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Increased UK regulatory scrutiny: FCA taking a closer look at conflicts and valuations, including on GP leds
07 March 2025
Hogan Lovells has been representing Sovereigns since 1904. During this time, we have been involved in the some of the most consequential matters ever to face sovereign governments and state-owned entities. We provide our sovereign clients, and clients working with sovereigns, with legal advice that is underpinned by a critical and deep rooted understanding of the environment in which they operate and transact.
Our advice covers the entire “Sovereign Cycle”; advising on the many legal aspects affecting sovereigns, including sovereign debt and restructuring; infrastructure, energy and projects; public private partnerships (PPP); international disputes and arbitration; international public law; government and public sector relations; international trade; regulatory; sovereign wealth and investments, privatizations and acquisitions and commodities.
Our global platform and network of strategic partners connects key financial centers and emerging markets, enabling our sovereign attorneys to provide in-depth local and global legal advice to our sovereign clients, and clients working with sovereigns, wherever they operate.
Our legal expertise, combined with over 100 years’ experience in advising Sovereigns makes for a powerful combination and a compelling reason to work with the Sovereigns legal team at Hogan Lovells.
A world leader in international arbitration, our multi-jurisdictional, multi-cultural team boasts a specialized investment treaty practice experienced in advising sovereigns and investors.
Our multi-jurisdictional team addresses our sovereign clients’ needs relating to public international law, sanctions, and human rights matters.
Our experienced team helps sovereigns find and collect what is owed to them. We have won and enforced judgments resulting from some of the highest-profile cases.
Our global team combines government relations services with legal and regulatory advice to offer solutions to governments on a range of critical issues.
We offer sovereigns effective, informed advice on global trade policy, legislation, compliance and enforcement, litigation and dispute resolution, and administrative proceedings.
We assist both sovereigns and the private sector to inform, comply with and challenge regulatory initiative all over the world.
Our commodities team advises sovereigns, state owned entities, financial institutions and Development Finance Institutions on trade and export finance deals, structured finance, commodity finance transactions, licensing and dispute resolution.
We advise sovereigns and fund managers on a range of issues relating to sovereign wealth funds, including the establishment, management, restructuring, governance, sanctions listing, and asset recovery.
We advise sovereigns, regulators, and the private sector on complex transactions involving the privatisation, disposal, acquisition, and investment in assets around the world.
We advise sovereigns, banks and investors around the world on the full sovereign debt lifecycle, including debt issuances, liability management, reprofiling, and restructuring sovereign debt in times of crisis.
We have a long track record of advising sovereigns, investors and lenders in over 40 jurisdictions on structuring and delivering complex infrastructure and energy projects across a range of sectors.
We advise sovereigns and their partners on ground-breaking PPP projects, their financings and acquisitions across a range of sectors, from education and health care to complex technology projects in aerospace.
When sovereigns and state-owned entities need to borrow money to implement their programs, we guide them, banks and investors through the complexities of the debt markets. Our global team comprises highly experienced and client-focused lawyers based in international and emerging market financial hubs. Our track-record of advising in this area gives us a keen understanding of the issues sovereign, sub-sovereign and quasi-sovereign entities face in times of uncertainty, as well as the implications of potential approaches to mitigate economic fallout.
It’s no secret that sovereigns and sub-sovereigns around the world continue to face a raft of economic, social, and political challenges in the aftermath of the COVID-19 pandemic and continuing political unrest. At Hogan Lovells, restructuring and liability management advice isn’t just a trend but rather a tradition spanning more than six decades.
Infrastructure, Energy and Projects
We have been entrusted by sovereigns and investors in over 40 jurisdictions to deliver infrastructure and energy projects across a range of sectors. We have a successful track record of this.
Well-structured infrastructure and energy development drives economic growth, provides an immediate stimulus through employment and delivers a platform for future advancement.
In addition to achieving strong returns on their investments into infrastructure and energy projects, sovereigns expect to deliver positive social and environmental outcomes from such projects and embedding these requirements into projects is key to their success. We have a long track record of successful working with our clients to ensure that these fundamental drivers remain at the forefront throughout the lifetime of a project.
Sovereigns often develop the ideas and evolve the policies to overcome the greatest global challenges, and never more so than in times of crisis. As a result, sovereigns have a strong record as promoters and catalysts of innovation. Sovereigns were behind the creation of the internet and putting man on the moon. Sovereigns rarely act alone. More often than not, it is the collaboration between sovereigns and the private sector (as public private partnerships, or PPP), that originates and delivers innovation. Sovereigns provide the environment and incentives, and the private sector delivers innovative solutions.
We have worked with sovereigns, their partners and investors on a range of partnerships and complex projects, from education (aimed at raising child literacy), health care (aimed at providing international standard healthcare globally), to complex technology projects in aerospace.
Our international Investment Treaty Arbitration group comprises a talented group of multicultural, multijurisdictional, and multilingual partners and associates that collaborate across our global offices.
We advise on the protections afforded by bilateral and multilateral investment treaties and have acted for sovereign states and for investors in investment treaty claims affecting a variety of industries. Our global presence and substantive strength make us uniquely qualified to handle these high stakes investment claims.
Our award-winning team has worked with all leading arbitral institutions. We can guide you through every stage of the arbitration process from pre-arbitration litigation to post-award enforcement proceedings.
Our public international law team, which is co-led from Paris, London, and Washington, D.C., is cognizant of the large and growing role that the field plays in the decision-making of sovereign states. Further, disputes between investors and states have increased in their complexity and importance.
Our public international law team has secured major successes in international trade, investment treaty, and commercial disputes before the WTO, the United Nations, the World Bank, and other international institutions.
We also act on sanctions, human rights, and export control matters and are consistently ranked by the market on public international law matters.
We know that winning is just the first step. From asset freezing and recovery to judgment enforcement and collection, our experienced asset recovery team is ready to help sovereigns navigate the complex maze of administrative, legislative, and judicial processes.
Over the last 25 years, we have handled some of the highest-profile and most well-known cases. Our cross-border experience is unrivalled and has involved matters in a wide variety of jurisdictions worldwide, ranging from Caribbean jurisdictions to Eastern Europe jurisdictions, Asia, and Africa. Our diverse multicultural team delivers results even in the most complex and challenging scenarios.
Government Relations and Public Affairs
Today, foreign governments face a mass of international legal obstacles. Chiefly when dealing with the tangle of U.S. government entities. As a decades-long counsellor to foreign governments, we deliver short-term and long-term results in front of Congress and U.S. administrations.
We combine government relations services with legal and regulatory practices to offer solutions to foreign governments with a range of critical needs. An important part of our work for our government and government-owned clients is to provide regular consultation and confidential advice. Our lawyers and professionals often provide invaluable insights to our embassy and government clients.
We offer effective, informed advice on global trade policy, legislation, compliance and enforcement, litigation and dispute resolution, and administrative proceedings.
We are one of the few legal practices that can handle large, varied, and complex trade matters in every major world market. Our clients rely on us to handle issues such as export and import controls, economic sanctions, anti-bribery rules, foreign direct investment, trade agreement negotiations, and anti-dumping and subsidy cases.
Our lawyers and advisors have helped bring leadership to international trade initiatives for several decades. These include negotiations and disputes under the World Trade Organization (WTO), North American Free Trade Agreement (NAFTA), Trans-Pacific Partnership (TPP), U.S.-Mexico-Canada Agreement (USMCA), Brexit, and numerous other bilateral, multilateral, and regional agreements.
Global regulation increasingly touches critical aspects of every major industry. We help sovereigns navigate the world's multiplying regulatory regimes as they cross industries and borders alike. We believe that regulation is neither a force to be feared nor an obstacle to be overcome. Regulation is simply a reality of doing business today, and the sovereigns that understand it holistically and navigate it well are the ones that will succeed.
Our team helps sovereigns understand, anticipate, and influence the shifting - and often volatile - regulatory landscape.
We also work with those partnering with sovereigns, ensuring alignment between the public and private sectors to drive continuous improvement and development.
Commodities
Our commodities team advises sovereigns, state owned entities, financial institutions and Development Finance Institutions on trade and export finance deals, structured finance, commodity finance transactions, licensing and dispute resolution. Clients benefit from our expertise in the major commodities categories such as agriculture, energy and natural resources and our experience of working across borders in a range of international markets including Sub-Saharan Africa, the CIS, Asia Pacific, the EU, the UK and the US.
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Sovereign wealth funds have a distinct mandate to assist with implementation of sovereign policy, or simply to preserve and enhance the national wealth for the benefit of the country. We provide seasoned, pragmatic advice to our sovereigns clients combining strong industry knowledge and familiarity of institutional structures with an appropriate sensitivity to the special concerns and perspectives which underpin these transactions.
We also advise the managers of sovereign wealth funds on regulatory compliance and transaction advice relating to the investment and management of assets.
Our experience covers sovereign wealth funds controlled by sovereigns in numerous jurisdictions.
Privatizations and Acquisitions
We have established a strong reputation advising sovereigns, regulators, and the private sector on critical transactions that involve the privatization, disposal, acquisition, and investment in assets around the world. Governments often build and invest in businesses to promote economic growth, particularly in vital infrastructure sectors like energy, transport, telecoms, and water.
Sovereigns may privatize to bolster their domestic business sector or simply to raise capital. Conversely, in times of crisis, sovereigns may acquire assets or institute regulatory regimes in order to protect national interests. We guide sovereigns through these events to make swift, informed decisions that help them realize fiscal and national priorities.