<p>Filter Knowledge</p>

The case of Leeds City Council and others v Barclays Bank plc and another [2021] EWHC 363 (Comm) addresses some important points relevant to misrepresentation claims. This briefing explains the decision.

In a case which may be relevant to disputes arising out of COVID-19 or Brexit, the Privy Council has recently considered what should happen where an event occurs which necessitates changes to a contract, but the parties are unable to agree a variation. The Privy Council had to decide whether the supplier should be allowed to rely on a force majeure clause to relieve it of liability for future performance.

On the eve of the first requirements under the Sustainable Finance Disclosure Regulation (SFDR) coming into force, the European Securities and Markets Authority (ESMA) released its final advice to the European Commission on Taxonomy reporting for companies in the scope of the Non-Financial Reporting Directive (NFRD). While there is some overlap between the companies covered by these two sets of requirements, certain large listed companies who are not obligated under the SFDR will be interested to read ESMA's advice which will inform the requirements applicable to them from 1 January 2022.

While the EU continues to develop a complex framework of environment and social impact related reporting requirements with its landmark Sustainable Finance Disclosure Regulation, the UK Government is seeking to forge its own path and is focusing, for now at least, more narrowly on climate reporting.

In 2019, UK voters were promised that there was a plan to "get Brexit done", so that we could all move on – and businesses could invest against a background of greater certainty. Whilst considerable progress has been made towards those goals, there remains a significant amount of unfinished business and uncertainty in key areas.

Schemes that have been using fiduciary management services for some time may face a 9 June 2021 deadline for putting those services out to tender or retender. Other schemes already using such services are subject to later deadlines.

What is COP26?

COP26 is the 26^th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC). The summit will be attended by the heads of state of the countries that signed the UNFCCC, as well as a variety of climate experts and campaigners, in order to agree and accelerate action on the Paris Agreement. The UK, in partnership with Italy, is hosting the summit this year in Glasgow from 1 - 12 November 2021 after it was delayed by a year due to the COVID-19 pandemic.

The UK is centre stage in the lead up to COP26. As host, the UK will be tasked with trying to build consensus at the summit to ensure its success, but there has already been some criticism of the UK's approach to COP26 from certain stakeholders.

While the Paris Agreement certainly represents the most important part of the international effort to alleviate the impact of climate change, there is also increasing recognition that the business world needs to play a central role in meeting net zero, as industrial activities are the biggest contributor to rising temperatures on the planet. The World Bank estimates that $4 trillion of finance needs to be mobilised annually to invest in mitigation and resilience in the Global South, and most of this needs to be financed by the private sector.

The Takeover Panel has published the response statement  to its October 2020 consultation paper on conditions to offers and the offer timetable. The revised Takeover Code will take effect on Monday 5 July 2021 (the "implementation date"). The revised Code will apply to all offers announced in accordance with Rule 2.7 on or after the implementation date, except where this would give the amendments retroactive effect.

Petrosaudi Oil Services (Venezuela) Limited v Clyde & Co LLP [2021] EWHC 444 (Ch)

The European Commission has recently published (on 17 March 2021) a consultation on its sustainable products initiative ("SPI"). The SPI is one of a number of initiatives designed to help the EU reach the Green Deal objectives (find further information on the Green Deal in our earlier TS Briefing Note) of lower resource consumption and reduced environmental impact, and responds directly to the EU Circular Economy Action Plan. Feedback on the SPI closes on 9 June 2021.

Updated June 2021

The path of disclosure rarely, if ever, runs smoothly. The process can be time consuming, costly, and an area ripe for skirmishes and protracted correspondence regarding scope and proportionality.

A regular briefing for the alternative asset management industry. 

To help you keep on top of legal developments relevant to alternative asset managers, we have created a checklist that pulls the key ones together. Our checklist highlights each development, providing a brief description and setting out the next steps.