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The UK Treasury has indefinitely extended the exemption from mandatory clearing for UK pension schemes using derivatives to manage investment risks that relate to the solvency of the scheme.
In the final twist of this much talked about case, a consent order was filed on 18 December 2024 dismissing the shareholder action brought by 460 institutional investors against Barclays Plc ("Barclays") following a confidential settlement.
Travers Smith is pleased to have advised DBAY Advisors, an international asset management firm which manages a range of funds and investment vehicles for endowments, foundations and other institutional investors, and Aegros Bidco Limited, on the recommended cash offer for Alliance Pharma plc, valued at approximately £350 million.
Travers Smith pensions de-risking team has acted for the Trustee of the C&J Clark Pension Fund (Clarks Scheme) on a £540m buy-in with specialist insurer Pension Insurance Corporation (PIC). This follows an earlier £280m transaction on which the team also advised, meaning that the Clarks Scheme is now fully bought in with PIC. This is a momentous milestone in the journey of the Clarks Scheme and represents a highly valuable outcome for members.
Our New Year briefing, which discusses key developments for financial services firms in 2025, is available as a pdf below.
Leading independent law firm Travers Smith LLP is excited to announce it has become a member of Taxand Global in the UK, effective 1st January 2025.
A claim against a UK mobile telecoms provider by its current and former franchisees alleges that the franchisor acted in bad faith. We look at what role good faith has to play in franchise agreements – and whether we are likely to see more disputes over this issue in future.
In case you missed it: Travers Smith recaps a dramatic year in the world of sustainability reporting.
Travers Smith LLP announces the promotion of one lawyer to Director, and three lawyers to Senior Counsel. All promotions are effective from 1 January 2025.
The Labour Party's manifesto for the 2024 General Election contained an emphasis on the reform of the planning system, with a view to "unlocking" it to promote growth and development. Notably, one of the Government's key commitments was to update the National Planning Policy Framework ("NPPF") within six months of being elected.
Travers Smith LLP has advised leading investment, asset and development manager Delancey Real Estate ("Delancey") on its partnership with long-income specialists to create Evermill Capital, a new investment manager specialising in asset-backed financing solutions.
When the UK's Modern Slavery Act (the "MSA") was introduced in 2015, it was considered world-leading, with the UK being one of the first countries in the world to mandate corporate reporting on modern slavery. Now, nearly 10 years on, the initial optimism appears to be waning.
In Spain v London Steam-Ship Owners’ Mutual Insurance Association Ltd,1 on 12 December 2024 the Court of Appeal upheld a Commercial Court ruling which refused to register and recognise a €855 million Spanish judgment issued against the London Steam-Ship Owners’ Mutual Insurance Association (the "Club"). The Spanish judgment was inconsistent with earlier arbitral awards issued in London in respect of the same dispute. In reaching this conclusion, the Court of Appeal recognised that the res judicata created by a binding arbitral award is essential in the legal order of the United Kingdom (UK), and therefore it would be manifestly contrary to public policy to recognise the inconsistent Spanish judgment in England & Wales.
Travers Smith has advised Duni AB (Duni Group), Sweden-headquartered market-leading company in providing sustainable and circular solutions for restaurants, catering, and the food industry, on the acquisition of the UK-based tableware company Poppies Europe Ltd (Poppies). The acquisition is subject to regulatory approval in the UK and customary closing conditions, and is expected to be completed in the first half of 2025.
An abridged version of this article was originally published in Artificial Lawyer here.
Earlier this month, local authorities in England were granted a new power to help them reinvigorate their local towns: they can now hold rental auctions to arrange lettings of vacant high street and town centre properties. In this briefing, we answer 10 frequently asked questions about the new regime from the perspective of a landlord.
An Energy Performance Certificate ("EPC") is a certificate, issued by an energy assessor, which shows information about the energy efficiency of the property to which it relates. It is a multi-functional tool: on a practical level, it helps owners and investors to understand and improve the energy performance of their own properties, and can give prospective buyers and tenants an insight into their likely energy costs.