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Keeping your dawn raid guidance current
Unannounced inspections or ‘dawn raids’ are used by antitrust authorities to obtain evidence when there are suspicions that individuals or businesses have infringed the antitrust rules.
United Kingdom | Publication | December 2023
On December 7, 2023, the Regulator published the text of a speech recently given by its chief executive, Nausicaa Delfas, to the UK Finance Corporate Finance Committee dinner.
Ms Delfas highlighted that the Regulator’s anti-avoidance powers have been enhanced through the new criminal sanctions enacted under the Pension Schemes Act 2021. In relation to industry concerns about the scope of the criminal sanctions, she referred to the Regulator's published policy on their use, which she said means that the Regulator will only consider using them "in the most egregious cases".
Overall, Ms Delfas outlined three "takeaways" for corporates engaged in M&A activity.
Ms Delfas noted the government's intention to extend the notifiable events regime to include a new requirement for a declaration of intent to be submitted to the Regulator and trustees. The government will apparently bring forward the long-awaited final regulations “in due course".
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Unannounced inspections or ‘dawn raids’ are used by antitrust authorities to obtain evidence when there are suspicions that individuals or businesses have infringed the antitrust rules.
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The EU Foreign Subsidies Regulation, or FSR, is intended to prevent or remedy distortions of the EU internal market caused by “foreign” – meaning non-EU – subsidies benefitting companies active in the EU.
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The English High Court has given its judgment in the legal battle between FW Aviation (FWA) and VietJet Aviation Joint Stock Company (VietJet). This case revolved around the enforcement of leasing agreements for four Airbus aircraft and the alleged interference by VietJet in the aircraft’s repossession in Vietnam.
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