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Category Archives: EU and Competition

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Italian Government Amends List of Essential Activities Annexed to the D.P.C.M.

D.P.C.M. now includes measures for certain manufacturing industries, as well as call centres and civil engineering works, but excludes employment agencies. By Giancarlo D’Ambrosio and Giovanni B. Sandicchi By decree of the Ministry of Economic Development, adopted yesterday and in force since today, March, 26, 2020, several amendments have been made to the list annexed … Continue Reading

Italian Government Suspends Non-Essential Industrial and Commercial Production Activities

The new decree imposes measures in effect from today until April 3, 2020 to combat the spread of COVID-19. By Giancarlo D’Ambrosio and Giovanni B. Sandicchi Yesterday evening, the Italian government adopted a new decree (D.P.C.M. of March 22, 2020), which suspends, as of today, non-essential industrial and commercial production activities throughout the country to … Continue Reading

Competition Law in the Energy Sector: What to Look Out For in 2020

Ofgem’s recently announced goals and developments and changes to the post-Brexit state aid regime will have important implications for market players. By John D Colahan, Stephanie Adams, and Anuj Ghai 2020 is set to be a an important year for competition law-related enforcement in the UK energy sector not least as it waits for the … Continue Reading

Competition Law and Online Sales Restrictions: UK Court of Appeal Judgment in Ping

Court ruling confirms that online sales restrictions can amount to a serious infringement of competition law. By John D. Colahan and Anuj Ghai On 21 January 2020, the UK’s Court of Appeal ruled that the online sales restrictions contained in Ping’s internet sales policy (ISP) constituted a restriction of competition by object. The Court of … Continue Reading

UK Competition Appeal Tribunal Judgment: Pushing the Envelope on Abuse of Dominance

The CAT’s Royal Mail v. Ofcom judgment considers what constitutes abusive conduct, the “as-efficient competitor” test, and the use of expert economic advice. By David Little, Gregory Bonné, Alexandra Luchian, and Nathan Wilkins On 12 November 2019, the UK Competition Appeal Tribunal (the CAT) published its judgment rejecting Royal Mail’s appeal against a £50 million … Continue Reading

Antitrust Clearance: Keeping Your Deal On Track

In our latest video series, out antitrust lawyers discuss key merger control issues that dealmakers should consider to ensure a smooth antitrust review of strategic transactions. Click on the video playlist below or visit our video gallery page to hear their views on key topics impacting global transactions; gain practical tips on how to minimize … Continue Reading

Italy Introduces Comprehensive Reform of Class Action Rules

New law aims to expand the currently limited application of class actions in Italy. By Antonio Distefano and Isabella Porchia The Italian Parliament recently introduced a comprehensive reform of the rules governing class actions with Law No. 31 of 12 April 2019 (the Reform). The Reform, which was published in the Official Gazette on 18 … Continue Reading

Market Participants Welcome Clarity on German Real Estate Transfer Tax Reform

Federal Ministry of Finance publishes draft tax bill outlining new measures effective 1 January 2020. By Tobias Klass The Federal Ministry of Finance has released its first draft tax bill on the contemplated real estate transfer tax (RETT) reform, setting out the general framework to which market participants must conform. German political debate has focused … Continue Reading

FCJ Decision Updates Shareholders’ Resolution Requirement for Sale of GmbH Assets

While a shareholders’ resolution is still required, the FCJ left open the question of whether notarization of the resolution is necessary. By Christian Thiele and Otto von Gruben The German Federal Court of Justice (FCJ) decided on 8 January 2019 that Section 179a (1) of the German Stock Corporation Act (AktG) does not apply mutatis … Continue Reading

MHRA Releases No-Deal Brexit Guidance for Life Sciences Companies

The guidance provides helpful clarity on key regulatory changes impacting life sciences companies in the event of a no-deal Brexit. By Frances Stocks Allen, Oliver Mobasser, Héctor Armengod, Gail E. Crawford, Christoph W.G. Engeler, Robbie McLaren, and Henrietta J. Ditzen The UK Medicines and Healthcare products Regulatory Agency (MHRA) has published a significant volume of … Continue Reading

Italian Investor Compensation Scheme Under the Brexit Law Decree

CONSOB notice 8/2019 details the requirements under the Italian investor compensation scheme applicable to UK banks and investment firms operating in Italy. By Antonio Coletti and Isabella Porchia On 29 March 2019, the Italian Securities Commission (CONSOB) issued a notice detailing the terms and requirements applicable to UK banks and investment firms operating in Italy … Continue Reading

Bank of Italy Issues Instructions for Brexit Law Decree

The instructions clarify the requirements applicable to banking and financial intermediaries under the Brexit Law Decree. By Antonio Coletti and Isabella Porchia On 28 March 2019, the Italian central bank (Bank of Italy) published two notices detailing the requirements for Italian banks and financial intermediaries operating in the UK, and for UK banks and financial … Continue Reading

German Real Estate Sellers: Beware Rent Roll Risks

Sellers may be liable for damages if actual rent is lower than stated in the rent roll, despite contractual exclusion of liability for defects. By Christian Thiele and Patrick Braasch The Higher Regional Court of Cologne (HRC Cologne) has ruled that a property seller is liable for the difference between the rent shown in the … Continue Reading

5 Antitrust Trends for Private Equity to Watch

We examine: increasing focus on non-controlling stakes, burdensome document production requests, heightened enforcement of gun jumping rules, examination of vertical deal overlaps, and ongoing political developments. By John Colahan, Peter Citron, Calum Warren, David Walker, Tom Evans, and Catherine Campbell In a continually evolving antitrust landscape, we consider five key trends that PE deal teams … Continue Reading

Corporate Buyers Poised to Reap W&I Insurance Benefits

By Drew Levin. Maarten Overmars, Richard Butterwick, Terry Charalambous, and Catherine Campbell Warranty and indemnity insurance (W&I) has become a common feature of European transactions in recent years, amid a strong sellers’ market that has enabled vendors to offload risk to buyers. According to the most recent edition of the Latham & Watkins Private M&A … Continue Reading

Corporates Must Evaluate M&A Competition Strategy Ahead of Brexit

By Greg Bonné, Jonathan Parker, Richard Butterwick, Terry Charalambous, and Catherine Campbell As the UK Competition and Markets Authority (CMA) prepares to assume sole jurisdiction for UK competition reviews post-Brexit, M&A deal teams must evaluate the competitive consequences of deals bridging the Brexit period and update their competition strategy accordingly. Corporates may not be able … Continue Reading

Big Deals Boost Spanish M&A

Shifting environment presents the chance to unearth value and should pave the way to boost the number of mid-market deals. By Manuel Deó The Spanish M&A market in 2018 has been characterised by a series of large-cap transactions, helped by an abundance of cheap financing for the right deals. The total deal value on large-cap … Continue Reading

New National Security Threat to UK Private Equity Deals

By Jonathan Parker, Calum Warren, and Catherine Campbell The UK government has assumed an increasingly interventionist approach to foreign takeovers in recent years. In June 2018, the UK adopted new powers to review deals on national security grounds, extending the scope and breadth of its control regime. In July, the UK went a step further and … Continue Reading

Italy to Complete Implementation of the Market Abuse Regulation

Legislative Decree 107/2018 clarifies new reporting obligations, disclosure obligations, and sanctions, effective September 29. By Antonio Coletti and Isabella Porchia Italy has published in the Italian Official Gazette Legislative Decree no. 107 of August 10, 2018, amending the Italian legislative provisions (Legislative Decree no. 58/1998) to transpose the Market Abuse Regulation no. 596/2014 (MAR). The … Continue Reading

European Court of Justice Delivers Victory for EU Transparency and Accountability

Landmark ruling requires the European Commission to disclose impact assessments used as a basis for its legislative decision-making process. By Antonio Morales and Rosa Espín The Grand Chamber of the Court of Justice of the European Union recently issued a landmark judgment finding that impact assessments should be considered public documents. This decision sets a … Continue Reading

European Banking Authority’s Draft Guidelines on Outsourcing: Discussion of Key Themes

The EBA’s draft guidelines on outsourcing will impact cloud outsourcing and institutions’ deployment of FinTech. By Fiona Maclean, Charlotte Collins, and Terese Saplys On 4 September 2018, a wide audience of interested individuals gathered at Canary Wharf for a public hearing (Public Consultation) to listen to what the European Banking Authority (EBA) had to say in relation … Continue Reading

PE Firms Must Evaluate Competition Strategy Ahead of Brexit

By Jonathan Parker and Greg Bonné As the UK Competition and Markets Authority (CMA) prepares to assume sole jurisdiction for UK competition reviews post-Brexit, private equity deal teams must evaluate the competitive consequences of deals bridging the Brexit period and update their competition strategy accordingly. What is Changing? The European Commission (EC) currently acts as a … Continue Reading
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