FCA Commences Dialogue on Prospectus Reforms

By Latham & Watkins on May 22, 2023 Posted in Finance and Capital Markets

FCA takes an innovative approach to obtain feedback from industry and stakeholder groups.

By Chris Horton, James Inness, Anna Ngo, and Johannes Poon

In May 2023, the FCA launched a process of engagement and dialogue on how the UK’s future prospectus regime could operate. The FCA’s first thematic engagement papers, published on 18 May, aim to solicit discussion and feedback on: (i) whether or how to set prospectus requirements for issuers seeking admission to trading on UK regulated markets; (ii) whether or how to set prospectus requirements for issuers raising further capital; and (iii) how forward-looking information should be covered in prospectuses.

UK Government to Consult AI Firms and Creative Sector in Revising Text and Data Mining Exception Proposal

By Latham & Watkins on May 5, 2023 Posted in Copyright, Data Protection

The government has announced it will come up with a new code of practice to replace an earlier approach that faced opposition from the creative sectors.

By Deborah Kirk and Brett Shandler

Latham previously reported on the UK government’s proposal to introduce a new copyright and database exception that allows text and data mining (TDM) for any purpose, provided that the party employing TDM obtains lawful access to the material (June 2022 TDM Proposal). The UK government has now announced that it is abandoning this proposal, and intends to consult with AI firms and rightholders to produce a code of practice to support AI firms to access copyrighted work as an input to their models, whilst ensuring protections on generated output to support rightholders. It has foreshadowed that this code of practice, due by summer 2023, may be followed up with legislation if it is not adopted or agreement is not reached.

FCA Proposes Radical Reforms to Encourage UK Listings: 60-Second Read

By Latham & Watkins on May 3, 2023 Posted in Finance and Capital Markets

Proposals dramatically reduce the regulatory burden on listed companies.

By James Inness, Anna Ngo, and Johannes Poon

On 3 May 2023, the FCA published a consultation paper CP23/10 which sets out a blueprint for changes to the UK listing regime. The key reform proposed is that the existing premium and standard listing segments would be replaced with a single segment for commercial companies.

Court of Appeal Rules on Enforceability of Mandatory ADR Clauses

By Latham & Watkins on May 3, 2023 Posted in Dispute Resolution, Litigation

A recent decision reminds parties about the need to draft dispute resolution clauses that are tailored to the parties’ agreement.

By Oliver E. Browne and Duncan Graves

The Court of Appeal recently ruled that an alternative dispute resolution (ADR) clause in a contract was unenforceable due to lack of clarity. The ruling signals to contracting parties that they should draft ADR clauses carefully, outlining the process to be followed with sufficient detail and clarity so that the clause can be enforced.

UK Announces Updates to Green Finance Strategy

By Latham & Watkins on April 27, 2023 Posted in Environment, ESG

The government published a new document outlining its existing and proposed objectives to develop the UK’s sustainable economy.

By Paul A. Davies, Michael D. Green, and James Bee

On 30 March 2023, the UK government published an updated version of its Green Finance Strategy (the Strategy), titled “Mobilising Green Investment”. The Strategy is part of the UK government’s series of announcements for its Green Day (see this blog post for more on the broader Green Day announcements).

OECD Announces Reform of the Arrangement on Officially Supported Export Credits

By Latham & Watkins LLP on April 17, 2023 Posted in Energy & Infrastructure, Finance and Capital Markets

The Reform will extend tenors and reduce borrowers’ fees to encourage commercial bank lending into energy transition projects.

By Tom Bartlett, JP Sweny, Alexander Buckeridge-Hocking, and Samuel Burleton

The Organisation for Economic Co-operation and Development (OECD) has agreed a landmark deal to modernise the Arrangement on Officially Supported Export Credits (the OECD Arrangement), which is a welcome update for commercial banks, borrowers, and export credit agencies (ECAs) alike.

After several years of negotiation, the participants (Australia, Canada, the European Union, Japan, Korea, New Zealand, Norway, Switzerland, Turkey, the United Kingdom, and the United States) reached an agreement on 31 March 2023, to provide incentives and more favourable terms for financing energy transition projects.

In this article, we summarise the main changes to the OECD Arrangement and how they will benefit project financings and the wider energy transition.

Investing in UK CCUS Projects — Opportunities and Challenges

By Latham & Watkins LLP on April 12, 2023 Posted in Energy & Infrastructure, ESG, Finance and Capital Markets

With the recent UK “Green Day” announcements confirming the government’s support for CCUS, interest in UK CCUS projects is expected to continue to grow. While there are significant opportunities for investors, careful consideration will be needed to navigate a number of industry specific issues to achieve a successful CCUS project.

By Beatrice Lo, JP Sweny, Simon J. Tysoe, Evelyne Girio, James Richards, and Alexander Leighton

As governments and businesses around the world have committed to decarbonisation and achieving net zero by 2050, there has been growing activity in the development of, and investment in, carbon capture, usage and storage (CCUS) technologies. As the UK has one of the greatest carbon dioxide storage potentials of any country in the world (the UK Continental Shelf in the North Sea, accounting for approximately 85% of Europe’s carbon dioxide storage potential and able to safely store 78 billion tonnes), CCUS is a key focus for the government’s decarbonisation ambitions.

UK “Green Day” — Key Policy Measures Announced to Fuel Investment in Green Energy and Achieve Net Zero

By Latham & Watkins on March 31, 2023 Posted in Energy & Infrastructure, Environment, ESG

The UK government has unveiled a number of measures with the overall purpose of reaching net zero by 2050 and meeting the UK’s climate targets.

By Paul A. Davies, Beatrice Lo, JP Sweny, Simon Tysoe, Michael D. Green, and James Bee

On 30 March 2023, on what has been called the UK’s “green day”, the UK government announced a series of policies and proposals that it hopes will form the backbone of its strategy to drive investment into green energy with a view to achieving energy security and meeting the target of net zero greenhouse gas emissions by 2050.

FCA to Unveil Blueprint for Reforms to the Listing Regime

By Latham & Watkins on March 30, 2023 Posted in Finance and Capital Markets

FCA chief executive’s speech indicates an exciting transition to a lighter regime and a true single listing segment.

By James Inness, Anna Ngo, and Johannes Poon

On 29 March 2023, FCA Chief Executive Nikhil Rathi delivered a speech at the Global Investment Management Summit on the topic “Reforming our capital markets ecosystem”.

He announced that the FCA will soon publish a blueprint for further reform of the UK listing regime in which the current standard and premium listing segments for shares in commercial companies would be replaced with a single listing category with a single set of requirements.

UK Government Proposes an Independent Regulator for English Men’s Professional Football

By Latham & Watkins LLP on March 28, 2023 Posted in Media and Entertainment

The regulator would introduce a licensing system for clubs, increase scrutiny of directors and owners, and aim to equalise funding.

By Patrick Mitchell, Katie Henshall, and Stewart Robinson

The UK government has published a White Paper which outlines its plans to establish a new statutory independent regulator (the Regulator) for English men’s elite football. The White Paper follows the previously published “Fan-Led Review of Football Governance”, led by Tracey Crouch CBE MP, and the government’s response to the proposed European Super League.

The White Paper raises a number of questions for football’s key stakeholders, including fans, clubs, the Premier League, the Football Association (FA), the English Football League (EFL), and others with interests (financial or otherwise) in and around the sport.