Publication
Global rules on foreign direct investment (FDI)
Cross-border acquisitions and investments increasingly trigger foreign direct investment (FDI) screening requirements.
Global | Publication | January 2018
The government announced in December 2017 that, as part of its new Anti-corruption Strategy, it will publish a draft bill during the current parliamentary session to establish a public register of the beneficial ownership of overseas legal entities owning, or wanting to buy, property in the UK. It has also just announced that the register will go live by early 2021.
A key driver for the proposed new register is to try to ensure that the UK property market is seen as fair, transparent and clean. On the other hand, the government is conscious of the need to strike the right balance, so that the register does not deter foreign investment in the UK.
Comments on proposals for such a register were invited last year. These included that:
Once in place, the register will supplement the existing “Persons of Significant Control” (PSC) regime which came into effect in the UK on 6 April 2016. This requires certain UK companies (and other legal entities) to keep a register of people with significant control over the company and to record that information at Companies House.
For further information please contact Sian Skerratt-Williams or your usual contact at Norton Rose Fulbright.Publication
Cross-border acquisitions and investments increasingly trigger foreign direct investment (FDI) screening requirements.
Publication
On February 2, 2024, the Belgian Presidency of the Council of the European Union confirmed that the Committee of Permanent Representatives had signed the Artificial Intelligence (AI) Regulation, referred to as the AI Act. Approval by the EU Parliament followed on 13 March 2024, and the AI Act is likely to appear in the EU’s Official Journal around May 2024. The AI Act aims to establish a stringent legal framework governing the development, marketing, and utilisation of artificial intelligence within the region, thereby marking a significant advancement in the regulation of this burgeoning domain.
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