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Global rules on foreign direct investment (FDI)
Cross-border acquisitions and investments increasingly trigger foreign direct investment (FDI) screening requirements.
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United States | Publication | March 2020
Updated: March 30, 2020
As the US reacts and adjusts to the developing COVID-19 (coronavirus) situation, the two federal antitrust agencies – the Federal Trade Commission and the US Department of Justice Antitrust Division – have revised certain rules and procedures to their civil merger investigation processes to address these new challenges.
The FTC and DOJ have shifted most personnel to remote work arrangements, but agency staff have demonstrated a willingness to be reasonable and accommodating as both the agencies and merging parties navigate the developing impacts of COVID-19. The agencies are in the process of testing the full capacity of their remote work systems. Although our antitrust lawyers have received no indication this is the case, should agency IT systems be unable to support remote access volumes, agency staff may be forced to triage workload to accommodate system limitations. The FTC has indicated it will modify timing agreements where “an unmodified time period does not allow [the FTC] to address competitive concerns.”1 Similarly, the DOJ has indicated a willingness to “revisit its timing agreements with merging parties in light of further developments.” 2
Norton Rose Fulbright’s antitrust and competition team provides the following update regarding the state of US antitrust transaction reviews.
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Cross-border acquisitions and investments increasingly trigger foreign direct investment (FDI) screening requirements.
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European asset managers are excited about the revised European long-term investment funds (ELTIF) regime and hope that the greater flexibility for managing and distributing ELTIFs will open up new markets for their long-term investment strategies.
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The recent publication of the Investment Association’s Second Interim Report on Fund Tokenisation and regular news articles in the financial press evidence continued enthusiasm for the adoption of digital technologies such as tokenisation amongst players in the financial services markets. Indeed, the global market for tokenised real-world assets is already currently estimated to be around $600 billion and has been predicted to reach $16 trillion by 2030.
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