The Covington View
The UK’s NSI Act comes into force on January 4th, 2022. In these brief audio recordings, our team sets out what companies in the energy, life sciences and technology sectors need to know about the UK’s newly expanded investment control regime. For further details contact any member of our London team.
In this episode, our…
The UK’s new National Security & Investment Act (NSIA) will come into force on January 4, 2022. The Act introduces mandatory notification and pre-clearance requirements applicable to certain acquisitions within 17 key sectors including energy, life sciences and technology.
In order to administer the Act, the Department for Business, Energy and Industrial Strategy (BEIS) has…
On 3 November, the UK’s Competition and Markets Authority (“CMA”) issued a recommendation to the Secretary of State for Business, Energy and Industrial Strategy to replace the EU Vertical Agreements Block Exemption Regulation or ” VABER” with a UK Vertical Agreements Block Exemption Order (“UK Order”) when the VABER expires on 31 May 2022. The VABER (which provides a safe harbour from the prohibition against anti-competitive agreements for vertical agreements that meet the applicable requirements) formed part of retained EU law following Brexit, but its upcoming expiry triggers the need for a UK Order to be issued in its place.
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Continue Reading The UK CMA publishes its recommendation for replacing the retained Vertical Agreements Block Exemption Regulation
The UK’s NSI Act comes into force on January 4th, 2022. In these brief audio recordings, our team sets out what companies in the energy, life sciences and technology sectors need to know about the UK’s newly expanded investment control regime. For further details contact any member of our London team.
In this episode, our…
On 20 July 2021, the UK Government’s Department for Digital, Culture, Media & Sport (“DCMS”) and Department for Business, Energy & Industrial Strategy (“BEIS”) published proposals for a new regulatory regime for digital markets alongside accompanying consultation documents (the “Consultation”). The Consultation seeks views from interested parties and closes on 1 October 2021.
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Continue Reading New UK Digital Competition Regulation Regime Consultation Closes on 1 October 2021
What is happening and why?
On 30 June, the UK Government announced its draft Subsidy Control Bill (the “Bill”) which sets out the framework for how the UK will subsidise businesses post-Brexit. The UK government has hailed the Bill as a major departure from the EU state aid rules. In practice, the Bill provides a framework for implementing the UK’s international commitments on subsidy control, as set out in the Trade and Cooperation Agreement agreed with the European Union, and in other existing international trade obligations and World Trade Organisation (“WTO”) rules.
The Bill introduces a decentralised subsidy control framework outlining principles with which public authorities must comply when awarding subsidies. One of the key aims of the Bill is to ensure that the subsidy control regime is not used to encourage a “race to the bottom” between different regions of the UK.
While there are some important differences as compared to the EU state aid regime, the fundamental principles are comparable and any subsidies given under the Northern Ireland Protocol will continue to be governed by EU rules.
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Continue Reading The UK’s post-Brexit Subsidy Control regime — what to expect
UK Government Confirms Commencement Date and Scope of NSI Regime
The UK Government has announced that the National Security & Investment Act (“NSIA”) will come into force on January 4, 2022. The NSIA introduces mandatory notification and pre-clearance requirements for certain qualifying acquisitions of control of companies active in 17 ‘core’ sectors. The NSIA also enhances the powers of the UK Government to call-in for review other transactions which fall outside the mandatory notification regime but where national security concerns are considered to arise. The NSIA applies to all investors, irrespective of nationality, including those from the UK. To support the legislation, the UK Government has established an Investment Security Unit (“ISU”) within the Department of Business, Energy and Industrial Strategy (“BEIS”) to manage and lead the assessment of filings that are received, including voluntarily, under the NSIA regime. An overview of the NSIA is provided in our earlier blogs – UK National Security and Investment Bill is published and the National Security & Investment Law is approved by Parliament.
Covington’s four-part video series offers snapshot briefings on key emerging trends in UK Competition Law. In part four, James Marshall and Sophie Albrighton look across the horizon at the CMA’s plans for the future: what are the proposed reforms for competition law in the UK, what is the CMA looking to do post-pandemic, what are…
Covington’s four-part video series offers snapshot briefings on key emerging trends in UK Competition Law. In part three, James Marshall and Sophie Albrighton discuss digital markets, one of the key areas of focus of competition authorities around the world today, including in the UK. They are joined by guest speaker Martin Hansen, Of Counsel in…
The Competition and Markets Authority (“CMA”) is consulting on its proposed recommendation to the Secretary of State for Business, Energy and Industrial Strategy to replace the retained Vertical Agreements Block Exemption Regulation (“retained VABER”) with a new UK Vertical Agreements Block Exemption Order (“VABEO”).
The retained VABER is the European Commission Regulation No 330/2010, which was incorporated into UK law when the UK left the EU. The retained VABER currently provides a safe harbour for a wide range of vertical agreements, subject to certain thresholds being met. It expires on 31 May 2022 and is under review for replacement by the European Commission. Following Brexit, businesses will not benefit from any replacement to the VABER at EU level in relation to their UK activities. The CMA has therefore consulted with businesses, industry associations and professional advisers to consider whether a UK-specific equivalent is required. Following this initial consultation process, the CMA recommends introducing a UK-specific equivalent VABEO from 1 June 2022.…
Continue Reading What you need to know about the CMA’s consultation on the Retained Vertical Agreements Block Exemption Regulation
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