Latham.London

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Claimants and practitioners must be mindful of the period in which a claim form must be served after filing. By Oliver E. Browne and Kavan M. Bakhda In Viner v. Volkswagen Group Limited [2018] EWHC 2006 (QB) Senior Master Fontaine refused the claimants’ application to extend time to serve a claim form that had been filed but not served. The Issue In order to create leverage, claimants sometimes issue claims at court, but do not…
By Dennis Lamont, Charles ArmstrongJennifer Cadet, Howard Sobel, and Scott Ollivierre Debt portability provisions — reasonably common in high yield lending but historically rare in bank financing — have been recently seen in an increased number of US transactions, as deal terms react to a buoyant financing market. What should deal teams consider when seeking to include such provisions on European deals? What Are Debt Portability Provisions? Debt financing documents…
Real estate investors with their corporate seat and management outside of Germany may be subject to German taxation on capital gains from share deals. Non-resident individuals (investing directly or through partnerships or funds) will primarily be affected. By Tobias Klass and Verena Seevers According to a German draft tax bill, the sale of shares by foreign-based shareholders of foreign-based companies primarily holding real estate in Germany will trigger a new capital gains exit tax as…
GDPR and PSD2 are two legal initialisms that have both generated a great deal of press coverage in recent months, but they are seldom considered together. By Christian F. McDermott, Calum Docherty and Brett Carr There were around 122 billion non-cash payments in the European Union (EU) in 2016, with card payments accounting for 49% of all transactionsi and the trend is continuing: UK Finance recently reported that UK debit card payments overtook the…
The “Dear CEO” letter underlines the FCA’s open and pragmatic approach in the context of Brexit. By Nicola Higgs and Charlotte Collins The FCA has published a “Dear CEO” letter to firms, advising them of its position in relation to the use of cross-border booking models in the context of Brexit. Firms commonly use remote and back-to-back booking models, but these arrangements have come under closer scrutiny recently as firms prepare their businesses for Brexit.…
By Sven Volcker, Tomas Nilsson In the last five years, the European Commission (EC) has required divestitures in more than 70 antitrust cases, requiring merging parties to divest business assets as a condition to receiving regulatory approval. This increasingly interventionist approach from competition regulators presents opportunities for buyout firms to acquire divested assets. However, regulators are increasingly imposing upfront buyer requirements to ensure the ongoing success of the divested business — divested asset purchasers…
FCA teams up with other regulators to advance its idea of creating a global regulatory sandbox. By Stuart Davis, Gabriel Lakeman, Sam Maxson, Brett Carr and Charlotte Collins The FCA, along with several other financial services regulators, has launched a consultation on the operating framework for a Global Financial Innovation Network (GFIN). This is an evolution of the FCA’s proposal, mooted earlier this year, to create a global regulatory sandbox (see Latham’s related blog
The PSR is to consider whether there is effective competition in the market and makes clear that further reviews of the payments ecosystem could be triggered by its findings By Brett Carr, Stuart Davis and Christian McDermott The Payment Systems Regulator (PSR) has issued Draft Terms of Reference for a market review into the supply of card-acquiring services. The PSR will use its powers under the Financial Services (Banking Reform) Act 2013 to carry…
The FRC has published a shorter and sharper Code which clarifies requirements for accountability, workforce engagement, and board diversity. By Claire Keast-Butler, James Inness, Richard Butterwick, and Anna Ngo The revised Code will apply to all companies with a premium listing on the London Stock Exchange for accounting periods beginning on or after 1 January 2019. The key points are: Board leadership and company purpose: The revised Code focuses on regular engagement…
FCA Chair hints that new regulation addressing data ethics in the FinTech space may be on the horizon. By Nicola Higgs, Fiona Maclean and Terese Saplys Will societies of the future be ruled by algocracy, in which algorithms decide how humans are governed? Charles Randell, Chair of the Financial Conduct Authority (FCA) and Payment Systems Regulator, addressed how to avoid this hypothetical scenario in a broad-ranging speech on that he delivered on 11 July 2018 in…