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27 June 2022
Australia’s new employee stock ownership plan disclosure exemptions present a stark choice
New reforms designed to expand access to employee equity and reduce red tape by removing disclosure and other regulatory requirements will come into force in October – but the reality is they will present companies with a stark choice when offering equity in Australia to employees.
21 April 2022
Trading Vehicles: Overview (United Arab Emirates)
Our UAE authors are pleased to have contributed to the Thomson Reuters Practical Law practice note, providing an overview of the key corporate features of different trading vehicles that are commonly used when setting up a business in the UAE. It includes an overview of sole establishments, and the...
03 December 2021
Directors, Insolvency Practitioners and Third Parties Must Tread Carefully as New Pensions Offences Lie in Wait for the Unwary
The Pension Schemes Act came into effect on 1 October 2021 introducing the possibility of criminal prosecution where the restructuring arrangements or corporate actions of directors, lenders, investors, advisers and other parties might affect the interests of a defined benefit pension scheme. The...
29 November 2021
Launch of leading book on schemes of arrangement
After almost 9 years in the making, the much anticipated 4 th edition of Schemes, Takeovers and Himalayan Peaks: The Use of Schemes of Arrangement has finally been released in conjunction with the Ross Parsons Centre of Commercial, Corporate and Taxation Law at the University of Sydney.
05 November 2021
FAR moving forward: What’s new and what next?
The Financial Accountability Regime Bill 2021 ( FAR Bill ) was introduced in the House of Representatives on 28 October 2021. This legislation will replace and extend the Banking Executive Accountability Regime ( BEAR ) (which currently only applies to authorised deposit-taking institutions ( ADIs...
06 October 2021
Taking the Floor: Government proposes to legislate a recovery presumption for funded class action group members
On 30 September 2021, the Department of Treasury opened consultation on new laws which, if enacted in their proposed form, will introduce new hurdles for litigation funders intended to ensure fairer returns for group members in future funded class actions.
30 September 2021
TMA submissions on Australian creditors’ scheme of arrangement consultation
On 2 August 2021, the Treasury released a consultation paper seeking feedback on changes to improve creditors’ schemes of arrangement in Australia (the Consultation Paper ). The submissions process has now closed.
30 September 2021
ASIC’s views on stub equity: one year into new rules
One year after adopting new rules for stub equity scrip consideration in takeovers and schemes, ASIC has emphasised its view that target directors and experts should be including a recommendation or opinion on stub equity scrip consideration or giving reasons why no opinion is provided.
29 July 2021
Clearer guidance has arrived: The Takeovers Panel’s revised Equity Derivatives Guidance Note to come into effect from October 2021
The Takeovers Panel has given notice that the revised Guidance Note 20 on Equity Derivatives will come into effect from Monday, 4 October 2021. This article provides a reminder of the key changes contained in the new Guidance Note 20 on Equity Derivatives that market participants and their legal...
29 July 2021
Takeovers in the UK: addressing the proliferation of global regulatory approvals – recent changes to the UK's Takeover Code, effective 5 July 2021
The rules in the UK's Takeover Code relating to conditions to an offer and the offer timetable have been amended. The changes align the UK Takeover Panel's treatment of EU and UK merger control conditions with its approach to clearances in other jurisdictions; simplify the offer timetable; and make...
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30 June 2022
Asia-Pacific Competition Law Guide 2022
We are pleased to announce the launch of the sixth edition of Herbert Smith Freehills’ Asia-Pacific Competition Law Guide. Since the previous edition of the guide and in the context of the changes brought about by the COVID-19 pandemic, competition authorities across the Asia-Pacific region have...
29 June 2022
Trust Companies see cyber security as key business risk
Our survey confirms that trust companies continue to see cyber security as a key business risk. This is in line with companies in other areas: in IBM's 25 th edition of "The CEO Study", drawn from interviews with 3,000 CEOs worldwide, CEOs ranked cyber risk as their greatest organisational...
27 June 2022
Australia’s new employee stock ownership plan disclosure exemptions present a stark choice
New reforms designed to expand access to employee equity and reduce red tape by removing disclosure and other regulatory requirements will come into force in October – but the reality is they will present companies with a stark choice when offering equity in Australia to employees.
23 June 2022
Trust Companies Survey 2022: Beneficiary Disputes
Respondents continue to identify Beneficiary Disputes (ie disputes between the trustee and one or more of the beneficiaries) as a significant challenge. However, trustees' primary concerns remain in other areas, with Beneficiary Disputes ranking as the sixth most pressing issue. In this article, we...