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This briefing was updated on 12 February 2021.

As one of the key sticking points in negotiations leading up to the trade deal agreed on 24 December 2020, the future of the UK's state aid regime has been uncertain ever since it was determined that the UK was to leave the EU. However, with terms now agreed between the EU and UK on the control of subsidies in each jurisdiction, some clarity has been provided for UK and EU businesses alike on this contentious issue.

Since 1 April 2020, UK banks issuing new shares and entities applying for banking licences must provide the Prudential Regulation Authority (PRA) with a legal opinion. We have experience of drafting these, and of other rule changes made by the PRA on the same date.

The Trade and Cooperation Agreement (TCA) between the UK and the EU, which took effect on 1 January 2021, dedicates an entire chapter to digital trade arrangements, such as the supply of goods and services through online channels. This is the first time an EU trade agreement has included a specific chapter of this nature and marks the importance of digital trade between the two jurisdictions.

As the dust settles on the EU–UK Trade and Cooperation Agreement, and the majority of businesses have returned after a break of some kind at the end of 2020, the end of the Brexit Transition Period means that UK (and some EU and EEA) users of derivatives find themselves in a new regulatory environment.

The Supreme Court has recently published its long-awaited judgment¹ in Halliburton Company v Chubb Bermuda Insurance Ltd [2020] UKSC 48, which provides guidance on whether an arbitrator's appointment to multiple arbitrations involving overlapping subject matter and parties may give rise to the appearance of bias on the part of the arbitrator, and the circumstances in which such appointments need to be disclosed to parties unaware of the overlap.

In the autumn of last year, the EU issued a proposed regulation on digital operational resilience which is likely to have broad implications, not only for EU financial entities, but also those which provide ICT services to such entities, including UK ICT service providers.

Despite the significant body of scientific research indicating that we are reaching a tipping point in the global fight against the damaging effects of climate change, global carbon output continues to climb. However, there is growing international consensus around the need for urgent action to reverse the effects of climate change.

The Australian superannuation fund Rest has agreed a settlement in a landmark case, acknowledging that "climate change could lead to catastrophic economic and social consequences and is an important concern of Rest's members", and that it is "important to actively identify and manage" that risk.

The end of the post-Brexit transition period on 31 December 2020 has brought with it some changes for those involved in civil litigation with an EU element. Generally, proceedings which are already on foot will be unaffected, whereas litigants involved in new proceedings with an EU element may now face a slightly bumpier procedural ride and some increased cost.

A regular briefing for the alternative asset management industry. 

The High Court's recent judgment in Fibula Air Travel s.r.l. v Just-Us Air s.r.l. [2020] EWHC 3048 provides some early clues about how force majeure clauses might be interpreted where parties seek to rely on them as a result of difficulties associated with the COVID-19 pandemic (the "Pandemic").

Key employment and business immigration developments for employers.

"You don't need to have 20/20 vision to see that the year ahead will be challenging…"

Updated 31 March 2021

Updated 26 February 2021

Writing for Private Funds CFO, Funds Senior Associate Ed Ford and Senior Counsel Sacha Gofton-Salmond outline the pros and cons of preferred equity transactions.

Partner and Head of Operational Risk & Regulatory Doug Bryden recently spoke at Marsh's Hazardous Chemicals webinar to discuss the evolving regulatory, legal, and risk landscape and how legal liabilities arise.