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Blog

How to lose $1,000,000,000,000 in 30 minutes: HFT, Liquidity and Volatility in 2016

22 April 2016

The Wall Street we all knew is dead. It has been replaced by high frequency trading (HFT).

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Blog

Pension Ombudsman, SIPPs and the uncertainty

Published on 21 April 2016. By Rachael Healey, Partner

SIPP trustees and administrators don't have to consider suitability, the Pension Ombudsman has found in a recent complaint.

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Blog

Review letter from HMRC should be read as cancelling discovery assessment

21 April 2016

In Easinghall Limited v HMRC [2016] UKUT 105 (TCC), the Upper Tribunal (UT) has confirmed that where an agreement has been reached with HMRC under section 54, Taxes Management Act 1970 (TMA 1970), it cannot commence an enquiry or issue a discovery assessment unless they concern an issue which was not the subject of the agreement.

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Blog

Breaking the mould, being unreasonable, and building a bank that people value

20 April 2016

Anthony Thomson is an unreasonable man. Or so he told us at last month's event at The South Place Hotel, concluding RPC and GC Magazine's Dissenting Perspectives series of three speaker events.

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Blog

Cybersecurity – not just a small firm matter

Published on 20 April 2016. By Daniel Guilfoyle, Senior Associate

Law firms are increasingly becoming the target of Cybercriminals, driven by a perception that the industry's attempts to address security measures still lag behind other professional sectors.

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Blog

Tribunal rules HMRC's enquiry invalid

15 April 2016

In Revell v HMRC [2016] UKFTT 97, the First-tier Tribunal (FTT) held that a purported enquiry by HMRC into an unsolicited tax return was invalid and allowed the taxpayer's appeal.

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Blog

Will staying in Europe mean greater access to Netflix?

Published on 14 April 2016. By Joshua Charalambous, Associate

Given the recent press attention given to David Cameron’s tax affairs it is doubtful that much could chill his concerns at the moment – even watching Netflix.

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Blog

Here today, gone tomorrow – Calderbank offers and costs protection

Published on 13 April 2016. By Aimee Talbot, Associate

A recent case highlights a mistake to avoid when trying to obtain costs protection from Calderbank offers.

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Blog

Panama Papers – what does the leak mean for professional advisers?

Published on 13 April 2016. By Rachael Healey, Partner

The headlines have been full of stories about the so-called Panama Papers since their release 10 days ago.

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Blog

Don't gamble on a wager

Published on 13 April 2016. By Alan Williams, Partner and Simon Hart, Partner

In WW Property Investments v Natwest one of many interest rate swaps claims that have been made since the global financial crisis, the High Court confirmed, in line with previous decisions, that interest rate hedging agreements are not wagers in law where at least one party entered into the contract for a genuine commercial purpose and not to speculate.

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Blog

PRA refreshes Corporate Governance approach in Supervisory Statement

12 April 2016

There remain, in our view, a few issues which the PRA has not directly addressed, perhaps intentionally to allow firms the flexibility to interpret the regulator's requirements in accordance with their business model.

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Publication

Offshore tax evasion

11 April 2016

The “Panama Papers”

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Blog

Businesses need to ensure that they do not unwittingly facilitate tax evasion

Published on 07 April 2016. By Adam Craggs, Partner

The Panamanian law firm Mossack Fonesca and the so called 'Panama Papers' have dominated headlines in recent days.

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Blog

ICO updates Direct Marketing Guidance

04 April 2016

On 24 March 2016 the Information Commissioner's Office (ICO) published a long-awaited update to its Direct Marketing Guidance (the Guidance).

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Publication

Tax update

04 April 2016

On 1 February 2016, HMRC took the unusual step of publishing draft regulations through the CIOT (rather than its own) website.

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Blog

Retainers and assumed responsibility for third parties – draw your parameters at the outset

Published on 31 March 2016. By Davina Given, Partner

In Caliendo v Mishcon de Reya the High Court recently found that there was no implied retainer between Mishcon de Reya (Mishcon) and the Claimant shareholders of a company for which Mishcon was acting in relation to a sale of shares.

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Publication

VAT update

31 March 2016

Next steps following the change to the reduced rate of VAT for energy saving materials

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Blog

Is arbitration stifling the common law?

31 March 2016

Recent comments by the Lord Chief Justice of England & Wales have reignited a debate over the balance between finality in arbitration and consideration of important points of law by the Courts.

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Blog

Supreme Court considers the Ramsay principle in UBS and DBG Services

30 March 2016

In UBS AG v HMRC and DB Group Services (UK) Ltd v HMRC [2016] UKSC 13, two cases which were heard together, the Supreme Court found in favour of HMRC by applying the so-called Ramsay principle[1].

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Blog

The Supreme Court "takes stock" of the law on vicarious liability

29 March 2016

In two recent, and complementary, judgments the Supreme Court has considered and clarified the existing law relating to the doctrine of vicarious liability, paving the way for a "modern theory" of vicarious liability.

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Blog

Supreme Court takes stock of law on vicarious liability

29 March 2016

The Supreme Court has recently taken a very wide view of vicarious liability (where third parties can hold employers civilly liable for the actions of their employees), as I reported today in full on our Commercial Disputes blog.

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Video

Forex litigation – coming soon?

24 March 2016

Banking litigation partner Simon Hart reflects on whether the English courts are likely to see a wave of litigation falling out of Forex manipulation.

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Blog

FCA to allow FOS and FSCS claims over P2P advice

Published on 24 March 2016. By Katherine Roberts, Senior Associate

Consumers who receive advice on peer-to-peer lending should have recourse to FOS and the FSCS, the FCA confirmed this week.

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Video

Litigation to drive profit

23 March 2016

Geraldine Elliott – Head of Commercial Litigation – considers how GCs can use litigation to turn the in-house legal team into a profit centre rather than a cost centre.

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Blog

"Innovative and sustainable" – Rio Ferdinand launches new redevelopment and regeneration model

23 March 2016

Former England football captain and Manchester Utd Defender Rio Ferdinand presented his new charity, The Legacy Foundation, to delegates at MIPIM last week.

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Blog

CofA injuncts revelation of celebrity's extramarital threesome

Published on 23 March 2016. By Alex Wilson, Associate

The Court of Appeal has granted a privacy injunction (its first since 2011) to prevent the Sun on Sunday revealing details of a well-known entertainer’s extramarital threesome (PJS v News Group Newspapers Ltd [2016] EWCA Civ 100).

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Blog

High Court holds tortious claim unsustainable in respect of interest rate hedging product redress scheme

Published on 23 March 2016. By Davina Given, Partner

In the recent case of CGL Group Ltd v (1) Royal Bank of Scotland plc (2) National Westminster Bank plc, the High Court was satisfied that a bank did not owe its customer a tortious duty of care in operating a redress scheme for alleged mis-selling of interest rate hedging products (IRHPs).

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Blog

Court of Appeal confirms that HMRC must comply with rules and directions issued by the tax tribunals

Published on 23 March 2016. By Robert Waterson, Partner

The following is based on an article first published in Tax Journal on 8 March 2016.

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Publication

Accountants’ update

22 March 2016

Welcome to RPC’s 2016 accountants’ bulletin. The aim of the bulletin is to review a number of key developments from 2015, and to give an insight on some of the current “hot topics” in this area.

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Blog

Feeling surprised? Why Financial Services GCs should complete this governance survey; and why others should watch this space

21 March 2016

Our Smarter Law blogs often focus on the importance for GCs of looking ahead at the law and regulation that is known to be coming and doing their best to help their business to be aware of and prepared for anticipatable change in good time – after all, no one likes to have been surprised by the predictable.

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Blog

The Recast Brussels Regulation – considering exclusions

Published on 21 March 2016. By Amelia Payne, Associate and Simon Hart, Partner

The High Court has recently considered jurisdictional issues relating to a claim concerning the claimants' entitlement to certain shares held by the deceased businessman, Sami Shamoon.

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Blog

Supreme Court sends Trunki packing for good

Published on 21 March 2016. By Jeremy Drew, Partner

In the latest instalment of the ongoing saga involving the Trunki case, the Supreme Court has unanimously dismissed the appeal filed by Magmatic.

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Blog

Global Real Estate Transactions to Hit $1tn by 2020

21 March 2016

According to a new report released on 15 March by JLL, the global ageing population will drive real estate transaction volumes over $1tn (£704bn) globally by 2020, up from $700bn (£484bn) in 2015.

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Blog

It can still be too late – Denton re-visited

Published on 18 March 2016. By Jonathan Wyles, Legal Director

The Court of Appeal in British Gas Trading Ltd v Oak Cash & Carry Ltd [2016] EWCA Civ 153 has reminded all solicitors that Court Orders are there to be complied with, and dire consequences can still follow if they are breached, despite the more generous guidance given in Denton v TH White Ltd [2014] EWCA Civ 906.

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Blog

Insurance Block Exemption: does EC report signal beginning of the end?

Published on 18 March 2016. By Lambros Kilaniotis, Partner and Melanie Musgrave, Senior Associate

With just over a year to go before the current Insurance Block Exemption is due to expire (its expiry date is 31 March 2017), the European Commission has just published its Report on the Block Exemption's application.

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Blog

Banker bashing: the end of an era?

18 March 2016

Ever since George Osborne's Mansion House speech in June 2015, commentators have been queuing up to argue that "banker bashing" is coming to an end.

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Blog

Pirates and popcorn: rise of site-blocking injunctions in EU

Published on 18 March 2016. By David Cran, Partner and Ben Mark, Partner

Whilst obtaining blocking injunctions against internet service providers (ISPs) have become an established practice in the UK, particularly within the film and music industry, the position is less clear cut elsewhere in the EU.

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Blog

The UK housing crisis: a problem for businesses?

Published on 16 March 2016. By Eliot Henderson, Associate

The UK is in the midst of a housing crisis. But should businesses care? And what, if anything, can they do about it?

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Blog

High court grants summary judgment against HMRC in FII Group Litigation claims

Published on 16 March 2016. By Alexis Armitage, Associate

In the recent case of Evonik Degussa UK Holdings Ltd & Ors v Revenue And Customs [2016] EWHC 86 (Ch), the High Court granted a number of claimants summary judgment in relation to part of their claims in the Franked Investment Income Group Litigation (FII Group Litigation).

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Blog

Brokers' block notification guidance provided by the Court

14 March 2016

The Court has provided guidance on making block notifications to PI insurers, in a key area relating to broker's professional liability exposure.

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Blog

Agreement to submit to a foreign jurisdiction: Can it be implied or inferred?

Published on 14 March 2016. By Alexis Armitage, Associate and Davina Given, Partner

In Vizcaya Partners Ltd v Picard and another, the Privy Council recently held that an agreement to submit to the jurisdiction of a foreign court can arise through an implied term but there must be actual agreement (or consent).

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Blog

Mind the gap: FAMR report is light on de-regulation

Published on 14 March 2016. By Esme Watson, Associate

Following its launch in August 2015, the Financial Advice Market Review (FAMR) has this morning published its final report.

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Press and Media

UK product recalls jump by 26% to a new high

14 March 2016

The number of product recalls in the UK jumped by 26% to a new high of 310 in 2014/15 from 245 in 2013/14 * according to RPC, the City law firm.

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Press and Media

RPC Consulting bolsters capability with senior actuarial team hire

14 March 2016

RPC Consulting – the insurance consultancy arm of RPC – has appointed four senior insurance actuarial professionals to bolster its growing team in London and Cambridge.

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Blog

Reporting on gender pay: top tips on building an internal swat team

Published on 11 March 2016. By Kelly Thomson, Legal Director

Paving the road to transparency over the gap in gender pay, the Government continues to push forward with its plan to make it mandatory for organisations with over 250 employees to publish the disparity between what women and men are paid.

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Publication

Multiple adjudications - how many adjudicators?

11 March 2016

Obtain consent or use different adjudicators

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Blog

Block Notifications and Robo-advice

Published on 11 March 2016. By Matthew Watson, Associate

The recent case of Ocean Finance & Mortgages Ltd v Oval Insurance Broking Ltd provides useful guidance on the often contentious issue of making block notifications to PI insurers.

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Blog

UT confirms interim permission lapses on FCA decision to refuse authorisation

11 March 2016

Firms still waiting for their regulatory approval of a full consumer credit licence should not be particularly surprised at the recent decision of the Upper Tribunal:

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Press and Media

Supreme Court ruling in landmark “Trunki” design rights copycat case paves way for more imitations

09 March 2016

Comments on implications of Supreme Court’s registered design rights decision

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Blog

Tax treatment of insurance SPVs – a cure for all ILS?

Published on 09 March 2016. By Ben Roberts, Senior Associate

On 1 March 2016 the UK government published a consultation document on a new regulatory, corporate and tax framework for insurance linked securities (ILS) business.

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