Expert Analysis

• Evolving General Partner Stakes Market Brings Opportunities

  

  The rapid increase in investment in general partner stakes by private capital managers indicates its advantages over both strategic sales and initial public offerings, including the ability to retain greater operational control over the business and to avoid the scrutiny that accompanies a listing, says Nicholas Page at Macfarlanes.

• How UK Proposal On Late Payments Could Affect SMEs

  

  The U.K. government’s ongoing late payments consultation would claw back much-needed leverage for small and midsize enterprises negotiating with large organizations, should the reforms be implemented as proposed, say lawyers at Shoosmiths.

• Waldorf Ruling Signals Recalibration For Restructuring Plans

  

  The recent High Court landmark judgment refusing to sanction Waldorf Production PLC's restructuring plan underscores a change in the way courts assess whether such plans are fair, indicating not their demise but a pivotal moment in their evolution, say lawyers at Simpson Thacher.

• Key Points From UK And Japan's Antitrust Cooperation Pact

  

  The memorandum of cooperation recently signed between the U.K. and Japan to promote collaboration in competition law enforcement is a meaningful step that offers cross-border businesses an improved foundation for earlier alignment and better risk management, say lawyers at Steptoe.

• Opinion

  New US-UK Tech Deal Offers Opportunities To Boost Growth

  

  The recently announced U.S. and U.K. Technology Prosperity Deal, encouraging businesses on both sides of the Atlantic to work together toward technological advance, will drive both investment in U.K. capabilities and returns for U.S. investors, says Peter Watts at Hogan Lovells.

• What Draft AML Reforms Mean For UK Financial Sector

  

  HM Treasury’s recently published draft regulations amending the U.K. Money Laundering Regulations, although not as material as expected, are a step toward a targeted risk-based approach, which the industry will welcome, say lawyers at Ropes & Gray.

• What Key EU Data Ruling Means For Cross-Border Transfers

  

  The European Union Court of Justice’s recent judgment in European Data Protection Supervisor v. Single Resolution Board takes a recipient-specific approach concerning pseudonymized information, but financial services firms making international transfers should follow the draft EU Data Protection Board guidelines’ current stricter approach, says Nathalie Moreno at Kennedys Law.

• Privy Council Shareholder Rule Repeal Is Significant For Cos.

  

  The recent Privy Council ruling in Jardine v. Oasis Investment abrogates the shareholder rule, which precluded a company from claiming legal advice privilege for document production in shareholder litigation, providing certainty to company directors seeking legal advice, say lawyers at Harneys.

• Supreme Court Ruling Stands Firm On Trust Law Principles

  

  The U.K. Supreme Court’s recent strict application of trust law in Stevens v. Hotel Portfolio may render it more difficult for lawyers in future cases to make arguments based on a holistic assessment of the facts, says Olivia Retter at Quinn Emanuel.

• FCA's Woodford Fine Sends Warning To Fund Managers

  

  The Financial Conduct Authority’s recent decisions concerning Neil Woodford and the collapse of Woodford Investment Management mark an important moment for the U.K. investment industry, underscoring the regulator's focus on senior managers' personal accountability and the importance of putting investors’ interests at the heart of decision-making, say lawyers at Irwin Mitchell.

• UK Supreme Court Dissent May Spark Sanctions Debate

  

  While the recent U.K. Supreme Court's rejection of Eugene Shvidler’s appeal determined that sanctions decisions are primarily the government’s preserve, Justice Leggatt’s dissenting view that judges are better placed to assess proportionality will cause ripples and may mark a material shift in how future appeals are approached, say lawyers at Seladore.

• What EBA Report Means For Non-EU Financial Firms

  

  In a recent report concerning unregulated third country banks, the European Banking Authority decided not to extend a bank-to-bank exemption under the Capital Requirements Directive, raising a number of compliance issues for cross-border services, say lawyers at A&O Shearman.

• HMRC's Automation Shift Likely To Alter Tax Adviser Role

  

  HM Revenue & Customs’ recently released digital transformation road map promises greater efficiency and a modernized compliance regime, but the increased automation could also mean that the tax adviser role will become more proactive and more defensive, say lawyers at RPC.

• How AI May Have Made A Difference In Monzo Bank Breaches

  

  Artificial intelligence tools have the capabilities needed to keep pace with increasingly sophisticated threats, and such tools might have helped prevent the anti-money laundering failures that led to the recent £21.1 million fine against Monzo Bank, says Alexander Vilardo at Howard Kennedy.

• Charting A Course For The UK's Transition From Paper Shares

  

  The recent report from the U.K.'s Digitisation Taskforce, recommending modernization of how shares in U.K.-listed companies are held, makes it clear that while moving from paper shares to an intermediated system is a positive step, the transition will not be without complications, say lawyers at HSF Kramer.