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Commercial Court applies "utility" approach to declarations in Italian local authority swaps case (Deutsche Bank v Comune Di Busto Arsizio)

Published on 13 July 2022. By Jake Hardy, Partner and Olivia Dhein, Professional Support Lawyer

Following on from a decision that an Italian local authority did not lack capacity to enter into a mirror swap and interest rate swap concluded with Deutsche Bank AG London (the Bank), the Commercial Court granted some of the declarations the Bank sought, which mostly tracked express contractual representations or terms of the transactions. The court also refused permission to appeal sought by the local authority, a stay of proceedings sought by the Bank and ordered the local authority to pay all costs (Deutsche Bank AG London v Comune Di Busto Arsizio).

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Blog

First judgment obtained in proceedings brought by a cryptocurrency exchange in the English Courts

Published on 13 July 2022. By Christopher Whitehouse, Senior Associate and Jonathan Cary, Partner

In HDR v Shulev and Nexo [2022] EWHC 1685 (Comm), HDR (represented by RPC), which operates the cryptocurrency exchange BitMEX, initiated stakeholder proceedings under CPR Part 86 to resolve a dispute between two rival parties claiming control, and ownership of the contents, of a trading account.

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Blog

Tribunal finds taxpayer was non-UK resident despite exceeding the permitted days due to 'exceptional circumstances'

Published on 13 July 2022. By Alexis Armitage, Associate

The First-tier Tribunal held that a taxpayer was non-UK resident, despite exceeding the permitted days, due to exceptional circumstances which included the moral obligation to come to the UK to care for a relative and their young children.

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Blog

Japan and ESG-focused M&A

Published on 12 July 2022. By Nigel Collins, Partner, Head of Japan Desk

ESG has become a hot topic in the Corporate world and is now a priority for many corporates.

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Podcast

The role of the modern MGA (with Richard Clapham)

12 July 2022

Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Richard Clapham, CEO of DUAL, and together they discuss the role of the modern MGA.

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Publication

Take 10 - July 2022

Published on 08 July 2022. By Keith Mathieson, Partner and Rupert Cowper-Coles , Partner and Alex Vakil, Partner and Alex Wilson, Partner and Samantha Thompson, Associate and Nadia Tymkiw, Associate and Mafruhdha Miah, Associate and Alex Pollock, Associate and Thomas Otter , Associate and Flora Bezzenberger, Associate and Megan Grew, Trainee

Welcome to RPC's Media and Communications law update for media lawyers. This month's digest reports on key media developments and the latest cases.

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Publication

The Week That Was - 8 July 2022

Published on 08 July 2022. By Ben Goodier, Partner and Alan Stone, Partner and Zoe Eastell, Partner and Katharine Cusack, Partner and Felicity Strong, Partner and Peter Mansfield, Partner and Sarah O'Callaghan, Associate

Welcome to The Week That Was, a round-up of key events in the construction sector over the last seven days.

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Blog

Competing subordinated debts – the lessons learnt from Lehmans' insolvency

Published on 08 July 2022. By Suzan Kurdi, Senior Associate and Jake Hardy, Partner

Some 13 years ago, Lehman Brothers' sudden and unexpected insolvency sent ripples across the banking and financial services market, some of which are still felt today. The Court of Appeal's decision in the consolidated cases of Lehman Brothers Holdings Scottish LP 3 v Lehman Brothers Holdings plc (in administration) and others [2021] EWCA Civ 1523 was the latest in a long line of cases seeking to unwind the issues arising from Lehman Brothers' unexpected collapse.

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Publication

Money Mirror Issue 2  - July 2022

08 July 2022

Welcome to Money Mirror, RPC's new Payments & Consumer Credit publication. In our 2n edition, we take a look at the Payment Systems Regulator's first competition infringement decision, consumer credit financial promotions, the latest in Buy Now Pay Later, and access to cash.

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Publication

Tax Bites - July 2022

Published on 07 July 2022. By Adam Craggs, Partner and Constantine Christofi, Senior Associate

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

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Blog

Sebastian Holdings litigation – tail-end risks mount for Mr Vik

Published on 06 July 2022. By Suera Hajzeri, Associate and Jake Hardy, Partner

In the latest chapter of the attritional legal battle between Deutsche Bank AG (DBAG) and Sebastian Holdings and its principal Mr Alexander Vik (Mr Vik), DBAG has ground out yet another victory against Mr Vik. This time, the stakes are much higher than substantial sums of money – Mr Vik now faces a potential custodial sentence after having been found by the Commercial Court to have been in contempt of court for deliberately giving false evidence.

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Publication

Cyber_Bytes - Issue 42

Published on 06 July 2022. By Richard Breavington, Partner and Daniel Guilfoyle, Partner and Ian Dinning, Senior Associate and Rachel Ford, Senior Associate and Christopher Ashton, Senior Associate and Bethan Griffiths, Senior Associate and Laura Thackeray, Senior Associate and Helen Monachan, Associate and Elizabeth Zang, Associate and Emanuele Santella , Associate

Welcome to Cyber_Bytes, our regular round-up of key developments in cyber, tech and evolving risks.

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Blog

Follower notice penalties cancelled as failure to take 'corrective action' was reasonable in all the circumstances

Published on 06 July 2022. By Keziah Mastin, Associate

Allowing an appeal by Mr Andreae, the First-tier Tribunal cancelled penalties HMRC had issued for failure to take corrective action following receipt of follower notices. It was held that this failure was reasonable in all the circumstances where Mr Andreae had relied on the advice of a scheme promotor and later sought further advice from an independent advisor.

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Publication

Regulatory update - July 2022

Published on 04 July 2022. By Gavin Reese, Partner

Welcome to the July edition of the Regulatory update, which pulls together recent developments from across the UK’s regulators to help you navigate the regulatory maze.

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Publication

The Week That Was - 1 July 2022

Published on 01 July 2022. By Ben Goodier, Partner and Alan Stone, Partner and Zoe Eastell, Partner and Katharine Cusack, Partner and Felicity Strong, Partner and Peter Mansfield, Partner and Sarah O'Callaghan, Associate

Welcome to The Week That Was, a round-up of key events in the construction sector over the last seven days.

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Blog

The FCA: becoming a data-driven regulator

Published on 01 July 2022. By Neil Brown, Partner and Lauren Murphy, Associate

The FCA published its second data strategy in 2020 (the first being published in 2013) and since then it has been full steam ahead.

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Publication

Sports Ticker: Sport stars' NFTs, the 2026 World Cup hosts and a sustainable F1 partnership - a speed-read of commercial updates from the sports world

Published on 01 July 2022. By Jeremy Drew, Head of TMT and Joshua Charalambous, Senior Associate and Samuel Coppard, Associate and Joseph Akwaboa, Associate and Kate O'Malley , Associate

In a fortnight which saw Britvic's Robinsons and Wimbledon end their 86-year partnership and Loughborough University collaborate with FIFA on artificial pitch testing, we feature updates on England's Rugby Football League deal with Betfred, the NFT ventures of Ronaldo and Michael Owen, and the BBC's renewal of its broadcasting rights for the London Marathon.

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Publication

All is not (necessarily) lost: Crypto crime recovery

Published on 30 June 2022. By Adam Craggs, Partner and Alice Kemp, Senior Associate (Employed Barrister)

With over 2 million people in the UK now holding and using cryptocurrency, and the Chancellor announcing that a government backed non-fungible token ("NFT") is to be issued by the Royal Mint this summer, the market for crypto-assets is expected to continue to grow in the coming months and years; so much so that legislation is planned to implement a new regulatory regime for the crypto market.

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Publication

The Bichard RICS Review: Recommendations for an overhaul of the RICS structure

Published on 30 June 2022. By Alexandra Anderson, Partner and Katharine Cusack, Partner and Jessica Yates , Associate

The Bichard RICS Review has been published this month following the investigation into the institution by Lord Michael Bichard. In his report, Lord Bichard has made a number of recommendations in relation to the purpose and governance of RICS, which they have been urged to adopt "at pace".

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Blog

PD57AC: How compliant is compliant? High Court refuses to strike out passages in fact witness statements

Published on 30 June 2022. By Alexandra Shearer, Senior Associate (Australian Qualified) and Matthew Evans, Of Counsel

Lifestyle Equities CV & Anor v Royal County of Berkshire Polo Club Ltd & Ors(1), departs notably from the recent pattern of authority and guidance on the enforcement of the new witness statement Practice Direction 57AC (PD57AC).

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Publication

V@ update - June 2022

Published on 30 June 2022. By Adam Craggs, Partner and Harry Smith, Senior Associate

Welcome to the June 2022 edition of RPC's V@, an update which provides analysis and news from the VAT world relevant to your business.

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Blog

High Court decides that reviving proceedings automatically stayed under CPR 15.11 requires relief from sanctions

Published on 29 June 2022. By Daniel Hemming, Partner and Tim Potts, Senior Associate

In a recent judgment, the English Commercial Court in Bank of America Europe DAC v CITTA Metropolitana Di Milano has provided guidance on the "automatic stay" provisions of CPR 15.11 and the circumstances in which parties can revive dormant proceedings subject to such an automatic stay.

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Publication

RPC Insurtech in brief - June 2022

Published on 29 June 2022. By Neil Brown, Partner and William Hogarth, Partner and Lauren Murphy, Associate and Marsha Williamson, Senior Associate

Welcome to the June 2022 edition of Insurtech in Brief – a selection of the latest Insurtech news and developments from across the globe.

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Blog

Tribunal allows taxpayer's appeal as investments met the risk to capital test required for Enterprise Investment Scheme relief

Published on 29 June 2022. By Liam McKay, Senior Associate

Allowing an appeal by Inferno Films Ltd, the First-tier Tribunal held that the company had satisfied the risk-to-capital test in section 157A, Income Tax Act 2007, because it had objectives to grow and develop its trade in the long term. HMRC was directed to authorise the issue of compliance certificates under section 204, Income Tax Act 2007, for the purposes of Enterprise Investment Scheme relief.

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Publication

Non-compliance with CrimPR does not render otherwise timely information a nullity

Published on 28 June 2022. By Adam Craggs, Partner

The Court confirmed that, while offences must be charged within any applicable time limit for charging, the requirement that the charge must contain "such particulars of the conduct constituting the commission of the offence as to make clear what the prosecutor alleges against the defendant", in Criminal Procedure Rule (CrimPR) Rule 7.3(1)(b), did not require a statement from the prosecutor that the offence had been laid within the relevant time limit if the timing of the offence was not an element specified in the offence.

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Blog

Post COVID-19 UK: What Will the Professional Negligence Claims Landscape Look Like?

Published on 28 June 2022. By Cheryl Laird, Senior Associate (Scottish Qualified) and Will Sefton, Partner

The cost of living is at an all-time high, with interest rates increasing and inflation currently sitting at around 9%. The chances of a recession in the UK over the next two years have increased. It will come as no surprise that we expect the number of claims against law firms to rise as the economic downturn takes hold, as was the case in 2008 and recessions before it.

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Publication

Lawyers Covered - June 2022

Published on 28 June 2022. By Will Sefton, Partner and Carmel Green, Partner and Tina Campbell, Senior Associate and Aimee Talbot, Senior Associate and Graham Reid, Partner and Alifya Bharmal, Associate and Alex Kuklenko, Associate and George Barratt, Associate

Welcome to the latest edition of our Lawyers Liability & Regulatory Update, in which we look back over the last month at key developments affecting lawyers and the professional risks they face.

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Podcast

The Month That Was - April 2022 - looking at the FCA business plan and Adams v Carey

27 June 2022

Money Covered Podcast by RPC

Welcome to Money Covered, a monthly podcast from RPC aimed at those dealing with complaints, claims and risk management in the financial services sector.

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Blog

The Powerful And The Penalised

Published on 27 June 2022. By Graham Reid, Partner and Alifya Bharmal, Associate

With SRA fining powers set to increase by a factor of twelve, we look at the changes being introduced and the impact they will have.

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Publication

The Week That Was - 24 June 2022

Published on 24 June 2022. By Alan Stone, Partner and Ben Goodier, Partner and Alexandra Anderson, Partner and Tom Green, Partner and Katharine Cusack, Partner and Zoe Eastell, Partner and Felicity Strong, Partner and Peter Mansfield, Partner and Sarah O'Callaghan, Associate

Welcome to The Week That Was, a round-up of key events in the construction sector over the last seven days.

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Blog

"Train of inquiry" documents: Court makes rare and exceptional order for Model E Disclosure under disclosure pilot

Published on 24 June 2022. By Nadia Asfour , Associate and Chris Ross, Partner

In a recent interim decision in the re-trial of Ras Al Khaimah Investment Authority v Azima [2022] EWHC 1295 (Ch), the Court has made a rare order for Model E Disclosure under PD 51U. The Model was applied to one issue only, which the Judge considered a "core critical issue" in dispute.

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Blog

Buy Now Pay Later - the next instalment……

Published on 24 June 2022. By Whitney Simpson, Of Counsel

Following the Woolard Review in February 2021, you may remember that HM Treasury published a consultation in October 2021 which closed on 6 January 2022. It set out proposals to extend regulation to unregulated Buy Now Pay Later (BNPL) products. The consultation sought views on the scope of regulation in relation to the activities which should be regulated, and the regulatory controls applicable to these types of products. It also considered whether other forms of short-term interest free credit (STIFC) should be treated in the same way as BNPL.

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Blog

Hong Kong Employment Law Update: Mandatory Provident Fund offsetting mechanism to be abolished after decade-long debate and campaigning

Published on 24 June 2022. By Andrea Randall, Partner and Lillian Wong, Associate

Following on from our brief update published on 9 June 2022, this article provides a detailed overview of the amendments put forward by the long-awaited Employment and Retirement Schemes Legislation (Offsetting Arrangement) (Amendment) Bill 2022 (the "Bill"), which was finally passed by the Legislative Council on 9 June 2022. The main feature of the Bill is the abolishment of the offsetting mechanism of the Mandatory Provident Fund ("MPF").

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Blog

High Court again highlights importance of the confidentiality embargo on a draft judgment

Published on 23 June 2022. By Harriet Evans, Associate and Charlotte Henschen (née Ducker), Partner

In keeping with the run of High Court decisions on the importance of the confidentiality embargo which attaches draft judgments, the IPEC has held that an embargo was breached when journalists were provided with a press release on confidential terms, prior to the judgment being formally handed down(1). While this was a breach, the judgment clarified that certain disclosures made internally to employees of the Defendants' company were permitted, as they fell within the intended scope of CPR Part 40 and its Practice Direction.

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Podcast

An update on the insurance museum (with Reg Brown)

23 June 2022

Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined for the third time by Reg Brown, who is giving an update on the insurance museum initiative.

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Blog

Technology in Insurance

Published on 22 June 2022. By William Hogarth, Partner

On 16 June 2022 RPC hosted an afternoon of talks and panel sessions on the theme of 'Technology in Insurance', the culmination of the firm's TechWeek which brings market experts and lawyers together to discuss risks and opportunities with new technologies within different business sectors.

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Blog

Tax Tribunal cancels discovery assessments and late filing penalties

Published on 22 June 2022. By Adam Craggs, Partner

In Robert Don Hunter Dougan v HMRC [2022] UKFTT 00140 (TC), the First-tier Tribunal (FTT) cancelled certain discovery assessments issued to a taxpayer by HMRC, on the basis they were issued out of time because the taxpayer's behaviour was careless rather than deliberate, for the purposes of section 36, Taxes Management Act 1970 (TMA). The FTT also cancelled various late filing penalties and late payment surcharges issued by HMRC, on the basis the notices were not validly served on the taxpayer.

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Blog

Are the brakes on for Quick Commerce?

Published on 20 June 2022. By Luke Stewart , Associate and Eleanor Harley , Senior Associate

With consumers continuing to prioritise speed and convenience in the wake of the Covid-19 pandemic, there has been significant consumer uptake in the use of ultra-fast grocery delivery apps such as Zapp, Gorillas and Getir since early 2020.

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Publication

Hong Kong data protection: cross-border transfers of personal data

Published on 20 June 2022. By Sakshi Buttoo, Registered Foreign Lawyer and Jonathan Crompton, Partner and Andrea Randall, Partner

We take a closer look at businesses' obligations under Hong Kong law to protect personal data in a cross-border transfer and the new recommended model contractual clauses.

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Publication

Sports Ticker (17 June 2022) - PGA Tour vs LIV Golf, BT x WBD deal and AC Milan sale - a speed-read of commercial updates from the sports world

Published on 20 June 2022. By Jeremy Drew, Head of TMT and Joshua Charalambous, Senior Associate and Samuel Coppard, Associate and Joseph Akwaboa, Associate and Kate O'Malley , Associate

In a fortnight which saw UEFA issue an apology to fans following events at the Champions League final in Paris and Rafael Nadal's 14th victory at the French Open, we feature updates on the CMA's investigation into the BT and Warner Bros Discovery pay-TV deal, RedBird's purchase of AC Milan and the suspension of PGA Tour members following LIV Golf.

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Publication

Take 10 - June 2022

Published on 17 June 2022. By Keith Mathieson, Partner

Welcome to RPC's Media and Communications law update for media lawyers. This month's digest reports on key media developments and the latest cases.

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Publication

The Week That Was - 17 June 2022

Published on 17 June 2022. By Ben Goodier, Partner and Alan Stone, Partner and Zoe Eastell, Partner and Katharine Cusack, Partner and Felicity Strong, Partner and Peter Mansfield, Partner and Sarah O'Callaghan, Associate

Welcome to The Week That Was, a round-up of key events in the construction sector over the last seven days.

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Blog

Hong Kong's Legislative Council approves Employment Ordinance amendments to address employment issues arising from anti-epidemic measures

Published on 16 June 2022. By Andrea Randall, Partner and Lillian Wong, Associate

On 15 June 2022, the Hong Kong Legislative Council passed the Employment (Amendment) Bill 2022 ("Bill"), which was gazetted earlier in February this year. The purpose of the Bill is to address employment-related issues arising from the government's anti-epidemic measures.

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Publication

RPC Bites #48 – proposed salt and sugar tax omitted, lo/no alcohol drinks association launched in the UK and Cuthbert the caterpillar returns

Published on 15 June 2022. By Ciara Cullen, Partner and Ben Mark, Partner

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

The "Legal Minefield" of Witness Statements for Multi-Lingual Witnesses under PD32 and PD57AC

Published on 15 June 2022. By Jessica Davies, Associate and Matthew Evans, Of Counsel

In Bahia v Sidhu(1), the High Court considered the difficulties that arose when a witness provided written statements in English but in practice spoke a mix of two languages (English and Punjabi), and gave evidence through an interpreter. Ultimately, despite expressing reservations about choosing English for the written statements, when seen in the context of cross-examination (both in English and Punjabi) the Court found that the choice of language for the witness statements did not represent a breach of the relevant Civil Procedure Rules (the CPR).

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Blog

APP fraud: Commercial Court considers approach to unjust enrichment and knowing receipt claims

Published on 15 June 2022. By Lucy Baughan, Associate and Jonathan Cary, Partner

The recent Commercial Court decision of Tecnimont Arabia Limited v National Westminster Bank PLC(1) considered the court's approach to a claim for unjust enrichment against a recipient bank in an authorised push payment (APP) fraud context. In particular, the Court examined whether the enrichment can be said to be at the 'expense' of the claimant, what factors amount to enrichment being 'unjust' and when the defence of 'change of position' is available. In relation to knowing receipt, the court considered the question of when property is 'trust property' for the purposes of the cause of action.

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Blog

Permission from the Upper Tribunal needed to argue a new point which was not before the First-tier Tribunal

Published on 15 June 2022. By Constantine Christofi, Senior Associate

UT permission required to argue a point not argued before the FTT.

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Blog

CMA ends its investigation into online console gaming subscription practices

Published on 14 June 2022. By Jonathan Greenway, Associate and Joshua Charalambous, Senior Associate

The UK Competition Markets Authority (CMA) has now closed its investigation into subscription practices in the online console gaming sector after key players Sony, Nintendo and Microsoft committed to making improvements to their contract terms with a view to better protecting customers.

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Publication

Financial Crime Time - Your update from RPC: 2022 Q2

Published on 14 June 2022. By Adam Craggs, Partner and Michelle Sloane, Partner and Alice Kemp, Senior Associate (Employed Barrister)

Welcome to the latest edition of our round-up of news making the headlines in the world of financial crime and compliance. Our aim is to give you an easily digestible, bite-sized overview of issues that may affect your business.

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Blog

'Popping to the shop' a thing of the past?

Published on 13 June 2022. By Rory Graham, Trainee

Have you noticed that overnight, seemingly every poster on London's streets and billboard in its tube stations advertise a service that will magic groceries to your front door in an impossibly short timeframe? These are signifiers of the battle being fought in the instant grocery delivery space.

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