First-half turnover at £471.2m for post-merger Herbert Smith Freehills

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Privacy Shield open for self-certification on Aug 1

On August 1 US organisations can finally begin to submit self-certification requests to the Department of Commerce under the new EU-US “Privacy Shield.” This opens a new era for the lawful transfer of personal data from the European Union westward across the Atlantic. The Commerce Department has published a practical guide, “How to Join Privacy Shield: Guide to Self-Certification,” […]

Brexit - Flag of European Union

Tax Issues around Brexit

Our European tax team recentlydelivered a breakfast seminar exploring the tax issues and challenges posed by the result of the EU Referendum. The team covered a range of issues, including: the European framework, including overview of the EU, EEA, Eurozone and other European groupings; the process of the UK’s withdrawal from the EU; and the […]

India shuts down Mauritius route

Time to rethink investment structures On May 10 the Indian government issued a press release announcing the signing of a protocol to amend the India-Mauritius tax treaty.1 As a result of these amendments, Mauritius tax residents will no longer be exempt from Indian capital gains tax on sales of shares of Indian resident companies that […]

Insurance: new assessment method for GSIIs

The International Association of Insurance Supervisors (“IAIS”) has published its updated assessment methodology for designating global systemically important insurers (“G-SIIs”) (the “Revised Methodology”). As part of the review cycle of the IAIS and following consultations in 2015 the Revised Methodology now comprises five phases and adopts absolute reference values for certain indicators. Additionally, the Revised Methodology incorporates a […]

Outlook in enforcement actions against foreign banks at the new NYDFS

By Matthew L. Biben, Courtney M. Dankworth, Eric R. Dinallo, Mary Beth Hogan, Gregory J. Lyons, David Sarratt, David G. Sewell, Harriet M. Antczak On June 15 Maria Vullo was confirmed as the new Superintendent of the New York State Department of Financial Services (“NYDFS”), solidifying the first permanent change in leadership at the agency. Since the departure last summer of […]

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Reform of the Community Infrastructure Levy

By Katherine Evans In March we reported on the government’s consultation on the reform of the current system of developer contributions. The government’s response to the consultation, released at the end of October, confirms that change is on the horizon. The key themes of the consultation were centred around a desire to make the system simpler and more […]

Court of Appeal rules on ATM rates

By Şenay Nihat Since 2013, retailers have had to pay non-domestic rates (‘Business Rates’) for automated teller machines (ATMs) built into the front of stores, rather than treating the ATMs as part of the store’s overall rating for valuation purposes. The Business Rates bill for the ATM was backdated to 2010, hitting retailers with significant […]

Proposed ban on flammable cladding – An update

By Adrian Mansbridge Following Dame Hackitt’s Review of the Building Regulations and Fire Safety the government announced that it would consult on banning flammable cladding. The consultation closed on 14 August 2018 and the housing secretary announced at the Conservative Party Conference that the ban would be brought forward.

Minister of Health, Welfare and Sport improves contracting process for healthcare

By Frank John Vrolijk, Aurélie Mingels On 9 November 2018, the Minister of Health, Welfare and Sport (VWS) informed the House of Representatives about the developments regarding the contracting process for care provision. The minister expresses his displeasure at the growth in the supply of non-contracted care in GGZ care and district nursing where this is […]

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Portugal’s Miranda expands alliance into Cameroon

Portuguese-led alliance Miranda has added its tenth African office, tying up with Cameroon’s Abeng Law Firm as it continues to expand across the continent. Abeng is the fourth firm to join the alliance from a francophone country, following Gabon, the Republic of the Congo (also known as Congo-Brazzaville) and the Democratic Republic of the Congo […]

CRA III and the over-reliance on rating in question

The question of how investors make their investment decisions, and to what extent they make mistakes based on an inaccurate reliance on credit rating, has been at the forefront of the regulator’s attention for a number of years. The very simple issue can be put as follows: if you are an investor and have no […]

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VTB Capital plc v Nutritek International Corp and others [2013] UKSC 5 [2013] 2 WLR 398 assumed that a doctrine permitting piercing of the corporate veil of a company existed, but decided that the doctrine could not permit a party to secure the imposition of a company’s contractual liability on those who controlled it. Now […]

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