<p>Filter Knowledge</p>

A regular briefing for the alternative asset management industry. 

The High Court's recent judgment in Fibula Air Travel s.r.l. v Just-Us Air s.r.l. [2020] EWHC 3048 provides some early clues about how force majeure clauses might be interpreted where parties seek to rely on them as a result of difficulties associated with the COVID-19 pandemic (the "Pandemic").

Key employment and business immigration developments for employers.

"You don't need to have 20/20 vision to see that the year ahead will be challenging…"

Updated 31 March 2021

Updated 26 February 2021

Partner and Head of Operational Risk & Regulatory Doug Bryden recently spoke at Marsh's Hazardous Chemicals webinar to discuss the evolving regulatory, legal, and risk landscape and how legal liabilities arise.

This briefing was updated on 8 February 2021.

The Trade and Cooperation Agreement (TCA) between the UK and the EU agreed just before Christmas was hailed by the Prime Minister as a deal which offers significant new freedoms for the UK (as compared with EU membership), whilst at the same time providing certainty and substantial economic benefits for business. But how far do those claims match what the agreement actually says? 

At the eleventh hour, Parliament yesterday approved the European Union (Future Relationship) Bill, sealing the UK's approval of the 1,259-page Trade and Cooperation Agreement reached between the EU and the UK on Christmas Eve. The final Parliamentary stages were completed swiftly afterwards and the Agreement will apply on a provisional basis pending formal ratification from the EU, expected by the end of February 2021.

The Department for Business, Energy and Industrial Strategy ("BEIS") has published its Final Report: Frameworks for standards for non-financial reporting ("NFR") (the "Report") which sets out the preferences of key U.K. stakeholders around NFR standards. Whilst established reporting standards and accounting principles for financial reporting are available to businesses, the Report notes there is no equivalent for NFR despite there being a number of key drivers for the publication of this information (set out below) and so, although the purpose of this research is not to endorse a specific framework, BEIS hopes that it may support future studies exploring potential changes to policy in this area.

The Investment Association has published a Climate Change Position Paper (the "Paper") which represents the stance of the investment management industry on climate change. The Paper sets out the industry's commitment to climate action, including working with the UK Government to accelerate change and bolster the UK's position as a global leader in sustainable finance. 

The European Commission has unveiled proposals aimed at overhauling the digital market, including the way in which big tech businesses operate in the EU. They are aimed at increasing the responsibility of certain tech businesses for the way in which they operate and connect customers to goods, services and content – and there will be scope to impose significant fines for non-compliance.

This briefing was updated on 14 January 2021 to reflect the provisions of the UK-EU trade deal.

Public procurement rules affect the way that government and other bodies controlled or funded by the state award contracts to the private sector. The current rules in the UK are heavily influenced by EU legislation.

The announcement that the UK and EU have (at long last) reached agreement on the trade aspects of their future relationship is obviously very welcome news for business. In particular, it avoids the prospect of an acrimonious break with the UK's biggest trading partners and will mitigate some (but by no means all) of the adverse trade impacts of the UK leaving the EU Single Market and Customs Union.

The UK Government has recently published draft legislation designed to strengthen its powers to scrutinise transactions on grounds of national security. This briefing summarises the key points to be aware of in relation to the National Security and Investment Bill ("the NSI Bill").

2020 has been a tumultuous year; every part of our society and economy has had to adapt to a range of emergency measures and to an ongoing state of flux. In the real estate sector this has meant both the derailing of some anticipated legal changes and the introduction of some unexpected legislation.

HM Treasury (HMT) has published a consultation document (the Condoc) containing proposals for the design of a new tax privileged regime for asset holding companies (AHCs) used in alternative fund structures (the Proposals).