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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 Kingdom | Publication | June 2024
In a blog post published on June 18, 2024, the Ombudsman has set out more about upcoming changes that will require future complainants to exhaust a scheme's formal internal dispute resolution process before bringing their case to the Ombudsman.
We reported earlier this month on the Ombudsman’s review of its operating method, which was published on May 21, 2024. In the first of a planned series of blogs fleshing out aspects of the review the Ombudsman, Dominic Harris, explains how the Ombudsman service will aiming to reduce its backlog of cases.
Generally, the Ombudsman will not investigate complaints until the scheme’s IDRP process has been exhausted. However, that requirement was relaxed in 2018 when the Pensions Advisory Service moved its (informal) dispute resolution function to the Ombudsman. Although it may not have been common knowledge, individual complainants could choose to use the informal resolution service, which could include engagement before, or during, the scheme’s own IDRP process. In future, in the interests of efficiency, the Ombudsman’s informal early resolution process will no longer be available, with complainants being required to exhaust their scheme’s IDRP first.
The plan is to move from piloting some aspects of this change to full implementation by the Autumn of this year.
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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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In the recent decision of Euronav Shipping NV (Euronav) v Black Swan Petroleum DMCC (BSP) [2024] EWHC 986 (Comm) (the Judgment), the English Commercial Court has underscored the role of comity in international disputes.
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