21 July 2020
The road to LIBOR transition
LIBOR (and other IBORs) will cease to exist in their current form from the end of 2021, creating significant issues for financial institutions with exposure to LIBOR contracts, and the risks associated with the economic consequences of switching to the replacement Risk Free Rates.
29 June 2020
UK Government announces LIBOR legislative fix: summary of proposals and our initial observations
In a written statement on 23 June 2020 made by Rishi Sunak, The Chancellor of the Exchequer , the UK Government has announced its intention to introduce a legislative solution for the transition of so-called “tough legacy” LIBOR-linked products. It intends to include measures in the forthcoming...
22 June 2020
The Securities Litigation Review 6th edition 2020, England and Wales chapter
Herbert Smith Freehills have contributed the England and Wales chapter of The Securities Litigation Review. Now in its sixth edition, The Securities Litigation Review, edited by William Savitt of Wachtell, Lipton, Rosen & Katz, is a guided introduction to the class action regimes for securities...
26 March 2020
The Fairness Doctrine: A Return to the Status Quo?
In October 2019, the Full Federal Court decision in ASIC v Westpac Securities Administration Limited  FCAFC 187 ( ASIC v Westpac ) raised questions about the scope of the obligation on AFS licensees to act efficiently, honestly and fairly. Less than 6 months later, the Federal Court’s...
12 March 2020
ASIC Proposes New Guidance on Ongoing Fee Arrangements
ASIC is proposing to issue guidance on how it will regulate ongoing fee arrangements ( OFAs ). Depending on the position it takes, these arrangements, which have been challenging for the advice industry to comply with since they were introduced as part of the Future of Financial Advice reforms,...
02 March 2020
The cooperation dilemma – legal privilege in the “why not litigate” era
The Financial Services Royal Commission has had a significant impact on regulators’ appetites to obtain documents subject to claims of legal professional privilege and shifted strategic considerations that companies will weigh in deciding whether or not to provide privileged documents to regulators.
15 November 2019
The Lloyds/HBOS litigation: The first shareholder class action judgment in England & Wales
The first judgment in a shareholder class action in England & Wales has been handed down by the High Court today in Sharp v Blank  EWHC 3078 (Ch) (also known as The Lloyds/HBOS litigation ).
22 October 2019
2019 Global Bank Review
The 2019 edition of our Global Bank Review: The Data Game , explores the rapid growth of data as one of the most significant developments in the banking sector. That being the case, we are still only at the beginning of the data journey and its impact in the next decade or two will be even more...
10 October 2019
Corporate Crime Update, Autumn 2019
Welcome to the Autumn 2019 edition of our corporate crime update - our round up of developments in relation to corruption, money laundering, fraud, sanctions and related matters. This bumper edition covers a number of jurisdictions, and includes content from the summer break. For the full update on...
24 July 2019
What securities litigators need to know about the new Prospectus Regulation
The new EU Prospectus Regulation (EU/2017/1129) (the “ PR ”) entered into full force and effect on 21 July 2019 across EU Member States. It replaces, in its entirety, the Prospectus Directive (the “ PD ”) regime and therefore represents the most significant overhaul of European securities law since...
20 February 2019
HKMA turns up the heat and announces consultation on IBOR transition
On 12 February 2019, the Hong Kong Monetary Authority ( HKMA ) announced in a briefing to the Legislative Council Panel on Financial Affairs that the Treasury Markets Association ( TMA ) will hold a long-awaited consultation this quarter on alternative reference rates. The announcement follows...
13 February 2019
The Final Report has been released and for those who followed the public hearings, the recommendations are not surprising. The regulators, ASIC and APRA, have been given increased regulatory scope and more tools to regulate. The key question is, following on from the Final Report, where next for...
07 September 2020
London International Disputes Week 2020
We are pleased to announce that London International Disputes Week (LIDW) is returning for a second year in September 2020. Herbert Smith Freehills is proud to be associated with this key event, which celebrates London as a global centre for dispute resolution. 7 – 11 September 2020 For more...
04 August 2020
Comparing the fault standards in Australian and UK shareholder class actions
Continuous disclosure obligations applicable to shareholder class action claims have been the subject of much debate in Australia in recent years. Recent amendments to the continuous disclosure provisions of the Corporations Act 2001 (Cth) are intended to reduce opportunistic shareholder class...
03 August 2020
Governance: CORPORATE INSOLVENCY AND GOVERNANCE ACT 2020 - SOUNDBITE SERIES (UK)
Welcome to our soundbite series on the new Corporate Insolvency and Governance Act 2020 which came into effect on 26 June 2020. The provisions of the Act are complex and could have significant impact on companies in distress and their creditors, particularly landlords, suppliers, financial services...
30 July 2020
Funded class actions under the spotlight: Australian Federal Government introduces new regulations
On 24 July 2020, the Australian Federal Government introduced new regulations, removing the ‘managed investment scheme’ ( MIS ) and other financial services regulatory exemptions that apply for litigation funding schemes used in class actions.
30 July 2020
Human rights arguments increasingly deployed in climate change litigation
There has been a significant rise over the past five years in the number of climate change claims that have been based (at least in part) on human rights principles, according to the latest report from the London School of Economics Grantham Research Institute on Climate Change and the Environment...
29 July 2020
Pressure points: Trustees and administrators prepare for what’s ahead: Ombudsman to see a rise in complaints due to Covid-19 (UK)
The Pensions Ombudsman recently published both its Corporate Plan 2020-2023 and Annual Report for 2019/2020, which reveal that the number of enquiries the Ombudsman received has significantly increased in the last year. In addition, the Ombudsman expects the number of complaints to “undoubtedly”...
28 July 2020
UK autonomous sanctions underline importance of human rights due diligence
The importance of human rights and robust human rights due diligence was underlined earlier this month, by the UK government’s introduction of the Global Human Rights Sanctions Regulations 2020 (the “ Sanctions Regulations ”). The Sanctions Regulations are the UK’s first autonomous sanctions...
27 July 2020
Amendments to Queensland’s security of payment regime
Amendments to Queensland’s Building Industry Fairness (Security of Payment) Act 2017 ( BIF Act ) have now passed, simplifying the project bank account framework and amending the rights and obligations of all parties involved in construction contracts in Queensland.
27 July 2020
Webinar: Workplace manslaughter developments in Australia – A national snapshot
Nearly all Australian States and Territories have approached the law around Workplace Manslaughter differently, in a further departure from the proposed ‘harmonisation’ of safety laws. The introduction of these very serious criminal offences is the topic of discussion in boardrooms, executive teams...
27 July 2020
The Prevention Principle – An irreproachable concept?
We recently spoke with Thomas Lazur of Keating Chambers on the "prevention principle." Our discussion can be listened to here , and this article supplements that discussion and considers further some of the key points raised during our conversation.