Legal Regimes

Highlights: Following two important circulars regulating outbound investments made by central State-owned enterprises (SOEs) issued in the middle of 2011, SASAC issued a new circular on 18th March 2012 to provide further elaborations on certain specific requirements and to further enhance the supervision on SOEs’ outbound investments.     Among other supervisory measures lately adopted by … Continued

Highlights: The Singapore Code on Take-overs and Mergers was amended with effect from 9 April 2012. The main changes include updating the Code to incorporate current practices on the takeover of real estate investment trusts and business trusts, setting out when collective shareholder action amounts to acting in concert, and dealing with joint offers and … Continued

Highlights: A framework for reviewing foreign M&A transactions which may contain a national security component has been established under several pieces of legislation. The legislation contains a relatively high-level outline of the filing procedure, application documents, as well as a timeline of the review process. The Chinese authorities maintain broad discretion to conduct national security … Continued

Executive summary: The U.K .government confirms the anticipated merger of the Competition Commission and the competition functions of the OFT into a single Competition and Markets Authority (“CMA”) to be effective by April 2014.  The U.K. government has decided to retain the current voluntary regime of merger notifications, albeit with a tightening of administrative measures. … Continued

Highlights: A review of the Swedish Takeover Rules has resulted in a proposal to amend and update the Rules in a number of respects including, deal protection, top ups, and the put up or shut up regime. The revision has also resulted in the codification of a number of Securities Council statements including disclosure of … Continued

Executive summary: The following article Trends in Merger Control analyses the principles and trends enunciated by the Competition Commission of India (“CCI”) in the merger control orders passed to date. Introduction: Legal Framework The merger control regime in India is governed by the provisions of the Competition Act, 2002 (“Act”) along with the Competition Commission … Continued

Highlights:  This article looks at the legal processes involved in amalgamating (merging) two public joint stock companies listed on either of the main stock exchanges in the UAE. The Companies Law provides that an amalgamation can be implemented either by an “acquisition” or by a “merger”. One of the two main stock exchanges, the ADX, … Continued

Executive summary: The attached memorandum provides an overview of the process for making legislation in the European Union which, once made, will either apply directly to the UK or which the UK government is required to transpose into UK domestic law. Click here to read the Memorandum

Highlights: The new Foreign Investment Industrial Guidance Catalogue encourages foreign investment in more areas by removing several restrictions and adding several encouraged industries.  Caps on foreign equity are lifted in some industries. The New Catalogue promotes investment in energy-saving, environmental protection, new-generation information technology, biology, high-end equipment manufacturing, new energy, new materials, and new energy … Continued

Highlights For the first time, the Italian Stock Exchange Commission applied a law of 2007 that enables it to order the launch of a tender offer, or impose a fine, for breach or circumvention of the mandatory tender offer rules. Previously the sanctions, which proved ineffective, consisted of a fine, the freezing of voting rights, … Continued