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Global rules on foreign direct investment (FDI)
Cross-border acquisitions and investments increasingly trigger foreign direct investment (FDI) screening requirements.
United States | Publication | March 2023
As shown in recent cases, parties successfully have fought off merger challenges in court when they can show that the government’s theoretical antitrust case is not supported by market realities. Demonstrating market realities is critical to both the government and the parties in antitrust merger litigation.
After taking the reins of the Federal Trade Commission (FTC) and the Antitrust Division of the US Department of Justice (DOJ), the respective heads of the Biden-era antitrust agencies promised to more aggressively investigate and block transactions based on theories that more “accurately reflect modern market realities” and capture “the rich complexity of the modern economy.” But, in some cases, the agencies vigorously pursued this aggressive strategy even where the market realities did not support their theories. This approach undoubtedly achieved the agencies’ desired goal of thwarting many transactions where the parties did not have the appetite or resources to engage in yearlong antitrust investigations followed by complex litigation and appeals. However, as shown in recent cases, parties successfully have fought off merger challenges in court when they can show that the government’s theoretical antitrust case is not supported by market realities. Demonstrating market realities is critical to both the government and the parties in antitrust merger litigation.
Read the full New York Law Journal article, "Proving market realities is crucial in antitrust merger litigation."
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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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