Expert Analysis

• Link Ruling Shows FCA's Wide Change-In-Control Powers

  

  The Financial Conduct Authority's recent decision regarding the proposed acquisition of Link Fund Solutions is a reminder that the regulator has significant powers to attach conditions to its approvals and the advent of the Financial Services and Markets Bill could lead to the widening of those powers, say Charlotte Hill and Daniel Hirschfield at Taylor Wessing.

• Takeaways For Transaction Parties After UK Acquisition Block

  

  The U.K. government recently used its retrospective powers under the National Security and Investment Act for the first time to block Nexperia’s acquisition of Newport Wafer Fab, highlighting the considerations that parties have to evaluate when contemplating transactions in high-risk areas, say attorneys at Arnold & Porter.

• Understanding The EU's New Foreign Subsidies Regulation

  

  The European Parliament’s newly adopted Foreign Subsidies Regulation extends already wide-ranging European Union state aid powers and adds new layers of deal conditionality, so companies will need to carefully consider how the regulation may affect their EU-bound activities, say Peter Camesasca and Sophie Bertin at Covington.

• A Look At The Increase In Employee Ownership Trusts

  

  The rise in employee ownership trusts has brought certain challenges, but with tax advantages and a proven positive impact on individuals, businesses and regional economies, employee buyouts are set to become more popular and could outstrip mainstream deal activity, says ​​​​​​​Lisa Hayward at Birketts.

• EU Basel III Bank Reforms May Weaken Securities Market

  

  Recent proposals from the Council of the European Union's review of Basel III bank capital regulatory reforms did not adopt substantive changes urged by the market for the securitization framework, and may have a dampening effect on the competitiveness of European securitizations, say attorneys at Hogan Lovells.

• 5 Factors Driving Longer Prenotifications In EU Mergers

  

  Attorneys at Linklaters discuss reasons, including transaction complexity and a higher standard of proof, why the duration of the prenotification process in European Commission merger control cases has generally increased over the last 10 years, say attorneys at Linklaters.

• Series

  My Favorite Law Prof: How I Learned To Argue Open-Mindedly

  

  Queens College President Frank Wu reflects on how Yale Kamisar’s teaching and guidance at the University of Michigan Law School emphasized a capacity to engage with alternative worldviews and the importance of the ability to argue for both sides of a debate.

• New Clarity On Directors' Creditor Duty In Insolvency Context

  

  The recent case of BTI 2014 v. Sequana, the first to consider the creditor duty at U.K. Supreme Court level, provides directors and insolvency practitioners with significant guidance on how close to insolvency the company needs to be for the creditor duty to be engaged, say attorneys at Shearman.

• German Draft Bill Reflects Trend Toward New Antitrust Tools

  

  A recently proposed amendment to the German Act against Restraints on Competition continues the trend in Europe to equip authorities with greater powers, shifting from a more traditional approach to a more extensive market protection tool, say attorneys at Gibson Dunn.

• How COVID, Supply Chain Woes Are Fueling Air Cargo M&A

  

  The pandemic has triggered a shift in the air cargo market, with supply chain issues and demand for expedited service attracting new investment — and M&A interest will likely continue, even as inflation and other factors damp enthusiasm, say Solange Leandro and Alison Weal at Watson Farley.

• What To Expect From A Simplified EU Merger Control System

  

  The European Commission’s draft amendments to the EU merger control system, expected to be formally adopted shortly, reduce its administrative burden and expand the scope of the simplified procedure to additional categories of transactions, providing a welcome development for companies and their advisers, say Axel Gutermuth and Lukas Šimas at Arnold & Porter.

• How The Pandemic And UK Security Law Are Changing Deals

  

  Deal makers must consider how the COVID-19 pandemic has shaped the approach to material adverse change provisions in the U.K. and U.S., and how the new U.K. National Security and Investment Act regime will affect investors across the globe seeking to acquire material influence in a U.K. company, say attorneys at Covington.

• 3 Foreign Investment Issues Affecting Cross-Border Deals

  

  Now more than ever, managing the increasingly complex foreign direct investment considerations for successfully completing cross-border transactions requires parties to be attentive to the evolving regulatory landscape, particularly in the U.K. and EU, say Chase Kaniecki and William Dawley at Cleary.

• A Review Of The New UK Financial Services And Markets Bill

  

  In revoking retained EU law and replacing it with U.K.-specific legislation, the new Financial Services and Markets Bill should mean a less cumbersome and more accessible regulatory regime than the existing patchwork of requirements, with provisions that address consumers’ concerns that they were not adequately protected, say attorneys at Ashurst.

• Tracking The Global Move Toward Tighter Mergers Scrutiny

  

  The recent merger control case of Vivendi and Lagardère in France is indicative of a global trend of competition authorities applying stricter standards to concentrations and pursuing an increasingly aggressive enforcement agenda, particularly in the media sector, says Jérémie Marthan at White & Case.