Expert Analysis

• How FCA Listing Regime Reform Proposals Are Developing

  

  The Financial Conduct Authority’s recently proposed U.K. equity listings reforms maintain increased flexibility with a disclosure-based approach, but much of the new regime’s success will depend on the eligibility criteria used and whether additional governance will be required for inclusion, say lawyers at Debevoise.

• US And UK Law Firms Continue Trend Of EU Expansion

  

  A broad spectrum of U.S. and U.K. law firms are now seeking fresh opportunities in Europe's fastest growing and constantly evolving sectors by opening offices in strategic locations across the continent, says James Lavan at Buchanan Law.

• A Look At 2023's Landmark Insolvency Developments

  

  The insolvency landscape in 2023 witnessed pivotal court decisions that will continue to shape the industry in 2024, with a focus on refining director and administrator duties and obligations, and addressing emerging challenges, says Kerri Wilson at Ontier.

• Regulating Digital Platforms: What's Changing In EU And UK

  

  Lawyers at Mayer Brown assess the status of recently enacted EU and U.K. antitrust regulation governing gatekeeper platforms, noting that the effects are already being felt, and that companies will need to avoid anti-competitive self-preferencing and ensure a higher degree of interoperability than has been required to date.

• An Overview Of European Private Investments in Public Equity

  

  Although still fairly rare, private investments in public equity may continue to be an attractive option for some European issuers seeking to secure equity financing, and advisers planning such an investment should consider the various local options, requirements and norms, say lawyers at Sullivan & Cromwell.

• UK Takeover Code Changes: Key Points For Bidders, Targets

  

  Newly effective amendments to Rule 21 of the U.K. Takeover Code, which remove legal and administrative constraints on a target operating its business in the ordinary way during an offer, will add clarity for targets and bidders, and are likely to be welcomed by both, say lawyers at Davis Polk.

• EU Rejection Of Booking.com Deal Veers From Past Practice

  

  The European Commission's recent prohibition of Booking's purchase of Etraveli based on ecosystem theories of harm reveals a lower bar for prohibiting nonhorizontal mergers, and may mean increased merger scrutiny for companies with entrenched market positions in digital markets, say lawyers at Linklaters.

• What Lawyers Can Learn From FDI Screening Report Findings

  

  The recent European Commission report on the screening of foreign direct investments into the EU reveals how member states need to balance national security concerns with openness, and with more cross-border transactions subject to screening, lawyers must be alert to jurisdictional variances, says Jonathon Gunn at Faegre Drinker.

• UK Review May Lead To Lower Investment Screening Burden

  

  The government’s current review of national security investment screening rules aims to refine the scope of mandatory notifications required for unproblematic deals, and is likely to result in much-needed modifications to minimize the administrative burden on businesses and investors, say lawyers at Simpson Thacher.

• Tools M&A Deal Makers Can Use To Bridge Valuation Gaps

  

  As macroeconomic headwinds reset valuation expectations, parties to merger and acquisition are increasingly looking to methods such as earnouts, vendor financing and minority transactions to bridge the valuation gap and get deals done, says Philip Herbst at Cleary.

• Takeaways From The CMA's Green Collaboration Guidance

  

  Recently published Competition and Markets Authority guidance on the application of competition law to environmental sustainability agreements should remove barriers for businesses that want to collaborate on environmental sustainability without breaking the law, say attorneys at Eversheds Sutherland.

• What The Anti-Coercion Instrument Will Bring To The EU

  

  Vassilis Akritidis and Jean-Baptiste Blancardi at Crowell & Moring discuss why the European Union recently adopted a report on the anti-coercion instrument to reform its trade legislation, how the instrument will be used to respond to unfair economic pressure from third countries, and how businesses can impact the EU's decision making.

• CMA Report On AI May Lead to Greater Competition Control

  

  The U.K. Competition and Markets Authority’s recent report on artificial intelligence foundation models is a sign that developers could face increased merger control and antitrust enforcement, and businesses should be mindful of these views to ensure that their models do not come under investigation, say attorneys at Morgan Lewis.

• Recent Trends In European ESG-Related Shareholder Activism

  

  New ESG reporting standards in the European Union, as well as recent climate change, board diversity and human rights cases, illustrate how shareholder activism may become more prominent in years to come as regulation and investor engagement continues to strengthen, say lawyers at Debevoise.

• Employer Due Diligence Lessons From Share Scheme Case

  

  The Scottish Court of Session recently confirmed in Ponticelli v. Gallagher that the right to participate in a share incentive plan transfers to the transferee, highlighting the importance for transferee employers to conduct comprehensive due diligence when acquiring workforce, including on arrangements outside the employment contract's scope, say lawyers at McDermott.