<p>Filter Knowledge</p>

Welcome to the latest edition of our Anti-Bribery Newsletter, our regular review of developments in the fight against bribery and corruption in the UK and other jurisdictions.

In this In Practice article Finance partner Donald Lowe and Knowledge Counsel James Bell examine the impact of COVID 19 on financial covenants. A borrower may seek to argue that financial ratios should be calculated on the basis of "EBITDAC", so that the effect of the Coronavirus is ignored.

The EU Commission has announced that, as a result of the Covid-19 crisis, the first reporting deadline for the new DAC 6 regime (EU directive 2018/822) will be delayed by 3 months.  

Two former Supreme Court judges have recently suggested that, given the exceptional nature of the current crisis, a "more creative" approach may be needed in assessing contractual disputes. With that in mind, we've put together a checklist of potential issues to consider if you are looking to dig yourself out of a contractual hole created by COVID-19.

Following the announcement made by the Prime Minister on 10 May 2020, the UK Government published on 11 May 2020 its COVID-19 Recovery Strategy ("Recovery Strategy") and ‘COVID-19 Secure’ Guidelines ("Secure Guidelines").  These official guidance documents seek to aid the general public and businesses on navigating their way out of the current lockdown over the coming weeks and months. These are conditional steps and remain subject to meeting the UK Government's five key tests.  

The Pensions Regulator has recently gone on record with its views on diversity and inclusion (D&I) for the first time. As trustee boards are set to face increasing levels of scrutiny for a perceived lack of diversity, Daniel Gerring, Partner, Head of Pensions and Alex White, Associate at Travers Smith, explore why all pension scheme stakeholders can benefit from a change in approach towards D&I.

Force majeure clauses are coming under increasing scrutiny in the light of the global COVID-19 crisis, as many businesses are left unable to perform their contractual obligations. The High Court's recent decision in the case of 2 Entertain Video Ltd & Ors v Sony DADC Europe Ltd [2020] EWHC 972 (TCC) provides an important reminder of the limits of force majeure clauses.

Contact tracing apps have been making headlines around the world and are now set to form part of the UK Government's strategy for exiting from lockdown and unlocking the economy until a vaccine or effective treatment for those infected with COVID-19 is found.

The global COVID-19 pandemic is an unprecedented situation that will have a long-term impact on the asset management industry, stretching well beyond the current period of lockdown.

This briefing was updated on 12 May 2020.

On 29 April 2020, the English High Court handed down its decision on an important case for trade mark owners and applicants. The judgment is reassuring for trade mark owners, particularly those in the technology space where defining "goods and services" is no easy task.

Key employment and business immigration developments for employers.

Worldwide, countless races have been postponed pending COVID-19 – so too it seems has the race to the courthouse…

We appreciate that many companies have a lot to deal with in the current circumstances, but we wanted to remind you of your filing obligations if you operated an employee share incentive arrangement (whether tax-advantaged or not) in the 2019/20 tax year. 

The UK Government is under increasing pressure to set out how it proposes to manage a possible easing of the Covid-19 lockdown in order to allow more everyday activities to resume, particularly economic activity. The Prime Minister has urged caution, but we think it makes sense to look ahead to how the lockdown might be eased so that businesses can take appropriate steps to prepare.

This briefing was updated on 17 March 2021.