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In Europe

Switzerland Observes but Not Yet Follows EU Sanctions

by 2 Mins Read

The Swiss Federal Council has discussed the situation in eastern Ukraine at its meeting of 23 February 2022. It condemns Russia’s recognition of the two non-government-controlled territories of the Donetsk and Luhansk regions as independent states as a violation of international law. While the Swiss government has not decided on adopting any sanctions or measures yet, it has stated that it wishes to ensure that Switzerland will not be used as a platform to circumvent sanctions imposed by the EU, as it has already done since 2014, and is therefore examining the newly adopted EU sanctions closely.

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In AML & Financial Services Regulatory

United Kingdom: Security concerns lead to Tier 1 Investor route being closed

by , , , , and 2 Mins Read

The Government closed the Tier 1 Investor visa route to all new applicants with immediate effect on Thursday 17 February. The reason for this is stated to be as a result of security concerns with a number of cases being linked to corruption and illegitimately acquired wealth. The Innovator route is to be restructured in order to provide an investment route which effectively supports the UK’s economy.

In Covid-19

Spain: The Madrid Regional Government is preparing the Open Market Act

by 5 Mins Read

On 2 February 2022, the Madrid Regional Council passed the Draft Open Market Bill, which is currently undergoing a parliamentary procedure at the Madrid Assembly and is expected to be passed by June 2022. Once it is passed, it will become enforceable three months after it is published in Madrid’s Official Regional Gazette. The approval of this Draft Bill takes place in a context in which the European Union has urged the Member States to adopt measures to eliminate obstacles to the free movement of goods and services, particularly after the economic and social crisis caused by the COVID-19.

In Corporate Compliance

Luxembourg: Update on cross-border distribution of collective investment undertakings

by and 2 Mins Read

On 31 January 2022, the Commission de Surveillance du Secteur Financier issued a new Circular CSSF 22/795, to confirm in its capacity as competent authority, that it would apply the ESMA guidelines on marketing communications under Regulation (EU) 2019/1156, published on 2 August 2021. As a result, all Luxembourg investment fund managers that are in the scope of application of this Circular shall duly comply with the Guidelines, applicable from 2 February 2022.

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In Covid-19

EMEA/NA: In the know: Leveraged Finance Annual Report 2022

by and 2 Mins Read

The leveraged finance market in 2021 saw record-breaking levels of activity, mainly driven by private equity M&A and LBOs, comprised mainly of opportunistic deals or ones which had previously been put on hold. The report looks at how the EMEA leveraged finance market is responding to COVID-19 challenges, the emerging market and ESG. It also covers predictions on direct lending, the impact of new Fintech options, and the effect of rising interest rates.

In Europe

Global: Russia-Ukraine sanctions developments webinar on 1 March 2022 at 15:00 GMT

by , , , , , , and 1 Min Read

Join us for a brief webinar on 1 March 2022 to hear from our experts on the latest sanctions measures introduced against Russia and certain parts of Ukraine. We are well-positioned in all relevant jurisdictions to help you understand and respond to the various sanctions measures. Our panel will comprise of Baker McKenzie trade and sanctions attorneys from Ukraine, Russia, the United States, the United Kingdom, the European Union, Canada, Japan, Australia and Switzerland. The panel will summarise the key measures and propose key practical take-aways for businesses to focus on.

In Europe

United Kingdom: UK amends Russia sanctions to expand designation criteria to capture those supporting Russian government

by , and 2 Mins Read

On 10 February 2022, the UK Government published amendments to its Russian sanctions programme, enabling it to designate a wide variety of parties “involved in […] obtaining a benefit from or supporting the Government of Russia“. No new designations have been made at this time, but the UK Government has previously indicated that the powers are intended to be used in response to any Russian incursion into Ukraine. The amendment came into force at 5pm UK time on 10 February 2022.

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