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ESMA cracks down on the sale of binary options and CFDs to retail investors

Published on 29 Mar 2018. By Lucy Kerr, Senior Associate

The European Securities and Markets Authority (ESMA) has announced its intention to prohibit the sale of binary options to retail investors and to place restrictions on the sale of contracts for difference (CFDs). This is the first use of ESMA's new intervention powers under MiFID II.

FCA reviews approach to enforcement and penalties

Published on 28 Mar 2018. By Ash Daniells, Senior Associate and Sarah Dowding, Senior Associate

The FCA has announced plans in its recent consultation paper on enforcement to review how it applies penalties which have gone from record highs to record lows over the past 5 years.

Changes on the horizon - FCA consults on non-workplace pensions

Published on 22 Feb 2018. By Rachael Healey, Partner

The FCA has issued a discussion paper targeted at the non-workplace pension market. The paper marks the start of the FCA's work looking at whether there is harm in the non-workplace pension market and to better understand the potential presence, nature, extent and cause of any harm.

Privilege: A welcome respite from ENRC?

Published on 05 Feb 2018. By Davina Given, Partner and Mafruhdha Miah, Senior Associate

Are interviews held with employees to prepare a report intended to deter a governmental authority from taking legal action privileged?

ESMA to use new powers to attack the sale of CFDs and binary bets to retail investors

Published on 25 Jan 2018. By Lucy Kerr, Senior Associate

ESMA has launched a public consultation on measures to protect retail investors investing in contracts for difference (CFDs) and binary bets. Potential changes include wide-ranging restrictions on the marketing and sale of CFDs, and a complete prohibition on the sale of binary bets to retail investors. An intervention would mark ESMA's first use of its new powers under MiFID II, which came into force on 3 January.

The FCA pledges to take action against providers of contracts for difference

Published on 12 Jan 2018. By Lucy Kerr, Senior Associate

The FCA has concluded that consumers are at "serious risk of harm" due to the poor practices of some providers and distributors of CFDs. The regulator will take further action against at least one firm in its latest crack-down on these "complex, high-risk" products.

Thoughts on the FCA's fund fee transparency proposals

Published on 11 Jan 2018.

Alternative investment funds may soon be required to report total cost of ownership in a standardised form. Work on new templates in ongoing, and fund managers need to be aware of the situation and to be involved in this important debate that has so far been largely overlooked.

Initial Coin Offerings – the digital financing process under global scrutiny

Published on 08 Dec 2017. By Rachel Ford, Partner

In an era of social media platforms and the like, the technological world creeps into its corporate counterpart of today. Initial Coin Offerings (ICOs) storm the corporate world by force, but what does the future hold for the new phenomenon?

FCA revisits FSCS funding proposals, and abandons plans for significant changes to professional indemnity insurance requirements

Published on 01 Nov 2017. By Robert Morris, Partner

The FCA has published a second consultation paper on the thorny subject of FSCS funding. Although not widely reported so far, the new consultation makes it clear that the FCA will not, after all, consult on significant changes to personal investment firms' professional indemnity insurance requirements.

FCA allows confidential report to be scrutinised by Treasury Select Committee

Published on 31 Oct 2017.

The FCA has allowed the Treasury Select Committee to review its s.166 report into RBS' Global Restructuring Group (GRG) and has published an interim summary of the report. It is possible that the threat of publication will play on the minds of firms subject to s.166 reports, which may reduce cooperation with skilled persons and therefore the efficacy of this investigatory power.

The FCA makes clear its expectations of financial advisers

Published on 18 Oct 2017.

FCA, regulatory, financial services

FCA criticised by Complaints Commissioner for its handling of enforcement limitation issues

Published on 04 Oct 2017. By Lucy Kerr, Senior Associate

The Office of the Complaints Commissioner recently upheld two complaints against the FCA for making a "serious mistake" in its management of limitation issues for two connected investigations. The Commissioner criticised the FCA not only for its mismanagement of the limitation issue, but also for the unnecessary delays in concluding its own internal investigation into these complaints.

DB Transfers - now what?

Published on 04 Oct 2017. By Rachael Healey, Partner

We know that the FCA is looking closely at defined benefit transfers; we already have the FCA's review of redress methodology and the defined benefit transfer rules. We now have the results of the FCA's review, into defined benefit transfers and it makes for uncomfortable reading for the financial services industry.

The FCA: key themes for 2017/18

Published on 29 Sep 2017. By Lucy Kerr, Senior Associate

A look at key developments for the FCA in 2017 and looking forward to 2018

MiFID II & Inducements

Published on 21 Sep 2017. By Matthew Watson, Partner

FCA MiFiD Inducements Consultation Paper

Collective actions under consumer law: proposed amendments to the Digital Markets, Competition and Consumers Bill

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

Are class actions under consumer protection law likely following the UK’s new DMCC Bill, and if so, what will the impact on businesses be?

Shift in consumer rights landscape increases risks for retailers

Published on 13 Dec 2021.

Thaler v Comptroller [2023] UKSC 49: the UKSC rules that AI cannot be an 'inventor'

Published on 10 Jan 2024. By Matthew Jones, Partner

To the surprise of no one, the UK Supreme Court (UKSC) has finally ruled that an artificial intelligence (AI) cannot be an inventor for the purposes of UK patent law. This judgment accords with the decisions of the lower courts in the UK and the initial ruling of the UKIPO. It also reflects similar findings from most of courts around the world where the claimant, Dr Thaler, brought similar actions.

Generative AI and intellectual property rights—the UK government's position

Published on 03 May 2023. By Helen Armstrong, Partner and Jani Ihalainen, Associate and Joshy Thomas, Knowledge Lawyer

The IPO is to produce a code of practice by the summer that will provide guidance to support AI firms in accessing copyright protected works as an input to their models.

Sports Ticker (27 April 2023) – PL gambling sponsor ban, WWE x UFC merger and Schumacher's AI interview – a speed-read of commercial updates from the sports world

Published on 28 Apr 2023. By Jeremy Drew, Partner, Head of Commercial and Joshua Charalambous, Partner and Samuel Coppard, Senior Associate and Joseph Akwaboa, Associate

In a fortnight which saw Corach Rambler win the Grand National, the UK & Ireland submit its bid to host the UEFA Euro 2028 men's tournament, and 48,000 runners take to the streets for the London Marathon, we bring you updates on Spotify's new integration with Strava and Team GB's collaboration with Birds Eye. We also feature stories on a controversial AI-generated interview with Michael Schumacher and our own Kate O'Malley's sub-three hour marathon success.

UK Government sets out proposals for regulation of AI

Published on 10 Oct 2022. By Oliver Bray, Senior Partner

What are the UK Government’s plans for the future regulation of artificial intelligence (AI)?

UK government announces the launch of an AI standards hub

Published on 12 Apr 2022. By Oliver Bray, Senior Partner

What does the new artificial intelligence (AI) standards hub mean for businesses seeking to develop AI technologies?

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?

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.

Weighty issues for diet app developers

Published on 04 Jan 2022. By Dorothy Flower, Partner

2022 is set to be the year of the diet app. The distinction between what is a mere lifestyle app and what should in fact be a regulated medical product or service can be difficult to assess.

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.

Stay on top of Intellectual Property

Published on 20 Apr 2021. By Ciara Cullen, Partner and Ben Mark, Partner and Sarah Mountain, Partner

Whether you’re just starting out or launching a new product, there are a wealth of intellectual property issues to consider in the world of distilling. Here, Ciara Cullen, Ben Mark and Sarah Mountain outline those do’s and don’ts, the changing landscape and how to thrive in 2021 and beyond.

Snapshots Summer 2024

Published on 01 Aug 2024. By Oliver Bray, Senior Partner and David Cran, Partner, Head of IP & Tech

A roundup of key legal developments for the modern commercial lawyer.

Snapshots Spring 2024

Published on 17 Apr 2024. By Oliver Bray, Senior Partner and David Cran, Partner, Head of IP & Tech

A roundup of key legal developments for the modern commercial lawyer.

Leading media litigator Lindsay Warwick joins RPC as Partner

Published on 15 Jan 2024. By Lindsay Warwick, Partner

International law firm RPC announced today that Lindsay Warwick, a leading media litigator, joins as Partner. An already powerful bench of over ten media litigators, the appointment cements the firm's reputation as having the UK's leading media defence practice.

Ofcom's 'Roadmap to Regulation' underway with its consultation on illegal harms duties under the Online Safety Act

Published on 12 Jan 2024. By Jessica Kingsbury, Associate

In November, Ofcom, as new online safety regulator, published the first of four major consultations under the Online Safety Act ("OSA"), which sets out its proposals for how "user-to-user" ("U2U") services (essentially any online website or app that allows users to interact with each other) and online search services (i.e. Google, Bing and similar) should approach their illegal content duties under the new legislation. The consultation provides guidance in a number of areas including governance, content moderation, reporting and complaints mechanisms, terms of service, supporting child users, and user empowerment.

Snapshots Winter 2023

Published on 12 Dec 2023. By Oliver Bray, Senior Partner and David Cran, Partner, Head of IP & Tech

A roundup of key legal developments for the modern commercial lawyer.

Snapshots Autumn 2023

Published on 25 Oct 2023. By Oliver Bray, Senior Partner and David Cran, Partner, Head of IP & Tech

A roundup of key legal developments for the modern commercial lawyer.

The Online Safety Bill is set to become law

Published on 21 Sep 2023. By Rupert Cowper-Coles , Partner, Media and Nadia Tymkiw, Senior Associate and Jessica Kingsbury, Associate

The Online Safety Bill will shortly become law in the UK as soon as it receives Royal Assent. The legislation will introduce a new regulatory regime for online platforms and search engines which target the UK, imposing wide-ranging obligations on in-scope services with serious consequences for non-compliance.

Snapshots Summer 2023

Published on 07 Jul 2023. By Oliver Bray, Senior Partner and David Cran, Partner, Head of IP & Tech

A roundup of key legal developments for the modern commercial lawyer.

Snapshots Spring 2023

Published on 31 Mar 2023. By Oliver Bray, Senior Partner and David Cran, Partner, Head of IP & Tech

A roundup of key legal developments for the modern commercial lawyer.

Snapshots Winter 2022

Published on 23 Dec 2022. By Oliver Bray, Senior Partner and David Cran, Partner, Head of IP & Tech

A roundup of key legal developments for the modern commercial lawyer.

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'