vLex United Kingdom

  • HM Treasury Policy Statement Addresses Pressing Concerns With PRIIPs Regulation

    The UK government has proposed amendments to the UK PRIIPs regime with performance information in the KID to differ from the EU “performance scenario” requirement. On 30 July 2020, HM Treasury published a policy statement on amendments to the Packaged Retail Investment and Insurance-based Products (PRIIPs) Regulation. (See Article)

    Aug 7, 2020 6:32 PM

  • COVID-19 Coronavirus Business Impact – How to deal with employees who need to quarantine following a trip abroad

    Since 26 July and 31 July 2020, travellers returning to the UK from Spain (including the Canary and Balearic Islands) and Luxembourg respectively have been required to quarantine for 14 days. If cases of Covid-19 spike across Europe, the UK Government may well remove more countries from the travel corridors list (i.e. those countries which can be visited without the need to self-isolate on return to the UK). This has scope to cause significant disruption to both employers and employees, particularly for those employees who are abroad when the quarantine rules change. Below we address employers’ frequently asked questions in cases where employees are required to quarantine for 14 days following a trip abroad. (See Article)

    Aug 7, 2020 2:31 PM

  • Flying through the storm: COVID-19 – state aid and other EU competition law updates

    The coronavirus pandemic has caused significant disruption to the economy, but few industries have felt the devastating impact as much as aviation. The widening travel restrictions and the plunge in demand for flights has led many airlines to require state support in order to help them navigate and, in some cases, survive this global economic crisis. (See Article)

    Aug 7, 2020 10:31 AM

  • Insurance regulatory news, August 2020

    COVID-19: IAIS consults on the impact for the insurance sector. The UK Prudential Regulation Authority (PRA) has published a consultation paper, CP11/20, setting out its expectations and guidance relating to auditors' work on the matching adjustment (MA). (See Article)

    Aug 7, 2020 8:32 AM

  • CORSIA – Airline carbon emissions – recent updates

    The International Civil Aviation Organisation (ICAO) is currently finalising a global market-based measure, the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA), to reduce international civil aviation CO2 emissions. The market-based measure was agreed at the 2016 ICAO Assembly and is built on the support of the aviation industry for a single global carbon offsetting scheme, as opposed to a patchwork of national and regional market-based mechanisms. (See Article)

    Aug 7, 2020 8:32 AM

  • Ms Justice Teresa Pilkington nominated to Court of Appeal

    Ms Justice Teresa Pilkington has been nominated for appointment as an ordinary judge of the Court of Appeal of Ireland. View here.

    Aug 7, 2020 7:57 AM

  • UK Treasury Committee Relaunches Inquiry into Decarbonisation and Green Finance

    The inquiry seeks further evidence on how and whether the government’s response to COVID-19 should take green ambitions into account. By Paul A. Davies and Michael D. Green On 24 July 2020, the UK Treasury Committee (the Committee) relaunched its inquiry into decarbonisation of the UK economy and green finance. Background – The June 2019... (See Article)

    Aug 7, 2020 6:33 AM

  • Upcoming Changes to the UK Immigration System: Further Details for Employers

    On 13 July 2020, the UK Home Office published further details on the UK’s points-based system through a detailed policy statement regarding the changes to the UK immigration system due to come into effect from 1 January 2021, once freedom of movement with the European Union has ended. The document builds on the policy statement published in February 2020 and aims to provide “more detail to applicants, employers and educational institutions on the draft requirements and conditions underpinning the key immigration routes in the Points-Based System.” (See Article)

    Aug 7, 2020 6:32 AM

  • Consumer finance regulatory news, August 2020

    COVID-19: FCA call for input on ongoing support for mortgage and consumer credit customers.The UK Financial Conduct Authority (FCA) has published a consultation paper, CP20/13, setting out proposals designed to support certain consumers within the mortgage market. (See Article)

    Aug 7, 2020 6:32 AM

  • FCA consults on a redemption notice-period model for authorised open-ended property funds

    Scrutiny of illiquid assets and open-ended funds is a familiar theme; as is the context of these funds being forced to suspend dealings in times of stress, either to deal with the high volume of redemption requests (for instance following the June 2016 Brexit vote), or more recently to protect fund liquidity in light of the material uncertainty qualifier applied to valuations on account of the COVID-19 pandemic. Repeat suspensions can impact market confidence and raise questions about the appropriacy of fund structures. (See Article)

    Aug 7, 2020 6:32 AM

  • Recess round-up - A quick reference guide to the key recent planning and development changes

    It's difficult enough to keep on top of the news at the moment – not to mention the raft of recent changes to the planning system announced by Whitehall over the past couple of months. With that in mind, and as the Parliamentarians jet off in search of a quarantine-free summer break, we've collated a handy quick reference guide to the key recent planning and development changes – our recess round-up. Please see full Publication below for more information. (See Article)

    Aug 6, 2020 8:32 AM

  • UK Public Takeovers: The Point of No Return

    The challenges raised by the Coronavirus (COVID-19) crisis initially led to a dramatic fall in share prices and market uncertainty. Although the capital markets have largely recovered their value since the initial COVID-19 outbreak (somewhat bizarrely, given COVID-19’s underlying impact on many businesses), there has been a knock-on impact on public M&A, both in terms of ongoing processes and with regard to how potential bidders assess potential publicly listed targets. Although dips in share prices in the midst of the pandemic may have enticed bidders to look for opportunistic bids, the challenges posed by market volatility, lack of accounting information to show the impact of COVID-19 and lack of bank funding for bids resulted in very few bids being made... (See Article)

    Aug 6, 2020 8:32 AM

  • Roadmap to a Healthier Financial Future: Crunch Points and Key Considerations for UK Businesses

    Our financial health roadmap sets out key dates that UK businesses should factor into future forecasting and planning over the coming months. In particular, it highlights when temporary financial or other support offered by the UK government and HMRC will be tapered or come to an end, and changes in law or policy that may... (See Article)

    Aug 6, 2020 6:33 AM

  • FCA announces proposals to update Dual-regulated firms Remuneration Code

    On 3 August 2020, the FCA published Consultation Paper 20/14: Updating the Dual regulated firms Remuneration Code to reflect CRD V (CP20/14). The following types of regulated firm need to read CP20/14: Credit institutions (banks and building societies). Designated investment firms (those designated for prudential regulation by the PRA). Firms from outside the European Economic... (See Article)

    Aug 6, 2020 6:33 AM

  • Fintech M&A Activity in 2020: The Digital Economy is Here

    Paying for Payments While uncertainty arising from the COVID-19 pandemic has slowed down most deal activity, Fintech, in particular the payments space, is a big exception. Recent analysis from KPMG revealed that UK payment deals in the first quarter of 2020 alone exceeded the total number of deals in 2019. Granted, deal sizes were relatively... (See Article)

    Aug 6, 2020 6:33 AM

  • UK Tax Round Up - July 2020

    UK COVID-19 Developments - Furlough not detrimental to EMI options held on 19 March 2020 - On 26 June, the government introduced a new provision into the Finance Bill that provides that the period during which an employee is furloughed will not count towards the determination of their “working time commitment” for the purpose of determining whether the EMI option conditions are breached... (See Article)

    Aug 6, 2020 6:32 AM

  • Shareholder Rights Directive II: New rights for shareholders regarding confirmation of their votes cast by poll

    New regulations implementing certain requirements of the Shareholders Rights Directive II in the UK will require certain publicly traded companies to provide shareholders with confirmations regarding their votes cast by poll on, or after, 3 September 2020. Companies will need to consider what arrangements should be put in place to ensure that they can comply with the new requirements in respect of their general meetings scheduled for later this year. Please see full Publication below for more information. (See Article)

    Aug 6, 2020 6:32 AM

  • New Supreme Court judgment

    The Supreme Court has handed down judgment in the matter of Shagang Shipping Company Ltd (in liquidation) (Appellant) v HNA Group Company Ltd (Respondent) [2020] UKSC 34. The case concerned the correct treatment of hearsay evidence in a civil trial regarding alleged bribery where the possibility of torture could not be ruled out. The full text of the judgment can be found here.

    Aug 5, 2020 1:02 PM

  • Statutory Sick Pay (General) Regulations amended

    The Statutory Sick Pay (General) (Coronavirus Amendment) (No. 5) Regulations 2020 come into force on 5th August 2020. The Regulations amend the Statutory Sick Pay (General) Regulations 1982 to ensure that a person is entitled to statutory sick pay for the full period for which they are required to self-isolate. The Regulations can be found here.

    Aug 5, 2020 9:09 AM

  • Payments regulatory news, August 2020

    Payments landscape review: HM Treasury call for evidence - HM Treasury has published a call for evidence as part of the payments landscape review. The call for evidence is the first stage in the review, which was announced in June 2019. (See Article)

    Aug 5, 2020 8:32 AM

  • Legal Tech: Mind The Gap

    As most of you know, in the United Kingdom, you are frequently reminded to “mind the gap” when stepping on and off trains. It’s a precaution to watch out for the gap between the train and the platform, so you don’t trip and fall flat on your face.   I was reminded of this this... (See Article)

    Aug 5, 2020 6:33 AM

  • UK’s Industrial Energy Transformation Fund Grants Now Available to Manufacturing Companies and Data Centre Operators

    As of 20 July 2020, Phase 1 of the UK’s Industrial Energy Transformation Fund (IETF) is open for applications for grants, according to the Department for Business, Energy and Industrial Strategy (BEIS). The IETF, announced in the UK’s 2018 autumn budget, is designed to assist the transition of high energy use businesses into a lower... (See Article)

    Aug 5, 2020 6:33 AM

  • The new normal for workplaces: flexible working revolution or back to life as we know it?

    There is talk of a flexible working revolution in the post-COVID-19 world, but will the workplace really change that dramatically and, if so, what will that mean for employers and employees alike and what are the pros and cons of a remote workforce? (See Article)

    Aug 5, 2020 6:32 AM

  • Banking and finance regulatory news, August 2020

    Business continuity: SRB operational guidance on operational continuity in resolution and FMI contingency plans. The UK Prudential Regulation Authority (PRA) has published a policy statement, PS18/20, and the following updated supervisory statements on asset encumbrance... (See Article)

    Aug 5, 2020 6:32 AM

  • New HMRC guidance on VAT and SDLT treatment of lease variations

    During the Covid-19 pandemic, landlords and tenants are increasingly varying their leases to reflect the business difficulties facing tenants. In response, on 29 July 2020 HMRC issued guidance on which types of lease variations may result in a VAT or SDLT charge. (See Article)

    Aug 5, 2020 6:32 AM

  • U.K. Employment Law Update: Confidentiality Breaches, Anonymous Witnesses and the ‘Last Straw’ Doctrine

    In the case of Duchy Farm Kennels v. Steels, the High Court considered whether a term of confidentiality in a COT3 settlement agreement was a condition of the agreement, in which case a former employee’s breach of that term would have entitled the employer to withhold payments due under the agreement. (See Article)

    Aug 4, 2020 6:32 PM

  • Financial institutions general regulatory news, August 2020

    COVID-19: FCA guidance consultation on cancellations and refunds - On 31 July 2020, the UK Financial Conduct Authority (FCA) published a guidance consultation on cancellation (for example, of holidays and events) and refunds in light of COVID-19. (See Article)

    Aug 4, 2020 6:32 PM

  • Universal Credit Amendment Regulations

    The Universal Credit (Managed Migration Pilot and Miscellaneous Amendments) (Amendment) Regulations 2020 come into force on 4th August 2020. The Regulations amend the earlier Universal Credit (Managed Migration Pilot and Miscellaneous Amendments) Regulations 2019 to correct a technical error. The full text of the Regulations can be found here.

    Aug 4, 2020 10:51 AM

  • OFSI publishes financial sanctions compliance guidance for the maritime shipping sector

    In July 2020, the UK Office of Financial Sanctions Implementation (OFSI) published guidance for entities and individuals operating within the maritime shipping sector. The size and scale of the UK shipping sector is large and thus may be particularly susceptible to criminals seeking to deploy tactics to confuse or conceal the identities of vessels, cargo,... (See Article)

    Aug 4, 2020 8:32 AM

  • Land Registry & E-signatures – a marriage made in lockdown

    On 27 July 2020 the Land Registry in England & Wales updated its guidance to confirm that they will, for the foreseeable future, accept e-signed documents/deeds including on transactions that trigger a change to the register, subject to various conditions. This is a significant step forward for the sector, and comes off the back of a hard-fought campaign by lawyers, agents and industry bodies across real estate particularly during lockdown, but there is still more to achieve. (See Article)

    Aug 4, 2020 8:32 AM