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NEWS
Law360, London: A London employment judge has awarded £138,000 to a whistleblower at Anglo-Pakistani bank for being unfairly fired after he raised an alarm about potential compliance concerns.
PRACTICE NOTES
Background The United Nations Conference on the Human Environment (Stockholm Conference) is regarded as a pivotal point in the development of modern environmental law. The Stockholm Conference took place in Stockholm, Sweden from 5–16 June 1972, and was attended by 113 country representatives, together with over 400 inter-governmental and non-governmental organisations. It was the first intergovernmental conference devoted to environmental issues and acknowledged that environmental protection is a major issue which affects both the well-being of people and global economic development. It draws on broad general environmental policy goals and objectives rather than setting down specific obligations. The conference’s recognition of the need to revitalise the ties between humanity and nature led to the creation of various environmental institutions in the United Nations (UN). Importantly, it also led to the development of key national and international environment instruments, including: • 1982 UN Convention on the Law of the Sea • 1985 Vienna Convention for the Protection of the Ozone Layer • 2001 Stockholm Convention on Persistent Organic Pollutants In its
PRACTICE NOTES
Title United Nations Convention on the Law of the Sea (UNCLOS) Parties 172 Adopted 10 December 1982 Entry into Force 16 November 1994 Full text United Nations Convention on the Law of the Sea Subject [Catchwords] International Law of the Sea UNLCLOS I and UNCLOS II The International Law Commission (ILC) decided at its first meeting in 1949 to consider the codification and development of various aspects of the law of the sea. By 1956, the ILC had produced final draft articles with accompanying commentary that were circulated before the first Conference on the Law of the Sea (UNCLOS I), held over nine weeks in Geneva in 1958. UNCLOS I produced the four Geneva Conventions on 29 April 1958: • Convention on the Territorial Sea and the Contiguous Zone • Convention on the High Seas • Convention on the Continental Shelf • Convention on Fishing and Conservation of the Living Resources of the High Seas The
PRACTICE NOTES
Title United Nations Framework Convention on Climate Change (UNFCCC) Parties 198 Parties (197 States plus the European Union) Location New York Adopted 9 May 1992 Came into force 21 March 1994 Subject Climate Change What is the UNFCCC? The United Nations Conference on Environment and Development (UNCED), also known as the Earth Summit, was held in Stockholm in 1992. Its aim was to halt and reverse the effects of environmental degradation and to promote sustainable and environmentally sound development. Two legally binding conventions were adopted and signed at UNCED—the UN Convention on Biodiversity and the UN Framework Convention on Climate Change (UNFCCC). Parties joined the UNFCCC treaty to co-operatively consider what they could do to limit average global temperature increases and the resulting climate change, and to cope with whatever impacts were, by then, inevitable. The UNFCCC entered into force on 21 March 1994. Today, it has near-universal membership. The 197 states plus one regional economic integration organization (the EU) that have ratified
NEWS
The United Nations Commission on International Trade Law has published a draft multilateral instrument on investor-State dispute settlement (ISDS) reform. This is the first draft of a multilateral instrument structured as a framework convention with protocols. The draft's aim is to obtain guidance from the working group on the way forward on a wide range of policy issues that arise in preparing an international instrument.
PRACTICE NOTES
1. Which government or other body (or bodies) reviews foreign investments? The Committee on Foreign Investment in the United States (CFIUS, or the Committee) is the overarching US governmental body responsible for reviewing inbound foreign investment. CFIUS is an interagency committee chaired by the US Department of the Treasury that includes members from the US Departments of Justice, Defense, Homeland Security, Commerce, State, and Energy, as well as the United States Trade Representative and the White House Office of Science and Technology Policy. The Department of Labor and the Director of National Intelligence have non-voting roles, and other executive branch agencies, such as the White House Office of Management and Budget and the National Security Council, also may participate in CFIUS activities. Several other sector-specific foreign investment regimes exist in the United States and apply to parties that meet specific criteria. Examples of the relevant regulators include: • the Defense Counterintelligence and Security Agency, which is responsible for reviewing foreign investment into businesses that perform classified work for the US government
PRACTICE NOTES
CASE HUB ARCHIVED—this archived case hub reflects the position at the date of the decision of 29 September 2023; it is no longer obtained. See further, timeline. Case facts Outline UK merger investigation into the anticipated acquisition by UnitedHealth Group incorporated, via Bordeaux UK Holdings II Limited, of EMIS Group Plc. The transaction involves vertical overlaps in the relation to the supply of healthcare software. Latest developments On 29 September 2023, the CMA issued its final report, unconditionally clearing the transaction. The CMA confirmed its provisional findings that, although EMIS Group Plc holds a strong market position in the supply of electronic patient record systems: (i) the merged entity would not have the incentive to engage in partial foreclosure in the supply of medicines optimisation software by restricting access to EMIS Group Plc's electronic patient record system because such a strategy would be likely to be unprofitable; and (ii) the merged entity would not have the ability to partially foreclose Optum’s population health management services rivals by restricting access to the primary care data held by EMIS.
GLOSSARY
A term used by the Charity Commission to describe a direction made under the Charities Act 2011, section 12.
GLOSSARY
A type of debt that combines senior and subordinated debt into one debt instrument; it is usually used to facilitate a leveraged buyout.
GLOSSARY
A unitranche facility is a single-tranche term loan which combines a blend of senior and junior risk with a single interest rate (which is essentially a blended senior/junior rate). It is usually documented in a single loan agreement.
PRACTICE NOTES
Unitranche facilities have become one of the main financing options available to both financial sponsor-backed and non sponsor-backed borrowers in the European leveraged loan market. These financings originally became popular in the US mid-market in 2005 and since 2012 have their share of the European mid-market year on year. This Practice Note explains what unitranche facilities are, outlines the advantages and disadvantages to borrowers, and explains in detail their key characteristics. See Practice Note: Acquisition finance—introductory guide for more general introductory information on acquisition and leveraged finance. For an explanation of some of the terms used in this Practice Note, see: Glossary of acquisition finance terms and jargon. What is a unitranche facility? Typically, a unitranche facility is a single tranche term loan with a blended senior/junior interest rate. It is usually documented in a single loan agreement. Unitranche facilities are generally provided by non-traditional lending entities, ie private debt funds and other alternate credit providers, and are provided in amounts ranging from between €10m right up to €2bn. At the larger end of the scale, debt funds
GLOSSARY
A patent must only relate to a single invention or a single inventive concept.