Publication
Global rules on foreign direct investment (FDI)
Cross-border acquisitions and investments increasingly trigger foreign direct investment (FDI) screening requirements.
Australia | Publication | March 2021
This article was co-authored with Ann Matthias.
On 25 March 2021, the NSW Government enacted the COVID-19 Recovery Act 2021 (NSW) (COVID Recovery Act) which, amongst other changes, extends the period for carrying out building work or work, or demolition of a building or work that is subject of a development consent or infrastructure approval on weekends and public holidays without the need for any approval to 31 March 2022.
The introduction of the COVID Recovery Act further extends the operation of reforms which came into effect last year as a result of the COVID-19 pandemic in respect of weekend and public holiday construction work, which are summarised below. The purpose of the reforms was to facilitate social distancing by spreading construction work over more days in a week.
On 25 March 2020, the Environmental Planning and Assessment Act 1979 (NSW) (EPA Act) was amended, introducing sections 10.17 and 10.18 (EPAA Provisions). The EPAA Provisions granted legislative power, for a prescribed period, to the Minister for Planning and Public Spaces to authorise a development to be carried out without the need for development approval in the ordinary manner under the EPA Act or consent from another body.
The following orders were enacted pursuant to the EPAA Provision:
The effect of the Construction Work Day Orders was to permit the carrying out of any building work or work, or demolition of a building or work that is subject of a development consent on a Saturday, Sunday or public holiday without the need for any approval, provided that:
Prior to the introduction of the COVID Recovery Act, the Construction Work Day Orders originally had application for 6 months, however was later extended to 25 March 2021 with the introduction of section 294A of the Environmental Planning and Assessment Regulation 2020 (NSW).
This latest extension by a further 12 month period to 31 March 2022 acknowledges the continued impact of COVID-19 on construction sites. It will continue to provide businesses with greater flexibility to respond to changing needs and keep the economy moving during the COVID-19 pandemic, better equipping the industry to operate whilst minimising risk to productivity and jobs.
Publication
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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