United Kingdom

News & Analysis as of

BankinBits First Quarter Recap

The BankinBits blog, which discusses recent developments in the banking industry, has within the first quarter of 2014 addressed a diverse range of topics including banking services for the marijuana industry, the shuttering...more

U.S. and U.K. Sign Memorandum of Understanding for Collaboration on Data Privacy Enforcement

Citing the increasing frequency with which consumer information crosses international borders and the need for coordinated monitoring and enforcement strategies related to consumer privacy, the U.S. Federal Trade Commission...more

Amendments to the Licence Conditions and Codes of Practice (LCCP)

The Gambling Commission has recently published part one of three publications detailing the changes to be introduced to the LCCP to coincide with the new point of consumption regime in Great Britain. Parts two and three are...more

UK Deferred Prosecution Agreements Code of Practice Published

The Serious Fraud Office has issued a code of practice for deferred prosecution agreements, which are now available as an alternative to conviction for certain white-collar offences in the UK. ...more

The British (Financial Regulatory Principles) Are Coming!

Regulation of financial products and services in the U.S. historically has relied on rules-based regulatory policy, governing business processes including disclosures relating to terms, pricing, structure and marketing. The...more

Cayman Islands: Beneficial Ownership Register

The Cayman Islands government has recently concluded a consultation on a proposal to introduce a public register of the beneficial owners of Cayman-registered entities. The proposal has not been well received. The government...more

The regulation of cosmetic interventions in the UK: toothless rhetoric or industry overhaul?

This Reed Smith client alert looks at the UK government’s response to the independent review of the regulation of cosmetic interventions in the UK. The key issues In recent years, cosmetic procedures have become widely...more

United Kingdom and European Union Continue Push Toward Private Actions

There have been two recent developments in the expansion of private antitrust actions in the United Kingdom and the European Union. First, the United Kingdom continues to push toward opt-out collective proceedings for...more

Sport, Media, and Entertainment Intelligence - April 2014

Spanish Supreme Court orders Le Monde to pay damages to Real Madrid and FC Barcelona - The Spanish Supreme Court has ordered French daily newspaper Le Monde to pay damages of €300,000 to Real Madrid and €15,000 to FC...more

Hearing date set for important holiday pay calculation cases

Kate Hodgkiss, Partner in our Edinburgh office, comments: The EAT has now listed the cases of Bear Scotland Ltd v Fulton and Neal v Freightliner Ltd to be heard on 30 and 31 July 2014. The EAT’s findings will determine...more

Offshore Fund-Related Litigation

Litigation against directors, officers and professional service providers, following the collapse of offshore funds and collective investment schemes such as Madoff and Weavering, continues to proceed in a variety of...more

£1 Billion At Stake - Taxpayer wins compound interest on overpaid VAT

The High Court (Henderson J) handed down its decision on 28 March 2014 awarding the mail order and retail company, Littlewoods Retail Limited, compound interest on sums of overpaid VAT that had originally been reimbursed to...more

The Draft LCIA Arbitration Rules 2014 – changes to watch out for: a quick reference guide

The London Court of International Arbitration (LCIA) recently published for consideration the Final Draft of its proposed new Arbitration Rules to replace the 1998 Rules. The proposed changes bring the LCIA Rules...more

Energy Newsletter - April 2014

In This Issue: - UK Shale Exploitation: Securing Subsurface Access Rights - Taking the Road Best Travelled? CFE seeks electric-gas "convergence" - Pemex Requests Mexico E&P Areas from SENER -...more

UK Shale Exploitation: Securing Subsurface Access Rights

In February, King & Spalding was invited to participate in an access rights workshop run by UK oil and gas regulator, the Department for Energy & Climate Change ("DECC"). The purpose of the workshop was to invite...more

FCA Publishes Report on Hedge Fund Activity in the UK

On March 24, the FCA published a report which sets out its findings from a survey of hedge fund activity in the UK. ...more

Orion and London & Overseas Announce Plan to Propose Amending Scheme that Will Include a Bar Date

On January 20, 2014, the scheme administrators (the “Scheme Administrators”) for two insolvent London Market Insurers, The Orion Insurance Company PLC (“Orion” ) and The London and Overseas Insurance Company Limited (“L&O”)...more

Orrick's Financial Industry Week in Review

ESMA Reports on Information that Competent Authorities Should Provide to it Under the AIFMD - The European Securities and Markets Authority (ESMA), has published a final report of technical advice for the European...more

UK FCA Describes Approach To Consumer Credit Markets, Launches Review Of Credit Card Market

On April 3, Martin Wheatley, Chief Executive of the UK Financial Conduct Authority (FCA), which took over responsibility for overseeing consumer credit markets in the UK on April 1, 2014, identified the FCA’s most “immediate...more

Europe Under Review: Part 1 Of 8 – Registration

Over the next few weeks we will be going back to data privacy basics in our eight part “Europe under Review” blog series. We will be comparing current data privacy laws and best practice in the UK with the proposed new state...more

UK Employment Tribunal Litigation and Dispute Resolution: Changes in Force From 6 April 2014

Three important legislative changes take effect on 6 April 2014 that will impact employment litigation and dispute resolution strategy in the United Kingdom....more

Ofcom Confirms Terms for New Channel 4 Licence

Ofcom has announced that Channel 4's public service broadcasting licence will be renewed for a 10-year period following the expiry of the current licence at the end of 2014....more

The OECD’s BEPS Project – A UK update (Part I)

As part of the 2014 UK Budget, HM Treasury and HM Revenue and Customs published a position paper on the Organisation for Economic Co-operation and Development’s (OECD) Base Erosion and Profit Shifting (BEPS) project. The...more

ATVOD issues new regulatory guidance

The co-regulator of video on demand (“VOD”) editorial content, the Authority for TV on Demand (ATVOD), has recently published revised guidance on the scope of the regulations concerning VOD services....more

Google gives UK “super flagger” powers

Google has granted the UK security services privileged “super flagger” status over YouTube videos, which enables the government to alert YouTube to videos deemed to threaten national security....more

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