vLex United Kingdom

  • Corporate purpose: a global issue

    As large companies in the UK are under increased pressure from the revised UK Corporate Governance Code to report on business purpose and engage effectively with stakeholders, big business in the USA has gone public on the issue. (See Article)

    Oct 23, 2019 6:32 PM

  • Bank terminates customer relationship without notice for “exceptional circumstances” on suspicion of financial crime and money laundering

    The High Court has held that a bank’s right to terminate a customer relationship without notice in “exceptional circumstances” covers a situation in which an authorised payment institution’s accounts have been determined by the bank to be vulnerable to fraud and money laundering. (See Article)

    Oct 23, 2019 6:32 PM

  • Blog: High Court grants order for pre-directions in relation to scheme of arrangement potentially affected by Brexit

    In AXA Art Vershicherung AG, UK Branch and Others, Re [2019] 10 WLUK 186 Roth J considered a joint application from three companies for pre-directions with regard to a proposed business transfer scheme. The three applicants were a German company, a French company and an Irish company, all within the AXA group of insurers and all of which had UK branches. (See Article)

    Oct 23, 2019 4:32 PM

  • English court grants asset preservation order over Bitcoin

    The English High Court has granted an asset preservation order over Bitcoin finding that there was a serious issue to be tried concerning a proprietary claim. In this case, the proprietary question was relevant to whether the order should be granted. More widely, the status of Bitcoin as property goes to the competing rights parties may have in it: Robertson v Persons Unknown, unreported, CL-2019-000444 (See Article)

    Oct 23, 2019 4:32 PM

  • Proposal on the Application of the NIS Regulations post-Brexit

    Organisations offering certain digital services in the United Kingdom (UK) and European Union (EU) should consider the impact of Brexit and their obligations under applicable cybersecurity law. (See Article)

    Oct 23, 2019 4:32 PM

  • UKSC hands down judgments on patent compensation and equitable relief from forfeiture

    The United Kingdom Supreme Court has handed down two judgments. In the first, the Supreme Court has given guidance on the "fair share" of compensation for an invention which had been patented by his employer. In the second, the Court has ruled in regard to equitable relief from forfeiture in a case involving a licence granting inter alia drainage rights. [2019] UKSC 45, [2019] UKSC 46

    Oct 23, 2019 10:54 AM

  • Brexit Manoeuvres: Potential Implications of a "Hard Brexit" for Fund Managers: A UK Perspective - October 2019

    This note sets out at a high level the potential impact of the United Kingdom’s (“UK”) exit (“Brexit”) from the European Union (“EU”) without a negotiated agreement on UK and European Economic Area (“EEA”) (a) alternative investment fund managers (“AIFMs”), (b) UCITS management companies (“ManCos”) and (c) investment management firms operating under a Markets in Financial Instruments Directive (2014/65/EU) (“MiFID”) licence. These observations are subject to change – in fact, they may well do so, as the political and regulatory approach to Brexit continues to evolve. This note assumes, for the purpose of forward planning (save as expressly noted) that: no specific terms are put in pl (See Article)

    Oct 23, 2019 6:32 AM

  • An interventionist society will use negligence to hold companies to account

    Corporate, social and responsibility (CSR): three words when spoken together ought to mean something powerful, something fundamental and at the heart of what an enterprise does. Yet, they do not mean that, do they? They never have. In truth, CSR has been shaped as a tool for modern liberal capitalism. An economic system that has, for the past 30 or so years, pursued the singular objective of maximising shareholder return. In this economic construct, CSR has been nothing more than a currency used to pay a debt to society. With corporations solely pursuing profit, society has suffered as a consequence. Whether it be lack of diversity or inclusion in the workplace, environmental impacts, disruption of communities and indigenous people, inappropriate use of labour, bribery and corruption, society has been damaged. CSR programmes were merely a compensation scheme. (See Article)

    Oct 23, 2019 6:32 AM

  • English Court of Appeal Upholds Data Protection Rights and Expands Scope for Representative Actions

    Case Summary - Richard Lloyd, a “champion of consumer protection” and former director of the consumer rights group Which?, is seeking to bring a representative damages claim against Google, on behalf of more than four million iPhone users. The English Court of Appeal has recently granted Mr Lloyd permission to pursue his claim in the English Courts as a representative action. Google intends to seek permission to appeal to the Supreme Court. (See Article)

    Oct 23, 2019 6:32 AM

  • Pensions: What's new this week - October 2019 #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 article below for more information. (See Article)

    Oct 22, 2019 12:32 PM

  • African Business

    Issue number #467 (October 2019) of publication African Business is now available

    Oct 22, 2019 11:34 AM

  • Brexit: Vote or No Vote?

    UK Parliament will meet Saturday to consider the revised withdrawal agreement and political declaration approved by the European Council this week. While media attention has focused on the government's efforts to forge a majority in favor of the revised deal, a key amendment to the main motion might yet delay that vote, keeping open the possibility of a Brexit extension beyond Oct. 31 unless the primary legislation required to deliver the deal is in place. (See Article)

    Oct 22, 2019 6:32 AM

  • Trends in Outsourcing Regulation and Supervision in Financial Services

    Insights from Latham’s flagship event: Managing the risk and promise of digitisation in financial services - The financial services industry is leading the way in outsourcing, with contract values in excess of US$10.7 billion in 2018, causing regulators to focus more than ever on the associated risks. (See Article)

    Oct 22, 2019 6:32 AM

  • Employment News: discrimination, strikes, Queen's speech

    Coming clean – false reason for dismissal shifted burden of proof - In Base Childrenswear Ltd v Otshudi the Court of Appeal confirmed that giving a false reason for dismissal and persisting with it was enough to shift the burden of proof in a race discrimination claim, which the employer was unable to discharge. (See Article)

    Oct 22, 2019 6:32 AM

  • UKIPO Knocks Undefeated Reds Off Their Perch – The LIVERPOOL Trade Mark and Lessons for Brand Owners

    To the interest of many a scouser and football fan alike, Liverpool Football Club’s attempt to register as a UK trademark LIVERPOOL has been rejected by the UKIPO on the grounds that the word is of “geographical significance” to the city. (See Article)

    Oct 21, 2019 6:32 PM

  • The Discontinuation Of LIBOR - The Top Five Things Investment Managers Should Consider

    First published on January 1, 1986, the London Interbank Offering Rate (“LIBOR”), has been the dominant reference rate for most adjustable-rate financial products since nearly the same time. Due to interest rate manipulation stemming back to as early as 2003, LIBOR will be discontinued, on December 31, 2021. Approximately $350 trillion worth of financial contracts reference LIBOR globally. (See Article)

    Oct 21, 2019 6:33 AM

  • New Guidance on the Use of Confidentiality Agreements

    This OnPoint reports on the guidance recently issued by the Equality and Human Rights Commission (EHRC) on the use of confidentiality agreements. Whilst it does not have statutory force, the EHRC guidance provides further useful pointers for employers to consider when navigating this topical and controversial area. (See Article)

    Oct 21, 2019 6:33 AM

  • Database and Network Journal

    Issue number #49-4 (August 2019) of publication Database and Network Journal is now available

    Oct 18, 2019 11:04 PM

  • Blacklines Comparison of the New UK/EU Withdrawal Agreement Terms

    Yesterday, the EU and U.K. in principle agreed new terms for the withdrawal agreement giving effect to the U.K.’s exit from the European Union. These include a revised political declaration and protocol concerning Northern Ireland replacing the controversial backstop. An amended unilateral declaration on consent in Northern Ireland by the U.K. was also published. Attached to this client note are comparison documents showing the changes from the previous set of documents. (See Article)

    Oct 18, 2019 6:32 PM

  • Higher MEES on the horizon?

    On 15 October, the government published a consultation on tightening minimum energy efficiency standards (MEES) for commercial properties. (See Article)

    Oct 18, 2019 8:32 AM

  • UK Financial Transaction Tax under Labour

    Proposals to introduce financial transactions taxes in the UK and the EU have been around for a while. Although neither tax has yet come close to becoming law, political turbulence could now make this more likely. (See Article)

    Oct 18, 2019 6:32 AM

  • CMA Signals More Interventionist Approach to UK Competition Enforcement

    As the UK’s expected departure from the European Union approaches – currently scheduled for October 31 – the UK Competition and Markets Authority (CMA) has been developing a tougher and more interventionist approach to competition enforcement. Low thresholds for merger review likely to capture more transactions - The CMA’s thresholds for review are set relatively low and enable it to investigate many transactions that may not be reviewable in many other jurisdictions. As the CMA looks to establish itself post-Brexit, it may use these already low thresholds to review more deals. (See Article)

    Oct 18, 2019 6:32 AM

  • UK energy storage – making the planning process easier

    The UK’s energy storage industry is making huge strides – and the regulatory regime is having to catch up fast. This blog explores the latest proposals from the UK Government as to how energy storage schemes can be consented in the planning process. (See Article)

    Oct 18, 2019 6:32 AM

  • UK Information Commissioner’s Office releases guidance on data protection and ‘no-deal’ Brexit

    Report on Supply Chain Compliance, Volume 2, no. 19 (October 10, 2019) - As the possibility of a ‘no-deal’ Brexit becomes more likely, U.K. organizations are preparing for the worst: a clean and final break from the European Union’s single market. One of the key challenges is maintaining data flows and ensuring compliance with GDPR and relevant U.K. data protection regulations. (See Article)

    Oct 18, 2019 6:32 AM

  • UK Immigration Update: Reminder to Employers on No-Deal and Deal Brexit Immigration Plans

    Employers should review the proposals setting out no-deal Brexit plans, immigration plans if the United Kingdom does adopt the proposals set out in the withdrawal agreement, and related considerations. (See Article)

    Oct 18, 2019 6:32 AM

  • Planning Bulletin - Air Quality and the Requirement for Effective Mitigation

    On 12 September 2019, the Court of Appeal upheld a planning inspector’s decision to refuse planning permission on air quality grounds for two residential and extra care developments in an air quality management area (AQMA) (an area designated by a local planning authority (LPA) where nationally set air quality standards are not being met or are not likely to be met). (See Article)

    Oct 17, 2019 4:32 PM

  • What is green tech?

    Modern science indicates that human activity is having a sizeable impact on the environment. NASA has reported that "the current warming trend is of particular significance because most of it is extremely likely (greater than 95% probability) to be the result of human activity". Green tech solutions are designed to help mitigate (or, in some cases, reverse) human impact. They are generally focused on making improvements to manufacturing techniques, the energy efficiency of production of goods, and to the product itself. Business, Energy and Clean Growth Minister, Kwasi Kwarteng, commented that the UK is tacking climate change by "becoming the first major economy to legislate for net zero emissions by 2050". (See Article)

    Oct 17, 2019 8:32 AM

  • Medical Research Council Advises on How to Anonymise Information for Research Purposes

    Anonymisation has always been (and still is) a real challenge for those carrying out clinical research. To shed some light on this matter, the Medical Research Council (MCR) – which is part of UK Research and Innovation – has recently published guidance on Identifiability, anonymisation and pseudonymisation (the guidance). (See Article)

    Oct 17, 2019 6:32 AM

  • UK audit watchdog sets out new standards on going concerns

    The UK Financial Reporting Council (“FRC”) has (on 30 September) issued a revised standard (International Standard on Auditing (UK) 570 – “the Standard”) to be applied by auditors when assessing whether entities are viable as going concerns. The changes to the Standard, which take effect in respect of audits of financial statements for periods commencing on or after 15 December 2019 (or earlier if companies and auditors choose to apply them), require auditors more robustly to challenge assurances given by management about entities’ ability to continue trading. (See Article)

    Oct 17, 2019 6:32 AM

  • Littler Global Guide - United Kingdom - Q3 2019

    The Employment Appeal Tribunal (EAT) provided useful clarity on when an act by an employee is done “in the course of employment” making the employer liable. The claimant had seen a colleague’s social media post featuring a “golliwog” (a racist caricature), which was unquestionably offensive, but which was posted outside of working hours. (See Article)

    Oct 17, 2019 6:32 AM