The UK government is considering steps to make the regime more business-friendly, while maintaining and refining essential national security protections.
The National Security and Investment Act 2021 (NSIA), the UK’s first...more
The Department of Business, Energy and Industrial Strategy also issued its annual report and further guidance that could help stakeholders navigate the new National Security and Investment Act 2021.
First Prohibition...more
Governments’ desire to control investments by businesses from purportedly hostile nations has led to more investments being stalled or blocked in recent years. Recent moves to tighten FDI screening rules during the COVID-19...more
The CMA’s efforts to make dynamic, forward-looking assessments of parties’ overlaps will only increase post-Brexit.
Dealmakers must be alert to the increasingly interventionist approach of the UK’s Competition and Markets...more
Emerging companies have historically been backed by venture capital funds, but as Europe’s startup scene matures, involvement by more traditional private equity investors is growing, particularly in the tech, consumer, and...more
12/17/2020
/ Buyouts ,
Digital Health ,
Emerging Growth Companies ,
Emerging Technology Companies ,
Investors ,
Life Sciences ,
Private Equity ,
Private Equity Firms ,
Startups ,
Target Company ,
Technology Sector
Investors should plan today for the UK’s National Security and Investment Bill.
On 11 November 2020, the UK government published the draft of its long-awaited National Security and Investment Bill (the NSI Bill). The...more
Amid FDI screening regime expansion, deal teams have opportunities to capitalise on newly available exemptions, but must beware novel complexities.
US intervention in the proposed acquisition of hotel-software company...more
Whereas COVID-19 is likely to delay review timelines of many M&A deals, it may also make some approvals easier.
Key Points:
..COVID-19 will undoubtedly impact review timelines of mergers. Competition authorities may ask...more
What does the UK’s exit from the EU on 31 January mean for parties’ deal planning?
Key Points:
..On 23 January 2020, the UK passed legislation to leave the EU on 31 January 2020 under the terms of the Withdrawal Agreement...more
1/29/2020
/ EU ,
European Commission ,
Filing Requirements ,
Jurisdiction ,
Merger Controls ,
Mergers ,
Transitional Arrangements ,
UK ,
UK Brexit ,
UK Competition and Markets Authority (CMA) ,
Withdrawal Agreement
Companies must mitigate risks to antitrust privilege posed by cross-border megadeals and increased regulatory demand for documentation.
A strong M&A market has driven a high volume of megadeals across the globe in recent...more
10/29/2019
/ Acquisitions ,
Antitrust Provisions ,
Attorney-Client Privilege ,
Contract Terms ,
Corporate Counsel ,
Cross-Border Transactions ,
EU ,
European Commission ,
Jurisdiction ,
Mergers ,
Regulatory Agencies ,
Risk Management ,
UK ,
UK Competition and Markets Authority (CMA)
The FCA found that three asset managers breached competition law by sharing information in relation to securities offerings.
Key Points:
..The decision gives market participants some helpful indications as to what kinds...more
As the UK Competition and Markets Authority (CMA) prepares to assume sole jurisdiction for UK competition reviews post-Brexit, M&A deal teams must evaluate the competitive consequences of deals bridging the Brexit period and...more
1/11/2019
/ EU ,
European Merger Control Regulation ,
Jurisdiction ,
Member State ,
Merger Controls ,
Mergers ,
Risk Management ,
Strategic Planning ,
UK ,
UK Brexit ,
UK Competition and Markets Authority (CMA)
In June 2018, the UK adopted new powers to review certain technology related deals on national security grounds, extending the scope and breadth of its control regime to those that concern computing hardware, or quantum...more
1/11/2019
/ Acquisitions ,
CFIUS ,
Critical Infrastructure Sectors ,
Emerging Technology Companies ,
EU ,
FIRRMA ,
Foreign Investment ,
Germany ,
Merger Controls ,
Mergers ,
National Security ,
Technology Sector ,
UK ,
UK Brexit ,
UK Competition and Markets Authority (CMA)
The UK government has assumed an increasingly interventionist approach to foreign takeovers in recent years. In June 2018, the UK adopted new powers to review deals on national security grounds, extending the scope and...more
UK government publishes “no deal” Brexit notice on mergers and antitrust — Latham lawyers analyse the practical implications for affected parties.
The UK’s expected separation from the European Union (EU) on 29 March 2019...more
By Jonathan Parker and Greg Boneé As the UK Competition and Markets Authority (CMA) prepares to assume sole jurisdiction for UK competition reviews post-Brexit, private equity deal teams must evaluate the competitive...more
The expansion of the UK government’s foreign investment review powers will require additional scrutiny of potential deals for the early identification of additional steps in the regulatory approval strategy.
Key...more
Buyers of businesses that produce military or dual-use goods, certain aspects of computing hardware, or quantum technology for supply in the UK should carefully assess the risk of governmental intervention if their targets...more
The Court of Justice of the European Union (CJEU) has handed down its much-anticipated judgment in Case C-230/16 Coty Germany GmbH v Parfümerie Akzente GmbH (Coty). The case concerns the legality of a prohibition of sales on...more
The Competition & Markets Authority (CMA) has imposed a £20,000 fixed penalty on Hungryhouse Holdings Limited (Hungryhouse). The CMA imposed the penalty under Section 110 of the Enterprise Act 2002 (EA02) for failure to...more
Growing economic nationalism is threatening to impact M&A across Europe, as governments and regulators take an increasing interest in “foreign” acquisitions of nationally important companies. Deal teams have previously...more
Case sends “a strong signal to companies about...critical compliance obligations” according to the CMA’s Executive Director of Enforcement.
Key Points:
- The case marks the first time in the UK that a fine was imposed...more
Growing economic nationalism is threatening to impact M&A across Europe, as governments and regulators take an increasing interest in “foreign” acquisitions of nationally important companies in the name of national security....more
On 2 August 2017, the UK Competition and Markets Authority (CMA) launched a consultation on proposals to amend the Office of Fair Trading’s 2012 guidance as to the appropriate amount of a penalty for infringements of the...more
The Competition Appeal Tribunal (the “CAT”) in the UK heard on 17 January 2017 an application by Flynn Pharma Ltd and Flynn Pharma (Holdings) Ltd (together “Flynn”) to suspend the Competition and Markets Authority’s (the...more