Following the publication of its final report on digital assets last year, on 22 February 2024, the Law Commission of England and Wales launched a consultation on draft legislation confirming the existence of a ‘third category’ of personal property. The intended effect of the new legislation would be to provide confirmation that digital assets, including crypto-tokens, are capable of being recognised by the law as property.
Latest Articles
UK Court of Appeal Orders Mandatory Final Anti-Suit Injunction in Foreign-Seated Arbitration
In its recent judgment in UniCredit Bank GmbH v. RusChemAlliance LLC,[1] the Court of Appeal granted a mandatory final anti-suit injunction in support of a French-seated arbitration regarding proceedings brought by the RusChemAlliance (RCA) before Russian courts.
No Carve Out for Fraud in Limitation Clause
In Innovate Pharmaceuticals Limited v. University of Portsmouth Higher Education Corporation,[1] the High Court of England and Wales held that a limitation clause was drafted sufficiently broadly to limit liability even in cases of fraudulent performance of the contract.
Digital Asset Fraud: No Final Orders To Be Made Against Unidentifiable ‘Persons Unknown’
In its recent decision in Boonyaem v. Persons Unknown Category A, Persons Unknown Category B and INGFX Limited, the High Court of England and Wales addressed some of the key issues that have frequently arisen in cases of digital asset fraud. Notably, while the judge granted summary judgment against ‘persons unknown’ who were currently anonymous but identifiable, he refused to enter judgment against ‘persons unknown’ who were both anonymous and unidentifiable.
Ofcom’s Latest Guidance on Age Assurance Under the Online Safety Act
On 5 December 2023, the UK Office of Communications (Ofcom) published for consultation its draft guidance on age assurance (and other Part 5 duties) for service providers publishing pornographic content on online services, along with an accompanying consultation paper. This is the second draft guidance document published by Ofcom since the Online Safety Act came into force.
UK Supreme Court Confirms Requirements for Claims in ‘Knowing Receipt’
At the end of 2023, the UK Supreme Court handed down judgment in Byers and others v. Saudi National Bank[1]. Unanimously dismissing the appeal, the Supreme Court definitively determined that a claim in knowing receipt cannot be brought if the claimant’s equitable interest in the relevant property has been extinguished – regardless of the fact that the recipient of the property was aware that it was being transferred to it in breach of trust.
A New DPA Sheriff in Town?
On 5 December 2023, the Crown Prosecution Service (CPS) entered into a deferred prosecution agreement (DPA) with Entain, a global online sports betting and gaming business (owner of Ladbrokes and Coral bookmakers) headquartered in London, to settle the HM Revenue & Customs (HMRC) investigation into the company and its group.
Corporate Criminal Liability Reform: How Much Further Can the UK Go?
The landscape for tackling corporate crime in the UK is undergoing significant change, with a focus on empowering enforcement agencies to further hold large corporates to account for the conduct of their employees and associated persons. On 26 October 2023, the Government passed a piece of landmark legislation in the form of the Economic Crime and Corporate Transparency Act 2023 (the act), which we previously reported on in this April 2023 post and this October 2023 post. A few short weeks later, on 14 November 2023, the Criminal Justice Bill (the bill) was introduced to the House of Commons.
Court of Appeal Sets Out Correct Approach to Material Adverse Change in Respect of Prospects Warranties
In an update to our May 2023 blog on the case, the Court of Appeal has held in Decision Inc Holdings Proprietary Ltd & Another v. Stephen Garbett & Another that the High Court erred both in its interpretation of and approach to a material adverse change in prospects warranty in a share purchase agreement.
The court also determined that a notice provision requiring Decision to summarise the nature of a claim and the amount claimed required it to give an amount claimed in respect of each of the alleged breaches.
Online Service Providers: Obligations Under The UK’s Online Safety Act 2023
The UK’s Online Safety Act (OSA) 2023, which became law on 26 October 2023, imposes extensive new obligations on certain types of online service providers, requiring them to protect their users by identifying, mitigating, and managing risks relating to illegal and harmful content. Due to its extraterritorial reach, the OSA is expected to regulate approximately 100,000 organisations worldwide.