vLex United Kingdom

  • Regulatory trade reporting – are you ready?

    After consultation with their members, AFME, FIA, ICMA, ISLA and ISDA have collectively released the Master Regulatory Reporting Agreement (MRRA). The MRRA is a standardised document, which firms can use with clients for the purposes of managing the reporting of certain financial transactions to trade repositories.  (See Article)

    Feb 19, 2020 9:32 AM

  • UK HR Two Minute Monthly: philosophical belief; equal pay; sexual harassment

    Our February 2020 update outlines key UK employment law developments from January. It includes cases on ethical veganism as a philosophical belief, equal pay and the difficulties in defending such claims, the impact of the drafting of the employment contract on territorial scope, the EHRC’s technical guidance on sexual harassment in the workplace with practical steps employers can take to tackle harassment, and the FCA’s letter on non-financial misconduct for wholesale general insurance firms. We also outline other points of note, including the draft Parental Bereavement Leave Regulations 2020 and changes to the ICO guidance on the timescales for complying with a data subject access request. (See Article)

    Feb 19, 2020 9:32 AM

  • Teleconference: Brexit – What does it actually mean? (And a discussion on butter…)

    Mayer Brown Teleconference Thursday, February 20, 2020 11:00 AM – 11:30 AM ET Register here. The UK finally exited the EU on January 31… but what does that mean? What has been agreed upon, what will happen next and how will it work in practice? During this call, we will: • Recap the current position... (See Article)

    Feb 19, 2020 7:33 AM

  • Centre for Data Ethics and Innovation publishes final report on “online targeting”

    On February 4, 2020, the United Kingdom’s Centre for Data Ethics and Innovation (“DEI”) published its final report on “online targeting” (the “Report”), examining practices used to monitor a person’s online behaviour and subsequently customize their experience.  In October 2018, the UK government appointed the DEI, an expert committee that advises the UK government on... (See Article)

    Feb 19, 2020 7:33 AM

  • Failure to prevent tax evasion – HMRC announces 9 live investigations and 21 “opportunities under review”

    HMRC’s focus on organisations under the Criminal Finances Act 2017 for failure to prevent tax evasion is making steady progress. The revelation, in very broad terms, of the number of investigations and enquires that it is currently undertaking and the wide sectors in which the targets of those investigations and enquires operate serve as a further warning to all organisations, large or small, to ensure that their procedures for preventing tax evasion are both robust and are being diligently followed. (See Article)

    Feb 19, 2020 7:32 AM

  • Joint Operating Agreements – High Court Finds Express Contractual Right To Remove Operator At Will Is ‘Absolute’

    In a recent decision, TAQA Bratani Limited & Ors v RockRose UKCS8 LLC [2020] EWHC 58 (Comm), the English High Court held that an express contractual right in a joint operating agreement for non-operators to remove the operator at will was “absolute” and that the exercise of such a right by the non-operators was “not subject to any implied constraint”, including any implied duty of the non-operators to act in good faith. (See Article)

    Feb 19, 2020 7:32 AM

  • Step Right Up: Opportunity to Shape New UK Tariff Policy

    The United Kingdom will need a new most favored nation tariff regime as early as January 2021 when the current Brexit transition could come to an end and is calling on businesses, consumers, and others to advise which tariffs should be eliminated or reduced. (See Article)

    Feb 19, 2020 7:32 AM

  • Green bonds: growth in sustainable capital markets financing

    Expanding public awareness means that sustainability is increasingly forming a core business of entire industries not just individual organisations. In the financial sector, sustainable financing is an area of ever-increasing focus for all capital markets participants, from issuers and regulators, to investors. This article focuses on green bonds: sustainability-themed bonds where proceeds are exclusively used to finance or refinance (in part or in full) eligible “green projects” providing an environmental benefit. Green bonds have the same regulatory status as equivalent non-green bonds and, therefore, with the appropriate amendments to disclosure, marketing and use of proceeds terms, can typically be issued through an issuer’s existing debt issuance programme, or on a standalone basis. Please see full Article below for more information. (See Article)

    Feb 19, 2020 7:32 AM

  • UK FCA publishes annual Sector Views report

    The UK Financial Conduct Authority (FCA) has published Sector Views, its annual report examining how each financial sector is performing. (See Article)

    Feb 19, 2020 7:32 AM

  • Adtech and real time bidding: ICO prepared to take action

    In a recently published blog, the Information Commissioner’s Office (“ICO”) provided an update on its review of the adtech sector and noted that, whilst two key organisations are starting to make changes and many have engaged with the ICO, “some appear to have their heads firmly in the sand.” This follows the ICO’s report, published in June 2019, identifying a number of concerns in the adtech sector and particularly in relation to ‘real time bidding’ (“RTB”). The ICO gave the industry six months to work on the issues raised and continued to engage with relevant stakeholders. It now anticipates that it will need to take formal regulatory action in some instances. The underlying message is simp (See Article)

    Feb 19, 2020 7:32 AM

  • Scope of Jurisdiction of Court of Justice Over UK Matters Confirmed

    The Court of Justice of the European Union has published a press release on the consequences for it of the U.K.'s withdrawal from the EU on January 31, 2020. The announcement confirms that U.K. judges will no longer serve the Court of Justice and of the General Court... (See Article)

    Feb 19, 2020 7:32 AM

  • English Court of Appeal Clarifies the Scope of Legal Advice Privilege

    It is well established that the “dominant purpose” test applies in the context of litigation privilege. However, until now, it has been unclear whether the test also applies to legal advice privilege (LAP). Further, there are real difficulties in applying the law relating to privilege in multiparty email exchanges. In this update, we consider the Court of Appeal’s recent decision in Civil Aviation Authority v. R Jet2 ([2020] EWCA Civ 35), which confirmed that the dominant purpose test also applies to LAP. The decision has particular implications for in-house lawyers providing a mix of legal and commercial advice, as well as wider consequences for parties giving disclosure in High Court litigation. (See Article)

    Feb 19, 2020 7:32 AM

  • Pensions: What's new this week - February 2020 #2

    Welcome to your weekly update from the Allen & Overy Pensions team, bringing you up to speed on the latest legal and regulatory developments in the world of occupational pensions. Please see full article below for more information. (See Article)

    Feb 18, 2020 5:33 PM

  • HMRC updates its guidance on the taxation of cryptoassets in the UK

    On 20 December 2019 HMRC updated its guidance on the taxation of cryptoassets. In particular, HMRC has now given its view on where the most common form of cryptoasset (being the exchange token) should be treated as located for UK tax purposes. Here, we examine HMRC’s updated guidance and its impact on individuals currently holding cryptoassets. (See Article)

    Feb 18, 2020 9:33 AM

  • Abuse: Vicarious liability and conduct of investigation claims (UK)

    BXB v Watch Tower And Bible Tract Society of Pennsylvannia & Anor (Rev 1) [2020] EWHC 156 (QB) (30 January 2020) (available on BAILII) applied English law to its consideration of vicarious liability for the sexual assault of a Jehovah’s Witness member by an elder of the congregation. Of broader interest is an obiter but... (See Article)

    Feb 18, 2020 7:33 AM

  • A little knowledge is a dangerous thing – or when ignorance is not bliss (UK)

    Here’s a question. Employee Mr U is accused of sexually assaulting A. She goes to the Police about it and simultaneously U’s employer starts an investigation into his conduct. The investigator J concludes that there is a case to answer, based in part on A having gone to the Police. On the back of J’s... (See Article)

    Feb 18, 2020 7:33 AM

  • VAT recovery for GPs VAT grouped with Managers in onshore investment fund structures

    In the recent case of Melford Capital General Partner Ltd v HMRC, the FTT concluded that a UK GP was entitled to full recovery of input VAT incurred on the establishment and operational costs of a UK LP Fund of which it was the general partner. The key facts were as follows... (See Article)

    Feb 18, 2020 7:32 AM

  • UK sets deadline for novel food authorisation of CBD products

    The UK Food Standards Agency has announced a deadline of 31 March 2021 for companies marketing cannabidiol (CBD) extracts as foods or food supplements industry to submit novel food authorisation applications.  After 31 March 2021, the FSA stated that only products with a fully validated novel food authorisation application will be permitted and all other... (See Article)

    Feb 17, 2020 9:33 AM

  • LIBOR transition – are full interest period lags a viable way to simplify some compounded RFR loans?

    The Bank of England, the FCA and the Working Group on Sterling Risk-Free Reference Rates (the Working Group) have asked that, by the end of Q3 2020, all new sterling loans should reference SONIA rather than LIBOR. A related expectation is that these new loans will not use forward-looking term SONIA. Instead, 90% (in effect) of these loans are to compound average in arrear all daily SONIA quotations related to each interest period with a five-day lag between each interest period and its "observation period". (See Article)

    Feb 17, 2020 9:33 AM

  • UK Conduct Regulator Publishes Brexit-Related Updates to Handbook

    The U.K. Financial Conduct Authority has published a series of updates to the FCA Handbook relating to the U.K.’s exit from the EU on January 31, 2020, including... (See Article)

    Feb 17, 2020 9:33 AM

  • Letting agents: anti-money laundering requirements

    On 10 January 2020, The Money Laundering and Terrorist Financing (Amendment) Regulations 2019 came into force. As a result, letting agents are now supervised by HMRC for anti-money laundering and counter-terrorist financing (AML/CTF) purposes if they rent out residential or commercial property for one month or more and at a rent which, during at least part of the term, is or is equivalent to a monthly rent of EUR 10,000. (See Article)

    Feb 17, 2020 9:33 AM

  • UK’s National Minimum Wage enforcement finally heeds user concerns

    Following the Government’s review into the enforcement of the National Minimum Wage Regulations 2015, it has announced a number of changes which are to be introduced in April of this year. Whilst the headlines focus on the reintroduction of naming and shaming of those who pay below the NMW, other aspects of the changes are... (See Article)

    Feb 17, 2020 7:34 AM

  • EP resolution: proposed mandate for negotiations for a new partnership with the UK

    On 12 February 2020, the European Parliament (EP) published the text of a resolution concerning the proposed mandate for negotiations for the EU’s new partnership with the UK. The resolution notes that whilst the EP is supportive of the EU constructively negotiating a balanced, ambitious and comprehensive free trade agreement with the UK, by its... (See Article)

    Feb 17, 2020 7:34 AM

  • New Report Recommends Putting Public Engagement at the Heart of NHS Health Data Strategy

    The Institute of Global Health Innovation at Imperial College London has published a report called “NHS data: Maximising its impact on the health and wealth of the United Kingdom” (the “Report”).[1] The Report begins from the premise that the knowledge gleaned from the combination of patient health data and “big data” technologies has incredible potential... (See Article)

    Feb 17, 2020 7:34 AM

  • Meat inspection petition with 216,000 signatures given to FSA

    A union in the United Kingdom has submitted a petition on meat inspections, signed by more than 216,000 people, to the Food Standards Agency. Steve Nash, a consumer advisor on E. coli O157, Unison national officer Paul Bell, and Sean Humber, a lawyer at Leigh Day, delivered the petition calling on the FSA to keep... (See Article)

    Feb 17, 2020 7:34 AM

  • What Does Brexit Mean for Privacy Shield?

    Three and a half years after UK citizens voted to leave the EU, the country officially left the Union on January 31. One of the many questions resulting from the departure is what happens to the EU-U.S. Privacy Shield as it applies to personal data transferred from the UK. The Commerce Department’s FAQs on Privacy... (See Article)

    Feb 17, 2020 7:34 AM

  • Antitrust M&A Snapshot | FTC and DOJ Continue M&A Transaction Investigation While UK CMA Continues Role as Key Jurisdiction in Merger Clearance Process

    Antitrust regulators in the United States and Europe were very active in the final quarter of 2019. The FTC and DOJ continue to investigate and challenge M&A transactions in a variety of industries. Events of this quarter highlight the importance of states in merger enforcement. As well, recent FTC activity highlights the regulators’ focus on... (See Article)

    Feb 17, 2020 7:34 AM

  • MPB V LGK – English High Court Dismisses Jurisdictional Challenge To Arbitral Award: Beware Standard Terms And Conditions

    In the case of MPB v LGK [2020] EWHC 90 (TCC), the High Court dismissed an application to set aside an arbitration award on jurisdiction on the grounds that there was no arbitration agreement between the parties, and the Tribunal therefore lacked substantive jurisdiction over the dispute. In doing so, the Court had to consider the interaction of a suite of construction contracts. (See Article)

    Feb 17, 2020 7:33 AM

  • Five Things for Employers to Consider in 2020

    Various changes to employment law are coming into force over the next few months which should prompt employers to consider reviewing and, where necessary, updating their employment documentation and/or processes. Five particular things for UK employers to consider in 2020 are... (See Article)

    Feb 17, 2020 7:33 AM

  • UK Conduct Regulator Confirms EU Regulatory Reporting Regime Applies During Brexit Implementation Period

    The U.K. Financial Conduct Authority has announced that during the Brexit implementation period, all existing regulatory reporting will continue under the EU regime. The FCA's announcement follows the adoption by the Council of the European Union of the Withdrawal Agreement on the same day, which means that the U.K. will leave the EU on January 31, 2020... (See Article)

    Feb 17, 2020 7:33 AM