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Aktuelle eAlerts

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  06.12.2023

  EU

  EU publishes Directive on distance financial services contracts in Official Journal

  In November 2023, the EU legislator adopted the new Directive regarding financial services contracts concluded at distance.This Directive essentially aims to modernise the existing legal framework governing distance contracts for financial services concluded between a professional and a consumer. For the record, a "financial service" is defined as any service relating to banking, credit, insurance, personal pensions, investments and payments.The European legislator has focused on the following subjects: (i) pre-contractual information, (ii) the right of withdrawal, (iii) the obligation to provide...

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  01.12.2023

  United Kingdom

  Court of Appeal revisits its decision on mandatory ADR - Mr Churchill v Merthyr Tydfill County Borough Council

  In a much-anticipated judgment, the Court of Appeal has returned to the question of mandatory non-court-based dispute resolution (or ADR, as most people still call it), which was previously considered by the Court of Appeal 20 years ago in Halsey[1].Two principal questions were considered: does the Court have the power to order the parties in Court proceedings to engage in some form of ADR? If so, in what circumstances?In determining that the Court does have that power, the judgment echoes the recent conclusion of the Civil Justice Council that mandatory ADR is not inconsistent with Article 6 of...

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  29.11.2023

  United Kingdom

  FCA’s Policy Statement 23/16: Sustainability Disclosure Requirements (SDR) and investment labels

  Further to the FCA’s CP22/20 the FCA has published, on 28 November, its final rules and guidance to help consumers navigate the market for sustainable investment products (“PS23/16”).There is a huge amount of detail within PS23/16, and we will be providing more extensive commentary in the days to come. For now, we have highlighted the main changes from CP22/20, included the amended implementation timeline and a summary of the final package. What is changing in response to CP22/20?Most of the CP22/20 proposals have been amended – some more significantly than others –...

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  23.11.2023

  United Kingdom

  Autumn Statement 2023 – Key tax announcements

  The Chancellor opened his speech with a statement that, “Our plan for the British economy is working, but the work is not done”.  Consistent, perhaps, with the tone of that message, yesterday’s announcements offered few real surprises, with the headline measures – on NI changes and full expensing – already widely anticipated.A summary of the key announcements follows.Tax measures for individuals (employees & self-employed)National Insurance Contributions (NICs) ratesIn relation to NICs, the Chancellor has announced the following.The main rate of Class 1 National...

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  17.11.2023

  United Kingdom

  Proposed legislation would radically expand the UK’s class action regime

  15 November 2023 saw publication of two proposed amendments to the Digital Markets, Competition and Consumers Bill that would have significant impacts on the UK’s class action regime:First, a proposed amendment, introduced by Sir Robert Buckland, to expand the jurisdiction of the UK Competition Appeal Tribunal (the “CAT”) to consumer class actions (the “Buckland Amendment”).  At present, the CAT only has jurisdiction for competition class actions.Second, a proposal to reverse the effect of the Supreme Court’s decision in PACCAR, in relation to damages claims...

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  16.11.2023

  International

  NFTs under MiCAR – are they regulated or not?

  The Markets in Crypto-Assets Regulation (MiCAR) sets down a harmonised regulatory framework for crypto-assets. MiCAR's overarching goal is to extend regulatory oversight to those categories of cryptos and tokens that have so far remained outside the scope of regulation. The following focuses specifically on non-fungible tokens (NFTs) and examines whether they are covered by MiCAR.What are NFTs?NFTs are cryptographic records stored on a blockchain that are unique in that they are linked to a specific asset. They primarily serve as the electronic "embodiment" of mainly digital, but also physical...

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