Search

Blog

CMA approves new payment systems operator

Published on 25 July 2017. By Charles Buckworth, Partner

Untinted 5

On 12 July 2017, the Competition and Markets Authority (CMA) approved the consolidation of the operators of Cheque and Credit Clearing Company, Faster Payments and Bacs into a new payment systems operator (NPSO). This consolidation was one of the key recommendations in the PSO Delivery Group's (PSODG) Report of 4 May 2017.

Read more
Publication

VAT update, July 2017

24 July 2017

Purple tint 3

In this month’s update we report on HMRC’s recent guidance on its approach to supply splitting; the Supreme Court hearing in the Littlewoods compound interest case; and the revised timetable for “Making Tax Digital”.

Read more
Blog

欧州M&A最前線 2017年7月

Published on 24 July 2017. By Nigel Collins, Partner, Head of Japan Desk

Gray tint 4

7月は、非常に蒸し暑いハノイでこの記事を書いている。ベトナムは今、強い意欲と勤勉な国民、そして多額の外国直接投資(FDI)に支えられ、どんどん開発が進んでいる。

Read more
Blog

Odd but clear contract lines not to be disturbed by the Court

24 July 2017

Untinted 2

In a recent Commercial Court decision on the construction of a tailored demurrage provision in a charterparty, the Court refused to rewrite the parties agreement regarding demurrage merely because "it might be thought odd".

Read more
Blog

Stay in your lane! How expert witnesses can stray away from their duty to the Court

24 July 2017

Untinted 5

The judgement in 125 OBS Nominees (1) and anr v Lend Lease Construction (Europe) and anr [2017] provided useful judicial clarification as to when expert evidence from certain disciplines will and will not be appropriate and how experts can walk a fine line between advocating their client's case and providing independent evidence.

Read more
Blog

A shot in the arm for football sponsorship – clubs take advantage of new shirt sleeve regulations

Published on 24 July 2017. By Stuart Harris, Associate

Purple tint 5

As forecasted in our blog post back in April, it wasn't long before other Premier League teams followed Manchester City's lead in announcing major tie-ups for shirt sleeve sponsorship.

Read more
Publication

New corporate criminal offence

Published on 21 July 2017. By Adam Craggs, Partner and Michelle Sloane, Partner

Purple tint 1

Failure to prevent the facilitation of tax evasion

Read more
Blog

FCA's review into non-advised retirement product sales

Published on 21 July 2017. By Rachael Healey, Partner

Untinted 4

The FCA has published its retirement outcomes review interim report. The report forms part of the FCA's assessment of the impact of the pension freedoms on the pension market and consumer behaviour. Although the focus of the report is non-advised sales it provides a useful insight for all those involved in the pensions market in relation to (1) customer behaviour post the introduction of the pension freedoms and (2) how the pension market is responding to those reforms. The report also puts forward some proposed "remedies" in relation to areas where the FCA considers behaviour may be detrimentally impacting customers. The remedies include permitting customers to access part of their pension at an earlier date in what appears to be an attempt by the FCA to steer customers away from drawdown products.

Read more
Blog

Know your (package) limitations

21 July 2017

Untinted 4

High Court decision clarifying application of the Hague-Visby Rules (HVR) to sea waybills and package limitation for containerised goods

Read more
Blog

"Please sir, may I have some more [damages for failure to consent]?" No, says the Court of Appeal.

Published on 19 July 2017. By James Davies, Senior Associate

Green tint 4

Shaw v Kovac: Court of Appeal rejects claim for an additional, separate award of damages for failure to obtain informed consent.

Read more
Blog

High Court sheds light on compulsory jurisdiction of Financial Ombudsman Service

Published on 19 July 2017. By Matthew Evans, Senior Associate

Gray tint 1

The High Court has provided some clarification of the scope of the compulsory jurisdiction of the Financial Ombudsman Service (FOS). The decision has left the scope of that jurisdiction open to discussion, and appears to suggest that the courts will take a more mechanical approach to reviewing regulatory decisions.

Read more
Blog

High Court sheds light on compulsory jurisdiction of Financial Ombudsman Service

Published on 19 July 2017. By Matthew Evans, Senior Associate

Gray tint 1

The High Court has provided some clarification of the scope of the compulsory jurisdiction of the Financial Ombudsman Service (FOS). The decision has left the scope of that jurisdiction open to discussion, and appears to suggest that the courts will take a more mechanical approach to reviewing regulatory decisions.

Read more
Blog

Food for thought

Published on 19 July 2017. By Emily Saffer, Associate

Purple tint 1

With New Year's resolutions to eat better now long forgotten, we discuss some top tips to push that 4pm sugar slump and ensure ultimate concentration while at work.

Read more
Publication

Restructuring and insolvency roundup, July 2017

18 July 2017

Gray tint 2

In this roundup, we consider four recent cases with implications for practitioners in the restructuring and insolvency sector.

Read more
Blog

Indian sports broadcast network 'bowled out' for breach of a media rights agreement

Published on 18 July 2017. By Joshua Charalambous, Senior Associate

Untinted 5

This article considers New Zealand Cricket (Incorporation) v Neo Sports Broadcast PVT Ltd in which the High Court exercised its discretion and lifted a stay to allow the claimant, New Zealand Cricket, to successfully obtain summary judgment on a breach of contract claim with elements of bad faith counter-arguments.

Read more
Blog

What is "reasonable" when making a recovery?

18 July 2017

Untinted 5

Recovering sums paid out in settlement through court proceedings is an area of law where the Court's ability to resolve a dispute according to what is fair, proportionate and commercially sensible is alive and well.

Read more
Blog

Complex contracts and intricate inconsistencies – a reminder of the court's approach to contractual interpretation

Published on 18 July 2017. By Rebecca Taylor, Associate

Purple tint 5

In a year in which the Supreme Court will have produced two Judgments on the topic of contractual interpretation, the TCC's judgment in 125 OBS v Lend Lease is a useful reminder of the courts' approach to resolving these disputes and their attempt to find a balance between the so-called literal and commercial approaches to interpretation.

Read more
Blog

Retailers make hay while the sun shines

Published on 17 July 2017. By Henry Priestley, Partner

Untinted 5

Retailers make hay while the sun shines

Read more
Publication

“Last man standing”

Published on 14 July 2017. By Alan Stone, Partner

Untinted 4

What duties does a monitoring surveyor owe to a lending bank?

Read more
Blog

MiFID II Policy Statement: still not had a chance to read it?

Published on 14 July 2017. By Rachael Ellis, Associate

Abstract building

Rachael Ellis summarises some of the FCA's key new conduct requirements arising from MiFID II now that it has published its final rules.

Read more
Blog

I see no ships – condition precedents under FOB contracts

13 July 2017

Untinted 5

A recent judgment of the Commercial Court suggests that a FOB buyer can be excused from nominating a vessel by an unaccepted renunciation of contract by a seller. This blog questions the court's approach in this case and examines the basic principles engaged.

Read more
Blog

Oval Estates - Tribunal confirms deficiencies in invoices may not prevent VAT recovery

11 July 2017

Purple tint 5

In Oval Estates (Bath) Limited v HMRC [2017] UKFTT 403 (TC), the First-tier Tribunal (FTT) held that input tax was attributable to an identifiable supply and was recoverable despite allegations of deliberate and concealed behaviour.

Read more
Blog

Brevan Howard's gagging order against Reuters upheld by the Court of Appeal in breach of confidence case

10 July 2017

Green tint 2

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 more
Blog

Märtin: Application directing HMRC to close its enquiry into tax avoidance scheme granted

10 July 2017

Gray tint 1

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 more
Blog

Flagging the risk of a new type of trade mark infringement

10 July 2017

Untinted 5

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 more
Blog

Anstock - Tribunal quashes penalties imposed for failure to comply with information notice

Published on 07 July 2017. By Constantine Christofi, Senior Associate

Gray tint 5

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 more
Blog

PRA consultation to promote diversity on boards of large insurers

06 July 2017

Untinted 4

The PRA consults on further amendments to the Senior Insurance Managers Regime (SIMR) including promoting diversity on boards.

Read more
Blog

FCA releases its final rules for implementation of MiFID II

05 July 2017

Untinted 5

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 more
Blog

Don't be scared – it's just an exemption clause

Published on 05 July 2017. By Parham Kouchikali, Partner

Gray tint 3 wide

The Court of Appeal holds that an exemption clause is wide enough to exclude liability for negligence for a failure to identify asbestos.

Read more
Blog

From Giant Swans to English Gentlemen: naming conventions for English law firms in China

05 July 2017

Purple tint 1

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 more
Blog

Bournemouth bets on shirt sponsorship deal with M88

Published on 05 July 2017. By Joshua Charalambous, Senior Associate

Abstract building

AFC Bournemouth announces a two year deal with online gambling company M88, which includes shirt sponsorship and pitch-side branding.

Read more
Blog

The Automated and Electronic Vehicles Bill

Published on 04 July 2017. By Richard Breavington, Partner and Jonathan Charwat, Senior Associate

Abstract building

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 more
Publication

Tax update, July 2017

Published on 04 July 2017. By Adam Craggs, Partner

Green tint 1

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 more
Blog

Berlioz - ECJ confirms that third parties can challenge 'foreseeable relevance' of tax information exchange requests

Published on 03 July 2017. By Constantine Christofi, Senior Associate

Abstract building

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 more
Blog

Payment against letters of indemnity – is it safe?

03 July 2017

Untinted 5

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 more
Blog

Retail CFD firms face potential EU market-wide restrictions and further criticism from the FCA

Published on 03 July 2017. By Lucy Kerr, Senior Associate

Untinted 5

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 more
Blog

Defective service and culpable delay: a warning to claimants

Published on 03 July 2017. By Chris Ross, Partner and Andy McGregor, Head of Civil Fraud

Purple tint 5

Commercial Court refuses application for alternative service and strikes out claim forms after claimant's delay in pursuing claim.

Read more
Blog

Cherry picking in an adjudication is fine – as long as you're the Referring Party

03 July 2017

Gray tint 4

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
Blog

欧州M&A最前線 2017年6月

Published on 30 June 2017. By Nigel Collins, Partner, Head of Japan Desk

Untinted 2

ブレグジット交渉が始まり、与党・保守党と北アイルランドの民主統一党(DUP)の閣外協力もやっとのことで決まった。

Read more
Blog

"NEW FLAMENCO" – Supreme Court reverses Court of Appeal

30 June 2017

Purple tint 1

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 more
Publication

VAT update, June 2017

Published on 29 June 2017. By Adam Craggs, Partner

Purple tint 5

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 more
Blog

FCA proposes remedies following asset management sector market study

28 June 2017

Abstract building

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 more
Blog

Continued FCA focus on appointed representatives – more regulatory interventions in the London Market

Published on 27 June 2017. By Jonathan Charwat, Senior Associate

Green tint 3

FCA announce follow up supervisory work and regulatory interventions on insurance intermediaries with networks of appointed representatives (ARs).

Read more
Blog

Rai - Tribunal quashes penalties for non-payment of PPNs and criticises HMRC's 'nitpicking pedantry'

Published on 26 June 2017. By Constantine Christofi, Senior Associate

Untinted 2

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 more
Blog

Cowboys beware; the AML Sheriff is on her way

Published on 26 June 2017. By Rachael Ellis, Associate

Green tint 3

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 more
Blog

Another bad bargain upheld: Wood v Sureterm Direct Ltd [2017] UKSC 24

Published on 23 June 2017. By Matthew Evans, Senior Associate and Geraldine Elliott, Partner

Green tint

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 more
Blog

Fitness and a Full Time Job

23 June 2017

Abstract building

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 more
Publication

FCA consultation on pension transfers – what does it mean for advisers?

Published on 22 June 2017. By Robert Morris, Partner

Untinted 5

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 more
Blog

Pitcher - Tribunal finds in favour of taxpayer in APN penalty appeal

Published on 19 June 2017. By Robert Waterson, Partner

Abstract building

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 more
Blog

Election results a mixed bag for retailers

Published on 14 June 2017. By Karen Hendy, Head of Corporate and Charlotte Thompson, Associate

Untinted 4

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 more