Foreign direct investment policies around the globe continue to adjust to the changing geo-political environment. In particular, the US and the European Union as well as certain Member States are in the process of revising their investment screening regimes, including the introduction of new tools such as outbound investment screening and the European Foreign Subsidies Regulation. Generally, the focus of these policy adjustments is on Chinese investments.Continue Reading The evaluation of the German FDI Regime – Cornerstones of potential revisions revealed
The EU FSR filing forms have been adopted and the regime is now in effect. Businesses must prepare to notify qualifying M&A deals and public tenders from October 12.
This alert provides an overview of the FSR’s rules, procedures and filing requirements.
On July 19, Cleary Gottlieb and Oxera will host a webinar on practical…
On June 23, 2023, the European Union published its 11th package of sanctions in relation to Russia. In addition to adding 71 individuals and 33 entities to the list of designated persons which are subject to sanctions, the new package fine-tunes the existing regime, with extensions primarily aimed at combatting circumvention more effectively and…
On May 22, 2023, the President of Russia signed Decree No. 364 (“Decree 364”) On Certain Amendments to Decree of the President of Russia No. 430 dated July 5, 2022 (“Decree 430”) requiring Russian businesses who have issued Eurobonds to issue replacement securities to enable holders whose bonds are held through Russian depositaries to receive payments.Continue Reading Russian Obligors Are Required to Issue Russian Bonds Replacing their Eurobonds
The first few months of 2023 have seen significant developments in the FDI landscape that will have a major impact on cross-border transactions. Deal makers need to be aware that the scope of FDI control is increasing:
- With the United States taking major steps towards implementing an outbound FDI screening mechanism (which are echoed in Europe) and the European Commission further developing the EU Foreign Subsidies Regulation, new game changing regulatory frameworks take clearer shape.
- Following the EU Commission’s calling of recent years, by the end of the year almost all EU member States will have adopted a national FDI screening regime.
- On 27 April 2023, the UK Government published updated guidance that reflects its developing practice. Since January 2022, five transactions have been prohibited and 10 deals have been cleared subject to remedies.
The following post was originally included as part of our recently published memorandum “Selected Issues for Boards of Directors in 2023”.
This past year’s Russia-Ukraine conflict sparked a significant transformation of the global economic sanctions landscape, with developments and lessons extending well beyond Russia.
In 2023, boards of directors should continue to monitor…
On September 9, 2022, the U.S. Department of the Treasury issued preliminary guidance (Preliminary Guidance) providing the initial outline of a long-anticipated price cap on Russian-origin crude oil and petroleum products (Price Cap), taking effect December 5, 2022 and February 5, 2023, respectively. The Price Cap is expected to be implemented by “a coalition of countries including the G7 and the EU” and follows an earlier statement of intent issued September 2, 2022 by G7 finance ministers.
Continue Reading U.S. Treasury Department Issues Preliminary Guidance on Russian Oil Price Cap and Services Ban
Cleary Gottlieb partner Chase Kaniecki and associate Will Dawley co-authored an article titled, “3 Foreign Investment Issues Affecting Cross-Border Deals,” which was published by Law360.
In the article they provide a summary of the recent developments in the FDI review regimes in the EU and the U.K. and highlight three of the…
As the next part of our series of updates focusing on the key disputes and risk related issues arising from the conflict in Ukraine, we have highlighted specific instances where EU companies and executives may be exposed to risks of criminal liability. (Our first update focusing on the effect of the conflict on contractual obligations is here). Whether you are directly affected by these risks, or have a counter party which is constrained by them, it is essential to navigate them effectively.
Continue Reading Russia-Ukraine Disputes Taskforce: Risk of Criminal Liability
The United States, the European Union and the United Kingdom, along with a number of other jurisdictions, have responded to the ongoing military conflict in Ukraine by adopting new, additional and/or enhanced economic sanctions, trade restrictions and other restrictive measures targeting, in different ways, Russia, Belarus, and the so-called Donetsk People’s Republic and Luhansk People’s Republic, which Russia has purported to recognize as independent states. Russia, in turn, has responded to these restrictive measures by adopting its own countermeasures and related regulations affecting, for example, certain dealings involving non-Russians in Russia.
Continue Reading Sanctions Developments Resulting From the Conflict in Ukraine