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Asset Management Regulatory Roundup - September 2017 - Issue 6

by Dechert LLP on

A compact summary of the most recent regulatory developments relevant to the UK asset management industry. This issue includes details on Brexit: Impact on cross-border financial services contracts; cryptocurrency: initial...more

New EU Law on the Screening of Foreign Direct Investments in Europe

• The European Commission has released a set of documents, including a proposal for an ‘FDI Regulation,’ which sets out an EU framework for screening foreign direct investments. • This proposal would grant the European...more

CMA Investigates Asset Management Sector

by Dechert LLP on

Following the UK Financial Conduct Authority’s (FCA) final report on the asset management market study in June 2017, it has decided to make a Market Investigation Reference to the Competition and Markets Authority (CMA) on...more

German Government Expresses Reservations About Alleged Anti-Competitive Effects of Common Ownership

by Dentons on

In July 2017, the German Government released a statement on common ownership. The statement responds to a report by the German Monopolies Commission (an independent advisory body composed of experts which publishes regular...more

Only 'full-function' joint ventures subject to EU merger control: C-248/16 Austria Asphalt v Bundeskartellanwalt

by DLA Piper on

On 7 September 2017 the EU Court of Justice ruled that the creation of a joint venture is subject to merger control only where the target company is 'full-function' - i.e. an autonomous economic entity. The Court clarified...more

EU Court Decides EU Merger Control Can Only Catch Joint Control Transactions If the Resulting Entity Is ‘Full-Function’

by Shearman & Sterling LLP on

On September 7, 2017, the European Court of Justice (ECJ) decided that, where joint control is acquired over a new or existing undertaking (or parts of an undertaking), that transaction can only fall within the scope of the...more

New rules on merger control in Italy

by DLA Piper on

The annual competition act for 2017 (Law n. 124 of 4 August 2017, published in the Official Journal on 14 August 2017; hereinafter “2017 Competition Act”) has amended – with effect from 29 August 2017 – the requirements that...more

New turnover thresholds for the prior notification of mergers (Italian)

by Dentons on

A partire dal 29 agosto 2017, si applicheranno nuove soglie di fatturato per la notifica preventiva delle operazioni di concentrazione all’Autorità Garante della Concorrenza e del Mercato (“AGCM”). Le nuove soglie sono...more

New turnover thresholds for the prior notification of mergers in Italy

by Dentons on

As of August 29, 2017, new turnover thresholds will apply for the prior notification of mergers to the Italian Competition Authority (ICA). The new thresholds have been set by Law n. 124/2017 of August 4, 2017 (Annual...more

The World In U.S. Courts - Summer 2017

Bolivarian Republic of Venezuela v. Helmerich & Payne International Drilling Co., US Supreme Court, May 1, 2007 - Plaintiff Helmerich & Payne (H&P), a supplier of drilling equipment, sued Venezuela to obtain compensation...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The 2d Circuit has upheld by a 2-1 margin the insider-trading conviction of former SAC Capital Advisors portfolio manager Mathew Martoma. Martoma’s counsel had challenged the propriety of the jury instructions in light of the...more

Everything Compliance-Episode 16, review of the book The Chickenshit Club

by Thomas Fox on

In this episode, the Everything Compliance trio of Matt Kelly, Jay Rosen and Tom Fox unpack our first book review. We consider the recently released The Chickenshit Club by Jesse Eisinger and it may mean for the compliance...more

Across the Board-Episode 1, the Uber Board

by Thomas Fox on

In this inaugural podcast of Across the Board, I consider the Holder Report to the Uber Board of Directors, which led to the resignation of CEO Travis Kalanick. In June, the law firm of Covington & Burling LLP (Covington),...more

State regulation of foreign investments in Russia to undergo major changes

by Dentons on

The Russian Federation State Duma is adopting two draft laws at the same time amending the Strategic Investments Law. Contrary to the statements by Federal Antimonopoly Service representatives about “selective improvement” of...more

NDRC’s Probe of the Foreign Finance Sector May Signal Increased Antitrust Enforcement Risks Related to SSA Market and Beyond

by Ropes & Gray LLP on

Recent press reports in China have indicated that China’s National Development and Reform Commission (NDRC), one of China’s three antitrust regulators, is launching an inquiry into firms in the foreign finance sector to...more

Financial Services Weekly News - June 2017 #2

by Goodwin on

Editor's Note - Financial Regulatory Reform Picks Up Speed. The Trump administration, which views burdensome and costly regulation as a significant impediment to lending and economic growth, has consistently maintained...more

Spain Reorganises its National Regulatory Authorities to Comply with EU Guidelines

by Latham & Watkins LLP on

The Spanish government recently passed a draft bill for the “ rationalization and organization of the supervising regulatory bodies of the markets and the improvement of its governance” (the Draft Bill). The bill aims to...more

Everything Compliance-Episode 11, the first 100 Days of the Trump Administration, Part II

by Thomas Fox on

In this second of a two-part series, we conclude the panel’s discussion of the first 100 days of the Trump administration as it relates to compliance. This episode concludes with the panelists’ rants. 1. Matt Kelly opens...more

Australia Adds Indemnities and Limitations of Liability

by Jones Day on

Recent amendments to the Australian Securities and Investments Commission Act 2010 (Cth) ("ASIC Act") and the Competition and Consumer Law Act (Cth) ("CC Act") extended the unfair contract terms regime, which previously...more

Buy and Build Strategy Increases Antitrust Risk for Private Equity

by Latham & Watkins LLP on

Private equity firms have sought a greater number of buy and build opportunities in recent years, amid high valuations and competition for primary deals. In our view such deals carry higher antitrust risks and warrant careful...more

"Southern District Decision Highlights Challenges for Private Litigants Pursuing Manipulation Claims Under the CEA"

The U.S. District Court in the Southern District of New York recently dismissed a class action lawsuit alleging that Total, S.A., Total Gas & Power North America, Inc., and Total Gas & Power Limited (collectively, “Total”)...more

A "reasonable basis" for FPRs: what to expect this renewal season from state franchise examiners in light of the proposed NASAA...

by DLA Piper on

Last fall, the North American Securities Administrators Association Inc. (NASAA) issued a notice of request seeking public comment on an updated proposed financial performance representations (or FPR) Commentary. The Federal...more

European Commission Blocks Merger of London Stock Exchange and Deutsche Börse

On 29 March 2017, the same day that United Kingdom has officially launched the Brexit process, the European Commission (Commission) blocked the proposed 29 billion Euro merger between Deutsche Börse AG (DBAG) and London Stock...more

“Horizontal Shareholding:” Is Oligopoly Pricing a Symptom or the Disease?

by Foley & Lardner LLP on

In 2008, the U.S. Department of Justice’s Antitrust Division (“DOJ”) let Delta Air Lines merge with Northwest Airlines. Two years later, in 2010, the DOJ cleared United Airlines’ acquisition of Continental Airlines, after the...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Uber’s board is sticking with the devil it knows. And that means that CEO Travis Kalanick’s safe where he is, despite a few pretty awful months for the ride-hailing company and promises to change the company culture....more

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