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The Future of Insolvency Regulation

Published on 04 Jan 2022. By Rachael Healey, Partner

On 21 December 2021 the Government launched a consultation into the future of insolvency regulation. The changes proposed in the consultation document will have a wide ranging impact on the insolvency profession (and its insurers) with the proposals including: the direct regulation of insolvency firms, the introduction of a single regulatory body with powers to order compensation against insolvency practitioners and firms, a new additional requirements regime, changes to the bond regime and a public register of insolvency practitioners and firms. Many of the changes proposed require primary legislation and so it may be some time before the changes to take effect (if adopted). But there does appear to be some wind behind these proposals given they follow on from the Call for Evidence in 2019 and a more general focus on insolvency issues in the wake of the Covid-19 pandemic.

FOS complaints and hindsight – categorical statement from the Chief Ombudsman

Published on 11 May 2020. By Rachael Healey, Partner

The FCA has been producing a range of temporary measures with the aim of ensuring that firms can work at pace during the pandemic for the benefit of customers. However, where procedures are bypassed or corners cut what will FOS do in response? The response from FOS to that questions raises another – the use of hindsight when coming to its decisions.

Accountants, auditors and actuaries beware: the FRC continues to show its teeth, as its future stands in the balance

Published on 18 Jul 2018. By Rachel Ford, Partner

In widely publicised news, the Financial Reporting Council (FRC) continues to levy record high fines and has cast criticism on a number of firms. What appears to be an unforgiving stance taken by the regulator seems to come in the wake of the review into whether or not it should be disbanded, or folded into another regulatory organisation.

The future of SIPPs – FCA responds to the Work and Pensions Committee

Published on 05 Jul 2018. By Rachael Healey, Partner

A couple of weeks ago we reported on 5 pointed questions raised by the Work and Pensions Committee of the FCA in relation to the SIPP market. Those questions included whether or not the FCA was considering banning non-standard investments in SIPPs. The FCA has now responded. The response includes the FCA's views on the due diligence it expects of SIPP providers when it comes to non-standard investments.

Summary judgment against persons unknown – a tale of two crypto judgments

Published on 09 May 2024. By Dan Wyatt, Partner and Christopher Whitehouse, Senior Associate

Two recent crypto judgements in the High Court, Mooij v Persons Unknown (February 2024) and Boonyaem v Persons Unknown (December 2023) reached different conclusions regarding whether a summary judgment could be granted against unidentified (and unidentifiable) fraudsters, with Mooji deciding 'yes' and Boonyaem deciding 'no'.

Supreme Court confirms no knowing receipt claim where equitable interest is destroyed: Byers v Saudi National Bank

Published on 17 Apr 2024. By Jake Hardy, Partner and Ana Margetts, Associate

In Byers v Saudi National Bank, the Supreme Court affirmed the findings of the lower courts by holding that a claim for knowing receipt cannot be made if a claimant’s equitable interest in the property in question has been extinguished by the time of the defendant’s knowing receipt of the property.

Merchants Beat Venice: Court of Appeal finds that local authority of Venice did have capacity to enter into Interest Rate Swaps

Published on 19 Mar 2024. By Simon Hart, Partner, Head of Banking & Financial Markets Disputes

In a significant judgment in Banca Intesa Sanpaolo and Dexia Credit Local SA v Comune di Venezia [2023] EWCA Civ 1482, the Court of Appeal overturned the findings of the High Court

Binance successfully challenges interim proprietary injunction over deposited cryptoassets

Published on 24 May 2023. By Dan Wyatt, Partner and Christopher Whitehouse, Senior Associate

In Piroozzadeh v Persons Unknown and Others [2023] EWHC 1024 (Ch), the cryptocurrency exchange Binance successfully applied to discharge an interim proprietary injunction obtained by a claimant whose misappropriated cryptoassets had been deposited at the exchange. This is the first recorded case of an exchange successfully having discharged such an injunction.

High Court favours English jurisdiction in bribery claim brought by Kuwaiti pension fund

Published on 28 Feb 2023. By Louise McCarthy, Associate

The High Court recently rejected an application, brought by two defendants to an alleged bribery claim advanced by a Kuwaiti pension fund, that the claim should be heard before the Swiss courts, holding that England was the proper jurisdiction both in order to avoid the risk of fragmentation of proceedings, and in view of the close connection of the claim to England.

Considering bringing an RFI application? Is it strictly necessary?

Published on 31 Jan 2023. By Parham Kouchikali, Partner

Andrew Ayres KC and Andrew Dinsmore (Twenty Essex), instructed by Parham Kouchikali and Suzie Kurdi of this firm, successfully resisted a Request for Further Information (RFI) in the High Court.

Court of Appeal rejects timing and informed consent defences in bond bribery case

Published on 30 Jan 2023.

In a recent decision, the Court of Appeal decided in Trafalgar Multi Asset Trading Company Limited (in liquidation) v James David Hadley and others that pleaded defences to a bribery claim were so fanciful as to entitle the claimant to summary judgment.

High Court rejects Group Litigation Order in FSMA litigation as it would not further the Overriding Objective

Published on 30 Jan 2023. By Charlotte Henschen (née Ducker), Partner and Alastair Hall, Associate

In a recent decision in Edward Moon & Ors v Link Fund Solutions, Mr Justice Trower dismissed an application by two groups of claimants, declining to make the Group Litigation Order (GLO) sought.

No loss? No Quincecare claim … the Supreme Court judgment in Stanford International Bank v HSBC

Published on 12 Jan 2023. By Jonathan Cary, Partner and Olivia Dhein, Knowledge Lawyer

The Supreme Court has handed down its judgment in Stanford International Bank Ltd v HSBC Bank plc, deciding that there was no pecuniary loss suffered by the Claimant and therefore no basis for a Quincecare claim.

No need for perfection: ISDA Master Agreement default notice still valid where some errors made

Published on 10 Jan 2023. By Daniel Hemming, Partner and Olivia Dhein, Knowledge Lawyer

The High Court has decided that a default notice under an ISDA Master Agreement is still valid even if it does not contain wholly accurate statements of the amount of the payment not made, the confirmation of the trade, or the currency of the payment.

Banking and financial litigation markets update - Summer 2022

Published on 25 Jul 2022. By Jonathan Cary, Partner and Jessica Davies, Associate and Olivia Dhein, Knowledge Lawyer and Jake Hardy, Partner and Simon Hart, Partner, Head of Banking & Financial Markets Disputes and Charlotte Henschen (née Ducker), Partner and Tom Hibbert, Partner, Global Head of Commercial Disputes and Tim Potts, Senior Associate and Chris Ross, Partner and Emily Saffer, Associate and Christopher Wheatley , Senior Associate and Alan Williams, Partner

In this overview we look at some of the most important judgments in recent months in the area of banking and financial markets litigation.

UK Government wants understanding of video games to move to the next level

Published on 12 Jun 2023. By Gowri Chandrashekar, Senior Associate and Zoe Harvey, Associate

On 30 May 2023, the UK Government published a Video Games Research Framework which encourages research on video games and emerging game-related technologies.

CMA ends its investigation into online console gaming subscription practices

Published on 14 Jun 2022. By Jonathan Greenway, Senior Associate and Joshua Charalambous, Partner

The UK Competition Markets Authority (CMA) has now closed its investigation into subscription practices in the online console gaming sector after key players Sony, Nintendo and Microsoft committed to making improvements to their contract terms with a view to better protecting customers.

Major overhaul of UK telecoms regulation to go ahead by the end of December 2020

Published on 21 Sep 2020.

The UK still pushing ahead with implementing wide ranging European regulatory changes, but obligations for many "over the top" providers are likely to be postponed.

The Role of AI in Disputes

Published on 03 Jun 2024. By Daniel Hemming, Partner and Olivia Dhein, Knowledge Lawyer and Ricky Cella, Senior Associate

While lawyers have had various forms of AI available to them for years, it is generative AI and the development of large language models (LLMs) which is likely to represent a fundamental shift for dispute resolution. This technology now offers language capabilities that have never been seen before, and is likely to transform the way lawyers conduct proceedings.

Ginfringement: Success for M&S in the Court of Appeal in registered design spat with Aldi

Published on 15 Mar 2024. By Rory Graham, Associate and Georgia Davis, Of Counsel

M&S and Aldi's gin bottle battle over design rights has reached a conclusion (for now) as the Court of Appeal has unanimously upheld the IPEC's decision that Aldi's bottle infringed M&S' design.

Clear as gin: M&S and Aldi take liquor bottle battle to the Court of Appeal

Published on 26 Jan 2024. By Rory Graham, Associate and Georgia Davis, Of Counsel

Intellectual property enthusiasts' favourite supermarket adversaries were back at loggerheads this week as M&S and Aldi appear before the Court of Appeal. The pair sought to thrash out a first instance decision handed down in the Intellectual Property Enterprise Court (IPEC) regarding alleged infringement of M&S' registered design rights in a gin bottle.

M&S v Aldi – lookalike claims lit up by design rights

Published on 24 Mar 2023. By Ciara Cullen, Partner and Harpreet Kaur, Associate

As lookalike products rise in prominence, the Intellectual Property Enterprise Court's (IPEC) recent ruling that the sale and advertisement of Aldi's 'Infusionist' range of favoured gins infringed M&S's UK registered designs protecting the light-up bottles containing its 'Snow Globe' gin range (Marks and Spencer PLC v Aldi Stores Limited [2023] EWHC 178) highlights the utility of registered design rights in circumstances where other intellectual property rights (IPR) are often less able to provide protection.

Lookalikes and passing off—bottle design get-up claim (Au Vodka)

Published on 07 Nov 2022. By Ciara Cullen, Partner and Sarah Mountain, Partner and Samuel Coppard, Senior Associate

Currently there's significant activity in the lookalikes space. The Au Vodka claim (Au Vodka v NE10 Vodka [2022] EWHC 2371), which focuses on bottle design 'get-up', arrived in the courts for an interim injunction hearing in September 2022. Au Vodka's application was dismissed. The judgment shows that passing off—get-up claims based on shape can be challenging to bring, particularly at the interim stage, and prompts the question of whether it's possible to bring Cofemel and copyright into the lookalikes arena.

Sky Kick Back! High Court finding of bad faith overturned by Court of Appeal in long-running Sky v Skykick saga

Published on 09 Aug 2021. By Ben Mark, Partner and Sarah Mountain, Partner

On 26 July 2021, the Court of Appeal (CoA) handed down its much-anticipated decision in the latest instalment of the Sky v Skykick trade mark dispute.

William Grant & Sons v Lidl: where to be-gin?

Published on 16 Jun 2021. By Ciara Cullen, Partner and Ben Mark, Partner and Sarah Mountain, Partner

On 25 May 2021, the Scottish Court of Session (SCOS) granted an interim interdict (akin to an interim injunction), which prevents Lidl from selling its own brand 'Hampstead gin' in Scottish stores, pending the outcome of the matter at trial.

Copyright: Online platform operators’ liability for users illegally uploading copyright material

Published on 02 Nov 2020. By David Cran, Partner, Head of IP & Tech

C-682/18 Frank Peterson v Google LLC and others and C 683/18 Elsevier Inc. v Cyando AG EU:C:2020:586 – A-G opinion

Landmark case sees trade mark specifications cut down on grounds of bad faith.

Published on 29 Apr 2020. By Ben Mark, Partner and Sarah Mountain, Partner

Today, the High Court handed down judgment in Sky v SkyKick. The judgment follows the CJEU's 29 January 2020 decision, which answered various questions that the High Court had referred to it, back in June 2018.

COVID-19 prompts changes to working arrangements for the Court of Justice of the European Union

Published on 09 Apr 2020. By Louise Morgan, Senior Associate

Prompted by the COVID-19 pandemic, the CJEU announced, on 19 March 2020, that it will be temporarily changing its working arrangements.

RPC @ London Tech Week 2024

12 Jun 2024

We are delighted to announce that we will once again be hosting several in-person official fringe events around London Tech Week in June 2024.

Penalty saved by CAS with a little help from English Courts

Published on 06 Jun 2016. By Joshua Charalambous, Partner

ICO publishes guidance on AI decision making

Published on 02 Nov 2020. By Oliver Bray, Senior Partner

How can companies comply with data regulation when using AI to make decisions affecting individuals?

A shifting landscape? The outlook for data regulation in 2023

Published on 09 Jun 2023. By Jon Bartley, Partner and Amy Blackburn, Senior Associate

With a relatively new Information Commissioner in the UK and a renewed focus on getting post-Brexit data protection laws through Parliament, attention is turning to the ICO’s priorities and how they fit into this new landscape.

Transitioning to a net zero economy

Published on 31 May 2023. By Rosamund Akayan, Knowledge Lawyer and Connor Cahalane, Partner, Head of Public Companies

The TPT has published a draft disclosure framework and implementation guidance for private sector entities to transition to a net zero economy, making recommendations for companies and financial institutions to develop gold-standard transition plans.

CSRD: shakeup of the EU's sustainability reporting rules

Published on 25 May 2023. By Sophie Tuson, Senior Associate and Sarah Mountain, Partner and Connor Cahalane, Partner, Head of Public Companies

The EU’s new Corporate Sustainability Reporting Directive (CSRD) entered into force on 5 January 2023.

Deposit Return Scheme: Key considerations for drinks  producers and retailers in the UK

Published on 16 May 2023. By Jeremy Drew, Partner, Head of Commercial

Defra has now responded to its consultation on the introduction of a DRS in England, Wales and NI. The DRS will require retailers to charge a small fee on certain drinks containers sold, which consumers can reclaim if they return the container to a designated return point.

New REUL? How will the Retained EU Law (Revocation and Reform) affect UK businesses?

Published on 09 May 2023. By Paul Joukador, Partner and Patrick Brodie, Partner

When the Brexit transition period ended, so did the alignment of EU law with UK domestic law.

Casting your net zero ambitions: eight key steps for retailers

Published on 24 Nov 2022. By Patrick Brodie, Partner and Kelly Thomson, Partner, ESG strategy lead and Ellie Gelder, Senior Editor Employment & Equality

With climate change at the forefront of the ESG agenda, the employment relationship, and the opportunities to engage with the workforce on this subject, are crucial ingredients in the quest to becoming a truly green retailer.

Where to next for Buy Now Pay Later?

Published on 12 Oct 2022.

On Monday 20 June 2022, HM Treasury responded to its consultation on proposals to extend regulation to unregulated Buy Now Pay Later (BNPL) products. This consultation closed in January 2022. The Treasury's response confirmed the scope of regulation will cover BNPL products and short-term interest free credit (STIFC) provided by third-party lenders.

Extended producer responsibility for packaging: How to prepare

Published on 12 Oct 2022.

In the Spring 2022 edition of Retail Compass, we reported on the Government's consultation on regulations covering extended producer responsibility (EPR) which places the financial burden of dealing with packaging once it becomes waste on producers as opposed to taxpayers.

Online Sales Tax: the right way forward?

Published on 12 Oct 2022.

On 25 February 2022, HM Treasury launched a consultation exploring the possible introduction of an online sales tax (OST) to address the imbalance resulting from the higher business rates applying to in store retailers, compared to online businesses. The consultation closed on 20 May 2022.

Greenwashing: UK regulators set their sights on misleading green claims with an increasing focus on sectors such as fashion retail and F&D

Published on 12 Oct 2022.

UK consumer regulators, the Competition and Markets Authority (CMA) and Advertising Standards Authority (ASA), are ramping up their enforcement of green claims to protect consumers from 'greenwashing'

The Corporate Sustainability Due Diligence Directive expert briefing

Published on 08 Jul 2024. By Sam Tate, Partner and Sophie Tuson, Senior Associate and Thomas Jenkins, Senior Associate and Robert Semp, Associate and Sarah Barrie, Associate and Eve Matthews, Associate

The Corporate Sustainability Due Diligence Directive (CSDDD) was adopted on 24 May 2024 and was published in the Official Journal of the EU on 5 July. This means the law will enter into force 20 days later on 26 July, and will apply to companies from 2027.

Entering the codified world – Code of Conduct for directors

Published on 03 Jul 2024. By Matthew Watson, Partner

The Institute of Directors (IoD) has recently published a consultation paper on a Code of Conduct for Directors (the Code) to assist directors in making better decisions given their increasingly "vital, complex and challenging" roles and responsibilities.

Lawyers Covered - June 2024

Published on 28 Jun 2024. By Will Sefton, Partner and Head of Professional and Financial Risks and Carmel Green, Partner and James Ainsworth, Senior Associate and Dan Bryan, Associate and Karl Shortman, Associate and Aimee Talbot, Knowledge Lawyer

It can be tough for busy lawyers to find enough time to service clients, make it safely through the regulation obstacle course, win new work and keep up-to-date with developments, but we've got you covered! Welcome to the March edition of our Lawyers Liability & Regulatory Update, in which we highlight the last month's key developments affecting lawyers and the professional risks they face.

Regulatory Radar - June 2024

Published on 27 Jun 2024. By Gavin Reese, Partner, Head of Regulatory

Welcome to the June 2024 edition of RPC’s bi-annual Regulatory Radar – a guide to the key regulatory changes worth having on your radar. We hope this will be a useful resource, helping you scan the regulatory horizon and highlight changes that could impact your business.

Financial Crime Time - Your update from RPC: 2024 Q2

Published on 25 Jun 2024. By Adam Craggs, Partner and Michelle Sloane, Partner

Welcome to the latest edition of our round-up of news making the headlines in the world of financial crime and compliance. Our aim is to give you an easily digestible, bite-sized overview of issues that are of interest and which may affect your business.

Recent CAT rulings consider distribution concerns

Published on 13 Jun 2024. By Chris Ross, Partner and Leonia Chesterfield, Of Counsel and William Carter, Senior Associate

With two collective settlements now approved by the UK's Competition Appeal Tribunal (CAT) and the outcome of the first substantive trial in the case of Le Patourel v BT anticipated shortly, it is an important time for the competition collective proceedings regime as the first sums start to be paid out to affected classes.

Lawyers Covered - May 2024

Published on 29 May 2024. By Will Sefton, Partner and Head of Professional and Financial Risks and Carmel Green, Partner and Helen Lindup, Associate and Georgia Durham, Associate and Lauren Paterson, Associate

It can be tough for busy lawyers to find enough time to service clients, make it safely through the regulation obstacle course, win new work and keep up-to-date with developments, but we've got you covered! Welcome to the May edition of our Lawyers Liability & Regulatory Update, in which we highlight the last month's key developments affecting lawyers and the professional risks they face.