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Global rules on foreign direct investment (FDI)
Cross-border acquisitions and investments increasingly trigger foreign direct investment (FDI) screening requirements.
The doctrine of in pari delicto bars a party that has been damaged as a result of its own intentional wrongdoing from recovering those damages from “another party whose equal or lesser fault contributed to the loss.” Rosenbach v. Diversified Grp., 85 A.D.3d 569, 570 (1st Dep’t 2011).
The doctrine finds its roots in two rationales. First, courts are not inclined to interject and resolve “a dispute between two wrongdoers” as in pari delicto seeks to avoid the courts from becoming the “referee between thieves.” Kirschner v. KPMG, 15 N.Y.3d 446, 464 (2010). Second, the doctrine denies judicial relief to the one engaged in illegal conduct. Bateman Eichler, Hill Richards v. Berner, 472 U.S. 299, 306 (1985).
The term comes from the Latin maxim “in pari delicto potior est conditio defendentis,” which means “in a case of equal or mutual fault … the position of the defending party … is the better one.” While the doctrine’s original focus was on illegal acts and illegal contracts, as discussed below, it has since been significantly expanded to other types of wrongdoing, including civil wrongs.
Read the full article from New York Law Journal, "Conduct that falls within the doctrine of "in pari delicto"."
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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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