vLex United Kingdom

  • DHSC Update on Medicines and Medical Devices Contingency Planning

    Following the recent agreement to delay Brexit until 31 January 2020, the UK Department of Health and Social Care ("DHSC") has written to suppliers of UK medicines and medical devices to confirm the continued contingency planning arrangements for a "no deal" Brexit. (See Article)

    Nov 11, 2019 9:32 AM

  • FCA statement on UK EMIR validation rules

    On 7 November 2019, the FCA published an updated statement on the reporting of derivatives under the UK EMIR regime in a no-deal scenario. The statement explains that in the event that the UK withdraws from the EU without an agreed deal on 31 January 2020, UK reporting counterparties and trade repositories (TRs) should use... (See Article)

    Nov 11, 2019 7:33 AM

  • UK: Corporate Insurance Newsletter – October 2019

    The Hogan Lovells’ Corporate Insurance Newsletter for October has been published.  This provides a round-up of UK, EU and international regulatory developments relevant to UK based insurance market participants.  In this issue, amongst other items, we cover: Latest Brexit related  papers and other material from the HM Treasury, PRA, FCA and EIOPA FCA’s papers on... (See Article)

    Nov 11, 2019 7:33 AM

  • Industry Token Standards Published, Supply Chain Pilots Expand, Foreign Crypto Guidance Issued, US Enforcement Actions Continue

    In this issue: • Token Taxonomy Framework Published, Blockchain Supply Chain Pilots Expand • Stellar Burns Tokens, New Cryptocurrency Market Data and Studies Released • Blockchain Startup Receives Transfer Agent License, UK and Hong Kong Issue Crypto Guidance Enforcement • Multiple US Agencies Bring Enforcement Actions, Report Describes North Korea Crypto Sanctions Evasion Token Taxonomy... (See Article)

    Nov 11, 2019 7:33 AM

  • Landlord consent case splits the Supreme Court

    Property cases do not often make it all the way to the Supreme Court, let alone cases relating to a landord’s refusal of consent under a lease.  For that reason alone, the Supreme Court Justices’ decision in the case of Sequent Nominees Limited v Hautford Limited this Autumn is valuable reading. (See Article)

    Nov 11, 2019 7:32 AM

  • Whistleblowing – are you missing opportunities?

    Whistleblowing can and should be an essential tool for organisations who want to deliver effective conduct and control practices across their businesses. However, many firms are still failing to maximise the opportunities that embedding an effective whistleblowing capability can bring. There are a number of common mistakes firms make when considering their whistleblowing arrangements. (See Article)

    Nov 11, 2019 7:32 AM

  • S.90A FSMA: Two strikes and its (not) out for Tesco

    In an important judgment on the interpretation of section 90A of the Financial Services and Markets Act 2000, Tesco Plc failed to strike out two group litigation actions brought in relation to allegedly false and misleading statements made in respect of its trading profits in 2014. (See Article)

    Nov 11, 2019 7:32 AM

  • Keep Calm and Carry On: Covering Striking Workers in the UK

    A question often asked by employers in the United Kingdom that are facing a strike or other forms of industrial action is whether they can engage agency workers to cover for those who are taking part in the strike. (See Article)

    Nov 8, 2019 5:32 PM

  • Remuneration

    Regulators focus on remuneration as being one of the causal factors of poor behaviour. However, to drive actual behavioural change means not only changing the basis for financial incentives, but understanding the drivers of this behaviour and developing "reward" mechanisms accordingly. Too often, organisations make changes to the basic compensation formulae and believe it is "problem solved", without really making the changes that alter the way in which people act every day. By this, we mean setting out clearly the expected standards of conduct and being clear on what is rewarded. So what should organisations consider when reviewing and enhancing remuneration arrangements? (See Article)

    Nov 8, 2019 9:32 AM

  • FMLC addendum to paper on legal uncertainty arising out of Brexit – the provision and application of third country regimes in EU legislation

    On 5 November 2019, the Financial Markets Law Committee (FMLC) published an addendum to its July 2017 paper (see previous blog here) which focused on issues of legal uncertainty arising out of the UK’s withdrawal from the European Union without retaining access to the Single Market under any other legal provision. The addendum provides key... (See Article)

    Nov 8, 2019 7:33 AM

  • OFSI Finds Its Teeth While OFAC Continues to Enforce Against Non-U.S. Corporates

    The UK’s Office of Financial Sanctions Implementation (OFSI), the body tasked by the UK Treasury to administer and enforce financial sanctions in the UK, has issued its biggest monetary penalty to date, against the UK arm of an international telecommunications company for breaching sanctions imposed on a Syrian entity. The £146,341 monetary penalty was issued against... (See Article)

    Nov 8, 2019 7:33 AM

  • Brexit: Departure Date Delayed Again

    Seyfarth Synopsis: The UK’s departure from the European Union has now been delayed for the third time. Although an agreement between the UK and EU had been reached in relation to the form of an ultimate Withdrawal Agreement, there was insufficient time for the bill to be ratified by the UK Parliament before the stated political deadline of October 31st. (See Article)

    Nov 8, 2019 7:32 AM

  • Don’t overstep the mark: what can an independent expert decide in a rent review determination?

    The old saying goes “if you give them an inch, they’ll take a mile”, but the Court of Appeal has reaffirmed that an independent expert appointed by parties to make a binding determination in relation to their dispute is not entitled to anything more than that inch. (See Article)

    Nov 8, 2019 7:32 AM

  • Delivering better conduct – is data the key to sustainable improvement?

    Data is becoming more important the more technologically advanced we become. For financial services firms, the myriad of data they have can give great insights into the performance of the business and the conduct of its staff. Yet, are we really maximising our data as a tool for identifying and preventing misconduct? (See Article)

    Nov 8, 2019 7:32 AM

  • UK Suspends Arms Exports to Turkey

    The UK has reportedly suspended the granting of arms export licenses for Turkey in relation to weapons that could potentially be used for military operations in Syria. The suspension follows British ministers ordering a full review into Turkish arms licenses. Liz Truss, the UK’s International Trade Secretary, commented that the International Trade Department “will take into account any developments in the... (See Article)

    Nov 7, 2019 9:32 AM

  • Remediation and transformation

    An age-old challenge for all organisations is how to deal with the volume and nature of "change" that impacts business every day. This is never more of a challenge than when significant regulatory remediation and change puts pressure on the strategic plans of an organisation. A common consequence is "change fatigue", which either slows down the implementation of change or, more worryingly, prevents the change being implemented and embedded into everyday practice. Whilst these behavioural and practical impacts will never fully go away, we commonly see the same five mistakes in organisations that struggle to meet these requirements and drive sustainable change into their businesses, namely... (See Article)

    Nov 7, 2019 9:32 AM

  • UK’s HM Revenue & Customs (HMRC) and ECJU Submit Evidence for 2017 Arms Export Annual Inquiry

    The UK Committees on Arms Export Controls are conducting an inquiry examining the government’s 2017 Strategic Export Controls Annual Report. On June 24, 2019, both HMRC and the ECJU gave written evidence for the inquiry.  In its evidence, HMRC gives insights into: The approach to considering what enforcement activity, e.g., criminal prosecution, warning letters and penalties, is appropriate Determining... (See Article)

    Nov 7, 2019 7:33 AM

  • Financial services related inquiries close following dissolution of UK Parliament

    On 6 November 2019, there was published on parliament.uk an update concerning the UK General Election 2019. Following the dissolution of the UK Parliament on 6 November, all select committees have ceased to exist, and until the committees are reappointed after the General Election on 12 December 2019, there are no chairs or members of... (See Article)

    Nov 7, 2019 7:33 AM

  • Business Banking Resolution Service launches new dispute resolution pilot for larger SMEs: a new Financial Ombudsman Service?

    On 1 November 2019, the Business Banking Resolution Service (“BBRS”) launched a new dispute resolution pilot in preparation for the introduction of its new service, which was originally announced in November 2018 by UK Finance, a trade body for British lenders. The service aims to provide alternative dispute resolution services for “larger” eligible small and... (See Article)

    Nov 7, 2019 7:33 AM

  • UK Supreme Court upholds first successful claim for breach of the "Quincecare" duty financial institutions owe their customers

    In Singularis Holdings Ltd (In Official Liquidation) v Daiwa Capital Markets Europe Ltd ([2019] UKSC 50), the Supreme Court upheld the first successful claim in negligence by a customer of a financial institution for breach of the so-called Quincecare duty of care, in relation to payment instructions given where the financial institution is put "on inquiry" by having reasonable grounds for believing that the instruction was an attempt to misappropriate funds. (See Article)

    Nov 7, 2019 7:32 AM

  • Does your product governance framework meet conduct expectations?

    For many years, financial institutions have had controls and protocols in place to mitigate the risk of products being developed, marketed and sold in a non-compliant manner. This typically includes approval mechanisms and various sign-off arrangements for both the product and the marketing literature. Despite these controls, we have continued to see misconduct and poor customer outcomes in financial markets and, for a long time, this was put down solely to weaknesses in sales practices, supervisory oversight and the relationship between sales targets and reward. (See Article)

    Nov 7, 2019 7:32 AM

  • When is refusing a settlement offer the reasonable conduct of ET proceedings? (UK)

    Don’t you just love a good understatement? How about this little beauty on the merits of a rejected flexible working complaint: “The difficulty for the claimant is that she never proved that this arrangement could work by producing the required amount of work in the required time. This was both in terms of quality and... (See Article)

    Nov 6, 2019 9:32 AM

  • Liverpool FC’s trademark proposal receives a red-card from the UK Intellectual Property Office

    Liverpool FC may be making good progress this season, however, off the pitch they have suffered a defeat in a controversial attempt to trademark the word ‘LIVERPOOL’. (See Article)

    Nov 6, 2019 7:33 AM

  • AI/IoT Update: UK’s Information Commissioner issues opinion on use of live facial recognition technology by police forces

    On October 31, 2019, Elizabeth Denham, the UK’s Information Commissioner issued an Opinion and an accompanying blog urging police forces to slow down adoption of live facial recognition technology and take steps to justify its use.  The Commissioner calls on the UK government to introduce a statutory binding code of practice on the use of... (See Article)

    Nov 6, 2019 7:33 AM

  • The Speed of (In)Justice

    Earlier this year, a committee of the UK House of Lords criticized the UK Serious Fraud Office (SFO) and Crown Prosecution Service (CPS) for the slow pace of its investigations, noting also that “the evidence we have received suggests that there are excessive delays even in the majority of more straightforward domestic bribery investigations”.  The... (See Article)

    Nov 6, 2019 7:33 AM

  • UK Government Ends Its Support for Fracking in England (At Least for Now)

    On 2 November 2019, the UK government announced that it is ending its support for fracking in England. This follows a report from the UK’s Oil and Gas Authority (OGA), an independent subsidiary of the UK’s Department for Business, Energy and Industrial Strategy (BEIS), which found that it is not currently possible to accurately predict the likelihood or... (See Article)

    Nov 6, 2019 7:33 AM

  • UK ICO Imposes Maximum Fine on Facebook for Compromising User Data

    Facebook reached a settlement with the UK Information Commissioner's Office, agreeing to pay a fine of 500,000 GBP in relation to the processing and sharing of its users' personal data with Cambridge Analytica. (See Article)

    Nov 6, 2019 7:33 AM

  • Recording Now Available: Boris’s Brexit: A Roadmap to a New US-UK Free Trade Agreement? – Panel Discussion – Oct. 23, 2019 – Washington DC

    Watch a recording of our panel discussion from October 23, 2019 in Washington DC that examined some of the most critical aspects of Brexit and their short- and medium-term implications, including a potential roadmap to a US-UK free trade agreement, and what the impact of a possible Jeremy Corbyn government might mean for US-UK relations.... (See Article)

    Nov 6, 2019 7:33 AM

  • 2020 Update to the UK Stewardship Code

    In March 2019, we reported that the UK’s Financial Reporting Council (“FRC”) was consulting on proposed changes to the UK’s Stewardship Code (the “Stewardship Code”). Those consultations have led to an updated 2020 edition of the Stewardship Code, which will come into effect from January 1, 2020. (See Article)

    Nov 6, 2019 7:32 AM

  • Employment News: harassment, employment status, religion and belief, IP

    Further developments in relation to harassment - The EAT confirmed in Bessong v Pennine Care NHS Foundation Trust that as the law currently stands employers will not generally be liable for third party harassment of employees. Meanwhile, the EHRC has published guidance on the use of confidentiality agreements in discrimination and harassment cases. (See Article)

    Nov 6, 2019 7:32 AM