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Perspective - Blog

Property Digital Rights – A New Revenue Stream in a Digital World

Published on 13 Jul 2023. By Elizabeth Alibhai, Partner

Advances in technology are opening up exciting new frontiers for property owners and managers. Almost two billion people globally use augmented reality (AR) on their mobile phones and nearly 400 million engage in a virtual metaverse reality.

Perspective - Blog

The "Unicorn Kingdom's" AI White Paper

Published on 12 May 2023. By Helen Armstrong, Partner and Ricky Cella, Senior Associate and Joshy Thomas, Knowledge Lawyer

The UK's pro-innovation AI White paper has been published. It landed almost simultaneously with an open letter from the Future of Life Institute which called for a six-month halt in work on AI systems more powerful than the generative AI system: GPT-4.

Perspective - Blog

Legislation Empowering the CMA's Digital Markets Unit Introduced into Parliament

Published on 05 May 2023. By David Cran, Partner, Head of IP & Tech and Chris Ross, Partner and Melanie Musgrave, Of Counsel and Leonia Chesterfield, Of Counsel

The long-anticipated Digital Markets, Competition and Consumers Bill (the Bill) has now begun its parliamentary journey following its introduction on 25 April 2023. Described as a "flagship bill" by the CEO of the Competition and Markets Authority (the CMA), the Bill not only introduces major landscape reforms to the UK's consumer protection regime and significant enhancements to the CMA's competition law powers, it also ushers in a new regime for digital markets. The Bill has the potential to be a "watershed moment" in how UK digital markets are regulated.

Perspective - Blog

Disciplinary investigations against architects #4 - investigations panel stage

Published on 14 Apr 2020. By Sarah O'Callaghan, Senior Associate

Further to our previous three articles which provided (1) an overview of the Architect Registration Board's disciplinary process and (2) a review of the complaints stage (3) the review stage, this article explains the next stage of a disciplinary investigation against an Architect: the investigations panel stage.

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Perspective - Blog

How to comply with the FCA's new diversity and inclusion targets for listed companies

Published on 05 May 2022. By Connor Cahalane, Partner, Head of Public Companies and Karen Hendy, Partner, Head of Corporate

The FCA has finalised its new rules on diversity and inclusion on listed company boards and executive committees. The rules, which are set out in the FCA's policy paper PS22/3: Diversity and inclusion on company boards and executive management, are substantially in line with the proposals set out in the FCA's consultation paper CP 21/24. In scope listed companies are required to include a statement in their annual financial report on whether they have met specific board diversity targets on a ‘comply or explain’ basis, as at a chosen reference date within their accounting period.

Perspective - Blog

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.

Perspective - Blog

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.

Perspective - Blog

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

Perspective - Blog

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.

Perspective - Blog

Menopause discrimination: Where are we now?

Published on 16 Nov 2023. By Ellie Gelder, Senior Editor Employment & Equality and Kelly Thomson, Partner, ESG strategy lead

October heralded an important legal first when a Leicester employment tribunal began hearing the case of Rooney v Leicester City Council. It is the first case where a person's menopausal symptoms have been deemed by an appeal court to potentially amount to a disability for the purposes of the Equality Act 2010.

Perspective - Blog

Adjusting your recruitment process for a candidate with a disability: What is reasonable?

Published on 18 Sep 2023. By Ellie Gelder, Senior Editor Employment & Equality and Charlotte Reid, Senior Associate

The Employment Appeal Tribunal (EAT) has held that a failure to make enquiries into a job applicant's disability amounted to a failure to make reasonable adjustments.

Perspective - Blog

Recent judgment on ad hoc admission of overseas counsel tells of wider COVID-19 story

Published on 10 Dec 2021. By Samuel Hung, Partner and Jennifer Leung, Associate and James Lee, Associate

Applications for ad hoc admission, pursuant to section 27(4) of the Ordinance, are fact dependent and the relevant legal principles are well-established.

Perspective - Blog

Lead market regulator's lawsuit includes professional advisers

Published on 09 Feb 2017. By Antony Sassi, Managing Partner, Asia and Samuel Hung, Partner

In another significant development in the Securities and Futures Commission's (SFC) efforts to combat market misconduct-type activity involving listed shares in Hong Kong, the lead market regulator has commenced civil proceedings under Section 213 of the Securities and Futures Ordinance (Cap 571) in respect of China Forestry Holdings Co Ltd (in official liquidation). What makes the proceedings noteworthy is that besides naming the company and two of its directors as co-defendants, the regulator's civil complaint also names two co-sponsors and the auditor involved with the company's initial public offering (IPO) in 2009.(1)

Perspective - Blog

Silicon Valley, Signature and Credit Suisse: what do they all share(holder) in common?

Published on 28 Mar 2023. By James Wickes, Partner and Oliver Knox, Partner and Jessica Pease, Associate

In what has been termed "the biggest banking crisis since 2008", both Silicon Valley Bank (SVB) and Signature Bank have collapsed, and Credit Suisse has been rescued. Whether more banks are to follow suit is yet to be seen.

Perspective - Blog

Compulsory mediation in small claims: a quick guide for the busy lawyer

Published on 28 Jun 2024. By Kirstie Pike, Partner

A new pilot scheme requiring parties in money claims valued at up to £10,000 to take part in a compulsory free one-hour mediation appointment, provided by HMCTS' Small Claims Mediation Service – before the claim can then proceed to Court if no settlement is reached.

Perspective - Blog

No bouncing back for directors

Published on 20 May 2024. By James Wickes, Partner and Adam Craggs, Partner and Catherine Zakarias-Welch, Knowledge Lawyer

Banned! Fraudsters! – Terms used by the Insolvency Service for directors who abused the government backed loan scheme which was put in place to help businesses struggling during the pandemic.

Perspective - Blog

Your statement or mine? Witness statements under Practice Direction 57AC

Published on 23 Feb 2023. By Richard Seymour, Associate and Simy Khanna, Partner

The judgment of Mr Justice Fancourt in Mackenzie v Rosenblatt Solicitors & Anor [2023] EWHC 331 (Ch) has highlighted, in no less than 36 paragraphs on the matter, the importance of ensuring compliance and understanding of Practice Direction 57AC - Trial Witness Statements in the Business and Property Courts ("PD 57AC"), when preparing witness statements.

Perspective - Blog

The collapse of FTX: lessons for many

Published on 14 Feb 2023. By James Wickes, Partner and Matthew Wood, Senior Associate and Jessica Pease, Associate

From investors to regulators, FTX Trading Ltd (FTX) filing for bankruptcy was unexpected by all. A catalyst for litigation and regulation over the years to come, this collapse will serve as a warning, particularly to cryptocurrency insurers.

Perspective - Blog

SLAPPs – a round up of the latest developments for the SRA

Published on 02 Feb 2023. By Graham Reid, Partner

The last week or so has seen a burst of activity on SLAPPs, alongside criticism of the SRA. This will be of interest to lawyers and their insurers.

Perspective - Blog

The scope of a solicitor's duty to third parties in the spotlight again

Published on 26 Jan 2023. By Michelle Peacock, Associate and Rhian Howell, Partner & Head of Office, Bristol

The Claimant (Mr Syed Ul Haq), via his Estate, brought claims against the Defendants for damages arising out of two frauds in connection with the same property. It is central to this appeal to understand that Rees Page Solicitors never acted for the Claimant. It is indeed for that reason Rees Page Solicitors applied for summary judgment on the grounds that the Claimant had no reasonable prospects of success. After hearing the application, on 13 December 2019, Deputy Master Lloyd, granted summary judgment on the basis that as Mr Ul Haq was not a client of Rees Page Solicitors, they did not owe him a duty of care.

Perspective - Blog

Is the FCA to blame for BSPS? MPs seem to think so

Published on 22 Jul 2022. By Rachael Healey, Partner

The House of Commons Public Accounts Committee (PAC) yesterday published a report entitled "Investigation into the British Steel Pension Scheme". The report makes a number of recommendations in light of its investigations in to the FCA's conduct and regulatory oversight at the time of the issues arising from the British Steel Pension Scheme (BSPS) and in particular the decision by 7,834 members to transfer to a personal pension arrangement. The report is heavily critical of the FCA's handling of BSPS and its regulatory oversight of the defined benefit transfer market generally. Given the request in the report for an update from the FCA on its progress on the various recommendations and conclusions in 6 months' time, we wait to see how the FCA reacts to yet further criticism of its handling of BSPS at a time when it is reviewing responses to the consumer redress scheme consultation.

Perspective - Blog

FCA consultation on British Steel redress scheme published

Published on 31 Mar 2022. By David Allinson, Partner and Robert Morris, Partner

The FCA has now published its consultation paper on the proposed redress scheme for British Steel Pension transfers under s.404 of FSMA. The scope of this is wider than anticipated and the proposals contain some surprises around the lack of an opt-in process and potential involvement of FOS.

Perspective - Blog

SIPPs and FOS - does the Rowanmoor decision change anything?

Published on 02 Feb 2022. By Rachael Healey, Partner

Last week FOS published a decision it reached last year in a complaint against a SIPP provider involving advised sales. The FOS upheld the complaint, finding that the SIPP provider should have rejected business from the regulated financial adviser, CIB Life and Pensions Limited (CIB), given, broadly, red flags available to the SIPP provider with respect to the operation of CIB's business model including that CIB was not advising on the ultimate investment within the SIPP and as a result such introductions involved a significant risk of consumer detriment. The decision has received quite a bit of press attention - but has it moved the dial for SIPP complaints before FOS or not?

Perspective - Blog

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.

Perspective - Blog

UK tech cases warn of liability clause drafting pitfalls

Published on 21 Sep 2023. By Helen Armstrong, Partner

Excluding and limiting liability is a vital part of any commercial contract. The irony, though, is that despite its importance, almost any exclusion or limitation of liability — if pored over to the nth degree — will have some ambiguity in the face of complex and often unforeseen consequences of breach.

Perspective - Blog

Thirty minutes in Decentraland: A metaverse adventure

Published on 14 Jun 2023. By Christopher Whitehouse, Senior Associate and Becky Baker , Associate

Decentraland is one of the best known 'metaverses' that currently exist. It is a giant virtual world where users can create 'avatars' (a digital representation of yourself) and interact with one another. Users can also buy and develop virtual land, the mechanics of which involve purchasing an NFT (non-fungible token) connected with the relevant land plot. Users can then develop their land and build unique 3D environments.

Perspective - Publication

Health and Safety Bulletin – March 2024

Published on 06 Mar 2024. By Gavin Reese, Partner, Head of Regulatory and Mamata Dutta, Partner and Rashna Vaswani, Associate