vLex United Kingdom

  • UK People, Reward and Mobility Newsletter - June 2020

    In this issue we look at some of the key employment law developments that have taken place over the past month. In particular, we examine: whether a right to work from home could become law; neurodiversity in the workplace; changing terms and conditions of employment in the post COVID-19 era; and the employment rights of health and safety representatives in the UK. Find out more about our team, read our blog and keep up with the latest developments in UK employment law and best practice at our UK People Reward and Mobilty Hub. Please see full newsletter below for more information. (See Article)

    Jul 3, 2020 10:33 AM

  • Product Safety and Metrology amendments

    The Product Safety and Metrology etc. (Amendment to Extent and Meaning of Market) (EU Exit) Regulations 2020 were laid before Parliament on 2nd July 2020. The Regulations amend the earlier Product Safety and Metrology etc. (Amendment etc.) (EU Exit) Regulations 2019 (SI 2019/696) arising from the withdrawal of the United Kingdom from the European Union. The 2019 Regulations can be found here.

    Jul 3, 2020 10:24 AM

  • UK – Introduction of Assurance Interviews for Tier 2 Sponsors

    The UK government has implemented a new form of compliance audit for Tier 2 sponsors conducted by UKVI as a telephone interview.   The new process will supplement but not replace the established activity of full compliance audits that are carried out by the Sponsor Compliance Network at sponsor premises. Starting on June 15, the Authorizing... (See Article)

    Jul 3, 2020 8:34 AM

  • Cleary Gottlieb Discusses New UK Powers to Intervene in Mergers on Public Interest Grounds

    On 22 June 2020, the UK Government introduced new measures allowing it to intervene in merger transactions “to maintain in the United Kingdom the capability to combat, and to mitigate the effects of, public health emergencies.”[1]  The Government will be able to intervene on these grounds in any transaction that meets UK merger thresholds, including... (See Article)

    Jul 3, 2020 8:34 AM

  • UK repeats desire to protect food standards in U.S. trade talks

    The second round of trade talks between the United States and United Kingdom has ended with food standards, including safety, still high on the agenda. Negotiations on a free trade agreement (FTA) took place from June 15 to 26 with the next session planned for the end of July. They began in May with U.S.... (See Article)

    Jul 3, 2020 8:34 AM

  • ICO Teams Up with CMA and Ofcom in Digital Regulation Cooperation Forum

    On July 1, 2020, the UK Information Commissioner’s Office launched a joint endeavor with the Competition and Markets Authority and Office of Communications, named the Digital Regulation Cooperation Forum. (See Article)

    Jul 3, 2020 8:34 AM

  • Disclosure of financial information in viability assessments: Considerations for developers

    The recent judicial review in R (Holborn Studios) v London Borough of Hackney raises important considerations for developers and planning authorities in terms of  financial details to be disclosed in viability assessments that accompany certain planning applications. The case also contains some useful guidance on the lobbying of committee members on planning applications. (See Article)

    Jul 3, 2020 8:32 AM

  • UK Coronavirus Job Retention Scheme (CJRS) - Flexible Furloughing Possible From 1 July 2020

    On 26 June 2020, Her Majesty’s Revenue and Customs (HMRC) updated its Coronavirus Job Retention Scheme (CJRS) Treasury Direction to take account of the flexible furlough scheme. The CJRS is to be tapered downwards until it ends on 31 October 2020. (See Article)

    Jul 3, 2020 8:32 AM

  • COVID-19: Weekly UK Public Affairs Round-up

    This week, as the UK’s Covid-19 alert level is reduced, the Prime Minister has announced the most wide-ranging relaxation of lockdown measures yet, facilitated in part by the reduction of the 2-metre social distancing rule. Meanwhile, additional funds have been pledged to help children “catch-up” with their schooling... (See Article)

    Jul 3, 2020 8:32 AM

  • Financial institutions general regulatory news, June 2020 #4

    Recent regulatory developments of interest to all financial institutions. Includes COVID-19 and Brexit-related updates, amendments to the list of high-risk third countries in MLD4, and more. (See Article)

    Jul 3, 2020 8:32 AM

  • LIBOR Transition – Its History and Potential Issues Going Forward

    This article describes the history to date of the transition away from the London Interbank Offered Rate (“LIBOR”) and highlights some concerns that mortgage lenders should take into account with regard to the phase-out of LIBOR. This article focuses on concerns primarily regarding the servicing of existing legacy LIBOR-indexed single-family adjustable-rate mortgage (“ARM”) loans and the origination of new single-family ARM loans. However, it touches on other mortgage loan products as well, such as home equity lines of credit (“HELOCs”). This paper also provides an overview of the recently proposed revisions to Regulation Z by the Consumer Financial Protection Bureau (“CFPB”) addressing LIBOR transition issues. (See Article)

    Jul 3, 2020 8:32 AM

  • SMCR – Top Priorities for 2020/21

    Originally published on February 24, 2020. Updated as of July 1, 2020. The UK senior managers and certification regime ("SMCR") overhauled the accountability regime for individuals working in UK financial services firms and has been in force for just over two months now. The regime applied to all FCA solo-regulated firms on 9 December 2019, but for most firms, there is still work to be done. In this Client Alert, we summarize the main issues firms will need to focus on to ensure full compliance with SMCR in 2020/21 and beyond. For further background and detail on SMCR... (See Article)

    Jul 3, 2020 8:32 AM

  • Bank of England Selected to Host New Innovation Hub Centre

    Bank for International Settlements selects Bank of England as the UK centre to host new FinTech hub. On 30 June 2020, the Bank of England announced that it had been selected to host a centre of the Bank for International Settlements’ Innovation Hub. The UK centre will support the global central banking and finance community through the development of digital public goods. (See Article)

    Jul 3, 2020 8:32 AM

  • Extension of the Senior Manager and Certificate Regime Implementation Periods for Solo-Regulated Firms to March 2021

    On 30 June 2020, the Financial Conduct Authority (FCA) announced proposals designed to provide breathing room to solo-regulated firms (meaning those governed solely by the FCA) in respect of the implementation of certain aspects of the Senior Managers and Certification Regime (SMCR). The proposals are intended to soften the blow for firms affected by the coronavirus pandemic and provide them with additional time to make the changes they need under the SMCR. The FCA has, however, outlined its expectation that, where possible, firms should continue to meet the SMCR’s milestones before the proposed new deadlines. (See Article)

    Jul 3, 2020 8:32 AM

  • The CMA's latest proposals regarding competition on digital platform markets

    In July 2019, the Competition and Markets Authority (CMA) published its Digital Markets Strategy and launched a market study into online platforms and digital advertising. The CMA has now published its final report on the market study, which recommends the introduction of a new "pro-competition" regulatory regime to govern the behaviour of online platforms funded by digital advertising. (See Article)

    Jul 3, 2020 8:32 AM

  • English Court to Provide Guidance on Whether Common UK Insurance Policy Wordings Cover COVID-19 Claims

    The UK Financial Conduct Authority ("FCA") has asked the English High Court to give an urgent declaratory judgment to address "significant uncertainty" on the scope of common business interruption insurance policy wordings in the UK market and whether they apply to COVID-19-related losses. The Court is also asked to consider the extent of covered losses under certain insurance extensions and other coverage clauses. While there are ongoing disputes between policyholders and insurers regarding whether COVID-19 causes physical loss or damage (for policies containing such cover), the FCA's legal action ("Test Case") focuses on addressing a number of sample policy wordings that are not triggered b (See Article)

    Jul 2, 2020 2:32 PM

  • Corporate Insolvency and Governance Act

    The Corporate Insolvency and Governance Act (the “Act”) received Royal Assent on 25 June 2020 and is now in force. As anticipated in our client alert of 26 May 2020, the Act represents the most extensive changes in the insolvency landscape since the Enterprise Act came into force in 2003. (See Article)

    Jul 2, 2020 2:32 PM

  • Blog: London Listings for People’s Republic of China (PRC) Companies

    The United Kingdom (UK) offers a range of markets that companies in the People’s Republic of China (PRC) might consider as venues for a primary or secondary listing of their equity securities. (See Article)

    Jul 2, 2020 2:32 PM

  • COVID-19: FCA Reinforces Market Abuse and Conduct Expectations

    The UK Financial Conduct Authority (“FCA”) has reinforced its expectations on market conduct during the COVID-19 pandemic, recognising that the opportunities for market abuse are amplified in the current climate. (See Article)

    Jul 2, 2020 2:32 PM

  • Quick Guides: Changes To UK Insolvency Laws

    On 25 June 2020 the Corporate Insolvency and Governance Act received Royal Assent, making some of the biggest changes to UK insolvency laws in the last 30 years.   We have written several blogs covering the changes and how they help support distressed businesses, impact suppliers, lenders and other third parties and have tracked the changes... (See Article)

    Jul 2, 2020 10:33 AM

  • COVID-19: Companies facing financial challenges - Top 10 tips for UK boards (Updated on June 29, 2020)

    The Corporate Insolvency and Governance Act 2020 introduces a temporary, retrospective suspension of the directors' personal financial liability for wrongful trading from 1 March 2020 until 30 September 2020. This is not a blanket defence to a breach of duty by directors, since the directors' general duties to act in the best interests of the company (or, on insolvency, its creditors),will continue to apply. However, the court is to assume, for the purposes of any wrongful trading claim against a director, that a director is not responsible for any worsening of the financial position of the company or its creditors that occurs during the expressed period and, therefore, not liable to contribute to the losses incurred by the company in this period (though still liable for those before or after). (See Article)

    Jul 2, 2020 10:32 AM

  • Consumer finance regulatory news, June 2020 #3

    Recent regulatory developments of interest to financial institutions with focus on consumer finance. This week reports on the European Commission's review of the Consumer Credit Directive. (See Article)

    Jul 2, 2020 10:32 AM

  • All about that baseline: Developments in the UK ETS and the CORSIA emissions baseline

    The landscape of environmental regulation is changing for aviation operators, due to a powerful combination of global pressures to reduce emissions for one of the transportation sectors with the largest emissions outputs. Plans have recently been published for the UK Emissions Trading System (UK ETS), which is proposed to take the place of the EU... (See Article)

    Jul 2, 2020 8:33 AM

  • UK Chancellor issues further Treasury Direction on CJRS – mire deepens

    On Friday last week the Chancellor issued the third and probably final Treasury Direction in relation to the Coronavirus Job Retention Scheme (CJRS). This is “the law” that will govern the flexible furlough arrangements from 1 July. As with the two previous Treasury Directions, this one is horribly complicated to navigate – to the point... (See Article)

    Jul 2, 2020 8:33 AM

  • Maritime Cyberattacks On The Rise

    As the COVID-19 pandemic continues to affect the worldwide economy, reports out of the United Kingdom highlight a significant increase in cybersecurity attacks on maritime industry stakeholders since February 2020. According to The Maritime Executive article “Report: Maritime Cyberattacks Have Quadrupled Since February,” The British Ports Association and a UK-based risk management firm issued a... (See Article)

    Jul 2, 2020 8:33 AM

  • UK Real Estate: New UK Tax Landscape for International Investors

    Over the last few years, the UK tax rules for overseas investors in UK real estate have seen dramatic changes. In this GT Alert, we highlight some of the changes and some of the steps that may be considered to potentially mitigate their impact. In navigating these changes, what has become clear is the importance... (See Article)

    Jul 2, 2020 8:33 AM

  • Cheese recalled over Botulism risk

    Primula Ltd. has recalled cheese spread in tubes in the United Kingdom and Ireland because of possible contamination with Clostridium botulinum due to a production fault. Primula, part of the Kavli Group, recalled 10 varieties after finding one product contained Clostridium botulinum during a routine test and due to concerns other items in the range... (See Article)

    Jul 2, 2020 8:33 AM

  • Securities and markets regulatory news, June 2020 #4

    Recent regulatory developments of interest to financial institutions and markets. Includes updates relating to Brexit, EMIR and more. (See Article)

    Jul 2, 2020 8:32 AM

  • UK Real Estate Sector Update

    Further to our article published on 1 May 2020 around Key Considerations for UK Commercial Landlords in light of COVID-19, we have seen, over the past weeks, a number of important updates in the real estate sector in an attempt to cater for the ongoing impact of, and disruption caused by, the COVID-19 pandemic. Whilst the UK is showing signs of emerging from the crisis, with businesses slowly re-opening amid the easing of Lockdown measures, there is no doubt that the impact on retail and property generally will be significant and only fully understood as the statistics relating to the June Quarter Day rent payment become known. At the time of publication, we understand that retailers in the UK have paid less than 15% of their rent, according to initial figures... (See Article)

    Jul 2, 2020 8:32 AM

  • COVID-19: the company administration aspects of the Corporate Insolvency and Governance Act 2020

    The Corporate Insolvency and Governance Act 2020 (CIGA) came into force on 26 June 2020, having been fast-tracked through Parliament. Although most of CIGA relates to insolvency law, the Act also makes some temporary changes to company law in the UK. The purpose of these is to give companies greater flexibility to deal with the difficulties caused by COVID-19. (See Article)

    Jul 2, 2020 8:32 AM