News & Insights

Case Law: Okpabi v Shell: supreme court decision relating to parent company duty of care

by Leela|15 April 2021|Industry News

The Supreme Court recently handed down a decision on the high-profile jurisdictional challenge relating to group claims brought by two Nigerian communities (the “Okpabi”) against Royal Dutch Shell Plc (“RDS”) and its Nigerian subsidiary, Shell Petroleum Development Company (the “Subsidiary”, “SRDC”) in connection with the Subsidiary’s alleged pollution in the Niger Delta. The case is of […]

PROD implementation in the UK: has it been a success?

by Leela|12 April 2021|Industry News

Product governance requirements were formally applied in the United Kingdom in 2018 through the FCA Handbook on product governance (“PROD”), which transposed the comparable MiFID II requirements into UK legislation. PROD applies to all MiFID investment firms, amongst other categories of covered entities. At the start of February 2021, the European Securities and Markets Authority […]

Case Law: Meaning of ‘fair value’ in company articles of association

by Leela|9 April 2021|Industry News

In the recent case of Re Euro Accessories Ltd [2021] EWHC 47, the High Court was required to interpret the articles of association of Euro Accessories Ltd (the “Company”) with respect to the meaning of “fair value” in the circumstances whereby the majority shareholder of the Company (Mr Gilsenan) could purchase a minority shareholder’s (Mr […]

ESMA launches common supervisory action on MiFID II Product Governance Rules

by Leela|8 April 2021|Industry News

At the start of February 2021, the European Securities and Markets Authority (“ESMA”) announced the launch of a common supervisory action (“CSA”) with national competent authorities (“NCAs”) on the application of product governance rules (“PROD”) under the MiFID II Directive (2014/65/EU) across the European Union (“EU”). In the announcement, ESMA stated that its guidelines on […]

Case Law: Solicitor duties towards the opposing party: do they exist?

by Leela|7 April 2021|Industry News

The recent decision reached in NDH Properties Ltd v Lupton Fawcett LLP [2020] provides useful insight into whether a solicitor can owe a duty of care to the opposing party. THE FACTUAL BACKGROUND In May 2012, My Nayee, the sole director and majority shareholder of NDH Properties Ltd (“NDH”) took out a short-term loan facility, […]

The EU sustainable finance disclosure regulation

by Leela|30 March 2021|Industry News

As concerns for environmental and social governance (“ESG”) increase, the European Union has introduced a new set of legislation to govern this new phenomenon. The EU Sustainable Finance Disclosure Regulation (“SFDR”) came into force on 10 March 2021 as a response to investors’ growing demands for clearer sustainability-related disclosure. As part of the EU’s wider […]

Case Law: Restraint of trade: court of appeal rules on restrictive covenants in service agreements

by Leela|26 March 2021|Industry News

In the recent case of Quantum Actuarial LLP v Quantum Advisory Ltd [2021] EWCA Civ 227 (24 February 2021), the Court of Appeal upheld the High Court’s ruling on the interpretation of restrictive covenants in service agreements and set out the legal approach in the application of the restraint of trade doctrine[1]. FACTUAL BACKGROUND Quantum […]

The FCA consults on changes to e-payment services

by Leela|22 March 2021|Industry News

The Financial Conduct Authority (“FCA”) published Consultation Paper CP21/3 (the “Consultation Paper”) on 28 January 2021 proposing: amendments to the technical standards on strong customer authentication (“SCA”) and common and secure methods of communication (the “secure SCA-RTS”); updates to its published guidance in its Approach Document on Payment Services and Electronic Money updates (the “(“Approach […]

The Penrose Report – the new normal in UK competition policy?

by Leela|18 March 2021|Industry News

On 16 February 2021, the Penrose Report – Power to the People (the “Report“) was published by John Penrose MP who, back in September 2020, had been requested by the government to carry out an independent review of the UK competition policy. The aim of the Report is to explore the ways in which the […]

IOSCO report on complaint handling and redress system for retail investors

by Leela|16 March 2021|Industry News

The International Organisation of Securities Commissions (“IOSCO”) is an association of independent organisations regulating the global securities and futures markets. IOSCO has as its main objective the regulation of securities, and in particular investor protection. On 27th January 2021, IOSCO published a report with the aim to assist its members in developing and improving the […]