Podcast - Credit Funds: How PE Funds Can Address and Minimize Conflict When Expanding Into Credit
Major UK Listing Reforms Cut Red Tape for Listed Companies - The FCA’s radical overhaul of the UK’s listing framework came into effect on 29 July 2024. All premium listed commercial companies have automatically been...more
On 10 April 2024, the FCA published its consultation paper (CP24/7) on payment optionality for investment research. This followed the Investment Research Review’s report from summer 2023, which recommended that the FCA should...more
Following on from the consultation at the end of 2023, the FCA has published its changes to the Listing Rules sourcebook, chapter 8 (sponsors), which take effect immediately. The changes focus on how a sponsor or a person...more
On 15 September 2023, the Home Office announced significant increases to UK immigration and nationality fees, which came into effect on 4 October 2023. This increase has affected many different categories, including the...more
The CMA increasingly reviews PE mergers including historic roll-up deals, which will prompt sponsors to reassess merger control risks. The UK’s Competition and Markets Authority (CMA) is increasingly focused on...more
The UK Home Office has announced changes to the way certain details on the Sponsor Management System (SMS) can now be changed by sponsors. The new process should streamline requests and potentially reduce costs for employers...more
GP-led secondary deals — where a sponsor initiates the sale of portfolio companies from a fund it manages to a new fund it also manages — were a prominent feature of the private equity landscape in 2022, encouraged by...more
Consumer-facing companies face an increasingly complex UK regulatory landscape as multiple regulators place the spotlight on consumer rights and protections. A raft of new legislation is set to impact businesses and PE...more
The recent case of ABT Auto Investments Ltd v Aapico Investment Pte Limited and others [2022] EWHC 2839 (Comm) explores a lender’s rights to enforce share security by appropriating shares secured in its favour. The statutory...more
PE firms face growing regulatory and litigation risks from greenwashing claims as they navigate a fragmented anti-greenwashing landscape. Amid concerns of exaggerated or misleading sustainability claims, the UK Financial...more
The Home Office has updated the Sponsor Guidance on Workers and Temporary Workers on 9 November 2022. The guidance contains important information about obligations and compliance processes for UK sponsor licence holders....more
Sponsors are likely to explore share-based schemes and other plans to incentivise non-managerial staff. Incentivising management with sweet equity and co-investment opportunities is a tried and tested strategy for buyout...more
PE deal teams can increasingly access direct lending for large, cross-border buyouts but regulatory and structuring challenges across jurisdictions remain. Direct lending has long been a feature of the debt market, and...more
Under the new legislation, BEIS may block or impose conditions on deals. The UK’s National Security and Investment Act (NSI Act), is now officially in force, granting powers to the Secretary of State for Business, Energy...more
The FCA has published Primary Market Bulletin No.37 (PMB) with the findings of its review of conflict queries since the publication of Technical Note 701.3. In general, there have been fewer conflict queries but the review...more
1. Keep on top of reporting requirements - Sponsors are subject to continuous requirements to self-police their licences by monitoring the immigration status of their employees and reporting any changes. ...more
SPECIAL FOCUS: #Twitter at Ten: Ten Times Twitter Made Ad Law History - Ten years ago the world was introduced to Twitter, a microblogging site offering users the chance to express themselves just 140 characters at a...more
The Migration Advisory Committee (“MAC”) has published its recommendations following an in-depth review of Tier 2, which is the primary route for economic migration to the UK. The MAC is an independent advisory body...more
On September 26, the Financial Conduct Authority (FCA) published consultation paper CP14/21, incorporating its policy statement CP14/02 (sponsor competence) and other changes into the Listing Rules and Prospectus Rules....more