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Over a year after its initial formation, on 31 March 2020 France, Germany and the United Kingdom (the "E3") confirmed that the Instrument in Support of Trade Exchanges ("INSTEX") had successfully concluded its first transaction; facilitating the export of medical goods from Europe to Iran to assist with Iran's response to COVID-19.
Developers, pre-let tenants and funders are all looking hard at their development agreements, development funding agreements, agreements for leases and building contracts to assess what impact the COVID-19 pandemic, and the Government's response to it, will have on their current construction works in England. We outline in this note some of the key information and issues for such parties to consider before deciding whether or not to suspend or continue their works.
Published government guidance and public announcements in light of COVID-19 state that businesses and workplaces should encourage their employees to work at home, wherever possible. As a result, remote working arrangements are now widespread due to the UK COVID-19 management strategy.
This briefing was updated on 30 June 2020.
The Streamlined Energy and Carbon Reporting (SECR) framework is designed to simplify organisations' reporting of energy use and carbon emissions. It aims to improve on the various mandatory energy and carbon schemes: the recently closed Carbon Reduction Commitment (CRC) was criticised as administratively burdensome and complex; the Energy Savings Opportunity Scheme (ESOS), which remains in force, is generally regarded as being too limited in scope and crucially does not involve public disclosure.
Companies with an international footprint will need to ensure that their tax residence (and other taxable presence) is not affected by travel restrictions imposed in response to the COVID-19 pandemic. HMRC has published guidance on these issues, which is somewhat helpful if less definitive than the approach of a number of other jurisdictions.
With COVID-19 dominating the news, Brexit may seem like a distant memory – but it hasn't gone away. In this briefing, with the help of trade policy expert Dmitry Grozoubinski, we look at what's been happening in the Brexit negotiations, what can (and can't) be done by video conference and the prospects for an extension.
On 8 April, in response to the COVID-19 crisis, the FCA announced a series of temporary measures aimed at helping listed companies to access capital through equity fundraisings.
Potential liquidity concerns are dominating private equity managers’ contingency planning for their portfolio investments. Flexible funding solutions provided on a fund-wide basis have emerged as a means for managers to tap additional capital as needed in order to finance working capital or additional equity for their investee companies.
In the context of continued LP scrutiny of all performance indices and management fee levels, GPs/managers continue to seek to differentiate themselves in terms of yield and broader ‘value add’ for investors. Increasingly they are looking to a range of sophisticated fund management and liquidity tools in order to maximise returns and distinguish their offering.
This inaugural edition of Investment Insights for Pension Funds is devoted to the current economic crisis caused by COVID-19. Experts from across the firm share their insights on how companies are being affected, the actions they are taking, and the implications for investors.
The Financial Conduct Authority (FCA) has set out its expectations of solo-regulated firms under the Senior Managers and Certification Regime (SMCR) in light of the coronavirus (COVID-19) pandemic.
COVID-19 has been a shock to the system of even the best capitalised companies, with cashflow squeezes causing most companies to consider their funding positions. This briefing focuses on the various equity fundraising options for UK companies needing to tap the market and explores the changing nature of directors' duties in this context, as well as the company's disclosure obligations.
COVID-19 has been a shock to the system of even the best capitalised companies, with cashflow squeezes causing most companies to consider their funding positions. This briefing focuses on the various equity fundraising options for UK companies needing to tap the market and explores the changing nature of directors' duties in this context, as well as the company's disclosure obligations.
This briefing was updated on 3 June 2020.
Over the last 4 weeks, in the face of COVID-19 the worldwide economy has experienced the sorts of pressures not seen since the Great Depression. Businesses around the world have been forced to close their doors; we have seen government interventions which, only 3 months ago, would have been unthinkable; and terms such as "social distancing" and "furloughing" have become common parlance.
This briefing was updated on 13 May 2020.
HMRC have introduced temporary procedures for the payment of stamp duty on, and the stamping of, stock transfer forms and other instruments of transfer. Under the usual procedure, stock transfer forms are physically stamped using a specialised machine located at one of HMRC's offices.
Airbus's recently-concluded Deferred Prosecution Agreement ("DPA") with the Serious Fraud Office ("SFO") and regulators in France and the United States ended a long-running corruption probe with a record-breaking €3.6bn global settlement, of which €991mn relates to fines and costs in the UK.
This briefing was updated on 29 April 2020.
This week, in what is very much a sign of the times we find ourselves living in, the Supreme Court handed down its long-awaited judgment in the high profile Morrisons data breach litigation via live stream.