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Global rules on foreign direct investment (FDI)
Cross-border acquisitions and investments increasingly trigger foreign direct investment (FDI) screening requirements.
The COVID-19 epidemic has had a truly global impact. No major economy has escaped the virus and the pandemic remains a constant concern. This is the context in which businesses in every region confront restructuring decisions. The global restructuring market is responding as numerous countries are reforming their legal frameworks that govern restructurings. In this issue, we take a close look at some key jurisdictions: Italy's new code dealing with the business crisis; Hong Kong's cross border insolvencies with mainland China; developments in Canada's CCAA; and Australia's judiciary's response to the COVID-19 crisis.
Certain reforms in the restructuring laws in various countries are no doubt an effort to address underdeveloped or inadequate laws that can result in inconsistent outcomes across jurisdictions. These shortcomings in restructuring laws have led to increased instances of distressed companies availing themselves of formal legal restructuring proceedings outside their home jurisdiction. There are often good and legitimate reasons to do so: predictability of how the law will be applied, transparency, experienced judiciary, and the ability to bind creditors. The Chief Justice in Singapore even went so far as to suggest that forum selection is the "necessary and responsible thing" to do to achieve the best outcome for all constituencies. Distressed debtors will need to consider all of these legal changes and reforms in selecting their forum for restructuring.
Here at Norton Rose Fulbright we have restructuring professionals in every major economic center to help guide distressed companies, creditors and other parties caught up in restructurings. The ascendency of our restructuring practice is nowhere more evident than with the appointment of our partner Scott Atkins to the role of President of INSOL International. Scott epitomizes the global perspective and expertise of our firm.
Enjoy the issue.
Howard Seife
Global Head
Bankruptcy, Financial Restructuring and Insolvency
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Cross-border acquisitions and investments increasingly trigger foreign direct investment (FDI) screening requirements.
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The EU’s Artificial Intelligence Regulation, commonly referred to as the AI Act, is expected to come into force during the summer of 2024 (the AI Act). The AI Act will be the first comprehensive legal framework for the use and development of artificial intelligence (AI), and is intended to ensure that AI systems developed and used in the EU are safe, transparent, traceable, non-discriminatory and environmentally friendly.
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