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Competition Appeal Tribunal sets a high bar for CMA raids at domestic premises On 7 December 2023, the Competition Appeal Tribunal (CAT) published a judgment confirming the higher level of scrutiny that applies to the Competition and Markets Authority’s (CMA) power to enter and search domestic premises. The ruling, in which...
Hong Kong Stock Exchange introduces IPO "double dipping" exemption Hong Kong Stock Exchange introduces IPO "double dipping" exemption Summary The Stock Exchange of Hong Kong Limited (the Exchange) published a revised Guidance Letter HKEX-GL85-16 (the Revised Guidance) introducing an exemption to permit existing...
UK Prospectus Regime Reforms Approach Next Milestone The final draft Public Offer and Admissions to Trading Regulations 2023, first announced as part of the Edinburgh Reforms last year, have been published and laid before Parliament. The Regulations will lay the foundations for the new UK Prospectus Regime,...
A Guide to Takeovers in the United Kingdom Memorandum providing a general guide to takeovers of listed companies in the UK This memorandum is a general guide to takeovers of UK incorporated and listed companies subject to The City Code on Takeovers and Mergers. It describes the UK bodies...
EFIG: European Banking Newsletter – December 2023 Developments in this month's edition include: TARGET – ECB adopts amending Guideline and Decision Mapping of external credit assessments under Capital Requirements Regulation and Solvency II – Final reports published by ESAs CRR...
Competition & Regulatory Newsletter: European Commission fines Rabobank over bonds trading cartel European Commission fines Rabobank over bonds trading cartel On 22 November 2023 the European Commission fined Rabobank €26.6 million for its participation in a bonds trading cartel. Deutsche Bank was also found to have participated in the cartel but...
Recent IBOR developments in the loan market With the mammoth task of transitioning away from LIBOR coming to an end, the focus has turned to interest rate benchmark reform in non-LIBOR currency jurisdictions. Recent developments in two such jurisdictions – Canada and Europe – have...
Insurance Newsletter - November 2023 In this newsletter we discuss: the Consumer Duty in practice, FCA insurance market priorities and themes from our best friends seminar. In this newsletter we discuss: The Consumer Duty in practice FCA insurance market priorities Themes from our best...
Commentary: Multinational Top-up Tax in Part 3 of the Finance (No.2) Act 2023 Zoe Andrews has written the commentary on the Multinational Top-up Tax provisions in Part 3 of Finance (No. 2) Act 2023 (and associated Schedules) for the Tolley’s Finance Act Handbook.   Part 3 is the starting point for the UK’s...
BLOG: Stamp duty in the Autumn Statement 2023: update on the 1.5% charge and extension of the growth market exemption The Budget Resolutions published following the Autumn Statement 2023 give temporary statutory effect to provisions intended to remove the UK’s 1.5% stamp duty charge in many circumstances where it would have previously been disapplied under EU law...