United Kingdom

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Recent Articles

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    17/05/2024
    Europe

    European Sanctions: Mandatory Contract Clauses, New Criminal Penalties

    BackgroundFollowing Russia’s occupation of Crimea in 2014 and invasion of Ukraine in 2022, global allies including the UK, US and EU, Canada and Australia, acted in concert to impose stringent sanctions and export control restrictions designed to stem the flow of investment into the Russian war machine. These included wide restrictions on the goods and their components found on the battlefield in Ukraine, and is reflected in the G7 agreed list of Common High Priority Items.The two years since have seen the growth of a shadow “evasion” economy, used by supporters of the Russian...
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    17/05/2024
    England

    High Street Rental Auctions: the Government’s response

    Summary The Government has published its response following its consultation on the design of its High Street Rental Auction policy. This policy is designed to help local authorities combat the detrimental effects of long-term vacancies on the high street. This Law-Now highlights some key aspects of the Government’s response. The Government will over the coming months work with stakeholders to design and develop secondary legislation to give effect to the proposals. The Government anticipates that this legislation will come into force in mid-2024. Prior to then, the Government will release...
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    17/05/2024
    United Kingdom

    Built on sand: problems of risk allocation and collaboration in port development contracts

    Introduction The British Ports Association estimated in 2022 that there were £1.7bn of port projects in the pipeline, and investment in port infrastructure topped £1bn in 2021. There is pressure to deliver port upgrades to serve floating offshore wind projects (for which the UK is responsible for a fifth of the global pipeline), in addition to meeting the sector’s decarbonisation and environmental commitments, delivering modern infrastructure to facilitate international trade and growing regional economies. With that backdrop in mind, we consider some of the key contractual...
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    16/05/2024
    United Kingdom

    A Roadmap to the Overseas Funds Regime

    HM Treasury and the FCA jointly published a Roadmap on 1 May 2024 for implementing the Overseas Funds Regime (the “OFR”).  This follows on from the FCA’s December 2023 Consultation Paper on Implementing the OFR (see our previous article on this here). Who does this impact?Operators of EEA UCITS funds (excluding money market funds (“MMFs”)) that either are within the Temporary Marketing Permissions Regime (“TMPR”), or who wish to market to UK retail investorsUK Distributors of non-UK UCITS funds (excluding MMFs) with a UK retail...
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    16/05/2024
    United Kingdom

    ESMA releases Final Report on Guidelines for fund names using ESG or sus­tain­ab­il­ity-re­lated terms

    On 14 May 2024, ESMA released its Final Report setting out its finalised guidelines (the “Final Report Guidelines”) on the use of ESG and sustainability-related terms in investment fund names. Following the incorporation of feedback received from stakeholders and market participants to the proposals in the Consultation Paper released on 18 November 2022 (the “Consultation Paper Proposal”), several changes have been made to the Guidelines – which we summarise below.ESMA considers that fund names, as the first information seen by investors, can materially impact investors’...
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    16/05/2024
    United Kingdom

    UK Tax Disputes Digest (Spring 2024)

    Welcome to the spring 2024 edition of our UK Tax Disputes Digest: a high-level summary of key developments in contentious tax over the last few months for heads of tax, finance directors, general counsel and other in-house professionals.As with previous editions, we have seen a continued increase in HMRC activity across various areas. Both individual and corporate taxpayers would be well-advised to check their tax position as soon as possible to prepare for any potential HMRC investigation into their tax affairs.In this edition, we look at just a few of these developments, including the latest...
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