The year 2023 was marked by the further strengthening of control over transactions involving the sale of Russian assets owned by “unfriendly” foreign entities, as well as over Russian strategic companies. As for antimonopoly regulation, after several years of discussions and revisions, the fifth antimonopoly package was adopted, and a number of precedent-setting cases were considered. Please see below for more details about the key developments and highlights of 2023. 1 ...
The last installment of our three-part series explains U.S. tax considerations of a divided interest strategy for the bare owner who is a U.S. person. In most situations involving global families, it is the bare owner, rather than the holder of the usufruct, who is a U.S. person. The usufruct holder is often a nonresident alien who puts in place the property division for foreign estate planning purposes. In many instances, one or more members of the younger generation move to the United States ...
Last year, the UK Government announced increases in fees for immigration and nationality applications as well as priority processing services which took effect from 4 October 2023. As mentioned in our previous article, these increases are substantial and likely to have a significant financial impact for applicants and their sponsors. In addition, the UK Government are increasing the Immigration Health Surcharge shortly on 6 February 2024 ...
The recent publication of the 2024 UK Corporate Governance Code introduces several targeted changes in a move to build on the transparency and accountability requirements for corporate practices brought in by the current version of the Code ...
Following from the recent geopolitical developments in Ukraine, there has been a heightened interest in international sanctions ...
On 31 January 2024, the UK government will bring into force HM Treasury’s proposed reforms to the financial promotion rules. The Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (FPO) contains restrictions on the issue of communications which amount to “promotions” of investments in securities ...
Carey Olsen trio elected as members of STEP Contentious Trusts and Estates Steering Committee STEP is a global professional body encompassing over 21,000 lawyers, accountants, trustees and other practitioners who, as specialists in inheritance and succession planning, draft wills and trusts, administer estates, act as trustees and advise families on how best to structure their finances ...
Recent bills in the U.S. House of Representatives and Senate demonstrate legislators’ concerns about several issues related to nonprofits, including: (1) admissions practices at institutions of higher education; (2) cross-border grantmaking by U.S ...
Carey Olsen advises on launch of new private capital administration business, Palmer Palmer was founded by chief executive officer Martin Schnaier, chief financial officer James Ireland, chief legal officer James Bermingham, chief commercial officer Jason Bingham and chief technology officer Phil Godley. All have previously held senior leadership positions in the industry, including at FTSE 250 company, Sanne Group plc, prior to its take-private in 2022 ...
This article looks at current trends in UK mid-market debt finance and what we anticipate for 2024. Businesses have faced a perfect storm of challenges in the last twelve months: slow economic growth, rising interest rates, geopolitical unrest and struggles to curb inflation. Despite all that, Q4 of 2023 was a busy one, with a definite uptick in new deals off the back of more positive economic news towards the end of the year ...
Please note the following press release. This press release is available at our homepage. A Hamburg-based HEUKING team led by new Equity Partner Christoph Prochnau, LL.B., legally advised bigmed Beratungs GmbH & Co. KG on the sale of digmed GmbH to LOGEX Healthcare Analytics AG. Founded in 2008 by anesthetist Dr. Enno Bialas, digmed is a leading provider in the analysis of operating and surgical processes in hospitals in the German-speaking region ...
Please note the following press release. This press release is available at our homepage. A HEUKING team, led by Munich-based Partner Boris Dürr, advised PRIMEPULSE SE on the sale of its majority stake in publicly listed KATEK SE to Kontron Acquisitions GmbH, a wholly owned subsidiary of publicly listed Kontron AG. The transaction involved the sale of roughly 60% of all KATEK shares at a price of about EUR 130 million ...
Fintech companies and their partners are on alert as a flurry of new state and federal cybersecurity requirements take effect. The New York Department of Financial Services (NYDFS) and the Federal Trade Commission (FTC) both recently finalized changes that will create additional compliance obligations, expand existing regulations to new entities and mandate that banks and fintech firms move quickly to update their cybersecurity policies and incident-response capabilities ...
On 11 January 2024 the Financial Conduct Authority (“FCA”) published policy statement PS24/1 (without consultation). The policy statement sets out temporary changes to the complaints handling rules for motor finance complaints, amid a rise in complaints against motor finance firms relating to commission ...
A consultation published by the EU Commission on which over-the-counter (OTC) derivatives identifier would best facilitate price transparency closed at the end of last week. While we will need to wait until mid-2024 to hear the Commission’s findings, there are a couple of points of much broader impact and interest to all those interested in operating a multinational business, market structure, technology, digital assets, regulation, cross-border rule harmonisation and data privacy ...
On January 12, 2024, and in compliance with Law No. 21,521 (the "Fintech Law"), the Financial Market Commission ("CMF") published General Rule No. 502, with the purpose of regulating the registration, authorization, and obligations of financial service providers under the Fintech Law (the "NCG 502"). The main subjects addressed by said norm are as follows: 1 ...
Introduction The United States Trustee Program is part of the United States Department of Justice and oversees the administration of bankruptcy cases, including oversight of panel trustees. When a bankruptcy court grants a motion to appoint a Chapter 11 trustee, the United States Trustee (“UST”) is responsible for selecting and appointing the individual who will serve in such capacity ...
Carey Olsen acts for Wentworth Resources plc in £61.7 million takeover by scheme of arrangement A Jersey company previously listed on the London AIM market, Wentworth has provided affordable and reliable natural gas to fuel Tanzania's socioeconomic development for the last 20 years. M&P is an oil and gas exploration and production company listed on Euronext Paris, specialising in the production of hydrocarbons ...
Jonathan Smart, head of the mobility sector at Shoosmiths, comments on upcoming trends and developments to expect in 2024 for the sector. The automotive industry is in the midst of a transformative era, marked by technological breakthroughs and shifting consumer preferences. Staying ahead of the curve is crucial for industry insiders. Let's delve into five pivotal trends that are reshaping the landscape of the automotive sector ...
Please note the following press release. This press release is available at our homepage. Heuking advises AL-KO on the sale of Prinz Kinematics to Mutares A Heuking team led by Munich M&A partners Boris Dürr and Marcel Greubel advised technology group AL-KO on the sale of Prinz Kinematics GmbH to Mutares SE & Co. KGaA. The closing took place at the beginning of January; the transaction has thus been successfully completed ...
Please note the following press release. This press release is available at our homepage. Heuking advises FarmInsect GmbH on Series A funding round A team led by Alexander Weber, Heuking Partner at the Munich office, legally advised FarmInsect GmbH on its Series A funding round ...
Following an antitrust investigation, in 2017 the European Commission had fined Google LLC and Alphabet Inc. a record €2.4 billion for abuse of Google’s dominant position. In brief, it found that Google was self-preferencing, by presenting results from its own Google Shopping first upon a so called “Google search”. On appeal to the General Court, the fine was confirmed in 2021 ...
Following the recently reported hack of the US Securities and Exchange Commission (SEC)’s social media account yesterday (10 January 2024), the SEC formally announced that it had approved the launch of 11 Bitcoin ETFs in the US. As the announcement states, these approvals are not an endorsement of cryptocurrency as an “investment” or of any of the issuers of the ETFs themselves ...
