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The public statements made by Brexit negotiators David Frost and Michel Barnier last week suggest that the latest round of Brexit negotiations has resulted in minimal progress on the key issues separating the UK and EU.
National governments across the EU have provided significant financial aid to support companies in the wake of the COVID-19 crisis. Ordinarily, many of these measures would fall foul of EU state aid rules and be open to legal challenge – but the EU has introduced a temporary framework to permit such measures to be taken.
The Financial Conduct Authority ("FCA")'s proposal requires UK premium listed entities to state whether they comply with the recommendations of the Financial Stability Board’s Taskforce on Climate-related Financial Disclosures ("TCFD") and/or to explain any non-compliance. Although the TCFD already has more than 500 supporters (including 457 companies and 56 other organizations e.g. industry associations and governments), the proposed changes reflect the view that further active intervention is needed in order to accelerate climate change reporting.
Covid-19 created a global pause for all of us. As lockdown in the UK eases, many companies are now taking stock of lessons learnt in the crisis.
This briefing was updated on 1 October 2020.
Much has been made in the press recently of the additional burdens which Government guidance has placed on businesses, particularly in the leisure and hospitality sectors, in terms of the personal data which they will have to collect about their customers and guests as they ease out of lockdown.
Collective experience has illustrated how impactful periods of volatility in foreign exchange rates can be for managers of funds with currency exposures. Such exposures can arise as a result of a multi-jurisdictional investor base, cross border transactions or assets held in underlying portfolios which are denominated in a different currency to the base currency of the fund.
On 25 June 2020, new legislation came into force in the UK which makes it much more difficult for suppliers to terminate contracts where the customer is subject to an insolvency procedure. In this briefing, we highlight the key issues that both suppliers and customers should be aware of and consider whether you should amend termination provisions in new contracts.
The CJEU has released its judgment in the long running Max Schrems/Facebook Ireland story. We explain what the case is about and why it's important.
On 11 May 2020 the Government published practical guidance1 for employers on how to keep their workforce safe by implementing safety measures differentiated according to the activities undertaken, the physical spaces occupied by, and the demographic risk profiles associated with, relevant employees. Furthermore, in June 2020 the Government set out a timeline for retail stores to reopen2 which as of 4 July 2020 has been extended to include a set of further easements to other businesses and venues in the hospitality, personal care, accommodation and leisure space.
With the Brexit transition period due to expire on 31 December 2020, there is not much time left to prepare.
As a result of the COVID-19 pandemic the supply of goods or services to public bodies under existing contracts has in certain cases needed to be reduced, interrupted or adjusted due to, for example, supply chain issues, a drop in demand or incapacity to fulfil the contract due to UK government restrictions in place. As the UK government turns towards its recovery strategy, we look at: how public bodies might deal with risks to continuity of supply of critical services, and begin the transition towards new, sustainable, operating models; and how this might impact suppliers.
In this In Practice article Finance partner Charles Bischoff and Senior Associate Tom Maclean examine the impact of COVID 19 on lenders and borrowers in the speciality finance space.
The new Off-Payroll Working Rules (the 'New Rules') will come into effect from 6 April 2021. Organisations engaging the services of workers through intermediaries both directly as well as through agencies, will have greater administrative and financial burdens under the New Rules.
The new Off-Payroll Working Rules (the 'New Rules') will come into effect from 6 April 2021. Organisations engaging the services of workers through intermediaries both directly as well as through agencies, will have greater administrative and financial burdens under the New Rules.
The European Green Deal, announced by the European Commission in December 2019, commits the EU to becoming climate-neutral by 2050 whilst promising to help companies to become world leaders in clean products and green technologies. The ambitious and wide-ranging measures set out in the plan are aimed at achieving significant reductions in carbon emissions and a net zero target will be given legislative force in a new Climate Law.
On 9 July 2020, the Office of Gas and Electricity Markets ("Ofgem") published their consultation on the draft determinations on the RIIO-2 Framework for the setting of price controls for the gas and electricity networks in Great Britain.
Key employment and business immigration developments for employers.
This briefing was updated on 3 March 2021.