vLex United Kingdom

  • Pensions: what's new this week - January 2020 #3

    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 publication below for more information. (See Article)

    Jan 21, 2020 7:32 PM

  • Key takeaways from the ICO’s draft Direct Marketing Code of Practice

    The UK Information Commissioner’s Office has published a draft Code of Practice on Direct Marketing, which is now out for consultation. Here we discuss the context for this and key takeaway points from its 120+ pages. Why is the ICO publishing this document? The ICO is required under the Data Protection Act 2018 to publish... (See Article)

    Jan 21, 2020 7:33 AM

  • Updated BREF for food and drink industry

    Last month the European Commission published an updated Best Available Techniques (BAT) Reference Document and BAT Conclusions document for the food, drink and milk industry. This has implications for the review of permits held by operators of installations across Europe in terms of planning and timing in relation to compliance. (See Article)

    Jan 21, 2020 7:32 AM

  • The Week Ahead in the European Parliament – January 17, 2020

    Summary Next week, Members of the European Parliament (“MEPs”) will meet in Brussels for Committee Meetings.  Several interesting debates, hearings and votes are scheduled to take place. On Thursday, the Committee on Constitutional Affairs (“AFCO”) will vote on a recommendation to the European Parliament to consent to the EU-UK Withdrawal Agreement (also known as the... (See Article)

    Jan 20, 2020 7:33 AM

  • Simplification of UK Partnership Tax Reporting for Investment Fund Partnerships

    In the Finance Act 2018, the UK Government enacted a number of changes to the information required in partnership returns that raised the concern of undue and impracticable administrative burden being imposed on UK investment fund partnerships. The changes covered a number of areas, including requiring a UK partnership that had partnerships amongst its partners... (See Article)

    Jan 20, 2020 7:33 AM

  • UK Financial Policy Committee Highlights Risks of Open-Ended Funds and Global Stablecoins

    The Financial Policy Committee of the Bank of England has published its latest financial stability report. The report sets out the FPC's view of the resilience of the U.K. financial system and the main risks to the U.K.'s financial stability as well as the work being carried out to address those risks. The FPC states that the 2019 annual cyclical scenario stress test indicates that the U.K. banking system would be resilient to deep simultaneous U.K. and global recessions. Furthermore, the U.K. financial system is resilient to and prepared for any disruptions that may arise from a disorderly Brexit. (See Article)

    Jan 20, 2020 7:33 AM

  • NFUS Pushes Scottish and UK Governments To Address Biofuel Issues

    On January 10, 2020, the National Farmers’ Union of Scotland (NFUS) announced its pursuit for high level solutions to machinery problems linked to biofuel content. According to NFUS, many Scottish and UK farmers are experiencing issues because of the percentage of biofuel content in fuel for farming machinery. (See Article)

    Jan 20, 2020 7:33 AM

  • Iran Sanctions: the E3 trigger JCPOA snapback process

    When the Iran nuclear deal (the JCPOA) came into effect in January 2016, ushering in the sanctions relief, a much discussed element was the "snapback" mechanism, by which UN sanctions would snap-back, without the need for a further UN resolution, in the event of non-compliance by Iran with its nuclear commitments. Since the US withdrawal in 2018, the UK, France and Germany (together, the E3) have worked hard to try to keep the JCPOA alive. However, following Iran's announcement on 5 January 2020 that it will no longer respect any JCPOA restrictions, the E3 have now initiated the JCPOA dispute resolution process, a step which could lead to the re-imposition of UN and EU sanctions on Iran. (See Article)

    Jan 20, 2020 7:33 AM

  • UK Court of Appeal Upholds Injunction Following Breach of Strike Ballot Rules

    Royal Mail has successfully persuaded the United Kingdom’s Court of Appeal to uphold an injunction halting plans for a Christmas strike by postal service workers due to alleged breaches of the procedural requirements for strike ballots. This landmark decision provides key guidance on the interpretation and application of Section 230 of the UK Trade Union and Labour Relations (Consolidation) Act 1992, which protects members voting in union-organised strike ballots from union and co-worker pressure. (See Article)

    Jan 20, 2020 7:33 AM

  • A redelivery checklist for operating lessors – 10 things not to forget

    It goes without saying that operating lessors put a great deal of planning and work into placing an aircraft on lease and delivering it to their customer. Redelivery may seem like a distant prospect in comparison and occupies few of our thoughts – at least until the process has become time-sensitive. To avoid unexpected pitfalls, or overlooking a critical piece of the puzzle, it pays to give thought to the redelivery process well ahead of time, and to seek advice and assistance as required. This checklist is intended to help operating lessors manage a smooth redelivery process to avoid losses, delays and disputes. (See Article)

    Jan 17, 2020 9:32 AM

  • The JCPOA: is it the end?

    On 14 January 2020, the UK, France and Germany (the “E3”) triggered the dispute resolution mechanism under the JCPOA by referring assertions of Iranian non-compliance to the Joint Commission. The triggering of the dispute resolution mechanism could (but not necessarily will) lead to the re-imposition of UN and EU sanctions on Iran, though the statement... (See Article)

    Jan 17, 2020 7:33 AM

  • Note stashed in Christmas card connected to alleged forced labor

    Report on Supply Chain Compliance 3, no. 1 (January 9, 2020) - A young girl in the United Kingdom found a note allegedly written by prisoners in a Shanghai factory that produces charity Christmas cards. The note said, “We are foreign prisoners in Shanghai Qingpu prison China. Forced to work against our will. Please help us and notify human rights organisation.” (See Article)

    Jan 17, 2020 7:32 AM

  • Construction contracts: vesting of title to goods

    When does title to goods transfer from a contractor to an employer? This can be a critical issue, especially when a party to a project has become insolvent. A recent English case considered this issue, and the application of vesting clauses and certificates. (See Article)

    Jan 17, 2020 7:32 AM

  • Additional Compliance for the Art World

    Individuals, trusts and companies buying or selling art via UK galleries and auction houses will now be subject to the same customer due diligence checks as those opening bank accounts in the UK. What has changed? The Money Laundering and Terrorist Financing (Amendments) Regulations 2019 (the “Regulations”), which implement to a large extent the European Union’s 5th Money Laundering Directive, came into force on 10 January 2020. (See Article)

    Jan 17, 2020 7:32 AM

  • The impact of the Boeing 737 Max grounding

    Boeing is the largest manufacturing exporter in the US, a major US employer and has a supply chain of thousands of US, European and global manufacturers. Before the tragic events described below, the 737 Max had been Boeing's fastest selling aircraft. Economists variously estimate that its grounding and production suspension has taken between 0.24 and 0.4 percentage points per quarter out of US GDP. So, it has been inevitable that this grounding and those production cuts have had far-reaching effects on aircraft lessors, airlines, manufacturers and the wider economy of the US and beyond... (See Article)

    Jan 17, 2020 7:32 AM

  • UK Prudential Regulatory Authority Responds on Prudential Impediments for Banks Arising from the LIBOR Transition

    The Prudential Regulation Authority has published a letter addressed to the Chair of the Working Group on Sterling Risk-Free Reference Rates. The letter responds to the Working Group's letter in October 2019 requesting regulatory forbearance or clarification from regulators on the impact that the LIBOR transition is likely to have on the prudential requirements for banks. The main issues raised by the Working Group include: (i) the potential for certain capital instruments to no longer qualify as regulatory capital; (ii) the potential for securitizations and MREL-eligible instruments to be considered as "new contracts" as a result of changes to contractual terms, leading to the need to insert bail-in or other bank recovery contractual terms; and (iii) that many banks will need to obtain regulatory approvals for alterations to the models used to determine their regulatory capital arising from their exposures and risks. (See Article)

    Jan 17, 2020 7:32 AM

  • Study: Few Consent Management Platforms Meet GDPR Cookie Requirements

    A new study has found only 11.8% of the most popular Consent Management Platforms (CMPs) used on UK websites meet the minimal requirements under GDPR and Europe’s eDirective regulations regarding cookies and consent. The researchers’ scraper was used to determine whether a consent form met GDPR and eDirective requirements. The rules say consent must be... (See Article)

    Jan 16, 2020 7:33 AM

  • English Business Rates: Potential Time Limit for Challenges to Current Rateable Values

    If you are liable to pay business rates on non-domestic property in England, you should read this. The amount that you pay for rates will depend on the rateable value of your property at 1 April 2015. (See Article)

    Jan 16, 2020 7:32 AM

  • The EU-UK Future Relationship: EU Announces Its Timetable For Cross-Border Equivalence In Financial Services

    The U.K. House of Commons has approved the Withdrawal Agreement. Assuming this is ratified by the EU, and Royal Assent is achieved in time, the U.K. will leave the EU on January 31, 2020, entering into a “transition” or “implementation” period during which most of the EU’s arrangements and legal regime will continue to apply in the U.K. This period is planned to end on December 31, 2020, leaving just 11 months for the EU and U.K. to reach mutual agreement on their future relationship. The European Commission’s Brexit Task Force is gearing up preparatory work for these negotiations. One of the first steps was the publication on January 10, 2020 by the Commission of a presentation to the Council Working Party on personal data protection and cooperation and equivalence in financial services. The presentation sets out the Commission’s intended approach to equivalence in financial services and data protection. (See Article)

    Jan 16, 2020 7:32 AM

  • Football is football – VOA 1 Businesses 0 – business rates and material change of circumstances

    The Upper Tribunal (UT) has upheld the decision of the Valuation Tribunal for England (VTE) that the consequences flowing from relegation of a football club are not sufficient to amount to a material change of circumstances when assessing the level of business rates payable.  (See Article)

    Jan 16, 2020 7:32 AM

  • Vaping Products Banned from Promotion on Instagram

    The ASA has banned four e-cigarette producers, including British American Tobacco (BAT), from promoting their vaping products on Instagram. The e-cigarette producers advertised their vaping products on their own Instagram accounts. The posts featured various celebrities holding and endorsing the products. In line with the EU Tobacco Products Directive, Rule 22.12 of the UK CAP... (See Article)

    Jan 15, 2020 7:33 AM

  • Paving the way to the UK’s departure from the EU – an overview of the key provisions of the European Union (Withdrawal Agreement) Bill

    Following the Conservative Party’s victory in the UK’s general election in December 2019, the immediate priority for both the UK and the EU27 in relation to Brexit is now the approval, ratification and implementation of the deal agreed at a political level between the European Commission and the UK in October 2019 on the terms of the UK’s departure from the EU (the Withdrawal Agreement). Please see full publication below for more information. (See Article)

    Jan 15, 2020 7:32 AM

  • Pensions: what's new this week - January 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 publication below for more information. (See Article)

    Jan 14, 2020 7:32 PM

  • Could California Earn Its Own Data Transfer Adequacy Status With the EU?

    “Adequacy” seems to be the hardest word. On the brink of Brexit and the UK becoming a “third country” without a so called “adequacy” status for the cross border transfer of personal data from the European Union — Could California have its own Privacy Shield arrangement separate from the rest of the U.S.? This question emerged... (See Article)

    Jan 14, 2020 9:33 AM

  • Directors may be entitled to a refund of payments made in settlement of the HMRC loan charge

    Following an independent review of HMRC’s loan charge the UK Government has announced that there will be a number of changes to the loan charge, which in some cases will include repayment. Not only will some directors be able to claim back payments made in settlement, others will be able to take advantage of more flexible... (See Article)

    Jan 14, 2020 7:33 AM

  • Ethical Veganism is a Protected Characteristic

    An employment tribunal in the UK has held that ethical veganism is a protected characteristic under UK discrimination law. In the UK an employee is protected from discrimination in the workplace under one of the nine protected characteristics set out in the Equality Act 2010.  This includes protection in respect of religion, religious belief and... (See Article)

    Jan 14, 2020 7:33 AM

  • Financial Services Duty of Care Bill 2019-20 reintroduced to Parliament

    On 9 January 2020, the UK Parliament updated its webpage on the Financial Services Duty of Care Bill 2019-20 (the Bill). Following the dissolution of the 2017-2019 Parliament, the Bill fell and made no further progress. The Bill has now been formally reintroduced in the House of Lords to account for the new Parliamentary session. The Bill requires the... (See Article)

    Jan 14, 2020 7:33 AM

  • The heat is on - Regulators step up pressure to implement LIBOR transition plans

    Regulators are increasing pressure on financial institutions to demonstrate that they are proactively addressing the transition away from LIBOR.  On December 23, 2019, the New York State Department of Financial Services (NYDFS) issued a letter to New York-regulated depository and non-depository institutions, insurers and pension funds seeking assurance that their boards of directors and senior management are on top of the thorny issues that surround the anticipated demise of the widely used London Interbank Offered Rate (LIBOR). (See Article)

    Jan 14, 2020 7:32 AM

  • Employment News: unfair dismissal, equal pay, what's new

    Gathering clouds – flawed investigation made dismissal unfair - In Sunshine Hotel Ltd t/a Palm Court Hotel v Goddard the EAT agreed that failing to hold an investigatory meeting does not necessarily make a dismissal unfair. However, taken as a whole, the employer had not conducted a reasonable investigation into alleged misconduct. (See Article)

    Jan 14, 2020 7:32 AM

  • UK HR Two Minute Monthly: religious discrimination; TUPE; IR35

    Our first update of 2020 outlines key UK employment law developments over the last month. It includes cases on the definition of ‘employee’ under TUPE, the impact of a job evaluation survey in relation to equal pay, direct maternity discrimination, dress codes and religious discrimination, loss of privilege, and a recent tax tribunal decision on the application of IR35. We also outline other points of note, including the publication of the ICO’s new draft guidance on Subject Access Requests. (See Article)

    Jan 14, 2020 7:32 AM