vLex United Kingdom

  • Webinar on the Latest Developments on Cookie Guidance Featuring the UK ICO and CNIL

    Join us on November 5, 2020, for a webinar with representatives from the UK Information Commissioner's Office and the French Data Protection Authority to explore the latest developments on cookie guidance and compare their respective approaches. This blog entry provides a link to register. (See Article)

    Oct 23, 2020 8:32 AM

  • Coronavirus: changes to UK Job Support Scheme – key details for employers

    We previously reported on the establishment of the Job Support Scheme (“JSS”). The Chancellor of the Exchequer has, today, made a further announcement setting out significant changes to the JSS. (See Article)

    Oct 23, 2020 8:32 AM

  • Financial Services Bill introduced in UK Parliament

    The Financial Services Bill was introduced in Parliament on 21 October 2020. According to the UK Government, the Bill is designed to “ensure the UK’s world-leading financial services sector continues to thrive and grasp new opportunities on the global stage”. (See Article)

    Oct 23, 2020 8:32 AM

  • International compliance and FCA notifications: the ARCM case

    The UK Financial Conduct Authority (FCA) has published a final notice fining Asia Research and Capital Management Ltd (ARCM) for breaches of short selling disclosure rules. Notably, this is the first time that the FCA has taken enforcement action in relation to the Short Selling Regulation 2012 (SSR), although it has regularly issued fines for other notification and reporting failures. This case provides some useful compliance reminders that extend beyond the SSR context and will be relevant to most regulated firms. (See Article)

    Oct 23, 2020 8:32 AM

  • CIEH event covers food safety challenges during COVID-19

    Delegates on the opening day of an online conference have heard about the current challenges to food safety during the coronavirus pandemic. The first day of the Chartered Institute of Environmental Health (CIEH) event, which runs through Friday, featured speakers from UKHospitality, DEFRA, Just Eat, and the Cold Chain Federation. Lisa Ackerley, a food safety... (See Article)

    Oct 23, 2020 6:33 AM

  • Job Support Scheme update : 22 October 2020

    HM Treasury has just announced a change to the Job Support Scheme which comes into force from 1 November for the whole of the UK. Previously, employees had to be working 33% of their hours to qualify, with the employer then picking up 33% of the cost of the unworked hours, and the Government paying... (See Article)

    Oct 23, 2020 6:33 AM

  • New DSAR guidance from ICO – handle with care (UK)

    Back in March we posted here an explanation of why the “manifestly unfounded” exception to an employer’s DSAR obligations was perhaps less helpful than the ICO’s then guidance suggested. Now there is some new ICO guidance out this week which probably does move the needle slightly more usefully in favour of the employer. “Manifestly Excessive”... (See Article)

    Oct 23, 2020 6:33 AM

  • UK regulators send ‘Dear CEO’ letter to insurers concerning preparations for the end of the transition period

    The two UK financial regulators, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) have sent a letter to the chief executives and branch managers of insurance firms in the UK. The letter reminds firms about the end of the transition period in December and the need to be ready for a range... (See Article)

    Oct 23, 2020 6:33 AM

  • Coronavirus: changes to UK Job Support Scheme to support the hospitality sector – key details for employers

    Less than two weeks after the announcement of the extension of the Job Support Scheme (“JSS”) and amidst widespread concern from the hospitality industry that Tier 2 restrictions represent the “worst of all worlds” for the sector, the Chancellor of the Exchequer has, today, made a further announcement setting out significant changes to the JSS. These changes are primarily aimed at providing support to businesses in Tier 2 which are not legally required to shut their premises as part of further lockdown measures, but which are suffering a significant decline in revenue. (See Article)

    Oct 23, 2020 6:32 AM

  • Debt Breathing Space Regulations: FCA consults on Handbook changes

    The FCA has published a consultation on changes to its Handbook resulting from the Debt Respite Scheme (Breathing Space Moratorium and Mental Health Crisis Moratorium) (England and Wales) Regulations 2020 (the Regulations) which are expected to come into force in England and Wales on 4 May 2021. (See Article)

    Oct 23, 2020 6:32 AM

  • ESMA’s Post-Brexit Regime for UK Investment Firms Revisited—‘Equivalence’ or Direct Regulation?

    The European Union’s financial regulatory regime for third-country access in many sectors relies on a framework of “equivalence,” whereby institutions based in approved non-EU countries with similar standards may have varying degrees of access to EU markets or investors, depending on the extent to which their laws and regulations achieve equivalent outcomes to those of EU law. The EU’s equivalence regimes have been given increased prominence as a result of Brexit, since they are the means by which EU investors can access Europe’s largest financial centre, London, and vice versa. (See Article)

    Oct 23, 2020 6:32 AM

  • English Court Rules On COVID-19 Material Adverse Effect In M&A Transaction

    On 12 October 2020, the Commercial Court handed down judgment in the first case in which the English courts have had to consider whether COVID-19 resulted in a material adverse effect (“MAE”) (Travelport Ltd & Ors v WEX Inc [2020] EWHC 2670). In expedited proceedings brought by the sellers, Mrs Justice Cockerill addressed a number of preliminary issues relating to the MAE provisions in the sale documentation. This is likely to be such an important question in the current climate and the court’s decision and commentary is worthy of close consideration as a result. (See Article)

    Oct 23, 2020 6:32 AM

  • Alternative Dispute Resolution extension of time limits

    The Alternative Dispute Resolution for Consumer Disputes (Extension of Time Limits for Legal Proceedings) (Amendment etc.) (EU Exit) Regulations 2020 were made on 20th October 2020. The Regulations amend earlier EU-derived domestic legislative provisions which implement Directive 2013/11/EU on alternative dispute resolution for consumer disputes. Details can be viewed here.

    Oct 22, 2020 8:47 AM

  • NCA emphasises the importance of SARs in combatting modern slavery and provides pointers on information that should be included

    In the latest episode of the UK Financial Intelligence Unit (FIU) podcast, panellists from the FIU and the National Crime Agency (NCA) discuss the unique importance of Suspicious Activity Reports (SARs) in combatting modern slavery and human trafficking – and how to make these SARs more helpful. SARs are essential in identifying potential modern slavery... (See Article)

    Oct 22, 2020 8:32 AM

  • Real Estate Litigation interactive Possession and Enforcement Tool Kit

    Dentons’ Real Estate Litigation team has created an interactive Possession and Enforcement Tool Kit for England, Wales, Scotland and the Republic of Ireland. Setting out guidance on some of the most frequently asked questions by landlords and tenants, the tool kit provides easy to access guidance on the impact of COVID-19 on legislation and civil procedure practice on enforcement and possession. Covering both residential and commercial property, the tool kit covers debt recovery, squatters, possession, mortgage repayments and commercial rent arrears recovery, amongst other issues. Please see full presentation below for more information. (See Article)

    Oct 22, 2020 8:32 AM

  • Payments regulatory news, October 2020 # 2

    ISO 20022 migration: BoE revised approach The Bank of England (BoE) has updated its webpage on ISO 20022 with the following information. - ISO 20022 migration: BoE revised approach - The Bank of England (BoE) has updated its webpage on ISO 20022 with the following information. The real-time gross settlement (RTGS) Renewal Programme has consulted with CHAPS direct participants, other central banks and members of the payments industry on its plans for ISO 20022 migration. (See Article)

    Oct 22, 2020 8:32 AM

  • HM Treasury consults on phase II of the financial services future regulatory framework review

    On 19 October 2020, HM Treasury issued phase II of its consultation on the financial services future regulatory framework review. Phase I of the review looked at coordination between the UK authorities that have responsibility for the regulation of, and policy for, the financial services sector. HM Government published its response on 11 March 2020,... (See Article)

    Oct 22, 2020 6:33 AM

  • People at the Centre: hard decisions in hard times but some thoughts and reassurance for HR (UK)

    A recent Acas survey has reported that over a third of employers (37%) are likely to make staff redundancies in the next 3 months (see here). That is a statistic which can be a surprise to no one, except possibly that it is not higher. Often in redundancy situations, the majority of the “sympathy” quite... (See Article)

    Oct 22, 2020 6:33 AM

  • Post-lockdown flexible working, Part 5 – when childcare goes bad (UK)

    Time to answer another interesting question which came up at our Managing Working Parents webinar a couple of weeks ago: Where the employee is unable to come into work for childcare reasons, what are my duties to provide him with work suitable to be done from home?  This was a question which we might have... (See Article)

    Oct 22, 2020 6:33 AM

  • At a Glance: Summary of UK temporary insolvency and enforcement restrictions as a result of COVID-19 – with expiry dates

    Many permanent and temporary changes to insolvency laws have been made during the COVID-19 pandemic to help companies (and individuals) in financial distress. In particular the introduction of three key permanent measures: a new 20 business day moratorium (that can be extended) which will give companies a "payment holiday", impose restrictions on what the company and its directors may do, and limit what enforcement actions creditors may take during this time along the lines of the existing administration moratorium; a new restructuring plan that will bind both secured and unsecured creditors, and introduce a cross-class "cram-down" mechanism; and suppliers of a company in an insolvency proced (See Article)

    Oct 22, 2020 6:32 AM

  • Financial institutions general regulatory news, October 2020 # 3

    Brexit: HM Treasury update on financial services Brexit statutory instruments HM Treasury has published an update on its work relating to statutory instruments (SIs) laid, or to be laid, under the European Union (Withdrawal) Act 2018 (EUWA) relating to financial services... (See Article)

    Oct 22, 2020 6:32 AM

  • FCA bans sale of cryptoasset investment products to retail customers

    Since July 2019, the UK Financial Conduct Authority (“FCA”) has been consulting on proposals to bring the promotion of certain types of cryptoassets within the scope of financial promotions regulation. One of the more controversial proposals was to prohibit the sale of cryptoasset investment products to retail customers. (See Article)

    Oct 22, 2020 6:32 AM

  • Legislative Update: Enactment of the UK Corporate Insolvency and Governance Act

    On June 25, 2020, the new UK Corporate Insolvency and Governance Act ("Act") became law after it was given Royal Assent by Queen Elizabeth II. The changes introduced by the Act will have a significant impact on the future direction of the UK restructuring market. (See Article)

    Oct 22, 2020 6:32 AM

  • Markets-Based Money Laundering: Spotting the Signs Early

    The Russian Laundromat case – in which several Russian individuals bought securities through Deutsche Bank’s Moscow office and concurrently sold the same through the bank’s London office – is one of few cases of money laundering involving the markets to make headlines in recent years. These ‘mirror trades’ transferred billions in roubles originating in Russia to dollars paid into offshore companies based in Cyprus and the British Virgin Islands between 2011 and 2015. The case resulted in the largest fine ever handed out by the FCA (£163 million) and revealed how large market players without adequate controls may be exploited to launder billions of pounds using relatively simple techniques. Please see full Publication below for more information. (See Article)

    Oct 22, 2020 6:32 AM

  • COVID-19: UK Insolvency Reform - Scrutiny of Administration Pre-Pack Sales

    EXECUTIVE SUMMARY - On 8 October 2020, the UK Government's Insolvency Service issued a report on the state of pre-pack sales following the administration of insolvent UK companies (Pre-Pack Sales) and published draft regulations to require enhanced scrutiny of Pre-Pack Sales to connected parties during the administration process (the Draft Regulations). (See Article)

    Oct 22, 2020 6:32 AM

  • Treasury Committee – FCA takes “welcome step” in asking banks to warn expats of account closures

    On 14 October 2020, the House of Commons’ Treasury Committee published a letter it had received from the FCA in response to earlier questions that the Committee had raised on UK bank closures of current accounts of customers living in the EU post transition period. Key points in the FCA’s letter include: Not all firms... (See Article)

    Oct 21, 2020 6:32 PM

  • Counterparty credit risk: Treatment of model limitations in banks’ internal models

    On 14 October 2020, the PRA published Policy Statement 22/20: Counterparty credit risk: Treatment of model limitations in banks’ internal models (PS22/20). PS22/20 is relevant to UK banks, building societies and PRA-designated UK investment firms that are subject to the Capital Requirements Regulation (CRR). It is not relevant to UK branches of firms in other... (See Article)

    Oct 21, 2020 4:38 PM

  • Financial Challenges Facing English Football Clubs During COVID-19

    With the football transfer window having closed on another round of multimillion-pound transfers, the perception continues that football is a sport awash with cash. However, as football plays on behind closed doors, one need not look too far beneath the surface to uncover clubs across the country struggling to cope with the financial impact of COVID-19. (See Article)

    Oct 21, 2020 4:37 PM

  • HM Treasury call for evidence: access to cash

    On 15 October 2020, HM Treasury issued a call for evidence concerning access to cash. The Government committed at the March 2020 Budget to bring forward legislation to protect access to cash and ensure that the UK’s cash infrastructure is sustainable in the long term. This will ensure that those who may be less able... (See Article)

    Oct 21, 2020 2:33 PM

  • FSA questioned about post Brexit food safety rules

    Members of a parliamentary committee have written to the Food Standards Agency (FSA) about the future of food safety rules in the United Kingdom after leaving the European Union. The Common Frameworks Scrutiny Committee asked the FSA’s chief executive, Emily Miles, about the Food and Feed Safety and Hygiene (FFSH) framework, which will create a... (See Article)

    Oct 21, 2020 1:03 PM