In November we wrote about the UK’s National Security and Investment Bill, which promises to give rise to the most significant changes to the treatment of mergers and acquisitions in the UK for many years. In January, we discussed the Bill at more length at the Mayer Brown Oil & Gas Lawyers’ Forum and
On December 1, 2020, the Ministry of Energy (“SENER”) and the Ministry of Economy presented a draft resolution before the National Commission for Regulatory Improvement (“CONAMER”) the “Resolution that Establishes the Goods Whose Import and Export are Subject to Regulations Issued by the Ministry of Energy” (the “Draft Resolution”), which may be consulted here.
The Draft Resolution, will supersede the current permitting regulation for import and export of hydrocarbons and petroleum products, originally published by SENER in the Federal Official Gazette (“DOF”) on December 29, 2014 (as amended, the “Current Regulations”). In parallel, the Draft Resolution also regulates other goods (i.e. softwares, nuclear and radioactive material).
The principles behind the Draft Resolution contemplate a regulatory environment that is very different from the 2014 energy reform regulations. The Draft Resolution constrains the procedure for filing and obtaining import and export permits and establishes additional requirements. As an example, applicants will have to demonstrate that the export of hydrocarbons will not impact the domestic supply in the mid and long term. This is an extremely vague requirement that could likely result in disagreements, delaying the issue of such permits and the activities of the relevant parties. The fact that a permit will be deemed rejected if SENER fails to issue a resolution on its application is another serious difference with the Current Regulations. Finally, the fact that state-owned companies, such as Pemex, may be consulted to determine the convenience of any such permits may also be problematic and add uncertainty to the process.
It is important that companies that may be affected by this new regulation provide comments within the public consultation timeline so that they can be considered before the Draft Resolution is published and enters into effect.
On 11 November 2020, the UK government published draft legislation, the National Security and Investment Bill (the “Bill”), which will significantly change the treatment of mergers and acquisitions in the United Kingdom and will introduce a new security screening regime separate from competition law.
Once in force, it will require prior notification and approval of …
On 12 October 2020, the English High Court handed down judgment in respect of various preliminary issues in the case of Travelport Limited and others v WEX Inc. The dispute concerns the issue of whether or not the occurrence of the global COVID-19 pandemic engaged the material adverse effect (“MAE”) provisions in an SPA in …
Last week’s UK-EU summit in Brussels had been billed as “crunch time” for a future trade agreement to be reached between the UK and EU in time for any deal to be ratified before the end of the transition period, which expires on 31 December 2020.
There are many consequences of no agreement being reached. One consequence of legal significance is that court proceedings commenced after 31 December 2020 will no longer benefit from EU rules providing for the reciprocal enforcement of judgments, and a streamlined process for enforcement, pursuant to the so-called Recast Brussels Regulation 1215/2012 on jurisdiction and the recognition and enforcement of judgments in civil and commercial matters (the “Regulation“). This is important because without the Regulation, enforcing UK judgments in EU jurisdictions, and vice versa, is likely to be a more cumbersome and uncertain process, and therefore more time-consuming and expensive.