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Two deals by Chinese companies blocked under the UK’s National Security and Investment Act Since the introduction of the National Security and Investment Act 2021 (the NSIA or the Act) in January 2022, the UK government has now twice exercised its powers under the Act to block a transaction on national security grounds. Both instances relate to... BLOG: UK advances multinational top-up tax despite mostly a lack of progress elsewhere The US has finally passed some tax legislation in the form of the Inflation Reduction Act. But before you get too excited, it does not implement either of the two pillars of international tax reform. Disappointingly, there are no changes to the US GILTI r... Employment Bulletin - August 2022 Topics covered in this bulletin: Government guidance on employment status Employer could dismiss and re-engage employees with protected pay Court of Appeal confirms dismissal of whistleblower for criticising colleague was not automatically unfair Te... Competition & Regulatory Newsletter: CMA reimposes Pfizer and Flynn fines for excessive pricing On 21 July 2022 the Competition and Markets Authority issued a second infringement decision against Pfizer and Flynn following its in-depth remittal investigation. The CMA fined the companies a combined £70 million, finding - as it had done in 2016 ... The Lending and Secured Finance Review - 8th edition - Hong Kong chapter The Lending and Secured Finance Review provides an overview of the developments in the corporate lending and secured finance markets in 16 different countries and the challenges and opportunities facing market participants. The Hong Kong chapter in the 8... BLOG: Euromoney: Taxpayer prevails before the Upper Tribunal At first instance, Euromoney had been decided in favour of the taxpayer and my colleague’s post on the decision surmised that “HMRC may be so disheartened by the FTT’s factual findings that they abandon the fight”. This did not come to pass. HMRC appealed... EFIG: European Banking Newsletter - August 2022 Developments in this month's edition include: Economy-wide climate stress test - ECB publishes results Supervisory banking statistics Q1 2022 - ECB publishes results 2021 bank resolvability assessment - published by SRB   Please do contac... The Shareholder Rights and Activism Review - 7th edition - United Kingdom chapter This law review chapter considers the legal and regulatory framework in UK shareholder activism, key trends over the past two years, and an analysis of recent activism campaigns. Furthermore, the chapter offers a summary of recent regulatory developments,... BLOG: BlackRock revisited: what is the purpose of the “unallowable purpose” rule? That might sound like a strange question, but it lurks just beneath the surface of the Upper Tribunal’s keenly-awaited decision in BlackRock which is the latest instalment in a series of “unallowable purpose” cases including Kwik-Fit a... Hong Kong's ESG regulatory priorities and impact on Hong Kong listed and other companies With Hong Kong’s role as an international capital hub for Mainland Chinese businesses, ESG regulations in Hong Kong can have a global impact, particularly on the transition to net zero. This briefing outlines the regulatory priorities for Hong Kong ...