Law and regulation

Insight / SME payment terms slashed to 30 days

Under reforms to the Prompt Payment Code (PPC), the required payment period for larger suppliers to small businesses is to be halved to 30 days, with commitments to be made personally by CEOs or finance directors

Insight / British Virgin Islands governance inquiry launched

A British High Court judge is to lead an investigation into ‘consistent and deeply troubling’ concerns about corruption in the British Virgin Islands (BVI), including claims of misuse of government funds

Insight / Charity Commission to update ‘responsible investment’ advice

The Charity Commission is to consult on revised guidance on responsible investments, in a bid to provide greater clarity for trustees

Insight / Legal win for SMEs on Covid-19 insurance pay-outs

Tens of thousands of small businesses forced to close during the first lockdown are in line for insurance pay-outs, after the Financial Conduct Authority (FCA) won a test case set to cost insurers over £1bn in claims

Insight / Pandemic disruption poses threat to 400,000 retail jobs

Changes in working patterns as a result of Covid could result in over 400,000 job losses on the high street, as workers continue to work from home at least part of the week, according to research by KPMG

Insight / FCA warning on LIBOR transition by year-end

The Financial Conduct Authority (FCA) has warned firms that they must make sure they can complete their transition away from LIBOR to a new sterling benchmark before the end of the year

Insight / Deutsche Bank pays $120m to settle bribery charges

Deutsche Bank has agreed to pay $120m (£89m) to resolve bribery charges brought by the Securities and Exchange Commission (SEC) relating to violations of the Foreign Corrupt Practices Act (FCPA)

Insight / Brexit and EU case law

From a legal perspective, final departure from the EU raises some complexity around the interpretation of ‘retained EU case law’ – essentially judgments and decisions prior to 31 December 2020. Croner-i tax writer Mark Cawthron LLB CTA examines the impact on UK Courts and Tribunals

Tax / DAC 6 to be replaced by OECD rules

There are to be changes to the way UK intermediaries report cross border tax arrangements post-Brexit, with the EU DAC directive set to be replaced by OECD rules later this year

Insight / Charles Schwab UK fined £9m over regulatory failures

Stockbrokers Charles Schwab UK Ltd (CSUK) have been fined £8.96m by the Financial Conduct Authority (FCA) for failing to adequately protect client assets, carrying out a regulated activity without permission 

Insight / British Overseas Territories to have public beneficial ownership registers by 2023

The government has published draft legislation setting out the minimum standards for British Overseas Territories (OTs) when they publish details of the owners of companies registered there, with the requirement to develop their register within three years

Insight / Legal updates: December 2020

In this month’s round up, Gateley Legal’s Sophie Brookes examines whether Covid-19 had a ‘material adverse effect’ in Travelport, complexities over ‘no reflective loss’ principle, and updated Companies House guidance on People with Significant Control (PSC) regime

Insight / Key issues of LLP conversion

Converting to a limited liability partnership can be attractive to professional services firms, but partners need to carefully consider objectives, preparation and the transfer of business, say CM Murray’s Zulon Begum and Pooja Dasgupta

Insight / MoJ review of corporate criminal liability

The Ministry of Justice (MoJ) has announced a Law Commission review of the corporate criminal liability laws, with potential reforms including new offences holding companies to account for criminal wrongdoing undertaken by them, or on their behalf

Insight / Legal updates: November 2020

In this month’s round up of legal news, Gateley Legal’s Sophie Brookes considers differences in the meaning of ‘goodwill’, new guidance on directors’ duties and best practice for AGMs during the pandemic