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Exiting lockdown: beware the antitrust risks

In response to the COVID-19 lockdown, certain limited forms of cooperation which would normally infringe competition law have been permitted for businesses such as supermarkets. But these are typically very narrow exceptions and as we come out of lockdown, businesses should not assume that they are now free to cooperate on a much wider scale than before the onset of the pandemic – or that antitrust regulators will turn a blind eye.

It is a well-known part of English litigation that an issue will only be determined by the courts once: there are no second chances to launch new arguments or seek different remedies. This is guarded by the doctrine of res judicata, which, together with its related rule of abuse of process, frequently bar a party from relitigating an issue.

Most businesses today have a mobile workforce and either operate from offices in multiple jurisdictions or are looking to expand globally. 

This week will bring new developments in respect of EMIR 2.1. Certain firms will need to re-calculate their positions in over-the-counter (OTC) derivatives to reassess their classification under EMIR.

This briefing was updated on 1 July 2020.

On 1 July 2020, changes were made to the Government's Coronavirus Job Retention Scheme (the "Scheme") . As of 1 July 2020, employers are now able to bring furloughed workers back part-time and, from 1 August 2020, employers will be required to contribute to the wage subsidy on a phased basis. The Government has issued guidance on how these changes operate, which is supported by an updated version of the Treasury Direction containing the legal provisions underpinning the Scheme.

Following the implementation of the UK Government's COVID-19 Recovery Strategy and COVID-19 Secure Guidelines, measures concerning the health and safety ("H&S") and welfare of workers should be at the fore of employer risk mitigation strategies. With Government guidance stating that "for the foreseeable future, workers should continue to work from home rather than their normal physical workplace, wherever possible", employers should be considering separate H&S concerns and procedures required to protect employees or workers carrying out activities in the homeworking environment.

Following last week's announcement that the new domestic reverse charge to be implemented for certain construction services will, again, be delayed – this time from 1 October 2020 to 1 March 2021, regulations have been published setting out more detail. 

Stakeholder capitalism is not a new idea, but it is one with profound resonance in contemporary corporate culture, even before the dramatic changes brought about by COVID-19.

Following the decisions of Debenhams and Instant Cash in 2019, 2020 looked to be an uncertain year for the landlord CVA. Six months on and a global pandemic later, CVA activity is rising again to cope with a seismic shift in the retail and casual dining sector.

A decision is expected to be made this month on whether to extend the Brexit transition period. Not extending risks a disorderly end to the transition, adding a further economic shock to the damage done by COVID-19 – but extending exposes the UK Government to accusations of failing to deliver on its core promise to "get Brexit done".

Travers Smith LLP has advised newly formed International Literary Properties (ILP) on its major acquisition deal of 12 literary estates from one of the longest-established literary and talent agencies in the UK, Peters, Fraser + Dunlop.

This briefing was updated on 8 June 2020.

HMRC announced on 29 May 2020 that it will be consulting on draft legislation to tax certain of the Covid-19 support measures provided to businesses. 

The UK has now published the tariffs it expects to apply after the Brexit transition period expires on 31 December 2020 (unless it is extended).  What do these mean for business and why is the government planning to impose tariffs on more goods than it proposed last year in the event of a no deal Brexit?

Travers Smith has acted for Goldman Sachs International and Numis Securities in their capacity as joint bookrunners on the £81.8 million placing of new ordinary shares by Learning Technologies Group plc. 

The UK Competition and Markets Authority has made it clear that it will not relax key UK merger control rules in response to COVID-19, although it recognises that some adjustments may be required.

On 28 May, the Secretary of State for Business, Energy and Industrial Strategy granted a Development Consent Order for Cleve Hill Solar Park in Kent.

Chancellor Rishi Sunak has today announced further details of how the Coronavirus Job Retention Scheme will change in the coming months. From 1 July 2020, employers will be able to bring furloughed workers back part-time and, from 1 August 2020, employers will be required to contribute to the wage subsidy on a phased basis (albeit at a lower contribution that previously anticipated).

Travers Smith LLP is delighted to have contributed to the development of a new template for the DC Chair's Statement for pension scheme trustees.

Travers Smith LLP has advised long-standing client Horizon Capital and other selling shareholders on the sale of Connexas Group, a leading provider of connected vehicle technology and fleet management solutions throughout the UK, EU, North America and Australia, to AddSecure.

Travers Smith LLP has advised S4Capital plc on the merger of its programmatic media practice, MightyHive, with Digodat, a leading Latin American data and analytics consultancy.