Cleary Gottlieb Steen & Hamilton LLP (LexBlog United Kingdom)

On April 12, 2024  the United States, in coordination with the United Kingdom, issued new prohibitions with  respect to Russian aluminium, copper and nickel. The new actions prohibit the import of Russian-origin aluminum, copper and nickel into the United States and limit their use on global metal exchanges and in over-the-counter derivatives trading. In the UK,...

Proposal for a revised EU FDI Screening Regulation The European Commission has recently adopted five initiatives as part of the European Economic Security Strategy unveiled in June 2023. The initiatives are aimed at bolstering the EU’s economic security interests. Their main focus is a proposal for a new EU FDI Screening Regulation, which remains subject to...

The Financial Reporting Council (FRC) has published an updated UK Corporate Governance Code (the Code), most of which will take effect from 1 January 2025. These revisions will replace the current version of the Code published in 2018.  As foreshadowed in its November 2023 statement, the FRC has taken forward only a small number of...

The following post was originally included as part of our recently published memorandum “Selected Issues for Boards of Directors in 2024”. Antitrust in 2023 was marked by a series of policy developments—some still nascent, some ripe for enforcement for the first time.  In the U.S., the FTC and DOJ finalized their drastically transformed merger guidelines. ...

Quantum technology is seen as having the potential to revolutionize many aspects of technology, the economy and society, including the financial sector. At the same time, this technology represents a significant threat to cybersecurity, especially due to its potential to render most current encryption schemes obsolete. With a view to meeting these challenges, the World...

Quantum technology is seen as having the potential to revolutionize many aspects of technology, the economy and society, including the financial sector. At the same time, this technology represents a significant threat to cybersecurity, especially due to its potential to render most current encryption schemes obsolete. With a view to meeting these challenges, the World...

On 15 January 2024, the UK Information Commissioner’s Office (“ICO”)[1] launched a series of public consultations on the applicability of data protection laws to the development and use of generative artificial intelligence (“GenAI”). The ICO is seeking comments from “all stakeholders with an interest in GenAI”, including developers, users, legal advisors and consultants.[2] This first...

UK Government consults on changes to National Security and Investment Act On November 13, 2023, the UK Government opened a consultation on proposed changes to the National Security and Investment Act, less than two years after the regime came into force. Oliver Dowden MP, the Deputy Prime Minister and formal decision-maker under the regime in his role...

A key feature of the UK’s financial sanctions framework is that not only designated persons (listed on the UK’s Consolidated List) are subject to sanctions, but also entities that are ‘owned or controlled’ by designated persons, even if not themselves listed. This alert memorandum discusses recent developments relating to the ‘control’ test and its application,...

On 13 November 2023, the UK Government opened a consultation on proposed changes to the National Security and Investment (NSI) regime, less than two years after the regime came into force. Oliver Dowden MP, the Deputy Prime Minister and formal decision-maker under the regime in his role as Cabinet Secretary, describes the consultation as an...

On 11 July 2023, the UK Government published its second Annual Report on the National Security and Investment Act 2021 (the “Act”). The Annual Report begins with an introduction by Oliver Dowden MP, the Deputy Prime Minister, who is the formal decision-maker under the Act in his role as the Secretary of State in the...

Minnesota bans new employee non-competes beginning July 1, 2023, and the United Kingdom intends to cap their duration at 3 months Minnesota Becomes the 4th U.S. State to Ban Employee Non-Competes Following in the footsteps of California, North Dakota and Oklahoma, Minnesota has banned all employee non-competes beginning July 1, 2023, and bars employers from...

On 19 May 2023, the UK expanded its list of Designated Persons under the Russia (Sanctions) (EU Exit) Regulations 2019 by adding 86 new persons, comprising 42 individuals and 44 Russian legal entities. The newly Designated Persons are primarily involved with, or linked to, the defense, transportation, extraction, metallurgy, financial and agricultural sectors of the...

On 27 April 2023, the UK Government published updated guidance on its recently introduced national security and investment screening regime. Since the National Security and Investment Act came into force in January 2022, the UK Government has reviewed more than 800 transactions for possible national security concerns.  Five transactions have been prohibited, of which four...

On March 8, 2023, the UK government published the Data Protection and Digital Information (No. 2) Bill (the “Bill”) which proposes to update the current UK data protection regime.  The Bill and its Explanatory Notes can be found here and here (respectively). The Bill is the culmination of a process that started with the UK...

On 24 November 2022, the UK government announced its adequacy decision for the Republic of Korea, which will allow UK organizations to share personal data with Korean organizations more freely under the UK General Data Protection Regulation (“UK GDPR”). The adequacy decision is expected to come into effect on 19 December 2022. The adequacy decision...

The Information Commissioner’s Office (“ICO”) has opened a consultation on new draft guidance on monitoring at work (the “Draft Guidance”).  The Draft Guidance applies in both the private and public sectors in respect of any worker, a term which is used to include employees as well as non-employee workers, independent contractors and volunteers. The Draft...

On September 5, 2022, following the election of the new UK Prime Minister, the UK Government decided not to proceed with the second reading and other motions relating to the Data Protection and Digital Information Bill (the “Bill”), which was due to have taken place on the same day.  According to the Leader of the...

Welcome to the Winter edition of our UK Public M&A Round-up. This issue includes: UK Public M&A Snapshot Winter 21/22 Auctions in UK Public Bids We hope you find the topics in this issue to be of interest and invite you to contact the articles’ authors or your normal Cleary contact if you have any...

On February 10, 2022, the United Kingdom published new legislation (the “Amendment”) significantly expanding the scope of targets on which the UK government may impose sanctions relating to Russia.[1]  The Amendment, which was issued in response to the current situation in Ukraine and takes immediate effect, broadens the designation criteria of the existing Russia (Sanctions)...

The UK’s Financial Conduct Authority (FCA) recently published its Policy Statement on “Enhancing climate-related disclosures by standard listed companies”.[1] This follows a consultation carried out by the FCA in June 2021. The FCA has decided to extend the climate-related disclosure requirements that currently apply to UK premium listed commercial companies to (1) issuers of standard...

The National Security and Investment Act 2021, which was passed on 29 April 2021, comes into force today. The new regime, which subjects investments in many companies active in the UK to mandatory review on national security grounds, will be among the most wide-ranging in the world. It represents the most significant change in the...

The National Security and Investment Act 2021, which was passed on 29 April 2021, comes into force today. The new regime, which subjects investments in many companies active in the UK to mandatory review on national security grounds, will be among the most wide-ranging in the world. It represents the most significant change in the...

On December 2, 2021, the U.S. Department of the Treasury, Office of Foreign Assets Control (“OFAC”) issued a new directive (Directive 1) prohibiting with immediate effect U.S. persons from transacting or participating in the primary and secondary markets of new Belarusian sovereign debt, in any denomination, with a maturity of greater than 90 days.[1]  In...

The UK Government has recently announced that it will introduce mandatory climate-related financial reporting for the first time.[1] The new rules are likely to have particular implications for UK public companies listed outside the UK (particularly on the NYSE or NASDAQ) or on AIM, large UK subsidiaries of multinational corporate groups and large portfolio companies...

On 10 November 2021, the Supreme Court of the United Kingdom handed down its much-awaited judgment in the case of Lloyd v Google LLC [2021] UKSC 50.  The Supreme Court unanimously ruled that the claim, which is a representative action alleging breaches of the Data Protection Act 1998 (“DPA 1998”), could not proceed. The Supreme Court...

Welcome to the Autumn edition of our UK Public M&A Round-up. This issue includes: UK Public M&A Snapshot Q3 2021: Key themes over the past quarter. Rollovers in UK Public M&A Transactions: Why have rollovers been rising up the agenda? How Target Shareholders are Attacking Bids on Valuation Grounds: Why is this becoming more common...

On July 27, 2021, the Financial Conduct Authority (“FCA”) published a policy statement that includes final rules amending the UK Listing Rules, and new associated guidance, applicable to special purpose acquisition companies (“SPACs”).  The new rules and guidance came into force on August 10, 2021. The final requirements are based on the FCA’s earlier consultation...

Welcome to our UK Public M&A round-up. Our round-up will feature select topics that highlight notable themes, trends and developments in the UK public M&A space.

On 20 July 2021, the UK Government announced that the National Security and Investment Act 2021, which was passed on 29 April 2021, will come into force on 4 January 2022. This new regime for review of investments on national security grounds will be among the most wide-ranging in the world. It represents the most...