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Latest Articles
UK OFSI Uses Disclosure Power as FCA Reviews Sanctions Compliance Systems
On 31 August 2023, the UK Office of Financial Sanctions Implementation (OFSI) used its new disclosure enforcement power for the first time, issuing a report against Wise Payments Limited for breach of financial sanctions. The use of this power is a significant step in OFSI’s efforts to ensure compliance with the UK’s financial sanctions regime and deter future breaches. In addition, OFSI has updated its monetary penalties guidance, shedding further light on how it will use the disclosure power in the future.
1996 Arbitration Act Review: Law Commission Publishes Final Report
The recommendations, particularly those in relation to summary disposal and orders against third parties, provide tribunals and the courts with important express powers to ensure the efficient and effective management of arbitral claims. But the report is actually most notable for the fact that so few amendments are required – and those that are required are either changes to clarify the existing position or to tweak it. As such, it is a powerful statement that the Arbitration Act, 27 years on, remains fit for purpose.
Marketing of Cryptoassets – UK’s Financial Conduct Authority Issues ‘Final Warning’
Regardless of whether you are in the UK, or the type of technology you use, companies marketing ‘qualifying cryptoassets’ to customers in the UK will need to comply with the financial promotions regime of the Financial Conduct Authority (FCA), the UK’s financial regulator.
EU Puts Red Light on Greenwashing: Agreement Reached on New Laws Targeting Greenwashing
This week, the European Council and Parliament reached provisional agreement on a new European Union (EU) directive to ‘empower consumers for the green transition’.
Part 36 Offer Containing Term Court Could Not Have Ordered Deemed Valid
In Robert Colicci & Others v. Nora Grinberg & Another, the High Court of England and Wales confirmed that a Part 36 offer containing a term that the court would not have been able to order (in this case, a payment to the defendant in exchange for the transfer of shares) was a valid Part 36 offer.
On the Record: On-Demand Events
Our On the Record Rapid-Fire Series provides insights and analysis on commercial and contractual disputes – and the issues that drive them. The series addresses a range of topics, including class actions, crypto, product litigation, and cross-border, life sciences and technology disputes. To keep up with all the changes in high-value and complex commercial and contractual disputes, subscribe to our updates below.
High Court Refuses to Enforce Arbitration Award Relating to Crypto Consumer Contract
In Payward, Inc. and Others v. Chechetkin, the High Court of England and Wales refused the claimants’ claim for the enforcement of a US arbitration award against a UK-based consumer. The court ruled that enforcement of the award would be contrary to public policy as it contravened key provisions of the Consumer Rights Act 2015 (CRA) and the Financial Services and Markets Act 2000 (FSMA).
Phone War: ‘Charges Unlawfully Avoided’ Claim Held To Be Excluded Loss of Profits Claim
In EE Limited v. Virgin Mobile Telecoms Limited,[1] the High Court found that the claimant’s claim for ‘charges unlawfully avoided’ under a telecommunications supply agreement was in fact a claim for loss of profits, which were excluded by an exclusion clause in the agreement.
EU Adopts Long-Awaited Mandatory ESG Reporting Standards
In January 2023, the European Union adopted the Corporate Sustainability Reporting Directive (CSRD), which requires EU and non-EU companies with activities in the EU to file annual sustainability reports alongside their financial statements. These reports must be prepared in accordance with European Sustainability Reporting Standards (ESRS).
On July 31, 2023, the European Commission adopted the first set of ESRS. The ESRS soon will become law and will apply directly in all 27 EU member states, but not in the UK. Companies will need to report in compliance with these new ESRS as early as the 2024 reporting period.
The standards are notable for their breadth and granularity, going well beyond the reporting requirements in other mandatory and voluntary ESG reporting frameworks. It is clear that companies in scope need to start getting ready to report to these new ESRS now.