The following Arbitration practice note produced in partnership with Ben Sanderson provides comprehensive and up to date legal information covering:
Foreign direct investment (FDI) continues to play an increasingly important role in the global economy. For transnational corporations, or indeed any business seeking to establish operations in an overseas jurisdiction, a crucial factor to consider will be the legal stability of that jurisdiction. Prudent investors will want to ensure that their investment is secure and protected from unwanted interference in the host country. Political and economic circumstances can give rise to state measures which can result, either directly or indirectly, in an investment being impaired and in the most serious circumstances, nationalisation of certain industries or sectors could even see an investor’s assets expropriated (see, for example, Practice Note: Expropriation—investment treaty arbitration).
In such circumstances, investors may have certain rights and remedies available to them under the various contractual arrangements pursuant to which they made their investment. Typically, however, these contacts may stipulate that claims can only be brought before the national courts of the host state, or may limit the remedies available. Therefore, recognising the potential limitations of contractual rights, prudent investors may also seek to structure their investments in such a way as to gain an additional layer of protection under international law. This Practice Note examines the importance of bilateral and multilateral investment treaties (BITs and MITs, respectively) in providing investors with an additional layer of
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Pension commencement lump sums (PCLSs)When a member of a pension scheme becomes entitled to receive their scheme benefits, they can usually take part as a tax-free lump sum. HMRC calls this a ‘pension commencement lump sum’ (PCLS). Taking a lump sum is usually at the option of the member who will
AML and counter-terrorist financing—source of funds and source of wealthSource of funds and wealth was a key focus of the SRA’s Preventing Money Laundering and Financing of Terrorism thematic review, published in March 2018. Its findings included that:•most firms understood the distinction between
Drafting—2009 ActThe Perpetuities and Accumulations Act 2009 effectively disapplies the rule against perpetuities from future easements granted on or after 6 April 2010, so a draftsman now need not be concerned to specify a perpetuity period. Any restrictions on the exercise of the easement
Sale of treasury sharesA limited company may hold, or deal with, shares in itself, if certain conditions set out in the Companies Act 2006 (CA 2006) are met. Those shares are held in treasury and referred to as the company's treasury shares.The treasury shares regime is set out in CA 2006, ss
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