United Kingdom

News & Analysis as of

UK: Government publishes gambling duty registration information

The Government has published The General Betting, Pool Betting and Remote Gaming Duties (Registration, Records and Agents) Regulations 2014....more

Financial Stability Board Publishes Responses to Consultation on Proposed Reforms of the Forex Market

On August 20, the Financial Stability Board (FSB) published responses to its consultation in respect of proposed reforms in the forex market....more

Court Was Wrong to Re-Write Covenants

In Prophet v Huggett [2014] ECWA Civ 1013, the Court of Appeal has overturned a recent decision of the High Court in which it had re-written a non-compete covenant to give it commercial effect. You may recall that we...more

Employee Resignation in Breach of Contract

Mr Rodgers worked as a broker for Sunrise Brokers LLP (Sunrise). He was subject to a 12-month notice period and enforceable post-termination non-compete restrictions. In March 2014, he accepted an offer of employment from a...more

FCA Publishes Supervisory Approach to Financial Promotions in Social Media

On August 6, the UK Financial Conduct Authority (FCA) published its guidance consultation on social media and customer communications (Guidance). The Guidance is intended to clarify and confirm the FCA’s approach to the...more

Red Notice Newsletter - August 2014

Welcome to the August 2014 edition of Red Notice, a publication of Akin Gump Strauss Hauer & Feld LLP. This month on the anticorruption front, the former CEO of an aviation company pleads guilty to participating in an...more

Illegal Worker Could Bring Discrimination Claim

Ms Hounga, a Nigerian national, lived and worked illegally in the UK. She worked as a live-in nanny and housekeeper for Mrs Allen, who had played a significant part in bringing Ms Hounga illegally into the UK. Mrs Allen...more

UK: Government opens further consultation on Horserace Betting Levy

The Government has commenced a second consultation on the Horserace Betting Levy. The Government is seeking views on two options: reforming the existing Levy or replacing it with a bespoke new statutory framework....more

Cross-Border Mergers: A Matter of Interpretation

The Companies Court has considered whether it is necessary for shares or other securities to be transferred between group companies as consideration for cross-border mergers in the recent landmark case of Re Olympus UK Ltd...more

Case alert: Failure to interview disabled employee amounted to disability discrimination

In London Borough of Southwark v Charles, the EAT decided that the London Borough of Southwark (the "Borough") had failed in its duty to make reasonable adjustments when it refused to assess by other less formal means the...more

UK’s Financial Services Regulator Issues Draft Guidance on Social Media – should we Favourite* or #Fail?

On 6 August 2014, the UK’s financial services regulator, the Financial Conduct Authority (FCA), issued long-awaited draft guidance on the use of social media in financial promotions by regulated financial...more

No UK corporation tax deduction for penalty imposed under the code of the Fédération Internationale de l'Automobile ("FIA")

In an appeal by HMRC against a decision of the First-tier Tribunal ("FTT"), the Upper Tribunal (Tax and Chancery Chamber) ("UT") decided that a penalty imposed on McLaren Racing Limited ("McLaren") in respect of a breach of...more

Internet of Things and telecom law issues

Internet of Things technologies require the communication between devices on telecom networks that vary depending on the type of service provided. Such communications in some cases lead to telecom law issues in relation to...more

August 2014: EU Litigation Update

English Court of Appeal Confirms Extra-Territorial Reach of Contempt Proceedings Against Foreign Company Directors: Dar Al Arkan Real Estate Development Co. and Another v. Al Refai and Others [2014] EWCA (Civ.) 715, [2014]...more

The Financial Report - Volume 3, No. 16 • August 21, 2014 (Global)

Discussion and Analysis - Recently, we’ve been thinking a lot about crowds. Most sources define the term “crowds” as a large group of people gathered closely together or with something in common. The Merriam-Webster...more

3 Depressing Conclusions in E&Y’s Global Fraud Report – More Anti-Bribery Training, Internal Controls Required

I just finished reading Ernst & Young’s “Growing Beyond: A Place For Integrity”, the company’s 12th Global Fraud Survey. It’s pretty sobering, but I’m trying to find some glimmers of hope in it. Don’t get me wrong; the...more

FCA Uses Product Intervention Powers for the First Time

On August 5, the UK Financial Conduct Authority (FCA) issued temporary product intervention rules introducing restrictions on the ability of authorized persons to distribute contingent convertible instruments (CoCos) to...more

4 Elements to Improve Enforceability of a Multi-tiered Dispute Resolution Clause

The English High Court decision in Emirates Trading Agency LLC v Prime Mineral Exports Private Limited offers guidance. Why this case is important - Multi-tiered or dispute escalation clauses are an important...more

Finally Certainty About Licensing SPVs Under the FCA Consumer Credit Regime

From 1 April 2014, responsibility for the regulation of consumer credit in the UK was transferred from the Office of Fair Trading (“OFT”) to the Financial Conduct Authority (“FCA”), drawing certain activities relating to...more

Video Recordings Act 1984 (Exempted Video Works) Regulations 2014

The Department for Culture, Media & Sport has published regulations (“Regulations”) that amend the Video Recordings Act 1984 (“Act”)....more

English Contract Law and Oral Contracts - Your Word May Still Be Your Bond

Verbal contracts have their place in English law - Whether it was American movie mogul Samuel Goldwyn or the Australian/Irish politician Bryan O’Loghlen who first said, ‘A verbal contract isn’t worth the paper it’s...more

U.K. Commission Says “No” to Bounties for Whistleblowers

The United Kingdom’s Parliament has been considering offering whistleblower bounties similar to those offered under the U.S. Dodd-Frank Wall Street Reform and Consumer Protection Act. A commission formed by the Bank of...more

Cultural Test (Video Games) Regulations come into force

The Cultural Test (Video Games) Regulations (“Regulations”) came into force today (19 August 2014). The Regulations introduce a “cultural test” for video games, with points being awarded on the basis of setting,...more

GB: Legal challenge of new British gambling regulation moves to the next phase

The Gibraltar Betting and Gaming Association (“GBGA”),which represents the interests of a number of Gibraltar-regulated operator has filed a legal challenge against the pending changes to British remote gambling regulation....more

Private placements: tapping the US market

European corporates are turning to the US private placement market in growing numbers, as they seek to broaden and diversify their sources of funding while locking in some attractively priced long-term debt. When Smith...more

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