<p>Filter Knowledge</p>

A regular briefing for the alternative asset management industry. 

Introduction

Summary

A recent judgment of the Court of Appeal has clarified four important principles relating to the scope of legal professional privilege.

Following a lengthy consultation period, the Financial Reporting Council (the "FRC") recently unveiled its revised UK Corporate Governance Code (the "Code"). As expected from its policy statement in November 2023, the FRC has dropped many proposals that were originally floated, in light of both the Government's withdrawal of the Companies (Strategic Report and Directors' Report) Amendment Regulations 2023 and feedback received during the consultation.  As a result, the revised Code is, in the FRC's words, a "limited revision", with the key changes focusing on internal controls.

Welcome to our two-part Employment and Immigration 2024 webinar update. In these videos, knowledge counsel Adam Rice and Anna West, will be discussing various topics, including key cases on discrimination and clash of rights, redundancy, bonus clawback mechanisms, and non-competes, as well as the legal developments in store this year regarding sexual harassment, diversity, flexible working, family friendly rights, holiday and other workers' rights.

Since our last briefing, there have been several significant developments which affect the real estate sector, including amendments to previously announced policies (for example, making "full expensing" permanent) and important international measures coming into effect (such as the "GloBE" rules introducing a global minimum corporate tax rate for large multinational enterprises).

In a landmark ruling, the UK Competition Appeal Tribunal has approved a settlement for the first time since the collective proceedings regime was introduced in 2015. The settlement relates to the 'roll on roll off' (RoRo) claim, following-on from the European Commission's 2018 infringement decision against several shipping firms.

The EU Regulation on Digital Operational Resilience (DORA) will apply from 17 January 2025 to most financial entities in the EU. DORA's increased focus on third-party risk management includes detailed requirements for provisions that must be included in existing and new ICT contracts.

Welcome to our Winter 2024 Update in which we look at the latest developments in the broad field of employee incentives and remuneration and consider what is in store for the year ahead. Do reach out to a member of our team if you would like to discuss any of these issues.

The Pensions Regulator (the "Regulator") has updated the questions for Defined Benefit ("DB") and Hybrid schemes to answer in this year's Scheme Return (which will need completing by 31 March 2024).

A regular briefing for the alternative asset management industry. 

Dealing with inflation in an outsourcing

Head of Finance Danny Peel, Partner Charles Bischoff and Senior Counsel Laura Smith have authored a chapter on rated subscription lines in the latest edition of Global Legal Insights' annual fund finance publication. In this chapter they consider the elements of fund and finance documentation that are likely to be in focus when assigning credit ratings, and explore what their application may mean for the fund finance market in the medium to longer term.

Head of Derivatives & Structured Products Jonathan Gilmour, and Partners Peter Hughes and Joseph Wren have authored a chapter on derivatives at fund level in the latest edition of Global Legal Insights' annual fund finance publication. This chapter highlights some key structural and legal issues that should be considered by a private capital manager thinking about entering into derivatives transactions at fund level as part of its risk management.

After much delay, the UK is finally introducing full border controls on imports of goods from the EU. We look at what's changing over the course of the next 12 months.

The Court of Appeal has ruled that the previous decision of the High Court to sanction a restructuring plan ("Plan") that had been proposed by the Adler Group ("Adler") should be set aside. The decision marks the first appeal in relation to a restructuring plan under Part 26A of the Companies Act 2006 ("Companies Act") and the decision offers clarity on the approach to restructuring plans, particularly when considering issues of "fairness".

The Pensions Regulator has published its General Code of Practice, setting out its expectations for good governance in occupational, personal and public service pension schemes. The Code has been laid before Parliament and is expected to take effect on 27 March 2024.

Following the entry into force of the Financial Services and Markets Act 2023 ("FSMA 2023"), the Bank of England, FCA and PRA (the "Regulators") are consulting on new rules and a joint Supervisory Statement on their new powers to regulate critical third parties ("CTPs") which are designated by HM Treasury because of their systemic importance to authorised firms and financial market infrastructures ("FMIs"). This significant expansion of the Regulators' supervisory remits will usher in an entirely new era for CTPs, which (including those that are not based or even incorporated in the UK) will need to comply with a range of rules on governance, operational continuity and regulatory engagement as well as other areas.  

It is relatively rare for contractual limitations of liability to fall foul of the Unfair Contract Terms Act 1977 (UCTA) – so you could be forgiven for thinking that businesses don't need to be too concerned about UCTA. But a recent ruling by the Court of Appeal challenges some commonly held assumptions about the legislation and may mean that it becomes more of an issue in future – particularly for suppliers using standard terms.

Key employment and business immigration developments for employers.