Back in March 2017, the Supreme Court handed down its decision in Financial Conduct Authority v Macris [2017] UKSC 19. We have previously reported on that decision on its way to the Supreme Court and following the judgment. In brief, Section 393 of the Financial Services and Markets Act 2000 (“FSMA”) provides individuals identified in an FCA notice with third party rights to be provided with a copy of the notice and an opportunity to make representations regarding the notice. View Full Post
Partial success for High Court claim regarding suitability of structured product sales The Court has recently handed down judgment in Abdullah and others v Credit Suisse (UK) Limited and Credit Suisse Securities (Europe) Limited, a case concerning the suitability of structured product sales . The Claimant family (father and three sons) had a joint private banking account with Credit Suisse. View Full Post
Payments Innovation and Competition in Retail Banking Services Stay High on FCA Agenda for 2018 By Stuart Davis and Brett Carr Driven by payments innovation and new regulation, 2018 is cited as the year for some of the most significant changes retail banking has seen. At the Westminster Business Forum for Digital Payments, Adoption, Innovation and Policy Priorities, Graeme McLean (Head of Banking, Lending & Distribution at the FCA) appraised a panel and audience including legislators, innovators, and market infrastructure providers on the regulatory state of play heading into 2018. View Full Post
French Employment and Tax Reforms Set to Boost Private Equity Buyouts By Matthias Rubner, Denis Criton, Olivia Rauch-Ravise and Bénédicte Bremond Click for larger image President Macron recently unveiled employment and tax reforms to increase France’s appeal for deal makers. While France ranks highly as an investment destination for private equity firms, complex and inflexible French employment laws have been perceived as a hindrance — perpetuating the belief that France can be an unfriendly jurisdiction for businesses and investors. View Full Post
CMA Imposes Fixed Penalty on Hungryhouse for Failure to Comply With Information Request By Jonathan Parker and Anuj Ghai Summary The Competition & Markets Authority (CMA) has imposed a £20,000 fixed penalty on Hungryhouse Holdings Limited (Hungryhouse). The CMA imposed the penalty under Section 110 of the Enterprise Act 2002 (EA02) for failure to comply, without reasonable excuse, with a requirement the CMA issued in a notice pursuant to section 109 EA02 dated 31 May 2017 (the First s.109 Notice). View Full Post
Unified Patent Court Update: Ratification Could Take Place in the Coming Months By Deborah Kirk The Delegated Legislation Committee’s (DLC) support for the Unified Patent Court (Immunities and Privileges) Order 2017 (the Order) suggests a swift approval of the Order by the House of Commons. Presuming a rapid approval by the House of Lords thereafter, this could mean the Unified Patent Court Agreement (UPC Agreement) is ratified by the end of 2017 or early 2018. View Full Post
ICC Court Clarifies Summary Dismissal Procedure in Arbitration By Charles Rae In a revised practice note, the ICC Court of Arbitration has provided guidance on the procedure for determining applications for summary dismissal of unmeritorious claims and defences in arbitrations conducted under the ICC Rules. The revisions are important because the ICC Rules do not otherwise contain a process for dismissing claims or defences on a summary basis. View Full Post