UK

Briefings in English - 2008

The International Comparative Legal Guide to: Environment Law 2008 Members of our EPR group produced the following comprehensive legal analysis of environmental laws and regulations which appeared in the fifth edition of The International Comparative Legal Guide to: Environment Law 2008; published by Global Legal Group Ltd, London (www.iclg.co.uk).

There has been a significant number of take-private offers made with the backing of US and European private equity funds and, more recently, public offers made by funds based in the Middle and Far East, sometimes as part of a consortium of investors. Insurance companies and other institutions with a tradition of accepting takeover bids, frequently against the wishes of management. (Summer 2008)

This guide identifies some key action points companies will need to consider over the coming months in implementing the Companies Act 2006 (the Act). The guide focuses on UK-incorporated listed companies and their groups. It is correct as at 6 April 2008. (April 2008)

Regulations amending the Employer Debt Regulations came into force on 6 April 2008. They make a number of fundamental changes to the way in which debts triggered under section 75 of the Pensions Act 1995 are calculated and provide new options for addressing those debts. This briefing discusses the changes and their probable effects. (April 2008)

At the March 2007 European Council summit, EU member states committed themselves to cutting the EU’s greenhouse gas (GHG) emissions by 20 per cent by 2020, compared with 1990 levels, with a promise to move to 30 per cent if other industrialised countries follow suit. After some delay and intense behind-the-scenes lobbying by the member states and industry, the Commission finally published a package of legislative proposals designed to achieve these targets on 23 January. (March 2008)

This briefing outlines the effects of the Companies Act 2006 for directors of corporate trustees of occupational pension schemes. (March 2008)

The Pensions Regulator has produced draft guidance on dealing with conflicts of interest for trustees of defined-benefit and defined-contribution pension schemes. The consultation closes on 30 May 2008. Based on the points raised in the draft guidance, this briefing provides checklists of issues for trustees to consider. (March 2008)

The thrust of the new pensions legislation has been to give greater powers to trustees of pension schemes. The Pensions Regulator interprets this to guide trustees towards taking a more independent position from the sponsoring employer and ‘acting like a bank’. This guide looks at the conflict of duty that can arise for the individuals concerned as a result of these changes. (March 2008)

Ensuring effective, industry-wide implementation of a policy of treating customers fairly (TCF) was a focus of much of the FSA’s work in 2007 and this will also be the case in 2008. Notably, in November 2007, the FSA published a report entitled Treating customers fairly: measuring outcomes reporting on its assessment of industry performance on TCF. The following month, the FSA issued a press release announcing that firms were not doing enough to ensure that their appointed representatives were treating customers fairly in the sale of general insurance, mortgage and investment products. (March 2008)

The deadline for submissions to Lord Hunt’s review of the Financial Ombudsman Service passed in the middle of January. We have submitted a paper to the Review, which tackles an important issue affecting all users of the service. This briefing summarises the issues raised in our paper and the key areas for debate within the industry. (February 2008)

As we reported last month, the Birmingham High Court held in Re Permacell Finesse Limited (in liquidation) that a floating charge holder is not entitled to participate in the prescribed part, set aside under section 176A, as an unsecured creditor regarding any shortfall under its floating charge. The High Court in London recently reached the same conclusion in Re Airbase and also clarified that the prescribed part is unavailable to meet any shortfall under a creditor’s fixed charge. (February 2008)

Scope of the alternative finance arrangements provisions. Part 2: Rules for deposits and bonds. In the second of two articles, Colin Hargreaves, Paul Davison and Sarah Perfect, Freshfields Bruckhaus Deringer, continue to examine how Sharia financing rules may apply more widely than expected. The Tax Journal, Monday, 4 February 2008. (February 2008)

This guide outlines the principal changes, highlights how different categories of taxpayer could be affected and suggests action that may be taken in anticipation of the changes. It also includes some comments about loan note alternatives. The Appendices go into more detail on some of the issues and includes some numerical examples. (February 2008)

This checklist sets out the main requirements of the Directors’ Remuneration Report Regulations (the Regulations). The 2002 Regulations are currently contained in Schedule 7A to the Companies Act 1985. This Schedule is due to be repealed with effect from April 2008 when the relevant provisions of the Companies Act 2006 take effect. The new regulations will generally apply for financial years beginning on or after 6 April 2008. There is only one material change in the new Regulations. (February 2008)

The Financial Services Authority has adopted a new set of rules and guidance covering the sale and administration of non-investment insurance. The rulebook, New Insurance Conduct of Business Sourcebook (ICOBS), came into force on 8 January 2008. Regulated firms that are complying with the old rulebook (ICOB) have until 8 July 2008 to comply with the new rules. (February 2008)

Restrictive covenants are not an area where an employer can afford to go wrong. On the one hand a non-existent covenant provides no protection at all and, on the other, a poorly drafted covenant may be void on public policy grounds and so still not provide the desired protection. This briefing looks at six restrictive covenant cases from 2006 and 2007 and examines the lessons that can be drawn from them. (January 2008)

The prescribed part is a fund taken out of the floating charge holder’s recovery. A floating charge holder is not entitled to participate in the prescribed part as an unsecured creditor to make up any shortfall under its floating charge. So decided the High Court recently in Re Permacell Finesse Limited (in liquidation). This briefing looks at the decision and considers some related issues. (January 2008)

Scope of the alternative finance arrangements provisions. Part 1: Purchase/resale and shared ownership. Colin Hargreaves, Paul Davison and Sarah Perfect of Freshfields Bruckhaus Deringer examine whether special rules for Sharia financing arrangements can apply more widely than might be expected. The Tax Journal, Monday, 28 January 2008. (January 2008)

This client guide is an update of our August 2006 guide and aims to provide an introduction to the regime as amended by the FA 2007, while noting some of the more difficult issues currently raised by the regime. It also covers the current proposals for changes to the reference number system. This guide does not consider the VAT, SDLT or NICs regimes. (January 2008)

This briefing is a round-up of some of the important recent developments in EU public procurement. We will focus on: the new Remedies Directive; defence procurement; and pre-commercial procurement for research and development services. (January 2008)

This briefing summarises the position and the issues that arise and sets out some of our more relevant experience in this area. Clients who had any involvement with the OFFP should consider taking appropriate preparatory steps in expectation of an approach from the SFO.

In an attempt to overcome these problems the recently published energy and planning white papers propose what amounts to a preferential regulatory system for nationally significant infrastructure projects that should, among other matters, ensure the delivery of the new energy generation capacity that the government envisages will be required in the next two decades. This involves further changes to the development consents regime, beyond those already introduced by the Planning and Compulsory Purchase Act 2004 for major infrastructure projects. (January 2008)

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