Latham.London

Tag Archives: UK

Will the Increase in Cross-Channel Deals Require an Anglo-French Approach to Management Equity?

As management terms converge, deal teams must still navigate cross-border differences in ratchets, put and call options, and management warranties. By Alexander Benedetti, Tom Evans, David Walker, Neil Campbell, Catherine Campbell, and Eric Loubet French and UK private equity firms are increasingly looking across the Channel for attractive buyout opportunities. Cross-border transactions involving French and UK … Continue Reading

FCA Warns of ‘Significant Weaknesses’ in Firms’ Implementation of the Conduct Rules

All firms should take note of the FCA’s latest feedback on SMCR implementation. By Rob Moulton, Charlotte Collins and David Berman In its latest piece of feedback on firms’ implementation of the SMCR, the FCA indicated that firms must improve their implementation of the Certification Regime and, most particularly, the Conduct Rules. While the FCA’s … Continue Reading

Brexit Progress Report: 1 of 10 Key Regulatory Focus Areas for UK/European Wholesale Markets in 2019

By David Berman, Carl Fernandes  Nicola Higgs, Rob Moulton and Charlotte Collins In our January publication, we highlighted what we were seeing as the top regulatory focus areas for our clients during the year ahead, focusing on wholesale market structures and conduct risk. In a series of 10 blog posts, we will take a closer look at … Continue Reading

Fraud Unravels All – Even Post-Judgment

English Supreme Court rules that there is no reasonable diligence requirement barring a fresh action to set aside a judgment obtained by fraud. Oliver E. Browne and Alex Cox Introduction In Takhar v Gracefield Developments Limited and others [2019] UKSC 13, the English Supreme Court considered whether a party applying to set aside an earlier … Continue Reading

UK’s Proposed “Online Harms” Compliance and Enforcement Regime Will Target Platforms

UK publishes White Paper with hard-hitting regulatory proposals to tackle online harms. By Alain Traill, Stuart Davis, Andrew Moyle, Deborah Kirk and Gail Crawford On 8 April 2019, the Home Office and the Department for Culture, Media and Sport (DCMS) published an “Online Harms White Paper”, proposing a new compliance and enforcement regime intended to … Continue Reading

Sections 68 and 69 of the Arbitration Act 1996 Have Bite!

A rare example of the English High Court varying an arbitral award. By Oliver E. Browne and Eleanor M. Scogings In Dakshu Patel v. Kesha Patel [2019] EWHC 298 (Ch), the English High Court upheld an appeal under section 69 of the Arbitration Act 1996 (the Act) against an arbitral award. The court concluded that … Continue Reading

MHRA Releases No-Deal Brexit Guidance for Life Sciences Companies

The guidance provides helpful clarity on key regulatory changes impacting life sciences companies in the event of a no-deal Brexit. By Frances Stocks Allen, Oliver Mobasser, Héctor Armengod, Gail E. Crawford, Christoph W.G. Engeler, Robbie McLaren, and Henrietta J. Ditzen The UK Medicines and Healthcare products Regulatory Agency (MHRA) has published a significant volume of … Continue Reading

Directors Beware: UK Court of Appeal Ruling Clarifies Creditors’ Abilities to Challenge

The court offers guidance on reversing lawful dividend payments and when directors need to take into account creditors’ interests. By Simon J. Baskerville, Daniel Smith, Anna Hyde, Lisa Stevens, and Vanessa Morrison On 6 February 2019, the UK Court of Appeal published a judgment in BTI v. Sequana that will impact both creditors and directors … Continue Reading

Italian Investor Compensation Scheme Under the Brexit Law Decree

CONSOB notice 8/2019 details the requirements under the Italian investor compensation scheme applicable to UK banks and investment firms operating in Italy. By Antonio Coletti and Isabella Porchia On 29 March 2019, the Italian Securities Commission (CONSOB) issued a notice detailing the terms and requirements applicable to UK banks and investment firms operating in Italy … Continue Reading

Bank of Italy Issues Instructions for Brexit Law Decree

The instructions clarify the requirements applicable to banking and financial intermediaries under the Brexit Law Decree. By Antonio Coletti and Isabella Porchia On 28 March 2019, the Italian central bank (Bank of Italy) published two notices detailing the requirements for Italian banks and financial intermediaries operating in the UK, and for UK banks and financial … Continue Reading

Italy Issues Regulatory Instructions for Brexit Law Decree

The notice details the requirements applicable to UK investment firms operating in Italy, and Italian investment firms operating in the UK. By Antonio Coletti and Isabella Porchia On 26 March 2019, the Italian Securities Commission (CONSOB) issued a notice detailing the requirements applicable to UK investment firms operating in Italy and Italian investment firms operating … Continue Reading

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
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