Dechert LLP (JD Supra United Kingdom)

This note sets out at a high level the core regulatory issues that are likely to impact fund managers in the coming months, including an overview of the key actions needed with regard to ESG, LIBOR and Brexit. The paper also explores a range of regulatory initiatives that will impact the investment management industry broken down by geography (Europe, UK and U.S.). Fund managers can find out the...

Brexit simplifies? - FCA consultation on changes to UK MiFID's conduct and orgnisational requirements - On 28 April 2021, the FCA published a consultation paper (CP21/9) setting out proposals to change certain conduct and “best execution” obligations required under the UK implementation of the MiFID II Directive (“UK MiFID”). In this OnPoint we look in detail at the proposals and the impact they...

On 29 April 2021, the UK Financial Conduct Authority ("FCA") published a discussion paper (DP21/1) seeking consultation on proposals to amend the financial promotion rules. The consultation mainly seeks feedback in relation to three key areas (i) the classification of high-risk investments; (ii) the further segmentation of the high-risk investments market; and (iii) the responsibilities of...

On 29 April 2021 the Financial Services Bill 2019-21 received Royal Assent and the Financial Services Act 2021 (the “Act”) was published. This OnPoint sets out three key aspects of the Act and the implications for issuers.

Share options or other equity incentives (such as growth shares) are an effective way to align the interests of investors with those individuals managing the company on a day-to-day basis. As a result, they are a common feature in venture capital-backed companies in the life sciences and health care sectors in the UK and equity participation in such a company can be an important component of an...

The European Commission’s antitrust arm, DG COMP, has for the second time publicly confirmed that a COVID-19 initiative among pharmaceutical companies is compliant with EU antitrust laws. It did so by way of a “comfort letter,” an informal and ad hoc procedure that has not been used for 20 years prior to the COVID-19 outbreak. The letter offers important practical reassurance specifically linked...

Introduction - This OnPoint reports on the protection provided to transgender workers under UK law and the guidance available to employers to assist in supporting trans workers and protecting them from discrimination and harassment.

Following on from the recent Hill Review of the UK Listing Rules and its recommendations, we reported on the UK Financial Conduct Authority’s (“FCA”) response and how the proposed changes might affect the SPAC market. On 19 April 2021, Rishi Sunak, the Chancellor of the Exchequer, made a ministerial statement detailing how the UK Government is aiming to respond to and implement the Hill Review’s...

On 31 March 2021 the Takeover Panel (the Panel) published its Response Statement (RS 2020/1) setting out significant changes to the Takeover Code (the Code) in relation to conditions to offers and the offer timetable.

In this OnPoint we report on the data protection implications of collecting personal data concerning employees’ vaccination status. Introduction - Employers formulating return to work plans for their employees in accordance with the UK Government’s Roadmap out of Lockdown will need to consider the relevant health and safety requirements, their contractual rights and obligations (as well as those

Special Purpose Acquisition Companies, commonly known as ‘SPACs’ or ‘blank check companies’, have recently seen a huge uplift in investor appetite with little sign of this trend abating any time soon. Understandably, SPACs are gathering increased interest from regulators around the world as the current hotbed for the SPAC market, the U.S., continues to make headlines with record levels of capital

A recent High Court judgment has emphasised that where a claimant has chosen to sue a party in England rather than in another jurisdiction, factors such as the risk of a multiplicity of proceedings and inconsistent judgments may justify England being the appropriate forum if the claimant had a reasonable and legitimate reason to choose England. The relative ease of enforceability of an English...

In this OnPoint we report on a recent Employment Appeal Tribunal decision which demonstrates why conducting regular, and good quality, diversity and equality training is vital. Introduction - When an employee commits an act of unlawful discrimination, the individual’s employer will be vicariously liable – to the victim – for that employee’s conduct unless the employer can establish the “statutory

Albert Einstein said, “To raise new questions, new possibilities, to regard old problems from a new angle, requires creative imagination and marks real advance in science”. Despite tremendous progress in some fields, many new pharmaceutical products deliver modest incremental improvements for patients and real advances in medical science are sadly infrequent.

Introduction - Employers whose new recruits bring with them potentially confidential information from their prior employment need to be mindful of the risks of claims from an individual’s previous employer, not just on the basis of the express confidentiality terms of their employment contract but also by way of claims based on the equitable duty of confidence. The recent Court of Appeal decision

One of the most effective ways to incentivise staff, in particular senior employees, is to offer them the opportunity to purchase stock or shares in a group company. U.S. companies often operate stock and other incentive plans that apply the same terms to their international workforce as apply to their U.S. employees, often for good…

Following the successful run of the government-backed Future Fund, the British Business Bank has announced that it is set to launch a further fund for development, Future Fund: Breakthrough. This scheme is set to provide up to £375 million of funding to high-growth and innovative firms.

In a recent judgment, the English court has demonstrated that pre-emptive remedies are available to litigants who have been subject to cryptoasset fraud even where the alleged fraud originates outside the UK.1 From orders freezing the assets held globally by presently unidentified fraudulent actors, to disclosure orders against cryptocurrency exchanges based outside the UK, international...

Introduction - In this OnPoint we report on a recent Employment Appeal Tribunal decision which provides a useful reminder of the need for employers to consider mitigation of loss at an early stage when preparing for employment tribunal and other claims.

On Friday, 5 March 2021, the Financial Conduct Authority (FCA) announced that all 35 LIBOR benchmark settings as currently published by ICE Benchmark Administration (IBA), the administrator of LIBOR, will either cease to be published or will lose representativeness on the time frames set out in the announcement; a landmark step signalling the beginning of the end for LIBOR. Please see full...

A flurry of changes to stock exchange rules and capital markets regulation and practice have been introduced following the end of the Brexit transition period in the UK on 31 December 2020, as well as new initiatives launched in the EU.

With effect from 1 January 2021, and following the end of the Brexit transition period, sovereigns, local and regional authorities and central banks of any country can benefit from newly-expanded exemptions to the UK prospectus rules that exempt such issuers from being required to produce an Financial Conduct Authority ("FCA")-approved prospectus to offer debt securities to the public or to list...

Introduction - The reputation that the Transfer of Undertakings (Protection of Employment) Regulations 2006 (“TUPE”) have for technicality, complexity, and unpredictability will not be improved by the recent decision of the Employment Appeal Tribunal (“EAT”) in McTear & Mitie v Amey & Others.

Introduction - The annual increases to the compensation limits applying to certain UK employment claims have now been published. The maximum compensation which can be awarded by the Employment Tribunal in “ordinary” unfair dismissal claims, as well as the maximum weekly wage figure for calculating an employee’s entitlement to a statutory redundancy payment, will increase with effect from 6 April 2

On 3 March 2021, Lord Hill published his recommendations from the UK Listing Review (the "Review"). The Review was launched by the Chancellor in November 2020 to further enhance the UK’s position as an international destination for equity listings. The Review makes 15 recommendations including reducing the free float requirements, allowing dual class share structures on the premium segment of the

Introduction - The Chancellor of the Exchequer announced in the Budget on 3 March 2021 that the Coronavirus Job Retention Scheme (CJRS), also known as the furlough scheme, will be extended for a further five months until 30 September 2021.

The National Institute for Health and Care Excellence public consultation - The National Institute for Health and Care Excellence (“NICE”) has commenced a public consultation on its technology evaluation process when assessing new and emerging health technologies.

Background - Osteoarthritis (OA) is the most prevalent joint disease, estimated to affect 250 million people worldwide with prevalence increasing due to aging populations and growing levels of obesity. OA causes a substantial burden of disability, ranking third behind alcohol use and depression and the socioeconomic impact is significant, estimated at 2.5% of Gross Domestic Product in developed...

Key Takeaways - A new draft EU Regulation aims to encourage the sharing and re-use of data and foster a data-driven economy that shares the benefits of Big Data whilst respecting individuals’ rights in personal data and commercial rights in data. Innovative businesses, from AI to medical research, will welcome new opportunities to access data from which they can draw insights and develop...

Other recent notable industry transactions: Thermo Fisher Scientific Inc. completed the acquisition of Henogen SA, Novasep's viral vector manufacturing business in Belgium for approximately €725 million in cash.