CMS

A conversation with Amine Sator, local partner at Algerian law firm CMS BFL on key issues on merger control in Algeria. This is part of our collection of over 125 maintained national merger control guides.

This Practice Note is intended to provide advice to consultants on how to spot problems with insolvent clients (which, for the purposes of this note may mean employers or contractors) and how the consultant can take steps to protect itself. It deals with the consultant’s right to suspend and/or terminate under an appointment, the measures which a consultant might implement at pre-contract stage or in the appointment terms and conditions in order to protect itself and the differences where a novation situation exists.

This Practice Note is intended to provide advice to contractors on how to spot problems with insolvent employers and how the contractor can take steps to protect itself in advance. It deals with the contractor’s right to suspend and/or terminate under a construction contract, the measures which a contractor might implement at pre-contract stage in order to protect itself including direct payments from a bank, project bank accounts and guarantees and the practical issues which arise following an insolvency.

This Practice Note is intended to provide advice to employers on how to spot problems with insolvent contractors and how the employer can take steps to protect itself. The note deals with the employer’s right to terminate under a construction contract and the steps which an employer might take, particularly at pre-contract stage, in order to protect itself.

This Practice Note is intended to provide advice to sub-contractors on how to spot problems with insolvent contractors and how the sub-contractor can take steps to protect itself in advance. It deals with the sub-contractor’s right to suspend and/or terminate under a sub-contract and the measures which a sub-contractor might implement, particularly at pre-contract stage, in order to protect itself.

A conversation with Olga Czyżycka, counsel, Agnieszka Starzynska, senior associate, Krzysztof Sikora, senior associate, and Natalia Szurnicka from the Warsaw office of international law firm CMS on key issues on foreign direct investment (FDI) control in Poland.

A conversation with Agnieszka Starzyńska, counsel in the Warsaw office of international law firm CMS on key issues on merger control in Poland. This is part of our collection of over 125 maintained national merger control guides.

A conversation with Horea Popescu, partner, Claudia Nagy, senior associate, and Cristina Ciomos from the Bucharest office of international law firm CMS on key issues on foreign direct investment (FDI) control in Romania.

This Practice Note reviews the application of State aid rules (under Article 107 TFEU) to the financing of infrastructure projects.

State aid and public procurement are areas of law that, despite having separate rules, significantly overlap. It is important for contracting authorities to take account of this when awarding public contracts. This Practice Note focuses on circumstances and conditions which the contracting authority should consider to limit the risks of masked granting of State aid in the process of awarding public contracts.

Services of general economic interest (SGEI) are activities that are of particular importance to the public and would not be supplied (at least not under the same conditions) if the state did not intervene. It is important to consider the application of the State aid rules to SGEIs; if a SGIE meets the conditions set out by the Court of Justice in the Altmark case, the State aid rules will not apply.

Economic transactions carried out by Member States do not confer an advantage in favour of an undertaking, and therefore do not constitute State aid under EU law, if they are carried out in line with normal market conditions. The European Commission has established the ‘market economy operator principle’ or MEOP to assess whether, in similar circumstances, a private investor of a comparable size operating in normal market economy conditions would have made the same investment. This Practice Note looks at the application of the MEOP to investments made by Member States.

This Practice Note summarises the procedure for State aid investigations, including for notified aid, unlawful aid, misused aid and existing aid.

This Practice Note provides a basic framework for assessment under the General Block Exemption Regulation (GBER) and its current scope. It provides an overview of the general approach of the GBER and also specific provisions relating to different types of State aid. Also, the practical implications of the revised GBER, the pitfalls and opportunities.

This Practice Note provides an overview of the EU State aid rules, and specifically what constitutes ‘aid’ for the purposes of Article 107(1) TFEU.

Financial Service analysis: The FSA has warned amateur investors to be wary of crowdfunding websites amidst concerns about insufficient protection for investors. The regulator says crowdfunding should be targeted at sophisticated investors. Bradley Rice of Nabarro LLP explains the key concerns but believes crowdfunding has the potential to be a vital new source of finance.

Experts from Nabarro comment on the recently published consultation on the future regulation and governance of the payments industry, as the UK government questions whether the industry responds effectively to consumer needs and offers sufficient consumer protection. Revised supervisory measures are to balance traditional payment mechanisms with emerging technologies and set strategy in this vital area for the real economy.

Nabarro LLP comments on reports that the Financial Services Authority is interviewing fewer board candidates for financial service groups. The FSA had attempted to interview all board candidates—a move which was criticised — but it struggled to find the resources to conduct the interviews and firms were finding it difficult to find candidates for NED positions. Nabarro’s analysis considers the need to balance corporate governance with pragmatism

Nabarro LLP consider the FSA’s record fine of Barclays in relation to manipulation of the interbank interest rate. Combined with fines from regulators in other jurisdictions, such as the US Commodity Futures Trading Commission and the US Department of Justice, Barclays has been significantly penalised. The FSA’s approach considers the failings in systems and controls

Nabarro LLP considers the UK Treasury’s White Paper announced on 14 June 2012 in relation to ring-fencing retail banking operations, which introduced additional loss absorbency proposals and increasing competition in the banking sector. The ring-fencing proposals build on the Vicker’s Independent Banking Commission proposals and can also be seen as a UK form of the Volcker rule proposals. Nabarro’s analysis explores who would be affected, the effects of the proposals and possible exemptions.