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When is a director personally liable for a company's wrongs?
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).
Read moreMeaning of contractual duty of good faith
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).
Read moreHow to comply with the FCA's new diversity and inclusion targets for listed companies
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.
Read moreBalance on the board: Eight things UK PLCs need to know about the FCA's diversity targets
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.
Read moreTakeover Code: What has changed?
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.
Read moreUK Listing Review wants companies to stay at home
Recommendations will make it easier to list and fundraise on the London Stock Exchange
Read moreTime for public companies to come clean: New UK climate-related disclosures and ESG guidance
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.
Read moreRestrictive covenants in shareholders' agreements and commercial contracts
The Court of Appeal has recently reaffirmed the approach to the enforceability of restrictive covenants in shareholders' agreements and other commercial contracts.
Read moreCorporate governance for large private companies
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.
Read more'Green Finance' enters the mainstream
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.
Read moreNational Security and Investment – the EU's response
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.
Read moreStamp duty land tax (SDLT) avoidance and corporate property deals – the importance of timing!
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.
Read moreMore than you bargained for: the implied duty of good faith
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.
Read moreDerivative transactions – the obligation to report
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?
Read morePart Three: Five practical implications of side letters and most favoured nations clauses for fund investors and managers
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.
Read morePart Two: Side letters and fundraising
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.
Read morePart One: Overview of side letters & MFNs when investing in private equity funds
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.
Read moreICO Processor fine – the ICO's approach to assessing technical standards and its impact
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.
Read more2024 Amendments to the Cybersecurity Act 2018
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.
Read moreProviding the identity of third-party recipients of personal data to a data subject – helpful guidance from the High Court
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.
Read moreCloud computing in business: A silver lining?
Cloud computing is a resource that businesses have rapidly adopted as a major step towards completing their digitalisation.
Read moreThe NIS Regulations to expand to bring outsourced IT providers and managed service providers into scope
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)").
Read moreRPC Law x Web3: If There's Something Strange in the Web3 World, Who You Gonna Call?
"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
Read moreRPC Law x Web3: Considerations for NFT Founders Building Communities and Providing Utility to Holders
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).
Read moreRPC Law x Web3: Ownership of Digital Assets in Web3
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.
Read moreEDPB guidelines on personal data breach notifications
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.
Read moreThe Supreme Court hands down judgment in Lloyd v Google
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.
Read moreCase comment: striking out of privacy and confidence actions in the Dixons data breach case
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.
Read moreSchrems II – Groundhog Day for Data Transfers
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.
Read moreRestarting your business and implementing Government guidance to support NHS Test and Trace
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.
Read moreNo Deal Brexit – implications for data and privacy law compliance
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.
Read moreCOVID-19 and Commercial Tenants' Rights Regarding Rent
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.
Read moreChanging retail landscape leads to decline in employee numbers
The retail sector continues to face change and challenge from every conceivable angle and employment within the sector is following this trend.
Read moreCould I mitigate my losses by using my premises for other purposes?
With the inevitable impact of the coronavirus on retail businesses, many will be looking to mitigate their losses. One obvious way of doing this would be to use their premises, often their single largest overhead, for other uses. But is this possible and what must you consider?
Read moreChoppy waters ahead? The significance of Oceanfill
The economic outlook for the UK in 2023 remains uncertain, and more companies may need to restructure their businesses to ensure survival. This
Read moreRegister of Overseas Entities – one month since the deadline and thousands still face penalties from failure to register
The Economic Crime (Transparency and Enforcement) Act 2022 ("the Act") enacted in March 2022 brought into force the register of overseas entities on 1 August 2022. Companies House holds and manages the new register which was introduced to provide greater transparency around UK land ownership. The transitional period ended on 31 January 2023, and as at 3 March 2023, 26,481 out of an estimated 32,440 have registered. Thousands of companies are still to register over a month on from the end of the transitional period, so we've turned our minds to consider the possible consequences of not registering, or delaying registering, as an overseas entity in accordance with the Act, including the potential for the Proceeds of Crime Act 2002 to apply.
Read moreRegister of Overseas Entities – Register now to keep transactions running smoothly
The Economic Crime (Transparency and Enforcement) Act 2022 ("the Act") has been enacted as part of the Government's drive to increase transparency in the ownership of UK land. Companies and other legal entities governed by the law of a country or territory outside of the UK which own land in the UK satisfying certain requirements, or wish to own such land, must now register information with Companies House. A new Register of Overseas Entities ("the ROE") has been created and certain details of the registered overseas entities and their beneficial owners are available to the public.
Read moreBusiness Rates – an unpopular tax imposed in unfortunate circumstances
It is almost trite to say that retailers have had a tricky time over the last 20 months. The combination of enforced closures, and more recent supply chain difficulties and staff shortages have left them reeling. On 1 July the business rates holiday ended and, although rates will be discounted by up to 2/3rds for smaller retailers until March 2022, most will come under increased pressures. It is unsurprising that many are calling for a complete overhaul of the business rates system.
Read moreWhat about the arrears?
On 4 August 2021 the Government published a policy statement clarifying their announcement made on 16 June 2021 in relation to the extension of the forfeiture moratorium, the ringfencing of COVID-19 commercial rent debts and the introduction of a binding arbitration process. The Government has also published its own response to the views of over 500 respondents to the call for evidence.
Read moreThe Forfeiture Moratorium has been extended – But what about the arrears?
On 16 June 2021 the Government announced that it is drafting legislation to ringfence outstanding unpaid rent that has accrued during the pandemic in order to protect jobs and give businesses breathing space to recover.
Read moreThe risks of going large (again)
In our July 2020 article , we looked at the case of Hart and Hart v Large, which concerned a survey undertaken by Mr Large for the Harts.
Read moreThe curse of COVID strikes again – implementation of the Home Survey Standard delayed
As a result of the lockdown imposed in response to the COVID-19 pandemic, the new RICS Home Survey Standard, which was due to be implemented next month has now been delayed until December 2020. Whilst this will allow practitioners more time to become familiar with the new standard, it causes an unwelcome disruption to the introduction of a measure that should provide greater clarity for both surveyors and consumers of what is expected when commissioning and conducting a home survey.
Read moreTop 10 for the 10s Claims against surveyors and valuers
The 2010s started with an influx of valuation claims, primarily involving lenders seeking to recoup losses suffered as a result of the financial crisis, loans being made to sub-prime borrowers and the declining property market.
Read moreRICS Guidance and Key Developments for Surveyors: #2 Coronavirus, valuations and "material uncertainty"
The recent lockdown has posed a serious challenge to the UK housing market, with the present and future potential impact of COVID-19 on the market inviting comparisons to the post-2008 recession.
Read moreRetailers: new government measures to provide further protection for tenants against aggressive rent collection.
When the Coronavirus Act 2020 (the "Act") received royal assent on 25 March 2020, commercial tenants across the country were afforded some relief.
Read moreRICS Guidance and Key Developments for Surveyors: #1 Changes to the RICS Minimum Terms
In this series of articles, we will be addressing a number of the key risks and challenges that face surveyors and valuers in the current climate.
Read moreBusiness Rates Reform – Response to COVID-19 and the 2020 outlook
This year's budget, announced by Chancellor Rishi Sunak on 11 March, attracted particularly high levels of attention from the media and business community. The spread of COVID-19 has put enormous pressure on British businesses in the short-to-medium-term and bricks-and-mortar retailers are especially strained, having come into the crisis on the back of their worst trading conditions for a decade.
Read moreBusiness Tenant Protection from Forfeiture under the Coronavirus Act 2020
Following the Government's 23 March press release in which it was confirmed that commercial tenants who cannot pay their rents "because of Coronavirus" would be protected from eviction, legislation is now in force which goes some way to clarify what this means in practice.
Read moreRents, Returns and Turnover in the Age of Online Retail
News has surfaced recently that H&M has approached some of its landlords with a view to agreeing bespoke turnover rent arrangements for new leases and for lease renewals. The arrangements take the form of "total occupational deals" as they propose offering landlords a single sum as a proportion of turnover for each store to cover service charge, rent and business rates.
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