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How Brexit might limit challenges to HMRC decisions Looking at the CJEU decision in Luxembourg v B in the context of the UK's proposed new Financial Institution Notice (which would allow HMRC to request information from financial institutions without prior tribunal approval – and without the...
The New Normal for the Bank Levy A significant package of changes to the bank levy rules comes into force on 1 January 2021. Dominic Robertson explains why the changes were made, and outlines the effect of the reforms: including the impact on non-UK liabilities of banking groups, and on...
National Security and Investment Bill - What you need to know now about the UK's proposed new M&A screening powers On 11 November 2020 the UK Government published its much-anticipated National Security and Investment Bill, creating new powers to scrutinise, impose remedies on, or even block, M&A transactions on the basis of national security concerns.  This...
COVID-19: Furlough extension - ten key points for employers HMRC has updated its CJRS guidance to reflect the extension of the furlough (CJRS) scheme to 31 March 2021. Here are ten key points for employers: Level of support: From 1 November 2020, employers can claim 80% of an employee’s usual salary for...
Competition & Regulatory Newsletter European Commission publishes results of its fitness check of the State aid modernisation package On 30 October 2020 the European Commission presented the results of a fitness check on the State aid rules adopted as part of the State aid modernisation...
New Hong Kong regulatory regime for Virtual Asset Exchanges On 3 November 2020 the Financial Services and the Treasury Bureau issued a consultation paper to introduce a new licensing regime for virtual asset exchanges (VA exchanges). This client briefing considers the proposals in more detail, including how they...
Group Litigation struck out as abuse of process In a landmark judgment, the High Court has today struck out as an abuse of process a claim brought by over 200,000 Brazilian claimants against the English and Australian holding companies of a global natural resources group. The judgment provides a...
Employment Bulletin - November 2020 Use of talent pool for promotion; responding to data subject access requests; Breach of implied duty of trust and confidence; Failure to return to work Use of talent pool for promotion was indirect age discrimination Summary: The Employment Appeal...
Virtual currencies: what's in a name? Spend too long thinking about the virtual or digital world in opposition to the "real" world, and it's almost guaranteed you'll start overthinking concepts we take for granted on a daily basis.
COVID-19: Second national lockdown – employment implications On 31 October, the Prime Minister announced new national restrictions, to apply from Thursday 5 November. The key points for employers to note are as follows: The “stay at home” message returns. This will be enshrined in law, with only a...
Pensions Bulletin - October 2020 Welcome to the October 2020 Pensions Bulletin from Slaughter and May. In this month’s edition, we analyse the Pensions Regulator’s guidance for employers and trustees on transfers to DB superfunds. We report on the Pension Protection...
Competition & Regulatory Newsletter CMA makes Article 9 request to review Virgin and O2 merger On 8 October 2020 the UK's CMA published a request under Article 9 of the EU Merger Regulation, requesting that the European Commission refer a proposed joint venture between Liberty Global...
Enka v Chubb: What is the Governing Law of an Arbitration Agreement? In Enka v Chubb, the Supreme Court clarified the principles for determining which law governs an arbitration agreement.  In its landmark judgment in Enka v Chubb, the Supreme Court has clarified the principles for determining which law governs an...
The future of UK Insurance Regulation On 19 October HM Treasury published a call for evidence on possible future changes to the Solvency II regime in the UK. This was published alongside a first consultation on stage 2 of the Financial Services Future Regulatory Framework Review (the...
Relief for British Airways, but not for businesses facing fines in the future On Friday 16th October, the Information Commissioner’s Office (ICO) announced its long awaited fine of British Airways plc (BA) for breach of the General Data Protection Regulation (GDPR) following a cyber-attack in 2018. This briefing looks at key...