Dentons (JD Supra United Kingdom)
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What is reasonable detail in a buyer's notice of claim under a share purchase agreement? Court of Appeal decision
The Court of Appeal has overruled a decision of the High Court as to what constituted "reasonable detail" in a buyer's notice of claim under a share purchase agreement, in circumstances where the sellers were aware of the relevant facts but they were not specifically set out in the notice.
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The use and limits of Mutual Legal Assistance Treaties: A case study in Canada and the United Kingdom
Introduction - Mutual Legal Assistance Treaties (MLATs) are one of the most important tools available to law enforcement agencies conducting international investigations. Recently, decisions in Canada and the United Kingdom highlighted both their necessity as well as their limitations in respect of these investigations.
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UK People Reward and Mobility Newsletter - May 2021
In this issue we look at some of the key employment and pension law developments over the past month. In particular, we examine: calls for reform of shared parental leave, the House of Lords Select Committee on COVID-19's report on employment rights for the digital age and hybrid working, the challenges and benefits of working at home during lockdown for neurodiverse individuals and the new...
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Deepfake deception: the emerging threat of deepfake attacks
One of the fastest evolving technologies today is that of deepfakes. The term "deepfakes" is taken from deep learning, and refers to synthesised and/or superimposed images and videos created by artificial intelligence (AI) using existing images and videos. The technology has seen a meteoric rise in use as the AI technology that underpins it has continued to develop. In 2019 alone, cybersecurity...
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Residential ground rent cap – the Leasehold Reform (Ground Rent) Bill
On 12 May 2021, the Leasehold Reform (Ground Rent) Bill (Ground Rent Bill) was introduced to Parliament. The much-anticipated Ground Rent Bill, if and when it receives Royal Assent, will implement the government's objective of capping ground rents in new, long residential leases at a peppercorn. It will also represent a significant step towards the wider government aim to overhaul the residential
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When is a loan to a beneficiary really a distribution?
A recent judgment of the Court of Appeal of England and Wales provides a timely warning to trustees that characterising a payment to beneficiaries as a loan does not conclusively make it so, and that mischaracterising such transactions could place trustees in peril.
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The return to the workplace in the UK
As restrictions lift, employers and employees are turning their minds to returning to the post-pandemic workplace. At our recent Return to the Workplace webinar, we asked attendees about their plans for returning to the workplace.
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Return to the workplace in the UK: COVID-19 testing
Rapid COVID-19 testing has been hailed by the Health and Social Care Secretary as vital for our roadmap out of lockdown. In a similar vein, the government has introduced a workplace testing scheme in England under which employers are eligible for free lateral flow tests until 30 June 2021 and home test kits where it is not possible to set up on-site testing.
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UK National Security and Investment Act 2021 creates a screening regime for foreign investment
The National Security and Investment Act 2021 (the Act), which was enacted on 29 April 2021, creates an extensive new regime for screening foreign investment in the UK.
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Pressure mounts on construction sector to reduce emissions
The UK Green Construction Board estimates the built environment contributes 40% of the UK's carbon footprint. Pressure is, therefore, mounting on construction to find ways to reduce emissions and help meet net zero targets.
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Summary of new and proposed legislation, May 2021 (UK Construction Focus)
Dentons' UK Construction team prepare a monthly guide to new and proposed legislation affecting the construction industry for publication in Construction Law's "state of play" table.
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European Commission opposes UK accession to Lugano Convention
Uncertainty continues as to post-Brexit processes for enforcing court judgments across borders, with the UK's intention to join the streamlined enforcement procedures of the 2007 Lugano Convention suffering a setback this week.
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Special purpose acquisition companies: a more flexible approach under the Listing Rules
The FCA has published its anticipated consultation paper on its proposed changes to the Listing Rules in relation to special purpose acquisition companies (SPACs). The proposals set out the framework for a more flexible regime for larger SPACs that provide strong investor protections.
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UK People Reward and Mobility Newsletter - April 2021
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 a recent EAT judgment on holiday pay for previously unpaid holidays and an ECJ decision on when standby time counts as working time. We also take a look at the incoming obligations on pension trustees in relation to relevant climate information about their...
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Significant changes to the UK Takeover Code confirmed
Significant changes to the UK Takeover Code confirmed - The UK's Takeover Panel has published the final text changes to the Takeover Code (the Code) and confirmed that they will take effect on 5 July 2021. The changes relate to the offer timetable and conditions to offers, and are the most significant in recent years.
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Summary of new and proposed legislation, April 2021 (UK Construction Focus)
Dentons' UK Construction team prepare a monthly guide to new and proposed legislation affecting the construction industry for publication in Construction Law's "state of play" table.
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The UK Listing Review: the government response
The UK Listing Review: the government response The government has this week announced how it intends to take forward the recommendations made in March 2021 by the UK Listing Review (the Review).
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Tick Tock, Brexit O'Clock: Is your trade mark protected in the UK?
Is your trade mark protected in the UK? If you are a trade mark owner who had a pending (but not registered) EU Trade Mark as at 31 December 2020, the trade mark right will not extend to the UK as a result of Brexit.
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UK accession to Lugano Convention to be decided within weeks
Uncertainty continues as to post-Brexit processes for enforcing court judgments across borders. In January, we reported on the effect of the end of the Brexit transition period on the available procedures for enforcing judgments of the UK courts in EU member states and judgments of the courts of EU member states in the UK.
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PRA extends deadline for EBA outsourcing guidelines remediation due to COVID-19
Following the PRA's December 2019 consultation on operational resilience and outsourcing (CP30/19) (see article here), on 29 March 2021: the PRA published a policy statement on outsourcing and third party risk management (PS7/21) (Outsourcing Statement); and...
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The taming of the crypto Wild West: a look at the UK’s alternative to MiCA
The taming of the crypto Wild West: a look at the UK’s alternative to MiCA - It has been over two years since the UK’s Cryptoassets Taskforce – which brought together the Financial Conduct Authority (FCA), the Bank of England (BoE) and the UK government (via HM Treasury (Treasury)) – put out its final report. In it, the Taskforce confirmed that crypto-assets merited no special treatment in the
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UK People Reward and Mobility Newsletter - March 2021
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 a recent unfair dismissal case involving employee covert surveillance in the workplace. We also look at how HMRC plans to tackle non-compliance with the new off-payroll working rules and consider the practical steps employers should be taking now. With Stress...
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Pension Schemes Act 2021: A guide on implications for corporate activity
Introduction - The Pension Schemes Act 2021 (the Act) received Royal Assent on 11 February 2021. It introduces wide‑ranging changes that will affect not only employers and trustees of defined benefit (DB) schemes, but potentially third parties engaging with them, such as banks and trade unions, and professional advisers to DB pension schemes. Please see full Publication below for more...
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In confidence, with confidence: the importance of robust whistleblowing governance
Last week, the FCA launched a campaign, "In confidence, with confidence", to encourage individuals to report wrongdoing in the areas the FCA regulates.
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The UK's overseas framework: HM Treasury's call for evidence
The UK government's economic and finance ministry (HM Treasury) on December 15, 2020, published a call for evidence (Call for Evidence), its stated goal being to understand how the UK's current overseas framework supports the UK's position as a global financial centre.
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Tightening Minimum Energy Efficiency Standards for non-domestic buildings – latest consultation
The government has launched a consultation on the proposed framework to implement tighter minimum energy efficiency standards (MEES) for privately rented non-domestic buildings to reach a long-term target of having an Energy Performance Certificate (EPC) rating of B by 2030.
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Reducing business rates liability by…snail farming?
A slow-moving business or clear trails of a sham? A story of snail farming and business rates mitigation schemes - One could forgive local authorities for thinking that, in recent years, the direction of case law concerning liability for business rates has been an untrammelled disaster for those looking to unravel thinly-veiled mitigation schemes.
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Investing in recreational cannabis: will the UK fall out of step?
The (legitimate) cannabis industry is forecast to be worth $65 billion by 2027. The first medicinal cannabis business to launch an IPO on the London Stock Exchange saw its shares double upon listing, with fundraising oversubscribed due to strong demand among investors.
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Two birds, one gavel: D McLaughlin & Sons Ltd v. East Ayrshire Council
Just before the end of 2020, Lord Clark issued his decision in a case which considered whether or not an action raised to enforce the decision of an adjudicator could also be used to finally determine the dispute between the parties.
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Dentons DCM Quick Guides - Practical summaries of 2021 Hot Topics in Debt Capital Markets, condensed to be digested alongside your morning coffee… (UPDATED)
What are they? If an existing note issuer wishes to source further liquidity, one option for sourcing the additional debt is a tap issue. A tap issue is a follow-on note issue, on exactly the same terms as the initial note issue (the original issue) save for the issue price. Please see full Publication below for more information.