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Ireland
On 31 October 2023, the Screening of Third Country Transactions Act 2023 (the “Act”), which establishes a new foreign direct investment ("FDI") screening regime in Ireland, was enacted.
Global | Publication | January 2018
The government has announced that it intends to tackle what it considers to be unfair practices in the residential leasehold market “as soon as Parliamentary time allows”.
Statistics show that there has been an increasing trend of developers selling new-build houses as leasehold, as opposed to the more traditional freehold ownership. One motive for this in many cases is to generate an additional income stream from the ground rents payable when a house is leasehold, with that income stream often sold on to investors.
Another recent trend is a significant increase in the cost of ground rents for long residential leases, which traditionally have been nominal. Such increases can create an unforeseen financial burden for the owner and make the property harder to sell or to mortgage, particularly as mortgage lenders are increasingly wary of such onerous terms.
Following a consultation that elicited over 6,000 responses, the government has announced a series of measures to tackle these issues in England. They include:
Houses built on land that is subject to an existing lease cannot be sold as freehold. The government’s answer to this is to propose a ban on the sale of leasehold houses on land that was not subject to an existing lease at the date of the announcement: 21 December 2017.
Once enacted these measures will clearly have a major impact on new – and some aspects of existing - residential developments. We will report further when flesh has been put on the bones of the proposals and a timetable for implementation is announced.
For further information please contact Sian Skerratt-Williams or your usual contact at Norton Rose Fulbright.Publication
On 31 October 2023, the Screening of Third Country Transactions Act 2023 (the “Act”), which establishes a new foreign direct investment ("FDI") screening regime in Ireland, was enacted.
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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 conventional wisdom is that ‘securitisation caused the great financial crisis’ (GFC). A further piece of conventional wisdom is that this was due to the misalignment of incentives between securitisation originators and securitisation investors . This conventional wisdom in turn drove much of the regulation of securitisation we now have.
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