vLex United Kingdom

  • UK Real Estate: What legal and market developments are on the horizon in 2021?

    This timeline sets out the key legal and market developments expected in the commercial real estate sector during 2021. View the full timeline. ***  If you wish to receive periodic updates on this or other topics related to UK real estate, subscribe to our Real Estate Insights mailing list. For any other legal questions related... (See Article)

    Mar 4, 2021 9:34 AM

  • PSR publishes two calls for views on APP scams and consumer protection in interbank payments

    The PSR is seeking views on potentially far ranging measures which aim to reduce authorised push payment (APP) fraud and improve protection for victims. Alongside this it is looking at increasing consumer protection in interbank payments ... (See Article)

    Mar 4, 2021 9:33 AM

  • Coronavirus (UK): Impact of the Budget announcement on the furlough scheme - key points for employers

    The extended Coronavirus Job Retention Scheme (“CJRS”) had been expected to continue until the end of April 2021. However, in light of the UK government’s recent announcement in relation to the gradual lifting of lockdown restrictions, the CJRS has been further extended until 30 September 2021. (See Article)

    Mar 4, 2021 9:33 AM

  • Local Government and Elections (Wales) Act 2021 (Commencement No. 1 and Saving Provision) Order 2021

    The Local Government and Elections (Wales) Act 2021 (Commencement No. 1 and Saving Provision) Order 2021 was made on 3rd March 2021. The Order is the first commencement order made by the Welsh Ministers under the Local Government and Elections (Wales) Act 2021. Details can be found here.

    Mar 4, 2021 9:14 AM

  • Legal Developments Webinar 23 February – your follow-up questions answered, Part 2 (UK)

    Here are two more answers to questions raised at our “Employment Law in 2021 and Beyond” webinar last week.  Answers to the immigration-related questions are on their way. If you make representations to the non-compete consultation, will your name be published?  When might we see an outcome from that consultation? Do we know when the... (See Article)

    Mar 4, 2021 7:34 AM

  • Independent Review Provides Recommendations for Improving UK Listing Regime

    The recommended reforms aim to make the UK’s listing regime more competitive while maintaining high standards of corporate governance, shareholder rights, and transparency. By Chris Horton, James Inness, and Anna Ngo A new independent review (the Review), led by Lord Hill, has been released that provides recommendations on how the UK can improve its listings... (See Article)

    Mar 4, 2021 7:34 AM

  • Budget Launches Taskforce to Uncover Exploitation of the UK Government’s COVID-19 Financial Rescue Schemes

    In today’s budget, UK Chancellor Rishi Sunak announced a £100 million Taskforce to scrutinise claims made under business support schemes designed to help companies and workers navigate their way through the economic impact of the COVID-19 pandemic. The Taxpayer Protection Taskforce will be examining claims made honestly but in error as well as those made... (See Article)

    Mar 4, 2021 7:34 AM

  • A new perspective on the FCA’s focus on market abuse

    The FCA's focus on market abuse is nothing new. Frequent references to the FCA's focus on tackling market abuse have featured in every single one of its Business Plans since 2013/14, with similar references also running through FSA's Business Plans beforehand. (See Article)

    Mar 4, 2021 7:33 AM

  • Landlords have freedom to decide how to apportion service charges between commercial tenants in McKinsey case

    The High Court has ruled that a landlord has authority to decide the “due proportion” of the service charge that is payable by each of its tenants. Criterion Buildings Ltd v McKinsey and Company Inc (UK) and another [2021] EWHC 216 (Ch) concerned the Criterion Building at Piccadilly Circus, comprising offices, a sportswear store, a… (See Article)

    Mar 4, 2021 7:33 AM

  • Coronavirus (UK): Impact of the Budget announcement on the furlough scheme for the hospitality sector - key points for employers

    The extended Coronavirus Job Retention Scheme (“CJRS”) had been expected to continue until the end of April 2021. However, in light of the UK government’s recent announcement in relation to the gradual lifting of lockdown restrictions with indoor hospitality not re-opening until 17 May 2021 at the earliest, the CJRS has been further extended until 30 September 2021. (See Article)

    Mar 4, 2021 7:33 AM

  • Navigable Challenges for Private Funds

    The negotiations that culminated in the establishment of the Trade and Cooperation Agreement (TCA) at the end of 2020 concluded with no meaningful agreement in relation to the provision of financial services between the United Kingdom and the European Economic Area (EEA). For the private funds community operating in the UK, this result was disappointing but not unexpected. Private fund sponsors and managers have implemented different solutions since the 2016 Brexit referendum to address this outcome. In this article, we explore some of those solutions and what may follow now that the transition period has concluded. (See Article)

    Mar 4, 2021 7:33 AM

  • London Court of Appeal Vacates and Remands Decision Blocking Transfer of Approximately 370K Annuity Policies

    A London Court of Appeal recently vacated and remanded a High Court’s decision precluding the approval of a deal to transfer approximately 370,000 annuities after concluding that the High Court made several errors in its analysis of the relevant factors in play. (See Article)

    Mar 4, 2021 7:33 AM

  • Pre-Pack Sales and the New Draft Regulations

    On 24 February 2021, the UK government laid The Administration (Restrictions on Disposal etc. to Connected Persons) Regulations 2021 before Parliament. These draft regulations introduce (among other items) new restrictions on “pre-pack” disposals to connected persons and are seemingly a policy response to growing criticism around the inequity of pre-pack sales. To some, pre-pack sales allow companies in distress to retain value and protect saleability, reassurance of which often can only be found in connected persons, e.g., existing directors and shareholders who have a personal or emotional interest in the company or otherwise understand its value. However, to others, including cre (See Article)

    Mar 4, 2021 7:33 AM

  • Bribery: SFO secures its second conviction of 2021 as bribery returns to the courts' radar in the UK

    On 24 February 2021, the SFO secured a fourth conviction related to the long-running Unaoil case. Paul Bond, a former executive at Single Buoy Moorings Inc., was found guilty on two counts of conspiracy to give corrupt payments. (See Article)

    Mar 4, 2021 7:33 AM

  • Kalifa Review – Proposed Fintech Investment Reforms

    On 26 February 2021, the Kalifa Review of UK Fintech published its much anticipated report on the state of the UK fintech industry. The report recognizes fintech's current importance to the UK economy and potential material opportunities in driving growth as part of Global Britain in a post-COVID environment, including potential investment reforms impacting Fintech investors and companies.  (See Article)

    Mar 4, 2021 7:33 AM

  • The Brexit Deal Leaves Some Mighty Big Holes

    Takeaways - Goods trade was provided for, at the cost of much new paperwork. - Crucial rules for banking and other services were left unresolved. The Christmas Eve agreement between the United Kingdom and the European Union to settle their relationship now that the U.K. has withdrawn from the union was hailed by both parties as a successful conclusion to their protracted, contentious talks. (See Article)

    Mar 3, 2021 7:33 PM

  • Budget Launches Task Force to Uncover Exploitation of the UK Government’s COVID-19 Financial Rescue Schemes

    In today’s budget, UK Chancellor Rishi Sunak announced a £100 million Taskforce to scrutinise claims made under business support schemes designed to help companies and workers navigate their way through the economic impact of the COVID-19 pandemic. The Taxpayer Protection Taskforce will be examining claims made honestly but in error as well as those made fraudulently. (See Article)

    Mar 3, 2021 7:33 PM

  • UK Supreme Court – Parent Company Liability for Actions of Foreign Subsidiaries

    The UK Supreme Court has handed down its judgment in the case of Okpabi and others v Royal Dutch Shell Plc and another.  This is an important decision that will be of interest to all UK headquartered companies operating in jurisdictions and industries where there is a higher risk of ESG-related issues arising.  Although the... (See Article)

    Mar 3, 2021 1:34 PM

  • Updated: Guide To Financial Support Measures Across Europe And The Middle East

    Our most recently updated guide includes updates for the UK, EU, France, Germany and the Czech Republic notably: UK Updates to the Coronavirus Job Retention Scheme (CJRS) Claims for certain grants under the Self-Employment Income Support Scheme (SEISS) have now closed but there has been an update regarding when details for the next grant will... (See Article)

    Mar 3, 2021 11:34 AM

  • Major Sporting Events (Income Tax Exemption) Regulations 2021

    The Major Sporting Events (Income Tax Exemption) Regulations 2021 were made on 2nd March 2021. The Regulations provide for an exemption from income tax on income earned in the UK in connection with football matches held in the UK as part of the UEFA Euro 2020 Tournament. Details can be found here.

    Mar 3, 2021 10:42 AM

  • Legal Developments Webinar 23 February – your follow-up questions answered, Part 1 (UK)

    Thank you to all those who signed up for our “Employment Law in 2021 and Beyond” webinar on 23rd February.  Over 400 people dialled in for the session, so our profuse apologies but maybe little wonder that we did not get to answer all the questions raised.  As promised, here are a couple of the... (See Article)

    Mar 3, 2021 9:34 AM

  • Findings of the final Hampton-Alexander Review

    The Final Hampton-Alexander Review regarding women on boards has been published. This business-led independent Review has achieved significant progress - women now make up around 40%, in aggregate, of the non-executive directors on FTSE 350 boards. (See Article)

    Mar 3, 2021 9:33 AM

  • Upcoming Rail Projects in the North of England

    As noted in our leader article, the North of England has been under the spotlight recently with concerns being raised that the promised transport revolution for the area is failing to move with sufficient speed. Despite this, the scale of the proposed developments remains undiminished. The flagship Northern Powerhouse for Rail will see £39bn of improved rail links across the North. With an intended completion date of 2040, the project will provide major upgrades including faster and more frequent links between Liverpool and Manchester together with integrated hub stations at both Liverpool City Centre and at Manchester Airport. Whilst the recently published Oakervee review supported a Y-shaped network linking HS2 to Leeds, it remains to be seen whether the Integrated Rail Plan, due to be published by the end of 2021, will limit the scale of this extension. Please see full Publication below for more information. (See Article)

    Mar 3, 2021 9:33 AM

  • Okpabi: Supreme Court rules that Nigerian communities can sue Shell and its Nigerian subsidiary in England

    Okpabi and others (Appellants) v Royal Dutch Shell Plc and another (Respondents) [2021] UKSC 3, 12 February 2021. The UK Supreme Court has ruled that the English courts have jurisdiction to hear a claim by over 40,000 Nigerian individuals against a UK-domiciled parent company and its Nigerian subsidiary in relation to adverse environmental and human rights impacts allegedly caused by the subsidiary. This much-anticipated judgment follows the Supreme Court’s landmark 2019 decision in Lungowe v Vedanta Resources plc., which confirmed the legal test that a claimant must satisfy in order to establish a duty of care owed to them by a parent company in relation to the activities of its subsidiary. This new decision also provides an insight into the factors and circumstances which may give rise to such a duty of care and liability for a breach thereof. Please see full Publication below for more information. (See Article)

    Mar 3, 2021 9:33 AM

  • Payments regulatory news, March 2021

    SEPA direct debit schemes: EPC guidelines for appearance of mandates - The European Payments Council (EPC) has published revised guidelines on the appearance of mandates for the Single Euro Payments Area (SEPA) Direct Debit (SDD) Core Scheme and the SDD Business-to-Business (B2B) Scheme. (See Article)

    Mar 3, 2021 9:33 AM

  • UK Information Commissioner Launches Data Analytics Toolkit

    The UK Information Commissioner (ICO) has launched a new toolkit for organizations which are planning to use personal data for data analytics as part of the ICO’s priority work on artificial intelligence (AI). The toolkit outlines some important personal data protection considerations which organizations should take into account at the beginning of any scheme involving... (See Article)

    Mar 3, 2021 7:42 AM

  • Data Litigation Is Growing Fast, And So Is Liability Risk

    CPW’s Kristin Bryan was recently interviewed by the UK outlet Vixio regarding recent developments in U.S. data privacy and data breach litigation.  As she explains, “there are emerging technologies and practices that will continue to test the limits of preestablished data privacy laws, including in the context of data breaches.”  She predicts that data privacy... (See Article)

    Mar 3, 2021 7:42 AM

  • Guest Post: New Pensions Risks for UK Directors

    In the following guest post, Tristan Hall, Andrew Milne, and Emma Boulding of the CMS Cameron McKenna Nabarro Olswang LLP law firm take a look at the new UK Pension Schemes Act, and in particular review the Act’s liability provisions and D&O insurance implications. I would like to thank the authors for allowing me to... (See Article)

    Mar 3, 2021 7:42 AM

  • European Commission Publishes Draft UK Adequacy Decisions

    On February 19, 2021, the European Commission published two draft decisions finding that UK law provides an adequate level of protection for personal data. The first would allow private companies in the EU to continue to transfer personal data to the UK without the need for any additional safeguards (e.g., the Commission’s standard contractual clauses),... (See Article)

    Mar 3, 2021 7:42 AM

  • Sustainability in Financial Services: The EU Sustainable Finance Disclosure Regulation and the Taxonomy Regulation

    A heightened focus on green finance and green investments has renewed legislative impetus, culminating in a series of regulatory developments across the European Union and more recently, the UK.  Some of these notable developments encompass green efforts by the Task Force on Climate-related Financial Disclosures; the European Non-Financial Reporting Directive 2014/95/EU; and the European Commission’s... (See Article)

    Mar 3, 2021 7:42 AM