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

Most businesses would agree that better regulation is a desirable goal – but how do you actually achieve it? In the first of a series of briefings on regulatory reform across a range of different sectors, we look at the implications for business of the UK Government's approach to regulation and how far it is likely to succeed.

In the recent decision of University of Dundee v Chakraborty [2022] EAT 150, the Employment Appeal Tribunal (EAT) considered whether a report, which had at an earlier stage of proceedings been non-privileged, could acquire privileged status following the incorporation of legal advice by solicitors. The case provides a helpful restatement of the rules relating to legal advice and litigation privilege.

COP27 is due to take place in Egypt from 6 to 18 November 2022. The summit comes at a time when there are acute energy issues across the globe, increasing numbers of extreme weather events and worrying data from the Intergovernmental Panel on Climate Change ("IPCC") which indicates we may not be doing enough to avoid the worst aspects of the climate crisis.

Private Equity & Financial Sponsors Partner George Weavil and Financial Services & Markets Senior Counsel Henriika Hara have featured in the latest edition of Private Equity International's Impact Investing Report discussing the private equity model and how it is suited to impact investing. 

Having previously been expected earlier this year, the FCA has now published its consultation paper on the proposed new sustainability disclosure requirements (SDR) regime and a set of consumer-friendly sustainability labels. This is, in effect, the UK's answer to the EU Sustainable Finance Disclosure Regulation (EU SFDR), although the proposed UK regime goes further in terms of having formal product labels and is bolstered by rules already in force that require many firms to report climate-related risks and opportunities in accordance with the TCFD guidelines (covered in our 2022 New Year Briefing).

Travelling. Seamlessly. podcast series

On 7 October 2022, President Biden issued an Executive Order (EO) that seeks to address the concerns set out in the Schrems II decision about US intelligence agencies’ access to EU individuals’ personal data. The EO is a significant step towards an EU-U.S. adequacy decision (expected in Spring 2023, if approved by member states) but, if granted, will that adequacy decision be sufficiently robust to withstand a likely legal challenge? 

In our latest Tax. Simplified. podcast, Tax Senior Associate Siv Devakumar and Associate Lewis Currie consider the recent case law developments on the unallowable purpose rule.

Earlier this year, Mahesh Varia, Partner and Head of Travers Smith's Incentives and Remuneration Group, met Leander A. Dolphin, Managing Partner of Shipman & Goodwin, at Harvard Law School where they were both delegates on the Leadership in Law Firms programme.

Funds and Secondaries Partner Ed Ford has written a special report article for Financier Worldwide, examining the conflicts of interest in the GP-led secondary market.

The UK's Subsidy Control Bill received Royal Asset on 28 April 2022 , becoming the Subsidy Control Act 2022 (the "Act"). The new regime will come fully into force on 4 January 2023. The Act has been hailed by the UK Government as a major departure from the EU State aid rules.

This update provides a brief overview of some notable events that have occurred in recent weeks, including the UK Government's increasing ability to target activities considered to be problematic from a circumventing Russian sanctions perspective.

A regular briefing for the alternative asset management industry. 

The UK Government is proposing greater regulatory oversight of financial services outsourcings involving "Critical Third Parties" (CTPs). If implemented, these changes will result in CTPs – some of which may not regard themselves as part of the finance sector - being regulated directly by financial services supervisory authorities. This would represent a major shift in approach.

In the current macro-economic conditions, deal activity has slowed, in part due to valuation mismatches and difficulties raising third party debt.

Find the latest news, views and our analysis of all the key announcements.

Partners Andy Lewis and Jonathan Gilmour, Senior Counsel Harriet Sayer and Senior Consultant Simon Witney have contributed to the latest paper from Principles for Responsible Investment (PRI): A legal framework for impact (UK): integrating sustainability investment goals across the investment industry.

The FCA has published PS22/10, its policy statement on strengthening the financial promotion rules. This sets out feedback to the January 2022 consultation paper, its final rules and final non-handbook Guidance for firms approving financial promotions.

The EU recently revealed its proposal for a new Regulation to combat the use of forced labour in the production of goods. A key aim of this new Regulation is that it will be used alongside other initiatives within both the EU and externally, in order to further eliminate modern day slavery from supply chains.