A Trusted Cybersecurity Framework Is Imperative For Lawyers

The recent increased risk of cyberattacks has a number of profound implications for law firms, and complying with government guidance by embedding a cyber-savvy culture and adhering to a security framework will enable lawyers to add extra layers of defense and present their clients with higher levels of protection, says Marion Stewart at Red Helix.

Recent Restructuring Plan Shows Benefits For Smaller Cos.

A small vacation property management company's recent restructuring plan provides a perfect example of the flexibility and creativity that this relatively new device can offer small and medium-sized businesses in the anticipated economic downturn, say Bethan Moore and Lemi McAuley at Shoosmiths.

The New EU Data Act Proposal Raises Several Questions

In its aim to improve users' rights to access industrial data, the proposed Data Act demonstrates the European Commission’s awareness of the competitive advantage this can bring, but there are concerns as to how it would work in practice, and it appears unlikely that the U.K. will follow a similar framework, say Nick Phillips and Selina Clifford at Edwin Coe.

Preparing For FCA's New Appointed Representative Rules

The Financial Conduct Authority's new rules make authorized financial firms acting as principal more responsible for their appointed representatives and take effect in less than three months, so firms must understand the changes and undertake a gap analysis of current policies against the requirements as soon as possible, say attorneys at Herbert Smith.

SFO Must Learn From Recent Mistakes

The Serious Fraud Office must work on rebuilding its reputation following independent reports on failures in the high-profile Serco and Unaoil cases, and needs to focus on fully understanding and engaging with the disclosure process as well as improving compliance with its internal policies and procedures, say Shula de Jersey and Matt Davies at BCL Solicitors.

Opinion

A Better Gov't Response To Pensions Misselling Is Needed

To finally clamp down on the pensions misselling we have seen emerge of late, such as the recent scandal involving a Qualifying Recognized Overseas Pension Scheme, a robust regulatory regime is needed to put an end to inadequate enforcement and unwise legislative innovation in U.K. pensions law, says Ben Rees at Keller Postman.

UK Service-By-NFT Ruling Opens Doors For Fraud Victims

By permitting a claim in a cryptocurrency fraud case to be served via non-fungible token to otherwise-untraceable defendants, the English High Court is adapting existing legal principles to create tools that may offer better recourse to victims of digital asset fraud, say attorneys at Dechert.

UK Courts' 3rd-Party Disclosure Rule Sets Global Precedent

The quiet change about to take place in the English Civil Procedure Rules, enabling U.K. courts to require pre-action disclosure of information from overseas third parties, is uncharted territory and will have profound implications for any organization that handles assets on behalf of a party, says Simon Bushell at Seladore Legal.

A Review Of The New UK Financial Services And Markets Bill

In revoking retained EU law and replacing it with U.K.-specific legislation, the new Financial Services and Markets Bill should mean a less cumbersome and more accessible regulatory regime than the existing patchwork of requirements, with provisions that address consumers’ concerns that they were not adequately protected, say attorneys at Ashurst.

How Greenwashing Litigation Is Affecting Financial Services

A rising demand for sustainable investment is likely to lead to an increase in claims of greenwashing, where a company's marketing falsely portrays its output as producing positive environmental outcomes, which carries risks for investors and insurers, says Kirsty Finlayson at Browne Jacobson.

A Review Of UK's Proposal To Extend EU Securitization Rules

The welcome proposal to extend the temporary recognition in the U.K. of EU simple, transparent and standardized securitizations, which benefit from preferential regulatory treatment, is expected to help bridge the gap until an equivalence regime can be put in place under the U.K. Securitization Regulation, say Merryn Craske and Elif Eke at Morgan Lewis.

Metaverse Presents IP Protection Challenge For Brand Owners

In any new trademark filing, brand owners should consider securing protection in the 3D virtual world of the metaverse, where the risks of third-party infringements and damage to brands present a significant challenge that could spill over to the real world, says Kate Ellis at Konexo.

Latest Cum-Ex Fine Signals Increased FCA Scrutiny

The TJM Partnership's recent fine by the Financial Conduct Authority for compliance failings linked to suspected cum-ex trading highlights the importance of businesses having in place adequate in-house procedures to reduce the risk of financial crime and money laundering, says Nicola Sharp at Rahman Ravelli.

FCA Consumer Duty Shows Shift In Retail Financial Services

The Financial Conduct Authority’s newly published guidance on consumer duty sets higher expectations of the standard of care that financial firms give retail customers, meaning boards and senior management should expect to be held accountable for embedding a culture in which consumers' needs come first, say Claire Carroll and Sumitra Subramanian at Eversheds Sutherland.

Examining UK's Proposals For New AI Regulatory Framework

While the U.K.’s recent proposals for a regulatory framework that will put an emphasis on the context in which an artificial intelligence system is used are to be welcomed, there is concern that the new cross-sectoral decentralized approach may lead to uncertainty in a number of areas, say attorneys at Akin Gump.