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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.
United Kingdom | Publication | December 2023
On December 7, 2023, the Regulator published the text of a speech recently given by its chief executive, Nausicaa Delfas, to the UK Finance Corporate Finance Committee dinner.
Ms Delfas highlighted that the Regulator’s anti-avoidance powers have been enhanced through the new criminal sanctions enacted under the Pension Schemes Act 2021. In relation to industry concerns about the scope of the criminal sanctions, she referred to the Regulator's published policy on their use, which she said means that the Regulator will only consider using them "in the most egregious cases".
Overall, Ms Delfas outlined three "takeaways" for corporates engaged in M&A activity.
Ms Delfas noted the government's intention to extend the notifiable events regime to include a new requirement for a declaration of intent to be submitted to the Regulator and trustees. The government will apparently bring forward the long-awaited final regulations “in due course".
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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