vLex United Kingdom

  • Services of Lawyers and Lawyer’s Practice (Revocation etc.) (EU Exit) Regulations 2020

    The Services of Lawyers and Lawyer’s Practice (Revocation etc.) (EU Exit) Regulations 2020 were made on 23rd November 2020. The Regulations revoke with savings legislation relating to the provision of legal services and the practice of law by European lawyers within England and Wales and Northern Ireland. The full text can be found here.

    Nov 25, 2020 10:17 AM

  • Reciprocal Enforcement of Foreign Judgments (Norway) (Amendment) (England and Wales and Northern Ireland) Order 2020

    The Reciprocal Enforcement of Foreign Judgments (Norway) (Amendment) (England and Wales and Northern Ireland) Order 2020 was made on 11th November 2020. The Order amends the earlier Reciprocal Enforcement of Foreign Judgments (Norway) Order 1962. Details of the amendment can be found here.

    Nov 25, 2020 10:17 AM

  • Harsh but fair? Implied terms won’t save you if written agreement clear

    The Court of Appeal has confirmed, if confirmation were needed, that no term may be implied into an agreement where that implied term conflicts with the express wording of that agreement, even if the result may seem harsh: Joseph v Deloitte. (See Article)

    Nov 25, 2020 9:32 AM

  • Banking and finance regulatory news, November 2020 # 3

    CRD V and BRRD II-derived UK legislation: PRA statement on application of temporary transitional power - The UK Prudential Regulation Authority (PRA) has published a statement on the application of its temporary transitional power (TTP) to legislation implementing the Capital Requirements Directive (CRD) V and the Bank Recovery and Resolution Directive (BRRD II). (See Article)

    Nov 25, 2020 9:32 AM

  • Cleary Gottlieb Discusses UK Supreme Court Decision on Law Governing Arbitration Agreement

    In an important decision for arbitration users, the U.K. Supreme Court has clarified how English law will determine the governing law of an arbitration agreement which provides for an English seat in the absence of an express choice of law.  In its 9 October 2020 decision in Enka Insaat Ve Sanayi AS v OOO “Insurance... (See Article)

    Nov 25, 2020 7:33 AM

  • RDP periods in the UK after Brexit

    On 20 October 2020, “The Human Medicines (Amendment etc) (EU Exit) Regulations 2020” Bill was laid before the UK Parliament (the 2020 Bill). The Bill proposes amendments to various Statutory Instruments that were drafted in 2019 (the 2019 SIs) in anticipation of a “no-deal” Brexit. The 2019 SIs sought to enable the pharmaceutical regime in... (See Article)

    Nov 25, 2020 7:33 AM

  • Lloyds 2: GMP equalisation and historic transfers

    The High Court has handed down its ruling in the second Lloyds case on GMP equalisation. The first decision, published just over two years ago, established that trustees of defined benefit occupational pension schemes had a duty to equalise benefits for male and female members in relation to the unequal effect of guaranteed minimum pensions. This duty extended to benefits for transferred-in members, including where those benefits had accrued prior to the transfer. The ruling also provided guidance on methods by which equalisation might be achieved. (See Article)

    Nov 25, 2020 7:32 AM

  • UK Government's Ten Point Plan for a Green Industrial Revolution

    Earlier last week, the UK Government published its Policy Paper on the Ten Point Plan for a Green Industrial Revolution. The policy paper reiterates the commitment the Government made last week to turn the UK into the world’s number one centre for green technology and finance. (See Article)

    Nov 25, 2020 7:32 AM

  • COVID-19 Vaccine: Considerations for UK Employers

    The eagerly anticipated news of coronavirus (COVID-19) vaccine candidates last week has been welcomed by the scientific community across the globe. For employers, the news has prompted consideration of the potential implications of a successful vaccine for the workplace. (See Article)

    Nov 25, 2020 7:32 AM

  • 5 things you need to know about…new investment controls in the UK

    On 11 November 2020, the government announced the details of its proposals for national security-based review of investments in the UK, in the form of the National Security and Investment Bill ("NSIB"). Protectionism is a growing and global trend. In the UK we have been awaiting tighter legislation since the government first launched its national infrastructure and investment review in 2017. However, the substantial changes in terms of scope and powers proposed by the NSIB have surprised many market participants. (See Article)

    Nov 25, 2020 7:32 AM

  • UK Takeover Panel's Code Committee Proposes Changes to Treatment of Offer Conditions and Offer Timetable

    The Code Committee ("Code Committee") of the UK Takeover Panel ("Panel") has published a consultation paper proposing a number of amendments to the City Code on Takeovers and Mergers ("Code") which, if adopted, will mark a significant departure from the current rules. The Code Committee is inviting responses to the consultation paper by 15 January 2021 and expects to publish the final amendments to the Code in spring 2021. Please see full White Paper below for more information. (See Article)

    Nov 25, 2020 7:32 AM

  • New Supreme Court judgment on application of Limitation Act 1980

    The Supreme Court has handed down judgment in the matter of Test Claimants in the Franked Investment Income Group Litigation & Others v Commissioners of Inland Revenue. In a majority decision, the Court held that that s 32(1)(c) of the Limitation Act 1980 did apply to restitution claims for sums paid under a mistake of law. The full text can be found here.

    Nov 24, 2020 3:50 PM

  • The Uk’s Proposed New National Security Investment Screening Regime: Standalone, Mandatory, and Broad in Scope

    The proposed regime is a huge departure for the United Kingdom, since it introduces mandatory filings for certain investments raising a national security concern, while it also gives the UK government extensive call-in powers for a period of up to five years for completed transactions, and it has retrospective application for transactions closing on or after 12 November 2020 but before the Bill is enacted. Please see full Publication below for more information. (See Article)

    Nov 24, 2020 3:32 PM

  • BCLP Retail Insight: The Week That Was, Vol 11

    This week the BCLP Retail team highlights a blog by our Planning & Zoning team on the recent High Court dismissal of a challenge to the recent changes to the Use Classes Order and General Permitted Development Order. We also consider a possibility for high street revitalisation through office conversions, discuss the influence of retail pricing on inflation and look at prospects for retailers in the coming holiday season. (See Article)

    Nov 24, 2020 3:32 PM

  • Beyond Brexit transition – VAT on cross-border movement of goods

    Businesses moving goods to or from Great Britain will face new compliance burdens. EU businesses making sales to UK customers may have to register for UK VAT for the first time. (See Article)

    Nov 24, 2020 9:31 AM

  • Social Security (Up-rating of Benefits) Act 2020

    The Social Security (Up-rating of Benefits) Act 2020 received Royal Assent on 23rd November 2020. The Act provides for the up-rating of state pension and other benefits following a review in the tax year of 2020-21. Details can be found here.

    Nov 24, 2020 9:16 AM

  • CMA Moves to Investigate ‘Green’ Claims

    On 2 November 2020, the UK Competition and Markets Authority (CMA) announced that it will be investigating descriptions and labels used to promote products and services claiming to be ‘eco-friendly’ and whether they could mislead consumers. The concern for the CMA is that an increase in demand for sustainability could lead to businesses making misleading,... (See Article)

    Nov 24, 2020 7:32 AM

  • ICE Benchmark Administration and UK FCA Announce LIBOR Endgame Consultations

    On November 18, 2020, the LIBOR administrator ICE Benchmark Administration (IBA) announced that they will consult on their intention to cease publication of GBP, EUR, CHF and JPY LIBOR settings across all tenors. Their announcement also indicated that IBA remain in talks with the FCA, other official sector bodies and panel banks regarding the future... (See Article)

    Nov 24, 2020 7:32 AM

  • CMA Consultation on Revised Merger Assessment Guidelines: Status Quo or Codifying Digital Overreach?

    The UK Competition and Markets Authority published for consultation updated guidelines setting out its approach to analysing mergers on 17 November. The guidelines update the current merger assessment guidelines (CC2/OFT1254)... (See Article)

    Nov 24, 2020 7:31 AM

  • Beyond Brexit transition - Continued uncertainty for construction projects

    There is no change in the two key issues that have been causing concern to those involved in real estate development, whether as an owner, developer or contractor, both before and throughout the transition period... (See Article)

    Nov 24, 2020 7:31 AM

  • Brexit: FCA Reminder of December 30 Deadline To Avail Oneself of a Temporary Marketing Permission

    As the UK approaches a “no deal” exit from the EU, the FCA has issued to the Luxembourg CSSF (and thus to all of us) a reminder that the window of time to access the UK’s temporary regime to market alternative investment funds in the UK post-Brexit under a marketing passport equivalent is still open, but not for long: the deadline for accessing the “temporary marketing permissions regime” is December 30. (See Article)

    Nov 24, 2020 7:31 AM

  • Compliance Code Cracker – deliberate, reckless and negligent market abuse

    Civil market abuse can be engaged in deliberately, recklessly, negligently or inadvertently and this can affect the severity of the penalty imposed by regulators. (See Article)

    Nov 24, 2020 7:31 AM

  • New content

    A resource has been added Dundee Student Law Review (from the number I, January 2014)

    Nov 23, 2020 6:20 PM

  • Criminal Justice and Data Protection (Protocol No. 36) Amendment (Scotland) Regulations 2020

    The Criminal Justice and Data Protection (Protocol No. 36) Amendment (Scotland) Regulations 2020 were laid before the Scottish Parliament on 20th November 2020. The Regulations amend the earlier Criminal Justice and Data Protection (Protocol No. 36) Regulations 2014 and make provision for the implementation of Regulation (EU) 2018/1805. The full text can be viewed here.

    Nov 23, 2020 12:06 PM

  • The contra proferentem rule and insurance policies – again

    The application of the contra proferentum rule was one of the issues which the English High Court considered in Financial Conduct Authority v Arch Insurance (UK) Limited and Others. The rule provides that where there is doubt about the meaning of a contract, the words will be construed against the person who proffered them. The... (See Article)

    Nov 23, 2020 11:32 AM

  • Post-pandemic grievances – are you ready? (UK)

    I spoke at a commercial webinar yesterday concerning the opportunities for and obstacles to mediation as a solution to workplace disputes in the pandemic. Other speakers represented employers and the mediation community. Here are some takeaways: As progress to counter the virus appears to gather pace, many employers have noticed an increase in the number... (See Article)

    Nov 23, 2020 9:32 AM

  • LIBOR changes: what pension trustees should know

    Significant changes are taking place to certain inter-bank offered rates (IBORs) commonly used as interest rates in derivatives and other financial contracts. In the UK, LIBOR (the London inter-bank offered rate) is expected effectively to cease to exist after the end of 2021. Regulators and industry groups have recommended that market participants fully transition existing contracts which reference an IBOR to relevant alternative, overnight risk-free rates (RFRs) before this time. Please see full Publication below for more information. (See Article)

    Nov 23, 2020 9:32 AM

  • Reverse solicitation – some thoughts

    At the end of the transition period UK investment firms will lose the right to passport their investment services in the EEA, EEA investment firms will also lose the right to passport their investment services into the UK.  With the increasing possibility that the transition period will end without a free trade agreement and mutual... (See Article)

    Nov 23, 2020 7:33 AM

  • Always More Transparency in the EU: DAC6 and Transfer Pricing

    The European Union passed a sixth version of its Directive on Administrative Cooperation in the Field of Taxation, known as “DAC 6” (Directive (EU) 2018/82 2), on 25 May 2018. DAC 6 introduces reporting requirements for professional intermediaries (and under certain circumstances tax payers) relating to their involvement in a wide range of cross-border arrangements... (See Article)

    Nov 23, 2020 7:33 AM

  • NCA publishes 2020 SARs Annual Report highlighting 81% increase in requests for a defence against money laundering

    On 19 November 2020, the National Crime Agency’s (NCA) UK Financial Intelligence Unit (UKFIU) published their 2020 Suspicious Activity Reports (SARs) Annual Report. The Report provides that: Between April 2019 and March 2020, the UKFIU received a record number of SARs: 573,085 SARs were submitted, which is almost a 20% increase on the previous year.... (See Article)

    Nov 23, 2020 7:33 AM