vLex United Kingdom

  • Webinar: A practical guide to navigating the new UK post-Brexit regime

    Wednesday, 3 February 2021 | 08:45am – 09:30am GMT On 3 February we will be holding a webinar exploring the architecture of the UK regulatory regime following the end of the transition period, the regulatory rules that apply to firms, and where to find this material. In theory, it should be simple as the UK... (See Article)

    Jan 18, 2021 9:33 AM

  • DAC6: Adieu to EU

    On the eve of the UK's exit from the EU on 31 December 2020, the UK Government published the concise but game-changing piece of legislation, 'The International Tax Enforcement (Disclosable Arrangements) (Amendment) (No. 2) (EU Exit) Regulations 2020' (the 'Amendment Regulations'). The Amendment Regulations have the effect of removing the UK from the bulk of the significant new reporting requirements relating to mandatory disclosure of tax avoidance schemes implemented across the EU and due to come into material effect on 1 January 2021, known colloquially as 'DAC6'. The financial industry and the legal world in particular have dedicated significant resources over the course of 2020 in prepara (See Article)

    Jan 18, 2021 9:32 AM

  • Implications of Brexit for UK employment law

    2021 marks the start of a new era for the UK, the Brexit transition period having ended at 11pm on 31 December 2020. After endless rounds of negotiation, the parties reached a last-minute agreement over the ongoing relationship between the UK and EU, and the European Union (Future Relationship) Act 2020 (which gives legal effect... (See Article)

    Jan 18, 2021 7:33 AM

  • Blog: Supreme Court Finds in Favour of Policyholders in FCA COVID-19 Test Case

    This morning the Supreme Court handed down its judgment in the FCA COVID-19 test case, heard on a leapfrog appeal (bypassing the Court of Appeal) from the first instance decision of Lord Justice Flaux and Mr. Justice Butcher. (See Article)

    Jan 18, 2021 7:32 AM

  • Supreme Court hands down its judgment in the COVID-19 Business Interruption Insurance Test Case

    The UK Supreme Court in the Test Case on Business Interruption Insurance brought by the FCA on behalf of policyholders has decided that the FCA’s appeal (on behalf of policyholders) should be substantially allowed, with Insurers’ arguments widely dismissed.  Jonathan Sacher and Richard Jennings consider what the judgment means for businesses and the (re)insurance market. (See Article)

    Jan 18, 2021 7:32 AM

  • UK Working Group Publishes Paper on Credit Adjustment Spread Methodologies

    With the end of LIBOR drawing closer, the FCA, Bank of England and the Working Group on Sterling Risk-Free Reference Rates (the Working Group) are encouraging market participants to actively transition from referencing LIBOR rates in their loan agreements to risk-free rates (such as SONIA). In this respect, one important aspect that market participants need to consider is the credit spread adjustment (CAS) that will be required. (See Article)

    Jan 18, 2021 7:32 AM

  • Supreme Court Rejects Appeal to Overturn UK’s First Unexplained Wealth Order

    Following the landmark case before the UK High Court in October 2020 in which a businessman linked to notorious criminals surrendered £10 million in property, land, cash and other assets at the conclusion of an unexplained wealth order (UWO), the Supreme Court recently rejected an appeal to overturn the United Kingdom’s first UWO... (See Article)

    Jan 18, 2021 7:32 AM

  • UK Government Seeks Economic Boost With Freeports Initiative

    The Government is pressing ahead with its proposed UK 'freeports' initiative, described as a 'flagship government programme' by HM Treasury, which aims to increase the attractiveness of the UK as an international trading nation post-Brexit and boost the UK economy. Following a consultation process in 2020, which culminated in the Government publishing a response to the consultation in October 2020 (the 'Response'), the Government is now seeking bids for the first seven freeports and published a bidding prospectus on 16 November 2020 ('the Prospectus'). The Response states that freeports 'will enable UK business to access a range of benefits to boost their international competitiveness in a high productivity cluster'. (See Article)

    Jan 18, 2021 7:32 AM

  • UK Coronavirus Job Retention Scheme: Government Expands Scope of Claims

    Following the announcement of its third national lockdown on 5 January 2020, the UK government has updated its guidance on the Coronavirus Job Retention Scheme, stating that employers may furlough employees in circumstances where an employee’s health has been adversely affected by COVID-19 or where the employee is prevented from working or required to work… (See Article)

    Jan 18, 2021 7:32 AM

  • Tax Credits Reviews and Appeals (Amendment) Order 2021

    The Tax Credits Reviews and Appeals (Amendment) Order 2021 comes into force on 15th January 2021. The Order has been made to correct a defect in SI 2014/886. Details can be found here.

    Jan 15, 2021 9:42 AM

  • UK firms given chance to join food safety culture project

    The University of Central Lancashire (UCLan) is offering firms in the United Kingdom a chance to work on a food safety culture project. UCLan and Cultivate Food Safety are inviting those in the industry to better understand their business’ culture of food safety through technology and an improvement cycle. Food safety culture is generally described... (See Article)

    Jan 15, 2021 9:32 AM

  • ESMA reminds UK investment market of the MiFID II reverse solicitation rules

    ESMA has issued a stark reminder that reverse solicitation, where it can be used, has to be carefully managed and documented, and is an area of regulatory scrutiny and focus. This short note also takes stock on the EU27 market access impact of full-scope UK AIFMs that become non-EEA AIFMs on Brexit. (See Article)

    Jan 15, 2021 9:32 AM

  • HM Treasury letter to the Chair of the Lord’s EU Committee regarding EMIR 2.2 and the recognition of CCP

    On 12 January 2021, HM Treasury published a letter from John Glenn MP (Economic Secretary to HM Treasury) to Lord Kinnoull (Chair of the European Union Committee, House of Lords) providing information on the following: The deficiencies identified in the EU’s delegated acts implementing EMIR 2.2 and the timescale for introduction of EMIR 2.2 regulations... (See Article)

    Jan 15, 2021 7:33 AM

  • Financial Crime Outlook: 2021 and beyond

    Senior management and boards are increasingly acknowledging the threat of financial crime as a critical risk to their business that must be addressed. This has been exacerbated in the last 12 months through the impact of the pandemic as well as rising domestic and international tensions. Norton Rose Fulbright’s financial crime compliance specialists, located in... (See Article)

    Jan 15, 2021 7:33 AM

  • Immigration is the greatest compliment a nation can receive – but we’ve shut the door’

    Leading UK immigration specialist Yash Dubal gives his verdict on the crisis developing in the shadow of Britain’s final exit from the European Union.  “The final chapter of Britain’s exit from the European Union will play out over the next months, and for many of the millions of people who voted Leave, it will crown... (See Article)

    Jan 15, 2021 7:33 AM

  • Implications of the EU-UK Trade and Cooperation Agreement for Financial Services

    With the EU-UK Trade and Cooperation Agreement of 24 December 2020 ("Agreement"), the UK and the EU have fundamentally changed market access for financial services firms. As of 1 January 2021, UK financial services firms intending to do business in the EU are no longer allowed to make use of the European Single Market and offer their services cross-border based on the European Passport. Therefore, the implications of the Agreement for financial services are more severe than for trade, coming close to the effects of a no-deal (hard) Brexit. Especially the role of London as the main hub of the EU's financial market will change, as services such as the trading in EU shares are shifting to the continent. (See Article)

    Jan 15, 2021 7:32 AM

  • Happy News Year for Leasehold Homeowners

    In the first working week of the New Year, Housing Secretary Robert Jenrick announced major reforms to the way that houses and flats are owned in England and Wales. The changes could affect more than 4 million leaseholders across England and Wales. (See Article)

    Jan 15, 2021 7:32 AM

  • UK Department of Environment, Food and Rural Affairs Announces Public Consultation on Regulation of Gene Edited Organisms

    On January 7, the United Kingdom’s Department of Environment, Food and Rural Affairs (DEFRA) announced the beginning of a public consultation period on establishment of a regulatory approach to certain genome edited organisms that will treat such organisms separate from so-called genetically modified products (GMOs). The public consultation period on regulation of genome edited organisms will end on March 17, 2021. (See Article)

    Jan 15, 2021 7:32 AM

  • The Data & Brexit Digest - What is the source of the UK’s post Brexit Data Protection Law and how should you reference it?

    This second instalment of our Brexit & Data Digest outlines the main sources of data protection law in the UK following the end of the Brexit transition period, and how the EU GDPR may continue to have relevance for companies located in the UK. With the UK now unambiguously outside of the EU, the EU General Data Protection Regulation (2016/679) is no longer directly part of the UK’s body of legislation. (See Article)

    Jan 15, 2021 7:32 AM

  • U.K. and EU Reach Temporary Brexit Agreement On Data Transfers

    As a result of the United Kingdom and the European Union reaching agreement on the terms of the EU-U.K. Trade and Cooperation Agreement on December 24, 2020, the U.K. and EU have agreed to continue allowing data transfers between the two for an up-to-six-month transition period. During this time, the European Commission will complete an adequacy assessment of the U.K.’s data protection laws. The adequacy assessment is a process by which the EU certifies that a country, or sector within a country, meets EU standards for data protection. (See Article)

    Jan 15, 2021 7:32 AM

  • UK: The end of the Brexit implementation period – implications for pensions

    At 11pm on December 31, 2020, the Brexit implementation period ended and the last-minute trade deal agreed by UK and EU negotiators took effect through the EU-UK Trade and Cooperation Agreement (TCA).  What does this mean for UK pensions and what steps should employers and trustees be taking? What is the impact on UK pensions... (See Article)

    Jan 14, 2021 9:33 AM

  • Chief Regulator of Qualifications and Examinations Order 2021

    The Chief Regulator of Qualifications and Examinations Order 2021 comes into force on 14th January 2021. The Order appoints Simon Lebus to the role of chief executive of the Office of Qualifications and Examinations Regulation. Details can be found here.

    Jan 14, 2021 9:32 AM

  • Powering our Net Zero Future – What does the Energy White Paper have in store?

    The government published its Energy White Paper in December 2020, making a clear statement of its commitment to the 2050 Net Zero target and setting out a trajectory for meeting it. The proposals are wide-ranging, with various policy suggestions affecting consumers, power generation and energy transmission, energy consumption in buildings and their energy efficiency, industrial… (See Article)

    Jan 14, 2021 9:32 AM

  • Responsible openness: The PRA’s approach to supervising banks – speech by David Bailey

    Following our recent blog on the PRA’s new consultation on international banks, the regulator has issued a speech by David Bailey (PRA Executive Director, Financial Market Infrastructure) on the same topic. In his speech Mr Bailey describes in more detail the concept of responsible openness which Sam Woods first described in his 2019 Mansion House... (See Article)

    Jan 14, 2021 7:33 AM

  • Citing Brexit, UK Retroactively Curtails DAC 6 Reporting Requirements

    With retroactive effect, EU Council Directive DAC 6 is now largely inapplicable in the United Kingdom.  DAC 6, which came into force on June 25, 2018, requires certain intermediaries (including those who provide legal, tax, or consultancy services) or taxpayers to disclose information related to cross-border tax planning.  Our prior coverage of DAC 6 may... (See Article)

    Jan 14, 2021 7:33 AM

  • UK and Canada Announce New Measures to Combat Forced Labor and Human Rights Violations

    On January 12, 2021, the United Kingdom’s Foreign Secretary, as well as Canada’s Minister of Foreign Affairs and Minister of Small Business, Export Promotion, and International Trade, made parallel announcements outlining new measures to combat forced labor and human rights violations. The announcements come in the context of rising global concerns over reports of forced... (See Article)

    Jan 14, 2021 7:33 AM

  • Boardroom Brexit: What the deal means for business

    The Final Deal Welcome to this last edition of Boardroom Brexit, marking the end of the negotiations and the agreement of a new trade deal, the UK-EU Trade and Cooperation Agreement (TCA). In this edition, we summarise the impact of the deal on all aspects of business operations in one place – please use the... (See Article)

    Jan 14, 2021 7:33 AM

  • What impact will Brexit have on the food and drink sector?

    The food and drink sector, like many others, has faced significant challenges in 2020. As the Brexit transition period draws to a close, the sector is still dealing with COVID-related pressures, including supply chain disruption, lockdowns, restaurant closures and the introduction of the nationwide tier system. Businesses now also need to take steps to ensure compliance with new food labelling requirements for British produce from 1 January 2021. Please see full article below for more information. (See Article)

    Jan 14, 2021 7:32 AM

  • Brexit certainty at last? An overview of the new EU-UK trading relationship

    Following months of protracted negotiations and coming four and a half years after the UK voted to leave the EU, 24 December 2020 saw the EU and UK finally agree the shape of their future relationship. While the Trade and Cooperation Agreement (TCA) runs over 1,200 pages, in many key areas it is essentially a framework for the substantial agreements and arrangements still to be put in place, and a number of its provisions simply mirror the position agreed under other recent EU trade agreements, for example with Japan. The primary focus is on trade in goods where zero tariffs or quotas will be imposed on goods traded between the UK and the EU, provided that they meet the applicable rules of origin. Please see full Publication below for more information. (See Article)

    Jan 14, 2021 7:32 AM

  • Important changes to DAC6 regime in the UK: impact on bank lending transactions

    The UK has made important changes to its implementation of the EU Mandatory Tax Disclosure Rules known as DAC6. The changes, which significantly reduce the scope of the rules in the UK ... (See Article)

    Jan 14, 2021 7:32 AM