On 15 January the European Commission (“EC”) took its latest (prudent) step towards an outbound investment screening regime, with the publication of its ‘Recommendation on reviewing outbound investments in technology areas...more
1/29/2025
/ Artificial Intelligence ,
EU ,
European Commission ,
Export Controls ,
Foreign Investment ,
Investment ,
Investors ,
Member State ,
National Security ,
Regulatory Requirements ,
Risk Management ,
Semiconductors ,
Technology Sector
Our latest edition explores the top merger control trends across the EU, US, UK, Middle East and Australia, and the outlook for 2025.
EU and US merger control enforcement: quo vadis?
In the EU, Executive Vice...more
1/20/2025
/ Acquisitions ,
Antitrust Division ,
Artificial Intelligence ,
Competition ,
Department of Justice (DOJ) ,
EU ,
European Commission ,
Federal Trade Commission (FTC) ,
Global Dealmaking ,
Member State ,
Merger Controls ,
Mergers ,
Technology Sector ,
UK
After years of planning and debate, the UK's Digital Markets, Competition, and Consumers Act will come into force on 1 January 2025. This landmark legislation provides expanded powers to the CMA in respect of merger control,...more
On 6 November 2024, the Department for Culture, Media & Sport ("DCMS") published a consultation on updating the media mergers regime for the digital age. This consultation comes amidst seismic shifts in the media sector, from...more
The third Annual Report on the UK's National Security and Investment Act provides some valuable insights into the review process and how it continues to develop. We explore some of the key metrics and trends and what they...more
In April 2024, the UK Government published its response to the Cabinet Office's 'call for evidence' on the National Security and Investment Act 2021. The call for evidence was an invitation to submit views on how the NSIA...more
Foreign direct investment ("FDI") screening was one of the major topics of 2023 as a myriad of new regimes joined the FDI club and its more seasoned members continue to strengthen scope and enforcement, with the impacts felt...more
The EU Foreign Subsidies Regulation took effect on 12 July 2023 to much fanfare. We take a look at the top five things PE funds need to know when considering acquisitions with a European footprint.
The Foreign Subsidies...more
The long-awaited Digital Markets, Competition and Consumers Bill has been published. Touted as a Bill to "stamp out unfair practices and promote competition in digital markets", the DMCC seeks to enhance consumer protection...more
The proposed Windsor Framework revising the Protocol on Ireland/Northern Ireland will, if implemented, solve some of the problems inherent in the operation of the Protocol and introduce collaborative processes for resolving...more
On 8 February 2023, the CAT upheld claims by both BMW and Volkswagen confirming that the CMA cannot compel responses to information requests from companies with no territorial connection to the UK. In March 2022, the CMA...more
4 January 2023 marked the one-year anniversary of the coming into force of the UK's National Security and Investment Act. We take a look at decisional practice to date and the lessons learned from the regime so far....more
On 1 September, the European Commission (EC) issued its Second Annual Report under Article 5(4) of the Foreign Direct Investments (FDI) Screening Regulation along with an EC Staff Working Document (SWD). The Report covers the...more
On 12 July 2022, the UK Competition and Markets Authority published final guidance for its new antitrust rules governing vertical agreements. The new rules provide additional flexibility for the design of distribution...more
On 20 July 2022, the Secretary of State for Business, Energy and Industrial Strategy issued the first prohibition under the National Security and Investment Act 2021. We consider the lessons learned from this milestone and...more
The Subsidy Control Bill (the "SCB"), first introduced by the Department of Business, Energy and Industrial Strategy (the "BEIS") on 30 June 2021, is making its way through the House of Lords ahead of expected adoption in...more
The National Security and Investment Act introduces a mandatory obligation to secure clearance for certain types of transactions -
On January 4, 2021, the long-anticipated National Security and Investment Act 2021 (NSIA)...more
This autumn, European competition authorities are likely to resume dawn raids of companies suspected of competition law infringements. This will aim to clear a backlog of planned inspections that has built up since the start...more
Having received Royal Assent on 29 April 2021, the Secretary of State for Business Energy and Industrial Strategy ("SoS") has announced that the investment-screening regime envisaged by the National Security and Investment...more
There have been a number of developments in merger control in 2020 and Q1 2021. Some are related to the repercussions of the COVID-19 pandemic, while others are borne out of the ambitions and changes sought by individual...more
In November 2020, the UK published a draft of its new National Security and Investment Bill ("NSIB"), heralding the introduction of a new regime for reviewing investments on national security grounds. The Bill introduced a...more
3/9/2021
/ BEIS ,
Critical Infrastructure Sectors ,
Energy Sector ,
Foreign Investment ,
Maritime Transport ,
Merger Controls ,
National Security ,
Public Communications ,
Public Contracts ,
Supply Chain ,
UK
State aid remained one of the key sticking points in Brexit negotiations right until the announcement of the Trade and Cooperation Agreement ("TCA") on Christmas Eve 2020. One of the key priorities of the European Union...more
2/8/2021
/ BEIS ,
Cross-Border Transactions ,
EU ,
European Commission ,
Financial Assistance Policies ,
Judicial Review ,
Member State ,
State Aid ,
Subsidies ,
Trade Relations ,
UK ,
UK Brexit ,
UK Competition and Markets Authority (CMA)
In a landmark judgment (and in unusual circumstances), the UK Supreme Court has held that the ongoing Merricks v Mastercard case should be referred back to the Competition Appeal Tribunal (CAT). Not only is this a step...more
The UK has published a draft of its new National Security and Investment Bill, together with explanatory notes, heralding the introduction of a new regime for reviewing investments in the UK. The new regime would introduce,...more
On 11 November 2020, the government announced the details of its proposals for national security-based review of investments in the UK, in the form of the National Security and Investment Bill ("NSIB").
Protectionism is a...more