Co-ordinated effects meaning

Mergers CMA adopts new phase 2 investigation process; publishes updated merger guidance and merger notice forms The CMA has released the final updated version of its guidance on jurisdictional and procedural mergers (CMA2), following a consultation in November 2023. The revisions chiefly concern the way the CMA will run its phase 2 merger investigations. The principal changes are: There will be chances for merging parties to engage directly with the CMA at an early stage. The issues statement will be dropped; instead, the CMA will request submissions on the phase 1 decision. Typically, there will be teach-in sessions and a new initial substantive meeting. In addition, there will be more use of update calls throughout the investigation, alongside broader opportunities for economic experts to interact with the CMA’s experts. An interim report will be issued earlier in the timetable, replacing the provisional findings report and setting out the CMA’s provisional assessment of the merger’s effects on competition...

In this issue: Key developments UK immigration control: how it works Business, investment and non-sponsored work Challenging immigration decisions and enforcement Preventing illegal working Citizenship applications Daily and weekly news alerts New and updated content Key developments Future developments—Immigration calendar and Immigration White Paper Our Immigration calendar highlights the principal forthcoming changes of interest to business immigration advisers. In addition, our Practice Note: Immigration White Paper 2025—summary, tracker and resources offers a refreshed, wide-angled overview of activity around the May 2025 White Paper, ‘Restoring control over the immigration system’, including the ‘Earned settlement’ plans. It sets out the headline reforms for business immigration practitioners, comments on their potential effects, and continuously monitors progress on delivery. You will also find links to supporting materials. UK immigration control: how it works House of Commons Library publishes research briefing on history of asylum appeals in the UK The House of Commons Library has released a...

In this issue: EU fundamentals Commercial Competition and state aid Data protection and cybersecurity Dispute resolution Financial services Environment IP Life sciences TMT Regulatory International trade Daily and weekly news alerts New and updated content Trackers EU fundamentals Ursula von der Leyen provides vision statement for Europe and wins re-election Ms Ursula von der Leyen secured a second term as President of the European Commission, winning 401 votes in her favour in the European Parliament. Ahead of the ballot, she outlined her vision for a Europe that is even stronger and more prosperous. Among her flagship proposals are: a new Clean Industrial Deal to accelerate decarbonisation and drive industrial expansion; a European Democracy Shield to confront foreign information manipulation and interference; an agriculture plan to support adaptation to climate change; a Roadmap for Women’s Rights; and measures for tackling issues related to screen time and social media. As...

Produced with input from Rebecca Cousin of Slaughter and May on market practice. This Practice Note succinctly outlines the relevant rules and guidance concerning parties who are, or are deemed likely to be, acting in concert for the purposes of The City Code on Takeovers and Mergers (the Code). In particular, the note reviews the various relationships that may amount to acting in concert, the importance of concert parties for Rule 9 of the Code, and the disclosures required in connection with stakebuilding. Stakebuilding is not prohibited by the Code, but can carry significant implications. The effects of membership of a concert party will typically be engaged under Rules 4 (Restrictions on dealings), 5 (Timing restrictions on acquisitions), 6 (Acquisitions resulting in an obligation to offer a minimum level of consideration), 8 (Disclosure of dealings and positions), 9 (The Mandatory offer and its terms) and 11 (Nature of consideration to be offered) when any of the relevant parties acquires shares...

A bankrupt is discharged from bankruptcy one year after the bankruptcy begins, unless the court suspends that discharge because the bankrupt has failed to co-operate with the official receiver (OR) or the trustee in bankruptcy (trustee) (IA 1986, s 279). On discharge, the disqualifications and restrictions that apply to an undischarged bankrupt come to an end. For further detail on those disqualifications and restrictions, see Practice Note: The immediate effects of a bankruptcy order on the bankrupt. What is the bankruptcy restrictions regime and why was it introduced? In cases where bankruptcy is not the product of honest misfortune, but arises from the bankrupt’s misconduct or recklessness, it is regarded as appropriate that the bankruptcy disqualifications and restrictions should continue for longer than one year, to protect the public interest and act as a deterrent. Accordingly, the Enterprise Act 2002 (EnA 2002) introduced a new section (IA 1986, s 281A) and a Schedule (IA 1986, Sch 4A) into the IA 1986, so that, from 1 April 2004, the...

Objectives The preamble to the UNCITRAL Model Law on cross-border insolvency (the UNCITRAL Model law on insolvency) sets out the following aims: collaboration between courts and other competent authorities in this state and in foreign jurisdictions handling cross-border insolvency matters increased legal certainty for commerce and investment a fair and efficient conduct of cross-border insolvency proceedings that safeguards the interests of all creditors and other stakeholders, including the debtor protection and maximisation of the value of the debtor’s assets, and support for rescuing financially distressed businesses, thereby safeguarding investment and preserving employment It is designed to accommodate differences among countries and does not attempt to harmonise laws, so it concentrates on procedure rather than substance. It soon became clear that trying to harmonise the varied insolvency laws worldwide would be unrealistic, so substantive rules are left to the enacting state’s domestic law (see also the European Commission’s plans to harmonise insolvencies and restructurings across Europe—Practice Note: Harmonising insolvencies and...