<p>Filter Knowledge</p>

A regular briefing for the alternative asset management industry. 

In this briefing we explore the risk that a lender might renege (voluntarily or involuntarily) on its funding commitments. We touch on the different types of lender entities in the market currently and examine why there are often different reasons behind such a failure to fund.

Find the latest news, views and our analysis of all the key announcements.

On 9 November 2022, the Investment Association (the "IA") published its latest version of the IA Principles of Remuneration (the "Principles") and Letter to Remuneration Committee Chairs (the "Letter").

Industry collaborations have been high on the competition law agenda in recent years, with businesses seeking to navigate an ever-growing number of 'horizontal' competitor collaborations, industry initiatives, and bilateral as well as multilateral information exchanges.

Against a background of high inflation and a challenging economic environment, many businesses are looking at whether they can raise prices. However, as we explain below, even where a contract appears to allow for this, much depends on the precise wording and what constraints the courts may decide to impose.

Key employment and business immigration developments for employers.

With COP27 starting earlier this week, all eyes remain on what progress governments and international organisations are able to make to meet climate critical finance targets. Climate finance is a major issue at COP27, as it has been since developed countries initially agreed to mobilise $100 billion per year at COP15 in 2009 by 2020 (later extended to 2025). However, this annual target has never been met.

The Advertising Standards Authority (ASA) is consulting on guidance that would require mid-contract price rises in consumer contracts to be more prominently stated in telecoms advertising. As we explain below, this may also be of interest to other B2C businesses outside the telecoms sector.

In the recent case of Newpier Charity Limited v HMRC [2022] UKFTT 373 (TC), the First-tier Tribunal (FTT) had to decide whether it was obliged to agree to the application by a charity, Newpier Charity Limited (Newpier), for it (the FTT) to require HMRC to close an enquiry into Newpier's tax return.

On 4 November 2022, the Pre-Emption Group published a revised Statement of Principles for the disapplication of pre-emption rights (the "Statement"), together with new template resolutions. The Statement, which has been updated for the first time since 2015, has immediate effect in line with the recommendations of the UK Secondary Capital Raising Review (the "Recommendations") published in July.

The rise in gilt yields following Kwasi Kwarteng's "mini-budget" announced on 23 September 2022 led to the Bank of England stepping in to stabilise the market - primarily to protect UK defined benefit (DB) pension schemes from the impact of the volatility which arose immediately afterwards. Here we outline what happened and some of the potential longer-term impact for schemes pursuing liability-driven investment (LDI) strategies.

The High Court held in Thomas & Ors v Metro Bank [2022] EWHC 2112 (Ch) that a trustee in bankruptcy had waived privilege in certain Russian law legal advice, and the underlying instructions, by summarising the advice in a witness statement written in support of a section 366 Insolvency Act inquiry.

The UK's Prime Minister may have changed but the Growth Plan unveiled in September remains in place - at least for now. Armed with new powers to repeal and replace EU law under the so-called Brexit Freedoms Bill, the Plan appears to envisage an ambitious programme of regulatory reform.

A regular briefing for the alternative asset management industry. 

Our regular round-up of recent and forthcoming developments in law and practice for in-house counsel.

Most businesses would agree that better regulation is a desirable goal – but how do you actually achieve it? In the first of a series of briefings on regulatory reform across a range of different sectors, we look at the implications for business of the UK Government's approach to regulation and how far it is likely to succeed.

In the recent decision of University of Dundee v Chakraborty [2022] EAT 150, the Employment Appeal Tribunal (EAT) considered whether a report, which had at an earlier stage of proceedings been non-privileged, could acquire privileged status following the incorporation of legal advice by solicitors. The case provides a helpful restatement of the rules relating to legal advice and litigation privilege.

Private Equity & Financial Sponsors Partner George Weavil and Financial Services & Markets Senior Counsel Henriika Hara have featured in the latest edition of Private Equity International's Impact Investing Report discussing the private equity model and how it is suited to impact investing.