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Balance on the board: Eight things UK PLCs need to know about the FCA's diversity targets

Published on 27 Sep 2021. By Karen Hendy, Partner, Head of Corporate and Connor Cahalane, Partner, Head of Public Companies

The Financial Conduct Authority's proposals will mean UK listed companies need to disclose whether their boards and senior management teams meet new gender and ethnic diversity targets.

Takeover Code: What has changed?

Published on 13 Sep 2021. By Emily McGregor, Partner

On 5 July 2021, the most significant changes to the Takeover Code (the Code) since 2011 took effect. The changes are intended to standardise the treatment of regulatory clearances and simplify the offer timetable. An overview of the main changes is set out below.

UK Listing Review wants companies to stay at home

Published on 04 Mar 2021. By Connor Cahalane, Partner, Head of Public Companies and Karen Hendy, Partner, Head of Corporate

Recommendations will make it easier to list and fundraise on the London Stock Exchange

Time for public companies to come clean: New UK climate-related disclosures and ESG guidance

Published on 03 Feb 2021. By Connor Cahalane, Partner, Head of Public Companies

Companies listed on the London Stock Exchange's Main Market will need to include a statement in their annual report confirming if they have made climate-related disclosures consistent with the recommendations of Task Force on Climate-related Financial Disclosures (TCFD). Companies planning to IPO, or move from AIM to the Main Market, are also affected by these new Listing Rules.

Changes to the One Stop Shop

Published on 09 Oct 2023. By Richard Breavington, Partner and Laura Thackeray, Senior Associate

In July 2023 the European Commission issued a Proposal for a Regulation of the European Parliament and of the Council laying down additional procedural rules relating to the enforcement of Regulation (EU) 2016/679 (the 'GDPR' Regulations).

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.

ICO publishes guidance on compliance of game design with the Children’s Code

Published on 31 Mar 2023. By Oliver Bray, Senior Partner

What steps can game designers take to ensure their games comply with the Children’s Code?

RPC Law x Web3: Gambling regulations – Don't Play Games of Chance with the Law

Published on 22 Feb 2023. By Nick Lauw, Partner and Pu Fang Ching, Senior Associate

This is part of a series of RPC x Web3 articles designed to help Web3 participants and enthusiasts understand their rights in this rapidly evolving space.

New Digital Regulators on the 2023 Horizon: the Digital Markets Unit and the European Centre for Algorithmic Transparency

Published on 02 Dec 2022. By David Cran, Partner, Head of IP & Tech and Chris Ross, Partner and Leonia Chesterfield, Of Counsel

For a number of years, the UK Government has been laying the groundwork to bring in a digital markets regime to regulate digital firms designated as having ‘strategic market status’ (SMS). To be designated as having SMS, a firm must have 'substantial and entrenched market power' in at least one activity. Companies having SMS are likely to include the largest tech firms such as Amazon, Apple, Google, Microsoft and Meta (the so called 'GAMMA' firms).

Digital services providers—Commission to focus on implementation phase of EU consumer protection legislation

Published on 31 Oct 2022. By David Cran, Partner, Head of IP & Tech and Leonia Chesterfield, Of Counsel and Ellie Chakarto, Associate

The Digital Services Act (DSA) and the Digital Markets Act (DMA) are published in the Official Journal and the plenary vote of the European Parliament on the proposed text of the AI Act is expected once amendments are agreed by negotiators. The Commission is now turning its focus to the implementation phase of these landmark regimes. So, what does the future hold for the European tech sector and how might it differ for the UK?

The EU Digital Markets Act - a focus on gatekeeper obligations and sanctions

Published on 12 Oct 2022. By David Cran, Partner, Head of IP & Tech and Leonia Chesterfield, Of Counsel and Joshy Thomas, Knowledge Lawyer

What key obligations will the Digital Markets Act (DMA) impose on online platforms designated as gatekeepers?

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.

How should Financial Institutions manage the rise of non-financial misconduct?

Published on 19 Feb 2024. By James Wickes, Partner and Amber Oldershaw, Associate

Over the last few months, Parliament's Treasury Committee has sought to examine the many barriers faced by women in financial services through the aptly named "Sexism in the City" inquiry.

Quid game – fixed costs; pick your battles

Published on 30 Jan 2024. By Thom Lumley, Partner and Chris Gower, Associate and Sally Lord, Knowledge Lawyer

Ordinarily, the claims that make the headlines are those that have the highest value or the most significant impact on the public. With the costs landscape ever-changing in civil claims, without careful planning and strategy, even modest claims can end up biting defendants in the longer-term.

Castle caper condoned? Court of Appeal rules on dishonest condonation and aggregation under solicitors policy in Discovery Land v AXIS

Published on 17 Jan 2024. By Graham Reid, Partner and Will Sefton, Partner and Head of Professional and Financial Risks and Aimee Talbot, Knowledge Lawyer

On 15 January 2024 the Court of Appeal handed down judgment in Discovery Land Company LLC and others v Axis Specialty Europe SE [2024] EWCA Civ 7. The case concerns the ability of a solicitors’ insurer to decline cover for a claim on grounds of dishonesty and, in particular, the meaning of “condonation” of dishonesty. It also concerns how the aggregation clause operates in a solicitors’ professional indemnity insurance policy.

Law passed to regulate Significant Investments in Singapore Entities

Published on 12 Jan 2024. By Kenneth Leong, Partner and Jemima Holly Ang, Associate

The Significant Investments Review Bill (the "Bill") was recently passed by Parliament on 9 January 2024, and is expected to take effect in the first half of the year.

The Terminator: A Tale of Two Insurance Claims

Published on 19 Dec 2023. By Peter Mansfield, Partner

It is 2029, and the Machines are losing their war with Humanity. What to do?

Project Angel Bidco v AXIS - what are the key takeaways for warranty and indemnity insurers?

Published on 30 Nov 2023. By James Wickes, Partner and Matthew Wood, Senior Associate and Matt Ward, Trainee Solicitor

On 31 October 2023, the London Circuit Commercial Court gave judgment in Project Angel Bidco Limited (in administration) v Axis Managing Agency Limited & Ors (2023) EWHC 2649.

Wordings do matter

Published on 06 Nov 2023. By Tamsin Hyland, Partner

Contract drafting has been brass tacks for lawyers since the dawn of time. In its broadest terms, it involves putting the scope of a bargain reached between parties into clear and effective language.

Storm Babet, flooding and the insurance implications

Published on 24 Oct 2023. By Victoria Sherratt, Partner and Andrew Roper, Partner and Aimee Talbot, Knowledge Lawyer

Subtropical cyclone Storm Babet is currently responsible for over 350 flood warnings in the UK, with more flood warnings expected later this week.

Getting to know Global Access Lawyers

Published on 09 Oct 2023. By Carmel Green, Partner and Simon Laird, Global Head of Insurance

Global Access Lawyers brings together some of the worlds leading insurance law practices. In the following pages get to know the different law firms that make up Global Access, who we are, where we operate and the kind of work we do. We hope you find this useful to understand the international reach of Global Access.

Court of Appeal finds in favour of FSCS on scope of the Policyholder Protection Rules (PRR)

Published on 14 Sep 2023. By Tamsin Hyland, Partner

Tamsin Hyland explores the recent judgment of JR (On the application of Manchikalapati v FSCS [2023] EWCA Civ 1006) and its relevance to insurance policy wording.

What does the FRC's proposed corporate governance overhaul mean for D&O exposures?

Published on 04 Jul 2023. By James Wickes, Partner and Aimee Talbot, Knowledge Lawyer

The Financial Reporting Council (FRC) has now published the draft new UK Corporate Governance Code following the Government's requirements that it incorporate more robust internal control and prudent and effective risk management requirements. The deadline for responses to the FRC's consultation is 13 September 2023.

Consumer duty and claims handling – beware of sludge practices

Published on 10 May 2023. By Jonathan Charwat, Partner

The Consumer Duty is a new regulatory framework developed by the Financial Conduct Authority (FCA) aimed at creating a higher standard of consumer protection in the retail markets. The FCA expects the Consumer Duty to be a significant shift for the market in terms of its expectations on firms and in this blog we consider this shift in the context of insurance claims handling.

Bossing the rules

Published on 03 Dec 2019. By Aimee Talbot, Knowledge Lawyer

Watch out for RPC's new blog mini-series on the SRA Standards and Regulations 2019.

FCA issues Final Report in the Wholesale Insurance Broker Market Study

Published on 20 Feb 2019. By Matthew Griffith, Partner and Jonathan Charwat, Partner

Today, the FCA released its Final Report in its Wholesale Insurance Broker Market Study. The study, which was launched in 2017, considered competition, transparency and conflicts concerns arising from changes in the market, including an increased use of broker facilities.

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.

PRA consultation to promote diversity on boards of large insurers

Published on 06 Jul 2017.

The PRA consults on further amendments to the Senior Insurance Managers Regime (SIMR) including promoting diversity on boards.

AI in auditing: Embracing a new age for the profession

Published on 08 Jul 2024. By Ash Daniells, Senior Associate

Artificial Intelligence (AI) is a rather new concept for many (ignoring those versed in 80’s Sci-Fi movies); it’s something many don’t know much about and certainly don’t use in our day-to-day lives (or at least appreciate we are using). However, that’s not the case for everyone. Auditors have long been reaping the benefits of AI, but are auditors just scratching the surface of what AI can offer and what impact will an increased use have on their insurance requirements and claims they face?

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.

AI-as-a-Service – Key Issues

Published on 03 Jun 2024. By Praveeta Thayalan, Knowledge Lawyer and Tom James, Associate

Artificial Intelligence-as-a-Service (AIaaS), in the same vein as Software-as-a-Service and Infrastructure-as-a-Service, refers to cloud-based tools that allow businesses to gain access to an AI model hosted by a third party provider.

Procuring AI – Commercial Considerations Checklist

Published on 03 Jun 2024. By Praveeta Thayalan, Knowledge Lawyer

Many companies will no doubt be considering using AI within their business to take advantage of the massive opportunities for increased productivity and cost efficiencies promised.

Generative AI – Addressing Copyright

Published on 03 Jun 2024. By Ciara Cullen, Partner and Joshy Thomas, Knowledge Lawyer and Emma Dunnill, Senior Associate

When it comes to the interaction of AI and IP rights, bar a flurry of activity surrounding the inevitable outcome by all of the courts including the Supreme Court in the Thaler, Dabus case, most attention has been focussed on copyright. There are three main potentially thorny issues and all have been extensively covered by the mainstream media.

AI and Privacy – 10 Questions to Ask

Published on 03 Jun 2024. By Jon Bartley, Partner and Praveeta Thayalan, Knowledge Lawyer and Karolina Lewicki, Associate

We set out in this section 10 key questions to ask yourself at the outset when developing or deploying AI solutions in your business.

The Ethics of AI - The Digital Dilemma

Published on 03 Jun 2024.

This is Part 6 of 'Regulation of AI – raising the trillion dollar bAIby'

Part 6 – Practical Considerations

Published on 03 Jun 2024. By Caroline Tuck, Partner and Joshy Thomas, Knowledge Lawyer and Ricky Cella, Senior Associate

This is Part 6 of 'Regulation of AI – raising the trillion dollar bAIby'

Part 5 – AI Regulation Globally

Published on 03 Jun 2024. By Caroline Tuck, Partner and Joshy Thomas, Knowledge Lawyer and Ricky Cella, Senior Associate

This is Part 5 of 'Regulation of AI – raising the trillion dollar bAIby'

Part 4 – AI Regulation in Asia

Published on 03 Jun 2024. By Caroline Tuck, Partner and Joshy Thomas, Knowledge Lawyer and Ricky Cella, Senior Associate

This is Part 4 of 'Regulation of AI – raising the trillion dollar bAIby'

Part 3 - AI regulation in the US

Published on 03 Jun 2024. By Caroline Tuck, Partner and Joshy Thomas, Knowledge Lawyer and Ricky Cella, Senior Associate

Back in October 2022, the White House published federal guidance – a Blueprint for an AI Bill of Rights identifying five principles aiming to guide the design, use, and deployment of automated systems. It was designed to operate as a roadmap to protect the public from AI harms and was followed in October 2023 by the US President's Executive Order on the Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence...

Part 2 - AI regulation in the EU

Published on 03 Jun 2024. By Caroline Tuck, Partner and Joshy Thomas, Knowledge Lawyer and Ricky Cella, Senior Associate

The EU AI Act, the main elements of which are covered in our previous article, was provisionally agreed in December 2023. Shortly after it was agreed, the Commission released some Q&As to flesh out the key provisions and timelines for application. It is anticipated that the latest text of the Artificial Intelligence Act will be formally adopted by both Parliament and Council in April, triggering a graduated two year period for compliance (with obligations for high-risk systems defined in Annex II applicable in 3 years).

Part 1 - UK AI regulation

Published on 03 Jun 2024. By Caroline Tuck, Partner and Joshy Thomas, Knowledge Lawyer and Ricky Cella, Senior Associate

There has been consistent messaging from the UK Conservative-led government that the UK has decided to adopt a light touch approach to regulating AI. This was evident in the AI white paper published in March 2023 which outlined a principles based framework (see ['The Ethics of AI – the Digital Dilemma'] for more information about the principles themselves and see here for additional coverage of the AI white paper). The UK government held a consultation on the AI white paper in 2023 and published a response on 6 February 2024 that adds slightly more flesh to the bones of the UK framework.

What is a foundational model?

Published on 03 Jun 2024. By Caroline Tuck, Partner and Rory Graham, Associate

What is AI and why is it topical?

Published on 03 Jun 2024. By Paul Joukador, Partner and Helen Armstrong, Partner and Charles Buckworth, Partner and Caroline Tuck, Partner

Whilst there is no universal definition of what constitutes artificial intelligence, at its core, AI refers to the simulation of human intelligence in machines that are programmed to think and learn like humans. This encompasses the ability to reason, learn from experience, understand complex concepts, interact with their environment and look to solve problems.

Regulation of AI - raising the trillion dollar bAIby - introduction

Published on 03 Jun 2024. By Caroline Tuck, Partner and Joshy Thomas, Knowledge Lawyer and Ricky Cella, Senior Associate

As with any new technology, existing data protection and privacy, intellectual property, competition, product liability, data security and consumer laws apply to its application in each jurisdiction. This has thrown up a number of important and newsworthy issues and considerations for AI developers and providers, legislators, consumers and rights holders. There are also several sets of high profile legal proceedings both decided and ongoing in several jurisdictions. These issues and legal proceedings are discussed in other sections of this AI Guide.

ICO publishes updates to its guidance on Transfer Risk Assessments

Published on 17 Apr 2024. By Oliver Bray, Senior Partner

How will recent updates to the Information Commissioner’s Office’s (ICO) guidance on Transfer Risk Assessments (TRAs) affect how UK organisations conduct their TRAs?

Department for Science, Innovation and Technology consults on proposed data infrastructure statutory framework

Published on 17 Apr 2024. By Oliver Bray, Senior Partner

What statutory obligations could the Department for Science, Innovation and Technology’s (DSIT) proposed statutory framework impose on UK data centre providers?

ICO launches consultation series on generative AI and data protection

Published on 17 Apr 2024. By Oliver Bray, Senior Partner

What is the Information Commissioner’s Office’s (ICO) intended approach to developing guidance on how data protection law should be applied to the development and use of generative AI?

CJEU rules on what constitutes “automated decision-making” under the GDPR

Published on 17 Apr 2024. By Oliver Bray, Senior Partner

Does the production of a credit score constitute “automated decision-making” for the purposes of Article 22 of the EU General Data Protection Regulation (GDPR)? What wider impact will this have for AI technologies?