In Practice
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The auditor’s duty to report to the FCA when it suspects fraudulent activity
While there is some guidance on the requirement for an auditor who is performing an audit to notify the Financial Conduct Authority under certain circumstances, there remains a great deal of uncertainty as to when the threshold for reporting will be met. This In Practice article explains the key points of uncertainty and asserts the urgent need for further guidance.
24 November 2024Embedded law
This In Practice article is a thought experiment on the future of legal services. Technology is changing and changing us. It will have implications for the work of lawyers. Our natural assumption is that if change is incremental, it is not radical.
24 November 2024Is the FOS being fair and reasonable in its approach to unaffordable lending complaints?
This article explores the Financial Ombudsman Service’s (FOS) approach to limitation periods applicable to customers’ allegations of unfair relationship under s 140A of the Consumer Credit Act 1974 (CCA). Is the FOS’s approach still “fair and reasonable”?
24 November 2024The final piece of the G20 netting puzzle
In this In Practice article the authors consider the possible implications of draft close-out netting legislation in the Kingdom of Saudi Arabia on derivatives, repurchase and stock lending transactions with Saudi counterparties.
27 October 2024Retained EU Law: the implication of keeping s 6 dormant
Nearly five years after the end of the Brexit transition period, legacy EU law continues to occupy a substantial place in the UK legal system. Legislation enacted in 2023 was designed to reduce the scope and status of this body of domesticated EU law. Most of these measures were brought into force on 1 January 2024, but one major element of the reform – intended to encourage UK courts to depart from pre-Brexit EU case law – was not due to come into effect until 1 October 2024. But at the end of September, the new government quietly announced that commencement of the new rules would be postponed. In this In Practice article we examine the rules, how they would fit into the scheme of changes already in force and what we can expect now.
27 October 2024Can the buyside rely on ESG ratings and data without regulatory risk?
New regulatory requirements for UK asset managers will cause a rethink as to the extent to which they can continue to source and place reliance on third-party ESG data and ratings products without rigorous assessment. Expected improvements in corporate disclosures and the future regulation of ratings providers should provide some comfort.
27 October 2024NAV facilities to credit funds: in an (asset) class of their own
NAV facilities for credit funds have unique features when compared to NAV facilities for other asset classes. This In Practice article explores these points of difference by looking at various stages in the life of a NAV facility.
30 September 2024When does the buyer of corporate debt lose tax treaty benefits?
In this In Practice article, the authors consider the Upper Tier Tribunal’s decision in HMRC v Burlington Loan Management DAC [2024] UKUT 152 (TCC) which looked at whether the principal purpose of a transaction was to obtain treaty benefits.
30 September 2024Decentralised infrastructure may not shield trading platforms from securities claims
In Lee et al. v Binance , No. 22-972, 2024 U.S. App. LEXIS 5616, 96 F.4th 129 (2d Cir. March 8, 2024), the US Court of Appeals for the Second Circuit reversed the district court’s dismissal of securities fraud class action claims against Binance, an international cryptoasset platform. The Court of Appeals held that purchasers plausibly alleged that transactions on the exchange which disclaimed having any physical location were domestic, thereby potentially subjecting Binance to US securities laws.
30 September 2024Retrieval augmented generation in LLMs: AI for lawyers
In this In Practice article, we consider how understanding technical advances in AI systems helps lawyers engage with them and understand how their roles will be changed by them.
29 July 2024
