Expert Analysis

• What 2025 Holds For UK, EU Restructuring And Insolvency

  

  European Union and U.K. restructuring developments in 2024, with a new era of director accountability, the use of cramdown tools and the emergence of aggressive liability management exercises, mean greater consideration of creditors' interests and earlier engagement in restructuring discussions can be expected this year, says Inga West at Ashurst.

• What To Know As EU Urges Outbound Investment Reviews

  

  A recent European Commission recommendation urges European Union member states to review outbound investments in certain critical technologies sectors, but does not clarify the next steps for states once information on relevant transactions in third countries is received, say lawyers at Cleary.

• Competition Act Brings Important UK Merger Control Changes

  

  Although recently effective sections of the Digital Markets, Competition and Consumers Act provide clarity on the transactions that may attract Competition and Markets Authority attention, some reforms potentially expanding the regulator's scope may be concerning to transacting parties, say lawyers at Fried Frank.

• How GCs Can Protect Cos. From Geopolitical Headwinds

  

  Geopolitical uncertainty is perceived by corporate leaders as the biggest short-term threat to global business, but many of the potential crises are navigable if general counsel focus on what is being said about a company and what the company is doing, says Juliet Young at Schillings.

• What BT Ruling Will Mean For UK Class Actions

  

  The Competition Appeal Tribunal’s recent dismissal of a £1.3 billion mass consumer claim against BT, the first trial decision for a U.K. collective action, reminds claimants and funders of the high bar for establishing an abuse, and provides valuable insight into how pending mass consumer cases may be resolved, say lawyers at Ashurst.

• Navigating PRA's Data Request For Crypto-Asset Exposure

  

  The Prudential Regulation Authority’s recent data request for details on financial institutions' crypto-asset exposures should be used as an opportunity for firms to update their compliance procedures, and consider the future use of crypto-assets and related services, says James Wickes at RPC.

• Key Points From FCA Financial Crime Guide Updates

  

  The Financial Conduct Authority’s recent updates to its financial crime guide reflect the regulator’s learnings on sanctions following Russia's invasion of Ukraine, highlighting and clarifying consumer duty, anti-money laundering and other compliance expectations, say lawyers at Womble Bond.

• Tax Directive Marks Milestone In Harmonizing EU System

  

  The Council of the European Union’s recently adopted tax directive is a significant step toward streamlining and modernizing procedures for member states, and will greatly reduce administrative burden and compliance costs for cross-border investors, says Martin Phelan at Simmons & Simmons.

• Why Nonfinancial Misconduct Should Be On Firms' Radar

  

  Following a recent Financial Conduct Authority survey showing an increase in nonfinancial misconduct, the regulator has made clear that it expects firms to have systems in place to identify and mitigate risks, says Charlotte Pope-Williams at 3 Hare Court.

• What New UK Code Of Conduct Will Mean For Directors

  

  The Institute of Directors’ new voluntary code of conduct is intended to help directors make better decisions and enable U.K. businesses to win back eroded public trust, although, with no formal means of enforcement, its effectiveness could be limited, says Sarah Turner at Eversheds Sutherland.

• Russian Bankruptcy Ruling Shows Importance Of Jurisdiction

  

  The U.K. Supreme Court's recent decision not to assist a Russian receiver in Kireeva v. Bedzhamov will be of particular interest in cross-border insolvency proceedings, where attention must be paid to assets outside the jurisdiction, and to creditors, who must consider carefully where to apply for a bankruptcy order, say lawyers at McDermott.

• Russia Sanctions Spotlight: UK Guides Offer Support To Cos.

  

  The Office of Trade Sanctions Implementation’s recent guidance provides best practice suggestions that can help businesses mitigate the risk of their exports being targeted by Russian circumvention efforts, while noting that there is no one-size-fits-all approach to compliance, says Alexandra Melia at Steptoe.

• How Board Directors Can Adapt To Shifting Governance Tides

  

  With European Union regulatory initiatives trending toward a sharp focus on ESG reporting requirements and ramping up pressure on corporate boards, directors should play a more active part in ensuring business objectives are aligned with regulatory demands, says Kallia Gavela at Alvarez & Marsal.

• How Listing Act Measures Will Modernize EU Capital Markets

  

  The new European Union Listing Act, in line with the capital markets union initiative, aims to simplify market access for small and midsize enterprises, laying a foundation for a more integrated framework and representing a modernization milestone, say lawyers at Cleary.

• Forced Labor Imports Raise Criminal Risks For UK Retailers

  

  Last summer’s London appeals court ruling applying the Proceeds of Crime Act to products made with forced labor, potential legislative reforms and recent BBC allegations about Chinese produce harvested by Uyghur detainees suggest British importers and retailers should increase scrutiny of their supply chains, says Ian Hargreaves at Quillon Law.