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With the first UK Labour Government since 2010 now firmly with their feet under the table, this is a good opportunity to take stock of how the Government is approaching national security reviews under the UK's National Security and Investment Act ("NSIA") regime.
The UK Competition and Markets Authority (CMA) has published the provisional decision in its cloud services market investigation. It provisionally recommends that the cloud service activities of the two largest players, Amazon Web Services and Microsoft, should be investigated using the CMA's new powers to regulate Big Tech under the UK's Digital Markets, Competition and Consumers Act.
In February 2024, HMRC controversially amended its published guidance on the salaried member rules to say that, in its view, increases in capital contributions made solely to fall outside the salaried members rules would be ineffective. Following strong concerns and disquiet expressed by many (including those in the private capital industry), HMRC decided to conduct an internal review of those changes.
The consumer law provisions of the Digital Markets, Competition and Consumers Act 2024 are expected to come into effect in April 2025. As well as new rules on pricing, fake reviews and subscription contracts, B2C businesses will face a much tougher enforcement regime – with the prospect of fines of up to 10% of global turnover. We explain how you can protect your business from the risks and even use the legislation to your advantage.
The Bank of England has now opened applications for its Contingent NBFI Repo Facility (CNRF). The facility will enable non-banks such as DB pension schemes, LDI funds and insurers to access cash following an increase in demand for liquidity during times of severe market stress.
The Court of Appeal in Kumar Limbu & Others v Dyson Technology Limited & Others [2024] EWCA Civ 1564 ("Limbu CoA") has overturned a High Court decision[1] which had declined jurisdiction to hear claims against members of the Dyson Group brought by 24 migrant workers from Nepal and Bangladesh. This means that the claim, which seeks to hold the Defendants liable for alleged forced labour practices and similar human rights abuses at the facilities of one of the Dyson Group's Malaysian suppliers, will now proceed in the English courts.
This article was first published in the January 2025 issue of Butterworths Journal of International Banking and Financial Law.
This article, authored by international secondee Pascal Urban from Gleiss Lutz, was first published in the January 2025 issue of Butterworths Journal of International Banking and Financial Law. The author thanks James Bell, Knowledge Counsel in the Finance Department at Travers Smith LLP, for his helpful assistance on this article.
Our take on what companies and asset managers should know about the omnibus so far, what we can expect to happen next, and what interest groups are saying about the announcement on the ground.
The much-anticipated updated version of the National Planning Policy Framework ("NPPF") was published on 12 December 2024, following a period of industry-wide consultation. The NPPF sets out the Government's high level, national planning policies and carries particular importance as a 'material consideration' which local planning authorities ("LPAs") must take into account when deciding planning applications.
2025 – Challenges and Opportunities
In this short video, Richard Offord, Katie Hindley and Jonathan Rush provide a 5 minute primer on key pricing issues in commercial contracts. Topics covered include whether suppliers can raise prices unilaterally, how to deal with inflation, cost plus and open book pricing, audit clauses, "best price" or MFN obligations, price-matching clauses and benchmarking.
A regular briefing for the alternative asset management industry.
The UK Competition and Markets Authority (CMA) is already conducting a market investigation into cloud service providers, including Amazon and Microsoft. On 1 January 2025, it gained extensive new powers under the Digital Markets, Competition and Consumers Act 2024 ("DMCC Act"). We look at whether these developments could lead to tougher regulation of major players in cloud services and what that would mean for their customers.
As we noted in our previous CSRD briefing, 2024 saw a dizzying number of changes for companies in scope of this landmark sustainability reporting regulation. Keeping track of these changes is a big enough challenge.
In difficult economic times, company boards (both public and private) are under increasing pressure to demonstrably deliver maximum value for shareholders. One method of unlocking hidden value, particularly in larger corporate groups, is by undertaking a 'carve-out' transaction and creating a win/win for Buyer and Seller.
Parties to a contract often do not give sufficient thought to how they should best resolve their disputes. For instance, parties might always use a template contract that refers disputes to the local courts, but that might not be the best option for each deal or contract. Referring disputes to arbitration can be hugely advantageous; this brief article highlights some of those advantages. However, it is vital that the relevant arbitration clause is drafted properly; an unclear or incomplete arbitration clause is a guaranteed road to preliminary and procedural battles that can be expensive and delay resolution of the substantive dispute.