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- Getting Over The Hurdle
Companies often use equity incentives to reward key members of their workforce and attract and retain the best talent. In the UK, companies have typically granted EMI options (a government‑backed, tax-advantageous share option) or unapproved options. However, where a company is unable to grant EMI options (for example, because the company is not sufficiently ‘independent’, the company’s gross assets exceed the relevant threshold when the option is to be granted or the individual is not an employee of the company) and it does not want to grant an unapproved option, then growth share schemes can be used as an alternative.
- Pensions UK: What's new this week - May 2021 #3
Welcome to your weekly update from the Allen & Overy Pensions team, covering all the latest legal and regulatory developments in the world of occupational pensions.
- New residential planning application requirements for fire safety
A new requirement for Fire Statements to be submitted with certain planning applications for high rise residential buildings and for the HSE to be consulted on such applications is intended to take effect from 1 August 2021. The Building Safety Bill (“the Bill”) that was published last year and introduced to parliament in this week’s Queen’s speech will make substantial reforms to the UK’s building and fire safety regime.
- Protecting the Crown Jewels: U.K. National Security & Investment Act to be Enacted in Autumn
While the U.K. has a mature approach to protecting national security overall, the government lacks effective statutory powers in relation to the ownership and control of businesses and other entities that could be used to undermine national security. Successive recent governments have lamented its deficient intervention powers in relation to foreign U.K. takeovers. In 2016, the then May Conservative government publically acknowledged that the intervention mechanisms maintained within the EA 2002 were not sufficient to meet national security challenges created by the ownership and control of critical U.K. assets by overseas parties. This resulted in the publication of a Green Paper in 2017 (following an initial public consultation), which scrutinized the government’s existing powers under the EA 2002 and also proposed both short term and long term solutions to fixing the perceived legislative deficit.
- Insurance regulatory news, May 2021
PRA supervision of annuity providers: BoE speech - The Bank of England (BoE) has published a speech (and accompanying appendix), given by Charlotte Gerken, Prudential Regulation Authority (PRA) Executive Director, Insurance Supervision, on developments in the PRA's supervision of annuity providers.
- UK COVID-19: “Breathing Space” – giving residential tenants extra time to pay rent arrears
The government has introduced the Debt Respite Scheme (Breathing Space), which came into effect on 4 May 2021, which allows individuals who are struggling with debt to apply for a “breathing space” in which to sort out their finances.
- FCA proposals for a new Consumer Duty
The FCA first published a discussion paper on a duty of care in July 2018 – nearly two years on it is now consulting on introducing a new Consumer Duty. There is now to be a clear timeline for the introduction of the changes, with section 29 of the Financial Services Act 2021 requiring the…
- Funds and asset management regulatory news, May 2021
Financial Services and Markets Act 2000 (Collective Investment Schemes) (Amendment) Order 2021 - The Financial Services and Markets Act 2000 (Collective Investment Schemes) (Amendment) Order 2021 (SI 2021/566) has been published, together with an Explanatory memorandum.
- Financial institutions general regulatory news, May 2021
Queen's Speech 2021 and Dormant Assets Bill - On 11 May 2021, the Queen's Speech set out the government's legislative priorities for the next parliamentary session.
- Consumer finance regulatory news, May 2021
FCA credit broking survey - The UK Financial Conduct Authority (FCA) has announced that it plans to send a survey to 300 credit broking firms on 20 May 2021 asking them to update the information the FCA holds on how the firms are using their credit broking permission.
- UK Public Procurement Law Digest: Limitation Period for Challenges – when does the clock start to tick?
Court provides confusion, not guidance, on the time limit for the bringing of procurement challenges The UK courts are potentially on a collision course with the European Court of Justice over the issue of when an aggrieved bidder should bring a challenge to an irregular procurement....
- Smells Like Trademark Protection: Copycat Perfumes Cannot Engage in Comparative Advertising, on Odor of the Court
L’Oreal scored a major victory in trademark protection against smell-alike perfumes this past month in England's Court of Appeal. In L’Oréal v. Bellure, the court held that Bellure's use of lists in its advertising that compared its perfumes' scents to those of well-known L'Oréal perfumes...
- UK Government Announces 2009-10 Budget Tax Changes
The newly-elected UK Government announced its first Budget on June 22. Key provisions include.... Please see full alert below for more information....
- In Brief – UK Employment and HR Newsletter - Vol. 3, No. 2 Summer 2010
In this summer issue of our employment and HR newsletter, we have reviewed recent case law. We summarise the key facts in bite size chunks and highlight how and why the cases are of interest to HR and those with responsibility for employment issues in the workplace. Please see full...
- The UK Stewardship Code
Following the Financial Reporting Council’s (“FRC”) consultation on the content, application and monitoring of a stewardship code during the first quarter of 2010, the FRC has concluded that the Institutional Shareholders’ Committee’s Code on the Responsibilities of Institutional Investors (the “ISC...
- Extension of the UK Statutory Liability Regime for Issuers of Securities
The Financial Services and Markets Act 2000 (Liability of Issuers) Regulations (the “Regulations”)1 will be coming into force and will extend the statutory liability of issuers in connection with information published on or after 1 October 2010. The Regulations were adopted following HM...
- FSA Bans Three Stockbroker Directors
On July 28, the UK Financial Services Authority (FSA) banned Stephen Coles, Luke Ryan and Michael Yamoah, the three directors of Simply Trading Group Limited (STG) (a small private client advisory stockbroker) from holding any financial services senior management positions. Coles, Ryan...
- Good News, Bad News. The SAS Institute v. World Programming case and its effect on software copyright law
Sometimes, it’s not what happens that’s important, but what happens next. A case in the English High Court has confirmed what the software industry has known for some time: that it is not copyright infringement in the UK merely to copy the functionality of a computer program. But the real...
- FSA Signals Fundamental Changes to Trading Activity Regulation
On August 25, the UK Financial Services Authority (FSA) published a discussion paper (The Prudential Regime for Trading Activities - a Fundamental Review DP10/4) proposing fundamental changes to the regulation of the trading activities of banks and investment firms. The FSA considers that its...
- The United Kingdom Issues Much Anticipated Consultation on Guidance for the Bribery Act’s “Adequate Procedures” Defense
In April 2010, the United Kingdom passed the Bribery Act, which created several new anti-corruption offenses. Of particular note, the Bribery Act included a new “strict liability” offense that imposes liability on any company with ties to the U.K. that fails to prevent persons performing services...