Practice Areas

Introducing IFD/IFR: a new prudential regime for investment firms

From 26 June 2021, a new prudential regime applies to investment firms authorised under the Markets in Financial Instruments Directive (MiFID II). This new framework, set out in the Investment Firm Regulation (IFR) and the Investment Firm Directive (IFD), significantly revises the prudential rulebook for investment firms by introducing a bespoke regime.

Austria: Innovations in merger control

Schönherr partner Hanno Wollmann and counsel Evelin Hlina shed light on the innovations in national merger control law from a practical perspective as part of the current ecolex focus on the Cartel and Competition Law Amendment Act 2021 (KaWeRÄG 2021). (in German)

south western trains

Hausfeld given go-ahead in £93m railway class action

The Competition Appeal Tribunal has given the go-ahead to a £93m lawsuit against three railway companies for allegedly overcharging millions of passengers. On Tuesday, the specialist tribunal unanimously allowed two applications for a collective proceedings order concerning alleged breaches of competition law since 2015 by train operators of the South-Western (SW) and South-Eastern (SE) rail […]

Passing the golden thread through the eye of a needle: Observations on recent approach as between Hong Kong and offshore jurisdictions

In Singularis, as is well known, the Privy Council Board considered the doctrine of modified universalism whereby, broadly speaking, a court will give such assistance as it can to foreign insolvency proceedings, as is consistent with local law and local public policy, so as to ensure that a company’s assets are distributed under a single system; and held by a majority that there is a common law power to assist a foreign insolvency, although the power could not be used to enable foreign liquidators to do something that they could not do under the law of the jurisdiction under which they were appointed; the principle is concerned with cooperation rather than interference with foreign laws. The application of such a power has resonated with similar common law jurisdictions globally.


BT collides with Mishcon over costs ahead of £600m class action

BT’s attempt to appeal a failed strike-out application was rejected by the Competition Appeal Tribunal (CAT) on Tuesday, during which the telecoms giant criticised the claimant’s “extraordinary and unreasonable” costs. It was left to the tribunal to iron out consequentials in the £600m case against BT after a recent judgment gave the green light to […]

Is a reduction in the remuneration of directors of companies in crisis mandatory?

This paper defends the obligation to reduce the remuneration of directors performing executive functions in the context of reorganisations aimed at ensuring corporate viability in a context of crisis. This obligation would derive from the principle of adequate remuneration and from the duties of care and loyalty of directors.