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Transforming Interest Rate Benchmarks – The loan market is transitioning to risk-free rates We have observed a fairly sharp increase in the number of risk-free rate (RFR) linked and rate switch facilities over the last three months. As the number of completed transactions grows, banks are in general becoming more confident with RFRs and the...
BLOG: Precautionary measures: who gets to decide? In Heavyinstall, the CJEU decided that, where one EU Member State requests that another takes precautionary measures, such as seizing assets, to ensure that the first will be able to recover a tax debt, it is bound by the first’s “assessment of...
Shifting Sands: Making sense of the new deal landscape On Wednesday 20th January we held the second webinar in our M&A Perspective Winter Series. London Corporate partners David Watkins and Natalie Cook, Hong Kong Corporate partner Chris McGaffin, and Cravath’s Richard Hall, Head of M&A for EMEA,...
Pillar Two: simplification is key Simplification was a key theme of the public consultation on the OECD’s two-pillared international tax reform proposal. Zoe Andrews has already commented on the consultation responses on Pillar One which seeks to re-allocate taxing rights to market...
Managing LIBOR Derivatives - FAQs for Corporate Treasurers The ISDA IBOR Fallbacks Supplement (the Supplement) and Protocol (the Protocol) were published last October, but are currently the subject of increasing focus as their effective date, 25 January, becomes imminent. Many corporate treasurers are considering...
Business Interruption Test Case – Supreme Court Judgment The Supreme Court handed down its judgment in the appeals of the test case on business interruption insurance on 15 January 2021. This followed “leapfrog” appeals from the High Court, after the Financial Conduct Authority, acting on behalf of...
International tax reform: public consultation on Pillar One The OECD’s public consultation on the blueprints for international tax reform took place on 14 and 15 January and recordings are available to watch on OECD Web TV. This post looks at the consultation responses on Pillar One which seeks to...
Hong Kong Resolution Regime: Stay Rules and terms to be included in certain bank group contracts The Hong Kong Monetary Authority (HKMA) is taking a practical approach to its proposals for bank groups to include contractual stay/suspension provisions to buttress Hong Kong’s resolution regime. The proposals are limited in scope.  Bank...
Employment Bulletin - January 2021 Restrictive covenants; detriment related to union activities; pregnancy discrimination; Partnership named in employment contract was the correct employer; EAT guidance on treatment of agency workers
Competition & Regulatory Newsletter (23 December 2020 - 12 January 2021) European Commission conditionally approves proposed merger of Fiat Chrysler Automobiles and Peugeot The European Commission conditionally approved, after a Phase II investigation, the proposed merger between Fiat Chrysler Automobiles N.V. and Peugeot S.A...
Regulating Digital – Competition and privacy – the best of frenemies? In the first podcast of our Regulating Digital series, Ariel Ezrachi (Professor of Competition Law at the University of Oxford) and Jordan Ellison (Competition Partner at Slaughter and May) discuss the relationship between privacy and competition...
Dawn of a new era for digital? The Commission’s Digital Markets Act proposal Wrapping up a busy 2020, on 15 December the European Commission tabled its proposed new rules for digital gatekeepers (the Digital Markets Act) before the European Parliament. The Digital Markets Act will operate alongside a Digital Services Act (also...
Insurance Outlook 2021 2020 was a year like no other in recent history and 2021 has started in a similar vein. From an insurance sector perspective, as well as dealing with the impact of the COVID-19 pandemic, firms have been grappling with final preparations for Brexit, the...
A reprieve for EU-UK data flows but other data privacy implications of Brexit remain Many businesses will have breathed a sigh of relief following the announcement of interim arrangements for data flows in the EU-UK Trade and Cooperation Agreement of 24 December. The continued free flow of personal data from the EU to the UK for a...
ISDA 2020 IBOR Fallbacks Protocol: Corporates may adhere without fee up to 24 January 2021 We highlight the upcoming deadline of 24 January 2021 for corporates to be able to sign up to the ISDA 2020 IBOR Fallbacks Protocol without paying a fee.