A Councillor has successfully applied for judicial review of a decision by his own council to vary a contract for the development of a mixed retail, residential and transport hub in Winchester. The High Court ruled that the variations to the contrac...

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On 17 July 2017, a new Appendix H to the Technology and Construction Court Guide was published which provides guidance on procedures for public procurement cases (the “Guide”). Although this detailed procedural guidance is likely to prove usefu...

The establishment of more open public procurement systems, that is, procurement systems which offer foreign suppliers access to the award of public contracts on the basis of no less favourable terms than to domestic suppliers, constitutes an essenti...

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Following the June 2016 referendum on the UK’s membership of the EU, the UK government triggered article 50 of the Treaty on the Functioning of the European Union on 29 March 2017, thereby commencing the two-year formal process that will ultim...

On 13 September 2017, EDF and ERDF lost their fight to declare null and void the contracts they entered into further to bids that were rigged by Nexans France (“Nexans”), Prysmian Energies Câbles et Systèmes (“Prysmian...

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On 2 April 2019, the European Commission issued a press release regarding its State aid investigation into aspects of the UK controlled foreign company (CFC) rules. This press release explains that certain aspects of the CFC rules under investigatio...

Since April 26, 2019, contractors, to whom a public contract or concession has been awarded, have the possibility to issue an electronic invoice and transmit it to the contracting authority. This novelty is the result of the transposition of the Eur...

This article examines an alternative to the two predominant purchase price mechanisms used in M&A transactions in South Africa. When applied correctly, it leads to an expedited determination of the final purchase price and allows for flexibility...

Mergers and acquisitions (“M&As”) involving privately held companies in South Africa entail various legal, financial and other issues. Advanced preparation and an understanding of the fundamental practical and legal issues concerned ...

While companies are trying to find ways to ensure health and well-being of their work-force and align those measures with business continuity as usual, it is equally important that deal managers look out for risks associated with the spread of virus...

  Coronavirus: effect on M&A sales process The implementation of sales processes is currently facing particular challenges: bidders are dropping out, financing can no longer be implemented, the business plans of the targets can no longer be...

Coronavirus: withdrawal from the SPA - MAC clauses in the sales contract What is the rule in the USA is rather rare in Germany; so-called Material Adverse Change clauses (or MAC clauses), which grant the buyer a right to withdraw from the purchase...

Temporary protection against creditors In these uncertain times, companies are confronted with a severe decline in their turnover, often resulting in cash-flow problems. Through the judicial reorganization procedure, these companies can apply for te...

Even in COVID-19 times, companies (and their directors) should not unnecessarily jeopardise the rights of their creditors and the continuity of their activities. Think about paying dividends, and making unnecessary costs, despite the financial probl...

For companies that are financially stressed or distressed, a sale of the company or its business and assets might be the best exit route for its stakeholders. The desire to exit through a sale is often the preferred method for financial creditors wh...

Coronavirus piles more pressure and strain on the automotive sector, disruption supply chains, factory closures and restructuring The COVID-19 (Coronavirus) outbreak has now been labelled a pandemic by the World Health Organisation (WHO). COVID-19 ...

In these uncertain times, there is a good chance that your company will be confronted with a contracting party that is in the process of judicial reorganization, or that you have initiated this procedure yourself. What are the consequences of this p...

Belgian company law is characterized by an internal and external liability of directors. Internal liability means that directors are liable to the company for any errors committed in the performance of their duties. External liability, on the other ...

James Burnie throws light on the law for the custody of crypto-assets in this exclusive interview with New Money Review. Click here to read the article > This article was written and published by New Money Review Staff on November 25, 2019....

Introduction Earlier this year, Luxembourg’s financial services regulator, the Commission de Surveillance du Secteur Financier (the “CSSF”) announced a year-long transitional period, to take effect from the date of a no-deal Brexit...

As part of the implementation of the Amending Directive of the Fourth EU Directive on Money Laundering (Directive (EU)2018/843), the German Federal Government has decided to include crypto assets in the list of financial instruments and to regulate ...

On 26 November 2019 the FCA announced that it was using its product intervention powers to ban the promotion of so-called “speculative mini bonds” to retail consumers. The ban will come into force on 1 January and will last for 12 months...

A conversation is beginning around the future of the UK’s regulatory regime post-Brexit, with the Financial Conduct Authority (FCA) talking about adopting a broader outcomes-based approach and is even questioning disclosure levels. Jonathan Master b...

Introduction The FCA published its Policy Statement (PS19/24) in relation to illiquid assets and open-ended funds on 30 September 2019. The statement responds to feedback provided in response to Consultation Paper (CP18/27) and settles on a final sl...

The European Commission published new Regulations on harmonised requirements in respect of sustainability-related disclosures and benchmarks contributing to sustainable finance (EU/2019/2089) (the “Disclosure Regulation”) in the Official...

On 16 October 2019, the FCA published their feedback statement FS19/6 on Climate Change and Green Finance[1]. This feedback statement summarises the responses from stakeholders to the Discussion Paper (DP18/8) on Climate Change and Green Finance[2] ...

  Introduction Regulation (EU) 2019/2089, known as the Low Carbon Benchmarks Regulation, (the “Regulation”) was published in the Official Journal on 9 December 2019 and entered into force on 10 December 2019. The Regulation amends ...

Introduction For many years the FCA has considered whether to apply an overarching standard of care that should be applied to authorised firms. In July 2018 they concluded that there was not “a sufficient basis for making changes to primary l...

The UK has now officially left the European Union and entered an implementation period ("IP"), which is due to last until 31st December 2020 – IP Completion Day. During the implementation period, European law will continue to apply and firms ...

Sell-side reluctance to accept delegation of reporting under the Securities Financing Transaction Regulation (“SFTR”) is causing a headache for buy-side firms.  If buy-side firms are unable to establish delegation arrangements they ...

On Friday 14 February 2020, the International Swaps and Derivatives Association, Inc. (“ISDA”) published the ISDA Collateral Agreement Interest Rate Definitions (the “Collateral Rate Definitions”). The Collateral Rate Definit...

On 18 February 2018, the EU added the Cayman Islands to its list of noncooperative jurisdictions for tax purposes (“Annex 1”). This has come as a surprise, but is unlikely to have any immediate impact on Cayman-domiciled funds. In this b...

The Financial Conduct Authority (the “FCA”) sent a letter to all UK regulated asset managers on 27 February 2020 (the “Dear CEO Letter”), to encourage the sector to prepare for the cessation of the sterling London interbank o...

Part A: Regulation of crypto assets     Germany

As the countdown to the end of LIBOR continues, regulators are increasing the pressure on the market to prepare and proactively engage with their clients to ensure a smooth transition to a new risk-free rate. Failure to do so will expose firms to th...

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Cross-border fund marketing arrangements into the UK are poised to be significantly amended when the current post-Brexit ‘transition or implementation period’ (“TIP”) comes to an end on 31 December 2020.  Retail funds&rs...

In addition to the FCA’s recent guidance (see our note summarising the main points here) on payment holidays and repossession actions addressed to mortgage lenders, mortgage administrators, home purchase providers and home purc...

The High Court looks at the definition of highway ‘maintainable at public expense’ in the recent case of Barlow v Wigan Metropolitan Borough Council (2019). The case at first instance The claimant, Deborah Barlow, brought a claim against...

Barlow v Wigan Council [2019] EWHC 1546 (QB) The claimant, Deborah Barlow, brought a claim against the defendant, Wigan Metropolitan Borough Council for a trip which occurred on 21 September 2018. The claimant was walking along a path in Abram Park,...

  Practice and Procedure Patel and another v Patel and others [2019] EWHC 2643 (Ch) This case looks at the obligations of defendants under CPR Part 16.5 when preparing their defences and very clearly sets out that defendants: (a) must say which...

Practice and procedure Wickes Building Supplies Ltd v Blair [2019] EWCA Civ 1934 An employee had an accident at work. The court had to determine whether the claimant should be allowed to rely upon a witness statement which had not been filed and ser...

In these extraordinary times a number of insurers and “claimant” law firms have agreed a protocol that should avoid unnecessary procedural problems. The full and commendably concise text can be found here. In summary, signatories t...

Summary of the communication from the EU commissionInterpretative Guidelines on EU Regulation 261/2004 on passenger rights in the context of the developing situation with Covid-19 - 18 March 2020 Right to choose between reimbursement and rerouting ...

UK goes into ‘Lockdown’ The current lockdown arises as a result of The Health Protection (Coronavirus, Restrictions) (England) Regulations 2020. Broadly, this legislation restricts the movement of people to ‘essential journeys&rsqu...

The Government's proposed changes to the licensing regime established under the Licensing Act 2003 ('the Act') are set out in the Police Reform and Social Responsibility Bill ('the Bill'). The amendments which are expected to be implemented will imp...

The ECJ says "Let them watch football!" In a case which may change how the Premier League chooses to structure broadcasting rights packages, on 4 October, the Eu...