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05 January 2022
Merricks v Mastercard: the litigation risks for the financial services sector
Herbert Smith Freehills LLP have published an article in Butterworths Journal of International Banking and Financial Law on the repercussions of the recent decisions in the Merricks v Mastercard litigation for the wider litigation landscape, particularly for the financial services sector.
23 July 2021
Know your limits: the increasingly high bar for claims to extend the limitation period
Herbert Smith Freehills LLP have published an article in the New Law Journal on recent authorities clarifying the application of the Limitation Act 1980 and the high threshold for claimants to postpone the limitation period under s.32 or s.14A of that Act.
16 February 2021
LIBOR transition: What is a "safe harbour" and why does the UK’s legislative toolkit need one?
In the context of the UK’s legislative solution for the transition of so-called "tough legacy" LIBOR contracts, contained within the Financial Services Bill ( FS Bill ), HM Treasury ( HMT ) has recently published a consultation paper: Supporting the wind-down of critical benchmarks .
10 February 2021
Final EU legislative fix for legacy LIBOR: impact on transition risk for UK entities
On 2 February 2021, the European Council paved the way for the EU’s legislative solution for the transition of legacy LIBOR contracts to become law, by adopting amendments to the Benchmark Regulation (EU) 2016/1011 ( BMR ), which will now enter into force and apply from 13 February 2021.
21 December 2020
Australia approves sweeping changes to breach reporting regime
In a move with significant implications for Australian financial services and credit licensees ( AFS Licensees and Credit Licensees respectively), the Federal Parliament has passed legislation endorsing several reforms recommended by the Financial Services Royal Commission, including to the regime...
15 October 2020
Libor transition update - October 2020
The cessation of the London Inter-bank Offered Rate ( LIBOR ) at the end of 2021 has long been an issue vexing the global financial services industry given the scale and geographic spread of exposures to the affected benchmarks across the currencies and terms in which it is published. As we reach...
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...
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 [2019] 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,...
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20 January 2022
UPC Structure – local, regional and central divisions
The UPC will have a Court of First Instance (divided into local, regional and central divisions) and a Court of Appeal (Luxembourg). Cases will commence in any one of these divisions according to the subject matter and the prescribed division set out in the UPC Agreement and the UPC Rules .
20 January 2022
UPC: Costs and Fees
Following a lengthy consultation, the Preparatory Committee for the Unified Patent Court (UPC) published its Rules on Court fees and recoverable costs ( the Rules ) along with Guidelines for the determination of value–based Court fees and the ceiling of recoverable costs of the successful party (...
20 January 2022
The UPC and the UP: Impact on patent portfolios and licensing
Our article on the impact of the UP and the UPC on the management of patent applications, patent portfolios in general and licensing: " The New Unitary Patent Regime – Prepare and Protect your Portfolio " published in PLC Magazine is available as a pdf from this link and also on Practical Law .
20 January 2022
How to get a Unitary Patent
Enhanced cooperation under Regulation 1257/2012 of 17 December 2012 implementing enhanced cooperation in the area of unitary patent protection was used to establish the unitary patent (UP). Also termed the European patent with unitary effect, the UP will be a single patent right covering all the...
20 January 2022
UPC: Jurisdiction and "opt-out"
Once the Unified Patent Court (UPC) comes into effect, and after the transitional period of 7 years (at least), the court system will have exclusive jurisdiction over UPs and all EPs designated to participating EU Member States (unless these EPs have been opted out of its jurisdiction). The UPC...
20 January 2022
Landmark Australian class actions book launches third edition
Following a period of evolution in the class actions market, the highly practical third edition of Class Actions in Australia is now available. An essential guide for any legal practitioner involved in class actions, the book provides complete coverage of class action law in Australia.
20 January 2022
WHICH STATES ARE IN THE UPC & WHERE WILL A UP HAVE EFFECT?
26 EU Member States participated in the enhanced cooperation procedure to establish the unitary patent (including the UK which has now withdrawn). However unless these states have also ratified the Unified Patent Court Agreement (UPCA) then the unitary patent (UP) will not be effective in their...
18 January 2022
Herbert Smith Freehills advises Chargeurs Museum Solutions on its acquisition of Event Communications
International leading law firm Herbert Smith Freehills has advised Chargeurs Musuem Solutions, international leader in museum services, on the finalisation of the acquisition of 100% of the capital of Event Communications Ltd, one of the global leaders in museum planning, design and delivery.