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Talking. Secondaries. Part 10: Is a continuation vehicle an AIF?

Continuation vehicles are typically structured as limited partnerships, with the investors (both rolling and new) constituting limited partners in the vehicle and the GP acting as manager of the vehicle. From a regulatory perspective, this continuation vehicle will typically fall within one of two regulatory categories: an alternative investment fund (“AIF”) or a non-AIF collective investment scheme (“CIS”).

Share Plan Annual Reporting Deadline – 6 July 2024

The 2023/24 tax year has ended so now is the time to start thinking about your annual employee share plan reporting obligations. Annual returns for the last tax year must be filed online with HM Revenue & Customs (HMRC) by 6 July 2024 and are due in respect of all the employee share plans or arrangements you had in place during that period, even if there has been no activity.

Consultation on payment optionality: a bundle of joy?

The FCA has published a consultation paper (CP24/7) on Payment Optionality for Investment Research. This sets out the regulator's considered proposals in the light of one of the recommendations from the Independent Research Review (IRR) – i.e. that buy-side firms should have the option - once again - of being able to buy research on a bundled basis, subject to certain conditions.

Alame & Ors v Shell & Anor: Lessons in the case management of large group actions

Introduction 

In recent years, there has been an increasing trend for claims to be brought in the English Courts on behalf of large groups of claimants seeking redress for environmental damage suffered in overseas jurisdictions. Although the English Courts have been reluctant to prevent such claims from proceeding on the basis of early procedural objections from defendants, their size and complexity have presented significant case management challenges (an issue we have previously addressed in this article).

Hunter v Hammond - CAT determines carriage dispute as a preliminary issue

On 5 February 2024, for the first time, the Competition Appeal Tribunal (the "CAT") decided on a "carriage dispute", between two competing proposed class representatives ("PCRs"), as a preliminary issue independent of certification.[1] The CAT made clear that unless there are special reasons why the carriage and certification issues should be heard together, deciding carriage disputes as a preliminary issue will be the preferred and automatic approach going forward. In its judgment, the CAT also provided helpful guidance on how such carriage disputes are to be determined in future cases.

High Court clarifies test for valuers' liability in Bratt v Jones

In determining a negligence claim against a valuer for an alleged under-valuation of a residential development site, the High Court considered whether it was sufficient when considering the question of liability to focus on the end result of the valuation, rather than the valuer's process of arriving at his result – raising the question of whether a valuer must separately and additionally be shown to have fallen below the standard of a reasonably competent valuer (the Bolam test). In dismissing the claim, the Court gave careful consideration to the apparently conflicting cases applicable to determining valuers' liability and clarified the correct legal test to be applied in such cases.

EU Digital Legislation: what do you need to know?

Getting to grips with the tide of transformational EU digital legislation that has emerged over the last two years is a real challenge. To make this easier, we've produced a handy primer entitled "EU Digital Legislation – what do you need to know?", providing a high-level overview of what the legislation does, who is in scope, when it applies, and some preparation tips.

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