Curated legal news from the United Kingdom

Steel v NRAM: the Supreme Court re-examines liability for negligent misstatement Last month the Supreme Court decided, on an appeal from the Scottish Inner House of Court of Session, that a borrower’s solicitors did not assume responsibility for, and thereby owe a duty of care to, the other side (the financier) in a commercial transaction. View Full Post
Companies Must Carefully Consider ESG Disclosures Under UK Non-Financial Reporting Directive Companies should conduct thorough due diligence in light of closer scrutiny from stakeholders and governmental and non-governmental bodies. By James Inness and Natasha Hamilton-Foyn Companies are facing increasing pressure to report on environmental, social, and governance (ESG) matters in terms of their legal obligations, stakeholder pressure, and reputational issues. View Full Post
Swiss Regulator Publishes ICO Guidelines Swiss regulator offers assistance in navigating the regulatory framework. By Andrew Moyle, Stuart Davis and Charlotte Collins The Swiss Financial Market Supervisory Authority (FINMA) has published a set of guidelines, setting out how it intends to apply its financial markets legislation in the context of initial coin offerings (ICOs). View Full Post
Jukes: English Appellate Decision on Litigation Privilege in Internal Investigations By Stuart Alford QC, Daniel Smith and Clare Nida The English Court of Appeal provides further guidance, approving ENRC, on when litigation privilege will not apply to information gathering materials. The English Court of Appeal (Criminal Division) has ruled that litigation privilege does not apply to a statement an employee makes to his employer’s solicitors as part of their investigation into a death in the workplace. View Full Post
Global Ambitions for the FCA’s Sandbox The FCA seeks industry feedback to capitalise on global regulatory sandbox trend. By Stuart Davis and Charlotte Collins The regulatory sandbox was pioneered by the Financial Conduct Authority (FCA) back in November 2015 — a “safe space” in which businesses can test innovative products, services, business models, and delivery mechanisms without immediately incurring all the normal regulatory consequences of engaging in the activity in question. View Full Post
Singularis Holdings Limited – beware of Quincecare Over 25 years ago, the case of Barclays Bank Plc v Quincecare [1992] 4 All ER 363 established that a bank owes a duty of care to both its customer and third parties to protect against fraud. In summary, a bank will be liable if it has reasonable grounds for believing that a payment it makes will be defrauding the customer. View Full Post