News & Insights

Our Thinking · Regulatory & Compliance · Europe

UK Government consults on regulatory proposals for cryptoassets and stablecoins

On 7 January 2021, Her Majesty’s Treasury (“HM Treasury“) published a consultation (the “Consultation“) that called for evidence on the Government’s approach to the regulation of cryptoassets and stablecoins. This article refers to both products, and the terms will be used interchangeably throughout it. Cryptoassets is the umbrella term used to describe digital tokens/coins issued […]

Leela9 March 2021

Our Thinking · Commercial & Corporate · Europe

SEC regulated UK firms exporting personal data to the SEC

A letter sent by the UK’s Information Commissioners Office (the “ICO”) to the US Securities Exchange Commission (the “SEC”) back in September 2020 (the “Letter”) has recently been made publicly available. In summary, the ICO provides its views on those UK firms who have regulatory obligations in the US (e.g. to prevent and/or enforce actions […]

Leela4 March 2021

Our Thinking · Public Funds · Regulatory & Compliance · Europe

HM Treasury: call for input on review of UK funds regime

In January 2021, HM Treasury published a call for input on its review of the UK funds regime (the “Call for Input”). The Call for Input sets out the scope and objectives of the review and invites stakeholders to provide views on which regulatory and taxation reforms should be taken forward and how these should […]

Leela3 March 2021

Our Thinking · Public Funds · Regulatory & Compliance · Europe

ESMA finalises rules on the standardised information to facilitate cross-border distribution of funds

On 1 February 2021, the European Securities and Markets Authority (“ESMA”) published a final report on implementing technical standards (“ITS”) under Regulation (EU) 2019/1156 of 20 June 2019 (the “Regulation”), which amends three past regulations governing funds and key information documents relating to investments, together with Directive (EU) 2019/1160 of 20 June 2019 (the “Directive”), […]

Leela22 February 2021

Our Thinking · Regulatory & Compliance · Europe

ESMA Statement: Reverse solicitation regime in the spotlight

In the post-Brexit period, UK firms are increasingly relying on the reverse solicitation regime to provide investment services to clients based in the European Union as a consequence of losing their passporting rights. The reverse solicitation regime is established in Article 42 of the Markets in Financial Instruments Directive (“MiFID II“) which allows firms based […]

Leela5 February 2021

Our Thinking · Regulatory & Compliance · Europe

FCA expectations on remote working oversight and monitoring

In its January edition of the monthly Market Watch newsletter, the FCA focused on reiterating its expectations for firms that are required, at all times, to meet their obligations on recording telephone and electronic communications. The issue is particularly sensitive in the current circumstances, where many employees are still working remotely and therefore outside a […]

Leela2 February 2021

Our Thinking · Commercial & Corporate · Europe

Case Law: Worked examples – an integral part of the contract

In Altera Voyageur Production Limited v Premier Oil E&P UK Ltd [2020] EWHC 1891 (Comm), an inconsistency within the agreement called into question whether the parties should rely on a formula set out in the main body of the agreement or the worked example provided in the annex. FACTUAL BACKGROUND The case involved a dispute […]

Leela27 January 2021

Our Thinking · Commercial & Corporate · Europe

Post-Brexit privacy law updates

UK-EU TRADE AGREEMENT ON DATA TRANSFERS The GDPR framework The European Union’s (“EU”) General Data Protection Regulation (“GDPR”), which applies in all EU and European Economic Area (“EEA”) Member States, governs the processing of personal data within the EU. While still a member of the EU and during the transition period after its formal withdrawal […]

Leela19 January 2021

Our Thinking · Commercial & Corporate · Europe

Case Law: Indemnities: Recent decisions by the high court

2020 has seen numerous important decisions by the High Court (“the Court”) which clarify the law in relation to indemnities. In particular, the Court has confirmed its approach of interpreting indemnity clauses strictly, so as to give effect to the parties’ intentions. As a result, it is crucial to pay attention to the specific wording […]

Leela15 December 2020

Our Thinking · Europe

First decision on reflective loss after Marex

Broadcasting Investment Group Ltd & Ors v Smith & Ors [2020] EWHC 2501 (Ch) (“Broadcasting”), is the first decision to consider the so-called “reflective loss” principle since the Supreme Court’s judgment in Sevilleja v Marex Financial Ltd [2020] UKSC 31 (“Marex”) earlier this year. In Broadcasting, the High Court followed the Supreme Court’s judgment and […]

Leela25 November 2020

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