K&L Gates LLP (JD Supra United Kingdom)

Following a consultation in 2019 (CP19/32), the Financial Conduct Authority (FCA) has now published its policy statement (PS21/3) and final rules on operational resilience. The FCA has stated that the new rules on operational resilience are not intended to conflict with or supersede existing requirements on firms to manage operational risk or business continuity planning, but rather, to set new...

INTRODUCTION - The English Supreme Court recently dismissed the appeal of an insurance company attempting to rely on a policy exclusion for “deliberate acts.” Although the court in Burnett or Grant v International Insurance Company of Hanover Ltd1 agreed with the insurers on the interpretation of important aspects of the exclusion, it decided that recklessness was not covered and found that the...

Global Anti-Corruption Sanctions Regulation 2021 - On 26 April 2021, Foreign Secretary Dominic Raab announced the United Kingdom’s first sanctions under the new Global Anti-Corruption Sanctions Regulation 2021 (the Regulations).

SUMMARY - The Retail Prices Index (RPI) is often used in property documents, for example for index-linked rents or adjustments to service charge caps. The Chancellor has said that RPI will be abolished in 2030. This article considers what might replace it.

EXECUTIVE SUMMARY - On 26 April 2021, draft Payment and Electronic Money Institution Insolvency Regulations (Regulations) were brought before the UK Parliament for approval. They will introduce a new special administration regime for insolvent payment institutions (PIs) and electronic money institutions (EMIs). The key purposes of the Regulations are to ensure that in the event of an institution’s

EXECUTIVE SUMMARY - A Pre-Pack Sale is the sale of all or substantially all of an English company’s assets to a third-party purchaser immediately or shortly after the distressed company goes into a UK rescue procedure called administration. The attraction of a Pre-Pack Sale is the speed of the transaction, which helps preserve the value of the business and save jobs, as the company is able to...

Hydrogen—the smallest molecule, but one that holds the potential to be an energy superhero and play a significant role in reducing carbon emissions and slowing climate change. The H2 Handbook provides a comprehensive summary of the regulatory, commercial, and policy issues that we believe hydrogen will face on its path to becoming a global commodity and a significant part of the energy mix.

When negotiating transaction documents, dispute resolution provisions will often receive less attention than they should. Even when these provisions are negotiated, parties’ concerns are often limited to how any future disputes should be finally resolved (for example, by court proceedings or arbitration), what the governing law should be, and what, if any, steps should be taken before any dispute

The UK government has extended its suspension of various rules and procedures affecting distressed businesses as a result of the coronavirus (COVID-19) pandemic. However, with the UK lockdown easing on a rolling basis up to 21 June 2021, these may be the last of the blanket extensions across all of these areas. Expect the gradual reintroduction of some of the rules and procedures from 1 July...

Summary - The government wants all non-domestic rented buildings to meet an EPC B by 2030 (currently the requirement is EPC E). It is consulting on how to implement this and to improve the compliance and enforcement process for EPCs. The change will affect one million properties.

Much information has been published in recent months on the discontinuation of The London Inter-bank Offered Rate (LIBOR) and what is to replace it. Set out below is a summary of what has happened and how it is likely to affect corporates.

Introduction - In Republic of Sierra Leone v SL Mining Ltd [2021] EWHC 286 (Comm) the English Commercial Court dismissed a challenge to an ICC arbitration award made under section 67 of the Arbitration Act 1996 (the “Act”).

SUMMARY - In Helice Leasing S.A.S. v PT Garuda Indonesia (Persero) TBK [2021] EWHC 99 (Comm), the English Commercial Court has interpreted conflicting dispute resolution provisions and ordered a stay of court proceedings in favour of arbitration pursuant to section 9 of the Arbitration Act 1996. The decision emphasises the desirability of avoiding inconsistencies in dispute resolution provisions...

INTRODUCTION - On 24 December 2020, Michael Barnier, the European Union’s chief negotiator said, “The clock is no longer ticking”. Four and a half years after the Brexit referendum, the United Kingdom and the European Union had finally concluded a free trade and cooperation agreement (TCA) that provisionally1 became applicable on 1 January 2021.

On 15 January 2021, the Supreme Court handed down its judgment in The Financial Conduct Authority v Arch and Others. Our alert of 19 January 2021 considered the implications of the judgment for policyholders seeking to claim for business interruption losses inflicted by the COVID-19 pandemic. The judgment represents the final word on the issues considered in the test case and is generally helpful

The real estate industry, and particularly the hospitality and retail sector, has been hard hit by the COVID-19 pandemic. Occupiers in those sectors have put a lot of pressure on the government to continue to provide further support.

On 3 March 2021, Chancellor Rishi Sunak delivered the UK Budget 2021 (the Budget). Understandably, the Chancellor’s focus was on setting out the road map to the United Kingdom’s economic recovery from COVID-19. The Budget, however, was also an opportunity for the government to unveil spending plans to match its ambitious climate target: to reach net zero by 2050.

In just over a month, major changes will be introduced to the way trial witness statements are to be prepared in the Business and Property Courts. In this alert, we consider the rationale for these changes brought in by Practice Direction 57AC, their scope and some practical implications.

INTRODUCTION - On 10 February 2021, the High Court of Justice of England and Wales issued orders approving the Schemes of Arrangement (Schemes), proposed by Stronghold Insurance Company Limited (Stronghold), an insolvent London Market insurer.

On 28 January 2021, the Financial Conduct Authority (FCA) published a consultation paper (CP21/3)1 proposing various changes to the UK regulation of payment services and electronic money. Most of the proposed changes relate to clarification or expansion of the existing FCA guidance contained in the document “Payment Services and Electronic Money – Our Approach” (Approach Document). There are also

Just days before the end of the Brexit transition period on 31 December 2020 a trade deal was agreed to between the United Kingdom (UK) and European Union (EU), saving the UK from many of the expected disruptions of a no-deal Brexit. However, the new EU-UK Trade and Cooperation Agreement does not consider cross-border disputes.

With everything else going on, it is important not to forget that changes to the off-payroll working rules (commonly known as IR35) are due to come into effect on 6 April 2021, imposing new legal obligations on businesses that engage contractors via personal service companies. In order to mitigate business disruption and exposure to liability, there are four simple steps that businesses should...

This alert considers two recent English court judgments providing important guidance impacting expert evidence, first as regards conflicts of interest and, second, as regards the risks of an award being challenged for serious irregularity upon a misapplication by the tribunal of a model agreed between quantum experts for assessing damages.

The Cross-Border Payments Regulation (EC) No 924/2009 (CBPR) is the EU legislation that sets out the principle of equality of charges for intra-EU cross-border euro payments and corresponding national payments within an EU member state. CBPR has been amended by Regulation (EU) 2019/518 (Amending Regulation), which extends the equality of charges principle to any non-euro currency of an EU member...

BACKGROUND TO THE TEST CASE - Following a four day hearing in November 2020, the UK Supreme Court has handed down the appeal judgment in the test case brought by the Financial Conduct Authority (FCA) on behalf of UK based small and medium enterprises (SMEs) seeking clarity on the coverage provided by certain extensions of cover for COVID-19 related business interruption losses (The Financial...

Last week the UK government published its Energy White Paper (White Paper) titled ‘Powering Our Net Zero Future’. The purpose of the White Paper is to follow up on Prime Minister Boris Johnson’s ‘Ten Point Plan for a Green Industrial Revolution’ by setting out the broader strategy over the next decade, to enable the United Kingdom to achieve net zero emissions by 2050. In addition, the 26th...

Executive summary - This is the first time that the Supreme Court has had to decide an appeal relating to section 84 of the Law of Property Act 1925 (section 84). This is the piece of legislation that gives the Upper Tribunal (Lands Chamber) (Upper Tribunal) discretion to discharge or modify restrictive covenants to enable development of burdened land.

INTRODUCTION - On 9 October 2020, the UK Supreme Court decision in Enka Insaat ve Sanayi A.S. v OOO Insurance Company Chubb [2020] UKSC 38 provided welcome clarity as to the English law principles and approach involved in ascertaining the governing law of an arbitration agreement.

EXECUTIVE SUMMARY - On a UK company’s insolvency, the UK tax authority (HMRC) will become a preferential creditor in respect of certain unpaid taxes (Crown Preference) with effect from 1 December 2020. Despite lobbying against the move (including in light of the COVID-19 pandemic), the UK government has persisted with the change, perhaps in an attempt to shore up its tax take.

On 11 November 2020, the UK government announced the long-awaited and wide ranging reforms to the regulation and scrutiny of foreign direct investment. Introducing a mandatory notification system for affected transactions, the National Security and Investment Bill (Bill) will strengthen the UK’s ability to investigate and intervene in mergers, acquisitions and other types of deals that could...