United Kingdom

News & Analysis as of

FCA to Impose Remedies in Asset Management Sector

On 18 November 2016, the UK’s Financial Conduct Authority (FCA) published interim findings from its year-long study of the country’s asset management sector—concluding that price competition is weak in several areas, and...more

Final UK Gender Pay Gap Regulations Published

The long awaited final draft of the Gender Pay Gap Regulations was published on 6th December 2016. The Regulations are scheduled to come into force on 6th April 2017. This OnPoint summarises the provisions of the Regulations...more

Global Financial Markets Insight - Issue 11, 2016

As we come to the end of 2016 we re ect on a year characterised by events that have sent political shockwaves through the world’s major markets and consider what this may mean for the coming year. The surprise may be...more

Pensions Ombudsman Round-Up - November 2016 (UK)

Welcome to DLA Piper’s Pensions Ombudsman Round-Up publication in which we report on recent determinations made by the Pensions Ombudsman (“PO”) and Deputy Pensions Ombudsman (“DPO”). In this edition we look at...more

Investigatory Powers Act Becomes UK Law

The new law gives UK intelligence and law enforcement bodies sweeping surveillance powers. The IPA was introduced in response to recommendations that David Anderson QC made, in his capacity as the Independent Reviewer of...more

Uber Case-Status of UK Uber drivers

Background - A significant employment law issue in the UK is whether an individual has the legal status of an “employee”, rather than of a self-employed consultant; employee status giving the individual a raft of rights...more

OFSI to impose higher fines for UK sanctions breaches

In a statement published on 1 December 2016, HM Treasury's Office of Financial Sanctions Implementation ("OFSI") has confirmed that it will be able to impose higher monetary penalties for breaches of financial sanctions in...more

With the U.K.’s Announcement, the European Unified Patent Court Moves Toward Realization

On November 28, 2016, Baroness Neville Rolfe, the United Kingdom Minister of State for Intellectual Property, announced that the U.K. would ratify the Unified Patent Court Agreement (UPCA), paving the way for the European...more

UK Surveillance Bill Becomes Law

On November 29, 2016, the United Kingdom’s controversial surveillance bill received royal assent and officially became law. The nearly 300-page law, known as the Investigatory Powers Act 2016, replaces and expands upon the...more

Director liability for competition law breaches - the CMA's first UK director disqualification

Financial penalties being imposed on companies for breaches of competition law are well known, particularly because of the very significant amounts involved. However, fines are only one aspect. In the UK, along with lots of...more

Finance Bill 2017 – Implications for Foreign Investment and Investors in the UK

Following on from the UK Chancellor’s speech last month, draft legislation was published on 5 December 2016 setting out how the Government intends to stimulate investment in the UK. The Finance Bill (the Bill) is subject...more

UK Court Considers Whether Later Conduct Stemming From A Loss Event Should Be Considered A Loss Under An Excess Of Loss...

This case considers an appeal against an arbitration award concerning whether health claims from persons involved in cleaning up the 9/11 World Trade Center site should be considered to be multiple claims or should be...more

Need to Know: Recent and Upcoming Changes to the UK’s Employment Law Landscape

New legislation due to come into force in April 2017 requiring employers to publish details of their average pay for men and women - New Gender Pay Gap Reporting obligations are expected to come into force in April 2017....more

FCA sanctions bank and its MLRO for anti-money laundering systems failings

In this decision report we review the FCA’s action against Sonali Bank (UK) Ltd (Sonali Bank) and its money laundering reporting officer (MLRO), Steven Smith, in connection with failings identified in relation to Sonali...more

Government's latest plans to reform the Corporate Insolvency Framework: what's hot and what's not?

On 23 September the Insolvency Service published responses to its "Review of the Corporate Insolvency Framework consultation" which in May had suggested four key changes to the UK’s corporate insolvency regime...more

Security over financial collateral – the CJEU considers the "possession or control" test

The Court of Justice of the European Union (CJEU) has given a preliminary ruling on when a security holder has "possession or…control" of financial collateral for the purposes of Directive 2002/47 on financial collateral...more

Regulatory and business challenges to fintech M&A

Fintech's wealth of opportunities is attracting interest—yet the uncertainty of its future direction means the financial services industry needs to tread carefully. As exciting as the growth of fintech has been over...more

Final Response to Non-Dom Consultation Published

The UK government has released its final response to the further consultation on reforms to the taxation of non-UK domiciliaries (non-doms), together with some draft legislation that will take effect from 6 April 2017. As...more

Senior MP Calls for Regulatory Crackdown on Banks’ IT Systems: 3 Things You Can do to Prepare

The recent cyberattack on Tesco Bank’s IT systems has prompted Rt Hon. Andrew Tyrie MP, Chairman of the Treasury Committee, to call on regulators to take action against vulnerable bank IT systems... ...more

Service of contractual notices under standard form financial contracts – lessons to learn

Where a contract sets down requirements for the service of notices under it, it is essential to comply with them strictly. Lord Hoffman famously said in Mannai Investment Co Ltd v. Eagle Star Life Assurance Co Ltd: "If the...more

BEPS: OECD Releases Multilateral Tax Treaty Convention

The Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (the “Convention”) was released by the Organisation for Economic Co-operation and Development (“OECD”) on...more

The Senior Managers Regime – is responsibility for a bank's legal function in or out?

On 7 March this year the FCA and PRA’s new Senior Managers Regime (SMR) came into force for banks following a lengthy and extensive consultation. During that consultation we had identified and written about the lack of...more

Corporate and Financial Weekly Digest - Volume XI, Issue 46

ISS Releases 2017 Proxy Voting Guideline Updates - On November 21, ISS published its 2017 Proxy Voting Guideline Updates, which will be in effect for meetings held on or after February 1, 2017. The US 2017 updates cover...more

In Case You Missed It: Launch Links - November, 2016 #4

Some interesting links we found across the web this week: The Tough Questions You Must Discuss Before You Take the Money - VCs and the founders should get on the same page before signing on the dotted line. ...more

Football Association Premier League Limited v Luxton [2016] EWCA Civ 1097

Sports rights holders and sports broadcasters will be reassured as a result of a recent Court of Appeal (“CoA”) decision, which prevented a pub owner in Swansea from using a foreign-purchased domestic decoder card to show...more

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