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UK Supreme Court

The ruling, which narrows the UK’s jurisdiction over money laundering offences, will impact how cross-border money laundering offences are prosecuted going forward.

By Pamela Reddy, Clare Nida, and Annie Birch

The UK Supreme Court’s decision in El-Khouri1 has clarified the territorial limits of the Proceeds of Crime Act 2002 (POCA). The ruling confirmed that the primary money laundering offences under Sections 327 to 329 POCA do not have extra-territorial effect, narrowing the UK’s jurisdiction over money laundering…

Abstract flowing data ramp.

A recent statutory instrument aims to remove legal uncertainty surrounding crypto staking and ease blockchain operations.

By Stuart Davis, Gabriel Lakeman, and Emma Trankeenan

On 9 January 2025, the UK Government published the Financial Services and Markets Act 2000 (Collective Investment Schemes) (Amendment) Order 2025 (SI 2025/17) (the Staking SI) and the accompanying explanatory memorandum (the Explanatory Memorandum).

The Staking SI together with the Explanatory Memorandum confirm that arrangements where a firm provides services to stake cryptoassets on…

Recent reforms in the UK market have led to less prescriptive executive remuneration principles that encourage companies to tailor structures to their business, strategy, and performance while consulting with shareholders.

By Mark Austin, Kendall Burnett, Sarah Gadd, James Inness, Anna Ngo, and Johannes Poon

On 8 October 2024, the Investment Association (IA) updated its Principles of Remuneration (and supporting guidance) (the IA Principles), which predominantly apply to UK-listed companies. UK proxy advisors refer to the…

GettyImages-1362940445_Close+up+using+a+tablet+computer

A primer on the new law for relevant service providers, within and beyond the UK.  

By Gail E. Crawford, Deborah J. Kirk, Fiona M. Maclean, Alain Traill, Victoria Wan, and Amy Smyth

The Online Safety Act (the OSA) received Royal Assent on 26 October 2023 and is now in force.

The OSA establishes an extensive regulatory framework for providers of online user-to-user services and search services with links to the UK. A link to the…

View Of Bridge Over River Against Cloudy Sky

The sentencing of Romy Andrianarisoa, the first ever foreign public official to be convicted under the Bribery Act 2010, provides important takeaways.

By Pamela Reddy, Robin Spedding, and Matthew Unsworth

On 10 May 2024, Romy Andrianarisoa was sentenced to three-and-a-half years’ imprisonment for soliciting bribes contrary to Section 2 of the Bribery Act 2010 (Bribery Act). Andrianarisoa, former Chief of Staff to President Andry Rajoelina of Madagascar, requested substantial cash payments in exchange for helping UK-headquartered Gemfields Group…

UK Chancellor launches consultation on the proposed Private Intermittent Securities and Capital Exchange System (PISCES) as part of the Spring Budget.

By Mark Austin, Rob Moulton, Anna Ngo, Frederick Gardner, Charlotte Collins, and Johannes Poon

On 6 March 2024, HM Treasury published a consultation paper seeking industry feedback on the UK’s proposed new regulated crossover market, the Private Intermittent Securities and Capital Exchange System (PISCES). PISCES would allow private companies to trade their securities in…

Royal Court of Justice

The time is right to review the rules on electronic service, says judge in a case involving invalid service of claim form.

By Oliver Middleton and Duncan Graves

A recent decision in the English High Court highlights the continued need for litigants to faithfully abide by the procedures governing the service of claim forms, which are “bright line rules” requiring stricter observance than many others in the Civil Procedure Rules (CPR).[1] In the decision, the judge commented that the present framework governing service by electronic means, such as email, may not reflect modern litigation practice and could therefore be due for reform.

Keeping their focus on success

Critical Third Parties serving the UK financial sector must ready themselves for compliance with the newly proposed operational resilience requirements.

By Rob Moulton, Fiona Maclean, and Charlotte Collins

On 7 December 2023, the PRA, FCA, and BoE jointly published a Consultation Paper (PRA CP26/23 and FCA CP23/30) which proposes a set of regulatory requirements and expectations for critical third parties (CTPs) that provide services to authorised persons, relevant service providers, and financial market infrastructure entities (FMIs). The key aim of the proposals is to manage potential risks to the stability of, or confidence in, the UK financial system that may arise due to a failure in, or disruption to, the services that a CTP provides to such entities.

On the offshore drilling rig

Stapled W&I policies and synthetic policies will likely be increasingly common features of E&I transactions, although their feasibility should be assessed case by case.

By Simon J. Tysoe and Devdeep Ghosh

Warranty and indemnity insurance (W&I) is a long-established feature of M&A transactions in Europe, especially with private equity sellers. The 10th edition of the Latham & Watkins Private Equity Market Study shows that nearly 48% of all European M&A transactions in 2023 involved W&I with 65% of private equity sellers favouring W&I-backed exits. However, on the flipside, our market study indicates that on an aggregate basis only 35% of energy and infrastructure (E&I) transactions involved W&I, with varying levels of adoption across European geographies.

Certain recurring characteristics of E&I transactions could explain the dislocation in this trend: the sometimes challenging nature of the assets and jurisdictions for these transactions and the assets themselves frequently having a fragmented shareholder base, which usually means that there are no negotiated business warranties to be covered.

Along with a recent softening of the W&I market, two developments can help bridge this gap for E&I transactions: stapled policies and synthetic coverage.