Abstract
The degree of standardization of the practice of M&A transactions in Europe and the United States, which is largely accepted in Russia, allows us to raise the question of the formation of lex mercatoria in the field of corporate transactions. The experience of forming and studying the standards for concluding transactions considered in the paper reflects the technological capabilities of information processing over the past 20 years. This experience is the basis for the next stage of the development of legal regulation related to the use of machine learning technologies and the transformation of the regulation of public relations. From a practical point of view, when concluding complex transactions that are yet to be unified by platform technologies, the relevance of the issue is undoubtedly relevant: what would be the usual (average, compromise, most reasonable) solution for a particular situation? The paper provides an in-depth and detailed analysis of empirical research data, in particular, the 2019 report “On the main terms of European transactions with respect to private companies” published by the American Bar Association. The author concludes that, despite some statistical limitations of the sampled information, the periodic nature, uniform methodology and international coverage of the report data allow us to track the dynamics of the use of a particular condition in time and space, as well as the level of standardization and unification of approaches to regulating M&A conditions. The author identifies the conditions that are well-established in practice, in particular, the conditions on the applicable law, the mechanism of price adjustment, risk liability insurance in connection with assurances about the circumstances, approaches to determining losses and limiting the seller’s liability. The paper also analyzes the trends of consolidating positions on controversial issues, including those related to a significant change in circumstances (MAE) and the inclusion in its scope of circumstances related to the COVID-19 pandemic, the application of the knowledge criterion, the dispute settlement procedure, etc.
Highlights
При обсуждении условий договора купли-продажи долей или акций регулярно возникает вопрос: какая формулировка будет стандартной для того или иного пункта? Определить, что является соответствующим рынку[1], довольно непросто для внутренних сделок и иногда невозможно для сделок трансграничных
The degree of standardization of the practice of M&A transactions in Europe and the United States, which is largely accepted in Russia, allows us to raise the question of the formation of lex mercatoria in the field of corporate transactions
From a practical point of view, when concluding complex transactions that are yet to be unified by platform technologies, the relevance of the issue is undoubtedly relevant: what would be the usual solution for a particular situation? The paper provides an in-depth and detailed analysis of empirical research data, in particular, the 2019 report “On the main terms of European transactions with respect to private companies” published by the American Bar Association
Summary
EDPS 2019 охватывает наиболее распространенные условия договоров по покупке акций (Share Purchase Agreement, SPA) европейских частных компаний. Особенный интерес для специалистов в области международного частного права представляют следующие аспекты: 1) более 40 юристов из 16 стран внесли свой вклад в это исследование; 2) результаты представлены в сравнении с результатами аналогичных исследований европейских и американских сделок в 2013, 2015, 2017 и 2019 гг. По мнению одного из разработчиков EDPS 2019, «оформление SPA сегодня демонстрирует стандартный подход для стран как общей, так и континентальной системы права. Профессор Коатс из Кембриджа проанализировал 564 договора, которые были заключены в 1994– 2014 гг., предполагали только денежное возмещение за приобретенные акции американских публичных компаний и размер сделки по которым составлял не менее 100 млн долл. Действительно, косвенным подтверждением как общности подходов, так и сложности рассматриваемых сделок является тот факт, что «наиболее распространенных» условий, рассмотренных в рамках EDPS 2019, довольно много.
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Disclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.