumental in the success of each of our transactions. He preempted all scenarios while ensuring he educated us along the way so that we were fully aware of all risks and then managed them for us in all aspects of his deliverables. He always delivered on time and even during the most difficult of negotiations, he managed 3rd parties and us with complete professionalism, confidence and assurance.’

Key clients

Abu Dhabi National Oil Company


ADNOC L&S


Borealis


Borouge


Bank of America Securities


Goldman Sachs


Emirates NBD


Citigroup


HSBC


EFG-Hermes


Work highlights


  • Advised Abu Dhabi National Oil Company (ADNOC), Borealis AG (Borealis) and Borouge plc (Borouge) in connection with the IPO of Borouge.
  • Advised BofA Securities, Goldman Sachs, ENBD, Citigroup, HSBC and EFG-Hermes as joint bookrunners in connection with the AED 3.7 billion ($1 billion) IPO and listing on Dubai Financial Market (DFM) of Salik Company PJSC.
  • Advised ADNOC Logistics & Services plc (ADNOC L&S) and Abu Dhabi National Oil Company (ADNOC) P.J.S.C. as selling shareholder in connection with ADNOC L&S’ initial public offering and listing on the Abu Dhabi Securities Exchange (ADX).

Simmons & Simmons Middle East LLP

Simmons & Simmons Middle East LLP's team handles a range of debt capital markets work and is a strong choice for banks and financial institutions in the region. In recent work, the group has advised on unique Tier 2 bond issuances in the UAE and debt structurings involving clients based in the Qatar Financial Centre. Lee Irvine is active in international Sukuk transactions and debt offerings and equity capital markets. Muneer Khan brings astute regulatory know-how to a range of capital market mandates.

Practice head(s):

Muneer Khan; Lee Irvine


Key clients

Merrill Lynch International


Citibank N.A., London Branch


Standard Chartered Bank


HSBC Bank plc


Dukhan Bank


Qatar Islamic Bank


Riyad Capital


Capital Bank of Jordan


ADCB


Arabian Drilling Company


The Commercial Bank (P.S.Q.C.)


Work highlights


  • Advised the Joint Lead Managers (Abu Dhabi Commercial Bank PJSC, Barclays Bank PLC, Emirates NBD Bank PJSC, First Abu Dhabi Bank PJSC, Mashreqbank psc and Mizuho International plc) as to English and Dubai law in respect of the issuance of U.S.$500,000,000 Fixed Rate Resettable Tier 2 Capital Securities due 2033 by Mashreqbank psc.
  • Advised the dealers (Emirates Islamic Bank PJSC, Emirates NBD Bank PJSC and Standard Chartered Bank) and the delegate (Citibank, N.A., London Branch) as to English law on the update of Emirates Islamic Bank PJSC’s U.S.$2.5 billion Certificate Issuance Programme (issuer being EI Sukuk Company Limited) and advised the joint lead managers (Dubai Islamic Bank PJSC, Emirates NBD Bank PJSC, First Abu Dhabi Bank PJSC and Standard Chartered Bank) and co-manager (Commercial Bank of Dubai) on the immediate AED 1 billion dirham-denominated sukuk drawdown immediately thereafter.
  • Advised the arranger and the dealers on the update of Abu Dhabi Commercial Bank PJSC’s U.S.$15,000,000,000 global medium-term note programme and green bond issuance thereunder.