JD Supra (JD Supra United Kingdom)

The Trade, Aircraft and Shipping Sanctions (Civil Enforcement) Regulations 2024 empower OTSI to enforce UK trade sanctions through civil monetary penalties, building on the role of OFSI, which has enforced UK financial sanctions since 2016.

Case 1: The Manchester Ship Canal Company Ltd v United Utilities Water Ltd - The United Utilities sewerage network has around 100 ‘outfalls’ from which material emanating from sewers, sewage treatment works and pumping stations is discharged into the Manchester Ship Canal (the Canal). The Canal is privately owned by The Manchester Ship Canal Company Ltd (MSCC).

Asset / Wealth Management - Current market: Consistently high M&A activity levels - We are seeing: Europe’s barbell becomes more pronounced—larger asset / wealth managers swallow smaller competitors at pace: - Larger deals remain rare (e.g., Altor’s acquisition of Mandatum) - Medium-sized deals—UK retains its crown for consolidation activity (e.g., LGT’s acquisition of abrdn...

On 10 September 2024, the UK Government published its third Annual Report on the operation of the National Security and Investment Act 2021 (NSIA). Covering the period from 1 April 2023 to 31 March 2024, the report gives a valuable insight into the workings of the UK foreign direct investment screening regime. Below are selected headlines and key takeaways from the latest Annual Report, including

The Online Safety Act (the OSA) received Royal Assent on 26 October 2023 and is now in force. The OSA establishes an extensive regulatory framework for providers of online user-to-user services and search services with links to the UK (see applicability flowchart in Schedule 2). The OSA aims to protect children and adults online by imposing duties of care on such service providers to prevent...

ESG – compliance review findings - The Pensions Regulator (TPR) has published the findings from its review of how trustees are complying with their wider ESG duties. The review concludes that while 99% of trustees of in-scope schemes provided weblinks to relevant ESG disclosures, too many smaller schemes opted for minimum compliance in relation to the content of those disclosures. TPR’s...

This briefing is the seventh in our series of briefings on corporate governance and is designed to provide a synopsis of topical corporate governance matters impacting companies in the United Kingdom. This briefing tracks developments identified in our previous briefings and outlines new matters of interest. This briefing focuses on key matters arising since January 2024. If you would like...

Following the Labour Party’s landslide victory in this month’s general election, employers are braced for the biggest employment law shake-up in a generation, with multiple significant reforms proposed

In this article, published in Pratt’s Energy Law Report, Miguel Colebrook and Iona Giby* argue for a new framework to understand energy security. This framework prioritizes investment in domestic infrastructure and secure international partnerships, while also incentivizing private investment. The authors discuss the need for significant investment in domestic infrastructure, secure...

Introducing the Planning and Infrastructure Bill aims to accelerate the delivery of high-quality infrastructure and housing. The government considers the current planning regime to be a major brake on economic growth – one of its key focusses. The Bill will streamline the delivery process for critical infrastructure. Crucially it will also increase local planning authorities’ capacity.

Our London Financial Restructuring team authored the UK chapter of the 8th Edition of The Legal 500’s “Restructuring & Insolvency Comparative Guide". The guide provides information on the current issues affecting restructuring & insolvency across a variety of jurisdictions and addresses topics such as security & enforcement, local insolvency proceedings, local restructuring proceedings, existing...

Issues affecting all schemes - General Election – impact on pensions - The General Election resulted in a landslide victory for the Labour Party. While no pensions-related announcements have been made since the election by the new government, its election manifesto included the following pensions-related pledges: • Adoption of reforms to ensure that workplace pension schemes take advantage of

The new regime modernises the listing framework while maintaining robust standards to protect investors and ensure market integrity. On 11 July 2024, the FCA released the final rules for the new UK listing regime, which will take effect from 29 July 2024.

Case 1: Patel and others v Spender and others - The applicants sought to modify a covenant against external alterations relying on the “limited benefit” ground in section 84 of the Law of Property Act 1925.

Recent headlines show that UK water companies are under mounting pressure. Sewage spills and water supply outages are feeding concerns about the sustainability of existing water infrastructure alongside public dissatisfaction with the affordability of water services across the UK.

If the opinion polls are to be believed, on 5 July 2024 the United Kingdom will have a new Prime Minister from the left-leaning Labour party following a landslide victory. A central Labour party pledge is its “Plan to Make Work Pay – Delivering a New Deal for Working People” which sets out its proposals for substantial legal reforms in the workplace. Two key themes emerge: a significant expansion

Issues affecting all schemes - General Election – impact on pensions legislation- As a result of Parliament being dissolved ahead of the General Election, the Data Protection and Digital Information Bill, which makes a range of changes to the UK’s data protection regime, will not proceed. (The Bill can be re-laid in a future parliament

31 July 2024 will mark one year since the Consumer Duty (the Duty) came into force for new and open products and services, and the deadline for implementing the Duty for closed products and services. Firms must also produce their first board report on compliance with the Duty over the last year by the same date. In this publication, we look at lessons learned from Consumer Duty implementation to...

The Digital Markets, Competition and Consumers Act 2024 has finally been enacted. It introduces significant changes to U.K. merger control and antitrust rules, establishes a new consumer protection regime and introduces a groundbreaking new digital markets regime. Businesses with operations in the U.K. – particularly those active in digital and consumer sectors – should begin preparing now to...

The UK Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) recently published their final rules relating to securitisation. Together with certain provisions under the Securitisation Regulations 2024 (as amended), the PRA and FCA Rules are expected to come into force on 1 November 2024 and to replace the UK’s existing securitisation regulation regime. The EU...

Now that we know the UK general election is set for 4 July 2024, businesses connected with the UK may look to increase their political efforts or support for a particular party over the coming weeks. While the UK’s campaign finance rules are less extensive than those in the US, for example, they are still notable and there can be real legal and reputational consequences for getting it wrong. ...

This Latham resource allows FPIs with a 30 June fiscal year-end to stay abreast of key SEC filing dates and financial staleness deadlines.

On Feb. 29, the U.K. government announced that U.K. ministers will pilot artificial intelligence tools to analyze responses to government consultations and respond to questions from Parliament, in an effort to boost ministers' efficiency in so-called routine policy work.

Firms will need to update their internal procedures and ensure they are ready to comply with the new requirements ahead of 1 November 2024. HM Treasury (HMT), the Financial Conduct Authority (FCA), and the Prudential Regulation Authority (PRA) have fired the starting gun for the race to 1 November 2024, when the new UK securitisation framework will commence. HMT, the FCA, and the PRA decided...

Although many employment changes in the UK are largely on ice until after the election later this year, April has seen a number of employment law developments – largely from the courts. We highlight some recent decisions, on protection for striking workers, reasonable adjustments for disabled employees, an unhelpful decision on claims for holiday pay, and a more helpful decision limiting...

The Legal Statement applies areas of insolvency law to digital assets, providing valuable guidance on the approach English courts will take. In October 2023, the UK’s Jurisdiction Taskforce (UKJT), which is made up of senior judges, lawyers, a law commissioner, and the Financial Conduct Authority as an observer, issued a consultation on the treatment of digital assets in an English insolvency.

The UK’s latest sanctions affect multiple areas and actors, including Turkish, Chinese, and Dubai-based entities alleged to support Russian military activities. This Client Alert is published in the context of ongoing developments and should be read in conjunction with Latham’s previous sanctions updates. Given the frequency with which different jurisdictions impose new sanctions on Russia...

We have gathered and examined data from AGM Notices published by FTSE 350 companies since January 2024. We have set out the approach companies have taken on a number of key aspects of their meetings, including where the meetings are being held, the arrangements made for Q&As and the varying levels of shareholder engagement being offered. We have also identified the categories of resolutions that...

What has changed? The Energy Act 2023 introduces a new UK merger control regime under which all mergers between energy network companies active in the UK can be assessed for their impact on Ofgem’s ability to make comparisons between energy networks. Transactions can be blocked/unwound where such impact is found to be prejudicial.

Parties that have possession, custody, or control of evidence potentially relevant to U.S. litigation or investigations are typically required to identify, collect, preserve, and produce such evidence (with limited exceptions) in response to discovery requests, subpoenas or litigation demands, regardless of where that evidence is located. Those requirements, however, may directly conflict with...