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Tag Archives: UK

English High Court Upholds Privilege Claim Over Client Instructions to Provide Confirmations

The decision clarifies how lawyer-client privilege applies in the context of transactions. By Daniel Smith and James Fagan The recent English High Court decision Raiffeisen Bank International AG v Asia Coal Energy Ventures Limited and Ashurst provides guidance on the application of legal advice privilege in a transaction context, confirming that confidential client instructions can … Continue Reading

Chinese Court Takes Pro-Arbitration Approach to Validity of International Arbitration Agreement

Parties must draft arbitration agreements with Chinese parties clearly and precisely to ensure validity and avoid unwanted litigation. By Oliver E. Browne and Isuru Devendra A Beijing court recently adopted a pro-arbitration approach in upholding the validity of an arbitration agreement designating a non-existent arbitral institution. While the decision reflects the increasingly pro-arbitration attitude of … Continue Reading

Arbitration Without an Express Arbitration Clause

Arbitral tribunal had jurisdiction despite the lack of an express arbitration clause. By Eleanor M. Scogings and Robert Price In Sonact Group Limited v Premuda Spa [2018] EWHC 3820, the English High Court confirmed that an arbitral tribunal had jurisdiction over a dispute arising from an informal settlement agreement — despite the fact that the … Continue Reading

English Court Provides Guidance for Commencing Proceedings on Foreign Defendants

The English Court has set aside permission to bring proceedings against foreign defendants based on non-disclosures and subsequent conduct. By Dan Smith and Duncan Graves The recent decision in Punjab National Bank (International) Limited v Ravi Srinivasan and others [2019] EWHC 89 (Ch) provides guidance on the proper conduct of an application for service out … Continue Reading

Service of Proceedings on a Foreign State Is Mandatory

An arbitration award cannot be enforced in England against a foreign State without serving the proceedings on that State through the diplomatic channels. By Robert Price In General Dynamics UK Ltd v Libya [2019] EWHC 64 (Comm), Males LJ, sitting in the Commercial Court, set aside parts of an order granting permission to enforce an … Continue Reading

Payment Systems Regulator Finalises Scope of Card Acquiring Market Review

The PSR will not review the fees and rules set by Visa and Mastercard, but will look at the practice of bundling, and will examine effects on innovation in card-acquiring services. By Brett Carr, Stuart Davis, and Christian McDermott Following the publication of its Draft Terms of Reference in July 2018, the PSR has now … Continue Reading

English Court of Appeal Upholds an Extension of Time to Commence Arbitration

The Court allows an application to extend time for bringing arbitration proceedings under section 12(3) of the Arbitration Act 1996. By Robert Price and Eleanor Scogings In the recent case of Haven Insurance Company Limited v EUI Limited (T/A Elephant Insurance)[i], the English Court of Appeal dismissed an appeal against a High Court decision granting … Continue Reading

English Court of Appeal Clarifies Test for Determining Jurisdictional Challenges

Applicants challenging jurisdiction must satisfy a single three-limbed test, rather than establish a ‘good arguable case’ and ‘better of the argument’. By Oliver E. Browne and George Schurr The English Court of Appeal has clarified the correct test to be applied by the English courts when adjudicating a jurisdictional challenge. In the recent case of … Continue Reading

Corporates Must Evaluate M&A Competition Strategy Ahead of Brexit

By Greg Bonné, Jonathan Parker, Richard Butterwick, Terry Charalambous, and Catherine Campbell As the UK Competition and Markets Authority (CMA) prepares to assume sole jurisdiction for UK competition reviews post-Brexit, M&A deal teams must evaluate the competitive consequences of deals bridging the Brexit period and update their competition strategy accordingly. Corporates may not be able … Continue Reading

New UK National Security M&A Regime Expected in 2019

By Jonathan Parker, Jana Dammann, Steven Croley, Calum Warren, Richard Butterwick, Terry Charalambous, and Catherine Campbell In June 2018, the UK adopted new powers to review certain technology related deals on national security grounds, extending the scope and breadth of its control regime to those that concern computing hardware, or quantum technology for supply in … Continue Reading

English High Court Confirms the Scope of Freezing Injunctions in Relation to Third-Party Assets

Third-party assets controlled (de facto or de jure) by the respondent are ordinarily outside the scope of a freezing injunction unless exceptional circumstances can be established. By Oliver E. Browne and George Schurr In the recent case of FM Capital Partners Ltd v Frédéric Marino, Aurélien Bessot, Yoshiki Ohmura, and Marit Sjovaag [2018] EWHC 2889 … Continue Reading

English Appellate Court Restricts Scope of Litigation Privilege

A recent ruling in West Ham v E20 has clarified the scope of litigation privilege and the circumstances in which courts will inspect documents over which privilege has been claimed. By Daniel Smith and Clare Nida In a significant decision, the English Court of Appeal has restricted the scope of litigation privilege in relation to … Continue Reading

UK Scores Highly on Anti-Money Laundering Review

FATF has published its highly anticipated report on the effectiveness of the UK’s anti-money laundering and counter-terrorist financing measures. By Jon Holland, Rob Moulton, and Jonathan Ritson-Candler On 7 December 2018, the Financial Action Task Force (FATF) published its highly anticipated mutual evaluation report of the UK. The report sets out the UK’s global standing … Continue Reading

Latham Launches 5th Annual Private M&A Market Study

Latham & Watkins’ 2018 survey of European private M&A transactions analyses the acquisition and equity documentation for more than 210 European deals signing or closing between July 2016 and June 2018. Key highlights include: The use of the locked box on UK deals has reduced slightly, although it continues to be the norm on deals … Continue Reading

New National Security Threat to UK Private Equity Deals

By Jonathan Parker, Calum Warren, and Catherine Campbell The UK government has assumed an increasingly interventionist approach to foreign takeovers in recent years. In June 2018, the UK adopted new powers to review deals on national security grounds, extending the scope and breadth of its control regime. In July, the UK went a step further and … Continue Reading

European Banking Authority’s Draft Guidelines on Outsourcing: Discussion of Key Themes

The EBA’s draft guidelines on outsourcing will impact cloud outsourcing and institutions’ deployment of FinTech. By Fiona Maclean, Charlotte Collins, and Terese Saplys On 4 September 2018, a wide audience of interested individuals gathered at Canary Wharf for a public hearing (Public Consultation) to listen to what the European Banking Authority (EBA) had to say in relation … Continue Reading

PE Firms Must Evaluate Competition Strategy Ahead of Brexit

By Jonathan Parker and Greg Bonné As the UK Competition and Markets Authority (CMA) prepares to assume sole jurisdiction for UK competition reviews post-Brexit, private equity deal teams must evaluate the competitive consequences of deals bridging the Brexit period and update their competition strategy accordingly. What is Changing? The European Commission (EC) currently acts as a … Continue Reading

Proposed Market Framework for Financing Small Nuclear Projects in the UK

By Beatrice Lo and Heeran Caselton The Expert Finance Working Group on Small Nuclear Reactors (EFWG), an independent group convened in January 2018 by the Department for Business, Energy & Industrial Strategy, recently published its report with recommendations for a market framework to enable the development of small nuclear projects in the UK with private … Continue Reading

Payment Systems Regulator to Review Card Acquiring Market on Competition Concerns

The PSR is to consider whether there is effective competition in the market and makes clear that further reviews of the payments ecosystem could be triggered by its findings By Brett Carr, Stuart Davis and Christian McDermott The Payment Systems Regulator (PSR) has issued Draft Terms of Reference for a market review into the supply … Continue Reading

FRC Releases Revised UK Corporate Governance Code… in 30 Seconds

The FRC has published a shorter and sharper Code which clarifies requirements for accountability, workforce engagement, and board diversity. By Claire Keast-Butler, James Inness, Richard Butterwick, and Anna Ngo The revised Code will apply to all companies with a premium listing on the London Stock Exchange for accounting periods beginning on or after 1 January … Continue Reading
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