Clifford Chance

07 July 2021

Merger control in a post-Brexit world: is the CMA up to the task?

The UK's Competition and Markets Authority has been preparing itself for an increased merger control caseload in the wake of Brexit. In discussing the CMA's recent practice and guidance on jurisdiction, procedure, substantive assessment and remedies, Alex Nourry, Chandralekha Ghosh and Jordan Bernstein highlight key points of change in approach, particularly with regards to multi-jurisdictional mergers and digital markets. The article considers the sustainability of the CMA's approach and its potential impact on mergers.

This article was first published by Thomson Reuters, trading as Sweet & Maxwell, 5 Canada Square, Canary Wharf, London, E14 5AQ in the European Competition Law Review as "Merger control in a post-Brexit world: is the CMA up to the task?" in [E.C.L.R. 2021, 42(7) 371-382] and is reproduced by agreement with the publishers.

01 July 2021

How to enforce a foreign judgment in England

When asked whether and, if so, how a foreign judgment can be enforced in England, an English lawyer's answer will be: "it depends".

It depends upon when the judgment was given, what jurisdiction provisions the parties have agreed, what courts gave the judgment, and on a myriad of other factors. That is not to say that it will be impossible, or even hard – it just depends.

11 May 2021

Beyond Brexit: EU vs UK Margin Rules for OTC Derivatives

EU and UK margin rules for OTC derivatives will remain closely aligned after the end of the Brexit transition period – but some differences will remain.

The EU Regulatory Technical Standards (RTS) on margin were ‘onshored’ in the UK from the end of the Brexit transition period with limited changes to reflect the UK’s status outside the EU. The PRA and FCA are consulting on amendments to align elements of the UK Margin RTS with changes made to the EU Margin RTS following the end of the Brexit transition period. However, the end of the Brexit transition period still means some changes for both EU and UK counterparties under:

• the EU Margin RTS as a result of the UK becoming a third country for the purposes of EU law; and
• the UK Margin RTS as a result of the onshoring amendments, albeit mitigated by transitional relief until 31 March 2022.

The International Swaps and Derivatives Association (ISDA) and Clifford Chance have prepared this briefing highlighting some key changes and differences that will remain between the EU and the UK Margin RTS.

30 April 2021

How English judgments will be enforced in the EU post Brexit

There is a prevalence in international agreements of parties electing to resolve their disputes before the English courts.

It is therefore unsurprising that of the many questions that clients have to face in the aftermath of Brexit, one of the most common is whether their English judgment will continue to have the same value in Europe and how will they enforce it?

For the reasons further explained, clients can rest easy that in practice English law and the decisions of the English courts will still be upheld, albeit using different routes.