United Kingdom

News & Analysis as of

PSC REGIME — ARE YOU READY? NEW RULES ON DISCLOSURE OF UK COMPANIES' ULTIMATE OWNERS

On 6 April 2016, changes to the Companies Act 2006 will introduce a new PSC regime. This will require unlisted UK companies to take reasonable steps to identify those people with significant control over them, and to record...more

PSC Register – The Next Step in UK Corporate Transparency

UK companies and LLPs will be required to keep a register of people with “significant control” over the company (the “PSC Register”) from 6 April 2016 which will be publically accessible and will need to be filed at Companies...more

UK Financial Regulatory Developments - February #1

FMLC issues addendum to legal uncertainty for CCPs paper - FMLC and the US-based Committee on Capital Markets Regulation (CCMR) have issued an addendum to their comment paper on issues of legal uncertainty relating to...more

Pensions Ombudsman Round-Up - January 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

UK Government initiatives for UK oil and gas : forging links with Mozambique

Last week, the UK Government had a busy week on the oil and gas front – publishing the Draft MER UK Strategy and announcing new measures to encourage investment in the sector and a new City Deal for Aberdeen....more

Business Litigation Report - January 2016

Legal Issues Raised by the Driverless Vehicle Revolution – PART 2 - Part 1 of this article, published in the December 2015 Business Litigation Report, described emerging driverless vehicle technology and related patent...more

UK Regulators Take Action against Three Firms and Five Individuals for Insurance Scheme Failures

The Financial Conduct Authority banned Mr. Shay Reches from performing any function in relation to a regulated activity and fined him £1,050,000. Mr. Reches also agreed to pay £13,130,000 to three insurers, which amount, if...more

First DPA in the U.K. Signals Britain is Serious About Bribery & Corruption

Late last year, ICBC Standard Bank Plc, a U.K.-based financial institution with operations around the world, agreed to pay a $37 million fine and enter into a deferred prosecution agreement (DPA) with British financial...more

UK Financial Regulatory Developments - January 2016 #15

DWP issues guidance on pensions advice requirements - DWP has issued a factsheet for pension scheme providers on which pension benefits with a guaranteed annuity rate are safeguarded for the purpose of the new advice...more

UK-Iran Trade – A New Chapter

The UK Foreign & Commonwealth Office recently hosted a panel discussion with UK business leaders to clarify UK trade policy on Iran following the lifting of sanctions. The principal points of note for those interested in...more

MLD4: Here at Last: What does it Mean?

After many years of negotiation, the fourth Money Laundering Directive (MLD4) and the accompanying revised Funds Transfer Regulation (FTR2) were adopted in May 2015 and made it into the Official Journal of the EU a month...more

Hedge Fund Standards Board Publishes Findings From First Cyber-Attack Simulation

On January 21, the Hedge Fund Standards Board (HFSB) released the results of its first cyber-attack simulation (via a press release dated January 19)....more

New Reporting Obligations Under the Modern Slavery Act 2015: Is Your Business Ready?

The Modern Slavery Act 2015 (MSA) seeks to combat slavery and human trafficking by requiring businesses to ensure that their operations and supply chains do not allow for either. Under section 54 of the MSA, organisations...more

Workplace Safety in the U.K. - Multi-Million Dollar Fines for Workplace Safety Offences by Companies - New U.K. Sentencing...

Accidents do sometimes happen, even in well-run factories and construction sites. Where there has been an accident in the U.K., companies face prosecution by the Health & Safety Executive (“HSE”) in the criminal courts...more

Companies Beware! New Sentencing Guidelines for Health & Safety and Food Hygiene Offences

On 1 February 2016, new guidelines on the sentencing of health and safety and food offences (Health and Safety Offences, Corporate Manslaughter and Food Safety and Hygiene Offences Definitive Guidelines the “Guidelines”) came...more

The Modern UK Slavery Act: Supply Chain Risk Management

The United Kingdom has a number of interesting ideas and policy initiatives. The UK Bribery Act was a strong statement against corruption, but remains unenforced. The United Kingdom has enacted the Modern Slavery Act,...more

FCA Clarifies Senior Managers Regime Expectations for Individuals With Overall Responsibility for a Firm’s Legal Function

On January 27, the Financial Conduct Authority (FCA) announced plans to consult on the application of the Senior Managers Regime (Regime) to individuals with overall responsibility for a firm’s legal function....more

Red Notice Newsletter - January 2016

ANTICORRUPTION DEVELOPMENTS - Convicted Printing Company Ordered to Pay £2.2 Million - On January 8, 2016, the Serious Fraud Office (SFO) announced that Smith & Ouzman Ltd, a U.K. security printing company, was...more

UK Financial Regulatory Developments - January 2016 #14

Treasury Committee publishes banking IT failure correspondence - The Treasury Committee has published correspondence between Andrew Tyrie, PRA, FCA and between him and RBS, HSBC and Barclays, relating to IT failures at...more

Looks Like Another Test Case For EU Bank Resolution Law

Readers interested in the Banking Recovery and Resolution Directive (BRRD) no doubt have been following the ongoing travails of the Portuguese "good bank" Novo Banco SA and "bad bank" Banco Espírito Santo SA (BES). The...more

What Does COP-21 Mean for Business?

6 Answers From Around the Globe - The historic COP-21 Paris Agreement on climate change is the first major development in the climate area at the international level since adoption of the Kyoto Protocol in...more

Use of Denton on an Application to Set Aside Default Judgment in the TCC

In Tideland Ltd v Westminster City Council [2015[ EWHC 2710 (TCC) (a judgment dated July 2015 but only just published), the TCC made a decision to set aside default judgment regarding a £7m claim . The judgment provides...more

European Life Sciences Review: Issue 1

Welcome to the first issue of our EU Life Sciences Review . It is produced by our life sciences lawyers in London, Brussels, Frankfurt, Moscow, and Paris and covers some of the most critical developments in the pharmaceutical...more

Government publishes its Response to consultation on further fees proposals

The Government has just published its Response to the consultation on further fees proposals. The document is the Government’s Response to a consultation published in July 2015 to increase court and tribunal fees and...more

Online Dispute Resolution – European Commission publishes its link to the “ODR” Platform

ODR – a recap - ODR is a form of dispute resolution which uses technology to facilitate the resolution of disputes by using techniques such as e-negotiation and e-mediation....more

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