By Tom Evans, David Walker, Daniel Smith, Aisling Billington, and Catherine Campbell The location of the data is not sufficient to avoid a disclosure order. When it comes to personal devices, people increasingly communicate across multiple platforms, often in an informal and unguarded manner. However, high levels of litigation driven by the COVID-19 pandemic (including insolvency … Continue Reading
Mr Justice Hacon finds that procedures for applying for permission to appeal are not altered by the COVID-19 Protocol. By Oliver E. Browne In Claydon v. Mzuri,[1] Mr Justice Hacon of the High Court has found that the COVID-19 Protocol does not alter the procedure for appeal applications if a decision is handed down remotely … Continue Reading
Italian Securities Commission returns to ordinary reporting requirements for listed issuers. By Antonio Coletti, Isabella Porchia, Guido Bartolomei, and Marta Negro The Italian Securities Commission (CONSOB), by press release dated April 12, 2021, announced its decision to end the more stringent reporting requirements originally introduced on April 9, 2020, as a response to the impact … Continue Reading
By Rob Moulton, Nicola Higgs, Anne Mainwaring, Becky Critchley, and Anna Lewis-Martinez The latest edition of our Private Bank Briefing provides a roundup of legal and compliance issues impacting private banks and their clients from Q1 2021. In this edition, we cover some of the key regulatory announcements relating to MiFID II and the impact … Continue Reading
In the 2021 edition of IFLR’s M&A Report, Latham & Watkins considers key developments likely to impact M&A in 2021, and how dealmaking is likely to progress in light of these developments. By Nick Cline, Robbie McLaren, Douglas Abernethy, Richard Butterwick, and Catherine Campbell If 2020 was the year that COVID-19 precipitated extraordinary government intervention … Continue Reading
In a changing social landscape, PE firms should conduct corporate culture due diligence while also ensuring the implementation of robust complaints procedures. By David Berman, Sarah Gadd, Joe Farrell, Nell Perks, David Walker, Tom Evans, and Catherine Campbell As global businesses react to the pandemic and social movements, PE firms should remain watchful for whistleblowing … Continue Reading
Innovative asset-based lending is on the rise as a means of attracting new lenders while maintaining the strategic support of existing creditors. By Francesco Lione, David Walker, Tom Evans, and Catherine Campbell Raising fresh capital for portfolio companies in times of financial stress is always a delicate balancing act between attracting new lenders and maintaining … Continue Reading
More stringent reporting obligations regarding relevant shareholdings and investment objectives for Italian-listed issuers will continue until 13 April 2021. By Antonio Coletti, Guido Bartolomei, Marta Negro, and Isabella Porchia On 13 January 2021, the Italian Securities Commission (CONSOB) adopted Resolution 21672 (the Resolution), further extending for three months the more stringent reporting requirements for relevant … Continue Reading
The more stringent reporting obligations for certain Italian-listed issuers will continue until January 13, 2021. By Antonio Coletti, Isabella Porchia, Guido Bartolomei, and Marta Negro The Italian Securities Commission (CONSOB) has adopted Resolution 21525, extending for a period of three months — from October 13, 2020, to January 13, 2021 — the provisions of Resolutions … Continue Reading
Despite practical challenges, earnouts are a tool that PE buyers should increasingly consider to reconcile differences and get deals done. By Alexander Benedetti, Giancarlo D’Ambrosio, Sebastian Pauls, Laura Kichenside, Catherine Campbell, Tom Evans, and David Walker The use of earnouts, though historically disliked by PE buyers, is increasing across Europe. Earnouts can provide a way … Continue Reading
Successfully executing an acquisition from stress, distress, or insolvency requires a creative approach to reconcile competing interests. By Simon Baskerville, Jack Isaacs, Hyo Joo Kim, Catherine Campbell, Tom Evans, and David Walker The COVID-19 pandemic has brought a heightened risk of financial difficulty and insolvency for companies. Whilst there have been relatively few formal insolvencies … Continue Reading
European PIPEs — which have experienced an uptick due to COVID-19-related market volatility — present unique structural, informational, and governance considerations for private equity investors. By Richard Butterwick, Chris Horton, Tobias Larisch, Harald Selzner, Anna Ngo, Hector Sants, Catherine Campbell, Tom Evans, and David Walker European private investments in public equity (PIPEs) have historically been … Continue Reading
The Simplification Decree (Decreto Semplificazioni) follows and puts into effect the earlier attempt of the Italian cabinet to facilitate capital increases. By Antonio Coletti, Isabella Porchia, and Marta Negro Law no. 120/2020 converting Law Decree no. 76/2020 (Decreto Semplificazioni), which entered into force today (Law no. 120/2020), introduces certain measures (see Article 44) facilitating capital … Continue Reading
The CMA’s efforts include investigations into the package holiday and hand sanitizer industries. By John D. Colahan and Anuj Ghai CMA announces package holiday sector investigation On 10 July, the CMA announced that it was investigating suspected breaches of consumer protection law in the package holiday sector. The investigation was launched on the back of … Continue Reading
For the retail and consumer product sector, the high yield market will likely remain an attractive source of capital. By Roberto L. Reyes Gaskin and Laurie Tomassian The retail and consumer products sector has been deeply impacted by the COVID-19 pandemic, both due to physical constraints on brick-and-mortar stores and supply chains, and acceleration of … Continue Reading
The more stringent reporting obligations for certain Italian listed issuers will continue until October 12, 2020. By Antonio Coletti, Isabella Porchia, and Marta Negro The Italian Securities Commission (CONSOB) has adopted Resolution 21434, extending for a period of three months — from July 12, 2020, to October 12, 2020 — the provisions of Resolutions 21326 … Continue Reading
The CMA continues to field COVID-19 complaints concerning refunds and previously widespread excessive prices on day-to-day products. By John D. Colahan and Anuj Ghai The CMA continues to respond to complaints from consumers on COVID-19-related issues. Consumers submitted more than 80,000 complaints through 28 June 2020, with the volume decreasing from 7,000 a week in … Continue Reading
The investigation is being carried out under the CMA’s competition law powers rather than under its consumer protection functions. By John D. Colahan and Anuj Ghai On 18 June, the CMA released an update noting that it had launched an investigation under Chapter II of the Competition Act 1998 into suspected breaches of competition law … Continue Reading
The UK government has relaxed the application of UK competition law to certain types of agreements across sectors. By John D. Colahan and Anuj Ghai On 21 May 2020, the CMA published a register containing links to each public policy exclusion order and notified agreement related to COVID-19 in the UK. A public policy exclusion … Continue Reading
Buyout firms planning an acquisition or preparing a portfolio company for exit must consider the impact of poor corporate culture, particularly on a potential IPO. By David Berman, Chris Horton, Robbie McLaren, Anna Ngo, Nell Perks, Charlotte Collins, Catherine Campbell, Tom Evans, and David Walker No institution, whatever its geography, industry, sector, or size, is … Continue Reading
Buyout firms must beware the unique legal, regulatory, and commercial issues that can complicate sports transactions and impact returns. By Patrick Mitchell, Alex McCarney, Stewart Robinson, Catherine Campbell, Tom Evans, and David Walker Private equity interest in sports assets has grown over the last few years, with investments in teams, leagues, and other members of … Continue Reading
Digital due diligence becomes increasingly important when buying digitally native beauty brands. By Deborah J. Kirk, Linzi Thomas, Camilla J. Dutton, Laura Kichenside, Catherine Campbell, Tom Evans, and David Walker Recent high-profile beauty M&A deals, coupled with current economic uncertainty, have brought renewed interest in the “lipstick effect”. Much cited in the aftermath of the … Continue Reading
The taskforce continues to receive and monitor complaints about unfair practices in relation to cancellations and refunds and potentially unjustifiable price rises. By John D. Colahan and Anuj Ghai On 21 May, the CMA released a further update setting out the work of its COVID-19 Taskforce in responding to complaints regarding competition and consumer protection … Continue Reading
BEIS and FRC released further updates on how companies can hold meetings during the COVID-19 pandemic. By James Inness, Anna Ngo, and Connor Cahalane On 14 May 2020, the Department for Business, Energy & Industrial Strategy (BEIS) and the Financial Reporting Council (FRC) released a second Q&A in relation to proposed legislative measures to assist … Continue Reading
