Corporate Finance/M&A

November 29 2017
Alain Levy New obligations for disclosure of beneficial owners in private M&A transactions

France - AyacheSalama

Following the introduction of Ordinance 2016-1635 and Decree 2017-1094, non-listed companies which previously were not required to disclose the identity of their shareholders and maintained confidentiality through shareholders' agreements must now disclose their beneficial owners not only when a company is set up, but also on a continuous basis. However, the definition of a 'beneficial owner' remains unclear.

Authors: Alain Levy, Gwenaëlle de Kerviler, Linda Erlandsson
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Alexandra Munteanu Impact of environmental authorisation in transfer of assets or business

Romania - Schoenherr

Regulatory approval plays an important role in the transfer of assets or lines of business. In general, where permits are issued in consideration of assets being sold, the transfer will entail a new authorisation procedure to be undertaken by investors. This is also the case for environmental authorisation; however, as local authorities do not consistently deal with the applicability of the various regulations in this regard, mitigating potential hurdles will generally require coordination with the respective authorities involved.

Author: Alexandra Munteanu
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