Legal News

The security of payment regime in Queensland has undergone significant reform in recent years. Since the introduction of the Building Industry Fairness (Security of Payment) Act 2017 (Qld), the regime has remained the subject of scrutiny and review, resulting in the recent passage of the Building Industry Fairness (Security of Payment) and Other Legislation Amendment Act 2020 (Qld) ("BIFOLA Act"). The BIFOLA Act introduces significant changes such as the replacement of Project Bank Accounts with...

On 16 October 2020, the English Court of Appeal delivered judgment in DB Symmetry v Swindon Borough Council & Another, confirming that a planning condition requiring dedication of land for public use without compensation is unlawful, and preferring the appellant's interpretation of the condition which avoided that result. On 16 October 2020, the English Court of Appeal delivered judgment in DB Symmetry v Swindon Borough Council & Another, confirming that the principle established in the...By: J...

The Situation: On June 21, 2020, the Saudi Minister of Tourism, Ahmed Al-Khateeb, announced the creation of a Tourism Development Fund ("Fund") with an initial capital of SAR 15 billion (approximately US$4 billion). The Goal: The National Transformation Program ("NTP") aims at, among other things, marketing Saudi Arabia as a tourist destination regionally and globally....By: Jones Day

The U.S. Department of Justice's ("DOJ") new remedies guide reinforces its strong preferences for structural divestitures and upfront buyers to resolve merger investigations. Last week, the DOJ released a new "Merger Remedies Manual" ("Manual"). The 35-page document provides "a framework for structuring and implementing appropriate relief short of a full-stop injunction in merger cases." The Manual, which applies only to transactions before the DOJ (the Federal Trade Commission ("FTC") has its....

Austria passed a new Investment Control Act ("ICA") expanding the screening of foreign investments ("FDI"), effective July 25, 2020. The Austrian rules on European FDI-cooperation will enter into force on October 11, 2020. The ICA affects a wide array of "sensitive sectors," including, among others......By: Jones Day

The government's latest restrictions will impact owners, contractors, and suppliers. The Victorian Government has moved the Victorian construction industry to a "pilot light" status from 5 August 2020, until at least 16 September 2020, as part of the Government's response to the second wave of COVID-19 cases in the State....By: Jones Day

The Situation: Australia's corporate regulator, the Australian Securities and Investments Commission ("ASIC") brought proceedings against two former directors of Tennis Australia ("TA") alleging that they engaged in numerous contraventions of their duties under the Corporations Act 2001 (Cth) in respect of their conduct during negotiations between TA and Seven Network Holdings (Seven) for a renewal of an agreement for the domestic broadcast rights to tennis tournaments. The Judgment: In ASIC v....

The Western Australian government has sought industry comment on a suite of significant proposed reforms to the WA security of payment regime ("SOP"). If passed, the Bill represents the most significant reform to the regulation of payments in the construction industry since the enactment of the Construction Contracts Act 2004 ("CCA") more than a decade ago, and will make WA the first jurisdiction to adopt significant recommendations of the Murray and Fiocco Reviews. This White Paper introduces.....

The Situation: Stockholders sought appraisal—judicial determination of the "fair value" of their stock—in connection with a merger. The Delaware Court of Chancery found that the fair value was equal to the company's unaffected market price, which was less than the deal price. The Delaware Supreme Court affirmed. Fir Tree Value Master Fund, LP v. Jarden Corp., 2020 WL 3885166 (Del. July 8, 2020). The Result: The unaffected market price may be the most reliable indicator of fair value where a.....

The lowered threshold for foreign direct investments into France will apply to non-EU and non-EEA investors or to any investor fiscally domiciled outside the European Union and European Economic Area. On July 23, 2020, France added a new measure to further strengthen its FDI rules, which have been amended twice since December 31, 2019 (see Jones Day publications, "French Foreign Direct Investment Rules Set for Overhaul" and "France Ramps up Foreign Investment Regulation in the COVID-19 Era")......