Latham & Watkins LLP (LexBlog United Kingdom)

The strategy aims to boost supply chain resilience of critical goods. By Paul A. Davies, Michael D. Green, and James Bee On 17 January 2024, the government launched the Critical Imports and Supply Chains Strategy (the strategy), which aims to safeguard UK supplies of goods including medicine, minerals, and semiconductors. The strategy forms part of...

The consultation paper confirms a radical approach to bolster the international competitiveness of the UK markets and return to a disclosure-based listing framework. By Mark Austin, Chris Horton, James Inness, Anna Ngo, and Johannes Poon The FCA today published consultation paper CP23/31 setting out detailed draft rules for the new UK listing regime. The publication...

The Arbitration Bill’s changes clarify important aspects of English arbitral law, reinforcing London’s position as a leader in international arbitration. By Charles Rae On 21 November 2023, the UK government unveiled its long-awaited plans to update and modernise the legal framework applicable to arbitrations in England, Wales, and Northern Ireland through amendments to the Arbitration...

Goods imported into the UK from countries with a lower or no carbon price will face a levy by 2027. By Paul A. Davies, Michael D. Green, and James Bee On 18 December 2023, the UK government announced a proposal for a new carbon border adjustment mechanism (UK CBAM). The announcement follows extensive consultation earlier...

Goods imported into the UK from countries with a lower or no carbon price will face a levy by 2027. By Paul A. Davies, Michael D. Green, and James Bee On 18 December 2023, the UK government announced a proposal for a new carbon border adjustment mechanism (UK CBAM). The announcement follows extensive consultation earlier...

The Private Members Bill, if passed, would establish the UK’s first law mandating business due diligence on human rights and the environment. By Paul A. Davies, Michael D. Green, and James Bee On 28 November 2023, Baroness Young of Hornsey (Baroness Young) introduced the Commercial Organisations and Public Authorities Duty (Human Rights and Environment) Bill (the Bill) to...

The Private Members Bill, if passed, would establish the UK’s first law mandating business due diligence on human rights and the environment. By Paul A. Davies, Michael D. Green, and James Bee On 28 November 2023, Baroness Young of Hornsey (Baroness Young) introduced the Commercial Organisations and Public Authorities Duty (Human Rights and Environment) Bill (the Bill) to...

Critical Third Parties serving the UK financial sector must ready themselves for compliance with the newly proposed operational resilience requirements. By Rob Moulton, Fiona Maclean, and Charlotte Collins On 7 December 2023, the PRA, FCA, and BoE jointly published a Consultation Paper (PRA CP26/23 and FCA CP23/30) which proposes a set of regulatory requirements and...

The FRC’s future work will be assessed through the lens of the UK’s economic growth and international competitiveness. By Mark Austin, Chris Horton, James Inness, Anna Ngo, and Johannes Poon On 7 November 2023, the FRC announced a significant and wide-ranging policy update which included a material change of direction in relation to how it...

As regulatory thinking evolves, firms must ensure that any current or planned use of AI complies with regulatory expectations. By Fiona M. Maclean, Becky Critchley, Gabriel Lakeman, Gary Whitehead, and Charlotte Collins As financial services firms digest FS2/23, the joint Feedback Statement on Artificial Intelligence and Machine Learning issued by the FCA, Bank of England,...

The Act demonstrates the UK’s renewed commitment to reaching net zero and paves the way for players in key industries to achieve their targets. By Tom Bartlett, Paul A. Davies, JP Sweny, Michael D. Green, James Bee, and Samuel Burleton On 26 October 2023, the UK Energy Act 2023 (the Act) received Royal Assent. The...

The Act demonstrates the UK’s renewed commitment to reaching net zero and paves the way for players in key industries to achieve their targets. By Tom Bartlett, Paul A. Davies, JP Sweny, Michael D. Green, James Bee, and Samuel Burleton On 26 October 2023, the UK Energy Act 2023 (the Act) received Royal Assent. The...

Companies had raised serious concerns about the additional red tape that the proposed reporting obligations would require. By Mark Austin, Chris Horton, James Inness, Anna Ngo, and Johannes Poon On 16 October 2023, the UK government withdrew the draft Companies (Strategic Report and Directors’ Report) (Amendment) Regulations. The regulations, which formed part of the wider...

The framework claims to set the “gold standard” for companies to contribute to the net zero transition while emphasising ambition, action, and accountability. By Paul A. Davies, Michael D. Green, and James Bee The UK Transition Plan Taskforce (TPT) launched its transition plan disclosure framework (the Framework) at the London Stock Exchange on 9 October 2023. The Framework...

Individuals continue to face risk from prosecutions for economic crime, despite media focus on corporate criminal liability reforms. By Stuart Alford KC, Mair Williams, and Matthew Unsworth Four individuals have today appeared at Westminster Magistrates’ Court charged with fraud in connection with the collapse of UK café and bakery chain, Patisserie Valerie.[i] This follows a...

The proposals would give the Bank of England wide-ranging powers to deal with acute failure scenarios, treating policyholder liabilities as loss-absorbing. By Victoria Sander and Tim Scott HM Treasury is proposing a new UK resolution regime for insurers that would appoint the Bank of England as resolution authority with sweeping powers to resolve insurers through...

FSMA 2023 includes a court procedure for failing insurers to temporarily write-down liabilities, with implications for counterparties. By Victoria Sander and Tim Scott The recently passed Financial Services and Markets Act 2023 (FSMA 2023) provides for a new write-down procedure under which failing insurers can apply to court to have their insurance liabilities written down....

A new publication from the UK’s financial regulator signals to firms that they should take steps to manage risks in the use of AI. By Stuart Davis, Fiona M. Maclean, Gabriel Lakeman, and Imaan Nazir The UK’s Financial Conduct Authority (FCA) has published its latest board minutes highlighting its increasing focus on artificial intelligence (AI),...

A new publication from the UK’s financial regulator signals to firms that they should take steps to manage risks in the use of AI. By Stuart Davis, Fiona M. Maclean, Gabriel Lakeman, and Imaan Nazir The UK’s Financial Conduct Authority (FCA) has published its latest board minutes highlighting its increasing focus on artificial intelligence (AI),...

The Green Technical Advisory Group, which is guiding the UK government’s implementation of a UK Green Taxonomy, has issued detailed advice for the upcoming legislation. By Paul A. Davies, Michael D. Green, and James Bee In September 2023, the Green Technical Advisory Group (GTAG), chaired by the Green Finance Institute, has released four reports offering technical advice to...

The UK government has signalled the importance of introducing a permanent superfund regulatory regime. By Victoria Sander After the excitement around Clara-Pensions’ approval as a “superfund”, or pension consolidator, in late 2021, the market generally expected that other pension superfund structures would soon follow suit. Last year’s mini-budget and the ensuing liability-driven investment (LDI)

The UK standards will aim to increase the comparability and value of reported information for investors. By Paul A. Davies, Michael D. Green, and James Bee The UK government announced on 2 August 2023 that it will develop standards for company sustainability disclosures in the UK by July 2024, leveraging the work of the internationally...

The Court held that banks do not owe this duty to customers deceived into instructing their banks to transfer money to fraudsters. By Nell Perks and Callum Rodgers On 12 July 2023, the UK Supreme Court handed down its highly anticipated judgment in Philipp v. Barclays Bank UK PLC [2023] UKSC 25, allowing the appeal...

The ASA conveyed a sense of urgency, as it believes influencing consumer behaviour will be an important part of meeting UK net zero targets. By Paul A. Davies, Sophie J. Lamb KC, Michael D. Green, and Aleksandra Dulska On 23 June 2023, the UK’s Advertising Standards Authority (ASA) published an update to its advertising guidance...

UK regulator continues to raise concerns that current market practices could lead to systemic risk. By Victoria Sander The Prudential Regulation Authority (PRA) has issued another communication, the latest of a series related to reinsurance arrangements for the UK life insurance sector. Charlotte Gerken, Bank of England Executive Director, Insurance Supervision and chair of the...

Whilst not a sea of difference apart, the two regimes present notable distinctions for companies operating on both sides of the Channel to navigate. By David Little and Alexandra Luchian Upon its expiry on 31 May 2022, the 2010 Vertical Block Exemption Regulation was replaced by the 2022 Vertical Block Exemption Regulation (VBER) in the...

FCA takes an innovative approach to obtain feedback from industry and stakeholder groups. By Chris Horton, James Inness, Anna Ngo, and Johannes Poon In May 2023, the FCA launched a process of engagement and dialogue on how the UK’s future prospectus regime could operate. The FCA’s first thematic engagement papers, published on 18 May, aim...

The government has announced it will come up with a new code of practice to replace an earlier approach that faced opposition from the creative sectors. By Deborah Kirk and Brett Shandler Latham previously reported on the UK government’s proposal to introduce a new copyright and database exception that allows text and data mining (TDM)...

The government has announced it will come up with a new code of practice to replace an earlier approach that faced opposition from the creative sectors. By Deborah Kirk and Brett Shandler Latham previously reported on the UK government’s proposal to introduce a new copyright and database exception that allows text and data mining (TDM)...

Proposals dramatically reduce the regulatory burden on listed companies. By James Inness, Anna Ngo, and Johannes Poon On 3 May 2023, the FCA published a consultation paper CP23/10 which sets out a blueprint for changes to the UK listing regime. The key reform proposed is that the existing premium and standard listing segments would be...