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Tag Archives: COVID-19

Law no. 120/2020 Converting Simplification Decree Facilitates Capital Increases by Italian Companies

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

CMA COVID-19 Update: Recent Measures to Protect Consumers

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

5 Considerations for European Retail and Consumer Product Companies Preparing for a High Yield Issuance

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

CONSOB Extends Reporting Requirements of Relevant Shareholdings in Certain Italian-listed Issuers

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

CMA Publishes COVID-19 Taskforce Update for July

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

CMA Investigates Hand Sanitiser Pricing Practices

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

Culture and Conduct Ahead of Exit — Key Points for Private Equity

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

Scoring on Sports Deals

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

The Lipstick Effect — Are Kylie Jenner and New Technologies Making Beauty Deals Increasingly Attractive for Private Equity?

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

Latest COVID-19 Taskforce Update Sets Out CMA’s Response to Principal Areas of Concern

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

Annual General Meetings: We’ll Meet Again, Don’t Know Where, Don’t Know When

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

Credit Insights – Delay or Disclose? Managing Default Risk From Qualified Audit Opinions in the COVID-19 Era

Boards of struggling companies (and their auditors) must navigate choppy waters in terms of finalising their audited accounts in the midst of a global downturn. By James Chesterman, Dominic Newcomb, Helena Potts, and David Cooper-Parry The global downturn triggered by the COVID-19 pandemic continues to pose challenges to significant swathes of the worldwide economy. Companies … Continue Reading

CMA COVID-19 Taskforce to Investigate Unfair Cancellation and Refund Practices

The CMA has launched a programme of work to investigate reports of businesses failing to respect cancellation rights during the COVID-19 pandemic. By John D. Colahan and Anuj Ghai The CMA’s COVID-19 Taskforce Update on 24 April 2020 noted that its COVID-19 Taskforce had received a significant volume of complaints about unfair practices in relation … Continue Reading

CMA COVID-19 Taskforce Update Shows Areas of Concern

The CMA is concerned that businesses may be engaging in unfair practices in relation to cancellations and refunds, and unjustifiable price increases.  By John D. Colahan and Anuj Ghai Background On 24 April 2020, the Competition and Markets Authority (CMA) published an update on the work of its COVID-19 Taskforce (the Taskforce) (the Update Report). … Continue Reading

CMA Issues New Guidance on Merger Assessment During COVID-19 Pandemic

The guidance includes a refresher on “failing firm” defence claims, for which the CMA will maintain a high bar. By John D. Colahan, Stephanie Adams, and Peter Citron On 22 April 2020 the UK’s Competition and Markets Authority (CMA) published guidance on its assessment of mergers during the COVID-19 pandemic. This follows the guidance the … Continue Reading

Accounting for COVID-19 and Future Pandemics When Procuring IT Services – 5 Steps for Success

As IT vendors grapple with the impacts and risks of COVID-19, how can customers manage exposure when contracting for new services? By Alain Traill, Christian F. McDermott, and Andrew C. Moyle COVID-19 has — temporarily or otherwise — disrupted the status quo. For IT vendors the situation is no different, with many being forced to … Continue Reading

Italy Adopts Liquidity Decree to Support Italian Companies

The Liquidity Decree strengthens CONSOB’s powers to impose stricter reporting requirements of relevant shareholdings in Italian-listed issuers. By Antonio Coletti and Isabella Porchia The Italian government has adopted Law Decree n. 23/2020 (the Liquidity Decree), in force form 9 April 2020, providing urgent measures supporting access to liquidity and financings for Italian companies facing challenges during … Continue Reading

COVID-19: DHSC and MHRA Pave the Way for Increased Ventilator Production

UK companies interested in producing ventilators and other critical equipment may benefit from regulatory exemptions and use government product specifications. By Frances Stocks Allen and Oliver Mobasser On 16 March 2020, Prime Minister Boris Johnson called on the UK’s leading manufacturing businesses to help the UK step up production of vital medical equipment to combat … Continue Reading

CMA Launches Online Service for Reporting COVID-19-Related Unfair Commercial Practices

The new service encourages UK consumers to report exploitative sales and pricing practices. By John D. Colahan and Anuj Ghai On 4 April 2020, the Competition and Markets Authority (CMA) launched an online service called “Report a business behaving unfairly during the Coronavirus (COVID-19) outbreak” (the Online Service) to allow businesses and consumers to report … Continue Reading

New EU Medical Devices Regulation to Be Postponed Until 2021

European Commission proposes one-year postponement in light of the COVID-19 crisis. By Frances Stocks Allen and Oliver Mobasser On 25 March 2020, the European Commission announced that it was working on a proposal to postpone the date of application for the new EU Medical Devices Regulation (MDR)[i] for one year, in light of the COVID-19 … Continue Reading

Credit Insights – Finding Liquidity Under Loan and Bond Documents

To raise new debt at a time of low liquidity, leveraged and other sub investment grade companies must navigate restrictions in loan and bond documents. By James Chesterman, Helena Potts, James P. Burnett, and Karan Chopra Many companies are seeking funding to survive the currently unquantifiable impact of COVID-19. This blog post will consider issues … Continue Reading

Changes to Reporting Requirements for Issuers in Light of COVID-19

UK regulators announce a further package of measures to ease the burden on issuers. By Chris Horton, James Inness, Rob Moulton, Koushik Prasad, Connor Cahalane, and Charlotte Collins In response to the COVID-19 pandemic, UK regulators have published further measures affecting issuers, to try to preserve the flow of information to investors and support the … Continue Reading

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
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