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The recent decision of the High Court in The Financial Reporting Council Ltd v Frasers Group Plc (formerly Sports Direct International Plc) [2020] EWCH 2607 (Ch) reinforces the principle that, even where litigation is reasonably within contemplation at the time, a communication or document will only be protected by litigation privilege where it has been prepared for the sole or dominant purpose of litigation. 

On 16 October 2020, the UK’s Export Control Joint Unit ("ECJU") issued a timely reminder to UK businesses that an Open General Export Licence ("OGEL") will be required where a business is exporting dual-use items, as set out in Annex 1 of EU Regulation 428/2009 (the "Dual-use Regulations"), to any EU member state, and the Channel Islands, from 1 January 2021.

Clauses which enable a party to a contract to request that its counter–party consent to the making of a change to the contract's terms often provide that such consent is not to be unreasonably withheld.

Distressed M&A toolkit

COVID-19 and the resulting economic instability will have an adverse effect on some businesses for months, and potentially years, to come. For private equity investors and other financial sponsors, this will create opportunities to acquire good assets (which may be in need of short/medium term financial support) at attractive valuations.

A recent CJEU finding on mass surveillance creates more uncertainty with regard the UK's chances of an adequacy decision. We explain what the case is about and its potential impact on adequacy.

The Government has published draft legislation extending the ability to diverge from retained EU case law to the Court of Appeal and other courts at the same level (in addition to the Supreme Court).  It had also been considering allowing the High Court and other courts at the same level to diverge, but this option is not being pursued. How significant is this change likely to be in practice?

The Chancellor has today announced increased support for employers under the new Job Support Scheme (JSS). The Government subsidy available under the JSS has been more than doubled while the contribution required from employers has been significantly reduced. 

Bilateral Investment Treaties, or BITs, are an important part of the international investment landscape. In this briefing, we look at what BITs are and whether Brexit will make it more attractive to structure investments in certain EU member states through the UK in order to take advantage of BIT protection.

The UK has recently indicated that, unless there is a "fundamental change in approach" from the EU, it is prepared to exit the transition period without a trade deal. In this briefing, we highlight the key areas where "no deal" is likely to make a difference. 

In the lead up to Allocate 2020 our funds partner, Sam Kay, discusses how private market investors will align profits with purpose incorporating macro themes into investment decisions and debates how secondaries will redefine the liquidity premium of private capital. He discusses fundraising trends, illiquidity solutions and future proofing your private market strategy with the sustainability agenda.

The Department of Work and Pensions (DWP) recently consulted on the introduction of new duties that will require pension scheme trustees to have in place effective governance, strategy, risk management and accompanying metrics and targets to assess and manage climate risks and opportunities in their schemes.

Following the publication of its 2020 Stewardship Code (which took effect from 1 January 2020), at the end of September the FRC released its review of the early reporting which has taken place under the new Code. While the FRC notes that some firms have made 'good attempts' at early reporting, it says there is more to be done to ensure that investors meet the high standard of reporting on stewardship activities undertaken and outcomes achieved, rather than just stating intent or policy.

The EU passed a Regulation on Conflict Minerals ("the Regulation") back in 2017 and its requirements will finally begin to apply to importers of covered minerals as of 1 January 2021. Conflict minerals – usually "the 3Ts" (tantalum, tin, and tungsten) and gold ("3TG") are crucial in the components of many consumer electronic products and have applications in aerospace, automotive, medical and other sectors.

This briefing was updated on 7 January 2021 to reflect the UK-EU trade deal.

Parties to free trade agreements (FTAs) typically recognise that movement of people is necessary to facilitate trade, particularly for services businesses. However, they are often reluctant to dispense with requirements imposed by their own domestic immigration regimes.

Financial sponsors are increasingly looking to carve-outs as a way to deploy capital outside highly competitive auction processes. Carve-outs also provide opportunities to unlock hidden value from an underperforming, undervalued or unloved business unit.

Writing for Pensions Aspects, Partner and Head of Pensions Sector Daniel Gerring, DSP Partner Sebastian Reger and Pensions Consultant Charlotte Feld take a look at the complicated rules of the 'endgame' for the funding of DB pension schemes, and at how trustees can play to win.

Following a consultation undertaken by the US Treasury Department, a new rule will come in to force on 15 October 2020 altering the current mandatory Committee on Foreign Investment in the United States ("CFIUS") filing requirements. The amendment relates specifically to foreign direct investments ("FDI") into US businesses with a 'critical technology' focus.

This series of bitesize videos will be a chance to hear from various members of the Real Estate team on need-to-know updates and topical issues in the sector.

Recent competition for prime assets has led sponsors to seek creative ways to deploy their capital. Increasingly, we are seeing sponsors adopt a buy and build strategy to accelerate growth and generate high returns for investors.