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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.

Construction and Engineering Law 2024

Published on 15 Aug 2024. By Tom Green, Partner and Arash Rajai, Partner and Alan Stone, Partner and Jonathan Carrington, Senior Associate

We are delighted to have contributed once again to ICLG's Construction and Engineering Law guide for 2024. The comprehensive guide delves into the multifaceted world of construction and engineering law, providing an essential reference for understanding and comparing the handling of common legal challenges across various jurisdictions.

AI in Construction

Published on 16 Jul 2024. By Georgina Haynes, Senior Associate

There is a lot of discussion around Artificial Intelligence ("AI") and its application to industry. We have considered what AI is, the benefits and risks, how it fits into the construction industry, the effect on insurers and what the future holds.

Final UK listing rules: modified transfer process for issuers in transition category

Published on 14 Aug 2024. By Janice Chan, Senior Associate

On 11 July 2024, the FCA published the final UK Listing Rules (UKLR) which came into effect on 29 July 2024 (Implementation Date). The UKLR are broadly in line with the FCA's previous proposals.

UK government updates NSIA market guidance and statement on call-in powers

Published on 10 Jul 2024. By Yexi Tran, Associate

Recent developments such as the removal of Huawei from the UK's 5G networks and President Biden's 2023 executive order on outbound investment in sensitive technologies have brought into focus potential national security risks arising from global trade and investment.

Proposed removal of requirement for shareholder vote on significant transactions and related party transactions: FCA provides update on Listing Rule reforms

Published on 03 Apr 2023. By Karen Hendy, Partner, Head of Corporate and Connor Cahalane, Partner, Head of Public Companies

The FCA has provided an update on reforms to the Listing Rules proposed last year in its discussion paper DP22/2.

Key takeaways from the first year of the national security regime

Published on 22 Mar 2023. By Bridget Lockhart, Associate

The UK's new national security screening regime has now been in operation for over a year. This blog discusses the key takeaways from the first decisions to be made under the UK's new national security screening regime.

Spring Budget 2023 - Main Tax Announcements

Published on 16 Mar 2023. By Ben Roberts, Partner

This blog discusses some of the key tax changes announced in this week's Spring Budget.

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).

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.

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

ICO Processor fine – the ICO's approach to assessing technical standards and its impact

Published on 20 Aug 2024. By Daniel Guilfoyle, Partner

The ICO recently confirmed its provisional decision to fine Advanced Computer Software Group £6.09 million following a data breach that it suffered in 2022.

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.

COVID-19 and Commercial Tenants' Rights Regarding Rent

Published on 25 Mar 2020. By Elizabeth Alibhai, Partner

This blog sets out various issues for commercial tenants to consider in relation to impending rent payments and government intervention in response to Covid-19. We are currently fielding numerous enquiries from tenants seeking advice about whether rent holidays, reductions and other concessions can be obtained in these unprecedented times.

All change: What will a Labour government mean for financial services?

Published on 05 Jul 2024. By Rachael Healey, Partner and David Allinson, Partner and George Smith, Partner and Matthew Watson, Partner and Ash Daniells, Senior Associate and Andrew Oberholzer, Senior Associate and Heather Buttifant, Associate

What does a new Labour government mean for the management liability market?

Published on 05 Jul 2024. By Rachael Healey, Partner and Matthew Watson, Partner and Andrew Oberholzer, Senior Associate and Zoe Melegari, Senior Associate and Kim Wright, Senior Associate

We have a new government and the first Labour government for 14 years. What does it mean for the management liability market? We look at what Labour has promised and with that the areas those in the market will want to consider across directors and officers, employment liability and pensions.

FCA announces thematic review of retirement income advice

Published on 01 Mar 2023. By Faheem Pervez, Associate and Patrick Barclay, Associate

The pension freedom reforms changed the way consumers access their retirement funds. This FCA thematic review will put firms under the spotlight with a focus on how the retirement income advice market is functioning in response to changing consumer needs in the current economic downturn.

FCA responds to criticism of the Public Accounts Committee when it comes to BSPS with rejection of suggestion it should reconsider a wider defined benefit transfer review

Published on 03 Oct 2022. By Rachael Healey, Partner

In a July blog I reported on the House of Commons Public Accounts Committee report entitled "Investigation into the British Steele Pension Scheme". The blog set out a number of recommendations of the Committee in light of its investigations into the FCA's conduct and regulatory oversight of BSPS and, in particular, the 7,834 members that transferred out of BSPS into a personal pension scheme. We have now had a sneak preview of the FCA's response in the recent Committee minutes. Here's what the FCA had to say.

FCA Review of AML failings at challenger banks

Published on 27 May 2022. By James Wickes, Partner and Amber Slumbers, Associate

Throughout 2021, the FCA conducted a detailed review into the financial crime controls of challenger banks as they continued to enter the UK financial industry at a rapid pace. Their surge in popularity is partially linked to the Covid-19 pandemic, which has prompted significant changes in the habits of service providers worldwide. Whilst the FCA's review indicated some evidence of good practice, it is clear that challenger banks must do more to reduce the significant risks of financial crime occurring both at the time of customer onboarding and throughout the subsequent customer journey.

FCA consults on British Steel redress scheme

Published on 22 Dec 2021. By David Allinson, Partner

The FCA intends to open consultation on an industry wide redress scheme covering British Steel Pension transfers. This is perhaps the only option left for the regulator, but a redress scheme will heap further pressure on an area of the advice industry that is already under fire.

FCA looks to tighten up appointed representative regime

Published on 08 Dec 2021. By George Smith, Partner

On Friday the FCA published a consultation paper on potential changes to the existing appointed representative (AR) regime.

FOS proposals to clear the back-log - attractive or not?

Published on 18 Oct 2021. By Cory Gilbert-Haworth, Associate and Rachael Healey, Partner

The Financial Ombudsman Service (FOS) has proposed a temporary approach to the classification of certain complaints in an attempt to alleviate their complaints backlog exacerbated during the COVID-19 pandemic. The approach could see firms looking to pro-actively resolve complaints before a defined cut off date before FOS reaches a decision so that the complaint is recorded separately and not as a "change in outcome" (i.e. where a complaint has been rejected by a business and upheld by FOS). The consultation was open for a short two-week period between 4 and 18 October 2021.

FCA set to expand climate-related reporting rules

Published on 17 May 2021. By James Parsons, Associate and Ash Daniells, Senior Associate

The FCA has revealed it will consult on plans to require asset managers, life insurers and FCA-regulated pension schemes to meet climate-related disclosure rules. In doing so, the FCA is expanding the scope of firms required to report on climate-related risks in accordance with the recommendations of the Task Force on Climate-related Financial Disclosure (TCFD).

Pure Legal interest only mortgage claim – judgment in favour of the mortgage broker on limitation grounds as judge finds the damage was patent not latent

Published on 13 May 2021. By Rachael Healey, Partner

The first judgment following trial in a Pure Legal interest only mortgage claim has now been handed down, with the judge dismissing the claim on the basis that it was out of time, with the claimants having all requisite knowledge of the material facts of the damage from the outset of taking out the interest only mortgage. The judge also found the advice was not negligent.

When is a complaint a complaint under DISP?

Published on 21 Apr 2021. By Rachael Healey, Partner

A Court of Appeal judgment has recently addressed what constitutes a complaint for the purposes of DISP [Clive Davis v Lloyds Bank [2021] EWCA Civ 557]. It is important to identify when a complaint is made as a regulated firm for two primary reasons: first, a complaint triggers the dispute resolution procedure under DISP of the FCA's Handbook and second, it stops time running for the purposes of time bar when it comes to a complaint to FOS.

Additions to FCA DB Transfer Guidance Published

Published on 06 Apr 2021.

The FCA have published finalised guidance regarding defined benefit pension transfers. The latest publication amends and adds to the draft published in June 2020.

FCA publishes finalised guidance for firms on the fair treatment of vulnerable customers

Published on 22 Mar 2021. By Claudia Schlossberger, Paralegal

In February 2021, the FCA published guidance on the fair treatment of vulnerable customers with the aim of improving their customer experience.

FOS and the Adams v Carey decision – where are we as the Court of Appeal hearing starts?

Published on 02 Mar 2021. By Rachael Healey, Partner