Regulatory and compliance
ICT suppliers and their public sector customers both need to take action following the publication of the results of the OFT’s market study into the sector.
Improvements proposed to regulations governing petitions to the California State Water Resources Control Board download
Although the process is straightforward, the demands on the State Water Resources Control Board’s limited resources have turned the petition process into a black hole.
Dare to share? Proposed new directive should help protect your confidential information when doing business in Europe download
The European Commission’s new directive should help businesses to stop others from obtaining, disclosing or using their trade secrets in the EU without their permission.
Market abuse regime download
The current EU market abuse regime is in line for an overhaul. It is anticipated that the implementation of the new proposals may not come into force until 2016.
Dorset County Council Trading Standards Service has prosecuted Apple Group Holdings for making direct marketing calls to people who have registered on the TPS’s ‘do not call’ list.
Ofcom has consulted on regulations that would permit the use of 3G and 4G technologies on aircraft.
The continuing development of sanctions against Russian individuals is likely and will have an impact on those engaged in business with Russian counterparties.
Deadlines coming for multinationals’ retirement plans and US taxpayers with foreign financial interests download
In 2010, the US enacted a sweeping change in enforcement of its tax laws on foreign financial interests, the Foreign Account Tax Compliance Act.
President Obama has issued an executive order and a presidential memorandum aimed at ‘closing the persistent pay gap for women and minorities’.
The aim of this update is to focus on current legal and regulatory developments affecting financial services institutions in Jersey.
Minter Ellison has created a quarterly update to discuss the tax issues that you may wish to raise with your board during each reporting period, starting with Q3.
We welcome the Financial System Inquiry (FSI) and the opportunity to offer detailed insights and recommendations to the inquiry via this written submission.
The new ‘salaried member’ rules, which will treat members of an LLP as employees for tax purposes in certain circumstances, came into force on 6 April 2014.
The new Companies Ordinance (Cap. 622), which came into effect on 3 March 2014, is a substantial rewrite of Hong Kong companies law.
The US Supreme Court has invalidated federal aggregate limits on individual political contributions in the case McCutcheon et al v Federal Election Commission.
The worst of both worlds? High Court gives guidance on commercial agents’ rights on termination download
The Commercial Agents (Council Directive) Regulations 1993 require that where a principal terminates an agency, in most circumstances it must make a payment to its agent.
Travel insurance company Staysure has told 93,000 of its customers that their credit card details may have been stolen by hackers.
This briefing presents three of the key consumer law developments to expect in 2014.
The MHRA offers useful guidance on the difference between apps that are regulated as medical devices and those that are related to healthcare but do not qualify.
The changes proposed by the HSE in the new draft CDM regulations are underpinned by a desire to improve standards of health and safety, particularly on smaller construction sites.
Understanding Forex manipulation download
Stephen Critchley and Robert Andrews describe in simple terms: what the alleged manipulation is; who may have suffered from it; and the ongoing investigations into it.
Schoenherr has advised Österreichische Volksbanken-AG (OeVAG) on the sale of its fully owned subsidiary Volksbank Malta to Malta-based Mediterranean Bank.
From 2015, companies selling electronic services such as music downloads, books, apps and games will have to charge VAT on the basis of where the customer is resident.
Law à la Mode — April 2014: fashion flair transforms wearable technologies; delivering IT services in the retail sector; and more download
DLA Piper has released the April 2014 issue of its Law à la Mode publication.
Insurance and Reinsurance Newsletter: April 2014 — Italy: new regulations on complaints management; and more download
On 1 April 2014, the draft measure containing amendments to ISVAP regulation no. 24 on complaints handling was published on the IVASS website.
Health Alert — 14 April 2014: inquest into the death of Thomas Freemantle; Molloy v El Masri; and more download
DLA has released the 14 April 2014 issue of its Health Alert, which focuses on judgments, legislation and reports in the health sector.
The China (Shanghai) pilot free-trade zone was launched in September 2013 with the promise of significant reforms in a number of areas.
In the past three years, Myanmar has been enjoying a hotel boom, driven by surging tourist arrivals as the country opens up to economic and political reforms.
The Board of National Bank of Ukraine has adopted Resolution No. 172, by which it introduced new particularities of foreign currency transactions performance.
For employers wondering whether their policies are in compliance, we have prepared this brief outline of the law’s key requirements.
Over the last few months, several global arbitration institutions have introduced amendments to their arbitral rules.
Rather than a single new body to take on its role, the OFT’s functions have been spread between a number of different bodies, some old and some new.
Good faith: an employer’s duty download
The IBM case is an important step in establishing the extent of the obligations employers owe their employees and former employees in relation to pension provision.
The ECJ has held that in certain cases the member states are required to propose to the commission the declassification of a site on the list of SCIs.
As it moves into its second year as the FCA, the FCA has recently published its Business Plan for 2014–15 and its second annual Risk Outlook.
Weekly Newsletter Italy: 31 March to 6 April 2014 — Jobs Act; more controls of project workers; and more download
Eversheds has released its Italy newsletter, which contains information on HR consultancy, litigation and dispute management and financial services and markets regulation.
Dentons’ lawyers have broad experience with environmental laws across the globe.
Corporate governance requires balancing intricate competing interests under the intense spotlight of regulatory, operational, fiduciary, political, communications and market factors. We are experienced in guiding boards of directors, special committees, management and corporate leadership on the full range of governance issues that confront them.
Health Alert — 7 April 2014: Plowman v Sisters of St John of God Inc; Janet Harris v Sydney Local Health District; and more download
DLA has released the 7 April 2014 issue of its Health Alert, which focuses on judgments, legislation and reports in the health sector.
The Australian government has released an exposure draft of the Competition and Consumer (Industry Codes-Franchising) Regulations 2014.
Food and Beverage News and Trends — April 2014: food industry opposes trans-fat bar and proposes setting limitations; and more download
This regular publication by DLA Piper lawyers focuses on helping clients navigate the ever-changing business, legal and regulatory landscape.
Federal agencies propose health IT regulatory framework, seek stakeholder input and participation in new initiatives download
A draft report outlining a proposed strategy and recommendations for a ‘risk-based’ regulatory framework for health information technology has been released.
Australian businesses supplying electronic, telecoms and broadcasting services need to be aware of changes to EU VAT rules download
These changes will apply in relation to a number of e-commerce services, to the extent the services are supplied to a non-VAT registered consumer
Whether you’re an underwriter, issuer or investor, you require a trusted advisor with a forward-thinking vision.
Peter Shervington of Eversheds has commented on the news that Toyota is recalling 6.4 million of its range, including 35,124 in the UK, over five separate issues.
Eversheds parter Simon Rice-Birchall has commented in anticipation of the government’s findings from its call for evidence regarding current whistleblowing laws.
Penningtons Manches is acknowledged as a leader in the field of professional regulation.
Penningtons Manches aims to provide pensions advice across a range of issues in a straightforward and easily understandable manner.
The Penningtons Manches immigration team is widely regarded as a collaborative, friendly team that delivers innovative solutions and guidance to its clients.
Penningtons Manches has substantial experience in working with clients to devise strategies to avoid possible disputes and to resolve effectively those that do occur.
Penningtons Manches drafts and negotiates commercial agreements of all types, and at all stages in the development and supply chain.
The Penningtons Manches private client team provides innovative, clear and tailored solutions.
A new breed of lawyer is smoothing the path for companies entering emerging or unstable jurisdictions
The HSE launched a 10-week consultation exercise on proposals to replace the Construction (Design and Management) Regulations 2007 on 31 March 2014.
Private swimming pools by-laws download
The City of Johannesburg has published the fourth draft Safety Measures for Private Swimming Pools By-laws for public comment.
New Model Services Contract — New Model Contract precedent for government ICT and business process outsourcing contracts download
The Model Services Contract is intended to reflect current government priorities and recommended ways of doing business.
Recent insurance cases — spring 2014 download
This briefing from Eversheds focuses on three recent insurance cases, including Frank McHugh v Shelbourne O’Brien Ltd Trading As the Stag’s Head.
The Queensland Government has unveiled a series of amendments to be made to the Building and Construction Industry Payments Act 2004 (BCIPA).
Montenegro has recently obtained a new general collective agreement (GCA), after almost 18 months of a hiatus. The GCA came into force on 30 March 2014.
Allowing independent providers into the NHS Pension Scheme — tackling recruitment issues and facilitating the movement of staff download
From 1 April 2014, an independent provider who meets the relevant eligibility criteria will be able to apply to become an employing authority in the NHS Pension Scheme.
The Ministry of Finance adopted amendments to the Rulebook aimed at easing certain transfer pricing requirements and rectifying certain ambiguities and technical errors.
Government plans to change the way insolvency practitioner fees are calculated in some cases will hurt creditors and force smaller insolvency firms out of the market, says R3.
Data & Information E-Alerts — nuisance calls action plan; £50,000 fine for unlawful calls; simpler security classifications; and more download
Addleshaw Goddard has released the 4 April 2014 edition of its Data & Information E-Alerts publication.
The NSW government has announced that the Building and Construction Industry Security of Payment Amendment Act 2013 will commence on 21 April 2014.
Assets of community value download
In this article, Serdar Mehmet, a solicitor in IBB’s residential development team, looks at the impact of assets of community value on housebuilders.
Mills & Reeve has released the April 2014 edition of its Health Legal Update, which includes information on NHS commercial, employment and patient matters.
Luxembourg newsflash: Luxembourg concludes intergovernmental agreement with the US on FATCA download
The governments of Luxembourg and the US have signed an intergovernmental agreement on the implementation of the Foreign Account Tax Compliance Act in Luxembourg.
Partner and head of private individuals
The Sentencing Council has published its definitive guideline for the sentencing of environmental offences.
The FCA has updated its AIFMD Latest News. The regulator is advising firms to submit applications as soon as possible, ideally no later than 22 April 2014.
Partner — British Virgin Islands, Cape Town
Partner — British Virgin Islands, Cape Town
Partner — Cayman Islands
Partner — Guernsey
Partner — Guernsey
Partner — Guernsey
Partner — Guernsey
Partner — Guernsey
This edition of Governance News provides a synopsis of Minter Ellison’s weekly summary of corporate law and governance developments in Australia and overseas.
Partner — Jersey
Partner — Jersey
The recently published FCA business plan and risk outlook for 2014 contain some instructive pointers for institutions on both the buy-side and the sell-side.
Partner — Guernsey
Dentons navigates the critical intersection of business, law, regulation, policy and politics. Using a results-oriented approach, we deliver innovative solutions tailored to your specific goals. By working together, you tackle every political or regulatory obstacle with a powerful ally by your side.
This month’s Pensions Matter provides an overview of key pension cases and their practical implications.
It is hard now to imagine growing up in a world without the internet. The online environment is invaluable for learning, socialising and entertaining everyone, not least children.
We are all familiar with the radio adverts at the end of which a breathless actor speed-reads or sings the mandatory ‘legal bits’.
On 2 April 2014, the European Commission announced that it was fining the participants in a worldwide undersea cable cartel.
On 1 April 2014 HMRC took over from the OFT as the regulator of residential and commercial estate agents for the purposes of anti-money laundering.
Allen & Overy has produced a checklist of the key steps and issues involved to help clients navigate through the process of an investigation.
The FCA’s newly published business plan envisages Thematic Reviews in a number of areas relevant to investment management
The Financial Conduct Authority published its annual business plan on 31 March 2014.
The continuing obligations of Cayman Islands regulated funds are set out in the Companies Law and Mutual Funds Law (as amended).
The Cayman Islands is one of the world’s leading offshore jurisdictions for the establishment of investment funds.
Partner — Jersey
Partner — Jersey
Partner — Jersey
The Serious Fraud Office (SFO) could rack up legal bills of more than £18.5m defending claims totalling £300m from the Tchenguiz brothers, Robert and Vincent.
Pensions Matter — April 2014: the Pensions Regulator publishes further guidance on asset-backed arrangements
Guidance from the Pensions Regulator (TPR) on asset-backed arrangements confers the steps TPR considers trustees should take before entering into such an arrangement.
Small print and small screens download
General terms and conditions are any contractual terms that have been provided by one contracting party (user) to the other party.
The Financial Conduct Authority’s (FCA) independent directors have appointed Clifford Chance litigator Simon Davis to conduct an inquiry into its botched announcement of an investigation into the insurance industry.
Hogan Lovells has advised Actavis on its acquisition of Silom Medical Company for approximately $100m in cash.
Geoffrey Mead, partner at Eversheds, has commented on the raft of changes ahead for the UK tribunal system.
Addleshaw Goddard has advised investment management services provider Rathbone Brothers on three transactions.
A series of interviews conducted by KPMG highlights that the current IFRS model of mandatory annual impairment testing of goodwill is due for a rethink.
This briefing looks at the changes to the circumstances in which bids can be negotiated and suggest some helpful tips for making bid negotiations work.
This briefing provides an explanation of how the new flexible working regime will work, along with some advice for employers on how to minimise the risks of litigation.
Important changes to the UK’s competition law regime came into effect on 1 April 2014. This article highlights the principal changes of which businesses need to be aware.
GRATA Law Firm provides legal consultancy services to companies that carry out activities in the area of telecommunications and transport.
GRATA Law Firm provides legal consultancy services to companies that carry out activities in the area of construction and infrastructure.
Antitrust Matters — April 2014: state aid; cartel facilitators; Belgium’s Competition Authority; exercising patent rights; and more download
DLA Piper has released the second issue of its global competition and antitrust law newsletter Antitrust Matters.
Appleby has appointed Caren Pegg, Keith Robinson, Andrew Jowett, Clive Langley, Camilla Neal, Steven Rees Davies, Juan Thornley and Anthony Williams.
Financial Report: SEC chair speech at SIFMA seminar; cross-border implementation; consultation on bonus clawback; and more download
DLA Piper has released the latest version (Volume 3, No.7) of The Financial Report, featuring news and analysis from across the financial sector.
The government of Montenegro has adopted four block exemption decrees, two in the sphere of vertical agreements and two applicable to horizontal agreements.
All change for consumer credit download
At midnight on 31 March 2014, the Consumer Credit Act encountered the most significant set of changes that have occurred during its lifetime.
The new Competition and Markets Authority has taken over the roles previously performed by the OFT and the CC in relation to the UK merger control regime.
Our experts can help with customs and contract regulation issues, currency control and questions of intellectual property when importing or exporting goods.
The Tax Agent Services Act 2009 has been amended, heralding significant changes to the way financial planners are regulated.
Shipping and Transportation Bulletin: circumvention of anti-dumping duties; concession fees; and more download
NCTM comments on a recent EGC judgment dealing with circumvention of anti-dumping duties, a subject that has become quite frequent in international trade.
On 1 April, the Groceries Code Adjudicator issued two guidance documents relating to GSCOP: dispute escalation and arbitration.
Slaughter and May has been instructed by a group of investors seeking compensation from the Financial Conduct Authority (FCA), following leaked inaccurate reports of an investigation into the insurance markets.
GRATA Law Firm’s banking and finance group is a leading legal counsel in the areas of capital markets, project finance and infrastructure projects development and financial transactions
Our pre-eminent litigation practice in the Cayman Islands, Guernsey and Jersey advises clients on the full spectrum of contentious, semi-contentious and advisory work.
At Carey Olsen, our market-leading insurance team offers clients a depth of experience that sets us apart from other offshore law firms.
We advise on all fund structures including open and closed-ended, limited partnerships, unit trusts and companies in the BVI, the Cayman Islands, Guernsey and Jersey.
Our regulatory lawyers advise clients in financial services and other industry sectors on regulatory issues that affect their businesses in the BVI, the Cayman Islands, Guernsey and Jersey.
Whether you’re a director, a debtor, a secured or unsecured creditor or an insolvency practitioner, we offer a proven track record of working with you and your advisers.
Allen & Overy has won the International Law Firm of the Year award at the second annual Law Firm of the Year competition in Slovakia.
Hogan Lovells’ London pensions team has launched ‘Pensions360: the full picture’, a new, free and interactive website for corporate clients.
Outer Temple Chambers has welcomed Matthew McDonagh, who joins the firm’s health department from 23 Essex Street.
On 28 March 2014, three new EU public procurement directives were published in the Official Journal of the European Union.
LIBOR — a quick update download
One year on from the Financial Services Act, what’s changed?
As building control is governed by statutory regulations and administered by local authorities, planning lawyers are frequently approached for advice when building control problems arise.
A new Competition and Markets Authority: but no new dawn for the public competition law enforcement in the UK download
With a certain amount of trumpeting, the new Competition and Markets Authority came into existence on 1 April — thus merging the OFT and the Competition Commission.
Australian government announces major changes to Franchising Code and Competition and Consumer Act download
The substantial amendments in the draft code confer new rights on franchisees and increase the regulatory and compliance obligations of franchisors.
Allen & Overy has advised Old Mutual on the sale of Skandia Germany and Skandia Austria, part of Old Mutual Wealth, to a Cinven and Hannover Re acquisition vehicle.
What is the starting point for calculating protective awards under TULRCA 1992 and TUPE 2006? download
On 1 October 2011, the Agency Workers Regulations 2010 came into force and amended both TULRCA 1992 and TUPE 2006.
The ink is not yet dry on the new EU procurement directive, but the Cabinet Office is already talking about ‘fast-track’ implementation.
The first Luxembourg R-QFII UCITS2 allowing for a 100 per cent China A-Shares strategy has been approved by the Luxembourg CSSF.
Women on Boards — new HR report download
The UK government supports the European Commission’s decision not to impose mandatory quotas; it favours a self-regulatory national level approach.
The revised directive harmonises the transparency requirements relating to information about issuers whose securities are admitted to trading on an EU regulated market.
New UK Merger Control Regime download
Widespread reforms to the UK’s competition law regime have come into force.
Changes to the TUPE regulations will come into effect from 31 January 2014. Erica Humphrey, solicitor in the employment team at IBB Solicitors, summarises the main amendments.
The new Technology Transfer Block Exemption Regulation was published on 21 March 2014.
The new guidance is intended to reflect and support (but not replace) the National Planning Policy Framework published on 27 March 2012.
The Consumer Contracts (Information, Cancellation and Additional Charges) Regulations 2013 come into effect from 13 June 2014.
Charles Shearman (t/a Charles Shearman Agencies) v Hunter Boot Ltd concerned a claim by a commercial agent following the termination of his agency.
The JMSLG’s board has approved the final guidance for consumer credit firms relating to their compliance with anti-money laundering obligations.
Broadly speaking, the competition regime will continue as before with the same basic rules. However, the opportunity has been taken to reinforce the CMA’s powers.
The secondary legislation that sets out the detail on how workplace pension reform works has been subject to two phases of amendment.
This short note summarises what the EU is working towards when it comes to securities financing and rehypothecation transactions.
Data & Information E-Alerts — 28 March 2014: TPS laws for telemarketers; ICO’s corporate plan; and more download
Addleshaw Goddard has released the 28 March 2014 edition of its Data & Information E-Alerts publication.
US president Barack Obama has issued an executive order to raise the minimum wage for federal contractors and subcontractors under certain contracts.
Alexander Cameron QC of Three Raymond Buildings has appeared for two Allen & Overy partners in a matter regarding contempt.
DC governance: new quality standards download
The pressure is building on DC pension schemes (both trust and contract based) to improve their standards of governance.
Of particular interest to us UK-based competition lawyers, 31 March was the last day of trading for the UK’s Office of Fair Trading.
Pension law changes from 6 April: new disclosure regulations, auto-enrolment, TUPE transfers and tax limits download
The Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013 come into force on 6 April 2014.
The FCC has adopted two decisions that affect compliance obligations for a wide range of organisations that make or facilitate voice calls to consumers.
In Integral Petroleum SA v SCC-Finanz AG, late service of particulars of claim to an email address not authorised for service was treated as valid under CPR 3.10.
China has published a series of conforming amendments to certain existing regulations governing foreign invested entities in China.
Law on deadlines for settlement of financial liabilities in commercial transactions — solvency crisis an ongoing issue download
The law on deadlines for settlement of financial liabilities in commercial transactions entered into force in December 2012 and became a current regulation on 31 March 2013.
Each April brings change for pension schemes, and although this year may prove to be not quite as exciting as next year there is still plenty to be thinking about.
Asset freeze: Ukraine sanctions download
Heads of state on both sides of the Atlantic recently condemned the Russian Federation for its actions in Ukraine.
This was one of the findings of the High Court in Bassano v (1) Toft, (2) Biddulph and (3) Borro Loan Ltd.
Stephenson Harwood has advised Northern Rail on the negotiation and signing of its 22-month single tender award franchise agreement with the Department for Transport.
The OFCCP has issued expansive new regulations requiring government contractors to undertake greater efforts to employ veterans and individuals with disabilities.
Bermuda regards itself as one of the most highly developed and sophisticated jurisdictions in which to conduct trust business.
The FCA has published its final rules on the regulation of crowdfunding. This article provides further detail relating to the new rules in this area.
Addleshaw Goddard will promote eight of the firm’s lawyers to partners, bringing the total of new partners appointed since the beginning of the financial year to 27.
Ofgem, OFT and CMA have been have been working to assess whether the market for supply of gas and electricity to households and small firms is sufficiently competitive.
The Jobs Act: scene 2014 — take 34 download
The aim of this new reform is to stimulate job creation in Italy, which in January 2014 recorded a youth unemployment rate of 42.4 per cent.
The new Planning Court, revised planning guidance, restated green belt policy and what constitutes a screening opinion download
A new and specialist Planning Court is being created. It will open for business on 6 April 2014, as part of the High Court.
The regulation, which was published on 25 January 2012, is the cornerstone of Europe’s reforms relating to the digital economy.
Unco-operative: Groceries Code Adjudicator has say on Co-op seeking supplier payments for failure to meet target service levels download
The Groceries Code Adjudicator has published a GSCOP clarification. This is the second clarification issued by the Groceries Code Adjudicator.
Hogan Lovells has announced that it has achieved an important victory for Stansted Airport in securing the end of economic regulation at the airport.
Eversheds’ competition, EU and regulatory group was named Best Regulatory Law Firm of the Year at C5’s Women in Compliance Awards 2014.
Crowdfunders: don’t be an April Fool download
The FCA has issued a policy statement confirming that many of the proposals from its original consultation paper will now be implemented with effect from 1 April 2014.
This regular publication by DLA Piper lawyers focuses on helping clients navigate the ever-changing business, legal and regulatory landscape.
FERC seeks to align natural gas pipeline scheduling and RTO and ISO generation despatch times download
FERC has issued a proposed rulemaking and two related orders designed to better align the scheduling of gas flows with the dispatch of electric generation.
The Cayman government has published the Directors Registration and Licensing Bill 2014, which seeks to regulate directors of certain entities established in the Cayman Islands.
Once considered a problem too complex and expensive to solve, information governance is experiencing a rebirth.
Employment Post — spring 2014: towards a fully flexible workplace; support grows for whistleblowers; and more
Mills & Reeve has released the spring 2014 issue of its Employment Post.
Governance News — 25 March 2014: corporate law and governance developments in Australia and overseas download
The latest edition of Governance News from Minter Ellison provides a synopsis of its weekly summary of corporate law and governance developments in Australia and overseas.
The transfer of consumer credit regulation to the FCA — what does this mean for motor dealers? download
Most motor dealers regularly carry out activities such as introducing customers to finance companies for the purpose of entering into hire and hire purchase agreements.
Head of the telecom and technology practice
This report rounds up upcoming employment law reforms and brings together links to more detailed reports, guidance and the relevant legislation.
From 1 May, MOFCOM will make public on its website all decisions resulting in a finding that a company has failed to notify a merger in breach of the AML.
Allen & Overy Amsterdam has introduced a series of breakfast meetings called ‘Early Birds’, which is organised by the firm’s Amsterdam financial regulatory team.
Dacheng senior partner Shang Jiangang delivered a keynote speech at the recent ‘Trends and Developments in Bitcoin, the China Perspective’ event.
Nevada’s AG reminds retailers, wholesalers and suppliers: comply with alcohol beverage laws download
Retailers, wholesalers and suppliers of alcohol beverages in Nevada have been reminded of their legal obligation to comply with the provisions of Nevada’s alcohol beverage laws.
At a time when well-known names are disappearing from the high street as a result of retailers going into administration, the spectre of corporate insolvencies has never loomed larger.
Data & Information E-Alerts: Disclosure and Barring Service error leads to unnecessary disclosure of sensitive information; and more download
Addleshaw Goddard has released the latest edition of its Data & Information E-Alerts.
The Serbian political scene has seen a good deal of turbulence these past months due to all the events preceding the elections.
President Obama has signed an executive order authorising additional sanctions against persons the US has deemed to be contributing to the ongoing situation in Ukraine.
Competition & Regulation Update: the test for declaration under part IIIA is dead; long live the new test download
The federal government released the Productivity Commission’s final report on 11 February. The report proposes yet another test for the controversial ‘criterion (b)’.
The ICO has reissued a code of practice on subject access requests. The code was originally published last year but has been updated and re-issued.
As 1 April fast approaches, consumer credit licence holders will be engaged in reviewing their documents, policies and procedures.
The OSCR has concluded that St Margaret’s was engaging in discrimination given its refusal to place children with same-sex couples.
The amended California custody rule will come into effect on 1 April 2014.
Jersey has approximately 30 tax information exchange agreements currently in force, with more in various stages of negotiation and agreement.
Additional EU and US sanctions download
There has been further escalation of EU and US sanctions resulting from the events in Ukraine, including new designations and the issuance of a new executive order (EO) on 20 March 2014.
The IASB has brought the publication of an IFRS closer to realisation. But critical decisions remain to be addressed.
The US Foreign Account Tax Compliance Act (FATCA) creates a new tax information reporting and withholding regime for payments made to certain Foreign Financial Institutions (FFIs) and other ‘foreign’ persons.
KPMG member firms have conducted a survey of Internationally Active Insurance Groups (IAIGs) on the possible costs and potential benefits of global regulatory change.
The EU Council has decided to impose restrictive measures against individuals identified as being responsible for the misappropriation of Ukrainian state funds and/or human rights violations.
The CQC is consulting on new regulations to introduce fundamental standards as legal requirements that all providers should meet.
Financial Services Regulatory Update — FCA’s fourth quarterly consultation; FCA thematic review; and approval of final text of UCITS V download
The Financial Conduct Authority has published its fourth quarterly consultation (CP14/4) in which it proposes amendments to certain parts of the FCA Handbook.
A recent High Court case highlights the risk in deriving comfort from FCA guidance and the importance of reviewing the underlying legislation.
On 18 March 2014, the Swedish Financial Supervisory Authority approved NASDAQ OMX Clearing as a central counterparty (CCP).
When should we DBS check? download
John Turner, lead regulatory lawyer at Anthony Collins, considers the guidance for criminal records checks with the Disclosure and Barring Service (DBS).
Those following the recent developments relating to the national minimum wage could not be blamed if they thought to themselves this month — ‘bad news comes in threes’.
The Queensland Parliament’s consideration of the Regional Planning Interests Bill has progressed.
Allen & Overy’s London and Moscow finance practices have collected the Finance Team of the Year accolade at the Legal Business Awards in London.
Hong Kong is one of Asia’s earliest adopters of comprehensive data privacy regulation.
Ince & Co has announced its sponsorship of BIMCO’s annual conference, entitled ‘Perspectives in Shipping 2014 — Protecting and Developing Your Business’.
Mills & Reeve has released the March 2014 edition of its Health Legal Update, which includes information on NHS commercial, employment and patient matters.
The European Commission’s first decisions on ‘pay-for-delay’ arrangements attempt a tricky balancing of competing legal and policy objectives.
Ten practices and 24 Pillsbury attorneys have been ranked among the world’s top lawyers according to the 2014 Chambers Global guide.
The start of 2014 has seen the financial regulators begin formal investigations into the troubled Co-operative Bank.
Luxembourg: developments in remuneration policy for banks, investment firms, UCITS management companies and external AIFMs download
The preceding weeks have been busy in terms of legislative and regulatory work in the field of remuneration policy.
Baker & McKenzie is to be joined in its London financial services group by RPC’s former head of financial services and regulatory Steven Francis.
Dacheng recently hosted a seminar to discuss a contract dispute that involved RMB1bn worth of artworks owned by Wang Zhicheng.
FCC Enforcement Monitor — March 2014: failure to disclose rules violations leads to $40,000 fine; and more download
Late last month, the Federal Communications Commission (FCC) issued two essentially identical orders against co-owned Milwaukee and Chicago Class A TV stations.
On 17 March 2014, the CSSF issued an updated version of its FAQs relating to the Luxembourg law of 12 July 2013 on alternative investment fund managers.
The European Parliament has voted the draft regulation and draft directive updating the principles enshrined in the 1995 Data Protection Directive.
The latest 2014 figures suggest that workers in the UK take in excess of 130 million days’ sickness absence per year.
Karanovic & Nikolic recently created a platform that brought together industry players to discuss financing and the bankability of energy projects in the western Balkans.
There has been quite a bit of talk about new regulation of industrial and provident societies (IPSs), but what is actually happening and is much really changing?
The PRC government has been rolling out a series of company registration reforms in an attempt to set up a more transparent and efficient registration regime.
M&A Weekly Update: guidance for corporate audit committees and prospectus directive forthcoming changes download
The M&A Weekly Update is a short one-page update on key developments relevant to M&A lawyers.
The government has published a report regarding services for individuals with learning disabilities or autism who have mental health conditions or challenging behaviour.
Appleby has appointed Anne Freeman as a senior associate (solicitor, England and Wales) in its corporate and commercial team.
The Isle of Man Data Protection Act 2002 mirrors much of the UK Data Protection Act 1998 and uses a number of important definitions.
As of February 2014, amendments to the Gas Market Act have become applicable in Croatia. The act defines the new role of a wholesale supplier of natural gas.
Paul Reeves, an employment partner, has discussed whether an employee can stop a disciplinary process and make the employer start again.
FATCA imposes due diligence, information reporting and control burdens on a range of non-US financial intermediaries and investment entities.
Financial institutions in Bermuda will soon be obliged to provide information to foreign tax authorities relating to the financial affairs of US and UK resident clients.
Connecticut may join a number of states that currently require merchants to provide the remaining cash balances on gift cards to consumers upon request.
Those who have had any involvement with Telephone Consumer Protection Act (TCPA) litigation in the last year will be unsurprised to learn that TCPA lawsuits are on the rise.
The government has published three sets of draft regulations concerning the new shared parental leave scheme and how it will operate.
Last year — 2013 — was a considerably less eventful year for German gambling law than 2012, which saw significant reforms within the industry.
While the new TUPE regulations are not as far reaching as originally anticipated, there are some important changes that give employers more flexibility.
To improve protection of consumers and regulate the booming online shopping activities in China, SAIC has updated existing rules regulating e-commerce activities.
Food and beverage news and trends download
This regular publication by DLA Piper lawyers focuses on helping clients navigate the ever-changing business, legal and regulatory landscape.
Our ICT practice is multidisciplinary and gathers lawyers specialised in regulatory work, competition law, IP, commercial law and data protection and privacy issues.
BDK is a market leader in the field of energy and natural resources, having advised on the most prominent transactions in the region in various contexts.
Our employment practice spans from everyday support to employers in drafting employment agreements and internal employment-related enactments.
We advise on the most appropriate corporate forms for establishing a presence in local jurisdictions, as well as on more complex issues.
FATCA update for UK trustees download
FATCA will apply to all financial institutions in the UK and will require all financial institutions to file reports.
In October 2013, the Financial Conduct Authority (FCA) published a consultation paper setting out its proposed approach to the regulation of crowdfunding platforms.
Gerard McDermott QC of Outer Temple Chambers has acted as leading counsel for the claimants in a significant cross-border case.
The UK government supports the European Commission’s decision not to impose mandatory quotas; it favours a self-regulatory national level approach.
Equal opportunities between men and women is a hot topic. Italy is trying to make a step forward, starting in the boardroom.
The anonymous nature of Bitcoin payments has caught the attention of tax authorities and other regulators, both in Australia and overseas.
The US Department of the Treasury and the Internal Revenue Service have released the ‘last substantial package of regulations’ necessary to implement FATCA.
Cyber news Down Under: the Antipodean troll — a different kind of species? The tragic suicide of Charlotte Dawson download
What a tragedy it is that it requires another suicide to regenerate widespread interest in cyberbullying, the phenomenon that has become the scourge of the internet age.
An order has been upheld against two defendants for failing to produce adequate disclosure, resulting in judgment being entered against both for more than $7m.
Regulatory Update — Serbia: the key risks and mitigating measures in the banking sector, the Vienna Initiative and more download
There are 30 banks in Serbia, of which six are state owned (wholly or partially) and 21 are foreign owned.
Chris Busby and Jeremy Irving from Eversheds have commented on news that the UK FCA is set to intervene in the insurance add-ons market.
Agency for Financial, IT and Intermediary Services from Sarajevo fined for abuse of dominance download
The Competition Council of Bosnia and Herzegovina has fined the Agency for Financial, IT and Intermediary Services for abuse of dominant position in the relevant market.
Luxembourg legal update — March 2014: enforcement of 2013 financial information, criminal settlement for Luxembourg and more download
Arendt & Medernach has released its Luxembourg legal update for March 2014.
The new draft Community Infrastructure Levy (Amendment) Regulations 2014 were laid before Parliament on 20 January 2014.
Heavyweight One Essex Court silk Tony Grabiner QC has been appointed to lead the independent investigation into allegations of forex manipulation at the Bank of England (BoE).
Move towards a Chinese FATCA? Enhanced reporting requirements for PRC residents on foreign assets and transactions download
The PRC State Council has released the revised reporting requirements for ‘PRC residents’ in relation to their cross-border receipts and payments.
Eversheds has appointed pensions lawyer Steven Hull as a partner in its London headquarters.
The EU Parliament has voted to introduce a trust registry as part of new anti-money laundering provisions.
Allen & Overy has updated its Access Assist iPad app: a free Q&A tool supported by targeted summaries of applicable law, legislation, case law and guidance.
DLA Piper has appointed aerospace insurance lawyer Vanessa Leigh as a legal director in its aviation practice.
Praveen Goyal has joined Hogan Lovells’ government regulatory practice as counsel. Goyal will be based in the Washington DC office.
Minter Ellison’s Paul Kallenbach has told the Australian Financial Review that many companies are not prepared for the biggest change in privacy laws in a quarter-century.
Claire van Overdijk of No5 Chambers has been appointed to the attorney-general’s London C panel of junior counsel to the Crown.
Walker Morris has advised Welcome Financial Services on the sale of Shopacheck Financial Services to Rcapital, a London-based private investment company.
Can international law firm regulation keep up with the seismic legal market changes? It won’t be easy.
A representor has been held liable for its negligent misrepresentation to another party other than the party that was later induced to conclude the contract.
Regulating CCTV use in the UK download
With technological developments and the increase of CCTV in public places, the role of regulation and guidance will become increasingly important.
There have been some high-profile cases involving the use of CCTV in Germany in recent years.
According to figures published by The National newspaper in Dubai, there were around 25,000 CCTV cameras in Dubai in 2011.
Further changes made to the Community Infrastructure Levy Regulations 2010 present opportunities for developers, but also add new complexities.
China’s new Trademark Law will come into effect on 1 May 2014. To implement the new law, new regulations have been drafted.
The People’s Republic of China State Secrets Protection Law Implementing Regulations became effective on 1 March 2014.
Business and government agencies are readying themselves for the new privacy regime, which will take effect from 12 March 2014.
The Enterprise and Regulatory Reform Act 2013 makes significant changes to the criminal cartel offence, coming into force on 1 April 2014.
CCTV in the workplace ― France download
CCTV cameras can be installed in the French workplace for safety reasons and to prevent and investigate crime, theft or misconduct.
The FDA has distributed a revised draft guidance document titled ‘Distributing Scientific and Medical Publications on Unapproved New Uses — Recommended Practices’.
BIS has announced that the extension of the right to request flexible working to all employees with 26 weeks’ service will be ‘available’ from 30 June this year.
Walker Morris has held its third Food Leadership Dinner at the Cedar Court Hotel in York, which was attended by key figures from the UK food and drink sector.
Shoosmiths has hired Kenny Scott, who has expertise and specific experience of advising clients in a number of sectors.
Practically every aspect of financial law is regulated and controlled to the highest degree. Not so state insolvency.
Financial Services Regulatory Update — the FCA’s notes for AIFMs, managing the risks of financial incentives and more download
Marfarlanes has released the 7 March issue of its Financial Services Regulatory Update.
Shadow banking is an incredibly complex and complicated subject that regulators themselves still do not know how to tackle.
The euro: the ultimate crib download
This paper is a summary checklist of the state of the art about contingency planning for a euro break-up.
Legislative decree no. 231/2001: the stance taken by the Italian Supreme Court on conspiracy crimes and more download
The Italian High Court has pointed out some significant aspects concerning the application of Legislative Decree No. 231/2001 (corporate criminal liability).
Barack Obama has signed an executive order authorising targeted sanctions against persons determined to be contributing to the ongoing situation in Ukraine.
The Law Commission is conducting a limited consultation on the first available draft clauses from its proposed Insurance Contracts Bill.
In response to political developments in Ukraine and Russian military action in Crimea, the US, the EU and Canada have issued new sanctions.
Schoenherr’s regulatory expertise and longstanding experience is recognised as the standard bearer for regulatory-related advice.
Schoenherr’s insurance practice group advises many of Austria’s and Europe’s leading insurers on transactions in the insurance sector, as well as distribution structures, product design and all related regulatory and tax matters for life, non-life, and reinsurance business.
Our core practice is advising and representing clients on transactions and complex corporate and commercial matters.
Schoenherr has established a dedicated criminal compliance and white-collar crime team.
Schoenherr advises on banking, finance (including project and acquisition finance), debt restructuring and re-financing, acquisition and disposition of distressed assets and loan portfolios, claims trading, capital market transactions (including equity/equity linked, hybrid, debt and regulatory capital issuances) funds, derivatives, structured finance, securitisations and other financial services.
Stefanie Stegbauer has been promoted to counsel at Schoenherr as of the start of February 2014. Stegbauer specialises in Austrian and European competition law.
Bristows partner Hazel Grant has identified the issues that pharmaceutical manufacturers might face to comply with the UK Data Privacy Act in a interview with BMI System.
Insolvency proceedings were opened in respect of the assets of a German resident; the liquidator then sought to set aside a transaction that had been entered into with a resident of Switzerland.
DLA Piper has appointed Tony Katz and Alexander ‘Sam’ Millar as partners in the litigation and regulatory group.
Companies in the federal supply chain have an opportunity to prepare for the expansion of government’s anti-human-trafficking rules download
This update highlights the salient aspects of the proposed rules and the requirements that are likely to be of most interest to contractors.
Ukraine sanctions download
Companies should assess their business operations and relationships in Ukraine.
The Financial Report — CSA proposes prospectus amendments; ASIC on use of internet for selling securities; and more
DLA Piper has released the latest version (Volume 3, No.5) of The Financial Report, featuring news and analysis from across the financial sector.
The notion of ‘gross negligence’ is an important matter for customers and institutions alike and has been reviewed by the High Court and Supreme Court in deciding a recent case.
Animal welfare: recent EU conference — mid-term review of the strategy for the welfare of animals 2012–15
The conference on the achievements of the EU strategy for the welfare of animals 2012–15: mid-term review took place on 12 February 2014.
The FCA has published its policy statement on the regulation of crowdfunding. This follows its consultation paper in October last year.
Allianz has been granted an ABS licence for the launch of ALP Law in conjunction with catastrophic injury firm Serious Law.
On 25 February, the UK Information Commissioner’s Office (ICO) published its updated code of practice on conducting privacy impact assessments.
Steve Webb has confirmed that the government is ‘actively exploring’ if it can amend the Pension Protection Fund (PPF) legislation in regard to employer insolvency.
This issue looks at some of the issues that will be prominent in the emerging financial environment and the developing products that are arising in the post recessionary global economy
If you are a tenant under a commercial lease and wish to assign your interest, underlet, charge or part with possession, then you are likely to need your landlord’s consent.
The potential for employers to be exposed to disability discrimination claims arising from a failure to make reasonable adjustments for their disabled employees has been increased.
This month’s round-up of developments affecting the consumer credit industry sees the FCA announce tough rules for payday lenders and more.
The ASA has published an adjudication upholding a complaint relating to a television advertisement for a repayment retailer.
Herbert Smith Freehills (HSF) has added Deutsche Bank’s compliance, government & regulatory affairs chief Andrew Procter to its financial services regulatory practice.
Mourant Ozannes has announced the promotion of three litigation lawyers in the Cayman Islands to senior positions within the firm.
This note summarises the attractions of the Cayman Islands for prime brokers wishing to establish a prime brokerage business outside their home jurisdictions.
The Securities Litigation Uniform Standards Act of 1998 does not preclude class action lawsuits asserting state law claims in connection with the notorious Ponzi scheme.
Stephenson Harwood hosted a seminar titled ‘Legal risk management: managing for success’ on 25 February 2014. Here is a summary of the panel discussion that took place.
Andrew Northage considers another case in which the FCA took enforcement action against inadequate anti-bribery procedures — even where no bribery had occurred.
The FFI regime has imposed a duty on the HSE to recover costs for carrying out its regulatory functions against those found to be in material breach of the health and safety laws.
Review of HSE Temple Report download
The new edition of the Temple Report was published in January 2014 and contains helpful and interesting analysis of the functions and effectiveness of the HSE.
In a decision in January, the Information Commissioner’s Office found that the Financial Conduct Authority had breached the Freedom of Information Act 2000.
TUPE: amendment regulations implemented on 31 January 2014 and new BIS TUPE guidance published download
The TUPE Regulations 2014 came into force in January and made a number of changes to the existing legislative framework on transfers of undertakings and collective redundancies.
The Whistleblowing Commission was launched by Public Concern at Work to investigate how UK whistleblowing laws work and how they might be improved.
The last two years have seen Libor manipulation or rate fixing at the centre of a scandal that emerged in the US and crossed the Atlantic to the UK.
What sort of PII issues are likely to face practitioners contemplating accreditation and their insurers?
Reforms to TUPE 2006 — a quick guide download
This table details the original position under TUPE 2006, the proposal for reform, the government’s response and the new TUPE 2014 regulations for all areas of TUPE.
DLA Piper has raided Orrick, Herrington & Sutcliffe in London for partner duo Tony Katz and Sam Millar who are to join the City litigation group.
Allen & Overy recently hosted a panel debate on the impact of Shanghai’s free-trade zone at Hong Kong’s China Club.
The government is debating the proposals to the Deregulation Bill. There is one controversial clause that will introduce partial licences for insolvency practitioners.
This alert describes the final regulations issued by the FRB that modify the former requirements applicable to foreign banking organisations pursuant to the FRB’s Regulation K.
This article explains the key changes of the Defamation Act 2013 and the Defamation Regulations 2013 and what they might mean for parties involved in defamation claims.
On 6 April 2014, the common law right for a landlord to seize a tenant’s goods and to sell them in order to recover outstanding rent arrears will be abolished.
Senator George J Mitchell and his law firm DLA Piper announced that Mitchell has delivered his sixth quarterly report as the independent athletics integrity monitor.
One of the EPO Boards of Appeal has ruled on the highly debated issue of human stem cell patentability under the European Patent Convention.
This year’s survey focuses on respondents’ outlook on the current technological landscape, the ‘hot’ growth areas and what, if any, barriers to growth are affecting businesses.
Eversheds associate Alison Messenger has commented following the publication of UK sentencing guidelines for environmental offences.
On 7 February 2014, the European Court of Justice (Case 98-13) issued a ruling pertaining to the interpretation of Council Regulation (EC) no. 1383/2003.
Walker Morris regulatory team director Ray Watson provides an overview of the Competition Commission’s working paper on the profitability of payday lending companies.
DLA Piper has successfully advised Flughafen Berlin Brandenburg (FBB) before the European Commission in a long-running case relating to state aid.
FCC Enforcement Monitor — FCC limits licence renewal to two years and assesses $4,000 fine; and more download
In reviewing the licence renewal application for a Meridian radio station, the FCC’s Media Bureau proposed a $4,000 fine for public inspection file violations.
The Federal Reserve has issued a final rule that will fundamentally change the way in which non-US banks are regulated and supervised in the US.
The Royal Court has had to consider the impact of the regulatory regime in Jersey under the Data Protection (Jersey) Law 2005 upon online blog sites.
France’s Data Protection Authority has for the first time adopted truly sweeping changes to its Single Authorization No. 004 on Whistleblowing.
FINRA has issued a notice on a proposed new regulatory structure for firms that limit their activities to advising companies on capital raising and corporate restructuring.
First Lady and nutrition: USDA and FDA propose sweeping food labelling and marketing regulations download
Michelle Obama and the FDA have released regulations that would make significant changes to the nutrition information found on food and dietary supplement labels.
The US Internal Revenue Service has released its Transfer Pricing Audit Roadmap, a 26-page outline of the two-year transfer pricing audit process.
Mark Jones and David Moss of Hogan Lovells have commented following the publication of Sir Ian Wood’s ‘UKCS Maximising Recovery’ report.
A Brazilian newspaper has reported that the Internal Revenue Service is preparing regulations to require foreign web-based companies to invoice locally and pay local taxes.
The ESMA has written to the European Commission requesting that the definition of ‘derivative’ or ‘derivative contract’ in Regulation (EU) No 648/2012 is clarified.
FDA revises forms for submission of patent information to the Orange Book: Federal Circuit decision alters patent term adjustment download
Two recent developments will affect the listing of patent information with pharmaceutical products approved by the US Food and Drug Administration.
The Office of the Australian Information Commissioner has released the final version of the APP Guidelines in time for the start of the new Australian Privacy Principles.
China’s merger review regulator has published criteria for a simplified merger review, the Interim Rules on Application Criteria of a Simplified Review.
Trusts (Capital and Income) Act 2013 download
Winckworth Sherwood has provided a summary of the Trusts (Capital and Income) Act 2013.
California GCI’s coming priority products list and the DTSC Strategic Plan — what do they mean for you? download
The highly anticipated next step in California’s Green Chemistry Initiative (GCI) is the planned April 2014 release of the list of ‘priority products’.
A recently issued claim in the High Court could have a chilling effect on the information a campaign group can collect and use.
The new TUPE regulations taking effect introduce a number of amendments that could have considerable importance for charitable organisations.
On 10 February 2014, the IRS published long-awaited regulations on the employer shared responsibility provisions under the Patient Protection and Affordable Care Act.
Gateley partner William Ballmann explains his concerns about the suggestions for amending the way insolvency practitioner fees are set in the absence of secured creditors.
With the European Parliament adopting three new directives covering public procurement on 15 January 2014, Mills & Reeve looks at the potential implications for the third sector.
There may be good news in store for charities in England with listed buildings and/or buildings of special architectural importance.
Nabarro partners are to vote in March on a cash call to its fixed-share partners in order to meet new tax rules for LLPs handed down by the HMRC.
DLA Piper has released the 24 February 2014 issue of its Health Alert, which focuses on judgments, legislation and reports in the health sector.
California’s Proposition 65, the Safe Drinking Water and Toxic Enforcement Act of 1986, finally has the attention of legislators and the governor’s office and is undergoing key changes.
Hogan Lovells’ head of planning, Michael Gallimore, has commented on the government’s further amendments to the Community Infrastructure Levy Regulations.
A section in last year’s Enterprise and Regulatory Reform Act is coming into force for claims started on or after 6 April.
This newsletter sets out in chronological order the main tax news/amendments published in the period of 1–31 January 2014.
There is an increasing focus on defined-contribution investment issues.
Walker Morris has teamed up with Bloom to run a series of breakfast seminars to discuss the issues and opportunities surrounding the management of brands in a digital age.
DPAs may be relevant to any Jersey company that is liable to prosecution under the UK’s Bribery Act 2010.
APRA’s new regime on risk management download
The Australian Prudential Regulation Authority (APRA) recently released a package of governance measures for banks, and general and life insurance companies.
While much has been written about the Volcker Rule’s restrictions on banking entities, less attention has been paid to its impact on asset managers who are not banking entities subject to the rule.
The regulator has published its consultation on a draft revised Code of Practice No. 3 for DB scheme funding, a draft new DB regulatory strategy and a revised DB funding policy.
The federal government has released the final report of the Productivity Commission’s inquiry into the National Access Regime.
Box Clever and Storm Funding decisions show scope of the regulator’s financial support direction powers download
Two recent decisions have demonstrated the latitude that the Pensions Regulator has in pursuing a case for a financial support direction.
A scheme with an identity crisis: Pi Consulting (Trustee Services) v the Pensions Regulator download
This case attracted a lot of media attention in the context of pension liberation.
Mr Smyth was an employee of Woolf Engineering and a member of Woolf’s group personal pension plan, which was administered by Scottish Life.
Last summer, the DWP announced that the new regulations would be delayed until April 2014, with a draft laid before parliament in advance.
‘Firms must put the interests of customers first’ warns the FCA as it hands down its largest ever retail conduct fine
Failings by insurance intermediary HomeServe have resulted in the company being fined £30.6m, the largest amount ever imposed by the Financial Conduct Authority for the retail sector.
The Financial Report — donation-based platforms, SEC’s draft strategic plan and ASIC information sheet for whistleblowers
DLA Piper has released the latest version (Volume 3, No.4) of The Financial Report, featuring news and analysis from across the financial sector.
Pensions Pieces: DWP consultation on the draft Occupational Pension Schemes Regulations 2014 download
The DWP has concluded a consultation on the draft Occupational Pension Schemes (Miscellaneous Amendments) Regulations 2014, which broadly provide for three changes.
The end of 2013 saw a flurry of activity both from the Department for Work & Pensions and the Pensions Regulator in relation to public service pension schemes.
Hogan Lovells has advised Kuwait Petroleum International on the Italian Shell acquisition.
Draft regulations setting out the revised earnings thresholds for auto enrolment for the 2014–15 tax year have been laid before parliament.
Pensions Pieces: Pensions Regulator/ICAEW publish draft framework for master trusts for consultation download
The Pensions Regulator and ICAEW have published a draft reporting framework to help employers better understand the governance and administration arrangements of master trusts.
Pensions Pieces: regulator’s DC compliance and enforcement policy — final version now published download
The Pensions Regulator has issued its final compliance and enforcement policy for occupational defined-contribution trust-based pension schemes.
The provision of the so-called ‘moral hazard’ powers to the Pension Regulator under the Pensions Act 2004 has caused significant concerns.
Following the completion of recent negotiations between Iran and the P5+1, an interim deal relating to sanctions against Iran was reached on 24 November 2013.
From 13 March 2014, under English and Welsh law, married persons of the same sex will need to be provided with the same pension rights as those in civil partnerships.
Luxembourg’s CSSF has issued a circular that aims to clarify technical details of how alternative fund managers should comply with reporting obligations.
No5 Chambers has announced that John Butterfield will be appointed Queen’s counsel, bringing the total number of QCs at No5 to 26.
The new regulation gives customs authorities extended powers to detain suspected counterfeit and pirated goods at the borders of the EU.
The search warrant recently executed on a Virginia-based flooring wholesaler surrounded allegations that the company had illegally imported wood in violation of the Lacey Act.
The recently published FCA sanction against HomeServe Membership provides further insight into the regulator’s expectations of senior management.
RPC and Bates Wells Braithwaite (BWB) lead on creation of Leveson’s new press regulation system.
Minerals Matters — winter 2014 download
This issue contains articles relating to human rights in the mining industry, data protection issues, the ability to remove squatters and the crackdown on bribery and corruption.
Hill Dickinson is consulting on its second cash call in 12 months in response to HM Revenue & Customs’ (HMRC) change to the partnership taxation rules, which will come into effect on 6 April.
Two new references have been made to the CJEU asking for preliminary rulings on issues under Regulation (EC) No 469/2009.
One innovative deal structure is geographical licensing. While apparently simple on the face of it, the devil is in the detail.
DLA Piper’s financial services regulatory team has released the spring 2014 edition of its Money Laundering Bulletin.
Health Alert — 17 February 2014 download
DLA Piper has released the 17 February 2014 issue of its Health Alert, which focuses on judgments, legislation and reports in the health sector.
Middlesex-based property partner James-Guy Jacobs has been struck off the solicitors roll and ordered to pay costs of £1,500 following a conviction for child pornography offences at Harrow Crown Court in November 2012.
At present, there is no requirement on governing bodies of maintained schools to prioritise the skills of a prospective governor, but that is set to change.
The amount of capital funding an HEI receives from the Higher Education Funding Council for England depends on how much that HEI has reduced its carbon emissions.
The Brussels Regulation sets out a system that allocates jurisdiction to the courts of EU member states.
Registering as a financial institution via IRS FATCA portal and the role of the responsible officer download
Ogier has compiled the most frequently asked questions regarding the Foreign Account Tax Compliance Act (FATCA) regulations.
Croatia: recent news highlights — Strategic Investment Act and proposed new act on maritime goods and sea harbours download
The new act on strategic investment in Croatia has achieved its goal of reducing administrative procedures and ensuring the speedy realisation of strategic projects in Croatia.
Companies House updates its guidance on the penalties imposed on companies that file their accounts late download
Other than in very limited circumstances, all companies, even those that are dormant or exempt from audit, are required to file accounts at Companies House each year.
Stephenson Harwood has commented on some of the recent key legal and regulatory developments that have occurred in relation to occupational pension schemes.
The Office of Fair Trading’s principles for online and app-based games have been finalised and industry is being given until 1 April 2014 to comply.
After publishing a draft for consultation, the government has laid the Consumer Rights Bill before parliament together with explanatory notes.
Mills & Reeve has published the February edition of its Health Legal Update, which includes information on the NHS, regulatory news, patient matters and legal processes.
The new Common Agricultural Policy (CAP) will come into force in 2015. The EU agreed the regulations for the new CAP reform in December 2013.
The Building and Construction Industry (Improving Productivity) Bill 2013 was introduced into parliament on 14 November 2013.
No5 Chambers’ Ian Dove has been interviewed for an article in Planning Magazine. Dove was discussing how local authorities are struggling to meet their ‘duty to co-operate’.
Eversheds has appointed three partners to its financial services dispute resolution and investigations team in response to increasing client demand.
Lobbying update download
After much deliberation, the Transparency of Lobbying, Non-party Campaigning and Trade Union Administration Act finally came into force on 30 January 2014.
New legislation reforming the Belgian State Council, the supreme administrative court of Belgium, was published on 3 February 2014.
No more Mr Nice Guy — fail to adhere to court orders, rules and practice directions at your peril download
When the Civil Procedure Rules were amended last year, the revised overriding objective made it clear that the rules were in place to enable the court to deal with cases justly and at proportionate cost.
DLA Piper analyses some of the key commercial and regulatory developments of the past year and provides some prognostications regarding the coming year(s).
The Belgian Financial Services and Markets Authority is consulting on new rules regarding the marketing of financial products to retail clients.
This alert provides a preliminary assessment of the cybersecurity EO and observations that may be helpful in considering how new standards may affect your company.
EU audit reform — all change download
On 17 December 2013, the European Parliament voted to accept the European Commission’s revised proposals for audit reform.
In a long-anticipated move, the Regulator published its discussion paper on charging fees for regulation on 10 February 2014.
On 16 January 2014, the Financial Conduct Authority published its finalised guidance on supervising retail investment advice.
Governance News — 11 February 2014 download
The fallout from controversial trades in David Jones (DJs) shares and a rejected merger proposal have escalated, with the chairman and two other directors stepping down from the DJs board.
NCTM’s latest Shipping and Transport Bulletin includes comment on the Italian law relating to the granting of financial aid to Italian stevedoring companies.
UK amends TUPE regulations download
The Transfer of Undertakings (Protection of Employment) Regulations 2006 (TUPE) has been in the spotlight as part of the UK government’s employment law review.
The Environment Agency has launched its electronic duty of care system, developed as part of the government’s ‘Red Tape Challenge’.
This newsletter provides a cross section of cutting-edge issues in the ever-more convergent fields of intellectual property, technology and media.
On 31 January 2014, the Governor’s Office of Business and Economic Development (GO-Biz) released final proposed regulations on the California Competes tax credit.
This note provides a brief summary of Cayman Islands Monetary Authority’s Statement of Guidance for Regulated Funds — Corporate Governance.
The long-awaited reforms to the Transfer of Undertakings (Protection of Employment) Regulations 2006 have come into force.
The public interest in the financial dealings of Europe’s football clubs is steadily increasing as UEFA continues to monitor spending to track compliance with its FFP rules.
The firm advises on the entire range of Serbian and EC competition law matters, including merger control and clearance.
In January 2014, a team of attorneys from Dacheng’s Nanchang office was retained by Nanchang Customs as its standing legal counsel after seeing off competition from other local firms.
Pannone regulatory head Anthony Barnfather will join Slater & Gordon (S&G) when the firms combine despite initially resisting the move.
TUPE reform: what you need to know download
The long-trailed changes to the Transfer of Undertakings (Protection of Employment) Regulations came into force on 31 January, together with updated TUPE guidance.
The European Market Infrastructure Regulation (EMIR) introduces new requirements to reduce the risks associated with the derivatives market and thus improve transparency.
Marfarlanes has released the 7 February issue of its Financial Services Regulatory Update.
A new leaf for LIBOR download
As of 1 February 2014, administration of the London Inter Bank Offered Rate (LIBOR) was taken over by ICE Benchmark Administration.
The European Commission has published the EU’s ‘2030 Framework for Climate and Energy’, setting out targets for greenhouse gas emissions, renewable energy and energy efficiency.
Pharmaceutical sector update download
The latter half of 2013 proved to be an interesting period for the pharmaceutical sector from a competition law perspective.
Governance of Cayman Islands regulated mutual funds has received a great deal of focus recently, including from the CIMA, the Cayman Islands Courts and the market at large.
The national UK household recycling rate has risen from 11 per cent in 2000 to 43 per cent, working towards our EU target of 50 per cent.
DLA Piper has advised Bristow Helicopters on its acquisition of a 60 per cent interest in the privately owned Eastern Airways International.
Eversheds has appointed financial services lawyer Andrew Henderson as a partner in the London office.
Federal judge limits antitrust scrutiny of pharmaceutical reverse payments to settlements involving monetary transfers download
A judge held that only patent settlements involving a reverse monetary payment will be subject to antitrust scrutiny under the framework articulated by the Supreme Court last year in FTC v Actavis.
Principals and contractors need to be aware that in not registering security interests under the PPSA 2009, they may risk serious consequences.
The advertising section of InCredit focuses on the ASA adjudication in Instant Cash Loans Ltd, t/a The Money Shop.
InCredit — February 2014: mortgages download
The mortgages section of InCredit looks at the European Council adopting the Mortgage Credit Directive and more.
This section of InCredit looks at the FSCS management expenses consultation and more.
The enforcement section of InCredit looks at the Sentencing Council’s definitive guidelines for fraud, bribery and money laundering.
UK business transfers: TUPE changes download
On 31 January 2014, new regulations came into force that amend existing TUPE and collective redundancy legislation.
Payments required under contribution notices can exceed the shortfall in the pension scheme download
Under section 47 of the Pensions Act 2004, a contribution notice may be issued to more than one qualifying target.
As the aftermath of the global financial crisis continues to unfold, financial markets regulators have been criticised for missed opportunities to charge senior executives.
The media landscape in 2014 download
Lorna Caddy and Adam Rendle set out some predictions on how the media landscape is likely to change and develop during the course of 2014.
The date by which existing managers had to submit their authorisation/registration applications to the FCA has now slipped.
Auto-enrolment deconstructed download
The idea behind automatic pension enrolment is simple — all UK workers should be in a good pension scheme unless they actively choose not to be.
Financial fair play for the few? download
Financial fair play (FFP) has recently been making the headlines almost as much as the action on Europe’s football pitches.
DLA Piper has released the latest version (Volume 3, No. 3) of The Financial Report.
Collyer Bristow has appointed Nathan Donaldson as a partner in its employment team.
Ince & Co has announced the appointment of Hugh O’Donovan, who will join the firm’s aviation group as head of commercial aviation on 21 February 2014.
The changes are intended to improve TUPE’s effectiveness and flexibility and to ensure that TUPE goes no further than the original EC directive.
The Court of Justice of the European Union has today given useful clarity for rights holders in the fight against counterfeit goods coming into the EU.
Starting from 13 December 2014, country-of-origin labelling will be mandatory in circumstances where failure to indicate the origin might mislead the consumer as to the true country of origin or place of provenance of the food.
Field Fisher Waterhouse (FFW) is set to combine with eight-partner Manchester boutique Heatons, after partners voted in favour of a merger last week.
Employment law 2014 preview: TUPE download
We begin the year with the changes to the Transfer of Undertakings (Protection of Employment) Regulations, which came into force on 31 January.
The bill contains some substantial changes compared with the draft bill published for pre-legislative scrutiny in June 2013.
The Shipping E-Brief is a quarterly publication providing information on key legal decisions and developments in shipping and related business areas.
NYSE and NASDAQ post forms for listed companies to certify compliance with revised compensation committee listing standards download
Companies listed on the NYSE and NASDAQ are required to certify their compliance with some of the revised standards.
The LSE has published AIM Notice 38, which announced its consultation on proposed changes to the AIM Rules for Companies and the AIM Rules for Nominated Advisers.
A US federal judge declared on 8 January 2014 that Bazaarvoice violated Section 7 of the Clayton Act by acquiring its main rival, Powerreviews.
A number of Hogan Lovells partners have been listed as All-Stars in the 2014 BTI Client Services All-Star report.
Thomas Boyd, co-chair of DLA Piper’s regulatory and government affairs practice, submitted a statement to the US senate judiciary committee.
The TUPE Regulations 2014 came into force on 31 January 2014 and made a number of changes to the existing legislative framework on transfers of undertakings and collective redundancies.
New Acas guidance published on asking and responding to questions of discrimination in the workplace download
The existing statutory framework under which individuals can ask questions about discrimination in the workplace will be repealed on 6 April 2014.
The FCA has published the decision notice it has issued to Standard Bank, fining it £7.6m for failings relating to its anti-money laundering (AML) policies.
Adequacy of due diligence of investment advisers recommending alternative investments and their managers download
SEC issued a risk alert highlighting key observations from examinations of due diligence processes that investment advisers use to select alternative investments and their managers.
The FCA has published a voluntary application for the imposition of a requirement by price comparison website MoneySuperMarket.com.
The FCA has published finalised guidance on inducements for product providers and advisory firms following its consultation (GC13/05) in September 2013.
The Financial Conduct Authority has published a final notice prohibiting inter-dealer broker Anthony Verrie from performing any function relating to any regulated activity.
The European Commission has published a legislative proposal for a regulation introducing structural reforms to the EU banking sector.
Pension risk — market update download
Last year was a ground-breaking year. The longevity swap market broke previous records with £8.9bn of liabilities being passed to providers.
Last year was packed with national and international pensions developments. It can be difficult for corporate multinationals to keep track of shifting landscapes.
Addleshaw Goddard has released the January 2014 edition of its European Employment Law Update. This section focuses on Switzerland.
A new customs regulation has come into effect that strengthens the powers of customs officials to detain suspected counterfeit and pirated goods at EU borders.
The partners of Ogier Fiduciary Services have agreed terms to complete a management buy-out of the Ogier Fiduciary Services business from the Ogier Group.
Health Alert — 3 February 2014 download
DLA Piper has released the 3 February 2014 issue of its Health Alert, which focuses on judgments, legislation and reports in the health sector.
Ben Jones of Eversheds has commented following the announcement of a major consultation on the future of international tax reporting by the OECD.
Hogan Lovells has announced that Rachel Brandenburger is joining its antitrust, competition and economic regulation (ACER) practice as a senior adviser.
This may be the year that swap market counterparties face the full effect of dual US and foreign regulatory requirements for cross-border swap activities.
Health and safety: FAQs download
Shoosmiths partner and regulatory specialist Ron Reid answers questions on health and safety received from more than 1,200 viewers.
The market for sponsored content or ‘native advertising’ has grown phenomenally in the last 12 months.
In this update, Ince & Co sets out the latest developments regarding the EU sanctions against Iran.
Addleshaw Goddard has, for the first time, been appointed to a position on the core legal panel of Nationwide Building Society, a UK financial services provider.
Norton Rose Fulbright has launched a global regulation and investigations practice, consisting of more than 600 of its lawyers worldwide.
TUPE changes in force download
The Collective Redundancies and Transfer of Undertakings (Protection of Employment) (Amendment) Regulations came into force on 31 January 2014.
The Court of Appeal has revisited the issue of unfair relationship in payment protection insurance (PPI) claims where the payment of commission was not disclosed.
On 1 January 2014, two new measures relating to so-called de minimis state aid have been introduced and will apply until 31 December 2020.
Another victory for the Commercial agent as English court rules that principal cannot have the best of both worlds download
Under English Law, commercial agents and principals are allowed to elect whether compensation or an indemnity will be payable upon termination of the agency relationship.
The Australian government has released a consultation draft of a bill concerning amendments to the Future of Financial Advice (FOFA) regime.
Since 2012, the government has been conducting an audit of EU powers, with a view to seeking their repatriation to the UK in appropriate cases.
As with 2013, there will be no rest for employment law advisers, employers and HR practitioners in 2014, with further legislative change on the agenda.
Another set of regulations has been laid before Parliament, in anticipation of the new commercial rent arrears recovery (CRAR) procedure coming into force on 6 April 2014.
Addleshaw Goddard has released the latest edition of its Data & Information E-Alerts.
Minter Ellison partner Richard Batten said there is a reluctance among licensees to apply for relief from ASIC in case it results in increased scrutiny from ASIC.
Attention being paid by senior management to money laundering challenges is at an all-time high, according to findings from a new KPMG International report.
Hogan Lovells’ bribery and corruption task force expects increased enforcement against executives and enforcement co-operation between countries.
Elizabeth Slattery, partner in Hogan Lovells’ employment team, has commented on the TUPE reforms.
NCTM has launched a capital markets and financial intermediaries department under the direction of Prof Alberto Toffoletto.
Hogan Lovells reviews the latest developments in the area of anti-bribery and corruption regulation and enforcement around the world.
The Treasury has released exposure drafts of amendments to the Corporations Act and Corporations Regulations to implement the government’s proposed changes to the FoFA regime.
The government has been consulting on proposals to enhance corporate transparency.
Crowdfunding as a way of securing investment is beginning to gain ground on both sides of the Atlantic. What are the current regulatory requirements and how is this likely to change?
Subterranean excavations may be an increasingly popular method of extending a property, but such developments also carry potential pitfalls.
Biennial ownership reports are due by 3 February 2014 for non-commercial radio and television stations download
Biennial ownership reports are due by 3 February 2014 for certain non-commercial radio stations in and non-commercial television stations.
On 30 November 2013, the State Council of China issued the Guiding Opinions on the Pilot Launch of Preference Shares.
1 February 2014 is the deadline for broadcast stations licensed to communities in Arkansas, Kansas, Louisiana, Mississippi, Nebraska, New Jersey, New York, and Oklahoma to comply with the FCC’s EEO Rule.
An updated version of the frequently asked questions relating to the Luxembourg Law of 12 July 2013 on alternative investment fund managers has been issued.
The Court of Appeal has spoken about the way in which it will deal with those who fail to comply with either procedural directions, practice orders or with the rules of civil procedure.
This client update focuses on the examination priorities that are most relevant to investment advisers to private equity and hedge funds.
Nabarro has released the January 2014 edition of its health and safety newsletter, which includes information on health and safety reforms and employing young people.
The Supreme Trademarks and Patents Senate (OPM) overruled the PTO in about three quarters of the cases brought before it.
Health Alert — 28 January 2014 download
DLA Piper has released the 28 January 2014 issue of its Health Alert, which focuses on judgments, legislation and reports in the health sector.
This client alert provides an overview of some of the key developments in the natural gas sector in Tanzania.
This bi-annual China TMT report analyses some of the key developments in the TMT sector over the past few months.
Hogan Lovells has outlined the impact of this development on US companies and on foreign companies that are not ultimately owned or controlled by US persons/entities.
Circumventing anti-dumping measures download
Traders will often try to circumvent or bypass anti-dumping and anti-subsidy measures, particularly when the duties are high.
In a recent KPMG International poll, more than 75 per cent of respondents said they were involved in a tax examination or dispute with a revenue authority, with 43 per cent reporting that they feel the process takes too long and is too expensive.
The Volcker Rule — a suggested approach for banking entities when analysing its impact on business models, activities and transactions download
This alert provides an overview of the principal elements of the Volcker Rule and identifies concerns that have already been raised by industry participants.
South Africa’s Protection of Personal Information Bill (PoPI) has finally been signed into law by president Jacob Zuma.
New measures intended to be implemented by the FCA will have a significant impact on companies with controlling shareholders who are premium listed.
The public procurement rules are changing, and the government is keen to implement these changes as soon as it can.
The FBI has turned to investment management firm Bridgewater Associates for general counsel hire James Baker.
Pillsbury has published its FCC Enforcement Monitor communication for January 2014.
Further tranches of draft rules under the Public Governance, Performance and Accountability Act 2013 have been released for consultation by the Department of Finance.
Matthew Gough, partner and head of consumer law at Eversheds, has commented on the UK Consumer Rights Bill beginning its parliamentary passage.
Section 69 of the Enterprise and Regulatory Reform Act 2013 is seen by many as the biggest change to the law on employers’ liability for 20 years.
Compliance will be the watchword for 2014 and beyond. Adhere to deadlines/court timetables and all should be fine.
FCPA Update — anti-corruption compliance in 2013: post-guidance trends and signals for the future download
Debevoise & Plimption has published its FCPA Update for January 2013. The lead article concerns anti-corruption compliance in 2013.
AMAC has announced a provisional regulation requiring the registration of domestic Chinese private equity fund managers and filings by domestic Chinese private equity funds with AMAC.
Arendt & Medernach has launched The Arendter magazine. Topics covered in this first issue include tax, regulatory, international, art, training and innovation.
It has been a long time coming, but the new TUPE regulations are now finalised and set to take effect from 31 January 2014.
DLA Piper has released the latest issue of The Financial Report, which includes discussion and analysis, Securities and Exchange Commission developments and more.
This article examines the impact of the Agency Workers Regulations 2010, including a recent complaint by the TUC, which may affect the food sector.
There have been amendments to the Queensland Building and Construction Commission Act 1991, previously the Queensland Building Services Authority Act.
A bipartisan group of Congressional leaders has introduced legislation to give President Obama trade promotion authority to negotiate significant trade agreements.
Fiona Ghosh has commented on the European Council’s approval of an agreement with the European Parliament on the proposed draft SEPA Migration Regulation.
InCredit — January 2014: and also... download
This section of InCredit includes information on the Financial Services (Banking Reform) Bill, the OFT letter to banks and more.
The consumer credit section of InCredit includes information on the call to ban payday loan adverts at the Commonwealth Games and more.
Slaughter and May’s first-ever female partner, and financial regulation group head, has retired after 37 years at the City firm.
Linklaters is combining its regulatory, risk, governance and compliance capabilities to create a new ‘operational intelligence group’.
The Royal Court has, for the first time, allowed an appeal against the issuing by the Comptroller of a notice to disclose documents under the TIEA regulations.
InVest — January 2014: banking download
The banking section of InVest includes information on CRD developments, the Banking Reform Act receiving royal assent, the FCA quarterly consultation and more.
On 12 January 2014, the ban on the export of unprocessed mineral ores came into effect in Indonesia.
The enforcement and financial crime section of InVest includes information on plans to suspend individuals during enforcement cases blocked by MPs.
The investments and funds section of InVest includes information regarding the Volcker Rule, AIFMD developments, outsourcing and more.
This spotlight article focuses on outsourcing by asset managers and the renewed FCA focus on exit planning and oversight arrangements
The Cayman Islands Monetary Authority has formally issued its long-awaited statement of guidance on corporate governance for regulated mutual funds.
Shoosmiths takes a look at the changes that anyone working in real estate can expect to see in 2014.
The publication of the Resource Guide to the US Foreign Corrupt Practices Act was followed by a mixed year in terms of the number of resolutions and size of recoveries.
A client was served with a health and safety improvement notice after failing to provide its local council with a written scheme of examination concerning a coffee machine.
Un-safe Harbor: is Safe Harbor an adequate means of protecting EU personal data transferred to the US? download
Since its introduction, many in the EU have been sceptical about the security offered by Safe Harbor
In an unexpected and dramatic change of policy, the government has decided that a price cap should be introduced for payday loans.
New year, new TUPE download
The final version of the regulations amending the TUPE business transfer and outsourcing regulations has been published.
There were developments last month in the ongoing discussions around the need for greater regulation of cosmetic medical devices.
The proliferation of electronically stored information is driving legal departments to re-engineer dispute management to improve outcomes and lower risk.
Draft social media guidance download
After four years of waiting, the Food and Drug Administration has released its draft social media guidance.
The CJEU delivered three important rulings on the application of the supplementary protection certificate regulation 469/2009/EC on the same day.
Taylor Wessing asked lawyers across its restructuring and corporate recovery team to describe how things might develop in this market during 2014.
The new procurement directives were approved by the European Parliament on 15 January. They will now be published in the Official Journal of the EU.
We already know that consumer protection law will change in June 2014. Is 2014 also the year of new EU data protection and communications legislation?
New rules that will apply to most businesses selling to consumers, whether online or in a traditional store, have been laid before parliament.
As part of its policy of deregulating entertainment under the Licensing Act 2003 the government published a response to its consultation on the deregulation of Community Film Exhibition.
The Information Commissioner’s Office has issued guidance urging app developers towards ‘privacy by design’ and highlighting the need for transparent privacy policies and flexible settings.
Shortly before Christmas, the government published its extensive full response to the Francis Report, entitled ‘Hard Truths’.
New research suggests that athletes using steroids for only a short period could gain an unfair advantage over ‘clean’ competitors for up to 10 years.
Table comparing the old Security Interests (Jersey) Law and the new Security Interests (Jersey) Law download
This table provides a comparison of certain provisions of the Security Interests (Jersey) Law 2012 and the Security Interests (Jersey) Law 1983.
The New York Non-Profit Revitalization Act of 2013 was signed into law on 18 December 2013 and the bulk of its provisions will take effect on 1 July 2014.
Some firms could be facing cash windfalls of up to £9.5m in light of HM Revenue & Customs’ (HMRC) new legislation on the way salaried partners are taxed.
The EU Parliament has finally approved the text of the new public procurement directives (the ‘classic’ directive, utilities directive and concessions directive).
The UK Competition Appeal Tribunal has released its ruling on the applications by Eurotunnel and SCOP for review of a Competition Commission report.
The Solicitors Regulation Authority (SRA) has taken the unusual action of publishing the names of 136 firms that are being forced to close as a result of failing to secure professional indemnity insurance (PII).
This is the first ruling of this type on article 5(3) in the context of antitrust damages actions and will aid the establishment of English jurisdiction for such claims.
DLA Piper’s head of global equity, Dean Fealk, has been appointed to the Northern California DEC.
Amendment of Transparency Directive download
The Transparency Directive requires issuers of securities to publish inter alia periodic financial information about the issuer’s performance over the financial year.
On 15 January 2014, the new established Italian Transport Authority (ITA) — Autorità di Regolazione dei Trasporti — became operative.
Hogan Lovells summarises Spanish tax issues to be considered both in the purchase of distressed debt and in connection with any restructuring of such debt.
Competition in the NHS download
One of the most controversial aspects of the Lansley reforms was the drive towards applying market principles to the NHS.
The FCA has fined JLT Speciality £1,876,000 for failing to manage bribery and corruption risks created by overseas payments, in breach of Principle 3 of PRIN.
The Financial Conduct Authority (FCA) has published a webpage on the implementation of COLL 4.2.5R(3)(ca).
The FCA has fined Christoper Willford £30,000 for failing to provide the board with up-to-date information about Bradford & Bingley’s financial position.
Concerns had been raised by stakeholders in relation to the Financial Conduct Authority’s proposed deadline of 22 January 2014.
SEC and FINRA release priorities for SEC’s examinations of investment advisers and investment companies and FINRA’s examinations of broker-dealers.
The Court of Appeal has indicated how seriously the courts will take failures to comply with court rules and orders following the implementation of the Jackson Reforms.
The European Banking Authority has approved the draft regulatory technical standard on the definition of material risk takers.
On 2 January 2014, FERC and CFTC signed two MoUs, as required by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 imposed additional new requirements on commodity trading advisers.
Eversheds has commented on changes to the Basel III regulations, stating that they are good news for economic growth.
Hogan Lovells has recruited Mark Parsons into its corporate/commercial team in Hong Kong as a partner with a particular focus on complex commercial transactions and regulatory matters in the TMT sector.
A simplified package — European Commission relieves the administrative burden in merger reviews download
The European Commission plans to adopt a legislative package with the aim of simplifying the merger notification procedures imposed on companies by the EU Merger Regulation.
There is a fresh batch of content on the Taylor Wessing Global Data Hub site, which provides you with insight and guidance on data protection issues.
ASIC issued Class Order [CO 13/1621] on 7 January 2014 to exempt responsible entities from the application form requirements of section 1016A.
The government is currently consulting on draft regulations that will underpin the heritage elements of the Enterprise and Regulatory Reform Act 2013.
In a report released last month, the FSB provided an update on its initiative to encourage global adherence to international standards.
We are well positioned to advise corporations about compliance with new legislation and to represent individuals and companies subject to investigation and prosecution.
The amendments to Regulation A are intended to expand the existing exemption to increase access to capital for smaller companies.
AgriThinking — January 2014 download
Last year was another big year for the agricultural sector in Australia, and if current market, policymaker and media interest is any guide then 2014 should be no different.
As huge commercial cases continue to hit the headlines, Hot 100 litigators are fighting the corner for their clients.
Firms wrestle with HMRC salaried partner proposals before April deadline
CFTC no-action relief and request for comment for the transaction-level requirements of non-US swap dealers download
On 14 November 2013, the DSIO of the CFTC issued Advisory 13-69 in response to inquiries from swap market participants.
CSSF issues press release on the enforcement of the 2013 financial information prepared by issuers of securities download
The CSSF has issued press release 14/02 concerning the enforcement of the 2013 financial information prepared by issuers of securities, subject to the Transparency Law.
The OFT is conducting a formal investigation into suspected anti-competitive agreements and/or practices involving businesses in the property sales and lettings sector.
Eversheds has launched an online auto-enrolment compliance tool for employers that are due to reach their auto-enrolment staging date in 2014 and beyond.
During 2013, Goodman Derrick’s technology group had lead roles in relation to three equity fundraisings for technology companies.
For the fourth consecutive year, Minter Ellison has been ranked as one of Australia’s ‘elite’ firms for competition law by Global Competition Review in its global survey.
The Enterprise and Regulatory Reform Act 2013 unveiled a number of significant changes to the system for regulating works to listed buildings in England.
Prioritisation and globalisation drive higher fine totals from fewer investigations.
Appleby Isle of Man is celebrating the addition of new advocates Katherine Johnson and Alexandra Watterson, as well as the exam success of two trainees.
FDA declines to define ‘natural’ download
The FDA has officially declined the opportunity to administratively determine whether foods containing bio-engineered ingredients may be labelled as ‘natural’.
EPA has amended its ‘All Appropriate Inquiries’ rule, which sets out the standard for environmental due diligence in commercial and industrial property transactions.
Stephenson Harwood has appointed Suzanne Tarplee to its rail team. Tarplee joins from Burges Salmon, where she was a legal director in the rail group.
We advise and appear regularly in appeals before the First-tier Tax Tribunal and the Upper-tier Tribunal for both appellants and HMRC.
Three Raymond Buildings has a long-established reputation as a leading set for fraud, money laundering and anti-competitive conduct.
We are regularly instructed by local and national regulators as well as regulated companies and individuals across a wide range of industries.
We are regularly instructed by disciplinary authorities and respondents in proceedings dealing with the full spectrum of professional misconduct.
We have a distinguished reputation in licensing law and the length and breadth of our experience in this area is unmatched.
We are experts in coronial law and appear in inquests as well as claims for judicial review of coroners’ decisions.
Building on its experience and reputation in criminal cases, Three Raymond Buildings is regarded as a leading set in health and safety and fire safety work.
Dacheng attorney Miao Qian has been named an outstanding representative of Beijing’s legal profession.
Back to 2013 — Luxembourg newsflash download
Arendt and Medernach has released a short flashback intended to enable you to keep track of the main legal trends that marked 2013.
Allen & Overy has reported that across seven major jurisdictions selected for its Global Cartel Enforcement 2013 Year in Review, cartel fines handed down in 2013 totalled €3.1bn.
Welcome to the Mourant Ozannes financial services winter update.
New rules that will apply to most businesses selling to consumers, whether online or in a traditional store, have been laid before parliament.
Bristows has appointed partner Rosemary Choueka and announced the promotion of three associates to the partnership next May.
Stephen Kitts, Asia managing partner at global law firm Eversheds, has commented on the decision to open up the Chinese banking market.
Brokers have raised fresh concerns over the Solicitors Regulation Authority’s (SRA) handling of the professional indemnity insurance (PII) renewal process after the regulator admitted it had lost track of some uninsured firms.
US federal regulators have voted to approve the final Volcker Rule, which imposes restrictions on banking entities’ ability to engage in proprietary trading.
New EU Customs Regulation download
With effect from 1 January 2014, a new Customs Regulation came into force in the European Union (EU), which replaces the existing Customs Regulation.
This update presents a more in-depth analysis of the proprietary trading aspects of the Final Rule and their implications for affected institutions.
Hogan Lovells has announced the promotion of 29 new partners, effective 1 January 2014.
Cloud computing: key telecommunication regulatory issues for foreign service providers in China download
This briefing discusses key telecommunication regulatory issues for foreign companies that want to provide cloud computing services in China.
In a KPMG survey of 60 executives, 90 per cent indicated that the number of cross-border investigations have either increased or remained the same over the last year.
Moran v Ideal Cleaning Services Ltd was a claim made by individuals employed by one company but placed with another company as cleaners.
Derivative Services will host a webinar entitled ‘Navigating cross-border transfer restrictions when transferring data to foreign law enforcement authorities, regulators and courts.’
The Health and Safety Executive is consulting on changes to legislation concerning the storage of petrol with the aim of simplifying and modernising it.
More carrot, less stick: the Groceries Code Adjudicator issues guidance on investigation and enforcement powers download
The Groceries Code Adjudicator has issued guidance on how the adjudicator will carry out its investigation and enforcement functions under the Groceries Code Adjudicator Act 2013.
In the midst of its rapid economic development, the People’s Republic of China (PRC) has finally determined to change its domestic currency market.
Foreign companies operating in certain complex or sensitive industries in China need to do more than instil an anti-corruption policy.
The next Quarterly List must be placed in stations’ public inspection files by 10 January, reflecting information for the months of October, November and December 2013.
A number of reforms designed to simplify certain aspects of the EU merger control process came into effect from 1 January 2014.
The FCA has published its findings into its review as to whether asset managers are effectively managing the risks relating to outsourcing.
Richard Matthews, head of product liability at Eversheds, has commented on the recall by Wal-Mart in China of donkey meat found to contain fox meat.
The next Children’s Television Programming Report must be filed with the FCC and placed in stations’ public inspection files by 10 January 2014.
The Department of the Treasury’s Federal Insurance Office has published How to Modernize and Improve the System of Insurance Regulation in the United States.
Private equity funds (and their managers/advisers) are subject to various types of regulation under US federal law, in particular under the Dodd-Frank Act, and non-US law.
UK amnesty for UK taxpayers download
The UK government has announced an amnesty for UK taxpayers, giving them an opportunity to check that their affairs are up to date and make a disclosure of any potential unpaid tax liabilities.
Winckworth Sherwood has released its December issue of Heads Up, which discusses the issues that faced education throughout 2013.
The Department for Business, Innovation & Skills has published the Seventh Statement of New Regulations (covering the period January to June 2014).
The European Commission has announced that it will be changing the advertising thresholds under the public procurement rules with effect from 1 January 2014.
CFTC comparability determinations and no-action relief for certain foreign swap dealers and major swap participants download
The CFTC has approved a series of broad comparability determinations permitting substituted compliance for non-US swap dealers and major swap participants.
On 12 December 2013, the Information Commissioner’s Office published an information sharing and data protection checklist.
The Hong Kong Securities & Futures Commission (HKSFC) has appointed Cleary Gottlieb Steen & Hamilton partner Megan Tang as director in its corporate finance division.
Lawrence Graham (LG) has lost its competition and regulation chief Rosemary Choueka to Bristows months before the firm is due to merge with Wragge & Co.
The developer of Minter Ellison’s BoardTrac app has been named in the top 20 in Deloitte’s Fast 500 Asia-Pacific list of the fastest-growing companies in 2013.
For the first time, capital rules will apply through a single piece of legislation to all EU banks and investment firms.
Catalogue of investment projects subject to government verifications overhauls Chinese outbound investment regulatory regime download
The State Council promulgated on 2 December 2013 the Catalogue of Investment Projects Subject to Governmental Verifications (2013).
Is the safety, competitiveness and efficiency of Australia’s payment systems important to your organisation? Will recent and foreshadowed changes affect you?
Record fines and unprecedented investigations into bribery and competition violations signal a clear message to multinational firms to re-evaluate how they do business in China.
Early indications are that the free-trade zone will liberalise foreign investment into China, particularly in the financial services sector, and not just in Shanghai.
Australia’s root-and-branch Financial System Inquiry is progressing, with details of the final terms of reference, the full panel and the process released last week.
Stephenson Harwood has released the autumn/winter 2013 edition of its Aviation LegalEye publication.
In almost all circumstances, workers are entitled to receive a wage that is no less than the current national minimum wage rate for each hour of work.
On 9 December, the GMG published its sixth annual report on the private equity industry’s conformity with the Guidelines for Disclosure and Transparency in Private Equity.
Addleshaw Goddard is increasing its capability in Hong Kong following the appointment of a third partner in its associated local law firm.
Walker Morris provided legal input at LRS Consultancy’s recent event ‘Recycling services: avoiding exposure and turning TEEP to your advantage’.
CIMA has published a statement of guidance that applies to investment funds regulated under the Mutual Funds Law of the Cayman Islands.
What you think you know about data privacy in Australia and overseas may just be wrong. This ‘top 10’ fact sheet dispels some common misconceptions about privacy.
This first instalment highlights the importance of implementing a legal department management system.
A team of attorneys from Dacheng recently gave lectures on anti-bribery and anti-corruption for Stryker Corporation.
Debevoise & Plimpton has published its FCPA Update for December 2013. The lead article is ‘Weatherford International enters the FCPA top 10 list with $152.5m in fines and penalties’.
For companies with a year-end of 31 December, the new remuneration reporting requirements for directors of UK-incorporated listed companies will kick in from 1 January.
A draft of the latest set of amendments to the CIL Regulations 2010 has been laid before Parliament. Wragge & Co lists a few of the proposed changes.
Any contractor who has provided a collateral warranty on a construction project will be interested to learn of the recent case of Parkwood Leisure v Laing O’Rourke Wales and West.
Following the publication of the results of its alcohol strategy consultation, the Home Office has announced the steps it will be taking in delivering the government’s Alcohol Strategy.
The High Court has confirmed that the NPPF did not change substance of planning policy and clarifies what information must be advertised for EIA.
The government is currently undertaking the most extensive reform of consumer law in years.
The European Commission has published the revised euro thresholds for the application of the procedures for the award of contracts under the EU public procurement directives.
DLA Piper has been instructed to act on a number of cases for a non-EU carrier that test the scope of EC Regulation 261/2004 in respect of missed flight connections outside the EU.
Individual imprisonment download
There has been a 400 per cent increase in prosecutions of directors and managers under section 37 of the Health and Safety at Work Act 1974 over the past five years.
The pensions regulator has issued guidance on asset-backed contributions arrangements (ABCs).
Pensions Update — December 2013 download
Nabarro has published its Pensions Update for December 2013. The publication covers the Autumn Statement, same-sex marriage, lifetime allowance and more.
Once again, the long-running saga of how to deal with holiday leave entitlement for those on sick leave featured this year.
The Cabinet Office has published a consultation on extending the Charity Commission’s powers to tackle abuse in charities.
The Intellectual Property Bill has been working its way through Parliament throughout the summer and autumn and is likely to be enacted in 2014.
The Solicitors Regulation Authority (SRA) has identified 117 firms still at risk of closure as a result of being unable to secure professional indemnity insurance.
The new Australian privacy principles attempt to keep pace with changing technology, emerging privacy issues and developments in privacy law in Australia and internationally.
New PRC Consumer Rights Law fills legal void governing data privacy protections — get ready for 3/15/2014 effective date download
The newly revised Consumer Rights and Interests Protection Law of the PRC is the first revision of China’s old Consumer Rights Law since its promulgation in 1993.
This alert considers what developments we can expect to see in the year ahead and how this growing movement towards global tax information exchange will affect financial institutions.
Global capital markets: 2013 marked as the year of the ‘come-back’. What’s in store for 2014? download
In the end, 2013 did not disappoint, with resurgence in equity offerings, promising company valuations and greater market liquidity.
The claim revolved around the grant of planning permission for a new rugby club and the construction of 200 homes.
InShort — 12 December 2013 download
Addleshaw Goddard has released the latest version of InShort, which provides updates on legal news relating to the banking and finance sectors.
DLA Piper has announced that partner Roy McDonald has been recognised as one of Silicon Valley Business Journal’s ‘40 Under 40’.
Pensions Priorities: law reform — change to the statutory definition of ‘money purchase benefits’ download
The regulation surrounding defined benefit pension schemes is immense, and has increased significantly over the last two decades.
A new dawn for defamation? download
The Defamation Act 2013 comes into force on 1 January 2014. Shoosmiths provides details of the new regulations.
Recent Australian privacy reforms will significantly affect offshore share incentives for Australian employees download
The changes to the Privacy Act 1988 (Cth) significantly increase the obligations imposed on an offshore parent or related entity that collects or deals with personal information from Australian employees.
The Volcker Rule — an overview download
Federal banking agencies, the Securities and Exchange Commission and the Commodity Futures Trading Commission have adopted final regulations to implement section 13 of the ‘Volcker Rule’.
DLA Piper has released the latest version (Volume 2, No. 22) of The Financial Report.
The Cayman Islands Monetary Authority has produced the Statement of Guidance on Corporate Governance for Mutual Funds.
The Public Interest Disclosure Act 2013 (Cth), which establishes a new public interest disclosure scheme for the Commonwealth public sector, comes into force in January.
The government has acted on its plan to revoke site waste management plans in England, with effect from the 1 December 2013.
Federal regulators have voted to approve the ‘Volcker Rule’, more than two years after the rule’s proposal in 2011.
The latest instalment of ‘All-Consuming Legal Insights’, Taylor Wessing’s new video series, focuses on changes to consumer rights in the UK.
The European Commission has announced its plans to both reshape the simplified merger notification process within the framework of the EUMR.
Five federal financial regulatory agencies have released final rules implementing Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
An in-depth understanding of the unique legal environment in China is essential to fully understand compliance requirements.
Pat Treacy of Bristows has commented on competition policy and its relationship with intellectual property following a speech by EU commissioner Almunia.
Minter Ellison has provided legal advice to TPG, which has entered into a binding sale agreement to acquire 100 per cent of Telecom New Zealand Australia.
This edition of snapSHot summarises some of the key legal and regulatory developments that occurred during November in relation to occupational pension schemes.
Addleshaw Goddard has released the November 2013 edition of InSure. This section focuses on regulatory developments.
Addleshaw Goddard has released the November 2013 edition of InSure. This section focuses on spotlight articles.
Hogan Lovells is hiring a white-collar crime partner to boost its Paris litigation capabilities.
Addleshaw Goddard has released the November 2013 edition of InVest. This section focuses on investment and funds.
InCredit — December 2013: mortgages download
Addleshaw Goddard has released the December 2013 edition of InCredit. This section focuses on mortgages.
AUSTRAC and the Commonwealth Attorney-General’s Department have released an issues paper as part of a post-implementation review of Australia’s AML/CTF regime.
Lord Dyson, master of the rolls, has sent a clear message that the senior judiciary intend to enforce the new approach to civil justice introduced by the Jackson reforms.
Datacert’s checklist provides the key criteria you need to know in order to select the right technology to help you protect your brand and reputation while sustaining a state of compliance.
Third-Party Risk Management, a module of Passport GRC, helps companies to identify and assess third-party risks across the business.
In March 2013 the European Commission consulted on proposals to simplify procedures under the EU merger regulation.
Health Alert — 9 December 2013 download
DLA has released its latest health alert, which includes judgments from Australia, New Zealand, the UK, US and Canada, as well as legislation and reports.
Penn State fifth interim report download
This is the fifth quarterly report of the independent athletics integrity monitor on Penn State’s progress in implementing the requirements of the Athletics Integrity Agreement.
InSure — November 2013: enforcement download
Addleshaw Goddard has released the November 2013 edition of InSure. This section focuses on enforcement.
Addleshaw Goddard has released its Data & Information E-Alert for 15 November 2013.
Addleshaw Goddard has released the November 2013 edition of InSure. This section focuses on data protection.
BIS business names consultation download
BIS is set to introduce measures to reduce the list of sensitive names that new businesses and charities must get approval for prior to incorporation at Companies House.
ESMA has published a discussion paper setting out its initial views on the implementing measures it is required to develop under the Market Abuse Regulation.
1 November 2013 saw the Copyright and Duration of Rights in Performance Regulation 2013 come into force…
The European Commission has called on member states to ensure compliance of their regulatory frameworks for gambling services with the Treaty on the Functioning of the EU.
Tougher product liability provisions following the release of long-awaited amendments to consumer rights and interests protection law in China download
The rise of consumerism in China over the past 10 years has spurred greater regulatory enforcement in the area of product liability.
The Italian DPA has issued a decision introducing more stringent obligations for the transfer of data to call centres located in countries outside of the EU.
DLA Piper’s financial services regulatory team has released the winter 2013 edition of its Money Laundering Bulletin.
With increasing internet penetration throughout the country, the e-commerce industry, like other industries in China, is growing at a swift pace.
Managing actual or potential conflicts of interest is essential for every professional.
Clive Adamson, FCA director of supervision, has delivered a speech on what conduct regulation means for authorised foreign banks (AFBs).
Addleshaw Goddard has released the November 2013 edition of InCredit. This section focuses on advertising.
Addleshaw Goddard has released the November 2013 edition of InCredit. This section focuses on current accounts.
Addleshaw Goddard has released the November 2013 edition of InCredit. This section focuses on consumer credit.
Press regulation charter approved by Queen after Court of Appeal rejects newspapers’ attempts to block its sanction download
A royal charter representing a landmark reform of press regulation was approved by the Queen on 30 October 2013.
OFCOM, the UK’s communications regulator, has released results of its analysis of gambling advertisements on television.
Paula Barrett of Eversheds believes that cybersecurity ‘remains a global threat for businesses’.
The FCA has published a Consultation Paper (CP13/17) on the use of dealing commission rules for investment managers.
Taylor Wessing has published its Radar: Technology & Communications Update for December 2013. This section focuses on communications.
On 27 November 2013, the Governor’s Office of Business and Economic Development released draft proposed regulations on the recently enacted California Competes Tax Credit.
Taylor Wessing has published its Radar: Technology & Communications Update for December 2013. This section focuses on apps.
Taylor Wessing has published its Radar: Technology & Communications Update for December 2013. This section focuses on cyber security.
Taylor Wessing has published its Radar: Technology & Communications Update for December 2013. This section focuses on data protection.
Taylor Wessing has published its Radar: Technology & Communications Update for December 2013. This section focuses on intellectual property.
Taylor Wessing has published its Radar: Technology & Communications Update for December 2013. This section focuses on intermediary liability.
Taylor Wessing has published its Radar: Technology & Communications Update for December 2013. This section focuses on media and social media.
Allen & Overy, on behalf of the Republic of Cuba, is challenging Australia’s Tobacco Plain Packaging Act 2011 legislation.
November saw the Pensions Regulator Code on the governance and administration of occupational defined contribution (DC) trust-based pension schemes come into force.
Part II provides an overview of the procurement process and what Japan is likely to expect from tenderers from commercial, compliance and cultural perspectives.
Each EU member state has different mandatory legal requirements protecting players, and these requirements generally apply to the terms that games businesses enter into with them.
This is the second of two looks at new measures being introduced by the Revenue to crack down on what it perceives as the use of partnerships for tax avoidance purposes.
In the mobile environment, data can be collected and shared with ease. Each individual’s privacy must be strictly protected, no matter what platform/technology is used.
The Cayman Islands and US governments have entered into an agreement paving the way for the automatic exchange of tax information under FATCA.
Allen & Overy has hired partner Peter McDonald from Herbert Smith Freehills to build up the firm’s antitrust and competition practice in Australia.
ASIC has released its updated Information Sheet 155, ‘Complying with requirements for superannuation products and simple managed investment schemes’.
Rules to support the new framework for Commonwealth agencies, authorities and companies will be made under the Public Governance, Performance and Accountability Act 2013.
The federal government has released a discussion paper seeking feedback on measures to improve super fund governance.
Superannuation discussion paper released addressing regulation, governance, transparency and competition download
The Commonwealth assistant treasurer has released a discussion paper, Better regulation and governance, enhanced transparency and improved competition in superannuation, for public consultation.
The FCA has answered questions from consumer credit businesses about its proposed approach to regulation as set out in its October consultation paper.
Litigators have been warned: failure to comply, for which there is no good reason, will not usually attract relief from sanction.
Pensions news — November 2013 download
Nabarro has released the October 2013 issue of its Pensions Update, which discusses money purchase benefits among other topics.
ASIC is proposing to update and broaden its current employee share scheme class-order relief and regulatory guidance in response to developments in market practice and the need for clarity.
Australia and New Zealand are ideally positioned to take advantage of the strong demand for energy from Asia.
Pharmaceutical sector — clarification on approach to market definition for prescription medicines download
A recent decision by the Court of Appeal provides useful guidance on the correct approach to defining the market in relation to pharmaceutical products.
The Court of Appeal has recast the guidance concerning the circumstances in which the English Court should stay patent proceedings before pending the outcome of related EPO proceedings.
Nabarro’s quick guide shows you how auto-enrolment will affect your business and provides you with a list of your obligations.
The FCC recently approved a consent decree involving a broadcaster with TV stations in California, Utah and Texas accused of airing indecent and profane content.
DECC has issued a consultation seeking industry opinion on a tidy-up of the CRC Energy Efficiency Scheme on two issues.
Taylor Wessing’s new fixed-fee service is specifically designed to ensure technology SMEs are fully compliant with the law.
Whistleblowing in Luxembourg download
Whistleblowing is the process of reporting wrongful, unethical or unlawful behaviour or misconduct internally or externally, i.e. to a third-party organisation.
This briefing from Wragge & Co sets out an overview of the draft regulations and a table summarising the key amendments.
DLA Piper’s Global Financial Markets Insight guides users of finance through the vast array of financial products and financing techniques that are now available.
Governance News — 26 November 2013 download
Governance News from Minter Ellison summarises the top headlines in corporate governance this week.
Disclosure following patient deaths has become a ‘hot topic’ in recent times and particularly since the events in Mid Staffordshire and Morecambe Bay.
When a death occurs in the health and care sector, it is important to identify risks that might cause deaths in the future and make sure you take action immediately.
Over recent weeks, the P5 1 have been engaged in discussions with Iran with the aim of reaching an agreement over Iran’s nuclear programme.
Ogier in Cayman has announced that US fund managers participating in the 2013 Hedge Funds Review Service Provider Rankings have ranked as Ogier number one.
The Financial Conduct Authority consultation paper — regulatory fees and levies: policy proposals for 2014–15
The Financial Conduct Authority will take over the regulation of consumer credit from the Office of Fair Trading on 1 April 2014.
The Building and Construction Industry Security of Payment Amendment Bill 2013 has now been passed and will come into effect on a day to be appointed by proclamation.
The Queensland government has released the Property Occupations Bill 2013, which is expected to address property industry concerns about contract disclosures.
Bar leaders have been carpeted for applying unfair influence on regulators over changes to professional rules and for spying on independent private meetings.
The Pensions Regulator’s new Code of Practice no. 13, ‘Governance and administration of occupational defined contribution trust-based pension schemes’, has come into force.
The Dodd-Frank Act amended section 4a of the CEA to require the Commodity Futures Trading Commission (CFTC) to establish position limits on an aggregate basis.
The Department of Energy & Climate Change has published a response to its consultation on the implementation of the Recast WEEE Directive 2012
Making dismissals on an administration and impact of TUPE — Walker Morris represents Crystal Palace FC at the Court of Appeal
Crystal Palace FC went into administration in January 2010 to avoid the prospect of liquidation.
The federal government has released the draft terms of reference for the Financial System Inquiry, to be led by the former CEO of the Commonwealth Bank of Australia.
US-Swiss voluntary disclosure programme: deadlines are looming — Swiss banks need not panic, but must act swiftly and thoughtfully download
The voluntary bank disclosure programme between Switzerland and the US offers worried Swiss banks the possibility of peace of mind from future prosecution.
Hydraulic fracturing, or ‘fracking’, to extract shale gas from deep rock formations, has recently been much in the news in Europe.
DLA Piper has released the latest version (Volume 2, No. 21) of The Financial Report.
Glen Meyer, partner at Arendt & Medernach, identifies three strategic trends that will characterise part of the financial services industry next year.
Ogier has announced that partners Steve Meiklejohn and Philip Le Cornu have been included in Private Client Practitioner’s Top 50 Most Influential list.
Audrey Williams has commented on the recent vote by the European Parliament in favour of a directive to boost the presence of women in Europe’s boardrooms.
UK Court of Appeal's award of compensation following breach of Data Protection Act could open floodgates download
In a groudbreaking case, the Court of Appeal recently awarded compensation to an individual for distress following a breach of Section 13(2) of the Data Protection Act 1998.
It has been more than three years since the Financial Conduct Authority brought into effect its ‘new’ penalties regime for regulatory misconduct.
Regulatory risk update: online sales restrictions under scrutiny of European Antitrust Authorities download
Competition authorities in Europe are clamping down on restrictions or bans on online sales, especially sales over internet platforms such as Amazon and eBay.
Mark Jones will be joining Hogan Lovells’ antitrust, competition and economic regulation (ACER) practice as a partner in the London office.
Earlier this year, the DWP consulted on proposals to ‘consolidate, harmonise and simplify’ the existing disclosure regime.
The EU has issued a set of rules to make sure that the way public bodies buy does not distort competition nor affect trade between member states.
The Public Sector Equality Duty was brought in by the Equality Act 2010 and came into force in April 2011.
KPMG has welcomed the International Accounting Standards Board’s new general hedge accounting standard — IFRS 9 Financial Instruments (2013).
New York insurers’ investments in firms engaged in Iranian energy sector activities treated as ‘nonadmitted’ download
New York has enacted Chapter 481 of the Laws of 2013, which adds a new section 1415 to the New York Insurance Law effective 11 February 2014.
The government needs to plan, think and act differently if it is to be prepared for the global megatrends increasingly straining the world’s resources, according to KPMG.
The SEC has voted unanimously to propose Regulation Crowdfunding, the rules related to the offer and sale of securities through crowd-funded private offerings.
Through new legislation, we can read the the China Securities Regulatory Commission’s attitude regarding path selection on the reform of the asset-management business.
Commenting as two new companies plan to list on AIM, Eversheds believes the listings are indicative of wider comfort with the regulatory regime.
In September 2012, the European Commission adopted a proposal for a regulation on in vitro diagnostic medical devices.
Antitrust authorities in Europe are getting more and more rigid with regard to clauses that restrict or ban online sales.
On 30 October 2013, the third ordinance amending the fruit juice and soft drink regulation and other foodstuff-related provisions was published in the Federal Law Gazette.
Conyers Dill & Pearman is co-sponsoring the American Bar Association Section of International Law’s upcoming seminar, The Pros and Cons of Offshore Centres.
Dacheng has been named as an outstanding legal aid provider by the Beijing Bureau of Justice.
Simon Crossley of Eversheds has commented in response to calls from the pharmaceutical industry that the number of medicines being blocked from the UK market by NICE is too high.
Lawyers from DLA Piper in Kyiv have contributed to the World Bank’s 2014 Doing Business report, looking at the local market in Ukraine.
A review of the demand-driven funding system for higher education has been announced by the minister for education.
FATCA and charities download
If you run a charitable foundation in the UK, you may have read about the additional tax reporting and regulations imposed by the US FATCA rules on accounts held by charities.
This update is targeted specifically at claims officers and underwriters of insurers of professionals required to comply with the FOFA reforms.
The Australian Prudential Regulation Authority is proposing to adopt a simplified principles-based approach to prudential regulation of the Australian securitisation market.
A roadmap to cross-border finance download
The Bank of International Settlements recently reported that renminbi (RMB) had for the first time become one of the top 10 most-traded international currencies.
Businesses should be aware that there is more than institutional change afoot when the new Competition and Markets Authority comes in on 1 April 2014.
The Pensions Regulator’s Code of Practice is due to come into effect on 21 November 2013.
Recommendations for enhancing the EU’s role in international accounting standard setting are due to be presented to EU finance ministers on 15 November 2013.
The FCA has published its long-awaited response to consultation paper 12/25 entitled ‘Enhancing the effectiveness of the Listing Regime’.
The Advocate General’s opinion in Georgetown University has been released. It fails to recommend whether or not more than one SPC can be granted based on the same patent.
The Australian Prudential Regulation Authority (APRA) has issued the final version of its new prudential practice guide, Prudential Practice Guide CPG 235 — Managing Data Risk.
It is now illegal in New York City for employers to discriminate against job applicants based on their employment status.
Nabarro has released its 10th Clarity Guide, which discusses the revised draft Code of Practice on the governance and administration of trust-based DC schemes.
The Queensland government continues to implement its 10-point action plan with the passing of legislation to amend the licensing requirements under the QLD Act.
The core content of the innovation within the SHFTZ relates to reform in the financial area.
Court of Appeal finds against banks in allowing amendments to pleadings based on LIBOR manipulations download
On 8 November 2013, the Court of Appeal handed down its much-anticipated judgment in two related appeals.
The EU and the US are entering the second round of the Transatlantic Trade and Investment Partnership (TTIP) talks in Brussels.
The US FDA has issued a Federal Register notice with its preliminary determination that partially hydrogenated oils are not ‘generally recognised as safe’ for use in food.
On 5 October 2013, the government of Ecuador announced that it has established a commission to audit the majority of bilateral investment treaties (BITs) to which it is party.
Personal data processing — are the operators of public communication networks in compliance with the law? download
A procedure of supervision of operators of public communication networks and services has been initiated.
Germany’s most populous state has adopted a law, already in effect, allowing so-called group actions in cases involving animal protection.
Governance News — November 2013 download
Minter Ellison’s Governance News provides a synopsis of its weekly summary of corporate law and governance developments in Australia and overseas.
The article 29 working party has published guidance on how to comply with cookie legislation across all member states.
Last year, the High Court heard the first case about which occupational pension scheme rights transfer on an asset sale when the TUPE regulations apply since Beckmann and Martin.
The automatic-enrolment regulations have the effect of preventing members of defined-contribution automatic-enrolment schemes being forced to pay consultancy charges.
The Pensions Regulator has published final revised codes of practice on reporting late payment of contributions to occupational defined contribution and personal pension schemes.
The next few years will see significant changes in the public sector pensions arena.
UK FATCA update download
The Cayman Islands government has announced that it has now signed a FATCA-type intergovernmental agreement with the UK.
John McKendrick of Outer Temple Chambers has successfully acted for EDI in the case of DCAS Business School v EDI Plc.
The Financial Conduct Authority (FCA) has published a further consultation paper containing updated proposals on changes to the UK Listing Rules.
KPMG Capital is an investment fund created to accelerate innovation in data and analytics that will help clients of member firms unlock tangible value of their big data.
The Deputy Pensions Ombudsman held that an insolvent employer should pay certain outstanding pension contributions, plus interest.
Pan-European e-commerce compliance download
Governing law — which to choose? download
This article focuses on the issue of which law to choose to govern contractual relationships with customers.
The Building and Construction Industry Security of Payment Amendment Bill 2013 has been introduced into NSW Parliament.
Hogan Lovells’ guide to the eligibility requirements and continuing obligations of admitting securities to the premium, standard and high-growth segments of the main market and AIM.
Parmijit Singh from Eversheds has commented on a move by regulators to remove trans fats from the US diet.
On 22 October 2013, the European Food Safety Authority published guidance on the renewal of the authorisation of feed additives.
The European Commission has published its work programme for 2014, outlining the legislative and policy initiatives that it will focus on next year.
On 25 October 2011, the European Parliament and the Council adopted Regulation (EU) No 1169/2011on the provision of food information to consumers.
With a delegated act, the European Commission has issued a draft rule amending Regulation 1169/2011 with regard to the use of the term ‘nano’ to describe food additives.
The European Commission has adopted implementing rules for applications concerning the use of generic descriptors under article 1(4) of Regulation (EC) No 1924/2006.
Following the entry into force of some risk mitigation techniques, the second obligation under EMIR, i.e the reporting obligation, will start in February 2014.
While major UK retailers signed up for the traffic light labelling, European trade organisations have shown deep concern about the developments.
The European Parliamentary Committee for Civil Liberties, Justice and Home Affairs has voted on a series of proposed amendments to the draft EC data protection regulation.
Allen & Overy has advised Husky Injection Molding Systems on its acquisition of Schöttli Group. The sale is expected to close in early December.
Italy: class action reform download
Class action law has been introduced in Italy, following a protracted and challenging legislative process.
The European Commission has adopted proposals that seek to assist claimants in bringing private damages actions arising out of infringements of EU and national competition law.
The US Telephone Consumer Protection Act (TCPA) is now a major litigation risk for companies in a variety of industry sectors.
Consent to receiving unsolicited electronic marketing communications must be ’extremely clear and precise’.
Eversheds’ Pamela Thompson has been named as one of the 100 most influential women by Financial News.
Following its market investigation, the OFT has published draft principles for the makers of online and app-based games.
Paula Barrett of Eversheds commented ahead of a public hearing that saw the respective heads of MI5, MI6 and GCHQ face questions from MPs on issues of UK security and cyber threats.
Draft regulations setting out notice and take-down procedures for operators under the Defamation Act 2013 have been published.
The tribunal has produced a decision which, in the words of Paul George, the FRC’s executive director of conduct, ‘should be essential reading for all members of the profession’.
In The Financial Report — Volume 2, No. 20, DLA Piper focuses on discussion, analysis, news and developments in the financial services sector.
Since the Jackson reforms to civil litigation in England and Wales came into effect in April 2013, Walker Morris has tracked the key changes and cases in its Costs and Compliance series.
Guidance published on the implementation of the new directors' remuneration regime for quoted companies download
The GC100 and Investor Group has published guidance on how the new directors’ remuneration regime for quoted companies is to be implemented.
Simon Crossley from Eversheds believes the deal should be a good outcome for industry and government.
The Luxembourg side of London download
Arendt & Medernach’s London office demonstrates a desire to better understand the needs of UK clients seeking Luxembourg law advice.
The IRS has released Notice 2013-69, including a draft FFI agreement and several intended updates to the existing Treasury Regulations implementing FATCA.
Mills & Reeve has released the November 2013 issue of its Health Legal Update.
Hogan Lovells has recruited environmental, health and safety partner Louise Moore into its London environmental team.
The Luxembourg Supervisory Authority for the Financial Sector has clarified its position in relation to the definition of ‘securitisation special-purpose entities’.
Given its long lead in, one would think that everyone was ready for auto-enrolment. In reality, it appears not to be the case, as the Pensions Regulator has issued its first compliance notice.
Wragge & Co provides a summary of changes that will apply to workplace pensions form 1 November 2013 and 1 April 2014.
On 3 October 2013, Parliament approved the Law of Mongolia on Investment along with other supporting amendments.
The Takeover Code applies to all offers for companies registered in the UK, the Channel Islands or the Isle of Man whose securities are traded on a regulated market.
Business and company names are regulated to make sure that misleading names, which may imply unwarranted status or authority, cannot be used.
The Directive aims to introduce a harmonised regulatory framework across the EU for EU-established managers of alternative investment funds.
In overturning a fine, the UK’s First-tier Tribunal (Information Rights) ruled that the breach in question was insufficiently serious to warrant a financial penalty.
It is sufficient for the prosecution to prove that the defendant had food in its possession for the purpose of sale that was the subject of a label showing a ‘use-by’ date that had passed.
The Office of Fair Trading has concluded its investigation into the membership terms of health and fitness operators.
Real-estate news download
Commercial real estate remains an attractive investment. Investors are seeking to take advantage of opportunities created by favourable exchange rates and access to foreign capital.
For many years, directors (and other executive officers) have faced deemed liability under Queensland law.
Financial regulators issue proposed standards for assessing diversity policies and practices of regulated entities download
Last week, pursuant to a statutory mandate included in the Dodd-Frank Wall Street Reform and Consumer Protection Act (‘Dodd-Frank’), six federal financial regulatory agencies issued proposed standards for assessing the diversity policies and practices of regulated entities.
Gillian Harkess, food and drink regulation expert at Eversheds, has commented on calls to introduce a tax on soft drinks in the UK.
The Companies Act 2006 Regulations 2013, which came into effect on 1 October 2013, change the current narrative reporting framework under the Companies Act 2006.
The October 2013 issue of Nabarro’s Health and Safety newsletter is now available.
FCA tackles crowdfunding download
In publishing CP13/131, the FCA sets out a proposal for the regulation of crowdfunding, covering both peer-to-peer lending and investment-based crowdfunding platforms.
The guidance has been updated to reflect the revised version of the UK Corporate Governance Code and the FRC Guidance on Audit Committees.
SEC issues guidance on supervisory liability of broker-dealer compliance and legal personnel download
A difficult question continually faced by broker-dealer compliance and legal personnel is whether their roles and duties can lead to them being considered supervisors of business personnel.
Changes to legislation aimed at providing incentives for hydrocarbon production at offshore deposits download
On 30 September 2013, Russia’s President signed into law Law No. 268-FZ, which amends the Tax Code, the Customs Duties Law and the Continental Shelf Law, with the aim of providing incentives for hydrocarbon production at subsoil sites.
On 23 October 2013, the TCEQ voted to approve the publication of the proposed stationary-source greenhouse gas rules and to invite public comment.
This advisory provides an overview of the anti-corruption enforcement risk in Brazil, summarises the new law, compares it with the FCPA and offers practical compliance suggestions for in-house counsel.
RETT blocker avoidance regulation download
According to the German Real Estate Transfer Tax Act (RETT Act), the transfer of at least 95 per cent of the interests in a partnership holding domestic real estate triggers RETT tax.
Members of governing bodies need to focus their attention on the key governance risks for their organisations.
The legal and regulatory framework governing research misconduct and effective compliance systems to manage risk download
A number of high-profile and research-intensive universities have responded to allegations of serious research misconduct in recent months.
A number of private providers are likely to take complaints to Monitor in the near future, the chief executive officer of Ramsay Health Care UK has warned.
There have been a number of developments on the workplace bullying reforms since May.
The aviation industry is once again proving to be a bourgeoning sector of the global economy following the effects of the 2008 financial crisis.
This article considers the future of the Australian Charities and Not-for-Profits Commission under the new government and outlines the reasons why it may remain broadly in place.
New regulations have become effective that govern how life and non-life insurers in Thailand may conduct investment and engage in other business.
India: more certainty for investors, or less? Actions to take regarding the latest on GAAR, TP safe harbours and subsidiary PE download
Recent legislative and case law developments have clarified India’s position on a number of tax and transfer pricing issues. While many of these developments are intended to increase certainty for foreign investors, a number of open questions remain.
On 21 October, the Southern District of New York weighed in on the scope and applicability of the anti-retaliation provision of the whistleblower protections of the Dodd-Frank Act.
Effective from 1 July 2013, new rules governing personal data protection issues were adopted.
At a Westminster Social Policy Forum event on Charity Law and Regulation, Lord Hodgson commented on a number of key points to come out of his review.
Much has been written in recent weeks about how the Lobbying Bill could restrict charities’ campaigning activities during the ‘regulated period’ prior to an election.
The FCC issued a forfeiture order to a television licensee for failing to keep its online public inspection file up to date and for not responding to its letters of inquiry.
The free-trade zone initiative is intended to be a pilot programme to provide a blueprint of how China will reform its economic structure.
The OFT is set to investigate the ways in which online and app-based games encourage children to make purchases.
Safe Work Australia’s Bullying Code marks the first meaningful development in work health and safety law for employers in ‘safe’ industries and office workers for many years.
Since the China (Shanghai) Free Trade Pilot Zone was approved by the State Council, investors have awaited detailed policies and regulations to be issued.
AIFM toolbox — October 2013 download
The AlFM toolbox aims to provide reader-friendly access to the EU legislation relating to the AIFMD Level 1 measures as well as the AIFMR Level 2 measures.
Individuals who fund a connected company with debt will no longer be entitled to a reduction in their taxable earnings where the company suffers a transfer pricing charge relating to the interest on that debt.
This guide addresses the issues that arise when an exempted company seeks to establish a physical office in Bermuda.
Ukrainian firm Sayenko Kharenko is launching a representative office in London at the same time as developing a standalone government relations practice.
DLA Piper looks at two recent Australian Takeovers Panel cases, namely Billabong International Ltd and Avalon Minerals Ltd.
Lawyers welcome cross-border regulatory co-operation but countries piggy-backing on investigations is a step too far
The 22 October 2013 issue of Hogan Lovells’ Global Payments Newsletter includes sections on regulatory developments, payment market developments and reports and surveys.
This booklet addresses employees’ many commonly asked questions regarding international assignments.
The guidelines companies develop can vary widely, to address the different industries, cultures and environments in which they operate.
Since Xi Jiping became China’s leader this year, the PRC has seen the launch of an unprecedented, sweeping government campaign to tackle corruption.
DLA Piper has released the latest version (Volume 2, No. 19) of The Financial Report.
Under this new policy, in force since April 2013 but amplified by a new iteration in July 2013, bidders for government contracts valued at more than £5m must self-certify their tax compliance.
Dacheng Tax Newsletter: Issue No. 1 download
Dacheng has published the first issue of its Tax Newsletter, edited by David Yu, Lily Fan, Fidel Liu and Shen Liming.
Christian Bayart and Ilse Bosmans of Allen & Overy have written a chapter on employment issues in the compilation International Outsourcing Law and Practice.
Governance news from Minter Ellison download
This briefing from Minter Ellison provides a synopsis of its weekly summary of corporate law and governance developments in Australia and overseas.
Eversheds has commented on the vote of the European Parliament Civil Liberties, Justice and Home Affairs Committee to back a package of changes to EU data protection rules,
Ogier has released the latest version of its Funds Legal and Regulatory Update, which focuses on the AIFMD among other topics.
Section 409A applies to nonqualified deferred compensation that an employee or other service provider earns or has a legally binding right to receive in one tax year, but is not payable until a later tax year
Guidance (and a touch of solace) for compliance and legal personnel on potential supervisory liability download
Supervisory liability does not attach unless a compliance or legal employee truly functions in a supervisory capacity.
Hedge fund managers making significant investments to comply with global regulatory changes: industry survey download
A global survey of hedge fund managers reveals that they are making significant investments in their firms’ infrastructure to comply with new regulatory requirements.
In this alert we highlight some of the key messages for business arising from the government’s proposals.
Few areas of financial crime prevention in Bermuda are as complicated and misunderstood as ‘sanctions’, writes compliance manager Jarion Richardson.
The UK Information Commissioner’s Office (ICO) has opened a consultation on a new draft code of practice for conducting privacy impact assessments.
The High Court has held that while a break notice did not comply with all the requirements set out in the lease, this did not invalidate the notice.
FATCA update — October download
The US Foreign Account Tax Compliance Act (FATCA) was enacted as part of the Hiring Incentives to Restore Employment (HIRE) Act on 18 March 2010.
On 1 October 2013, radical changes to the way in which executive pay is disclosed and reported came into force.
Online briefing for private practice: understanding the key consideration in safeguarding your client’s information governance strategies. What are the options available? video
Recent actions by regulators highlight the need for better information governance and swift forensic investigation to safeguard not just finances but reputations as well as sense checking internal and external policies. Log in or register to watch this video from HP Autonomy.
Welcome to the June edition of Stephenson Harwood’s Data Protection Update, a monthly bulletin on key developments in data protection law.
Welcome to the May edition of Stephenson Harwood’s Data Protection Update, a monthly bulletin on key developments in data protection law.
On 30 April 2013, new regulations came into force, simplifying the process for private companies to buy back their own shares.
This checklist compares the requirements of a premium listing, a standard listing, the high-growth segment and AIM for a commercial/trading company looking to admit equity shares.
Welcome to Stephenson Harwood’s latest Data Protection Update, summarising some of the key developments over the last month.