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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.
Canada | Publication | April 2, 2024
On March 22, Global Affairs Canada (GAC) quietly updated its Frequently Asked Questions page about Canadian sanctions. The trade bar has regularly advocated for more guidance from GAC on Canadian sanctions laws over the last two years, especially on ambiguous provisions such as the deemed ownership provision, which can lead to different or uncertain interpretations. This lack of guidance exposes Canadian companies to risk and overcompliance, and is striking when compared to the much more robust guidance provided by the Office of Foreign Assets Control in the United States and Office of Financial Sanctions Implementation in the United Kingdom.
The update adds four new sections to the FAQ guidance that discuss:
The updated FAQs are not law, but they are indicative of GAC’s interpretation of sanctions. While the updated FAQs provide limited insight, they largely confirm GAC’s broad interpretation of the provisions. Most notably, GAC has taken the position that the facilitation offence provisions cover dealings with non-Canadian third parties that are themselves dealing with designated entities. That said, key ambiguities and questions remain, including on the deemed ownership provisions. Without further guidance, a conservative approach to the sanctions provisions is prudent.
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.
Publication
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.
Publication
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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