In recent years there has been a paradigm shift in the importance and frequency of foreign investment reviews as part of the deal process. Governments continue to learn from each other and co-ordinate more in relation to national security, public interest and other risks.
More than ever, it is imperative for dealmakers to consider foreign investment issues upfront and take a globally co-ordinated approach. Where the proposed investment involves a merger or acquisition, there may be overlaps with merger control filings which need to be carefully managed. But compared to its well-established cousin, global foreign investment review is far less predictable and less transparent. The “public interest” can be what the government of the day, or even the Minister of the day, thinks it is.
During this inaugural conference we will take stock of where we are in relation to the rapidly evolving landscape of foreign investment review at a global level. We will focus on some key themes that are emerging across jurisdictions. By doing so, we endeavour to give participants a global view of navigating this complex and transient area of law across jurisdictions.
E-mail Tel: +44 203 780 4183
John is a Senior Advisor in our Regulatory and Public Affairs practice. He is a former lawyer and was a partner of Freshfields Bruckhaus Deringer, where he founded and managed the Brussels office and led the Global Competition Practice. Prior to Freshfields, John worked as a case officer in the European Commission's Directorate-General for Competition.
Jonas is a highly regarded international competition lawyer, based in Brussels. His experience spans from complex transactional to contentious competition law cases in Europe and beyond.
Jonas represents clients from around the world on merger review of M&A transactions. He has advised parties to numerous complex transactions, several of which were reviewed in “Phase II” by the European Commission and other authorities worldwide. In addition, he represents companies in investigations of business conduct, such as abuse of dominance, anti-competitive agreements and practices, and cartel matters (also involving applications for immunity and leniency) and related litigation.
His experience spans many industry sectors, with recent experience particularly in the financial services, healthcare, telecommunications, software and information technology sectors.
Jonas is Global Head of Linklaters’ Global Competition Practice.
Euclid Law, London
Hengeler Mueller, Berlin
Linklaters, Washington, DC
Director, Consumer and Competition Policy, Department for Business, Energy and Industrial Strategy, London
Nord Stream 2 AG, Zurich
Freshfields Bruckhaus Deringer, Washington, DC
9.00: Registration and welcome coffee
9.30: Chairs’ opening remarks
John Davies, Brunswick, London
Jonas Koponen, Linklaters, Brussels
10.00: The European outlook and its impact on business
With a focus on French, German and UK governments, this session will consider how increased scrutiny of foreign investment affects business. It will then turn to the key cases shaping the current enforcement approach and discuss how to navigate target and acquirer-based risk. Is there a pattern to the recent spate of cases? How should advisors approach sector-specific issues? The session will delve deeper into requirements for remedies, including behavioural remedies such as business continuation, FRAND, information shielding and so on.
Jan Bonhage, Hengler Mueller, Berlin
Tim Jarvis, Director, Consumer and Competition Policy, Department for Business, Energy and Industrial Strategy, London
11.00: Coffee break
11.30: EU screening mechanism: balancing tensions
What will be the practical impact of the EU screening mechanism – and beyond that, how can we manage the tension between protectionism and the need to attract global capital to Europe? Taking a comprehensive look at the screening mechanism, our panel will discuss the extent of the Commission’s likely influence and its interaction with member states. Should we expect more convergence between member states? What will be the dynamic between Trade Commissioner Phil Hogan and Competition Commissioner Margrethe Vestager, in their respective roles?
Alec Burnside, Dechert, Brussels
Oliver Bretz, EUCLID Law, London
Barbara Kaech, Nord Stream 2 AG, Zurich
Manuel Vélez, Uría Ménendez, Madrid
12.30: Networking lunch
13.30: Navigating risks in the evolving CFIUS regime
As the CFIUS regime continues to grow and develop, this session will discuss the trajectory of enforcement and consider new FIRRMA regulations expected to come into force in February 2020. With a focus on circumventing risks surrounding US foreign investment, panellists will discuss how to be sure of the right strategy – asking whether acquirer-based risks are all about China, and how to approach various sectors for potential target-based risks.
Anne Salladin, Hogan Lovells, Washington, DC
Jonathan Gafni, Linklaters, Washington, DC
Aimen Mir, Freshfields Bruckhaus Deringer, Washington, DC
14.30: A global comparison of FDI in Asia
Can the FDI landscape in Asia compare to trends in the rest of the world? Through an examination of the current status of the Chinese, Indian and Japanese markets this session will look at FDI trends used to boost growth – in particular new laws in Japan, and relaxed rules in India. The panel will seek to understand the new contours in China as the restrictive environment continues, notwithstanding a loosening of the framework following new laws which enter into force in January 2020.
15:30: Coffee break
16.00: What can we learn from established jurisdictions? Examining Canada, Australia and South Africa? And what about Russia?
In our final session, panellists will discuss how we can grow from the lessons of established regimes. Can we expect a global FDI review landscape to emerge in years to come? Looking specifically at Canada, Australia, New Zealand, South Africa and Russia this session will consider key issues and how they have evolved over time, including the challenges of the current multi-jurisdictional dynamic, the role of regulators and the extensiveness of their review. The panellists will discuss whether FDI will one day have the same global reach as merger control, or whether it will remain a very local issue?
Julie Soloway, Blake, Cassels & Graydon, Toronto
Itumeleng Mahabane, Brunswick, Johannesburg
Torsten Syrbe, Clifford Chance, Moscow
17.15: Chairs’ closing remarks
John Davies, Brunswick, London
Jonas Koponen, Linklaters, Brussels
17.30: Close of conference