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Recent Articles

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    20/02/2024
    United Kingdom

    Court of Appeal confirms position on damages for breach of public procurement rules

    The much anticipated judgment in the Braceurself appeal has been handed down by the Court of Appeal. The Court of Appeal (led by LJ Coulson) has reaffirmed the position established by the High Court that despite a breach of the public procurement rules changing the outcome of a procurement, that is not of itself automatically ‘sufficiently serious’ to justify an award of damages.Until Braceurself, it was generally assumed that a breach which changed the outcome of a procurement would be decisive on the question of sufficient seriousness. This judgment provides clarity on the relevant...
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    20/02/2024
    Bulgaria

    Ministry of Finance proposes a draft bill on Credit Servicers and Credit Purchasers

    The Bulgarian Ministry of Finance recently introduced for public consultation a bill for a new Credit Servicers and Credit Purchasers Act (“CSCPA”) implementing Directive (EU) 2021/2167 on credit servicers and credit purchasers (“CSD”). The CSD aims at creating a “single market” for distressed assets in the EU and introduces a harmonized regulatory framework for NPL-transactions between banks, credit purchasers and firms providing NPL-related services. The proposed CSCPA bill only concerns NPLs originated by credit institutions, thereby excluding loans provided...
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    20/02/2024
    United Kingdom

    Economic Crime and Corporate Transparency Act 2023: changes expected to come into force on 4 March 2024

    From Spring 2024 we expect the role of Companies House and the Registrar of Companies (Registrar) to change significantly from simply incorporating companies and being a largely passive information recipient and depository to being a pro-active regulator with clear objectives and the powers to fulfil them.Changes affecting the ongoing administration of companies and limited liability partnerships are also expected to come into force at the same time. Although no implementing regulation has been published yet, Companies House has announced that the date it is working to is 4 March 2024.The changes...
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    20/02/2024
    Europe

    Listing Act: provisional agreement reached between the EP and the Council

    IntroductionOn 7 December 2022, the European Commission (EC) submitted a package of measures known as the “Listing Act” (the Act), aiming at making public markets more attractive for European Union (EU) companies by facilitating access to capital for small and medium-sized companies (SMEs) (Refer to our earlier publication on this topic for more detail on the initial proposal)On the one hand, the Act put forward several amendments to Regulation (EU) 2017/1129 of the European Parliament (the EP) and of the Council (the Prospectus Regulation), Regulation No 596/2014 of the EP...
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    19/02/2024
    Germany

    Tokenised Profit Participation Rights – The Future of Employee Participation in the German Market?

    Profit participation rights are an attractive form of employee participationEquity-like profit participation rights are a way of dynamically issuing employees with a stake in a business while at the same time eliminating the possibility that they can influence corporate management and policy. These profit participation rights combine the (tax) advantages of real shares with the flexibility of pure instruments of participation under the law of obligations.Comparison with real shares: Profit participation rights generally only come with information rights under exclusion of other possible ways of...
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    19/02/2024
    Switzerland

    Swiss Limited Qualified Investor Fund (L-QIF) available in March 2024

    On 31 January 2024, the Swiss Federal Council released the final implementing provisions of the Collective Schemes Ordinances (CISO) relating to the Limited Qualified Investor Fund (L-QIF). The L-QIF is a new type of investment fund reserved to qualified investors under the Collective Investment Schemes Act (CISA). The L-QIF will be available on the market on 1 March 2024.L-QIF basicsThe L-QIF does not require approval or authorisation by the Swiss Financial Market Supervisory Authority (FINMA) to be setup or launched and there is no prudential supervision conducted by FINMA over L-QIFs.Despite...
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