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Global rules on foreign direct investment (FDI)
Cross-border acquisitions and investments increasingly trigger foreign direct investment (FDI) screening requirements.
Global | Publication | September 2018
The Royal Institution of Chartered Surveyors (RICS) has this month published the first edition of its Professional Statement: Service Charges in Commercial Property.
The Professional Statement sets out best practice in the management and administration of service charges and it will apply to all service charge periods commencing from 1 April 2019, superseding the third (current) edition of the RICS Code of Practice on the topic. RICS members are not obliged to follow the current Code but the Professional Statement, on the other hand, includes mandatory requirements for RICS members/firms regulated by the RICS involved in the management of service charge accounts.
There are nine mandatory requirements
These mandatory requirements are underpinned and supported by a set of core principles - for example that all costs should be transparent - and detailed best practice recommendations and guidance, including sample service charge reports.
The Statement is also intended to provide guidance on the negotiation, drafting, interpretation and operation of leases. However, it cannot override lease terms. One concern, therefore, is that RICS members may be stuck between a rock and a hard place if any of the mandatory requirements differ from contractual requirements in a lease.
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Cross-border acquisitions and investments increasingly trigger foreign direct investment (FDI) screening requirements.
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On 21 November 2023 and following extensive consultation periods, the amendment to the Climate Delegated Act (Delegated Regulation (EU) 2021/2139 of 4 June 2021) (the Climate Delegated Act) was formally adopted by the European Commission and published in the EU Official Journal (Delegated Regulation (EU) 2023/2485 of 27 June 2023) (the Climate Delegated Act Amendment).
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