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  • All change – wide-ranging reforms to UK Insolvency Law

    By Cathryn Williams, Paul Muscutt and Beth Bradley The full implications of COVID-19 may not be known for some time, but it has had an immediate impact upon UK insolvency law. The government has expedited the Corporate Insolvency and Governance Act 2020 (“the Act”) through Parliament in order to support distressed businesses and assist with...

  • Key Lessons Learned as UK’s AML Regulator Shows its Teeth

    Only four months after the the United Kingdom’s Office of Financial Sanctions Implementation (OFSI) issued a £20.47 million penalty against Standard Chartered Bank (SCB) for alleged violations of the U.K.’s Ukraine- and Russia-related sanctions (see our alert here), another bank is in the news for regulatory breaches. This time it is the London arm of...

  • Potential Reforms to UK Insolvency Law to Protect Businesses and Directors

    It has been reported in the press that the UK government is considering emergency legislation to reform UK insolvency laws to protect companies and directors impacted by the measures taken to combat the COVID-19 virus. The Crowell & Moring Restructuring and Finance team have issued an alert on the issues arising, a link to which...

  • Breathing space for individuals facing debt issues

    In the following article published by Lexis Nexis/LNB News on 19 June, Cathryn Williams, restructuring partner at the London office of Crowell & Moring, comments on the introduction of “breathing space” for those individuals facing debts issues in the UK. HM Treasury has announced a new breathing space scheme which will give individuals struggling with...

  • Steel yourselves – troubles ahead?

    British Steel has entered compulsory liquidation today with EY being appointed as special managers. Is British Steel the first real victim of Brexit? First, as a result of the delay in the UK’s divorce deal, the EU delayed granting carbon credits to British Steel necessitating a £120m loan from the government to stave off significant...

  • Customs Ruling of the Week – Classification of Imitation Meat Products from the UK

    In NY N303734, Customs and Border Protection (CBP) discusses imitation meat products based on “mycoprotein,” a meat free protein, which is being imported from the United Kingdom. All three imitation meat items will be imported into the United States in frozen retail cartons. An ingredient breakdown for these items was provided to CBP and was...

  • Brexit Update – Indicative Votes and No Decision

    Summary: On April 1, 2019, UK Parliament implemented the second phase of its ‘Indicative Votes’ process, which had been devised to find out if there was a UK Parliamentary majority for any one Brexit strategy, following Friday’s third UK Parliamentary defeat of the Withdrawal Agreement that was negotiated between the UK Government and EU. Chart...

  • Brexit Update – March 28, 2019

    Summary: Yesterday, March 27, 2019, saw more major developments within UK Parliament as the UK continues to struggle to formulate a Brexit strategy ahead of the default No-Deal Brexit date of 11 April 2019. Prior to the 8 sets of “indicative” votes that took place March 27, 2019 evening, which were designed to indicate what strategy Members...

  • EU Delays Brexit

    Summary:   Following negotiations that went well into the night, the EU took control of the Brexit endgame, turning down the UK Prime Minister’s plea to postpone Brexit from 29 March to 30 June, and instead drawing up a “flextension” plan that officially delays Brexit to 12 April 2019 at the earliest. Under the terms...

  • Brexit Update – UK’s Request for Delay to be Discussed at European Council Summit Today

    Summary: On 20 March, the UK Prime Minister formally wrote to Donald Tusk, the President of the European Council, requesting that Brexit should be delayed until 30 June 2019 – three months later than the long-envisaged exit date next Friday, 29 March 2019. The UK Government’s request will be discussed on 21 March by the EU’s 27 heads of...

  • UK Parliament Rules Out No-Deal Brexit – Update as of March 14, 2019

      No-Deal, No Brexit, and the Withdrawal Agreement all remain on the table. Summary: On March 13, 2019, UK Members of Parliament voted 321 to 278 to rule out a No-Deal Brexit in any scenario. MPs had earlier on Wednesday voted in favour of rejecting No-Deal. This was yet another attempt to convince Parliament to accept...

  • Brexit Update

    Brexit: What just happened and what does it mean? Summary: On March 12, 2019, the UK Parliament again rejected the Brexit “Withdrawal Agreement” that was negotiated with the EU.  The UK Government announced today (March 13, 2019) that import tariffs will be cut to zero on 87% of imports to the UK as part of a temporary no-deal...

  • Brexit Extension to Withdraw from the EU Very Likely

    The UK could receive an extension to the withdrawal period by 3 months or up to 2021 under Article 50 of the Treaty on European Union. The House of the Commons will have a “meaningful vote” on Theresa May’s revised Brexit deal no later than March 12th, a yes-or-no vote to approve the PM’s plan....

  • What Lies Ahead for Brexit?

      On 15 January 2019, Members of Parliament (MP) voted overwhelmingly against the UK Government’s proposed Brexit Withdrawal Agreement, resulting in a ‘historic loss’ for PM Theresa May. Opposition leader Jeremy Corbyn immediately called for a vote of no confidence in the Government which took place on 16 January 2019. The Government won the vote,...

  • Political Data Firm Improperly Accessed Facebook Users’ Data

    Facebook faces government investigations on both sides of the Atlantic after recent revelations that Cambridge Analytica, a British political data firm with ties to President Trump’s 2016 campaign, collected and used the personal information of more than 50 million Facebook users in a manner that violates Facebook’s stated policy regarding access, disclosure, and use of...

  • HM Treasury Issues Advisory Notice – Enhanced Due Diligence Required for Higher Risk Jurisdictions

    The Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017 require the UK regulated sector to apply enhanced customer due diligence to high-risk countries. In response to recent statements from the Financial Action Task Force (FATF), HM Treasury advises firms to consider the following: Consider as high risk and apply counter measures and enhanced...

  • U.K. Government Announces International Sanctions Bill

    On 21 June 2017, the U.K. Government announced through the Queen’s Speech an International Sanctions Bill intended, as part of other Brexit legislation, “to ensure that the United Kingdom makes a success of Brexit.” The bill will provide the U.K. with the legal framework and powers needed to enable it to impose and implement sanctions...

  • New U.K. Economic Sanctions Authorities Take Effect

    On April 1, the United Kingdom’s Office of Financial Sanctions Implementation (OFSI) acquired new civil enforcement powers, including the ability to impose civil monetary penalties. These authorities come from implementation of portions of the Policing and Crime Act 2017 (the Act). OFSI has issued finalized guidance of its compliance and enforcement approach, including how it...

  • United Kingdom Supreme Court Confirms Westminster Parliament Must Approve Brexit

    Government to Shortly Offer Legislation to Keep Timetable for Planned March 2017 Notice In a judgment dated 24 January 2017, by a majority of 8 to 3,1 the Supreme Court has upheld the High Court’s ruling in November 2016 that an Act of Parliament is required before the UK Government may give notice under Article 50 of...

  • Privacy-Cybersecurity Weekly News Update—Week of November 20 and November 27

    Discussion headlines: UMass settles alleged HIPAA violations; FCC combatting robotexts and robocalls; TCPA class certification; failed investor suit over data breach; UK surveillance bill became law UMass pays $650,000 to settle alleged HIPAA violations The University of Massachusetts Amherst (UMass) reached an agreement to pay $650,000 to settle alleged HIPAA violations based on the disclosure...

  • English High Court Rules Parliament Must Approve Brexit; Government Appeals to the Supreme Court

    In a judgment dated 3 November 2016, the High Court ruled that the government of the United Kingdom does not have the power to invoke Article 50 of the Treaty on the Functioning of the European Union (TFEU) to begin the formal process of Britain’s withdrawal from the EU. Instead, an Act of Parliament is required. A...

  • Privacy & Cybersecurity Weekly News Update- Week of June 20, 2016

    Brexit effect on EU and UK Privacy rules; EU and U.S. to strengthen ‘Privacy Shield’; Ponemon Study on Healthcare Data Security; Mobile ad provider fined for deceptive conduct FTC comments on the Internet of Things Brexit – what does it mean for EU and UK Privacy rules? On June 23, 2016, the population of Great...

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