On 3 December 2020, HM Treasury published the Government's proposal to implement a new special administration regime for PIs and EMIs (PI and EMI SAR), a copy of which can be seen here.
Ross Miller, Simmons & Simmons LLP
This is an extract from the second edition of GRR's The Art of the Ad Hoc. The whole publication is available here.
Introduction
Howard Morris and Sonya Van de Graaff, Morrison & Foerster LLP and Avonhurst
This is an extract from the second edition of GRR's The Art of the Ad Hoc. The whole publication is available here.
Scope of the chapter
The English Court has, for the first time, handed down judgment on whether the liquidation stay prevents the Financial Conduct Authority (the "FCA") from issuing a Warning Notice under sections 92 and 126 of the Financial Services and Markets Act 2000 ("FSMA") without first seeking leave from the Court.
In several recent judgments in cases centring on complex commercial and regulatory disputes, the High Court has grappled with a number of important aspects of legal professional privilege under English law. Certain of these decisions, and their implications for parties to such disputes, are highlighted below.
Litigation privilege: sole or dominant purpose
Included in this update: Government extends temporary COVID-19 measures in CIGA 2020 and more...
COVID-19
CIGA 2020 extensions in force
The Corporate Insolvency and Governance Act 2020 makes the most significant changes to UK insolvency law in a generation. It had a rapid passage through the UK parliamentary process, making its way from first publication on 20 May 2020 to Royal assent on 25 June 2020 in just over five weeks. This article provides a brief overview of the key measures introduced by the Act (both permanent and temporary) and summarises the amendments made to the Act during its progress through parliament. It also provides links to our further, more in-depth, analysis.
Legal & Regulatory
BRRD: FCA publishes modification by consent for Article 55 rules
FI and D&O Since our last update, there have been significant developments in the FI and D&O landscape. November saw the first ever UK deferred prosecution agreement (DPA) announced between the SFO and Standard Bank. The DPA process has been available but unused since 2014 so the judgment and the SFO’s comments thereafter provided some much needed guidance on what the process involved. Significantly, weight was placed on Standard Bank’s early self-reporting and cooperation.
The Hogan Lovells’ Corporate Insurance Newsletter for January 2020 has been published. This provides a round-up of UK, EU and international regulatory developments relevant to UK based insurance market participants. In this issue, amongst other items, we cover: