Asset turnover meaning

In this issue: Competition and state Data protection and cybersecurity Free movement, immigration and employment Financial services Energy Environment Insurance and reinsurance Life sciences Regulatory TMT International trade LexTalk®EU Law: a Lexis®Nexis community Daily and weekly news alerts New and updated content Trackers Competition and state Mergers-Commission withdraws Article 22 guidance The Commission has rescinded its 2021 communication that offered direction on the application of the Article 22 EUMR referral mechanism to particular categories of cases (the Guidance). Following a review of the EUMR’s turnover-based jurisdictional thresholds, the Commission issued the Guidance in March 2021, outlining a revised approach to Article 22. This approach permitted any Member State to invite the Commission to scrutinise a merger without an EU dimension where it nonetheless (i) affects trade within the Single Market and (ii) threatens to significantly affect competition within the territory of the Member State(s) making the request. See...

Senior managers at financial firms identified in corporate self-reports to the Serious Fraud Office (SFO) are set to come under Financial Conduct Authority (FCA) scrutiny for any regulatory failings found, lawyers cautioned. They said probes will rely on material provided by the companies themselves, submitted in their own interests. The SFO will pass these disclosures to the financial regulator. The new offence sits within the Economic Crime and Corporate Transparency Act 2023 (ECCTA 2023). Under ECCTA 2023, large corporates will be liable where an employee or agent commits fraud for the organisation’s benefit and adequate prevention measures were absent. The regime targets businesses only, not individuals. FCA investigations boost We expect an increase in FCA enforcement, particularly against senior managers who breach duties under the ‘failure to prevent’ offence, drawing on what firms report to the SFO, said Jennifer Richardson, a partner at Blackfords LLP. She warned that regulators will lean on company self-disclosures when pursuing cases. Companies may face prosecution if they satisfy two of three thresholds:...

The Serious Fraud Office (SFO) stated it has recovered funds from Shaun Kiely after asset recovery proceedings in northern England. In 2011, Kiely received a three‑year prison term for orchestrating a £1.3 million property investment scam. He was also found guilty on 11 counts of deception and fraud amid claims he exaggerated the turnover of his company, which marketed commercial properties to the investors. He also assured backers they would see returns by letting the properties to a separate enterprise that he both owned and ran...

Loan market and developments Overview Broadly, Scotland’s loan market mirrors that of England. Financial services regulation operates on a UK‑wide basis; a substantial body of legislation governing companies and other corporate vehicles (including corporate insolvency) likewise applies across the UK; and all Scottish clearing banks conduct business in every UK jurisdiction, as do their counterparts across the UK. In practical terms, this means English law governed loan documents typically require minimal amendment for UK cross‑border lending transactions. There are, however, some differences in terminology and certain statutory variations that must be allowed for; beyond those matters, an English law loan document and a Scots law loan document are closely aligned. It is commonplace, for example, for English law loan agreements to be deployed in Scottish lending transactions. The principal divergences between the jurisdictions arise in relation to property law and to the law concerning rights in security, where Scots law and English law are notably distinct. Lending Is it necessary to secure any consents or licences to...

Loan market and developments Please provide a succinct outline of the current condition of the loan markets in your jurisdiction and any noteworthy recent developments. The US corporate loan market remains a significant pillar of the US economy. While the US loan market has undergone considerable change in recent years, it is still resilient and continues to be one of the most inventive and consequential areas within the US capital markets. Two principal components of the US corporate loan space are broadly syndicated loans (BSL) and private credit transactions. The BSL segment is a key funding source for medium- and large-sized companies, comprising loans where multiple banks and non-bank financial institutions extend finance through a syndicate of lenders. Private credit typically involves lending by non-bank lenders on a bilateral basis or by a small cadre of lenders (often termed ‘club deals’). Both segments have seen strong growth and transformation over the past several years. Broadly Syndicated Loans Although private credit often captures more media focus, syndicated lending...

Loan market and developments As the financial centre of the Asia Pacific region and a key channel for Chinese offshore borrowing, Hong Kong stands among the biggest and most active syndicated loan hubs in Asia Pacific (excluding Japan), often contributing more than 20% of the region’s total syndicated volumes. A sustained spell of low interest rates and plentiful liquidity across Hong Kong’s banking system has kept funding widely accessible to borrowers. Bloomberg indicates that, in the sustainability-linked loan arena, Hong Kong led the Asia Pacific region (excluding Japan), delivering a record 31.4% share of overall issuance. This strong demand has also boosted HKD-denominated activity, making HKD the second most utilised currency in the sustainability-linked loan market for H1 2024... Please provide a brief overview of forthcoming changes to the law or other matters that may affect the loan markets or the responses to the questions