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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 [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,...
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 [2019] 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 Regulators
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...
13 February 2019
LIBOR Is Being Overtaken: Will It Be a Car Crash?
This article considers the background and current market developments relating to the discontinuation of LIBOR. It examines the potential litigation likely to arise for legacy contracts and the alternative contractual fall-back provisions that are being proposed. Finally, it analyses the four...
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18 October 2021
Views on an evolving automotive industry - Using trade secrets to protect innovation
With the emergence of new technologies and innovation, such as connected autonomous vehicles and EVs, the use of trade secrets has grown in importance due to the immediacy of the protection trade secrets law offers offer and its ability to cover all types of information.
12 October 2021
The Bettor's Verdict – a Herbert Smith Freehills podcast
In this podcast Steven Jacobs is joined by industry insider guests to discuss current issues in gambling law, sports law, and digital law. Their conversations focus on unwinding the tangled web of US gambling and sports laws past and present, and delve into the digital law space to cover topics...
11 October 2021
Cartel Intel – updates from our EMEA network
In this fourth edition of our quarterly update on key EMEA cartel developments, we are pleased to open with a short interview with Bo Vesterdorf , formerly a judge at and the President of the EU General Court and now a senior consultant with HSF. In the interview, Brussels Partner Daniel Vowden has...
08 October 2021
Onwards and Upwards: In celebration of Black History Month
Making the time and effort to understand each other's lived experiences is an important part of our commitment to building a more inclusive culture in which everyone can thrive. Capturing these experiences through the eyes of colleagues enables us to collectively take another step towards a society...
06 October 2021
Webinar: Cross-border restructurings: how UK schemes may benefit businesses in Asia Pacific
Jurisdictions across the globe have sought to expand their restructuring toolkits – spurred on by Governments seeking to support business during the pandemic. This has had a significant impact on the options available when restructuring business in Asia Pacific.
06 October 2021
Taking the Floor: Government proposes to legislate a recovery presumption for funded class action group members
On 30 September 2021, the Department of Treasury opened consultation on new laws which, if enacted in their proposed form, will introduce new hurdles for litigation funders intended to ensure fairer returns for group members in future funded class actions.
05 October 2021
Parliamentary Joint Committee on Intelligence and Security backs two step approach to adopting the security of critical infrastructure reforms
On 29 September, the Parliamentary Joint Committee on Intelligence and Security ( PJCIS ) published its advisory report on the Security Legislation Amendment (Critical Infrastructure) Bill 2020. 1
05 October 2021
Government planning significant extension to UK's pensions notifiable events regime for corporates
The government has confirmed it plans to make long-anticipated changes to the UK's pensions notifiable events regime. The changes, first floated in 2018 and now confirmed (subject to consultation), are almost certain to mean that corporates will be required to give the Pensions Regulator and...
05 October 2021
Delivering Alternative Excellence
Fresh from scooping the title of Alternative Service Provider of the Year at the recently held African Legal Awards, Vanessa Kingsmill and Naseem Ameer-Mia of Herbert Smith Freehills chatted to Africa Legal’s Tom Pearson about their recipe for success.
04 October 2021
Cartel Intel: Interview with Bo Vesterdorf, former President of the EU General Court
In advance of the next edition of Cartel Intel , our quarterly update on key EMEA cartel developments, Daniel Vowden (Partner, Brussels) had the great privilege of discussing important recent EU legal developments with Bo Vesterdorf , formerly a judge at and the President of the EU General Court (...
01 October 2021
New pensions criminal offences and regulatory sanctions now in force
From today, directors, lenders, investors and other parties to corporate activity which may jeopardise the interests of a defined benefit (DB) pension scheme face the spectre of criminal prosecution. The new pensions criminal offences and other regulatory sanctions which come into force today are...
30 September 2021
TMA submissions on Australian creditors’ scheme of arrangement consultation
On 2 August 2021, the Treasury released a consultation paper seeking feedback on changes to improve creditors’ schemes of arrangement in Australia (the Consultation Paper ). The submissions process has now closed.
30 September 2021
ASIC’s views on stub equity: one year into new rules
One year after adopting new rules for stub equity scrip consideration in takeovers and schemes, ASIC has emphasised its view that target directors and experts should be including a recommendation or opinion on stub equity scrip consideration or giving reasons why no opinion is provided.