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FEBRUARY 2016

01 February 2016 | London
Legal Briefings – By Simone Pearlman

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This is the 45th in our series of general counsel updates which aim to summarise major developments in key areas.

Click here or on the image below to read the publication.

DEVELOPMENTS OF GENERAL INTEREST
 
BREXIT

A possible UK exit from the European Union

 
CORPORATE

Directors' duties – exercise of powers for a proper purpose
Trust and transparency – beneficial owners' register
 

M&A
  • Directors' duties – Court confirms duties owed to company not shareholders when seeking shareholder approval for a transaction

 

EMPLOYMENT AND PENSIONS
Employment
  • Gender pay reporting
  • ECJ privacy ruling does not give green light for employer snooping
  • EAT confirms low hurdle for whistleblowing protection
  • Update on legislative changes

 

Pensions
  • Case update: Alexander v Pattinson & Sim 
  • Case update: R v Pensions Regulator

 

DISPUTE RESOLUTION
Arbitration
  • Reminder from the Privy Council on drafting arbitration agreements: clear wording is necessary to avoid unnecessary delay, expense and loss of confidentiality
 
Banking litigation
  • Court of Appeal resolves redemption dispute concerning "CoCo" notes by reference to their commercial purpose
  • Court orders disclosure of confidential Serious Fraud Office and client documents
  • Confirmation of the court's current approach to interest rate hedging product mis-selling claims is good news for financial institutions
 
Litigation
  • Government rows back from plans to double cap on court issue fees
  • Jackson reforms will apply to insolvency litigation from April 2016
  • Supreme Court clarifies test for implying terms into a contract
 
REAL ESTATE AND PLANNING
Real estate
  • Marks & Spencer loses Supreme Court battle
 
Planning
  • Community Infrastructure Levy Review Panel and recent consultation

SECTOR SPECIFIC DEVELOPMENTS   
 

BANKING, RESTRUCTURING AND INSOLVENCY
  • EU Bank Recovery and Resolution Directive 2014/59 (BRRD) – contractual bail-in requirement under Article 55
     
COMPETITION, REGULATION AND TRADE
  • Supreme Court clarifies concept of "enterprise" under UK merger control
  • CJEU rules that a commercial lease restriction does not infringe competition law "by object"
  • First ever formal investigation by the Groceries Code Adjudicator uncovers serious breaches of the code
     
ENVIRONMENT
  • Paris Climate Change Agreement
  • Circular Economy
     
FINANCIAL SERVICES REGULATION
  • Delay to MiFID II/MiFIR
  • Securities Financing Transactions Regulation
  • Revised Payment Services Directive 
  • Senior Managers and Certification Regime
     
HEALTH AND SAFETY
  • New sentencing guidelines in force for corporate manslaughter and health and safety offences
     
INSURANCE
  • A new prudential regime for the insurance industry comes into force
  • Insurance Distribution Directive
     
INTELLECTUAL PROPERTY
  • Reform to the Community Trade Mark system
     
TAX
  • Autumn Statement 2015 and Finance Bill 2016
  • Consultation on corporate interest deductibility
  • European Commission anti-tax avoidance package
  • Budget 2016
     
TECHNOLOGY, MEDIA AND TELECOMMUNICATIONS
  • General Data Protection Regulation compromise text released
  • EU-US Privacy Shield announced

REGION SPECIFIC DEVELOPMENTS   
 

AUSTRALIA
  • Power without glory: JV Operator to be removed for breach
  • Government’s innovation statement puts renewables back on the agenda
  • Reminder to policyholders: Don’t assume you’re not covered 
  • Guaranteed maximum price contracts: A checklist for project owners
  • Changes to Australia’s foreign investment rules
     
FRANCE
  • Information to employees prior to certain sales of shares or a business – amendment to the sanction for failure to comply
     
HONG KONG
  • Latest corruption perception scores in line with firm’s global anti-corruption report
  • New Hong Kong Competition Ordinance now in force
  • Mandatory clause to be inserted in all client agreements following consultation conclusions issued by Securities and Futures Commission
  • Progress underway to establish cross-sector resolution regime for financial institutions in Hong Kong
  • Securities and Futures Commission proposes to amend automated trading services guidelines in light of over-the-counter derivatives reform and international regulatory requirements
     
SINGAPORE
  • Global Pound Conference on the future of dispute resolution in Singapore on 17/18 March 2016