Section 546(e) of the US Bankruptcy Code provides a “safe harbor” that protects certain settlement payments and other financial transactions from challenge in the event that a party subsequently files a case under the US Bankruptcy Code. The purpose of the safe harbor is to provide stability for the financial and securities markets. However, the courts are divided on the scope of Section 546(e). This program will address the reach of the safe harbors and whether they cover equitable claims based on non-US law; the extent to which a financial institution or financial participant must have been involved in the transaction in order for the safe harbors to apply; and other recent developments concerning the safe harbors. Please join Madlyn Gleich Primoff, David Livshiz, and Henry Hutten from Freshfields Bruckhaus Deringer US LLP for a discussion of the scope of Section 546(e), and the risks and opportunities presented by the recent developments in this area.