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Our annual briefing highlighting the key 2020 legal developments which impact the funds' industry and previews what can be expected in 2021.

Brexit Transition Period comes to an end…

At 11 p.m. on 31 December 2020, the Transition Period (during which the UK was effectively treated as still part of the EU) came to an end. In our previous article, "Social Security and Brexit: Where are we now?", we highlighted the risks faced by UK employers with employees working in the EU if no agreement on social security coordination was reached by that point. 

The Trade and Cooperation Agreement (TCA) signed by the UK and EU in December 2020 contains few provisions which are directly relevant to M&A – but there are provisions on investment and the end of the Brexit transition period is likely to have a significant impact, both on M&A and the wider investment landscape.

Welcome to the third edition of our quarterly disputes newsletter, which covers key developments in the dispute resolution sphere over the last three months or so.

It was commonplace 100 years ago for photographs to be taken in and around court rooms and published in the press. However, the practice became controversial, and since 1925 it has been an offence to take photographs, videos or other recordings in court, and to transmit or publish them.

In late January 2021, the Court of Appeal of the Hague considered in some detail whether to hold Royal Dutch Shell (UK plc) responsible for the actions of its indirect subsidiary, Shell Petroleum Development Company of Nigeria, in a long-running litigation relating to a significant oil leak in Nigeria.

Tax partner Elena Rowlands, Head of Real Estate Tax Cathryn Vanderspar and Knowledge Counsel Ian Zeider have written the lead article in a recent edition of Tax Journal in which they set out their views on the government's proposals for a new tax privileged asset holding company regime. You can read the full article below.

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

The role of the ICO post-Brexit

The ICO is the UK’s independent regulator who oversees and enforces the UK’s data protection regime. From 1st January 2021 as the ICO’s website states “… the UK General Data Protection Regulation together with the amended Data Protection Act and Privacy and Electronic Communications Regulations will comprise the personal data protection legislation in the UK.”  The Trade and Co-operation Agreement (ETCA) agreed between the UK and the EU on 24^th December 2020 agreed a ‘data-bridge’ which provides for the continued free flow of personal data from the EU and EEA EFTA States to the UK until adequacy decisions are adopted, and for no longer than six months.

Finance Partners Danny Peel and Katie McMenamin and Senior Counsel Jamie Parish have written a chapter for Global Legal Insights on the fund finance market and liquidity solutions available to alternative asset fund managers.

Finance Partners Peter Hughes and Joseph Wren and Senior Associate Vanessa Kalijnikoff Battaglia have written a chapter for Global Legal Insights on some of the key structural and documentary legal issues that should be considered by private capital managers.

In December 2020, the UK Supreme Court handed down its much-awaited judgment in the case of Mastercard and others v Merricks (2020) ("Merricks").   This is an important ruling because it lowers the bar for obtaining permission for collective actions to proceed. If the Merricks action is allowed to go ahead, Mastercard will face a claim for a pay-out of over £14 billion to approximately 46 million UK consumers - which could open the door to many more incipient collective actions.

The evidence outlined by the UK Government includes allegations of forced sterilisation, extra-judicial detention and forced labour. The proposals are intended to "send a clear message that these violations of human rights are unacceptable, and to safeguard UK businesses and public bodies from any involvement or linkage with them".

Whilst the Covid-19 pandemic and the UK’s relationship with the EU post-Brexit have dominated the recent political and economic agenda, there are a number of important tax developments that those in the real estate sector should have on their radar for 2021.

Head of Incentives and Remuneration, Mahesh Varia, and Senior Associate, Claire Prentice, have contributed to the Legal 500 Country Comparative Guides. These guides set out a series of country-specific Q&As providing an overview of the employee incentives laws and regulations in each jurisdiction.

In Motorola Solutions Inc v Hytera Communications Corp Ltd [2021] EWCA Civ 11 the Court of Appeal provides clarity on the "unambiguous impropriety" exception.

A regular briefing for the alternative asset management industry.