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PRA and FCA joint forum publishes guidance to all firms on climate-related financial risks

Published on 30 June 2020. By Edward Colville, Legal Director

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On 29 June 2020, the Climate Financial Risk Forum (CFRF) published a guide providing practical recommendations to firms of all sizes on the financial risks associated with climate change.

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Blog

COVID-19 Update on Commercial Tenants' Rights Regarding Rent

Published on 29 June 2020. By Sarah Wilkinson, Senior Associate and Catherine Young, Associate

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This blog sets out an update to government intervention affecting commercial tenants in response to COVID-19. We are continuing to field numerous enquiries from tenants seeking advice about whether rent holidays, reductions and other concessions can be obtained in these unprecedented times.

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Blog

No hugs or kisses from the General Court

Published on 29 June 2020. By Sarah Mountain, Senior Associate and Samuel Coppard, Associate

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The General Court has dismissed an action brought by Global Brand Holdings, LLC (Global Brand), against the European Union Intellectual Property Office (EUIPO). The action concerned the EUIPO's refusal to register an EU trade mark (EUTM) for "XOXO" on grounds that it lacked distinctive character.

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Publication

Corporate tax update - June 2020

Published on 26 June 2020. By Ben Roberts, Partner and Adam Craggs, Partner and Robert Waterson, Partner

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Welcome to the latest edition of our corporate tax update, written by members of RPC’s tax team. This month’s update reports on some of the key developments from May 2020. As well as some further COVID-19 related tax developments, this month’s report also has a bit of a sports theme with summaries of decisions involving an ex-England cricket captain and football referees. As ever we hope you, your family and friends are all staying safe.

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Publication

V@ update - June 2020

Published on 26 June 2020. By Adam Craggs, Partner and Rebekka Sandwell, Associate

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Welcome to RPC's V@, a monthly update on developments in the VAT world that may impact your business. In this month’s update we report on (1) VAT treatment on fixed odds betting terminals and gaming machines; (2) VAT treatment of property search fees charged by solicitors and conveyancers; and (3) domestic reverse charge VAT for construction services ­delay in implementation.

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Blog

Privileged but admissible? When can without prejudice material be pleaded in statements of case?

Published on 26 June 2020. By Simon Hart, Partner and Rosy Gibson, Associate

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The High Court considered the scope of the existing exceptions to the Without Prejudice Rule in its recent decision of Berkeley Square Holding & others v Lancer Property Asset Management & others(1). This well-known rule protects communications made in a genuine attempt to settle an existing dispute from later deployment in court. The Court allowed passages from papers prepared for a mediation to be admitted into the proceedings under two exceptions to the Without Prejudice Rule.

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Publication

Regulatory update - June 2020

Published on 26 June 2020. By Gavin Reese, Partner

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Welcome to the June edition of our monthly Regulatory Update, which aims to pull together key developments from the past month across the various UK regulators – and help you to navigate the regulatory maze.

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Publication

Spotlight on private wealth - June 2020

25 June 2020

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Our quarterly update is designed to keep you up to speed with developments in the private wealth world.

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Blog

FCA appoints new CEO

Published on 25 June 2020. By Jennifer Inman, Paralegal

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The Financial Conduct Authority (FCA) has appointed Nikhil Rathi, the UK head of the London Stock Exchange, as its new permanent chief executive, making him the first BAME leader of the UK's city regulator.

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Publication

Sports Ticker 15 – Black Lives Matter, Dillian Whyte and Disney

Published on 24 June 2020. By Jeremy Drew, Head of TMT and Joshua Charalambous, Senior Associate and Stuart Harris, Associate and Samuel Coppard, Associate

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Welcome to the latest edition of the RPC Sports Ticker - providing fortnightly bite-size updates from around the sports industry.

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Blog

RPC Bites #11

Published on 24 June 2020. By Ciara Cullen, Partner and Ben Mark, Partner

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Welcome to RPC Bites. Our aim in the next 2 minutes is to provide you with a flavour of some key legal, regulatory and commercial developments in the Food & Drink sector over the last fortnight… with the occasional bit of industry gossip thrown in for good measure. Enjoy!

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Blog

Sippchoice – Allowable contributions to a SIPP are restricted to payments of money

Published on 24 June 2020. By Constantine Christofi, Senior Associate

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In HMRC v Sippchoice Ltd [2020] UKUT 0149 (TCC), the Upper Tribunal (UT) has allowed HMRC’s appeal and confirmed that 'contributions paid' to a SIPP are restricted to contributions of money and do not encompass transfers of non-monetary assets.

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Blog

Relief from sanction: claimant being forced to pursue his solicitors for negligence is not desirable

Published on 23 June 2020. By Aimee Talbot, Senior Associate and Will Sefton, Partner

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A recent High Court decision demonstrates a common-sense, realistic approach to relief from sanctions. Solicitors might have become used to judges, when striking claims out, reassuring the claimant that they can always sue their solicitors for negligence. In a welcome judgment, Mr Justice Fancourt reversed a decision to refuse relief from sanction.

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Blog

SRA powers and client legal professional privilege: Part I

Published on 23 June 2020. By Graham Reid, Legal Director, Professional Regulation

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Legal professional privilege gets a pretty good billing in the case-law.

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Blog

International risk team: Practical issues resulting from the impact of lockdown restrictions on BI/DSU losses

Published on 22 June 2020. By Alex Almaguer, Senior Associate and Chris Burt, Senior Associate

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There has been much discussion about the general impact of COVID-19 on the insurance sector. In this note we highlight some practical issues (re)insurers are facing following the imposition of lockdown restrictions implemented by governments on existing or new BI/DSU losses where there is covered PD that is unconnected with COVID-19.

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Blog

Freezing orders: risk of dissipation? Get real

Published on 18 June 2020. By Jonathan Cary, Partner

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The High Court has issued an important reminder of the need for solid evidence of a real risk that the respondent will take steps to dissipate their assets to frustrate a judgment in applications to continue a worldwide freezing order (WFO). Evidence of dishonesty alone is not enough, and conduct falling short of dishonesty is less likely to suffice. Evidence of untrustworthiness, or even dishonesty, does not amount to sufficiently robust evidence of a real risk of dissipation to continue a worldwide freezing order.

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Video

TerraLex virtual meeting: The new wave of M&A

Published on 18 June 2020. By Neil Brown, Partner and Paul Joukador, Partner

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In this video presentation, RPC's Neil Brown and Paul Joukador meet with Lori Green and Rick McGuirk to discuss issues related to force majeure, frustration of purpose, material adverse change, and how they’ve been impacted and will likely change in the post-pandemic world.

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Publication

Lessons from Lockdown - Conducting AGMs in Hong Kong

Published on 18 June 2020. By Andrew Carpenter, Partner and Yvonne Tang, Senior Associate

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Blog

Equity Release Market Under the Spotlight

Published on 18 June 2020. By Rachael Healey, Partner

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Yesterday the FCA published its key findings from exploratory work involving "later life lending". This type of lending is broadly where consumers 55 and over use borrowing to access cash in later life. One of those options is equity release which was the focus of the FCA's work. The FCA's focus on equity release appears to have resulted from an initial review of the broader later life lending market, at which time the FCA identified some "poor outcomes" in equity release sales.

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Blog

Beware the desire to "make hay while the sun shines" – the ASA warns marketers to "think very carefully" before making COVID-19 claims

Published on 17 June 2020. By Sarah Mountain, Senior Associate and Samuel Coppard, Associate

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There is no denying the recent popularity of health and wellness trends: As at the end of 2018, the market had an estimated global value of $4.2 trillion. During the current climate, it has understandably gathered even more traction, with consumers increasingly concerned about obtaining and maintaining healthy bodies and minds.

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Blog

Beware the desire to "make hay while the sun shines" – the ASA warns marketers to "think very carefully" before making COVID-19 claims

Published on 17 June 2020. By Sarah Mountain, Senior Associate and Samuel Coppard, Associate

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There is no denying the recent popularity of health and wellness trends: As at the end of 2018, the market had an estimated global value of $4.2 trillion. During the current climate, it has understandably gathered even more traction, with consumers increasingly concerned about obtaining and maintaining healthy bodies and minds.

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Blog

Wheely good news for product designers?

Published on 17 June 2020. By Ben Mark, Partner and Alessandro Cerri, Associate

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In Brompton Bicycle, C-833/18, the CJEU has confirmed that copyright can subsist in designs that are shaped to achieve a certain technical result, provided certain conditions are met.

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Blog

NCL - Court of Appeal upholds tribunal decisions and confirms that a company was entitled to deductions representing IFRS 2 debits

Published on 17 June 2020. By Alexis Armitage, Associate

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In HMRC v NCL Investments Ltd and Smith & Williamson Corporate Services Ltd [2020] EWCA Civ 663, the Court of Appeal has confirmed that accounting debits relating to the grant of share options to employees were a deductible expense for corporation tax purposes notwithstanding that no monies were actually expended.

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Blog

Hong Kong Courts – Expansion of use of remote hearings

Published on 17 June 2020. By Carmel Green, Partner

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As expected, the judiciary in Hong Kong has announced that it will expand the use of remote hearings for civil cases. The first Guidance Note for Remote Hearings for Civil Business in the High Court (Phase 1) came into effect on 3 April 2020. This was during the general adjourned period (GAP), when the courts were generally closed as a result of COVID-19, save for urgent and essential court business. The GAP came to an end on 3 May 2020.

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Blog

International risk team: Mediating in a time of social distancing

Published on 16 June 2020. By Naomi Vary, Partner and Damon Brash, Senior Associate

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The new, and arguably more relaxed, government guidance notwithstanding, it seems inevitable that the COVID-19 crisis will leave people more cautious about face-to-face meetings. Nonetheless, disputes will continue, and so must efforts to resolve them.

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Blog

Cyber bytes - Issue 16

Published on 16 June 2020. By Richard Breavington, Partner and Christopher Ashton, Associate and Rachel Ford, Associate

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Welcome to Cyber_Bytes, our bi-weekly roundup of key developments in cyber, tech and evolving risks.

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Blog

Beyond the fruit and yoga: surviving or thriving?

Published on 16 June 2020. By Mental Health Workstream,

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Last week the RPC Mental Health Work Stream (our internal network) hosted an interactive session with over 60 colleagues and clients.

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Video

Tales from COVID: Insurance in the time of coronavirus - Bad faith

Published on 12 June 2020. By Peter Mansfield, Partner

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In conjunction with our US alliance partners, Hinshaw and Culbertson LLP, we have produced a series of 'informal chats' with the title 'Tales from Covid: Insurance in the Time of Coronavirus'.

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Blog

The curse of COVID strikes again – implementation of the Home Survey Standard delayed

Published on 12 June 2020. By Alexandra Anderson, Partner and Lucy Cadwallader, Associate

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As a result of the lockdown imposed in response to the COVID-19 pandemic, the new RICS Home Survey Standard, which was due to be implemented next month has now been delayed until December 2020. Whilst this will allow practitioners more time to become familiar with the new standard, it causes an unwelcome disruption to the introduction of a measure that should provide greater clarity for both surveyors and consumers of what is expected when commissioning and conducting a home survey.

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Blog

Loan covenant disputes likely to impact almost all industry sectors unless lenders and investors work to find resolution

Published on 12 June 2020. By Sukh Ahark, Partner

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Loan covenant disputes caused by the coronavirus crisis are likely to impact almost all industry sectors in the coming year, unless lenders and investors work together to resolve problems caused by covenant breaches.

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Blog

FCA advice checker – FCA statement on what customers should look out for in DB transfer advice

Published on 11 June 2020. By Rachael Healey, Partner

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Wrapping up the documents published by the FCA on 5 June 2020 on the issue of defined benefit pension transfers (DB transfers), we address in this blog the FCA's "advice checker".

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Blog

The future of DB transfer advice - the FCA's policy statement

Published on 10 June 2020. By Rachael Healey, Partner

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In part 3 of our blog series on defined benefit pension transfers (DB transfers) we look at the FCA's policy statement on changes to the DB transfer rules. The change that has attracted most press attention is the ban on contingent charging but there are other parts to the policy statement that are likely to have a much more substantive impact on the DB transfer market going forward.

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Blog

CK Hutchison wins in the ECJ – better late than never?

Published on 10 June 2020. By Brendan Collar, Associate

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CK Hutchison wins its appeal against the EC's decision to block Three UK’s 2016 merger with O2.

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Blog

RPC Bites #10

Published on 10 June 2020. By Ciara Cullen, Partner and Ben Mark, Partner

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Welcome to RPC Bites. Our aim in the next 2 minutes is to provide you with a flavour of some key legal, regulatory and commercial developments in the Food & Drink sector over the last fortnight… with the occasional bit of industry gossip thrown in for good measure.

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Blog

"Always look on the bright side of life" - even when life has been turned upside down

Published on 10 June 2020. By Ela Broderick-Basar, Trainee Solicitor

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Seeing the coronavirus in a positive light

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Blog

No room for error – The decision in Mahoney v Royal Mail

Published on 10 June 2020. By Gavin Reese, Partner and Robert John, Senior Associate

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In a decision reported by Crown Office Chambers, the claim of Mahoney v Royal Mail had been proceeding through the online claims portal uneventfully and in the usual manner. Liability had been admitted by the Defendant at stage 1 and the parties had been negotiating settlement at stage 2.

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Blog

Partners and closure notices: making amends

Published on 10 June 2020. By Adam Craggs, Partner and Constantine Christofi, Senior Associate

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In R (on the application of Amrolia) v HMRC; R (on the application of Ranjit-Singh) v HMRC [2020] EWCA Civ 488, the Court of Appeal held that notices amending individual partners’ tax returns under section 28B(4), Taxes Management Act 1970 (TMA), were not closure notices and therefore did not need to specify the final amounts of tax due.

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Publication

HKEX published additional guidance specific to biotech companies

Published on 10 June 2020. By Janney Chong, Partner and Yvonne Tang, Senior Associate

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Blog

DB Transfers – the FCA's views on good and bad practice

Published on 09 June 2020. By Rachael Healey, Partner

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Continuing our blog series, one of the documents produced by the FCA on Friday was a guidance consultation document intended to meet requests from the industry to help advisers understand the FCA's expectations when advising on pension transfers and conversions. The document includes examples of the FCA's views of good and bad practice in the area of defined benefit pension transfers (DB transfers). The stated aim is to "improve the suitability of DB transfer advice" and "to give advisers confidence to give good advice". The FCA expects firms providing DB transfer advice to read the document and once finalised it is intended that firms use it to identify any weaknesses in their existing processes.

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Publication

Sports Ticker 14 – PRO14, World TeamTennis and Man United v Football Manager

Published on 08 June 2020. By Jeremy Drew, Head of TMT and Joshua Charalambous, Senior Associate and Stuart Harris, Associate and Samuel Coppard, Associate

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Welcome to the latest edition of the RPC Sports Ticker - providing fortnightly bite-size updates from around the sports industry.

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Blog

DB transfers – further findings from the FCA's supervisory review

Published on 08 June 2020. By Rachael Healey, Partner

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The FCA produced four documents on Friday addressing defined benefit pension transfers – an update on their supervisory work, a guidance consultation setting out examples of good and bad practice, an "advice checker" for consumers (including helping them consider if they should make a complaint) and a policy statement setting out changes to the defined benefit pension transfer rules which are to largely come into force from 1 October 2020. All are essential reading for an area the FCA continues to fixate on and where it has focussed since the April 2015 pension freedoms.

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Publication

V@ update - May 2020

05 June 2020

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Welcome to the first edition of RPC's V@, an update on developments in the VAT world that may impact your business.

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Blog

Product Law bulletin – June 2020

Published on 05 June 2020. By Gavin Reese, Partner and Robert John, Senior Associate and Peter Rudd-Clarke, Legal Director and Elinor Sidwell, Associate

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Welcome to the latest edition of our product law update, this month we focus on how COVID-19 is impacting product liability regulation.

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Blog

Minority shareholder oppression and the proper plaintiff rule – it gets personal

Published on 04 June 2020.

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Section 216 of the Companies Act (Cap. 50) affords protection for minority shareholders where their interests are oppressed by the manner in which the company’s affairs are being conducted or by how the directors’ powers are being exercised.

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Publication

Tax Bites - June 2020

04 June 2020

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Welcome to the latest edition of RPC's Tax Bites - providing monthly bite-sized updates from the tax world.

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Podcast

A look at Lloyd's of London

04 June 2020

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Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests. This episode we look at Lloyd's of London, who they are and why they are such a key part of the global insurance industry. Our guest this week is Elliot Maule, Senior Programme & Marketing Manager at Lloyd's.

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Blog

International risk team: The potential and perils of offshore wind

Published on 04 June 2020. By Gary Walkling, Partner

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A recent report by the IEA(1) has laid bare the impact of the COVID-19 pandemic on the energy industry. Demand for coal and oil plummeted as entire countries and industries went into lockdown in the first quarter of 2020. Renewable energy, however, bucked the trend and actually saw demand increase, primarily due to larger installed capacity and priority dispatch.

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Snapshot

Snapshots Spring 2020

03 June 2020

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This is your roundup of all recent legal updates spanning advertising & marketing, commercial cases,technology / digital, data protection and intellectual property.

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Blog

Investec - Court of Appeal confirms partnership contributions not deductible

Published on 03 June 2020.

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In Investec Asset Finance Plc and Another v HMRC [2020] EWCA Civ 579, the Court of Appeal has held that partnership contributions were non-deductible, but has upheld the 'no double taxation' principle and prevented HMRC from introducing arguments not previously relied upon.

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Snapshot

Gender stereotyping and “that girl boss thing”

02 June 2020

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ASA ruling against PeoplePerHour.

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