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The CJEU ruled that standalone anti-competitive information exchanges can constitute a "by object" infringement of EU competition law, emphasizing the need for caution when sharing confidential, strategic information, especially in concentrated markets.

On 3 July 2025, the UK's Takeover Panel (the Panel) published Practice Statement 36 (PS36) on unlisted share alternatives (also referred to as stub equity or partial share alternatives).

The High Court has held that the shareholders of a private company had amended the company's articles of association by virtue of their conduct over the years.

The UK's Financial Conduct Authority and HM Treasury have unveiled the most comprehensive reform of alternative investment fund manager regulations since 2013, proposing a streamlined three-tier system based...

HMRC has proposed sweeping new reporting requirements for close companies that would mandate detailed disclosure of all transactions with participators, extending far beyond the current framework which only captures loans triggering tax charges. The consultation raises critical questions about the burden on privately-owned groups and private equity structures, where intra-group transactions could generate extensive reporting obligations despite no underlying tax liability.

For limited partners, fund finance structures offer a way to achieve liquidity for their fund interests, while for general partners they provide a means to capitalise their funds. In a market characterised by slower exits and tighter bank balance sheets, asset managers and their lenders are increasingly importing structured finance techniques into traditional fund finance products as they search for innovative and scalable solutions.

In a memorandum issued on 21 February 2025 and titled "America First Investment Policy", President Trump set out his administration's new policy towards foreign investment into the US.

The European Union and United Kingdom have introduced new Technology Transfer Block Exemption regulations, marking the first major update since 2014 and the UK's first post-Brexit IP-related block exemption. These regulations provide crucial safe harbours for technology licensing arrangements, determining when such agreements are compatible with competition law. While both regimes remain closely aligned, key differences emerge in their treatment of database rights, market share thresholds, and licensing neg

The FCA's guidance in Primary Market Bulletin 52 emphasizes strict adherence to UK MAR rules, particularly regarding timely disclosure of inside information, CEO movements, and shareholder communications, to prevent market abuse and enhance issuer compliance practices.

Transfer pricing litigation in the UK has historically been rare, but recent procedural cases reveal HMRC's increasingly aggressive approach to enquiries. With average enquiry durations now exceeding 40 months and transfer pricing yield surging to £3.4bn, understanding the legal boundaries of information requests and closure notice applications has become critical for multinational groups facing contentious disputes.

SFDR 1.0 has fundamentally reshaped the ESG landscape for private capital managers since it came into force in 2021.

The judgment in Weis v Greater Manchester Combined Authority, which is only the second case brought challenging the award of a subsidy under the UK's...

The much anticipated, post-Brexit overhaul of the public procurement regime in England & Wales came into force on 24 February 2025. This note summarises some of the key changes contained in the Act...

To avoid revocation of a Community Trade Mark for non-use the proprietor must be able to demonstrate "genuine use" of the CTM within the last five years.

The private funds radar is our regular roundup of developments from around the world for private fund stakeholders.

The strict criteria laid down in the EU Court of Justice's (CJEU) landmark Bronner judgment have often been deployed by dominant firms as a "shield" when facing accusations of acting abusively by blocking competitors from using or accessing their assets.

HM Revenue & Customs is consulting on the way that returns of value to shareholders – specifically, distributions (such as dividends) and capital repayments – are taxed.