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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.

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