Expert Analysis

• What Russia Case Reveals About UK Sanctions Enforcement

  

  The Office of Financial Sanctions Implementation recently issued its first enforcement action under the U.K.'s expanded Russia sanctions against a relatively small company for a moderately severe breach — a decision that highlights several questions about the watchdog’s purpose and methods, say Maia Cohen-Lask and Tasha Benkhadra at Corker Binning.

• Breaking Down The UK's Draft Updates To Prospectus Regime

  While there still may be changes, the U.K.'s near-final draft statutory instrument to update and in some parts replace the current on-shored EU prospectus regime is likely to represent a significant overhaul of the existing regime and may make U.K. capital markets a more attractive venue for listings for issuers, say attorneys at Debevoise.

• Italy's Bank-Profits Tax Plan May Become Model For Eurozone

  

  If Italy's recently proposed 40% bank-profits tax helps keep its populist coalition government in power, notwithstanding the European Central Bank's legal challenges, the passage could spark a windfall tax trend across the eurozone and even in the U.K., says Cris Cicala at Stinson.

• Accountability Is Key To Preventing Miscarriages Of Justice

  

  The wrongful conviction of Andrew Malkinson and other recent cases show that in order to avoid future miscarriages of justice, there needs to be a fundamental reevaluation of how investigators, prosecutors and the Criminal Cases Review Commission operate, prioritizing stronger penalties and increased funding, say Thomas Walford at Expert Evidence International and policy analyst Gerald Frost.

• 4 Compliance Considerations Under FCA Consumer Duty

  

  Following the U.K. Financial Conduct Authority's recent introduction of the new consumer duty regime, firms will need to be mindful of data protection implications when managing their compliance with the duty and data protection legislation, say lawyers at Bird & Bird.

• Unpacking The Govt.'s Definition Of 'Professional Enablers'

  

  A new U.K task force, which pursues lawyers who knowingly facilitate illegal immigration, may provide a preview of how the government intends to answer whether merely negligent legal professionals can also be charged as professional enablers of organized crime, says Kathryn Westmore at RUSI.

• 6 Key Factors For Successful Cross-Border Dispute Mediation

  

  The European landscape of cross-border disputes diverges markedly from the U.S. experience and presents unique challenges, including the amalgamation of diverse cultures and legal systems, but there are several practical steps that practitioners can take to effectively navigate the process, says Peter Kamminga at JAMS.

• Understanding EU's AI Act And Its Enforcement Mechanisms

  

  Companies wishing to use or market AI technology in the EU will need to become familiar with the risk-based regulatory framework and strict enforcement mechanisms of the draft EU Artificial Intelligence Act, which may be effective as early as next year, say Matthew Justus at AT&T and Wade Barron at Kilpatrick Townsend.

• Operational Resilience Considerations In Financial Services

  

  A recent letter from the Financial Conduct Authority reminds CEOs of U.K. wholesale banks of their role in the safety and soundness of markets, but all firms can draw lessons and consider their own operational resilience for longer-term security and commercial benefit, says Richard Tall at Faegre Drinker.

• UK Tech Cases Warn Of Liability Clause Drafting Pitfalls

  

  The recent U.K. High Court cases Drax Energy Solutions v. Wipro and EE v. Virgin Mobile Telecoms indicate a more literal judicial approach to construing limitations of liability, even when this significantly limits a claimant's recoverable damages, highlighting the importance of carefully drafted liability provisions, say Helen Armstrong and Tania Williams at RPC.

• UK Report Clear On Pro-Innovation Approach To AI Regulation

  

  A recent U.K. government report focuses on the benefits and challenges of artificial intelligence, highlighting an opportunity for the U.K. to be an international leader, but unless it acts soon the EU will dominate and flexibility is likely to be helpful only at the margin, say Caroline Raul, Patrick O’Connell and Greg Palmer at Linklaters.

• How The UK Investment Screening Regime Is Taking Shape

  

  A recent order imposing remedies on an acquisition by EDF Energy highlights emerging trends in the U.K. government's national security reviews of transactions under the U.K. National Security and Investment Act, and shows how the U.K. remedy landscape compares to the U.S. regime, say lawyers at Arnold & Porter.

• Consultations Underpin Mandatory Fraud Victim Repayment

  

  The U.K. Payment Systems Regulator’s recent consultations on authorized push payment fraud reinforce its June policy expectation, which said that unless there is evidence of gross negligence and the consumer standard of caution has not been followed, providers must reimburse fraud victims, say lawyers at Hogan Lovells.

• EU Directive Implementation Facilitates Class Action Shift

  

  Lawyers at Faegre Drinker discuss the increase in class and consumer action filings leading up to the implementation of the EU's Collective Redress Directive, and predict that certain aspects of the directive will result in a pro-claimant landscape that may mirror that of the U.S. and other common law countries.

• Swiss Privacy Law Reforms Present Divergences From GDPR

  

  The differences between Switzerland’s recently reformed Federal Act on Data Protection and the EU's General Data Protection Regulation, particularly around data breach reporting and the liability of company officers, will need to be carefully managed by multinationals that may have competing obligations under different laws, say Kim Roberts and Vanessa Alarcon Duvanel at King & Spalding.