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When is a director personally liable for a company's wrongs?

Published on 28 Oct 2022.

A recent Court of Appeal judgment considers when a director might be liable for wrongs committed by the company (including, specifically, by way of accessory liability).

Meaning of contractual duty of good faith

Published on 26 Oct 2022. By Neil Brown, Partner and Clare Rooney, Associate

The Court of Appeal has taken a restrictive interpretation of an express duty of good faith in a decision handed down on 21 October 2022 - Re Compound Photonics Group Ltd; Faulkner v. Vollin Holdings Ltd [2022] EWCA Civ 1371. This decision is important as (i) the Court of Appeal judgment provides a lengthy examination of the meaning of a contractual duty of good faith, and (ii) the decision casts doubt on some previous case law on this point (including overturing the High Court's decision).

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.

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.

Restrictive covenants in shareholders' agreements and commercial contracts

Published on 06 Mar 2020.

The Court of Appeal has recently reaffirmed the approach to the enforceability of restrictive covenants in shareholders' agreements and other commercial contracts.

Corporate governance for large private companies

Published on 14 Oct 2019. By Nneka Ezekude, Trainee Solicitor

For financial years beginning on or after 1 January 2019, large private companies will need to adhere to the requirements contained in a new corporate governance code published by the Financial Reporting Council. The introduction of the new code followed multiple scandals which revealed poor corporate practices and neglect of stakeholders' interests. As a result, the code seeks to rebuild confidence and trust in these large private companies.

'Green Finance' enters the mainstream

Published on 25 Jun 2019. By Edward Colville, Partner

With the UK's recent commitment to cut emissions to net zero by 2050, the financial sector is looking to 'green finance' to encourage investment in sustainable and environmentally-friendly businesses. Recent examples, like Nokia's €1.5 billion credit facility announced last week, show that environmental impact is becoming a key consideration for lenders and borrowers.

National Security and Investment – the EU's response

Published on 07 Jun 2019. By Tim Anderson, Partner and Neil Brown, Partner

National security concerns regarding Huawei continue to make headlines around the world, against the backdrop of an ongoing US / Chinese trade war. This blog looks at new EU rules on foreign investments which raise security or public order concerns.

Stamp duty land tax (SDLT) avoidance and corporate property deals – the importance of timing!

Published on 21 May 2019. By Ben Roberts, Partner

The First-Tier Tribunal has, in a recent decision, caused something of a stir for clients and advisors familiar with the well-trodden (and, usually, tax-efficient) use of offshore unit trusts to hold UK property.

More than you bargained for: the implied duty of good faith

Published on 26 Apr 2019. By David Wallis, Partner and Neil Brown, Partner

The recent High Court decision in Bates v. Post Office (No. 3) confirms a general principle that if a contract is a "relational" contract then it will include an implied obligation of good faith. Previously, there had been doubt whether such a general principle exists, as historically this was not an approach recognised by the English courts.

Derivative transactions – the obligation to report

Published on 25 Apr 2019. By Edward Colville, Partner

As the recent £34.9m fine for Goldman Sachs shows, the FCA takes the obligation to report derivative transactions seriously. How does this affect parties who trade infrequently, and what changes to the reporting requirement can we expect post-Brexit?

Part Three: Five practical implications of side letters and most favoured nations clauses for fund investors and managers

Published on 15 Feb 2019.

In this third and final part of our series on side letters and most favoured nation (MFN) clauses in private equity funds, we examine five practical implications for investors and managers.

Part Two: Side letters and fundraising

Published on 28 Jan 2019.

In this second of a three part series, we look more closely at side letters and most favoured nation (MFN) clauses in the private equity space.

Part One: Overview of side letters & MFNs when investing in private equity funds

Published on 14 Jan 2019.

In the first of a three part series we consider the importance of side letters and most favoured nations (MFN) clauses in private equity funds.

Budget 2018 – 10 key business tax takeaways

Published on 08 Nov 2018. By Ben Roberts, Partner

2024 Amendments to the Cybersecurity Act 2018

Published on 19 Jun 2024. By Nick Lauw, Partner and Pu Fang Ching, Senior Associate

The Cybersecurity Act 2018 (the "Act") first came into force more than 6 years ago to establish a legal framework for the oversight and maintenance of national cyber security in Singapore.

Providing the identity of third-party recipients of personal data to a data subject – helpful guidance from the High Court

Published on 13 Jun 2024. By Alex Vakil, Partner

The High Court has handed down a helpful judgment for data controllers responding to data subject access requests which analyses the circumstances in which it may be appropriate for a data controller to withhold the identities of third parties who have been provided with a data subject's personal data.

Cloud computing in business: A silver lining?

Published on 07 Mar 2023. By Alexandra Prato, Associate

Cloud computing is a resource that businesses have rapidly adopted as a major step towards completing their digitalisation.

The NIS Regulations to expand to bring outsourced IT providers and managed service providers into scope

Published on 05 Jan 2023. By Richard Breavington, Partner and Helen Monachan, Associate

The UK's Network and Information Systems ("NIS") Regulations came into force in May 2018 to boost the level of security of network and information systems for the provision of essential services, such as transport, energy, water, health and digital infrastructure ("operators of essential services (OES)"). These Regulations also applied to digital services, such as online marketplaces, online search engines and cloud computing services ("relevant digital service providers (RDSPs)").

RPC Law x Web3: If There's Something Strange in the Web3 World, Who You Gonna Call?

Published on 06 Dec 2022. By Selina Toh, Senior Associate and Nick Lauw, Partner and Yuankai Lin, Partner

"And the way we win is by creating a new, democratic, decentralised internet, one where the behaviour of companies like this will be impossible forever. One where it is the users, not the kings, who have sovereign control over their data." - Richard Hendricks, in the HBO TV Series "Silicon Valley", portrayed by Thomas Middleditch

RPC Law x Web3: Considerations for NFT Founders Building Communities and Providing Utility to Holders

Published on 09 Nov 2022. By Nick Lauw, Partner

In the past when one purchased an NFT, the only expectation was that he, she, or they was purchasing rights in an asset (usually a digital artwork).

RPC Law x Web3: Ownership of Digital Assets in Web3

Published on 27 Sep 2022. By Nick Lauw, Partner

This is the inaugural part of a series of articles relating to legal issues around Web3. Over the course of the next few months, will hope to provide you with some thoughts and insights on the areas of Web3 where potential legal issues may arise based on current laws.

EDPB guidelines on personal data breach notifications

Published on 14 Feb 2022. By Richard Breavington, Partner and Elizabeth Zang, Associate and Laura Thackeray, Senior Associate

Last month, the EDPB published their "Guidelines on Examples regarding Personal Data Breach Notification" (the Guidelines). These are intended to provide "practice-oriented, case-based" guidance on when it is necessary to notify the relevant supervisory authorities (the SA) under Article 33(1) of the GDPR and/or data subjects under Article 34(1) of the GDPR following a personal data breach.

The Supreme Court hands down judgment in Lloyd v Google

Published on 10 Nov 2021. By David Cran, Partner, Head of IP & Tech and Alex Vakil, Partner

In a keenly anticipated judgment that has significant ramifications for UK data protection, the Supreme Court has today overturned the Court of Appeal's decision in Lloyd v Google and restored the original order made by the High Court, refusing the claimant's application for permission to serve proceedings on Google outside the jurisdiction.

Case comment: striking out of privacy and confidence actions in the Dixons data breach case

Published on 10 Aug 2021. By Alex Vakil, Partner

The number of claims issued in the High Court (Media and Communications List) with a data protection element continues to increase. The rise in claim numbers can be attributed to a number of factors including: (i) individuals becoming more aware of their rights under data protection legislation, (ii) uncertainty as to whether individuals may recover damages for a loss of control of their personal data without proving material damage or distress; (iii) the abundance of specialist law firms who are prepared to act for individuals on a "no-win-no-fee" basis and (iv) the availability of After the Event ("ATE") insurance to protect a would-be claimant against adverse costs orders.

Schrems II – Groundhog Day for Data Transfers

Published on 17 Jul 2020.

On Thursday 16 July, the Court of Justice of the European Union (“CJEU”) delivered its judgment in one of the most highly anticipated court cases in data protection, Case C-311/18 Data Protection Commissioner v Facebook Ireland Limited, Maximillian Schrems (widely referred to as “Schrems II”). This decision came almost 8 months after Advocate General Saugmandsgaard Øe published his Opinion, which albeit not binding, provided a strong indication for the CJEU's judgment.

Restarting your business and implementing Government guidance to support NHS Test and Trace

Published on 02 Jul 2020. By Jon Bartley, Partner

In its latest guidance on keeping workers and customers safe during COVID-19 in restaurants, pubs, bars and takeaway services (23 June 2020), the Government has recommended that businesses operating in these sectors keep a temporary record of customers and visitors for 21 days. This will assist NHS Test and Trace with requests for that data if needed.

No Deal Brexit – implications for data and privacy law compliance

Published on 17 Oct 2019. By Jon Bartley, Partner and Richard Breavington, Partner

The Brexit rollercoaster ride continues. At the time of writing, the UK and EU have just announced the agreement of a new withdrawal deal but there are serious doubts about whether it will be backed by Parliament. Despite the requirements of the Benn Act, the risk of the UK leaving the EU without a deal continues to be a concern.

Penalty saved by CAS with a little help from English Courts

Published on 06 Jun 2016. By Joshua Charalambous, Partner

Changing retail landscape leads to decline in employee numbers

Published on 21 Nov 2019. By Kelly Thomson, Partner, ESG strategy lead

The retail sector continues to face change and challenge from every conceivable angle and employment within the sector is following this trend.

Compliance Handbook Update: Bribery and corruption

Published on 20 Jun 2023. By Sam Tate, Partner and Alexandra Prato, Associate

The handbook emphasises providing compliance practitioners with insight into the practical application of FCA and PRA rules. Each chapter is discussed in the statutory and regulatory context with practical analysis of the subject, together with tips and guidance that firms may find helpful.

The Digital Markets, Competition and Consumers Bill – What's New on the Competition Side?

Published on 05 May 2023. By Melanie Musgrave, Of Counsel

In addition to the headline landscape reforms to digital markets and consumer protection, the much-anticipated Digital Markets, Competition and Consumers Bill (the Bill), introduced into Parliament on 25 April 2023, makes wide-ranging enhancements to the competition powers of the Competition and Markets Authority (the CMA) and changes to the UK merger regime.

The Regulatory Initiatives Grid - consumer credit and payments

Published on 23 Mar 2023. By Whitney Simpson, Of Counsel

The latest Regulatory Initiatives Grid was recently published by the FCA and sets out the regulatory pipeline over a 24-month horizon to help firms and other stakeholders manage the operational impact on firms implementing initiatives, and plan forthcoming initiatives.

Regulatory pipeline 2023 and beyond – the Regulatory Initiatives Grid

Published on 21 Mar 2023. By Jonathan Charwat, Partner

The FCA recently published the fourth edition of its annual overview and plan for ongoing and upcoming regulatory initiatives (143 in total!)

Changes incoming - Improving the Appointed Representatives regime

Published on 24 Nov 2022. By Whitney Simpson, Of Counsel

The FCA's changes to improve the appointed representatives regime takes effect on 8 December 2022. The changes are aimed at enhancing consumer protection and placing more responsibility on authorised financial services firms ("Principals") for their appointed representatives ("ARs").

The Powerful And The Penalised

Published on 27 Jun 2022. By Graham Reid, Partner and Alifya Bharmal, Associate

With SRA fining powers set to increase by a factor of twelve, we look at the changes being introduced and the impact they will have.

Operational Resilience - preparations for 31 March 2022

Published on 15 Mar 2022. By Whitney Simpson, Of Counsel

The deadline of 31 March 2022 is approaching when new rules on operational resilience come into force.

Tackling economic crime and sanctions evasion

Published on 08 Mar 2022. By Lucy Kerr, Senior Associate

The draft Economic Crime Bill is now on its way to the House of Lords, having received cross-party approval in the House of Commons.

Hong Kong – Appeal case reviews adequacy of regulator’s reasons not to proceed with complaint

Published on 18 Feb 2022. By Samuel Hung, Partner and Jennifer Leung, Associate

In Ng Shek Wai v HKICPA , the Court of Appeal reviewed the adequacy of the reasons for a regulator's decision that there was no prima facie case of professional misconduct. The issue arose in the context of an application for judicial review.

White-collar crime and compliance predictions for 2022

Published on 03 Feb 2022. By Sam Tate, Partner

In a blink of an eye, we are moving into a new spring with a new set of challenges and opportunities facing businesses. Here are RPC's three white-collar crime and compliance predictions for 2022…

FCA's Perimeter Report – observations for the insurance market

Published on 15 Nov 2021. By Jonathan Charwat, Partner

In late October, the FCA published this year's version of its Perimeter Report. The Perimeter Report is intended to clarify some of the complexities about what the FCA does and does not regulate. It also sets out some areas where the FCA sees potential for customer harm.

Regulatory Initiative Grid sets out multi-regulator pipeline of planned/ongoing regulatory initiatives in the financial services market

Published on 04 Nov 2021. By Jon Bartley, Partner and Jonathan Charwat, Partner and Whitney Simpson, Of Counsel

At the beginning of the week, a number of UK regulators published this year's version of the 'Regulatory Initiatives Grid' which aims to provide a combined pipeline from a number of regulators on ongoing and planned regulatory initiatives affecting the financial services market. Regulators involved include, amongst others, the Financial Conduct Authority, Prudential Regulation Authority, Payments Systems Regulator and Information Commissioners Office.

Adams v Carey – where does the Court of Appeal's decision leave the SIPP market?

Published on 01 Apr 2021. By Rachael Healey, Partner and Ash Daniells, Senior Associate

The Court of Appeal has today dismissed Mr Adams' appeal against Carey in respect of COBS 2.1.1R. However, the appeal in relation to s.27 FSMA has been upheld. We discuss the background to the proceedings, the Court of Appeal decision and where it takes the SIPP (and wider financial services) market.

Sanctions – A New World?

Published on 26 Feb 2021. By Harry Smith, Senior Associate

The new UK sanctions regime (SAMLA) replaces EU sanctions in the UK, and sits alongside UN sanctions and US sanctions as a factor for businesses to consider in planning their anti-corruption and compliance matters. In particular it can impose trade sanctions, travel sanctions and financial sanctions, with tough financial penalties for non-compliance.

Part 2: Top 5 corporate crime compliance trends for the year ahead

Published on 26 Jan 2021.

As we commence a new year in the midst of unprecedented global challenges, here is our take on the key financial crime risk and compliance trends you need to be aware of in 2021.

Part 1: Top 5 corporate crime enforcement trends for the year ahead

Published on 19 Jan 2021.

As we commence a new year in the midst of unprecedented global challenges, here is our take on the key financial crime risks and trends you need to be aware of in 2021.

Is the current law on corporate criminal liability about to get more teeth?

Published on 05 Nov 2020.

On 3rd November 2020, the Government published its long-awaited response to its January 2017 call for evidence on the question of reforming the law on corporate liability for economic crime. The Government found the evidence inconclusive overall, so it has asked the Law Commission to draft an Options Paper, to assess how effective the current law is relating to corporate criminal liability and where improvements can be made.