ANTIGUA Law and Practice Contributed by: C. Debra Burnette, CDB Legal Services
1. Trends 1.1 M&A Market
merger or acquisition. The Eastern Caribbean Securities Exchange Commission and the East - ern Caribbean Central Bank are also regulators in this jurisdiction. 2.3 Restrictions on Foreign Investments There are no restrictions on foreign investment in Antigua and Barbuda. In fact, as a country which depends largely on tourism, foreign direct investment is encouraged. 2.4 Antitrust Regulations There are no antitrust regulations in Antigua and Barbuda. 2.5 Labour Law Regulations Acquirers should be aware of t need for employ - ers to consult with unions where employees are unionised. The law that makes it mandatory for a company that is taking over another to ensure that employees are adequately compensated for National security reviews are conducted only in respect of the merger and acquisition of banks and other financial institutions. There are no national security reviews otherwise. 3. Recent Legal Developments 3.1 Significant Court Decisions or Legal Developments There have been no significant court decisions or legal developments in the past three years related to M&A. severance is currently under review. 2.6 National Security Review 3.2 Significant Changes to Takeover Law There have been no significant changes to take - over law in the past 12 months and none are
Following the recession during the COVID-19 pandemic, the M&A market is picking up with businesses taking more risks leading to financial health. 1.2 Key Trends Notable events in the last 12 months include the completion of the Scotiabank sale to an indig - enous bank, Eastern Caribbean Amalgamated Bank, and the completion of acquisition of RBC Royal Bank by another indigenous bank,Bank ACB Caribbean. 1.3 Key Industries Domestic banking and international business corporations experienced significant M&A activ - ity in the past 12 months. 2. Overview of Regulatory Field 2.1 Acquiring a Company Most companies in Antigua and Barbuda are acquired through the sale of their shares. A company can also be acquired by purchasing its assets, including the fixed assets and real estate. Companies that own vast real estate are attractive for purchasers as most investors seek to develop the property, which can profitable. 2.2 Primary Regulators A Financial Services and Regulatory Commis - sion regulates financial activities for off-shore companies. The Antigua and Barbuda Invest - ment Authority also regulates foreign direct investments. Depository institutions such as banks and insurance companies are regu - lated by the cabinet of Antigua and Barbuda and would require approval in most cases of a
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