<p>Filter Knowledge</p>

In its recent judgment in HMRC v BlueCrest Capital Management (UK) LLP, the Court of Appeal has overturned the decisions of the lower tribunals and supported HMRC's narrow interpretation of "significant influence".  In doing so, the Court introduced a new focus on the source of a member's influence, holding that the only influence that counts is that derived from legal rights and duties. In addition, the Court appeared to support HMRC's view that the scope of significant influence is limited to strategic influence over the affairs of the LLP generally.

Welcome to the January 2025 edition of our quarterly update for listed companies.  If you would like to discuss any of these developments in further detail, please feel free to get in touch with any of the contacts listed at the end of this note.

The litigation funding market in England and Wales has grown rapidly in recent years under a largely self-regulated regime but change may be on the horizon in the aftermath of the Supreme Court's decision in PACCAR,¹ which prompted renewed public discussion about the funding industry and the extent to which it facilitates access to justice. The government has indicated that it will consider any recommendations made by the Civil Justice Council (CJC), which recently released its interim report on the subject, and which is currently running a public consultation on approaches to regulation.

The UK Treasury has indefinitely extended the exemption from mandatory clearing for UK pension schemes using derivatives to manage investment risks that relate to the solvency of the scheme.

In the final twist of this much talked about case, a consent order was filed on 18 December 2024 dismissing the shareholder action brought by 460 institutional investors against Barclays Plc ("Barclays") following a confidential settlement.

A claim against a UK mobile telecoms provider by its current and former franchisees alleges that the franchisor acted in bad faith.  We look at what role good faith has to play in franchise agreements – and whether we are likely to see more disputes over this issue in future.

In case you missed it: Travers Smith recaps a dramatic year in the world of sustainability reporting.

The Labour Party's manifesto for the 2024 General Election contained an emphasis on the reform of the planning system, with a view to "unlocking" it to promote growth and development. Notably, one of the Government's key commitments was to update the National Planning Policy Framework ("NPPF") within six months of being elected.

When the UK's Modern Slavery Act (the "MSA") was introduced in 2015, it was considered world-leading, with the UK being one of the first countries in the world to mandate corporate reporting on modern slavery. Now, nearly 10 years on, the initial optimism appears to be waning.

On 4 December 2024, the amending regulation in respect of the European Market Infrastructure Regulation ("EMIR 3.0") was published in the EU's Official Journal. EMIR 3.0 will come into force on 24 December 2024, 20 days after its publication in the Official Journal.

In Spain v London Steam-Ship Owners’ Mutual Insurance Association Ltd,¹ on 12 December 2024 the Court of Appeal upheld a Commercial Court ruling which refused to register and recognise a €855 million Spanish judgment issued against the London Steam-Ship Owners’ Mutual Insurance Association (the "Club"). The Spanish judgment was inconsistent with earlier arbitral awards issued in London in respect of the same dispute. In reaching this conclusion, the Court of Appeal recognised that the res judicata created by a binding arbitral award is essential in the legal order of the United Kingdom (UK), and therefore it would be manifestly contrary to public policy to recognise the inconsistent Spanish judgment in England & Wales.

Earlier this month, local authorities in England were granted a new power to help them reinvigorate their local towns: they can now hold rental auctions to arrange lettings of vacant high street and town centre properties. In this briefing, we answer 10 frequently asked questions about the new regime from the perspective of a landlord.

An Energy Performance Certificate ("EPC") is a certificate, issued by an energy assessor, which shows information about the energy efficiency of the property to which it relates. It is a multi-functional tool: on a practical level, it helps owners and investors to understand and improve the energy performance of their own properties, and can give prospective buyers and tenants an insight into their likely energy costs.

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An Australian court has held that bitcoin is personal property, in a way that highlights our concern that the Law Commission's Property (Digital Assets etc) Bill (the Bill), presently going through Parliament, will create an unhelpful "fork" in the international legal treatment of cryptoassets.

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A regular briefing for the alternative asset management industry.