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Latest documents

  • New Framework for Foreign Investment Screening in the U.K.: A Primer on the National Security and Investment Bill

    More than two years since publishing the National Security and Investment White Paper, the U.K. government has finally published a response to its consultation on reforms to the U.K. investment screening process together with, most importantly, the draft National Security and Investment Bill.

  • Beyond Brexit transition – the impact on UK environmental legislation

    The majority of UK environmental legislation is EU derived and that will not change in the short or medium term. Brexit provides a unique opportunity to improve environmental regulation, but moving away from an EU-derived regime will be difficult due to the need for regulatory stability, avoiding possible gaps in coverage, and the requirements of international treaties.

  • UK Finance Webinar Recap: Operational Resilience – Lessons Learnt from the Crisis

    The Pandemic Crisis has offered the financial services sector a live stress test environment to assess its planning, systems, and processes for Operational Resilience. To explore this and see how institutions have fared so far, the trade group UK Finance recently hosted an Operational Resilience Webinar.

  • The Evolution of UK CfDs for Low-Carbon Electricity

    Anticipated updates have been announced to the UK incentive regime for low-carbon electricity generation through the release of a UK Government consultation response.
 The UK Government has published its response to the March 2020 consultation on contracts for difference (CfD) for low-carbon electricity generation.

  • Alert: UK Digital Markets Unit – A New Regime for Online Platforms

    On November 27, the UK Government announced the introduction of a new regulatory regime for digital platforms to be overseen by a dedicated Digital Markets Unit from April 2021. This announcement comes following a market study into online platforms and digital advertising that was published by the UK Competition and Markets Authority over the summer. In that report, the CMA concluded that the lack of competition in the market was harming consumers and businesses alike and made the case for a new regulatory regime to address its concerns.

  • UK National Security and Investment Bill

    On 11 November 2020 the draft National Security and Investment Bill, the “NSI Bill” was published. The NSI Bill would introduce a new statutory regime granting the “Secretary of State” for Business, Energy and Industrial Strategy robust powers to scrutinise acquisitions which may pose a risk to the national security of the UK.

  • Enka v Chubb: The Nuanced Presumptions "Test" on the Law of Arbitration Agreements

    The United Kingdom Supreme Court in Enka Insaat Ve Sanayi AS v OOO Insurance Company Chubb has now resolved the question: which system of national law governs the validity and scope of an arbitration agreement when the law applicable to the contract containing it differs from the law of the seat of the arbitration? Will it be the law governing the contract; the law governing the procedure (the law of the seat); or another system of national law altogether? Noting that this issue “has long divided courts and commentators, both in this country and internationally” the Supreme Court has provided an elegant and nuanced answer which in practice will require application of rules of contractual interpretation of English law...

  • Covid–19 coronavirus update: global application of foreign investment control rules

    The table below sets out an overview, based on our current awareness of the position as regards foreign investment control, of the different approaches being taken by authorities around the world in response to the Covid-19 coronavirus pandemic. It will be updated regularly to track the situation as it evolves.
 Please see full Publication below for more information.

  • Supreme Court Decision in Halliburton v Chubb: No universal application of arbitrator’s “gold standard” disclosure

    The UK Supreme Court has released its much-anticipated decision in the Deepwater Horizon case between Halliburton v Chubb. The appeal concerns the arbitrator’s duty of impartiality, the duty to give disclosure of other appointments, and the extent to which an arbitrator may accept appointments in multiple references concerning the same or overlapping subject matter with only one common party without giving rise to the appearance of bias.

  • Brexit: UK Temporary Permission Regime for EEA Firms

    EEA Firms and funds relying on EEA passporting to do business in the UK should act now if they want to continue carrying on business in the UK on the same basis into 2021.

Featured documents

  • UK Regulators Focus on Role of Auditors

    The UK Financial Services Authority (FSA) and the UK Financial Reporting Council (FRC) issued a discussion paper on June 24 which considers ways of enhancing auditors’ contribution to regulation.
 The paper FSA DP 10/3 is entitled “Enhancing the auditor’s contribution to prudential...

  • Supreme Court Confirms Court of Appeal Ruling on FSA Enforcement Capabilities

    On July 28, the UK Supreme Court upheld the English Court of Appeal’s judgment that the power of the UK Financial Services Authority (FSA) to prosecute criminal offenses was not limited to the offenses specified in sections 401 and 402 of the Financial Services and Markets Act 2000 (see the October ...

  • FSA Approves Taping Relevant Communications Conducted on Mobile Phones

    The FSA recently set new rules obligating authorised firms to record the ‘relevant communications’ of their employees conducted on mobile and other handheld devices.
 On 11 November 2010, the UK Financial Services Authority (FSA) published the results of its consultation paper ‘Taping:...

  • Ministry of Justice announces further delay to the implementation of the UK Bribery Act

    Since the Bribery Act 2010 received Royal Assent in April 2010 it has been beset with criticism from the business community and subject to delay. The Act, which has been described as “one of the most draconian anti-corruption measures in the world”, was originally expected to come into force in...

  • FSA Announces DEPP Changes

    On February 25, the UK Financial Services Authority (FSA) announced certain changes to its Decision Procedure and Penalties Guide and its Enforcement Guide and Policy.
 With effect from March 6......

  • Time to Pack Up the Phoenix Pre-Pack?

    As our readers will know, a pre-pack is the process of selling the business and assets of a company immediately after it has entered into an Insolvency Act administration procedure. Pre-packs are a frequently used mechanism as they ensure that the value of a business does not ebb away through a...

  • FSA Revises Guidance on Reporting of Exchange Platform Derivative Transactions

    The UK Financial Services Authority (FSA) recently announced proposed revised guidance on reporting on-exchange derivatives transactions conducted through exchange platforms. Under current FSA guidance, if a transaction conducted through an exchange platform is in a instrument whose characteristics ...

  • Fewer Sleepless Nights Over Defined Benefit Pension Plans – A Bonus For Backers

    Silentnight & Bonas 


 Anyone investing in, financing or restructuring a corporate group that operates defined benefit pension schemes will be aware of the potential powers of The Pensions Regulator (the Regulator). The recent decision in Bonas, that ailing companies...

  • UK Supreme Court Clarifies Law on Sham Employment Contracts

    In the UK, the question of whether an individual is an employee, a worker, or self-employed is an important one because the rights that the law provides to the individual vary depending on his or her status. For example, the right not to be unfairly dismissed and the right to receive a redundancy...

  • An Update on the Availability of Relief under the US/UK Double Tax Treaty

    The UK Courts have recently passed judgment in the latest stages of two significant cases regarding the availability of relief under the US/UK Double Tax Treaty. The first case, Swift, overruled an earlier decision allowing a UK investor in a US LLC to claim relief against US tax paid on the...