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Ukraine: The latest Global Sanctions and Export Controls

Wed, 01 May 2024 10:09:00 GMT

The following briefing provides an overview of the sanctions and export controls imposed by the US, UK, EU, Poland, Japan, Singapore, Australia, and Ukraine; as well as measures adopted in response by Russia, as at 9pm GMT on 1 May 2024.

These sanctions are complex, multilateral and continue to change incrementally in real time in response to the situation on the ground in Ukraine. Our team of sanctions experts is monitoring the situation closely and we will endeavour to keep our briefings up to date.

International Regulatory Update 22 – 26 April 2024

Tue, 30 Apr 2024 09:02:53 GMT

Clifford Chance's International Regulatory Update is a weekly digest of significant regulatory developments affecting banking and investment banking business, drawing on our daily content from our Alerter: Finance Industry service.

The New UK Public Offers and Admission to Trading Regime – Impact on Debt Capital Markets

Wed, 24 Apr 2024 16:24:02 GMT

The replacement UK public offers and admission to trading regime will not be ready until 2025. Indeed, the UK FCA has yet to consult on draft rules. But the skeleton legislative ‘framework’ is now in place, with the statutory instrument to create the regime having been adopted by Parliament at the end of January 2024.

This article considers key concepts in the Public Offers and Admissions to Trading Regulations 2024 (the ‘UK SI’) – notably, the new public offer prohibition and extension of scope to nontransferable securities. It also flags prospectus disclosure considerations, either in the UK SI itself or due to be covered in the forthcoming FCA consultation.

EU Listing Act Reforms to the EU Prospectus Regulation – Impact on Debt Markets

Wed, 24 Apr 2024 10:18:00 GMT

In direct contrast to the ‘root and branch’ reforms to the UK prospectus regime (which is being repealed in full and replaced), the reforms to the EU prospectus regime will build on the ‘status quo’. The EU Listing Act amendments adjust the existing EU Prospectus Regulation.

Furthermore, the EU Listing Act provides for staggered application of provisions amending the EU Prospectus Regulation, and the most significant changes to the EU prospectus regime are not due to take effect until the end of 2025. That said, some changes will apply as soon as the EU Listing Act is in force, including changes which will impact debt issuance and prospectuses. Following approval of the EU Listing Act in the plenary session of the European Parliament today, that application date may be very soon.

International Regulatory Update 15– 19 April 2024

Tue, 23 Apr 2024 10:13:00 GMT

Ukraine: The latest Global Sanctions and Export Controls

Thu, 18 Apr 2024 10:09:00 GMT

The following briefing provides an overview of the sanctions and export controls imposed by the US, UK, EU, Poland, Japan, Singapore, Australia, and Ukraine; as well as measures adopted in response by Russia, as at 13 pm GMT on 18 April 2024.

Healthtech Trends 2024

Wed, 17 Apr 2024 10:55:33 GMT

From medical microbots to patient digital twins to generative AI for the creation of synthetic health data, we take a look at the next wave of tech innovations creating opportunities and challenges for healthcare and life sciences in 2024 and beyond.

International Regulatory Update 8 – 12 April 2024

Tue, 16 Apr 2024 08:54:33 GMT

Japan's new era of investor engagement, transparency and innovative asset management

Fri, 12 Apr 2024 13:25:00 GMT

Japan is set to introduce targeted updates to the Financial Instruments and Exchange Act (FIEA), the key securities law in Japan, in 2024. The amendments are aimed at refining three critical areas: (i) large shareholding reporting rules, (ii) takeover bid rules and (iii) the framework for sophisticated and diversified asset management businesses. The proposed amendments to the FIEA will significantly enhance transparency and strategic engagement opportunities for equity investors, while offering asset management companies innovative business models and expanded investment options.

International Regulatory Update 2 – 5 April 2024

Tue, 09 Apr 2024 09:14:00 GMT

ACCC's compliance and enforcement priorities: What to expect in 2024-25

Wed, 03 Apr 2024 13:25:00 GMT

The Australian Competition and Consumer Commission (ACCC) recently released its compliance and enforcement priorities. The ACCC has already started enforcement action in line with the priorities and has signalled there is more to come

International Regulatory Update 25 – 28 March 2024

Wed, 03 Apr 2024 08:40:10 GMT

CSSF circular 24-856 on the protection of investors

Tue, 02 Apr 2024 13:25:00 GMT

CSSF Circular 24/856 on the protection of investors in case of NAV calculation errors, non-compliance with investment rules and other errors at the level of a UCI.

The CSSF published on 29 March 2024 its Circular 24/856 (the "Circular") concerning NAV calculation errors, non-compliance with investment rules and other errors (the "Errors"). The Circular (49 pages, only in French for the moment) is a crucial piece of regulation for supervised UCIs that will replace Circular 02/77. The Circular incorporates the CSSF regulatory practice built up over more than 20 years. Like Circular 02/77, the Circular deals with NAV calculation errors and non-compliance with investment rules but also addresses more specifically other types of errors (i.e., swing pricing errors, wrong payment of fees and costs, non-compliance with cut-off rules, and investment allocation errors – together the "Other Errors").

International Regulatory Update 18 – 22 March 2024

Mon, 06 May 2024 18:06:43 GMT

Ukraine: the latest global sanctions and export controls

Tue, 26 Mar 2024 10:09:00 GMT

The following briefing provides an overview of the sanctions and export controls imposed by the US, UK, EU, Poland, Japan, Singapore, Australia, and Ukraine; as well as measures adopted in response by Russia, as at 6 am GMT on 26 March 2024.

International Regulatory Update 11 – 15 March 2024

Mon, 06 May 2024 18:06:43 GMT

Merricks judgment on causation - what’s next for the CAT’s first collective action?

Mon, 18 Mar 2024 11:39:00 GMT

On 26 February 2024, the UK’s Competition Appeal Tribunal (“CAT”) handed down a judgment on a preliminary issue relating to causation in Walter Hugh Merricks CBE v Mastercard Incorporated and Others [2024] CAT 14 (“Merricks”). Merricks is a follow-on collective action against Mastercard pursuant to the European Commission’s (“EC”) finding in 2007 that Mastercard’s EEA multilateral interchange fees (“MIFs”) breached Article 101 of the TFEU (the “EC Decision”). Merricks was the first claim to be certified under the CAT collective actions regime.

Energy Transition – Opportunities and Challenges for Offshore Wind

Thu, 14 Mar 2024 14:39:00 GMT

With increasing global demand for offshore wind to power the clean energy transition, the opportunities and risks are multiplying. Offshore wind has long been seen as a great tool to tackle energy transition needs and to achieve energy sovereignty objectives while boosting economic growth, and more governments are committing to more ambitious targets. However, the industry faces a number of challenges as inflation and high interest rates have hit the sector particularly hard.

In this extract from a recent webinar, Clifford Chance surveys the issues arising from new technology, new markets, new deals and regulatory changes.

Sustainability & ESG Trends 2024

Tue, 12 Mar 2024 13:01:46 GMT

Environmental, social and governance (ESG) issues are having a significant impact on businesses globally.

Against the prevailing backdrop of continued political and economic uncertainty and rising geopolitical tensions, we look ahead and assess the challenges and opportunities on a range of strategic issues, from regulations on corporate sustainability reporting and transition planning, the evolution of sustainable finance and the role of carbon markets in funding net zero, to the increase in ESG-related litigation.

International Regulatory Update 04 – 08 March 2024

Tue, 12 Mar 2024 09:42:23 GMT

Behind closed doors: Navigating privately placed high-yield bonds

Wed, 06 Mar 2024 16:54:00 GMT

Companies are increasingly looking for faster and easier routes than traditional underwritten offerings to market their debt securities. With an annual deal flow of over US$100 billion, the debt private placement market is an attractive alternative to underwritten offerings, although nascent in the context of European high-yield issuances (with European market volume of less than €4 billion in 2022).

In this briefing, we detail some of the current approaches to privately placed high-yield bonds and their practical and legal basis.

International Regulatory Update 26 February – 1 March 2024

Tue, 05 Mar 2024 10:39:29 GMT

What's Market?: Exclusivity and Cost Reimbursement During the Pre-Bid Phase

Thu, 29 Feb 2024 10:01:00 GMT

After the surge of deal activity in Australian public markets in 2021 and the first half of 2022 and decisions of the Takeovers Panel (the Panel) in relation to exclusivity arrangements in a number of highly contested transactions (Ausnet Services Limited 01 and Virtus Health Limited 01 and 02), the Panel commenced consultation on reforms to Guidance Note 7: Lock Up Devices. In August 2023, the Panel released its refreshed guidance, which included renaming the guidance note to Guidance Note 7: Deal Protection.

Consob introduces a shorter and simplified approval process for bond prospectuses

Tue, 27 Feb 2024 11:05:00 GMT

The Italian authority for regulating the financial markets ("CONSOB") has announced that, in line with European best practice, it will streamline and simplify the approval process of bond prospectuses by reducing response times, lowering costs and allowing application forms to be submitted in English.

These initiatives are designed to make the Italian capital markets more attractive to issuers and to stimulate both wholesale and retail offers and listings of debt securities in Italy.

International Regulatory Update 19 – 23 February 2024

Tue, 27 Feb 2024 10:25:46 GMT

Ukraine: the latest global sanctions and export controls

Mon, 26 Feb 2024 10:09:00 GMT

The following briefing provides an overview of the sanctions and export controls imposed by the US, UK, EU, Poland, Japan, Singapore, Australia, and Ukraine; as well as measures adopted in response by Russia, as at 6 pm GMT on 26 February 2024.

International Regulatory Update 12– 16 February 2024

Tue, 20 Feb 2024 10:07:00 GMT

Ukraine: the latest global sanctions and export controls

Wed, 14 Feb 2024 10:09:00 GMT

The following briefing provides an overview of the sanctions and export controls imposed by the US, UK, EU, Poland, Japan, Singapore, Australia, and Ukraine; as well as measures adopted in response by Russia, as at 5:30 pm GMT, 14 February 2024.

International Regulatory Update 5 – 9 February 2024

Tue, 13 Feb 2024 14:02:26 GMT

SEC Adopts Rules to Enhance Protections for SPAC Investors

Mon, 12 Feb 2024 09:05:00 GMT

On January 24, 2024, the U.S. Securities and Exchange Commission (SEC) adopted new rules and amendments, available here, that enhance protections for investors and create new liability risks in initial public offerings (IPOs) by special purpose acquisition companies (SPACs) and subsequent business combination transactions (de-SPAC transactions) between SPACs and one or more target companies (typically, a private operating company target). In short, the adopted rules close perceived gaps between the regulatory requirements applicable to de-SPAC transactions and those for traditional IPOs.

International Regulatory Update 29 January – 2 February 2024

Tue, 06 Feb 2024 10:54:30 GMT

Ukraine: the latest global sanctions and export controls

Mon, 05 Feb 2024 10:09:00 GMT

The following briefing provides an overview of the sanctions and export controls imposed by the US, UK, EU, Poland, Japan, Singapore, Australia, and Ukraine; as well as measures adopted in response by Russia, as at 14 pm GMT, 05 February 2024.

2024 Data Centre Industry Outlook

Tue, 30 Jan 2024 16:45:28 GMT

The data centre industry continues to develop at an increasing pace due to technological advancements and market trends. Significant global market growth, rising rack density and pricing dynamics present a number of challenges and opportunities.

In this briefing we examine the drivers of change in the evolution of digital infrastructure such as sustainability and AI, and how they will impact data centres and the companies that use them.

International Regulatory Update 22 – 26 January 2024

Tue, 30 Jan 2024 10:52:03 GMT

International Regulatory Update 15 – 19 January 2024

Tue, 23 Jan 2024 10:42:00 GMT

Global M&A in 2024: Five trends to watch

Thu, 18 Jan 2024 09:01:00 GMT

Following a challenging year for mergers and acquisitions (M&A), the macroeconomic climate is now stabilising, and confidence returning to boardrooms. As a result, we expect the recent growth in M&A to gain momentum into 2024, with deal-making influenced by geopolitics, new technology, and the regulatory response to it.

International Regulatory Update 8 – 12 January 2024

Tue, 16 Jan 2024 10:23:35 GMT

International Regulatory Update 2 – 5 January 2024

Tue, 09 Jan 2024 09:51:00 GMT

Energy Transition: What role can geothermal power play?

Fri, 05 Jan 2024 11:00:00 GMT

Geothermal energy is among the oldest types of power harnessed by humans. It holds a unique place in the energy mix, thanks to being entirely independent of weather yet not relying on fossil fuels. Once operational, geothermal plants can produce a steady output all year round, day and night, often for at least 20-30 years.

With the need to transition from fossil fuel power plants, countries around the world are looking for alternatives to stabilise electricity grids. Such alternatives are nowadays most often powered by renewable energy sources such as wind and solar power, many being intermittent in nature. Geothermal power, thanks to its baseload nature, could play a vital role in the energy transition.

Ukraine: the latest global sanctions and export controls

Thu, 04 Jan 2024 10:09:00 GMT

The following briefing provides an overview of the sanctions and export controls imposed by the US, UK, EU, Poland, Japan, Singapore, Australia, and Ukraine; as well as measures adopted in response by Russia, as at 10pm GMT, 03 January 2024.

International Regulatory Update 18 – 31 December 2023

Tue, 02 Jan 2024 11:10:56 GMT

Ukraine: the latest global sanctions and export controls

Wed, 20 Dec 2023 09:02:00 GMT

The following briefing provides an overview of the sanctions and export controls imposed by the US, UK, EU, Poland, Japan, Singapore, Australia, and Ukraine; as well as measures adopted in response by Russia, as at 6pm GMT, 20 December 2023.

What happened at COP28 - the UAE consensus

Tue, 19 Dec 2023 13:54:00 GMT

Following intense negotiations, COP28 has ended in a package deal which is being referred to as the "UAE Consensus".

Clifford Chance hosted a webinar on 19 December outlining what happened at COP28 drawing out key outcomes from the negotiations and the many announcements and commitments made in and around COP28, focussing on implications for businesses. Here are some of the highlights of the "UAE Consensus" and other commitments made in and around COP28.

Developments relating to sufficient or adequate security requirement under amended UAE banking laws

Tue, 19 Dec 2023 11:56:00 GMT

On 2 January 2023 a series of new laws came into force in the UAE, including Federal Law No. 23 of 2022 which amended certain provisions of Federal Law No. 14 of 2018 (the "UAE Banking Law") and Federal Law No. 50 of 2022 (the "New Commercial Transactions Law") which repealed and replaced Federal Law No. 18 of 1993 (the "Old Commercial Transactions Law").

International Regulatory Update 11 – 15 December 2023

Tue, 19 Dec 2023 10:23:01 GMT

Treasury consults on merger reforms in Australia

Tue, 19 Dec 2023 09:45:12 GMT

The Australian Competition and Consumer Commission (ACCC) supports the introduction of a mandatory suspensory merger control regime and changes to the substantive competition test. This proposal is being tested alongside two other policy options presented in a merger control consultation paper issued by Treasury on 20 November 2023 (Consultation Paper). The consultation on the proposed merger control regime (Consultation) is a step towards the most significant change proposed to Australian merger control laws in recent years. Interested parties should use this process to make submissions to the Treasury’s Competition Taskforce (Taskforce) by 19 January 2024.

Ukraine: The latest global sanctions and export controls

Fri, 15 Dec 2023 15:41:00 GMT

The following briefing provides an overview of the sanctions and export controls imposed by the US, UK, EU, Poland, Japan, Singapore, Australia, and Ukraine; as well as measures adopted in response by Russia, as at 02pm GMT, 15 December 2023.

Digital platform regulation and mandatory merger control on the horizon

Wed, 13 Dec 2023 12:53:16 GMT

The last quarter of 2023 has been busy for digital platform operators and investors as the Australian Treasury, Senate's Economics References Committee (Committee) and the Australian Competition and Consumer Commission (ACCC) released three papers on Australia's future merger control regime and obligations on digital platform services.

Rethinking financial protections: PRA's discussion paper on FSCS limits for general insurance

Wed, 13 Dec 2023 10:24:00 GMT

The PRA has recently published a Discussion Paper (DP2/23) which seeks feedback on Financial Services Compensation Scheme (FSCS) limits for General Insurance (GI) products. Currently, the FSCS provides 90% or 100% coverage of valid claims under insurance policies, with the level of protection depending on the type of insurance. The PRA is now exploring the possibility of increasing FSCS coverage for certain GI products to align with its objective of ensuring an appropriate degree of policyholder protection and is seeking feedback on potential changes.

The paper is relevant to UK insurers, including UK branches and those in run-off, EEA insurers in the Supervised Run-off or Contractual Run-off regimes, policyholders, as well as the FSCS as the scheme administrator. It is particularly relevant for EEA insurers with UK branches, most notably those who may be currently close to the £500m FSCS liability limit for subsidiarisation.

International Regulatory Update 4 – 8 December 2023

Tue, 12 Dec 2023 10:08:00 GMT