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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 | January 19, 2022
In another blow to the cooperative spirit between private businesses and federal regulators, the Federal Trade Commission (the “Commission”) issued its “Statement of the Commission on Use of Prior Approval Provisions in Merger Orders,” (the “Policy”) on October 25, 2021, announcing that it now intends to “routinely require[e] merging parties subject to a Commission order to obtain prior approval before closing any future transaction affecting each relevant market for which a violation was alleged . . . for a minimum of ten years.” Companies willing to enter into a consent decree with the Commission will now be required to subject future transactions to Commission review and approval without any of the statutorily prescribed rules governing merger review under the Hart-Scott-Rodino (“HSR”) Act; meaning the Commission can now review—and block—such transactions without complying with any statutory timeframe or substantive standards.
Special thanks to Tim Chung (New York) for his assistance in the preparation of this content.
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Cross-border acquisitions and investments increasingly trigger foreign direct investment (FDI) screening requirements.
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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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The private credit market and direct lending have grown and diversified immensely in the past decade, offering alternative sources and terms of debt compared to those historically provided by the syndicated leveraged loan and public issuance markets. Consequently, they are fast becoming pivotal components in the capital ecosystem, so much so that the Bank of England consider that the private credit market is currently responsible for approximately $1.8 trillion of debt issuance, which is four times its size in 2015. This growth has been particularly pronounced in Europe and the US but there has also been significant activity in Asia.
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