Publication
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 | February 2023
The Regulator has published its regulatory intervention report on the Carillion Group, which went into insolvency in January 2018. It has concluded that there were no grounds to issue a Contribution Notice or a Financial Support Direction under the anti-avoidance powers that it had at the time.
The Regulator’s investigation principally involved two strategies:
A further factor justifying the Regulator’s decision was its conclusion that if the 2015 and 2016 dividends had not been paid, directors could reasonably have used the cash to pay down debt rather than increase payments to the schemes. The Regulator also found there was no scope for it to issue a Financial Support Direction. As the whole Carillion group had entered insolvency, there were no targets capable of providing financial support to the schemes.
Comment
Would the Regulator’s current powers in relation to criminal offences have prevented these actions being taken, had they been in force prior to the insolvency? It is difficult to say given the debt burden.
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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