The widely reported lawsuit against Google, brought this week by the Department of Justice and 11 state attorneys general, marks the most significant antitrust enforcement action in the United States against a major technology company in two decades. As set out briefly below, the suit warrants careful consideration, both for what it alleges and what … Continued
The volatility in global markets caused by the COVID-19 pandemic and resulting economic uncertainty has put activist shareholders and defending against opportunistic bids at the top of the agenda for listed companies. We have set out below 14 key considerations relating to shareholder activism that Irish-incorporated listed companies should be focused on in the current … Continued
Executive Summary/Highlights: On 15 July 2020 the Austrian Parliament adopted a new Investment Control Act (Investitionskontrollgesetz, “ICA”). The new Act transposes the requirements under the EU FDI Screening Regulation and replaces the existing liberal regime under the Austrian Foreign Trade Act. Investment transactions lacking the required ICA approval will inter alia be null and void. Under the … Continued
On May 21, 2020, the United States Senate passed the Holding Foreign Companies Accountable Act (the “Bill”) with unanimous consent. If it becomes law, the Bill would apply to Chinese companies, among others, listed on U.S. securities exchanges and require them to comply with U.S. regulatory and audit standards and information sharing, notwithstanding that to … Continued
On May 11th, 2020 the Peruvian Government has modified certain provisions contained in the Peruvian Merger Control Legislation (“MCL”), originally approved by Urgency Decree N° 013-2019. Vacatio legis. The Peruvian Government deferred the application of the MCL (originally on August 20, 2020) until March 1, 2021. Concentrations occurring prior to said date will not be … Continued
The financial fraud committed by Nasdaq-listed Luckin Coffee Inc. (“Luckin Incident”) has sparked a heated discussion in the media and within relevant industries about whether the Chinese Securities Regulatory Commission (“CSRC”) will exercise long-arm jurisdiction pursuant to Paragraph 4 of Article 2[1] of the new Securities Law, implemented on March 1 of this year (“Securities Law”). … Continued
CONTRACTS / FORCE MAJEURE Is the COVID-19 pandemic (“Pandemic”) a force majeure event? A party may be excused for non-performance under a contract if the non-performance is a direct and immediate result of an event which constitutes an act of God or force majeure. Decrees by the Moscow mayor and regulations issued by heads of … Continued
The Coming Impact of ESG Recent months have seen institutional investors and other stakeholders, notably BlackRock and State Street, stressing the importance of comparable and decision-useful ESG disclosures by their portfolio companies. Such calls follow in the wake of growing interest among investors and other stakeholders in understanding and assessing the performance of companies based … Continued
*This article was originally distributed on January 21, 2020 In our annual forecast of the year ahead for Canadian competition and foreign investment review law, we evaluate how developments in 2019 will influence these areas of the law in 2020. We discuss below the main issues and trends to watch for this year. Continued Focus … Continued
Cross-Border M&A – 2020 Checklist for Successful Acquisitions in the United States M&A continued its robust pace in 2019, with nearly $3.9 trillion in global deal volume for the year, the third-highest volume of the last decade. The U.S. market was particularly strong, making up for relative weakness in Europe and Asia. The boom was … Continued