Monday, March 1, 2021
As many global financial services organisations know, the Australian Securities and Investments Commission (ASIC) during 2020 finalised its Regulatory Guidance for Foreign Financial Services Providers (FFSPs) to transition to the new Australian licensing regime which will commence on 31 March 2022. The new licensing regime is being introduced to replace the Class Order exemptions from licensing that ASIC granted in the last 15 years to many FFSPs allowing the provision of investment management services to wholesale and institutional Australian investors.
FFSPs will have three fundamental regulatory options available to them if they want to continue to provide financial services to Australian wholesale and institutional investors after March 2022:
Monday, March 1, 2021
In the final part of our predictions for 2021 for the UK insolvency market we look at pensions, the National Security and Investment Bill and cross border matters.
The first and second part of this series of blogs is available here (part 1) and here (part 2).
Pension Schemes Act 2021 – caution for insolvency professionals
The Pensions Schemes Act made it into the legislative books recently having been on the watch list for some time. Why is this of concern to those involved in restructuring? Because it carries (or will do) criminal liability and civil fines of up to £1million. Our previous blog explains how the legislation captures not just culpable directors but those typically involved in a restructuring including IPs, advisors and distressed lenders.
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Monday, February 22, 2021
Private equity deal volume hit a low in the first half of 2020 as the pandemic slowed the US and global economies. But toward the end of the year, deals began picking back up, particularly in the digital health space.
COVID-19 forced healthcare providers to shift from in-person to virtual care, and technology was the vehicle to make that switch possible. Investors noticed, and more deals focused on companies specializing in telehealth, remote patient monitoring and other technology platforms that facilitate communication among specialists.
Expect this trend to continue in 2021, and keep these three factors in mind when evaluating the digital health landscape.
Tuesday, February 23, 2021
Private credit lenders started 2020 both with anticipation and trepidation. Activity levels were strong and default levels were at historic lows, but private credit lenders worried about the risk of economic headwinds – after all, we were then in the extra innings of the longest economic recovery on record.
At the time, we predicted the next wave of restructurings would be different because, unlike traditional lenders, private credit lenders have many more tools in the restructuring toolbox: strong relationships with sponsors, flexible capital that could be deployed in a downside scenario, the ability to operate at different levels of the capital structure, operational and financial experience, and, ultimately, the ability to own and operate a business, if necessary.