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Brevan Howard's gagging order against Reuters upheld by the Court of Appeal in breach of confidence case
The news agency, Reuters, has lost its appeal against an injunction, which prevented it from reporting leaked confidential and commercially sensitive information concerning a leading global alternative asset manager, Brevan Howard Asset Management LLP.
Read moreMärtin: Application directing HMRC to close its enquiry into tax avoidance scheme granted
In Jörg Märtin v HMRC [2017] UKFTT 488 (TC), the First-tier Tribunal (FTT) directed HMRC to close its enquiry as it had taken no action in three years.
Read moreFlagging the risk of a new type of trade mark infringement
The Intellectual Property Enterprise Court has recently ruled that linking an own brand product listing on Amazon to a competitor's branded listing for the same product amounts to trade mark infringement (and passing off) in a dispute over flagpoles.
Read moreAnstock - Tribunal quashes penalties imposed for failure to comply with information notice
Penalties for failure to comply with an information notice issued by HMRC can only be imposed if the information notice in question is unambiguous, clear and precise.
Read morePRA consultation to promote diversity on boards of large insurers
The PRA consults on further amendments to the Senior Insurance Managers Regime (SIMR) including promoting diversity on boards.
Read moreFCA releases its final rules for implementation of MiFID II
The FCA has released its final policy statement (PS17/14) detailing aspects of its implementation of MiFID II, including final rules and its response to the six preceding MiFID II consultation papers dating back to 2015.
Read moreDon't be scared – it's just an exemption clause
The Court of Appeal holds that an exemption clause is wide enough to exclude liability for negligence for a failure to identify asbestos.
Read moreFrom Giant Swans to English Gentlemen: naming conventions for English law firms in China
May 2017 marked an important moment for RPC – our London and Hong Kong offices now operate as a single entity, boosting the firm's promotion of its brand in the Greater China area.
Read moreBournemouth bets on shirt sponsorship deal with M88
AFC Bournemouth announces a two year deal with online gambling company M88, which includes shirt sponsorship and pitch-side branding.
Read moreThe Automated and Electronic Vehicles Bill
The Automated and Electronic Vehicles Bill was announced during the Queen's Speech and is intended to put the UK at the forefront of the driverless car market, estimated to be worth £28bn by 2035.
Read moreTax update, July 2017
In this month’s Update we report on draft provisions for a EU wide cross-border tax planning disclosure requirement; changes to HMRC’s guidance on the WDF and announcements in the Queen’s Speech in relation to the next Finance Bill.
Read moreBerlioz - ECJ confirms that third parties can challenge 'foreseeable relevance' of tax information exchange requests
In Berlioz Investment Fund SA v Directeur de l'administration des Contributions directes (Case C-682/15), the ECJ has confirmed that a Member State's national court can review a tax information request made by another Member State in order to assess whether the requested information is 'foreseeably relevant'.
Read morePayment against letters of indemnity – is it safe?
In the commodity trading world, it is traditional for payment to be made by the buyer against the presentation by the seller of certain shipping documents including bills of lading. That is the case whether payment is to be made under a letter of credit (LC) or by direct tender of documents to the buyer. However, a common practice has developed, particularly in the oil trade, for parties to agree in their contracts that the seller may, instead of presenting shipping documents to trigger payment, present a letter of indemnity instead. But there are risks to the buyer in paying against such letters of indemnity.
Read moreRetail CFD firms face potential EU market-wide restrictions and further criticism from the FCA
The European Securities and Markets (ESMA) has announced it is considering imposing restrictions on contracts for difference (CFD) trading that would mean seismic changes for the industry, whilst the FCA has announced its serious concerns about the CFD industry's continued failure to meet expectations regarding the treatment of retail clients.
Read moreDefective service and culpable delay: a warning to claimants
Commercial Court refuses application for alternative service and strikes out claim forms after claimant's delay in pursuing claim.
Read moreCherry picking in an adjudication is fine – as long as you're the Referring Party
It has been established for some time that Referring Parties have the right to 'cherry pick' its claim for the purpose of adjudication - essentially selecting part or parts of a wider application or dispute and referring those to an adjudicator to make an award on rather than the full dispute or an entire account.
Read more"NEW FLAMENCO" – Supreme Court reverses Court of Appeal
In a shock decision, the Supreme Court has allowed shipowners' appeal in the "NEW FLAMENCO". The Supreme Court held that the sale of the ship following the repudiation of the charterparty was not an act in mitigation, and was not relevant to the calculation of damages for breach of contract.
Read moreVAT update, June 2017
In this month's update we report on proposals for the reduced VAT rate for e-publications, HMRC's first publication of VAT Notes 2017, in which it explains changes to VAT for businesses, and the latest stage in the long-running compound interest litigation involving Littlewoods.
Read moreFCA proposes remedies following asset management sector market study
The FCA today published the final findings of its asset management market study and it has announced the remedies that will be implemented to address the concerns previously identified.
Read moreContinued FCA focus on appointed representatives – more regulatory interventions in the London Market
FCA announce follow up supervisory work and regulatory interventions on insurance intermediaries with networks of appointed representatives (ARs).
Read moreRai - Tribunal quashes penalties for non-payment of PPNs and criticises HMRC's 'nitpicking pedantry'
In Rai v HMRC [2017] UKFTT 0467 (TC), the First-tier Tribunal (FTT) was critical of HMRC's conduct and cancelled assessments to penalties which it had issued for failure to pay on time amounts demanded in partner payment notices (PPNs), as the statutory payment period had not expired.
Read moreCowboys beware; the AML Sheriff is on her way
With under a year until the first Financial Action Task Force ("FATF") visit to the UK in a decade, the FCA is consulting on proposed changes to its Handbook as the new money laundering regulations ("MLR 2017") come into force today.
Read moreAnother bad bargain upheld: Wood v Sureterm Direct Ltd [2017] UKSC 24
The Supreme Court has dismissed an appeal in Wood v Sureterm Direct Ltd. The Court upheld the Court of Appeal's decision on the meaning of an indemnity clause, and agreed with its application of established contractual interpretation doctrine. The decision confirms the established judicial approach to contractual interpretation, namely the focus on the words of a given clause.
Read moreFitness and a Full Time Job
With sedentary and time-consuming jobs, it can be difficult to find the time to get the recommended level of exercise in each week. Rebecca May considers how to juggle fitness and a full time job.
Read moreFCA consultation on pension transfers – what does it mean for advisers?
The FCA threatened it and now we have it – on 21 June the FCA published its consultation paper on DB transfers and safeguarded benefit conversions.
Read morePitcher - Tribunal finds in favour of taxpayer in APN penalty appeal
In Graham Pitcher [2017] UKFTT 0406 (TC), the First-tier Tribunal (FTT) allowed the taxpayer's appeal against a penalty for non-payment of an Accelerated Payment Notice (APN) due to defects in the APN.
Read moreElection results a mixed bag for retailers
The immediate impact of last week’s election was a mixed bag for retailers in the UK, with some share prices falling whilst others were on the up following the result.
Read moreEven More Challenging Times – 5 More Risks Following The Grant of Planning Permission
This post is the second in a two-part series in which we highlight ten areas where the risk of a third party challenge against the grant of planning permission might arise. The list we have given is not exhaustive, but all issues fall within the broad parameters for judicial review grounds, being decisions which have been taken irrationality, ultra vires (outside the scope of the authority's powers), or with procedural irregularity.
Read moreElection result may be a boost for insurers of highly regulated products
The political uncertainty following last week’s general election could in fact be good news for insurers of heavily regulated products, such as medical devices.
Read moreElection result may be a boost for insurers of highly regulated products
The political uncertainty following last week’s general election could in fact be good news for insurers of heavily regulated products, such as medical devices.
Read moreFirst advice/information decision after BPE
On 19 May 2017 His Honour Judge Moulder handed down his judgment in the case of the Halsall and others v Champion Consulting Ltd and others [2017] EWHC 1079 (QB).
Read moreArcher: judicial review in the context of statutory tax appeals
The High Court's judgment in R (on the application of Archer) v HMRC [2017] EWHC 296 (Admin) is one of a number of recent decisions where it has been found that the taxpayer had not challenged HMRC's decision in the correct forum.
Read moreASA New CAP guidance on children and age restricted ads online
What steps must advertisers take to prevent children from seeing age-restricted ads? How far must “interest-based factors” be taken into account?
Read moreASA Ruling on Associated Newspapers Ltd t/a Daily Mail – reasonable estimate of demand for promotions
What constitutes a “reasonable estimate of the likely response” to a promotion?
Read moreICO revised code of practice for dealing with subject access requests
The ICO has recently published a revised Code of Practice on subject access requests (SARs).
Read moreASA New CAP guidance on prize draws including the Northern Irish anomaly
Why are “no purchase necessary” (NPN) entry routes still required in Northern Ireland but not in the rest of the UK? And what does CAP have to say about it?
Read moreICO guidance on consent under the GDPR – the latest
The Information Commissioner’s Offce (ICO) ran a consultation on the draft guidance on consent under the General Data Protection Regulation (GDPR) this springtime.
Read moreCloud: EBA encourages banks to pool their resources for cloud audits
The European Banking Authority (EBA) has made clear that banks are no longer required to provide their auditors (or themselves) with an independent right to audit their cloud service providers.
Read moreResponsibility of a parent company for the acts of its subsidiary
The Court provided helpful analysis of the circumstances in which a parent company owes a duty of care with regard to operations carried out by its subsidiary. The case is interesting to examine in the context of the readiness of the English courts to hear claims relating to conduct outside of the jurisdiction brought by foreign claimants.
Read moreOnline platforms and consumers
EU Commission requires social media companies to comply with consumer rules
Read moreContract rectification is the last resort – The Council of the Borough of Milton Keynes v Viridor (Community Recycling MK) Ltd (No.2) [2017]
What is the court’s approach to rectification of a mistaken contract?
Read moreLiability clauses Limiting liability McGee Group Ltd v Galliford Try Building Ltd 2017 EWHC 87 TCC
How do the courts interpret limitation clauses?
Read moreReasonable endeavours? – Astor management AG v Atalaya Mining plc [2017] EWHC 425 (Comm)
When is an “all reasonable endeavours” obligation unenforceable?
Read moreContractual interpretation: Supreme Court decision on contractual interpretation – Wood v Capita Insurance Services Ltd [2017] UKSC 24
What is the current approach to contractual interpretation?
Read moreOnline platform B2B practices
European Commission set to legislate on trading practices of online platforms
Read moreTrademark infringement: Azumi Limited v Zuma's Choice Pet Products Ltd [2017] EWHC 609
Did the sale of pet food by reference to the "ZUMA" brand infringe the trade mark rights of a high end restaurant operating under the same brand?
Read moreASA: New CAP guidance on promotional T&Cs
How and when should promotion T&Cs be flagged to consumers?
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