<p>Filter Knowledge</p>

A regular briefing for the alternative asset management industry. 

On 12 October 2021 the English High Court ruled that interest rate swaps executed between Deutsche Bank AG London ("Deutsche Bank") and the Italian municipality Comune di Busto Arsizio ("Busto") in mid-2007 were valid and binding, obliging Busto to maintain its payments to the bank up to the conclusion of the swaps in 2031.

Welcome to the third in our series of podcasts focusing on international employment law. 

The last few months have seen several significant developments in relation to tax. Whilst perhaps the most headlines were generated by the OECD’s announcement that agreement has been reached on the introduction of important changes to global corporate tax rules, there have been several noteworthy developments from a domestic tax perspective, including the provision by the UK government of more details of the new tax on residential property developers and the new tax privileged regime for asset holding companies, both of which are due to come into force next April.

A recent judgment of the Court of Justice of the European Union (CJEU) has significant consequences for software providers which conduct sales of software to their customers through agents, both in the EU and the UK. It also highlights a wider debate around whether software should be treated as goods or services and why this matters.

At over 1200 pages, the Trade and Cooperation Agreement (TCA) signed by the UK and EU in December 2020 does not make for an easy read. This guide breaks it down into the key topics of interest to business. Alongside our commentary on each topic, you will also find links to the relevant provisions of the TCA. As our own analysis of the deal progresses, we will be adding further commentary, so please check back in for updates.

We have now passed the end of the third quarter of 2021, the date set by the Sterling RFR Working Group for the completion of the active transition of financial contracts away from LIBOR. Our briefing in June outlined the roadmap to transition and the progress being made in the cash and derivatives markets.

On 8 October 2021 the OECD updated its statement setting out the framework for international tax reform. The two-pillar plan will require the UK and other OECD members to make major changes to their domestic tax law over the next couple of years.

We have recently updated our cross-practice area guide to the UK-EU Trade and Cooperation Agreement (TCA), which breaks it down into key topics of interest to business. Our commentary has been fully updated to reflect developments such as the EU's recent data adequacy ruling regarding the UK.

Tax has been very much in the headlines recently. At a domestic level, we even have two new taxes to look forward to next year (being the health and social care levy (see our briefing) and residential property developer tax (RPDT)), whilst, at international level, agreement has been reached on most of the key features of significant two-pillar reform programme for global corporate tax rules (BEPS 2.0) (see our briefing). 

A regular briefing for the alternative asset management industry. 

The Department for Digital, Culture, Media & Sport (DCMS) recently launched a consultation on reform of UK data protection laws, with the twin objectives of strengthening public trust in the use of data, and helping to drive economic growth and innovation. The consultation builds on the Government's National Data Strategy, published last year which set out plans to build a world leading data economy that works for everyone. 'Unlocking the power of data' is also one of the Government's top 10 tech priorities, and the Government's recently published National AI Strategy also highlights the importance of this consultation and the role of data protection in wider AI governance.  

The International Organization of Securities Commissions (IOSCO) and the Committee on Payments and Market Infrastructures (CPMI) have issued a consultative report on the application of the Principles for Financial Market Infrastructures (PFMI) to certain stablecoin arrangements (SAs) (the Report).  

Our regular round-up of recent and forthcoming developments in law and practice for in-house counsel.

2021 has seen the UK Government and regulators engage in a blizzard of consultations and draft legislation, proposing reforms across a wide range of areas. The sheer volume makes it difficult for businesses to keep on top of changes that might affect them.

As working practices change and the shape of business adjusts to the events of the past 18 months, enquiries and appetite for relocating offices have picked up pace. 

An industry-led Project has been launched with the publication of a standardised set of ESG metrics and a mechanism for comparative reporting.

Since our previous briefing there have been a number of developments in the area of tax investigations and disputes. This briefing summarises some key ones and what they mean for taxpayers.

Since this article was written, there have been some changes to the tax breaks discussed, including the periods over which they are available;  for more information, please speak to any of the Tax contacts listed at the end of the briefing.

In a judgment handed down on 18 August 2021, the Supreme Court has confirmed the existence of the doctrine of lawful act economic duress in English law, but has emphasised the narrowness of its scope, citing just two specific sets of circumstances in which the doctrine may apply.