Executive summary: The linked memorandum identifies the issues facing financial institutions that do not have sufficiently positive and proactive relationships with their regulators to influence the ways in which new regulatory principles and rules will be applied to them, explains how some of the traditional responses of financial institutions to regulatory change are now outdated, … Continued
Highlights: The Supreme Court of Canada issued a unanimous decision that the proposed federal Canadian Securities Act, as currently drafted, is unconstitutional as it is not a valid exercise of the Federal Government’s power to regulate trade and commerce. The Court expressly noted that there were specific aspects of the Act aimed at addressing matters … Continued
Highlights: One of the key drivers of the M&A sector in Spain in 2011 was the restructuring of the Spanish financial sector. This process is still ongoing and represents an opportunity for foreign investors interested in acquiring strategic interests in the Spanish banking sector, entering the market on a stand-alone basis through asset purchases or … Continued
Highlights: As we enter 2012 and as the U.S. economy continues to stabilize, there appears to be a growing sense of optimism about further recovery in the M&A market. Greater perseverance and transactional creativity and sophistication will continue in 2012 as parties seek to manage and allocate risks in a structured manner in an environment … Continued
Click here to see the Review Executive Summary/Highlights: During the first half of 2011, global M&A continued the resurgence that began in the second half of 2010, but markets cooled in the second half of 2011, resulting in aggregate volume of US$2.38 trillion in 2011 (down 7% compared to 2010). Stock market volatility, fear of … Continued
Executive Summary/Highlights: An amendment to the Austrian Foreign Trade Act (FTA), in force since 8 December 2011 subjects the acquisition of certain interests in enterprises in specific industries (including telecoms and energy) by non-EU, non-EEA and non-Swiss persons, to review and approval by the Austrian Ministry of Economic Affairs Approval must be sought before entering … Continued
Highlights: Offer and acceptance letters’ inclusion of phrase “subject to contract” was , in the context of the factual matrix, found to make clear the intent of the parties that they were not to be contractually bound until a formal agreement was negotiated and executed. While the Court in this case found that no contract … Continued
MAIN ARTICLE The Tax on Financial Transactions (“IOF”) is a Brazilian umbrella-type tax comprising different tax modalities, each levied on a different type of financial transaction that is carried out in Brazil. The IOF taxes are regarded as “extrafiscal”, meaning that they have economic and financial purposes other than those strictly related to the collection … Continued
Highlights: Low gearing, strong earnings and good capital availability supported an ideal environment for mergers & acquisitions (M&A) in the first half of 2011. However, jittery markets and dropping confidence caused activity to slow in the third quarter. While deal values in the first nine months of 2011 are up 67% on the same period … Continued
Executive Summary/Highlights: Susan Ning’s last post explained China’s new National Security Review Process. This post makes the case that, despite foreign investors’ fear that the new process is yet another tedious regulatory and “protectionist” hurdle to doing deals in China, the process is in fact quite similar processes in the Western world, including the United … Continued
