McDermott Will & Emery (JD Supra United Kingdom)
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An Update on UK and EU REACH Registrations Post-Brexit
The April 30 2021 deadline for UK based companies to grandfather their EU REACH registrations is fast approaching. Companies who have not yet started the grandfathering process should do so immediately or they will not be able to rely on existing EU REACH registrations after May 1 2021. New registrations will be subject to fees equivalent to the registration fees under EU REACH, which can range...
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Brexit’s Impact on UK-Based Charities
The past year has hit many nonprofit organisations registered in England and Wales particularly hard because of both the COVID-19 pandemic and Brexit. Funding from European sources may have been reduced or withdrawn, and many charities are struggling with a reduction of their own income streams. However, the United Kingdom can still be a productive base from which to administer your charity, and...
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Gategroup: What’s the Fuss About?
This article summarises the findings of the High Court in Re gategroup Guarantee Limited [2021] EWHC 304 (Ch) (Re gategroup Guarantee Limited) and provides a view of its effects on the cross-border application of the Restructuring Plan (defined below) and the use of co-obligor structures in restructurings...
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What are the Implications of Brexit in Corporate Law?
Since January 1 of this year, the Brexit is final and, as a result of UK leaving the EU, the binding effect of EU-law no longer applies. But what does this actually mean for corporate law? We briefly summarize the most important changes for companies...
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LIBOR: Q1 2021 Snapshot
On 5 March 2021, the Financial Conduct Authority (FCA) set out certain key dates for the cessation of all 35 London Inter-Bank Offered Rate (LIBOR) settings published by ICE Benchmark Administration. Whilst there has been some movement in the timetables for LIBOR transitioning (most likely as a result of the continued global pandemic), market participants should be aware that the move away from...
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Changes To Public Procurement In The United Kingdom Post Brexit
The UK Government has proposed changes to the procurement regime for public sector contracts in the UK. The proposals mark a radical divergence from the European procurement regimes post Brexit. The proposals are set out in a green paper entitled “Transforming Public Procurement” (the Green Paper) published on December 15, 2020. The Green Paper invites responses from interested organizations and...
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Pre-Pack Sales and the New Draft Regulations
On 24 February 2021, the UK government laid The Administration (Restrictions on Disposal etc. to Connected Persons) Regulations 2021 before Parliament. These draft regulations introduce (among other items) new restrictions on “pre-pack” disposals to connected persons and are seemingly a policy response to growing criticism around the inequity of pre-pack sales. To some, pre-pack sales...
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UK Supreme Court Confirms That Uber Drivers Have “Worker” Rights
The UK Supreme Court has decided that Uber drivers are “workers” for UK employment law purposes. In reaching that decision, the Supreme Court unanimously upheld the decision of the original Employment Tribunal and agreed with the decisions of the Employment Appeal Tribunal and Court of Appeal. This judgment confirms that the Uber drivers in the United Kingdom are entitled to core...
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Brexit/GDPR: European Commission Publishes Draft Adequacy Decision for Data Transfers
On 19 February 2021, the European Commission published the draft for an adequacy decision regarding transfers of personal data to the UK. For businesses in the European Union (and EEA) who transfer data to business partners and vendors in the UK, it will be crucial that the final decision is made before the end of June 2021...
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New Limits to the UK SFO's Ability to Compel Production of Evidence from Overseas May Lead to Increase in DOJ Investigations
On February 5, 2021, in a unanimous decision, the UK Supreme Court held that the UK Serious Fraud Office (SFO) did not have the authority under Section 2(3) of the Criminal Justice Act 1987 (the 1987 Act) to compel a foreign company that does not have a registered office and does not conduct business in the United Kingdom to produce documents it holds outside the United Kingdom. (See: R (on the...
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Special Report - NHS Legislative Proposals - February 2021
On February 11, 2021 the UK Department of Health and Social Care published its White Paper setting out legislative proposals for a Health and Care Bill. The White Paper proposes wide changes to the structure of the NHS in England. On the same day, NHS England published a consultation about the Proposed Provider Selection Regime Responses to the consultation are due by April 7, 2021. Many...
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Supreme Court Rejects Appeal to Overturn UK’s First Unexplained Wealth Order
Following the landmark case before the UK High Court in October 2020 in which a businessman linked to notorious criminals surrendered £10 million in property, land, cash and other assets at the conclusion of an unexplained wealth order (UWO), the Supreme Court recently rejected an appeal to overturn the United Kingdom’s first UWO...
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United Kingdom Repeals All But One of DAC6 Reporting Triggers
Despite much anticipation to the contrary, the UK Government decided to repeal all but one of the reporting triggers under the UK regulations implementing EU Council Directive 2018/822 on the reporting of cross-border tax arrangements (DAC6), which will no doubt be a welcome development for taxpayers and their advisers...
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‘Pragmatic and Proportionate’ Enforcement Expected for Future Chemical Regulation in the United Kingdom Post-Brexit
Following years of negotiations and missed deadlines, the United Kingdom reached agreement with the European Union on post-Brexit trade on December 24 2020. A sigh of relief for industry as we move into 2021 as there will be no new tariffs with respect to chemicals traded between the European Union and the United Kingdom. Nevertheless, the United Kingdom will carry on with the independent...
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Unexplained Wealth Orders: Ground-Breaking Investigation Recovers Millions of Pounds Worth of Criminally Obtained Property
In a landmark case last month, a businessman linked to notorious criminals surrendered £10 million in property, land, cash and other assets at the conclusion of an unexplained wealth order (UWO). This was the first successful prosecution where the UWO was granted because of the target’s association with others involved in serious domestic crime (rather than alleged foreign political corruption)...
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Employment-Related Securities: Considerations for Venture Capital Investors and Start-Ups in the United Kingdom
In the United Kingdom, in principle, anything an employee receives from her employer may be regarded as taxable income. The problem often comes up in practice where companies give their employees shares/options over shares for nothing or at a discount. In these circumstances, an income tax charge will be crystallised, as discussed below. This issue is particularly relevant for start-up companies
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Brexit and COVID-19: Changes to the Regulation of Medicines
The combination of the Coronavirus (COVID-19) pandemic and the imminent end of the Brexit transition period means a fast-changing regulatory environment for medicines. On 16 October 2020, the UK Government made changes to the regulation of medicines for COVID-19 and influenza. The regulations set out changes for the temporary authorisation of medicines (including COVID-19 vaccines) and allow...
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New Criminal Obligations on UK Employers and Employees
On 24 September 2020, the Government updated its COVID-secure workplace guidance to require office workers who can work “effectively” from home to do so over the winter. Where an employer, in consultation with its employee, judges that an employee can carry out her normal duties from home, she should do so. Those who cannot work effectively from home may go to their place of work. The Health...
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Offshore Roundup
Two Birds, One Stone: Addressing COO and DAC6 Risks in Tandem - UK Criminal Finances Act 2017 (CFA) and the EU Directive on Administrative Cooperation (DAC6) compliance matters are likely to come under increased scrutiny from the UK tax authority (HMRC). What’s more, HMRC may view a corporate criminal offences (CCO) investigation as an opportunity to spot instances of DAC6 non-compliance, even
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Regulating Medical Devices Post Brexit
The UK Medicines and Healthcare Products Regulatory Agency (MHRA) has published guidance on the new rules that will govern the regulation of medical devices and in vitro diagnostic medical devices placed on the market in England, Wales and Scotland after the BREXIT transition period (different rules will apply to Northern Ireland). This On the Subject outlines key dates for implementation of the...
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Special Situations and the UK Corporate Insolvency and Governance Act
The enacted Corporate Insolvency and Governance Act (the Act) introduces three permanent reforms to the existing insolvency legislation and certain temporary measures designed to address the immediate impact of COVID-19 on UK businesses. Among other things, the Act looks to maximise the potential for struggling companies to be maintained as a going concern. As market participants and the courts...
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The Hidden Value of Assets in the United Kingdom: Are You Making the Most of Your Real Estate?
Traditional trading businesses naturally focus primarily on their operating business, but often are unaware of the relatively simple options available to ensure they are making the most of their real estate assets. In a competitive and recovering market we are aware of the pressure to extract the most value from existing real estate interests or portfolios, once again taking into account the...
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UK Public Takeovers: The Point of No Return
The challenges raised by the Coronavirus (COVID-19) crisis initially led to a dramatic fall in share prices and market uncertainty. Although the capital markets have largely recovered their value since the initial COVID-19 outbreak (somewhat bizarrely, given COVID-19’s underlying impact on many businesses), there has been a knock-on impact on public M&A, both in terms of ongoing processes and...
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UK Government Set to Allow Video-Witnessing of Wills – But Will the Change Offer Real Assistance?
In March, we wrote about the challenges self-isolation and social-distancing presented to the legalities of signing a will, in particular the requirement that a will is signed in the presence of at least two witnesses. We suggested a technological solution available in the form of electronic signatures for the testator and the two witnesses being present via a video meeting...
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COVID-19 and the Courts: The Impact of Lockdown on Justice
In public statements in the early stages of the pandemic, the Lord Chancellor and the Lord Chief Justice both emphasised the importance for the administration of justice not to grind to a halt as the result of the pandemic and the lockdown measures imposed to control it. Consequently, significant efforts have been made across the justice system to ensure progress in legal proceedings, despite the
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Making Use of UK Tax Reliefs for Impact Investing
Tax Reliefs for Impact Investing in the United Kingdom: What You Should Know - The United Kingdom, like other markets, has seen rapid growth in the popularity of “impact investing,” where the investor’s intention is to create a social or environmental benefit as well as a financial return. The size of the global impact investment market was estimated in 2019 at $502 billion, and the UK...
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COVID-19 Update: Options for Non-Payment of Rent for Commercial Landlords
Failure by tenants to pay rent due under commercial leases is becoming a common occurrence in the Coronavirus (COVID-19) world. Unsurprisingly, rent collection difficulties are having far-reaching consequences on the property industry, particularly in relation to commercial property landlords and their financiers. In response to the current economic climate, and in advance of the June quarter...
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UK Self-Employment Income Support Scheme Extended
On 12 June 2020 HM Revenue & Customs (HMRC) announced an extension to the Self-Employment Income Support Scheme (SEISS). The extension will allow eligible claimants to apply to HMRC for a second liquidity grant to partially compensate for loss of three months’ worth of trading profits due to Coronavirus (COVID-19) business interruption occurring on or after 14 July 2020. This article briefly...
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Returning to the Workplace in the UK: Key Issues for Employers
As the UK Government works through its phased Coronavirus (COVID-19) recovery strategy and lockdown restrictions are progressively eased, employers in the United Kingdom are contemplating the implications of returning staff to the workplace under the “new normal”. In this Alert, we address some of the key issues for employers to consider in relation to returning employees to the UK workplace,...
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The Month of Change: June Ushers in the “New Normal” in the United Kingdom
In the United Kingdom, it feels as though June will be the month during which we really start to experience life, outside of our homes, in the “new normal”. Changes in restrictions will see non-essential shops opening and, probably, many workers hesitantly starting to go back into offices even though they could work from home. Government focus has therefore started to shift to the “re-openin