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It has been just over a week since Chancellor Rishi Sunak made a statement to Parliament setting out the Government's approach to financial services following the UK's imminent departure from the EU on 31 December; a statement that has since sparked much debate, intrigue and (cautious) excitement in the fintech, market infrastructure and payments space.
The English courts have, until recently, shown reluctance to encourage the kind of "class-action" regime so beloved in the US. This mechanism can provide easier and cheaper "rough justice" to potentially cash-strapped claimants against deep-pocketed corporations, and can get cases through the court system faster.
A regular briefing for the alternative asset management industry.
The UK Government today set out its ambitious ten point plan for the Environment, covering clean energy, transport, nature and innovative technologies.
In Primus International Holding Company & Ors v Triumph Controls – UK Limited & Ors,1 the Court of Appeal has confirmed that, unless there are clear words to the contrary in a contract, the ordinary legal meaning of a particular term (in this case, "goodwill") will be preferred to an unusual or non-legal meaning.
From 1 December 2020 new changes to the priority rules in insolvency will have a real impact on the recoveries achieved by secured creditors on the insolvency of a debtor. These new rules give HMRC priority above floating charge holders and ordinary unsecured creditors in relation to tax collected by an insolvent company from third parties, such as VAT, PAYE income tax and NICs.
Brexit is set to have a major impact on goods supply chains and the trade deal with the EU, though welcome, is unlikely to make a significant difference, except when it comes to tariffs. Our Q&A explains why and sets out what importers and exporters need to do in order to adapt to these changes.
Following mixed results for policyholders and insurers as a result of the High Court's judgment in the FCA's Business Interruption Insurance Test Case (FCA v Arch Insurance & Ors [2020] EWHC 2448 (Comm)), the FCA has announced that the Supreme Court will hear the appeals of the FCA and 6 of the 8 Defendant Insurers against the High Court's judgment over a 4 day hearing, starting on 16 November 2020.
The UK government and regulators have jointly announced their approach to implementing the recommendations of the Taskforce on Climate-related Financial Disclosures within the next five years. Notable by its absence is any explicit mention of the EU Sustainable Finance Disclosure Regulation which comes into force in March 2021.
The Government has introduced a cap on public sector exit payments which took effect from 4 November 2020. Under the cap, payments by a public sector body in respect of an employee's termination of employment must not exceed £95,000 in total for that employee.
This briefing was updated on 20 November 2020.
PIPE transactions in the UK
Key employment and business immigration developments for employers.
Clarification has recently been given by the Supreme Court in Enka v Chubb Russia [2020] UKSC 38, on the principles to be applied to determine the proper law of an arbitration agreement, in particular where the governing law of the contract differs from the law of the seat of the arbitration.
The Chancellor has today announced that the Coronavirus Job Retention Scheme (CJRS) is being further extended until the end of March 2021.
In an increasingly data driven world in which we are all learning to become more data conscious, Data Subject Access Requests ("DSARs") are an important tool for individuals to check how their data is being used, and whether such use is lawful.
Whilst the Covid-19 pandemic and continuing uncertainty over the nature of the UK’s relationship with the EU post-Brexit have dominated the political and economic agenda in recent times, there have been a number of important tax developments that asset managers should have on their radar as we approach the end of 2020.