Business Law International (BLI)

About Business Law International

Published by the IBA’s Legal Practice Division, Business Law International covers the latest developments in all areas of business law across the globe, from M&A to employment, competition to tax, offering rigorous comparative analysis of how the law affects business in different jurisdictions and across borders.

Business Law International is edited by Peter Alexiadis, visiting professor at King’s College London. Peter is assisted by an editorial board of experts in international business law. Business Law International reaches approximately 16,000 leading practitioners around the world.

Articles aim to reflect and analyse current developments in all area of business law. You can find out more by reading our guidelines for contributors. If you would like to contribute to Business Law International, please email the Managing Editor at editor@int-bar.org.

If you are not a member of the IBA, you can find out more about how to join here.

Members of the Legal Practice Division receive Business Law International as part of their membership. PDF-only subscriptions are also available to non-members. Please email editor@int-bar.org to order.

ISSN 1467 632X
Pricing: £119 per issue
£322 per year, three issues per year
Five per cent agency discount available on annual subscription

Latest Issue - Volume 26 Number 3, September 2025

Editorial Comment: Digital Services and Trade - Peter Alexiadis

Political agreement was reached on 27 July 2025 between the European Union and United States on the imposition of ‘reciprocal’ trade tariffs, the removal of various regulatory barriers and commitments to investment levels. Irrespective of the posturing as to who the likely big winners and losers are in real economic terms when the more detailed terms of that agreement are finally fleshed out, it is clear that the agreement does not extend beyond trade in physical products. Trade in services, especially digital services, is conspicuously absent from the deal. This editorial assesses why that is, and why the status quo does not need to change much, if at all.

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Venture Capital in Emerging Economies: Some Distinctive Features - Carlos Alcalde Araya

Cross-border venture capital transactions have their own dynamics, particularly when they involve emerging economies. This article analyses some of the distinctive features of these deals. First, it examines the challenges that arise when dealing with developing countries, particularly in areas such as legal documentation, cooperation between law firms and the contextual factors each party considers before closing a deal. Second, it highlights dynamics that are more commonly present in venture capital transactions than in private equity or M&A deals involving these jurisdictions. These include the internationalisation of startups by setting up foreign holding entities for them, references to industry-specific benchmarks, involvement of governmental entities, and idiosyncratic and cultural differences between the parties involved in each transaction. Finally, it concludes with a reflection on additional aspects that could be explored in future discussions on this subject.

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From Disclosure to Governance: The EU’s Legal Strategy Against Greenwashing - Roberto Randazzo, Francesco Bernardi and Fabio Gallo Perozzi

This article builds on an earlier work, published in this journal, which explored how greenwashing fits into the evolving landscape of European Union sustainable finance. That article analysed the growing emphasis on transparency in sustainability claims, analysing the implications for legal structures, measurement methodologies and disclosure practices for financial intermediaries. The article stressed the necessity of a robust sustainability legal framework, central to tackle greenwashing and to foster competitive and resilient businesses.

The aim of this follow-up article is to picture the evolution of the whole EU sustainability strategy, focusing on how sustainability law is a practical tool as leverage for the green transition. What began as a call for clearer financial disclosures has turned into a sweeping legal framework. Indeed, it has extended its scope far beyond the financial sector, from investors and credit institutions to companies and their supply chains, with the intention to offer market players, supervisory authorities and consumers the means to manage sustainability risks. In particular, this article discusses how the risks underlying greenwashing have shifted from being mere reputational concerns to financial and legal risks.

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Cross-Border Data Transfers and Privacy Regulations: The Future of the GDPR and Beyond - Sahar Iqbal

The digitalisation of the global economy has necessitated the free flow of data across international borders. In an increasingly interconnected world, businesses, governments and individuals rely on seamless cross-border data transfers for operational efficiency, innovation and economic growth. However, these transfers pose significant risks concerning data privacy, security and regulatory compliance. This approach increases complexity and reduces security rather than enhancing accessibility, efficiency and safety on a global scale.

For this very purpose, the European Union’s General Data Protection Regulation (GDPR) serves as a benchmark for data protection laws worldwide, influencing global privacy regulations and shaping the future of cross-border data governance. The GDPR’s comprehensive framework has set a high standard for data privacy, prompting jurisdictions around the globe to align their legislative approaches with GDPR principles to facilitate international data transfers and maintain regulatory compatibility.

Despite its comprehensive framework, the GDPR faces challenges in enforcement, adaptability to new technologies and its application in a geopolitically fragmented world. The increasing reliance on artificial intelligence (AI), cloud computing and blockchain technology has further complicated regulatory compliance. Additionally, global data flows are affected by national security concerns, trade policies and regional data sovereignty laws, leading to a complex and often conflicting regulatory landscape.

This article critically examines the challenges, developments and future trajectory of cross-border data transfers under the GDPR and beyond. It explores the evolving legal landscape, regulatory responses, compliance mechanisms and emerging trends in data governance. Furthermore, it assesses areas where existing frameworks fall short and proposes strategic steps forward to ensure a balanced approach to data protection, economic growth and technological innovation.

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European Commission Issues First-Ever No-Poach Decision - Stéphane Frank, François Vanherck and Mateusz Ryś

On 2 June 2025, the European Commission issued its first decision on no-poach agreements. Following dawn raids in July 2022 and November 2023, it fined Delivery Hero and Glovo €329m for participating in a food delivery cartel, which comprised not only no-poach agreements but also information exchanges and market partitioning.

The Commission’s decision follows a wave of national European precedents initiated in 2019 that condemned employment-related practices. While the debate around the qualification of no-poach agreements is relatively new at the European level and is currently being clarified by the Court of Justice of the EU (CJEU), the United States has been exploring this issue for more than a decade.

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Case Comment: The Perils of the Use of Generative AI in Litigation: Ayinde v London Borough of Haringey and Al-Haroun v Qatar National Bank QPSC & Another [2025] EWHC 1383 (Admin) - Melissa Stock

The High Court in England and Wales has recently examined the use of generative artificial intelligence tools by lawyers in litigation. Two cases were referred to the High Court after it became apparent that false citations appeared in legal documents that were being relied upon by lawyers. Intentionally submitting false material in court proceedings, with the knowledge that the information is false, will amount to contempt of court. This could attract a prison sentence of up to two years. The harshness of the punishment is for good reason: deliberate interference with the administration of justice is a serious act that undermines public confidence in the legal process.

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Case Comment: Privy Council Corrects Cayman Companies Act to Confer Appraisal Rights on Minority Shareholders in Short-Form Mergers - Lois Horne and Jonathan Pratt

In Changyou.com Ltd v FourWorld Global Opportunities Fund Ltd & Others, the Privy Council upheld the decisions of the Cayman Islands Grand Court and Court of Appeal that minority shareholders in a short-form merger have the right to apply to the Court for an appraisal of the ‘fair value’ of their shares and that this right is not limited to shareholders in a long-form merger. The judgment is important because it corrects an apparent anomaly in the Cayman Companies Act. It is also of interest because it considers the (limited) circumstances in which the Court can correct an oversight in the drafting of a statute.

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Case Comment: Transparency in Automated Decisions: The CJEU’s Guidance on GDPR, Trade Secrets and the Path to AI Act Compliance - Albert Agustinoy Guilayn

The judgment delivered by the Court of Justice of the European Union on 27 February 2025 in the case CK v Magistrat der Stadt Wien and Dun & Bradstreet Austria GmbH represents a landmark interpretation of the General Data Protection Regulation (GDPR) in the context of automated decision-making and profiling, particularly where such processes intersect with the protection of trade secrets.

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Case Comment: Bilta (UK) Ltd (in liquidation) & Ors v Tradition Financial Services Ltd - Dipti Hunter and Samantha Bushell

The Supreme Court determined that section 213 of the UK’s Insolvency Act 1986 is to be construed in such a way as to include third parties, while restored companies bear an evidentiary burden of proof in limitation disputes. The interpretation of the term ‘outsider’, as applied by the Supreme Court, has nuanced implications for the legal nexus between third parties and fraudulent corporate conduct. The judgment of the Supreme Court builds on earlier jurisprudence, but refines ‘outsiders’ such as brokers, financial intermediaries and advisers who are now to be considered in civil fraud cases.

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Previous issues

Business Law International Podcasts

Assessing the UK’s Economic Crime and Corporate Transparency Act

In this, the first Business Law International (BLI) podcast, Melissa Stock, Member of the BLI Editorial Board and a barrister at Millennium Chambers in London, invites a panel of experts to analyse the UK’s Economic Crime and Corporate Transparency Act, which became law in October 2023. The panel discuss the background to the legislation and its implications, including in respect of failure to prevent obligations and corporate liability.

Joining Melissa are:

Tim Harris, Podcast Officer for the IBA Anti-Corruption Committee and counsel at Cohen & Gresser in London, whose practice focuses on white collar criminal defence, including internal and regulatory investigations, regulatory enforcement, and financial crime compliance;
Alex Swan, Website Officer on the IBA Business Crime Committee and of counsel in the London White Collar Defence & Investigations practice at Greenberg Traurig; and
Shaul Brazil, Conference Coordinator on the IBA Criminal Law Committee and a partner at BCL in London, specialising in business crime and regulatory enforcement.

(Editor’s notes: This podcast was recorded in mid-December 2023. The podcast makes reference to the case brought by the SFO against former Barclays executives in 2019. All of those charged in the case pleaded not guilty.)

How to order the journal

Member of the Legal Practice Division receive Business Law International as part of their membership. PDF-only subscriptions are also available to non-members. Please email editor@int-bar.org to order.

ISSN 1467 632X
Pricing: £119 per issue
£322 per year, three issues per year
Five per cent agency discount available on annual subscription

Books for review

Please send details of books for review to editor@int-bar.org.

Guidelines for authors

Prospective authors should read the Guidelines for Authors and IBA Style Guide documents before submitting their paper for review.

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Disclaimer: The views expressed in journals, newsletters and papers are those of the contributors, and not necessarily those of the International Bar Association

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