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The FCA and Upper Tribunal

15 February 2016

The FCA's 'further decision notice' on Mr Tariq Carrimjee (senior partner and CEO of Somerset Asset Management) revealed that, the regulator has taken on board the Tribunal's view that banning Mr Carrimjee from all regulated activity would be 'irrational and disproportionate', and it has instead decided to prohibit him from performing compliance oversight (CF10) and money laundering reporting functions (CF11).

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Blog

Solvency II: concerns raised by UK Treasury and Bank of England

Published on 15 February 2016. By Matthew Griffith, Partner

In only its second month after implementation, the effects of Solvency II have already been called into question by the UK Treasury and the Bank of England, due to its potential impact on long-term investment and the competitiveness of the EEA insurers.

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Blog

Keep your word! Hong Kong Court enforces indemnity for delivery of cargo without original bills

15 February 2016

Shipowners are well aware of the perils of releasing cargo without production of an original bill of lading. In particular, they are likely to lose P&I cover in the event of a misdelivery claim.

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Blog

Tribunal grants 'disclosure' application against HMRC

Published on 12 February 2016. By Adam Craggs, Partner

The recent case of Tower Bridge GP Ltd v HMRC [2016] UKFTT 054 (TC) concerned applications by Tower Bridge GP Limited (Tower Bridge) and HMRC to the First-tier Tribunal (FTT) for disclosure of information and documents from each other, pursuant to Rule 5 of the Tribunal Procedure (First-tier Tribunal) (Tax Chamber) Rules 2009 (the Tribunal Rules).

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Blog

NEC must extend culture and spirit to lawyers to end curse of the Z Clause

11 February 2016

In the NEC Users' Group Newsletter (No.75 November 2015), Rudi Klein – in his article, "Revisiting the curse of the Z clause" (page 2) – remarks that, "Unfortunately, through the 'loophole' of option Z, far too many NEC contracts are amended beyond recognition and fail to deliver as they should".

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Blog

Litigants in person – approach with caution?

10 February 2016

The increase in recent years of the number of litigants in person (LiPs) is largely due to the impact of the Legal Aid, Sentencing and Punishment of Offenders Act 2012 (the Act), which came into force on 1 April 2013.

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Blog

Automation isn't the end

Published on 09 February 2016. By David Franklin, Associate

There is something almost apocalyptic about the idea that technology will spell “the end of lawyers”, so it is comforting that research suggests that the near future will be more about the automation of activities than the replacement of entire professions.

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Publication

Employment update, December 2015

09 February 2016

Implied terms: when can a term be implied into a contract?

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Blog

EC's 2015 comms on copyright– appetiser to 2016's main course

Published on 09 February 2016. By Jeremy Drew, Partner and Ciara Cullen, Partner

As part of its Digital Single Market Strategy the European Commission released a Communication entitled "Towards a modern, more European copyright framework" on 9 December 2015.

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Blog

Standstills, FOS and time limits

Published on 08 February 2016. By Rachael Healey, Legal Director

FOS applies its own time limits when considering complaints.

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Blog

Resolving mistakes in trust deeds and wills – a new, cheaper and quicker approach?

Published on 08 February 2016. By Rachael Healey, Legal Director

Claims are often made against professionals arising out of errors in trust deeds and wills.

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Blog

Don't leave me this way: SRA to split from the Law Society?

Published on 05 February 2016. By Claire Revell, Senior Associate

From almost a standing start around ten years ago, solicitors are now among the most regulated professionals in the UK.

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Blog

Stand and deliver: what documents must a solicitor deliver up to its client when asked for 'the file'?

Published on 05 February 2016. By Claire Revell, Senior Associate

Most compliance managers or complaints partners will experience that sinking feeling when yet another file request lands on their desks, often with the distinct aroma of a 'fishing expedition'.

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Blog

Tribunal allows taxpayer's appeal and confirms he was carrying on a trade on a commercial basis

05 February 2016

In Akhtar Ali v HMRC [2016] UKFTT 8 (TC), the First-tier Tribunal (FTT), in allowing the taxpayer's appeal, has provided some helpful guidance on the factors to be taken into consideration when deciding whether activities comprise a trade which is commercial, for the purposes of section 66, Income Tax Act 2007 (ITA).

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Blog

No Returns Following Supreme Court Ruling

04 February 2016

The Supreme Court has confirmed that save for exceptional circumstances it is reluctant to step in and imply a rent apportionment clause into a commercial lease.

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Publication

Adjudication - RMP Construction Services Ltd v Chalcroft Ltd

04 February 2016

On 21 December 2015, Stuart-Smith J handed down his decision in RMP Construction Services Ltd v Chalcroft Ltd1 , an action for summary judgment in the Technology and Construction Court to enforce an Adjudicator’s decision.

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Blog

NFL to touchdown in London

04 February 2016

The NFL season is reaching its climax with the Denver Broncos preparing to take on the Carolina Panthers on 7 February in the Super Bowl.

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Blog

Grandfathering grumbles - PRA and FCA highlight failings in S(I)MR

03 February 2016

In the past few days both the PRA and FCA have reminded banks and insurers of the 8 February deadline for the submission of grandfathering notifications for individuals to perform roles under the Senior Managers Regime and the Senior Insurance Managers Regime.

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Publication

Tax update

03 February 2016

Increased SDLT for second homes and buy-to-let properties to apply to all

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Blog

FCA – feeling the political heat?

Published on 02 February 2016. By Matthew Watson, Associate

The FCA escaped a vote of "no confidence" during last night's debate in the House of Commons, despite facing a barrage of scathing remarks from MPs.

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Blog

RPC hosts seminar on 'Data Privacy and the Media'

Published on 02 February 2016. By Alex Wilson, Associate

On 28 January 2016, RPC hosted a 'Question Time' style panel discussion for a range of media lawyers on data protection and its particular relevance to the media industry and media companies.

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Blog

Perceived wisdom – service excellence comes from seeing through the eyes of the client

01 February 2016

So I arrived at the first of GC Magazine's Dissenting Perspectives talks not really knowing what to expect.

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Blog

Borrow My Brand

Published on 01 February 2016. By Rachael Ellis, Associate

Businesses, do you want to boost your brand? The answer is simple - borrow someone else's. Perhaps most prominent in the fashion world, 'brand borrowing' is the concept of one brand procuring the use of another brand’s name or logo for their products.

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Blog

FCA announces consultation on role of GCs in regulated firms

29 January 2016

We are so accustomed to dissembling by politicians and others in public life that it is heartening to see individuals or institutions that are prepared to acknowledge responsibility for their mistakes.

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Blog

47% decrease in claims against solicitors – a false sense of security?

29 January 2016

2015 saw a 47% decline in the number of professional negligence cases brought against solicitors to 221, down significantly from 418 in 2014.

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Blog

Court of Appeal confirms validity of third party information notices

Published on 29 January 2016. By Adam Craggs, Partner

In Derrin Brothers Properties Limited & Others v HMRC [2016] EWCA Civ 15, the Court of Appeal has dismissed the Appellants' appeal against the High Court's refusal to quash third party information notices issued by HMRC pursuant to paragraph 2, Schedule 36, Finance Act 2008 (the Notices).

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Publication

Corporate tax update

29 January 2016

Welcome to the latest edition of our Corporate Tax Update, written by members of RPC’s tax team and published quarterly. In this edition we highlight some of the key tax developments of interest to UK corporates from the final quarter of 2015.

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Publication

VAT update

28 January 2016

Brief 22/15 – VAT partial exemption changes concerning foreign branches

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Blog

Stuck in the middle with (section) 52

Published on 28 January 2016. By Paul Joseph, Partner and Georgia Davis, Legal Director

IPO Consultation on the transitional arrangements for the repeal of Section 52 of the CDPA

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Press and Media

RPC expands corporate, dispute resolution, and insurance capability in Asia with Singapore JLV

28 January 2016

Leading law firm RPC today announced that it is entering into a joint law venture (JLV) with established Singapore-based practice Premier Law.

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Publication

Do receivers owe duties to bankrupt mortgagors?

27 January 2016

The Court of Appeal has recently considered whether an LPA Receiver owes a duty of care to a bankrupt mortgagor in connection with the way the Receiver deals with the mortgaged property. In a decision which will be welcomed by Receivers and their insurers, the court decided that a Receiver owes no such duties.

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Blog

Standstills – direct, indirect, connected to, arising out of – has time been stopped?

Published on 27 January 2016. By Rachael Healey, Legal Director and Rhian Howell, Partner

Defendants are often invited to enter into Standstill Agreements, stopping time for limitation purposes.

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Publication

Top tips for negotiating football kit sponsorship deals

27 January 2016

(including considerations when working with betting companies)

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Blog

Update: High Court provides guidance on termination for contracting parties

27 January 2016

In the recent case of C&S Associates Ltd v Enterprise Insurance Company Plc [2015] EWHC 3757 (Comm) the High Court considered a number of issues that will be of interest to contracting parties, including:

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Blog

FCA announces rejection of change of control application

26 January 2016

It is rare for the FCA's objection to a change of control notification to ever become public.

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Blog

The politics of regulation

26 January 2016

Today's news about Andrew Bailey's appointment as CEO of the FCA is a significant and, no doubt, highly political appointment.

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Publication

UK flooding: the aftermath

26 January 2016

As the flood waters subside and residents, businesses, insurers and public bodies survey the damage and pick up the pieces, thoughts will turn to what, if anything, could have been done differently to have prevented or minimised the damage caused.

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Blog

Arbitrations and anti-suit injunctions – a Hong Kong perspective

26 January 2016

In some jurisdictions (notably Mainland China and Australia), local law does not give effect to the incorporation of arbitration clauses into bills of lading.

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Blog

Update: CFAs will not continue for insolvent companies

Published on 25 January 2016. By Layla Todd, Associate

Earlier in April last year, we wrote an article on the insolvency exemption to the Legal Aid, Sentencing and Punishment of Offenders Act 2012 (LASPO).

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Press and Media

High Court cases against solicitors drop 47% in a year

25 January 2016

There was a 47% fall in the number of High Court cases brought against law firms in the last year to 221, down from 418 in 2014, but much of the pain from last year’s spike in cases is yet to be fully felt, says RPC, the City-headquartered law firm.

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Blog

PRA fines and bans former CEO and MD of Co-op Bank

22 January 2016

In its recent action against former senior figures at the Co-op Bank the PRA has highlighted the impact of the Senior Managers Regime on such enforcement cases, even though this was a case brought under the (now discredited) approved persons regime.

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Publication

Love thy neighbour but don't give them any advice!

22 January 2016

The first TCC judgment of the year, Burgess & Burgess vs Lejonvarn [2016] EWHC 40 (TCC), is of particular interest to both architects and their insurers, as it discusses and distinguishes between a contractual relationship and one that gives rise to an assumption of responsibility in tort.

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Blog

Supreme Court clarifies law on implied terms

Published on 21 January 2016. By Chris Ross, Partner

The Supreme Court has clarified the law on implied terms: in order for a term to be implied it must be necessary for business efficacy or alternatively be so obvious as to go without saying.

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Blog

Supreme Court clarifies law on implied terms: "business efficacy" test remains

Published on 21 January 2016. By Chris Ross, Partner and Parham Kouchikali, Partner

The Supreme Court has clarified the law on implied terms: in order for a term to be implied it must be necessary for business efficacy or alternatively be so obvious as to go without saying. In practice, it will be a rare case where one of those conditions is satisfied but not the other.

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Publication

The new Union Customs Code

21 January 2016

Key changes

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Blog

HMRC fails to satisfy the Tribunal that residential property purchased for a pension fund was "taxable property"

20 January 2016

In J & A Young (Leicester) Limited and Others v HMRC [2015] UKFTT 0638 (TC) TC 04771, the First-tier Tribunal (FTT), has allowed the taxpayers' appeals and held that certain residential property acquired by a self-administered occupational pension scheme was not "taxable property", for the purposes of Schedule 29A, Finance Act 2004 (FA 2004).

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Blog

Selling, buying or investing: five practical tips for insurance broker M&A

Published on 20 January 2016. By Matthew Griffith, Partner

People who are well prepared and able to act quickly tend to do better in a buoyant M&A market and, with some sizeable recent transactions, continued interest from private equity, ongoing consolidation and some of the larger broking groups remaining interested at least in strategic plays, insurance broker M&A is likely to be just such a market in 2016.

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Press and Media

FCA receiving record number of assistance requests from foreign enforcement agencies

18 January 2016

Regulator now dealing with over 1,000 requests per year US based requests falling, rest of the world increasing

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Blog

FX trader fails in third-party rights challenge to FCA

18 January 2016

The Upper Tribunal has rejected the well-publicised complaint by Christopher Ashton that the FCA identified him in two decision notices without giving him the opportunity to make representations - because the Tribunal concluded that he was not identified at all.

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Blog

2016 - eight reasons why this could be the year of the GC

18 January 2016

The first few months in the life of this blog have seen us grapple with a broad range of thorny issues of direct relevance to the life of the GC.

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