Industry News

Case Law: Can an exclusion clause or liability cap apply to a deliberate or fundamental breach?

by Leela|17 May 2021|Industry News

FACTUAL BACKGROUND Most business-to-business commercial contracts will include provisions which limit either one or both parties’ liability towards the other. Examples of the type of clauses which aim to achieve this are: exclusion of liability: these clauses are contractual terms which attempt to either exclude or limit the liability of one party towards another for […]

FCA statement and feedback on its assessment on liquidity mismatch in authorised open-ended property funds

by Leela|12 May 2021|Industry News

In August 2020 the Financial Conduct Authority (“FCA”) consulted on proposals to reduce the potential for harm to investors from the liquidity mismatch in open-ended property funds (the “Consultation”,”CP20/25”). In particular, the FCA consulted on suggesting a new notice period for redemption in these funds and also asking for alternative proposals. Following this consultation, the […]

CMA publishes annual plan 2021/22

by Leela|11 May 2021|Industry News

The Competition and Markets Authority (“CMA”) published its annual plan for 2021/22 on 23 March 2021. As a result of the COVID-19 pandemic, like the rest of the world, the UK has faced major challenges in the goods and services sector. Moreover, the CMA has taken on new responsibilities as the transition period out of […]

Case Law: IP Court clarifies its approach to IP Assets transferred at an undervalue

by Leela|10 May 2021|Industry News

In the case of Lunar Holdings Limited v Lunar Automotive Limited (2020) EWHC 3415, the Intellectual Property Enterprise Court decided on a summary judgement against an alleged infringement of trademark and a breach of licence. In considering the facts of the case, the court had to consider the validity of IP assets transferred at an […]

Case Law: Which is the governing law – the law of the seat vs the law of main contract?

by Leela|5 May 2021|Industry News

On 9 October 2020, the UK Supreme Court handed down the judgment in the case of Enka Insaat Ve Sanayi A.S. v OOO Insurance Company Chubb (2020) UKSC 38. This case explored the question of the law governing an arbitration agreement, in the event that no governing law was elected by the contracting parties. FACTUAL […]

FCA bans and fines financial adviser £68,300 for lacking in competence and integrity

by Leela|4 May 2021|Industry News

The Financial Conduct Authority (“FCA”) has prohibited Simon John Varley (“Mr Varley”) from working in the financial sector and imposed a financial penalty of £68,300 for knowingly providing investment advice to retail customers, when he was not registered as a qualified person or an approved person to do so. The FCA found that Mr Varley […]

European commission issues draft on the uk data adequacy decision

by Leela|29 April 2021|Industry News

On 19 February 2021, the European Commission (“Commission”) published a draft adequacy decision (“Draft Decision“) in respect of the data protection framework in the United Kingdom (“UK“). The assessment is made both in relation to the EU General Data Protection Regulation 2016/679 (“GDPR“) and the Law Enforcement Directive 2016/680 (“LED“). The adoption of the adequacy decision […]

Changes to AIFMD Marketing Rules from August 2021

by Leela|28 April 2021|Industry News

On 2 August 2021, new pre-marketing rules in respect of alternative investment funds (“AIFs“) will come into force in the European Union (“EU“), via the EU Regulation 2019/1156 and the EU Directive 2019/1160 (the “Revised Rules”). The Revised Rules amend the existing directive on alternative investment fund managers (2011/61 / EU) (“AIFMD”) (as well as […]

Case Law: High court holds firm accountable for providing advice without authorisation

by Leela|23 April 2021|Industry News

At the end of March 2021, the FCA brought their case forward to the High Court against 24HR Trading Limited and Mr Maricar (the “Defendants”) in the case of Financial Conduct Authority v 24Hr Trading Academy Ltd [2021] EWHC648. The FCA’s claims arose from two activities that the Defendants engaged in: the Company or Mr Maricar have, since […]

CMA final revised merger assessment guidelines

by Leela|22 April 2021|Industry News

In response to the ever-evolving digital age, the way consumers shop and businesses compete are also rapidly changing. As such, the Competition and Markets Authority (“CMA”) had to reassess its approach to evaluating mergers in the digital market and also address the concerns and recommendations put forward by the previous reports on digital markets, naming […]