Jurisdiction

Europe

AMEX fined by ICO for breach of PECR

by Leela|16 June 2021|Industry News

American Express Service Europe Limited (“Amex”) was fined a hefty £90,000 by the Information Commissioner’s Office (“ICO”) as a result of a “serious contravention” of regulation 22 of the Privacy and Electronic Communications (EC Directive) Regulations 2003 (SI 2003/2426) (“PECR”). WHAT IS PECR? PECR is a set of regulations in the United Kingdom (“UK“), which […]

FCA second consultation: implementation of the UK investment firms prudential regime

by Leela|15 June 2021|Industry News

SUMMARY AND KEY HIGHLIGHTS On 19 April 2021, the Financial Conduct Authority (“FCA”) published the second of three consultation papers on the implementation of the Investment Firms Prudential Regime (“IFPR”) (CP21/7). Key highlights detailed from the consultation paper, but not limited to, are: own funds requirements (such as the Fixed overheads Requirement (“FOR”) and the […]

FCA introduces new Consumer Duty

by Leela|9 June 2021|Industry News

On 14 May 2021, the Financial Conduct Authority (“FCA”) published a consultation on the introduction of a new “Consumer Duty” on firms providing financial services to consumers (the “Consultation”). The aim of this “Consumer Duty” is to set a higher expectation for the standard of care regulated firms owe to their consumers. As such, firms […]

Will the UK join the SPAC mania?

by Leela|7 June 2021|Industry News

Special purpose acquisition companies (“SPACs“) have experienced a surge in their popularity in the recent years. In the United States (“US“) market, SPACs have raised $83 billion (£63.5 billion) in 2020 and $88 billion (£63.1 billion) in the first quarter of 2021.[1] Whilst SPAC activity has been strong in the US for a number of […]

Case Law: Court’s ruling on headcount test used when approving schemes of arrangement

by Leela|1 June 2021|Industry News

The High Court was tasked to consider an application to grant an order to convene a shareholders’ meeting in consideration of whether to approve a scheme of arrangement in the recent case Re GW Pharmaceuticals Plc (2021) EWHC 716. SCHEME OF ARRANGEMENT In the UK, a scheme of arrangement (the “Scheme”) is a binding agreement […]

FCA strengthens rules on financial promotion

by Leela|27 May 2021|Industry News

The Financial Conduct Authority (“FCA”) has published its discussion paper DP21/1 regarding the strengthening of its financial promotion rules for high-risk investments and firms approving financial promotions. THE FAC’s WIDER INITIATIVES DP21/1 forms part of the response to the FCA’s wider call for input on consumer investments, which closed in December last year. According to […]

Case Law: Benchmarking clauses and market comparison

by Leela|26 May 2021|Industry News

The recent judgment in Travelport Ltd & Ors v WEX Inc [2020] EWHC shows how important it is to use precise language when drafting a clause involving a market comparison. In this judgment, the High Court was asked to analyse a complex “material adverse effect” (“MAE”) clause and, amongst other things, to consider the impact […]

FCA consults on changes to conduct and organisational requirements under UK MiFID

by Leela|25 May 2021|Industry News

Following Brexit, and the conclusion of the process of onshoring EU legislation into UK law, the UK is now considering how its rules and regulations can diverge from the retained EU law, in a way that can give it a competitive advantage. As part of this process, the Financial Conduct Authority (“FCA”) and HM Treasury […]

Glass Lewis review of compliance with UK Corporate Governance Code

by Leela|20 May 2021|Industry News

Earlier this year Glass Lewis published an interesting review of the impact of the 2018 UK Corporate Governance Code (the “Code”) on governance practices, in which it sets out its approach to the most common provisions of non-compliance among FTSE 350 companies (the “Review”). Glass Lewis is one world’s largest independent providers of governance and […]

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 […]