UK Knowledge Collection | New EU foreign subsidies notification regime, 'control' by designated person, and commercial landlords, restructuring plans and trespassers
Published on 13th Oct 2023
Welcome to this week's Knowledge Collection
The new notification regime under the EU's Foreign Subsidies Regulation came into effect yesterday, meaning that companies in receipt of non-EU state subsidies that are active in the EU or intend to enter the EU market through acquisition or tender need to ascertain whether they are within its ambit. The European Commission can impose remedies if it determines that a foreign subsidy risks distorting the internal market and may also impose fines on companies that fail to comply with the regime.
A recent Court of Appeal decision on the meaning of control in the context of the UK's sanctions regulations against Russia has increased the risks for UK companies of dealing with Russian businesses, owing to the far-reaching implications of the court's opinion that the Russian president, a designated person, "could be deemed to control everything in Russia".
Landlords in the retail and consumer sector are a common target of compromise arrangements in proposed restructuring plans. Our Insight looks at recent decisions that can provide helpful guidance for landlords in deciding whether or not to support a plan. Our property disputes webinar series next month will discuss how commercial landlords can recover land from trespassers and squatters.
Our compliance series next week turns to the thorny issue of the legal status of digital assets in the UK, with several cases before the courts and a Law Commission proposal to regularise the position.
Insights
UK regulator's diversity and inclusion proposals set to shake up financial services
The Financial Conduct Authority has published proposals to increase diversity and inclusion in financial services. A consultation period closes on 18 December and the publication of final rules is planned for 2024, with implementation 12 months later.
Tech M&A: Top tips for a successful deal
What do successful entrepreneurs and legal experts say are the secrets for a smooth deal process? Our Tech Transactions event brought together a panel of experts to share their experiences: exploring strategies, best practice and practical considerations for approaching M&A transactions in the tech sector.
Foreign Subsidies Regulation: new EU mandatory notification regime takes effect
The new mandatory notification regime under the Foreign Subsidies Regulation for companies that benefit from non-EU state subsidies (which are widely defined) took effect on 12 October.
UK sanctions: is every company in Russia controlled by Putin?
The risks of dealing with Russian businesses (particularly those with close state links) have increased considerably in the UK, following a judgment by the Court of Appeal in the case of Boris Mints v PJSC National Banke and PJSC Bank Otrkitie Financial Corporation. The decision has potentially far-reaching consequences, with a much larger number of entities than previously thought likely to be deemed controlled by President Putin (and other designated persons) and therefore subject to UK sanctions.
Approaching restructuring plans as a landlord in the UK retail and consumer sector
Landlords likely to be affected by a proposed plan may be assisted in their decision to oppose or support it by early engagement with the plan company, targeted information requests and use of the court's disclosure powers.
UK regulator's diversity and inclusion proposals set to shake up financial services
The Financial Conduct Authority has published proposals to increase diversity and inclusion in financial services. A consultation period closes on 18 December and the publication of final rules is planned for 2024, with implementation 12 months later.
Events
Eating Compliance for Breakfast | Digital assets digest
19 October | 09:00-09:30
The expansion of the regulation of digital assets in the UK continues as high-profile cases before the English courts create disruption in the crypto market and the Law Commission tries to introduce some certainty. This session will offer some clarity on recent developments.
Trespassers: How to mitigate your risk and recover your land as soon as possible
2 November | 09:00-09:45
Our property disputes webinar series turns to how commercial landlords can regain possession of land from trespassers or squatters.
Dipping into Data | Cross-border data transfers
13 November | 16:00-16:30
What practical considerations and actions arise for business from recent developments on cross-border data transfers? The session discusses the adoption of the EU-US Data Privacy Framework, the UK extension to it, and the updated approach of UK regulator, the ICO, to UK Binding Corporate rules
