ArticlePrivate Funds Radar - January 2025The private funds radar is our regular roundup of developments from around the world for private fund stakeholders.GlobalFinance and BankingMacfarlanes LLP
ArticleCMA Decision To Shelve Cloud Services SMS Investigations Raises Questions Around Use Of Its New Digital Markets PowersOn 31 March 2026, the CMA announced the launch of a Strategic Market Status (SMS) investigation into Microsoft's business software ecosystem, but in a surprise move, opted not to pursue similar investigations...United KingdomAntitrust/Competition LawMacfarlanes LLP
ArticleDrilling Down On The Details: CMA Provisionally Accepts Complex Phase 1 Remedies In Schlumberger/ChampionX MergerOn 10 April 2025, the CMA announced that it had provisionally found that undertakings in lieu of reference (UILs) offered by Schlumberger Limited (SLB)...United KingdomAntitrust/Competition LawMacfarlanes LLP
ArticlePace And Pastries: How Two Bakery Mergers Sped Through CMA ReviewThe CMA has made it its mission to speed up the Phase 1 and Phase 2 merger investigation process in the UK. Through the lens of Vandemoortele/Délifrance, Associated British Foods (ABF)/Hovis...United KingdomAntitrust/Competition LawMacfarlanes LLP
ArticleCorporate Law Update: 21 December 2024 - 10 January 2025The UK government has reviewed its national security and investment regime, considering adjustments to sector definitions. New regulations allow individuals to protect their residential addresses from public disclosure at Companies House, effective January 2025.United KingdomCorporate/Commercial LawMacfarlanes LLP
ArticleCorporate Law Update: 9 - 15 MayKing Charles III's speech outlines the Government's legislative agenda with significant corporate law reforms, including measures to tackle late payments to small businesses, improvements to merger control processes...United KingdomCorporate/Commercial LawMacfarlanes LLP
ArticleCourt Examines Whether Breaches Of A Shareholders' Agreement Could Be RemediedThe judge had to decide whether the most serious kinds of breach (so-called repudiatory breaches) are ever capable of remedy.United KingdomCorporate/Commercial LawMacfarlanes LLP
ArticleEarn-Out Calculations Served By Email Did Not Comply With Contractual Notice ProvisionsThe High Court has held that two earn-out calculations prepared by the buyer under a share sale agreement were not validly communicated to the sellers...United KingdomCorporate/Commercial LawMacfarlanes LLP
ArticleModel Articles Permitted Company To Operate With A Sole DirectorThe High Court in KRF Services (UK) Ltd clarified that a company using unmodified Model Articles can operate with a sole director, allowing them to make decisions. This decision resolves ambiguity from previous cases, emphasizing the importance of clear articles regarding director requirements.United KingdomCorporate/Commercial LawMacfarlanes LLP
ArticleCourt Substitutes Alternative Interest Rate Into Terms Of Shares Linked To LIBORThe High Court ruled that when LIBOR-based payment terms became unworkable, Standard Chartered's preference share dividends would reference the established "Proposed Rate," ensuring contract continuity.United KingdomFinance and BankingMacfarlanes LLP
ArticleEvergreen Credit FundsPrivate credit continues to mature as an asset class. A sign of this increased maturity has been the trend for sponsors to launch evergreen funds as a means of providing investors with an alternative to the traditional closed-ended fundUnited KingdomFinance and BankingMacfarlanes LLP
ArticleInvestment Management Update - December 2024This update covers key regulatory developments impacting investment management, including UK government reforms on financial services and pensions, FCA consultations on enforcement transparency and MiFID rules, and progress on sustainable finance and anti-fraud regulations.United KingdomFinance and BankingMacfarlanes LLP
ArticleThe Long-awaited SFDR 2.0SFDR 1.0 has fundamentally reshaped the ESG landscape for private capital managers since it came into force in 2021.United KingdomFinance and BankingMacfarlanes LLP
ArticleFIG Regime: The UK's Tax Regime For New ResidentsWith effect from 6 April 2025, the UK's "non-dom" regime was abolished and replaced with a new four-year residence-based foreign income and gains (FIG) inpatriate regime.United KingdomTaxMacfarlanes LLP
ArticleReforming Carried InterestPrivate capital is of significant and growing importance to the UK, both as a source of vital investment for UK projects but also as an industry that is itself a key component of the UK's financial services sector.United KingdomTaxMacfarlanes LLP
ArticleThe Price Of Being A Gatekeeper: Google’s DMA Fight Over AI Interoperability And Data-sharing ObligationsGoogle has launched appeals against the European Commission's Digital Markets Act enforcement, challenging binding specification decisions that require it to open Android features to competing...European UnionAntitrust/Competition LawMacfarlanes LLP
ArticlePrivate Funds Radar - October 2024A new rule issued by the Financial Crimes Enforcement Network (FinCEN) will bring investment advisers – including private fund sponsors – within the scope of the US anti-money...GlobalFinance and BankingMacfarlanes LLP
ArticleAre Private Debt Hurdles Rising?This year we have witnessed a significant rise in interest rates to levels not seen since 2009. This is being perceived as a tailwind for private debt funds as they lend at floating rates and...United KingdomCorporate/Commercial LawMacfarlanes LLP
ArticleCorporate Law Update: 21 - 27 June 2025The Government has published a paper titled "The UK's Modern Industrial Strategy", in which it has set out its vision for developing the UK economy and its industries.United KingdomCorporate/Commercial LawMacfarlanes LLP