News & Insights

UK Government consults on regulatory proposals for cryptoassets and stablecoins

by Leela|9 March 2021|Industry News

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 […]

SEC regulated UK firms exporting personal data to the SEC

by Leela|4 March 2021|Industry News

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 […]

Cleveland & Co featured in the Law Gazette article: ‘One year of the women in law pledge’

by Leela|4 March 2021|Us in the Press

We are really excited to be included in the The Law Society Gazette article: ‘One year of women in law pledge’. Such a great initiative and so proud to be a signatory of The Women in Law Pledge! Read the full article here.

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

by Leela|3 March 2021|Industry News

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 […]

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

by Leela|22 February 2021|Industry News

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”), […]

Cleveland & Co are appointed by Border to Coast to provide external legal support services for Border to Coast Pensions Partnership Limited Alternatives Platform

by Leela|19 February 2021|Industry News

Cleveland & Co Associates Limited (“Cleveland & Co”) has been appointed by Border to Coast Pensions Partnership (“Border to Coast”), one of the largest public sector pension pools in the UK, to provide external legal support services to its Alternatives Platform, which is expected to grow to over £5bn over the next 3 to 5 […]

ESMA Statement: Reverse solicitation regime in the spotlight

by Leela|5 February 2021|Industry News

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 […]

FCA expectations on remote working oversight and monitoring

by Leela|2 February 2021|Industry News

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 […]

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

by Leela|27 January 2021|Industry News

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 […]

Post-Brexit privacy law updates

by Leela|19 January 2021|Industry News

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 […]