Will New Spanish Dividend Rules Cause Pain for Private Equity in Spain?

By | Latham.London | April 21, 2017
By Ignacio Dominguez Recently effected reforms to Spanish dividend protections for minority shareholders should cause European dealmakers to review deal terms more closely in 2017. Outright acquisition of businesses is unusual in Spain, 83% of Spanish private equity transactions completed since January 2016 involve the acquisition of less than 100% of the target. View Full Post
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France Adopts a New Law Requiring Companies to Diligence Their Supply Chains in Relation to Human Rights, Environmental, and Health and Safety Issues

By | Latham.London | April 21, 2017
By Paul Davies and Michael Green On March 27, 2017, the French Parliament adopted a Law On The Duty Of Vigilance For Parent And Subcontracting Companies. The law amends the Commerce Code and requires companies to establish and implement a plan for diligencing human rights, environmental, and health and safety issues in their supply chains. View Full Post
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ICSID Tribunal Upholds a State’s Right to Investigate Criminality in Arbitral Proceedings

By | Latham.London | April 20, 2017
By Charles Rae An ICSID tribunal has unanimously rejected a claimant’s attempt to temporarily suspend a State-initiated criminal investigation involving two of its witnesses. In Italba Corporation v Uruguay[1] Italba Corporation (Italba) had applied to the tribunal for provisional measures enjoining Uruguay from proceeding with its investigation until after completion of the arbitration, arguing that the State’s conduct undermined the procedural integrity of the arbitral process. View Full Post
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General Election 2017

The Prime Minister of the UK has unexpectedly announced that she intends to hold a General Election on 8 June. Theresa May had repeatedly denied that she had intended to do so. She announced that she had changed her mind “recently and reluctantly” because “the country is coming together but Westminster is not”. View Full Post
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Subject Access Requests Likely to Increase in Customer Disputes?

Financial institutions often receive a subject access request made under the Data Protection Act 1998 (“SAR”) from individual customers as pre-cursor to a formal complaint or a legal claim. That is because a SAR enables the customer to access a significant amount of information held by the organisation about him or her. View Full Post
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Rebalancing the Law On Asymmetric Jurisdiction Clauses

By | Latham.London | April 11, 2017
By Jumana Rahman and Hayley Pizzey Commerzbank Aktiengesellschaft v Liquimar Tankers Management Inc [2017] EWHC 161 (Comm) Summary The English High Court has held that asymmetric jurisdiction clauses are exclusive jurisdiction clauses for the purposes of the Recast Brussels Regulation[1] (the Recast Regulation). View Full Post
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Italy Approves Regulatory Provisions Implementing Market Abuse Regulation (MAR)

By | Latham.London | April 7, 2017
By Isabella Porchia The Italian Securities Commission (CONSOB) has published Resolution no. 19925/2017 setting out the amendments to CONSOB regulation on issuers, markets and related parties transactions  which are necessary to implement in Italy at regulatory level the Market Abuse Regulation no. View Full Post
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Ignore Investment Structuring at Your Peril

By | Latham.London | April 6, 2017
In a recent challenge to an arbitral award under section 67 of the Arbitration Act 1996 (the Act), the High Court in Ruby Roz Agricol LLP v Republic of Kazakhstan[1], confirmed that the tribunal had correctly declined jurisdiction. The court interpreted the underlying contract literally and found that Ruby Roz Agricol LLP (Ruby Roz) did not fall within the arbitration agreement as it was not a “foreign investor”. View Full Post
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Squire Patton Boggs Appointed to FCA/PRA Skilled Person Panel

“Skilled Person” reviews under section 166 of FSMA have become a major feature of the financial services regulatory landscape in recent years. FCA figures show that 51 reports were commissioned in 2016 alone, up from 47 in 2015. Under FSMA the regulators have wide powers to require financial services firms to commission skilled person reports into almost any aspect of the firm’s business. View Full Post
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China’s Securities Regulator Issues New Green Bond Guidelines

By | Latham.London | April 5, 2017
The China Securities Regulatory Commission (CSRC) released new guidelines (the Guidelines) on the issuance of green bonds on March 2, 2017, marking an important step in the development of what is now that world’s largest green bond market, accounting for 39% of global issuances by principal amount issued during 2016 (after excluding green bonds that the Climate Bond Initiative considered did not qualify as green bonds).  View Full Post
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