Nabarro RSS Briefings and Reports feedCopyright statementhttp://www.nabarro.com/rss.aspx14499http://www.nabarro.comhttp://www.nabarro.com/Images/mainsite/nabarro_logo.gif5Clients often tell us how important it is to keep their teams up to speed on legal issues and new developments. We offer a wide range of training programmes which we can deliver at your offices.http://www.nabarro.com/Downloads/10364.pdfFri, 10 Feb 2012 00:00:00 GMThttp://www.nabarro.com/Downloads/10364.pdfThe Government recently published the Financial Services Bill (the Bill), together with a new approach document. This is the latest step on the road to reforming the regulation of the UK's financial services industry. http://www.nabarro.com/Downloads/Financial-Services-Regulatory-Financial-Services-Bill-published.pdfFri, 10 Feb 2012 00:00:00 GMThttp://www.nabarro.com/Downloads/Financial-Services-Regulatory-Financial-Services-Bill-published.pdfWelcome to our third Nabarro Clarity Guide. Trustees are prohibited from making day to day investment decisions unless they are appropriately authorised. Few Trustees are, so in practice, most Trustees delegate their investment decisions to an authorised fund manager. This Guide looks at the main terms of investment management agreements and highlights the key legal issues for Trustees when negotiating them.http://www.nabarro.com/Downloads/Clarity_Guide_3.pdfThu, 09 Feb 2012 00:00:00 GMThttp://www.nabarro.com/Downloads/Clarity_Guide_3.pdfDECC has recently published an updated version of the draft CRC Energy Efficiency Scheme (CRC) Allocation Regulations (the 'Regulations'). http://www.nabarro.com/Downloads/CCE-Draft-CRC-Energy-Efficiency-Allocation-published.pdfTue, 31 Jan 2012 00:00:00 GMThttp://www.nabarro.com/Downloads/CCE-Draft-CRC-Energy-Efficiency-Allocation-published.pdfCompliance update January 2012http://www.nabarro.com/Downloads/Compliance-Update-January-2012.pdfTue, 31 Jan 2012 00:00:00 GMThttp://www.nabarro.com/Downloads/Compliance-Update-January-2012.pdfPPF contingent assets: certification of group company guarantees; Employer debt: flexible apportionment arrangements may assist with corporate reorganisations; Making transfers easier: DWP consults on small pots; Pension unlocking scheme ruled unlawful; Hybrid schemes: treatment of money purchase benefits on winding-up; Automatic enrolment: consultation on increasing earnings threshold; GMP equalisation: consultation on methodology issued http://www.nabarro.com/Downloads/Pensions-update-January-2012.pdfTue, 31 Jan 2012 00:00:00 GMThttp://www.nabarro.com/Downloads/Pensions-update-January-2012.pdfWith the words 'We have done it!', Commissioner Viviane Reding unveiled the European Commission's proposal for reform of the EU's privacy and data protection laws on 25 January. http://www.nabarro.com/Downloads/IP-IT-Alert-New-EU-Privacy-and-Data-Protection-Laws-Unveiled.pdfTue, 31 Jan 2012 00:00:00 GMThttp://www.nabarro.com/Downloads/IP-IT-Alert-New-EU-Privacy-and-Data-Protection-Laws-Unveiled.pdfFollowing weeks of uncertainty in the solar industry, the Court of Appeal has rejected an appeal by the Department of Energy and Climate Change against a High Court ruling that the proposed cuts to Feed-in-Tariffs (FiT) for small scale photovoltaic (PV) installations are unlawful. http://www.nabarro.com/Downloads/CCE-Court-of-Appeal-rejects-FITs-subsidy-appeal.pdfThu, 26 Jan 2012 00:00:00 GMThttp://www.nabarro.com/Downloads/CCE-Court-of-Appeal-rejects-FITs-subsidy-appeal.pdfOn 23 January 2012, the Financial Services Authority (FSA) published a discussion paper (DP12/1) on the implementation of the Alternative Investment Fund Managers Directive (AIFMD).http://www.nabarro.com/Downloads/Financial-Regulation-AIFMD-FSA-publishes-discussion-paper.pdfWed, 25 Jan 2012 00:00:00 GMThttp://www.nabarro.com/Downloads/Financial-Regulation-AIFMD-FSA-publishes-discussion-paper.pdfA company voluntary arrangement (CVA) is one of the insolvency procedures available to companies that are in financial difficulty. This briefing provides a short summary of a CVA and answers some frequently asked questions. Each CVA is different and specific advice should be taken on an individual basis.http://www.nabarro.com/Downloads/Company_voluntary_arrangements-Spring_2012.pdfTue, 24 Jan 2012 00:00:00 GMThttp://www.nabarro.com/Downloads/Company_voluntary_arrangements-Spring_2012.pdfThe purpose of this briefing is to provide basic guidance on retention of title (ROT) clauses and claims. This briefing provides a short summary. Each case is different and specific advice should be taken on an individual basis.http://www.nabarro.com/Downloads/Retention_of_title-Spring_2012.pdfTue, 24 Jan 2012 00:00:00 GMThttp://www.nabarro.com/Downloads/Retention_of_title-Spring_2012.pdfOn 16 November, the European Securities and Markets Authority (ESMA) published its technical advice on implementing the Alternative Investment Fund Managers Directive (AIFMD).<br> In the second of our briefings on the AIFMD Level 2 technical advice, we examine the outstanding issues in relation to depositarieshttp://www.nabarro.com/Downloads/AIFMD_ESMA_technical_advice_on_depositories.pdfMon, 23 Jan 2012 00:00:00 GMThttp://www.nabarro.com/Downloads/AIFMD_ESMA_technical_advice_on_depositories.pdfOn 16 November, the European Securities and Markets Authority (ESMA) published its technical advice on implementing the Alternative Investment Fund Managers Directive (AIFMD). Taking into account the 'framework' nature of the AIFMD itself, ESMA's technical advice has been greatly anticipated as it provides further details and clarity relating to a number of areas covered within the AIFMD. http://www.nabarro.com/Downloads/Financial-Regulation-AIFMD.pdfMon, 23 Jan 2012 00:00:00 GMThttp://www.nabarro.com/Downloads/Financial-Regulation-AIFMD.pdfTHOMSON REUTERS ACCELUS - (20 January 2012)<br> Payment services compliance update: transitional provisions for the processing of payments have now elapsed - contributed by Sam Robinsonhttp://www.nabarro.com/Downloads/Payment_services.pdfFri, 20 Jan 2012 00:00:00 GMThttp://www.nabarro.com/Downloads/Payment_services.pdfEU & Competition team newsletterhttp://www.nabarro.com/Downloads/Brussels-update-January-2012.pdfThu, 19 Jan 2012 00:00:00 GMThttp://www.nabarro.com/Downloads/Brussels-update-January-2012.pdf2011 saw international investors snap up prime London assets. Problems in the Eurozone, a scarcity of bank finance, low economic confidence and Government spending cuts all present a conundrum for 2012.http://www.nabarro.com/Downloads/2012-Challenging_Times_Real_Estate.pdfTue, 17 Jan 2012 00:00:00 GMThttp://www.nabarro.com/Downloads/2012-Challenging_Times_Real_Estate.pdfThis note provides a short summary of pre-packs and covers some of the most frequently asked questions. Each pre-pack is different and what follows is a general overview. Specific advice should be taken in individual cases.http://www.nabarro.com/Downloads/Pre-packs_Spring_2012.pdfFri, 13 Jan 2012 00:00:00 GMThttp://www.nabarro.com/Downloads/Pre-packs_Spring_2012.pdfWhen a company is in financial difficulty, additional duties can fall upon its directors. If these duties are not properly discharged, directors can face personal claims and/or disqualification. At Nabarro, we have a proven track record of helping directors to avoid these pitfalls.http://www.nabarro.com/Downloads/Safeguarding_directors-Spring_2012.pdfFri, 13 Jan 2012 00:00:00 GMThttp://www.nabarro.com/Downloads/Safeguarding_directors-Spring_2012.pdfWhen a company enters into a formal insolvency process, the administrator or liquidator appointed to it will investigate whether transactions took place in the period prior to the formal process which may have prejudiced any or all of the creditors of the company.http://www.nabarro.com/Downloads/Void_and_voidable_transactions-Spring_2012.pdfFri, 13 Jan 2012 00:00:00 GMThttp://www.nabarro.com/Downloads/Void_and_voidable_transactions-Spring_2012.pdfReal Estate newsletter - January 2012http://www.nabarro.com/Downloads/Real-Estate-newsletter-January-2012.pdfWed, 11 Jan 2012 00:00:00 GMThttp://www.nabarro.com/Downloads/Real-Estate-newsletter-January-2012.pdfHEADLINES: Eurozone exits or breakup: should we be worried? Leaked new EU privacy law to introduce higher fines and more stringent compliance regime; Developments to the FSA's approach to client money and assets; Is your EU trade mark too general? A recent EU opinion has put the validity of 'class heading' filings at risk; Helping recovery in the IPO markets; FSA report on the failure of Royal Bank of Scotlandhttp://www.nabarro.com/Downloads/Financial-Sector-update-January-2012.pdfWed, 11 Jan 2012 00:00:00 GMThttp://www.nabarro.com/Downloads/Financial-Sector-update-January-2012.pdfWhen a company enters either administration or liquidation, creditors must establish their right to participate in any distribution that may eventually be made. The procedure by which a creditor establishes that entitlement is known as the proof of debt procedure.http://www.nabarro.com/Downloads/Proof_of_debt_January_2012.pdfMon, 09 Jan 2012 00:00:00 GMThttp://www.nabarro.com/Downloads/Proof_of_debt_January_2012.pdfAdministration is a statutory rescue procedure for companies that are experiencing financial difficulties. The bulk of the legislation relating to administration can be found in Schedule B1 to the Insolvency Act 1986 (the Act) and Part 2 of the Insolvency Rules 1986 (the Rules).http://www.nabarro.com/Downloads/Administration_England_Spring_2012.pdfMon, 09 Jan 2012 00:00:00 GMThttp://www.nabarro.com/Downloads/Administration_England_Spring_2012.pdfFollowing the launch of Nabarro LLPs Annual Pensions Survey in 2010, we have updated and expanded our questions for 2011.http://www.nabarro.com/Downloads/10387.pdfMon, 09 Jan 2012 00:00:00 GMThttp://www.nabarro.com/Downloads/10387.pdfWelcome to the November edition of TransAtlantic, where we look at a number of issues impacting on US companies doing business in the UK and Europe.http://www.nabarro.com/Downloads/Transatlantic-November-2011.pdfWed, 04 Jan 2012 00:00:00 GMThttp://www.nabarro.com/Downloads/Transatlantic-November-2011.pdfBloomberg Law Reports (3 January 2012). UK Financial Services Law - contributed by Adrian Brown and Sam Robinsonhttp://www.nabarro.com/Downloads/Regulated_covered_bonds .pdfTue, 03 Jan 2012 00:00:00 GMThttp://www.nabarro.com/Downloads/Regulated_covered_bonds .pdfCompliance update December 2011http://www.nabarro.com/Downloads/Compliance-Update-December-2011.pdfFri, 23 Dec 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Compliance-Update-December-2011.pdfProperty contracts: creating a contract by email and the importance of clear drafting; Dilapidations Protocol to become part of the Civil Procedure Rules; Interim rent: it is for the court to decide what is reasonable; Litigation or arbitration? The claimant must choose which procedure to follow; Consultation on reform of bankruptcy and winding up procedureshttp://www.nabarro.com/Downloads/QuarterDay-Christmas-Day-2011.pdfFri, 23 Dec 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/QuarterDay-Christmas-Day-2011.pdfEvery year, the Financial Services Authority (FSA) publishes its business plan which outlines its key priorities for the coming year. When the FSA published the Business Plan 2011/12 this April, unlike other years there was also the additional challenge of managing the regulatory reform agenda of dividing the FSAs responsibilities between the new regulatory authorities of the Prudential Regulatory Authority (PRA) and the Financial Conduct Authority (FCA).<br> This article summarises a number of the issues raised by the FSA in its latest Business Plan, and the subsequent steps that the FSA has taken in relation to these issues, which relate to certain key developments in compliance systems and obligations that will be placed on firms.<br> First published in UK Financial Services Law, 22 December 2011 edition. Contributed by Adrian Brown and Sam Robinsonhttp://www.nabarro.com/Downloads/Regulatory-progress_on_key_issues.pdfThu, 22 Dec 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Regulatory-progress_on_key_issues.pdfIndia Group update: investors support strong Indian businesseshttp://www.nabarro.com/Downloads/India-Group-update-November-2011.pdfThu, 22 Dec 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/India-Group-update-November-2011.pdfOn 15 December, the Department of Energy and Climate Change (DECC) released a technical update to the Electricity Market Reform (EMR) White Paper Planning our electric future: a White Paper for secure, affordable and low-carbon electricity.http://www.nabarro.com/Downloads/CCE-electricity-market-reform-white-paper.pdfMon, 19 Dec 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/CCE-electricity-market-reform-white-paper.pdfEU & Competition team newsletterhttp://www.nabarro.com/Downloads/Brussels-update-16-December-2011.pdfFri, 16 Dec 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Brussels-update-16-December-2011.pdfChancellor's Autumn Statement/Finance Bill 2012; PPF levy 2012/13: final levy determination and contingent asset guidance/parent company guarantees; Calculating pension loss: EAT says 'pick and mix' sometimes permissible; Automatic enrolment timetable: extension for small businesses; NAPF Corporate Governance Policy and Voting Guidelines 2011; And finally http://www.nabarro.com/Downloads/Pensions-update-December-2011.pdfFri, 16 Dec 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Pensions-update-December-2011.pdfData is a key asset of modern business, and the law on privacy and data protection is therefore central to most businesses.http://www.nabarro.com/Downloads/FIRE-leaked-EU-privacy-rules.pdfThu, 15 Dec 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/FIRE-leaked-EU-privacy-rules.pdfThis week we hosted a seminar launching the results of our real estate fund trends survey 2011/12. http://www.nabarro.com/Downloads/FIRE-Fund-Trends-Survey-2011-12.pdfThu, 15 Dec 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/FIRE-Fund-Trends-Survey-2011-12.pdfIn a stunning development, the new draft EU legislation on privacy and data protection has been leaked online by the civil liberties group, Statewatch.http://www.nabarro.com/Downloads/IP-IT-Leaked-EU-privacy-rules-introduce-substantial-penalties.pdfThu, 15 Dec 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/IP-IT-Leaked-EU-privacy-rules-introduce-substantial-penalties.pdfInvestment appetite for risk has diminished and core funds appear now to be the preferred investment model. Large investors though are forming clubs and joint ventures or participating in co-investment opportunities with market specialists. Those who can, and have the skill and expertise, have been moving away from passive fund investment.http://www.nabarro.com/Downloads/10268.pdfWed, 14 Dec 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/10268.pdfThere is an inescapable flow of new European legal and regulatory measures coming our way and which potentially affect the real estate and funds sector.http://www.nabarro.com/Downloads/10370.pdfWed, 14 Dec 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/10370.pdfNabarro's <b>Ian Lowe</b> discusses the controversial ACTA signing ceremony and ponders whether it will ever be implemented.<p>First published in <b>Intellectual Property Magazine </b>December 2011/January 2012 edition.http://www.nabarro.com/Downloads/014-IPM-Dec11Jan12-TT.pdfWed, 14 Dec 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/014-IPM-Dec11Jan12-TT.pdfOn 6 December HMRC finally released the detailed draft changes to the REIT regime promised in late summer. Whilst there were a few disappointments for some, there were no major surprises.http://www.nabarro.com/Downloads/Tax-REITs-changes-released.pdfTue, 13 Dec 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Tax-REITs-changes-released.pdfThis note provides a short summary of receivership and covers some of the most frequently asked questions. The note is intended to be a general overview and specific advice should be taken in individual cases.http://www.nabarro.com/Downloads/Receiverships-a-guide-Autumn-2011.pdfTue, 13 Dec 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Receiverships-a-guide-Autumn-2011.pdfThe Court of Justice of the European Union (CJEU) has ruled that fake goods arriving from outside the EU, supposedly en route to other non-EU countries, cannot be confiscated unless there is proof they are intended for sale in the EU.http://www.nabarro.com/Downloads/IP-alert-fake-goods-in-transit.pdfThu, 08 Dec 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/IP-alert-fake-goods-in-transit.pdfThe Alternative Investment Managers Directive (AIFMD) has taken another big step forward. The European Securities and Markets Authority (ESMA) has issued its final Level 2 advice on the detailed rules required to underpin AIFMD. But there is still work to be done the European Commission is expected to publish draft Level 2 rules in early 2012 and national rules must then be formulated in time for AIFMDs implementation on 22 July 2013.http://www.nabarro.com/Downloads/FIRE-alert-AIFMD–ESMAs-final-advice.pdfThu, 08 Dec 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/FIRE-alert-AIFMD–ESMAs-final-advice.pdfOn 16 November, the European Securities and Markets Authority (ESMA) published its technical advice on implementing the Alternative Investment Fund Managers Directive (AIFMD).http://www.nabarro.com/Downloads/Financial-Regulations-AIFMD-ESMAs-technical-advice.pdfThu, 08 Dec 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Financial-Regulations-AIFMD-ESMAs-technical-advice.pdfThe continuing economic downturn has led to a new surge in the number of employees being made redundant. In this briefing we highlight several recent developments in this area of law.http://www.nabarro.com/Downloads/Employment-handling-redundancies.pdfMon, 05 Dec 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Employment-handling-redundancies.pdfBloomberg Law Reports (5 December 2011). UK Financial Services Law - contributed by Adrian Brown and Sam Robinson.http://www.nabarro.com/Downloads/Key_Issues_in_the_FSA_Business_Plan_2011-12.pdfMon, 05 Dec 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Key_Issues_in_the_FSA_Business_Plan_2011-12.pdfEU & Competition team newsletterhttp://www.nabarro.com/Downloads/Brussels-update-1-December-2011.pdfFri, 02 Dec 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Brussels-update-1-December-2011.pdfCompliance update November 2011http://www.nabarro.com/Downloads/Compliance-Update-November-2011.pdfThu, 01 Dec 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Compliance-Update-November-2011.pdfA formal opinion issued today in the widely-followed IP Translator (C-307/10) case puts a nail in the coffin of the 'class heading' approach to filing Community (i.e. EU-wide) trade mark applications.http://www.nabarro.com/Downloads/IP-alert-EU-trade-mark-applicants.pdfThu, 01 Dec 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/IP-alert-EU-trade-mark-applicants.pdfIn late November, the Government unveiled plans to overhaul the current system for resolving employment disputes, coupled with far-reaching plans to revamp employment tribunals procedures and the laws governing complaints for, and in relation to, unfair dismissal, collective redundancies and TUPE transfers.http://www.nabarro.com/Downloads/Employment-Change-to-tribunal-case-resolution.pdfWed, 30 Nov 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Employment-Change-to-tribunal-case-resolution.pdfPensions Act 2011; Pension schemes as super-creditors: Court of Appeal rules in Nortel and Lehman Brothers; Incomplete scheme amendment: High Court offers a lifeline; Hybrid schemes: new statement from the Regulator; Reduction in Lifetime Allowance: HMRC guidance on applying for Fixed Protectionhttp://www.nabarro.com/Downloads/Pensions-update-November-2011.pdfTue, 29 Nov 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Pensions-update-November-2011.pdfHot on the heels of our latest 'Sickness and holiday' briefing, the ECJ has just confirmed that employers can rely on express national measures that limit carry-over of accrued, untaken, holiday.http://www.nabarro.com/Downloads/Employment-alert-Sickness-and-holiday-November-2011.pdfWed, 23 Nov 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Employment-alert-Sickness-and-holiday-November-2011.pdfRegular readers of our briefings will be familiar with the sickness absence/holiday rights run of cases in recent years. New tribunal and, more recently EAT, decisions are coming thick and fast. Unfortunately, they are often inconsistent and may leave employers with less clarity than before.http://www.nabarro.com/Downloads/Employment-Sickness-and-holiday-use-it-or-lose-it.pdfThu, 17 Nov 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Employment-Sickness-and-holiday-use-it-or-lose-it.pdfFrom March 2009, Financial Services Authority (FSA)-authorised firms have been required to record certain voice conversations and electronic communications. While firms were not required to record such conversations or communications that were made with, sent from or received on a mobile telephone or other mobile handheld electronic communication device, this exemption has been removed from November 14, 2011. <br> This flowchart summarises the types of conversations and communications that will need to be recorded under the rules in Chapter 11.8 of the Conduct of Business Sourcebook from November 14, 2011 onwards.<br> (First published by Thomson Reuters on 14 November 2011)http://www.nabarro.com/Downloads/FSA_telephone_recording_rules_flowchart.pdfMon, 14 Nov 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/FSA_telephone_recording_rules_flowchart.pdfReal Estate newsletter - November 2011 http://www.nabarro.com/Downloads/Real-Estate-newsletter-10-November-2011.pdfThu, 10 Nov 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Real-Estate-newsletter-10-November-2011.pdfEU & Competition team newsletterhttp://www.nabarro.com/Downloads/Brussels-Update-10-November-2011.PDFThu, 10 Nov 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Brussels-Update-10-November-2011.PDFBloomberg Law Reports (7 November 2011). UK Financial Services Law - contributed by Adrian Brown and Sam Robinson.http://www.nabarro.com/Downloads/Impact_of_the_new_uk_twin_peaks_structure.pdfMon, 07 Nov 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Impact_of_the_new_uk_twin_peaks_structure.pdfOn 31 October, the Department of Energy and Climate Change announced it was consulting on yet further cuts to the Feed-in Tariff scheme for solar PV.http://www.nabarro.com/Downloads/CCE-Alert-Feed-in-Tariffs-rates-for-solar-PV-likely-to-be-slashed.pdfThu, 03 Nov 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/CCE-Alert-Feed-in-Tariffs-rates-for-solar-PV-likely-to-be-slashed.pdfConstruction Act changes what you need to know; NHBC Buildmark Cover homeowners may not be required to give written notification of defects; Adjudication does a withholding notice have to be issued in order to raise a counterclaim?; Part 36 A Cautionary Tale..http://www.nabarro.com/Downloads/Construction-and-Engineering-update-October-2011.pdfTue, 01 Nov 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Construction-and-Engineering-update-October-2011.pdfTHOMSON REUTERS ACCELUS (1 November 2011)<br>FSA focuses on systems and controls with 5.95 million fine on Credit Suisse UK<br>contributed by Sam Robinsonhttp://www.nabarro.com/Downloads/FSA_focuses_on_systems_and_controls_with_5.95m_fine_Credit_Suisse_UK.pdfTue, 01 Nov 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/FSA_focuses_on_systems_and_controls_with_5.95m_fine_Credit_Suisse_UK.pdfUK opposes European Commission plans for a financial transaction tax; Ramifications of the final report of the Independent Commission on Banking (ICB); Bribery Act 2010 claims its first victim; Commission publishes provisional MiFID II proposals; European Parliament and Presidency agree to ban short selling and credit default swaps; LSE acquisition of Transaction Reporting System; How prominent are your financial promotions? Changes to BIPRU FSA rules for calculating group capital requirements; FSA and Swiss Regulator launch investigation into UBS; Joint Committee publishes responses to the draft Financial Services Bill; UK Government to challenge European Central Bank rules on clearing; Consultation on anti-money laundering guidance; FSA publishes finalised guidance on remuneration; FSA publishes guidelines on 'buy out' awards for new staff; FSA updates approved persons webpagehttp://www.nabarro.com/Downloads/Compliance-Update-October-2011.pdfMon, 31 Oct 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Compliance-Update-October-2011.pdfHEADLINES: ICB Report: No big surprises so what next?; How hard is it to leave English employment law behind?; As the Euro-crisis intensifies, are we better prepared for financial institution failures?; How to lose $2.3bn before getting caught: 'rogue trader' returnshttp://www.nabarro.com/Downloads/Financial-Sector-update-October-2011.pdfFri, 28 Oct 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Financial-Sector-update-October-2011.pdfFollowing a review of the Markets in Financial Instruments Directive (MiFID), on 20 October 2011 the European Commission (the Commission) published its proposals for revisions to MiFID.http://www.nabarro.com/Downloads/Financial-Services-MiFID-review.pdfThu, 27 Oct 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Financial-Services-MiFID-review.pdfPPF levy 2012/13: important information, especially for those with parent company guarantees; Identify your statutory employer(s) now; Pensions Bill: another stage completed; Employer debt: amendments delayed; LGPS reform: consultation; Pensions Regulator: DC scheme governance guidelineshttp://www.nabarro.com/Downloads/Pensions-Update-October-2011.pdfWed, 26 Oct 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Pensions-Update-October-2011.pdfEU & Competition team newsletterhttp://www.nabarro.com/Downloads/Brussels-Update-21-October-2011.PDFFri, 21 Oct 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Brussels-Update-21-October-2011.PDFFrom 1 November 2011 trustees are required to list each of their scheme's 'statutory employers' on the information provided to the Pensions Regulator in the scheme return previously only current participating employers had to be identified. Essentially, statutory employers are those entities that satisfy the statutory definition of employer for the purposes of employer debt, scheme funding and Pension Protection Fund eligibility and may well include employers that have ceased to participate in the scheme. The definitions are slightly different for each of the three categories and trustees may need to undertake significant investigations to satisfy the Regulator's new requirement. http://www.nabarro.com/Downloads/Pensions- Identifying-the-statutory-employer.pdfFri, 21 Oct 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Pensions- Identifying-the-statutory-employer.pdfAfter months of delay, the Department of Energy and Climate Change (DECC) have today launched their consultation on the banding of the Renewable Obligation Certificates (ROCs) available under the Renewables Obligation (RO) scheme. DECC claim that this review of the renewable incentives will bring forward a surge of investment in our energy infrastructure.http://www.nabarro.com/Downloads/CCE-Alert-Proposed-Renewables-Obligation-21-October-2011.pdfThu, 20 Oct 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/CCE-Alert-Proposed-Renewables-Obligation-21-October-2011.pdfAs a result of a judicial listing policy which has now been successfully piloted and rolled out nationwide, all claims for unfair dismissal only will be listed for a one day hearing to take place within 16 weeks of a claim being issued.http://www.nabarro.com/Downloads/Employment-Tribunals-expedite-unfair-dismissal-claims.pdfWed, 19 Oct 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Employment-Tribunals-expedite-unfair-dismissal-claims.pdfCorporate governance is firmly on the agenda this autumn, with a renewed focus on gender diversity in the boardroom and a slew of recent statements and consultations on executive remuneration.http://www.nabarro.com/Downloads/Corporate-Corporate-governance-in-the-spotlight-again.pdfTue, 18 Oct 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Corporate-Corporate-governance-in-the-spotlight-again.pdfBloomberg Law Reports (17 October 2011). UK Financial Services Law - contributed by Adrian Brown and Sam Robinsonhttp://www.nabarro.com/Downloads/Unregulated_Collective_Investment_Schemes.pdfMon, 17 Oct 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Unregulated_Collective_Investment_Schemes.pdfECJ rejects retirement at 60 for airline pilots; PPF levy: the importance of being accurate; VAT recovery: The Wheels case rolls on; Drawdown: guidance for Scheme Administrators on assessing the MIR; The end of DC contracting out: further guidance from HMRC; Incorrect information: Ombudsman makes an award for lost earningshttp://www.nabarro.com/Downloads/Pensions-Update-September-2011.pdfMon, 10 Oct 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Pensions-Update-September-2011.pdfOn 19 September 2011, the Internet Corporation for Assigned Names and Numbers (ICANN) released its Guidebook to one of the biggest changes in Internet naming history. http://www.nabarro.com/Downloads/IP-new-generic-TLDs.pdfFri, 07 Oct 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/IP-new-generic-TLDs.pdfWe recently hosted a seminar highlighting legal updates arising over the course of this year on Regulatory update key issues on the AIFM Directive, EMIR on OTC Derivatives and Solvency II; The REITs consultation; Rights of light and Other legal updates lease guarantees, the Bribery Act and registration of fund managers with the SEC under the US Investment Advisers Act. This autumn briefing sets out the key messages from this seminar, and some practical action for your business to consider.http://www.nabarro.com/Downloads/FIRE-legal-update-october-2011.pdfWed, 05 Oct 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/FIRE-legal-update-october-2011.pdfCompetition partner Brian Sher joined Justice Minister Ken Clarke and others at a high profile conference in New Delhi on 26 September.http://www.nabarro.com/Downloads/Environment-briefing-Record-fines-handed-out-for-packaging-waste-offences.pdfTue, 04 Oct 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Environment-briefing-Record-fines-handed-out-for-packaging-waste-offences.pdfWelcome to our second Nabarro Clarity Guide. This Guide looks separately at what questions Employers and Trustees should consider and what issues are likely to arise when an Employer proposes changing a schemes benefit structure in particular, if the proposal relates to ceasing or reducing the rate of future accrual.http://www.nabarro.com/Downloads/Clarity_Guide_2.pdfTue, 04 Oct 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Clarity_Guide_2.pdfThe introduction of .xxx domain names was recently approved after many years of debate. ICM Registry, which will operate as the registry for .xxx domain names, has described .xxx as the most significant web suffix since .com was launched over 25 years ago. It is undoubtedly the most controversial. http://www.nabarro.com/Downloads/IP-xxx-domain-names.pdfTue, 04 Oct 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/IP-xxx-domain-names.pdfEU & Competition team newsletterhttp://www.nabarro.com/Downloads/Brussels-update-3-October-2011.pdfMon, 03 Oct 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Brussels-update-3-October-2011.pdfBloomberg Law Reports (3 October 2011). UK Financial Services Law - contributed by Adrian Brown and Sam Robinson.http://www.nabarro.com/Downloads/FSA_Client_Money.pdfMon, 03 Oct 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/FSA_Client_Money.pdfBloomberg Law Reports (3 October 2011). UK Financial Services Law - contributed by Adrian Brown and Sam Robinsonhttp://www.nabarro.com/Downloads/Amendments_to_the_prospectus_directive.pdfMon, 03 Oct 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Amendments_to_the_prospectus_directive.pdfSale by auction: a contract will only be corrected if there is an obvious mistake; Time for a change? The Law Commission to overhaul the law on easements and covenants; Business tenancies: landlord's intention to occupy need not be a prudent business decision; Guarantors: repeat guarantees are invalid following landmark Court of Appeal decision; Rent review: improvements will be rentalised if tenants cannot provide the necessary evidence http://www.nabarro.com/Downloads/QuarterDay-Michaelmas-2011.pdfThu, 29 Sep 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/QuarterDay-Michaelmas-2011.pdfA regional perspective of the Yorkshire and Humberhttp://www.nabarro.com/Downloads/Entrepreneur_Survey_2011.pdfMon, 26 Sep 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Entrepreneur_Survey_2011.pdfCompliance update September 2011http://www.nabarro.com/Downloads/Compliance-Update-September-2011.pdfWed, 14 Sep 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Compliance-Update-September-2011.pdfReal Estate newsletter - September 2011http://www.nabarro.com/Downloads/Real-Estate-update-September-2011.pdfTue, 13 Sep 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Real-Estate-update-September-2011.pdfWith the summer holiday season coming to an end, the time is apt to return to the issue of annual leave entitlement and sickness leave. http://www.nabarro.com/Downloads/Employment-Carry-over-of-annual-leave.pdfTue, 13 Sep 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Employment-Carry-over-of-annual-leave.pdfEU & Competition team newsletterhttp://www.nabarro.com/Downloads/Brussels-update-12-September-2011.pdfMon, 12 Sep 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Brussels-update-12-September-2011.pdfBloomberg Law Reports (5 September 2011). UK Financial Services Law - contributed by Sam Robinson.http://www.nabarro.com/Downloads/Financial_conduct_authority.pdfMon, 05 Sep 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Financial_conduct_authority.pdfBloomberg Law Reports (5 September 2011). UK Financial Services Law - contributed by Adrian Brown.http://www.nabarro.com/Downloads/Implementing_the_aifm_directive.pdfMon, 05 Sep 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Implementing_the_aifm_directive.pdfEarlier this month the Department of Health issued guidance on the future of Primary Care Trust Estates (PCT), in particular the transfer of property comprising 'service critical clinical infrastructure' to aspirant Community Foundation Trusts (aCFT), other NHS Trusts and Foundation Trusts (FT) (together Acquiring Trusts).http://www.nabarro.com/Downloads/Healthcare-PCT-estates.pdfTue, 30 Aug 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Healthcare-PCT-estates.pdfLast week the House of Commons Treasury Committee published its report on the Private Finance Initiative (PFI). The report is critical of PFI in many respects and calls for urgent reforms. http://www.nabarro.com/Downloads/Projects-PFI-is-dead.pdfFri, 26 Aug 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Projects-PFI-is-dead.pdf'Scheme pays' now operational; Finance Act 2011: HMRC materials; State pension reform: consultation response; Contracting-out: consultationhttp://www.nabarro.com/Downloads/Pensions-Update-August-2011.pdfTue, 23 Aug 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Pensions-Update-August-2011.pdfEU & Competition team newsletter http://www.nabarro.com/Downloads/Brussels-Update-19-Aug-2011.pdfFri, 19 Aug 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Brussels-Update-19-Aug-2011.pdfHMRC have published a consultation on the proposed introduction of a new VAT exemption that originates from EU law. http://www.nabarro.com/Downloads/Tax-shared-services-exemption.PDFTue, 16 Aug 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Tax-shared-services-exemption.PDFWelcome to the August edition of Nabarro's employment briefing. With one eye on international travel to hotter destinations, we'll be turning our mind to international assignments of employees, overseas postings and the complex subject of 'territorial jurisdiction'. http://www.nabarro.com/Downloads/Employment-International-employment.pdfWed, 03 Aug 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Employment-International-employment.pdfThe Health and Safety Executive wants to recover the costs it incurs in investigating a business found to be in material breach of health and safety law.http://www.nabarro.com/Downloads/Safety-Health-and-Environment-Alert-HSE-consultation.pdfMon, 01 Aug 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Safety-Health-and-Environment-Alert-HSE-consultation.pdfReform of the regulation of the financial services sector was inevitable following the global financial crisis. These reforms ae occurring on a global scale. This page is designed to keep you up to date on the latest proposals and commentary relating to the new approach to financial regulation in an easy to follow reference guide. http://www.nabarro.com/Services-Sectors/Practice_Areas/Financial_Services_Regulatory/UK_Regulatory_ReformFri, 29 Jul 2011 00:00:00 GMThttp://www.nabarro.com/Services-Sectors/Practice_Areas/Financial_Services_Regulatory/UK_Regulatory_ReformLast week, the Court of Justice of the European Union (the ECJ) delivered an important, employer-favourable, decision on compulsory retirement ages.http://www.nabarro.com/Downloads/Employment-Compulsory-retirement-of-employees.pdfThu, 28 Jul 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Employment-Compulsory-retirement-of-employees.pdfFinance Act 2011: no last minute surprises for pension schemes; Automatic enrolment: the end of the accidental jobholder; Employer debt: new flexibility on corporate restructuring; Pensions Ombudsman: reminded of his investigative powers; STOP PRESS: Supreme Court rules on meaning of 'money purchase scheme'http://www.nabarro.com/Downloads/Pensions-Update-July-2011.pdfThu, 28 Jul 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Pensions-Update-July-2011.pdfHEADLINES: FSA consults on guidance relating to the prominence of financial promotions; Government confirms dates to amend the prospectus regime; The new UK regulatory framework; FSA remuneration code FSA consults on the position of 'buy out' awards; ESMA publishes AIFMD implementing measures; Complaints Commissioner criticises FSAhttp://www.nabarro.com/Downloads/Compliance-Update-July-2011.pdfThu, 28 Jul 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Compliance-Update-July-2011.pdfEU & Competition team newsletterhttp://www.nabarro.com/Downloads/Brussels-update-27-July-2011.pdfWed, 27 Jul 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Brussels-update-27-July-2011.pdfA tenant's guarantor cannot be required to give a guarantee when the tenant assigns its lease. Such a guarantee will be invalid. This was confirmed today by the Court of Appeal in the long-awaited House of Fraser decision (which affirms the decision in the Good Harvest case).http://www.nabarro.com/Downloads/REDR-Court-of-Appeal-confirms-that-repeat-guarantors-are-unlawful.pdfWed, 27 Jul 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/REDR-Court-of-Appeal-confirms-that-repeat-guarantors-are-unlawful.pdfReal Estate newsletter - July 2011http://www.nabarro.com/Downloads/Real-Estate-newsletter-July-2011.pdfTue, 26 Jul 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Real-Estate-newsletter-July-2011.pdfHEADLINES: Bribery Act 2010 comes into force; UK Takeover Code: changes imminent; Prospectus requirements: two key exemptions widened; Requirement to announce inside information expanded; UK financial regulation: Government White Paper; European Commission Green Paper on corporate governance; Kay Review: investor behaviour and equity markets; PIRC: annual director elections now UK norm; Definition of a 'subsidiary': Supreme Court decisionhttp://www.nabarro.com/Downloads/Corporate-Update-July-2011.pdfMon, 25 Jul 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Corporate-Update-July-2011.pdfHEADLINES: Financial regulation reform: a blueprint; Fee estimates and the retail client; An .xxxtreme concern for brand owners?; A European trilogy on Regulation: AIFM, EMIR on OTC Derivatives and Solvency II; Changes to the FSA's approved persons regime; From the UKLA to the FCA: more intrusive supervision of issuers on the horizon?; E-money Regulations 2011; Target date set for Takeover Code amendmentshttp://www.nabarro.com/Downloads/Financial-Sector-update-July-2011.pdfThu, 21 Jul 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Financial-Sector-update-July-2011.pdfIn this video training session, members of the Nabarro employment team update you on new rights for agency workers which come into force on 1 October 2011.Thu, 21 Jul 2011 00:00:00 GMT/Services-Sectors/Practice_Areas/Employment/Agency_Workers.htmlThere is an inescapable flow of new legal and regulatory developments emerging from the UK and US governments, from global bodies and from the European Union (EU) and which potentially affect the real estate and funds sector. http://www.nabarro.com/Downloads/FIRE-Asian-regulatory-update-July-2011.pdfMon, 11 Jul 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/FIRE-Asian-regulatory-update-July-2011.pdfTHOMSON REUTERS ACCELUS TM (7 July 2011)<br>The changing world of payments: can regulation keep up?<br>contributed by Sam Robinsonhttp://www.nabarro.com/Downloads/The_changing_world_of_payments_can_regulation_keep_up.pdfThu, 07 Jul 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/The_changing_world_of_payments_can_regulation_keep_up.pdfEU & Competition team newsletter http://www.nabarro.com/Downloads/Brussels-update-6-July-2011.pdfWed, 06 Jul 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Brussels-update-6-July-2011.pdfThere is an inescapable flow of new European legal and regulatory measures coming our way and which potentially affect the real estate and funds sector. Of particular interest are recent developments in <strong>The Alternative Investment Fund Managers Directive</strong>; <strong>The European Market Infrastructure Regulation (EMIR) on Over the Counter (OTC) Derivatives</strong>; and <strong>Solvency II</strong>. http://www.nabarro.com/Downloads/FIRE-3-regulatory-updates-July-2011.pdfWed, 06 Jul 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/FIRE-3-regulatory-updates-July-2011.pdfThe Code Committee of the Takeover Panel has published guidance on the likely implementation date of the forthcoming Code amendments.http://www.nabarro.com/Downloads/Corporate-Takeover-Code-amendments-transitional-arrangements.pdfMon, 04 Jul 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Corporate-Takeover-Code-amendments-transitional-arrangements.pdfWelcome to our first Nabarro Clarity Guide. This is a quarterly series, which will cover important areas of law and practice for occupational pension schemes. Our intention is for you to pull out and keep the Guides for future reference. Our first Guide looks at those pensions cases that have stood the test of time and are still relevant today.http://www.nabarro.com/Downloads/Nabarro_Clarity_Guides.pdfMon, 04 Jul 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Nabarro_Clarity_Guides.pdfPensions Bill: progress; Finance Bill: progress; Employer asset-backed contributions: consultation; Automatic enrolment: more news; Public sector pensions reform: Government announcement; First contribution notice finally issuedhttp://www.nabarro.com/Downloads/Pensions-Update-June-2011.pdfTue, 28 Jun 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Pensions-Update-June-2011.pdfHEADLINES: Expert witness immunity abolished: expert witnesses can now be sued for negligence; Landlords and tenants: what to do if protestors occupy your property; Action group fails in battle with developer over village green; Developers ignore restrictive covenants at their peril; Expert determinations: their role in subsequent High Court proceedingshttp://www.nabarro.com/Downloads/QuarterDay-Midsummer-2011.pdfFri, 24 Jun 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/QuarterDay-Midsummer-2011.pdfGeorge Osborne's Mansion House speech on regulatory reform has resulted in the publication of a consultation document and draft legislation. http://www.nabarro.com/Downloads/FIRE-Financial-Regulation-Reform.pdfWed, 22 Jun 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/FIRE-Financial-Regulation-Reform.pdfEU & Competition team newsletter http://www.nabarro.com/Downloads/Brussels-Update-17-June-2011.pdfFri, 17 Jun 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Brussels-Update-17-June-2011.pdfThe Government confirmed on 9 June the reduction in feed-in tariffs available for generation of electricity by larger scale solar PV. The new tariffs will take effect from 1 August 2011.http://www.nabarro.com/Downloads/CCE-DECC-confirms-dramatic-cuts-for-feed-in-tariffs.pdfFri, 10 Jun 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/CCE-DECC-confirms-dramatic-cuts-for-feed-in-tariffs.pdfThe European Commission has published a proposed new Regulation on the power of Customs authorities in the EU to detain and destroy goods which infringe IP rights. The draft Regulation is the result of a public consultation and, if adopted, will replace Regulation 1383/2003/EC.http://www.nabarro.com/Downloads/IP-EU-Customs-parallel-imports.pdfThu, 09 Jun 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/IP-EU-Customs-parallel-imports.pdfHEADLINES: Greenhouse gas reporting...soon to be mandatory?; Smart grids, smart meters...where are we now?; Driving forward energy efficiency: the EU's low carbon economy 'Roadmap'; EU proposes a new energy efficiency directive; Developing 'Licence Lite': How local authorities could become licensed suppliers of electricity; Nuclear focus: the global fallout of the Fukushima disaster; Solar Firms launch Judicial Review of decision to cut Feed-in Tariffshttp://www.nabarro.com/Downloads/Climate-Change-and-Energy-Update-June-2011.pdfMon, 06 Jun 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Climate-Change-and-Energy-Update-June-2011.pdfPotential changes to the country's planning policy have been proposed in a draft of the National Planning Policy Framework (NPPF) recently presented to the Government. http://www.nabarro.com/Downloads/Planning-The-National-Planning-Policy-Framework-and-Demolition.pdfFri, 03 Jun 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Planning-The-National-Planning-Policy-Framework-and-Demolition.pdfA young growing company looking to raise finance from investors will need to understand the forms which an investment can take.http://www.nabarro.com/Downloads/Methods_of_investing_in_SMEs.pdfWed, 01 Jun 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Methods_of_investing_in_SMEs.pdfIf you asked an employer 'for how long, after the end of the employment, do you continue to owe duties to an ex-employee?' chances are the answers would range from 'a few weeks' to 'a few months'.http://www.nabarro.com/Downloads/Employment-risks-and-safeguards-when-providing-information-about-employees.pdfWed, 01 Jun 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Employment-risks-and-safeguards-when-providing-information-about-employees.pdfWelcome to the June Nabarro employment briefing. This month's attention is on a recent Court of Appeal decision which focuses on the interrelation between summary dismissals, PILON (payment in lieu of notice) payments and repudiatory termination.http://www.nabarro.com/Downloads/Employment-summary-terminations-and-PILONs-June-2011.pdfWed, 01 Jun 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Employment-summary-terminations-and-PILONs-June-2011.pdfShariah law provides the framework within which the public and private aspects of the lives of Muslims are regulated. The investment world has already seen an increased demand for Shariah compliant funds, and this trend is predicted to continue. It is anticipated that fund managers will seek to access the supply of equity available from Islamic investors, leading to a rise in the number of Shariah compliant real estate funds coming to market. This will lead to exciting times, as participants look to develop fund structures that both satisfy Shariah requirements and remain attractive to investors. http://www.nabarro.com/Downloads/Shariah_Compliant_Real_Estate_Funds.pdfWed, 01 Jun 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Shariah_Compliant_Real_Estate_Funds.pdfEU & Competition team newsletter http://www.nabarro.com/Downloads/Brussels-Update-31-May-2011.pdfTue, 31 May 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Brussels-Update-31-May-2011.pdfThe European Court has delivered its much awaited judgement in the Valencia case. The case relates to the Commission's challenge against Spain that 'integrated action programmes' are public works contracts and ought to be subject to public procurement. The Court dismissed the Commission's arguments, stating that it had failed to demonstrate that the main object of the contract is a public works contract. http://www.nabarro.com/Downloads/Projects-alert-Valencia.pdfThu, 26 May 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Projects-alert-Valencia.pdfAutomatic enrolment: more details emerging; Life cover for late retirees: trustee exemption unclear; Annual Allowance: not too late to change the Pension Input Period; PPF levy: a successful appeal and a new three year plan; Employer entitled to act in its own interests: Prudential pensioners fail in claim for inflation-proofing; Pensions Ombudsman: help for a lost member and support for trustees; Abolition of DC contracting out: countdown to April 2012http://www.nabarro.com/Downloads/Pensions-update-May-2011.pdfWed, 25 May 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Pensions-update-May-2011.pdfThe Government's 'Big Society' policy has, in recent months, been the subject of lively debate among public authorities and their employees, private sector providers of public services and the third sector.http://www.nabarro.com/Downloads/Projects-Mutuals-and-Social-Enterprises.PDFWed, 25 May 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Projects-Mutuals-and-Social-Enterprises.PDFAs part of its ongoing deficit reduction plan the Government has begun a number of initiatives to secure savings from major projects. The latest report from the National Audit Office, 'The Lessons from PFI and other projects' (28 April 2011), encourages the public sector act as a more demanding and intelligent customer, by harnessing government buying power through concerted tactics and tougher negotiation. What does this mean?http://www.nabarro.com/Downloads/Projects-Lessons-learnt-from-major-PFI-projects.pdfMon, 23 May 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Projects-Lessons-learnt-from-major-PFI-projects.pdfBloomberg Law Reports. Corporate Governance. Contributed by Adrian Brown.http://www.nabarro.com/Downloads/FSA_Remuneration_Code.pdfFri, 20 May 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/FSA_Remuneration_Code.pdfBloomberg Law Reports. Controlled Functions. Contributed by Sam Robinsonhttp://www.nabarro.com/Downloads/Changes_to_the_approved_person_regime.pdfFri, 20 May 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Changes_to_the_approved_person_regime.pdfReal Estate newsletter - May 2011http://www.nabarro.com/Downloads/Real-Estate-newsletter-May-2011.pdfThu, 19 May 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Real-Estate-newsletter-May-2011.pdfTHOMSON REUTERS ACCELUS TM (17 May 2011) <p>FSA Compliance Update - significant influence controlled functions<br>contributed by Sam Robinsonhttp://www.nabarro.com/Downloads/FSA_Compliance_Update_Significan_influence_controlled_functions.pdfTue, 17 May 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/FSA_Compliance_Update_Significan_influence_controlled_functions.pdfOn 10 May 2011, the Energy secretary Chris Huhne announced plans to introduce regulations to ensure rented properties meet minimum energy efficiency standards under the Green Deal.http://www.nabarro.com/Downloads/CCE-Alert-Energy-efficiency.pdfMon, 16 May 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/CCE-Alert-Energy-efficiency.pdfNabarro has submitted a comprehensive response to the European Commission's consultation on the modernisation of the public procurement rules. http://www.nabarro.com/Downloads/Projects-procurement-consultation.pdfThu, 12 May 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Projects-procurement-consultation.pdfEU & Competition team newsletterhttp://www.nabarro.com/Downloads/Brussels-Update-12-May-2011.pdfThu, 12 May 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Brussels-Update-12-May-2011.pdfFollowing our recent briefing on the DV3 decision, the Tax Tribunal has confirmed that HMRC have submitted an application to appeal the First Tier Tribunal's decision.http://www.nabarro.com/Downloads/Tax-alert-DV3-28-April-2011.pdfThu, 28 Apr 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Tax-alert-DV3-28-April-2011.pdfEU & Competition team newsletterhttp://www.nabarro.com/Downloads/Brussels-update-26-April-2011.pdfTue, 26 Apr 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Brussels-update-26-April-2011.pdfSite Waste Management Plans: beware unlimited fines for client and contractor; Contractors' rights to suspend works and terminate contracts under FIDIC and the UAE Civil Code; Abolition of expert witness immunity by the Supreme Court - implications for the resolution of constructions disputes; Be careful what you say - the erosion of the sanctity of the 'Without Prejudice' rule; Competition Appeal Tribunal slashes OFT construction fineshttp://www.nabarro.com/Downloads/Construction-and-Engineering-update-April-2011.pdfWed, 20 Apr 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Construction-and-Engineering-update-April-2011.pdfPensions Bill: progress; State pension reform: consultation; Finance Bill: progress; Early access to pensions put on hold; Local Authority workforce code abolished; GMP increase order 2011; HMRC updates guidance for scheme administrators; Statutory money purchase illustrations: BAS proposes changeshttp://www.nabarro.com/Downloads/Pensions-Update-April-2011.pdfWed, 20 Apr 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Pensions-Update-April-2011.pdfHEADLINES: The Bribery Act 2010; Employment UK new employment rights at a glance; Health & Safety; Planninghttp://www.nabarro.com/Downloads/Retail-Group-update-April-2011.pdfWed, 20 Apr 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Retail-Group-update-April-2011.pdfListen to Michal Stein discuss compulsory retirement and other April 2011 employment law changes with Jeya Thiruchelvam of XpertHR.Wed, 20 Apr 2011 00:00:00 GMThttp://www.nabarro.com/Services-Sectors/Practice_Areas/Employment/Justifying_a_compulsory_retirement_age.htmlThe long awaited 'Review of Capital Education' has finally been published and, as expected, the report focuses on the bureaucracy involved in the Building Schools for the Future (BSF) programme, summarising it as 'cumbersome', with accountability for time, cost and quality being dispersed across a raft of individual capital investment programmes. http://www.nabarro.com/Downloads/Projects-The-James-Review.pdfTue, 19 Apr 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Projects-The-James-Review.pdfWhen looking at acquiring new premises, a new start up company needs to balance flexibility and cost.http://www.nabarro.com/Downloads/To_lease_or_not_to_lease.pdfFri, 15 Apr 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/To_lease_or_not_to_lease.pdfThe ECJ has recently published its judgment in the joint cases of Manfred Bog, CinemaxX, Lohneyer and Fleifscherei regarding the sale of hot food.http://www.nabarro.com/Downloads/Tax-Would-you-like-a-side-of-VAT-with-that-Burger.pdfThu, 14 Apr 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Tax-Would-you-like-a-side-of-VAT-with-that-Burger.pdfThe response to the financial crisis is producing a continual stream of proposals to monitor. In many cases, they dont hit the mark, or hit the wrong one. Solvency II does not sound as if it has a real estate angle. However, once its capital requirements are read, it clearly does.http://www.nabarro.com/Downloads/FIRE-Solvency-II-April-2011.pdfWed, 13 Apr 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/FIRE-Solvency-II-April-2011.pdfIan Lowe of Nabarro LLP looks at the concerns over ACTAhttp://www.nabarro.com/Downloads/ACTA-article-Ian-Lowe.pdfWed, 13 Apr 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/ACTA-article-Ian-Lowe.pdfIs the UK about to dismantle a hurdle to the launch of a generic pharmaceutical product, asks Nabarro's Jonathan Radcliffe.http://www.nabarro.com/Downloads/The-patent-files-Jonathan-Radcliffe-1.pdfWed, 13 Apr 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/The-patent-files-Jonathan-Radcliffe-1.pdfOn 1 April 2011, the Government published the long-awaited (draft) guidance on the Agency Workers Regulations 2010 (the Regulations). http://www.nabarro.com/Downloads/Employment-Government-guidance-on-Temps-Rules.pdfWed, 13 Apr 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Employment-Government-guidance-on-Temps-Rules.pdfOn 12 September 2010, the Basel Committee on Banking Supervision (BCBS), following a period of consultation with the banking sector, agreed increases in capital and new liquidity requirements for banks. The new global standards will be more prescriptive concerning the type of capital that banks will be required to maintain in future and the new liquidity standards will specify the types of assets that banks must hold to meet cash flow and collateral needs efficiently.http://www.nabarro.com/Downloads/Banking-and-finance-Basel-III-Jan-2011.pdfMon, 11 Apr 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Banking-and-finance-Basel-III-Jan-2011.pdfThe rule in Hastings-Bass had been settled law for many years. Trustees and other fiduciaries were able to apply to the court to set aside as void a decision arising from an exercise of their discretionary power which later turned out to have unforeseen or unintended consequences. http://www.nabarro.com/Downloads/Tax-The-end-of-the-principle-in-Hastings-Bass.pdfMon, 11 Apr 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Tax-The-end-of-the-principle-in-Hastings-Bass.pdfHMRC have lost the first ever SDLT avoidance case in the First Tier Tribunal (FTT). http://www.nabarro.com/Downloads/Tax-tackling-SDLT-avoidance.pdfThu, 07 Apr 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Tax-tackling-SDLT-avoidance.pdfThe Ministry of Justice (MoJ) recently announced that the Bribery Act 2010 will come into force on 1 July 2011. Although private equity and venture capital firms (firms) operating in the regulated sector are already subject to various anti-corruption requirements, now is a good opportunity for firms to: Ensure that they are familiar with the scope of the offences created by the Bribery Act; Understand the risks in relation to investee companies and at the firm level; and Prepare for the practical impact of the legislation in the context of transactions and doing business generally. http://www.nabarro.com/Downloads/Private-Equity-Venture-Capital-The-Bribery-Act-April-2011.pdfThu, 07 Apr 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Private-Equity-Venture-Capital-The-Bribery-Act-April-2011.pdfHEADLINES: Takeover Code amendments: empowering targets against unwanted approaches; Payment Services Compliance - Have you considered issuing e money?; Investment Trust Companies: A modernised onshore fund vehicle on the horizon; What is the true cost of your property?; Regulatory developments and EMIRhttp://www.nabarro.com/Downloads/Financial-Sector-update-April-2011.pdfThu, 07 Apr 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Financial-Sector-update-April-2011.pdfThe appeal of the High Court Judgment in the Heaney case has settled before it reached the Court of Appeal. http://www.nabarro.com/Downloads/REDR-Heaney-appeal-settled.pdfTue, 05 Apr 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/REDR-Heaney-appeal-settled.pdfThe government has announced that it has abolished the Code of Practice on Workforce Matters in Local Authority Service Contracts and a similar Code for other Best Value authorities. http://www.nabarro.com/Downloads/Employment-Government-abolishes-the-local-authority-workforce-code.pdfTue, 05 Apr 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Employment-Government-abolishes-the-local-authority-workforce-code.pdfEmployers will soon have to start paying pension contributions for most of their employees aged between 22 and state pension age. Implementation of the auto enrolment new regime will start from 1 October 2012. The new legal requirements will involve changes for almost all UK employers, even those with long-established pension schemes so it is important to start planning now. http://www.nabarro.com/Downloads/Pensions-Auto-enrolment.pdfTue, 05 Apr 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Pensions-Auto-enrolment.pdfUnder its Transparency Agenda, the Government aims to publish government tender and contractual information. The idea is to allow the public to see more clearly where money is being spent and on what. http://www.nabarro.com/Downloads/Defence-Defence-Transparency-Agenda.pdfMon, 04 Apr 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Defence-Defence-Transparency-Agenda.pdfWelcome to the March 2011 edition of TransAtlantic, where we look at a number of issues that impact US companies doing business in the UK.http://www.nabarro.com/Downloads/Transatlantic-March-2011.pdfThu, 31 Mar 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Transatlantic-March-2011.pdfUnpaid work has hit the headlines more than once in the past few months. David Cameron exhorted jobseekers to take it up for the sake of the Big Society; whilst some of our famous London galleries and museums have been accused of exploitation by Luciana Berger (the Labour MP) for the length of their unpaid (or expenses-only) internships. http://www.nabarro.com/Downloads/Employment-Experience-or-exploitation.pdfThu, 31 Mar 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Employment-Experience-or-exploitation.pdfThe Ministry of Justice has published its guidance on the procedures businesses can put in place to protect themselves against liability for bribery by those associated with them.http://www.nabarro.com/Downloads/Corporate-Alert-Bribery-Act.pdfThu, 31 Mar 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Corporate-Alert-Bribery-Act.pdfThere is an ever increasing volume of new legal and regulatory measures coming our way and which potentially affect the real estate and funds sector.http://www.nabarro.com/Downloads/FIRE-Regulatory-developments-and-EMIR.pdfThu, 31 Mar 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/FIRE-Regulatory-developments-and-EMIR.pdfEU & Competition team newsletterhttp://www.nabarro.com/Downloads/Brussels-update-29-March-2011.pdfTue, 29 Mar 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Brussels-update-29-March-2011.pdfThe outlook for the UK economy continues to be uncertain. Business failure and tenant administration are commonplace problems for landlords and property investors.http://www.nabarro.com/Downloads/REDR-and-Insolvency-Prepack-administrations-and-CVAs.pdfMon, 28 Mar 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/REDR-and-Insolvency-Prepack-administrations-and-CVAs.pdfHEADLINES: Break notices: when a defective notice can still terminate the lease; Beware! A valid contract can be formed by an exchange of emails; Occupier's liability: Council not liable for reckless behaviour; Judicial review: how to challenge public law decisions; Rights of way: how to establish a right of way over your neighbour's propertyhttp://www.nabarro.com/Downloads/QuarterDay-Lady-Day-2011.pdfFri, 25 Mar 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/QuarterDay-Lady-Day-2011.pdfBudget 2011: no surprises for pensions; Sex based annuity rates: outlawed from December 2012; Scheme pays: detail left to administrators; Public Sector pensions: Hutton Report and Fair Deal review; Abolition of DC contracting-out: on your marks for 2012; Ineffective equalisation: the importance of the power of amendment; Overturning trustee decisions: after Hastings Bass; 6 April 2011: lots of new regulationshttp://www.nabarro.com/Downloads/Pensions-Update-March-2011.pdfFri, 25 Mar 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Pensions-Update-March-2011.pdfThe Takeover Panel has finally produced draft proposals to implement the Code Committee's recommendations from October 2010, which largely reflect and expand on the previous conclusions (despite some last minute lobbying from the private equity industry in particular).http://www.nabarro.com/Downloads/Corporate-briefing-Takeover-Code-March-2011.pdfThu, 24 Mar 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Corporate-briefing-Takeover-Code-March-2011.pdfLate last year, HMRC announced changes to the taxation regime of termination payments. Details of the changes have recently been published in Regulations.http://www.nabarro.com/Downloads/Employment-Tax-PAYE-termination-payments.pdfThu, 24 Mar 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Employment-Tax-PAYE-termination-payments.pdfToday, 18 March, the Department for Energy and Climate Change announced their proposals to reduce the financial support available to larger scale solar PV under the Feed-in Tariff Scheme. http://www.nabarro.com/Downloads/CCE-FITs-for-larger-scale-solar.pdfWed, 23 Mar 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/CCE-FITs-for-larger-scale-solar.pdfThis briefing outlines the decisions and actions that listed companies need to consider as they prepare for 2011 AGMs. http://www.nabarro.com/Downloads/Corporate-Preparing-for-your-AGM-in-2011.pdfWed, 23 Mar 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Corporate-Preparing-for-your-AGM-in-2011.pdfTHOMSON REUTERS ACCELUS TM (21 March 2011) <br>Payment services compliance update - have you considered issuing e-money?<br> contributed by Sam Robinsonhttp://www.nabarro.com/Downloads/Payment_services_compliance_update_e-money.pdfMon, 21 Mar 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Payment_services_compliance_update_e-money.pdfDeadlines for submitting information to the PPF for the 2011/12 and 2012/13 levy are looming. It is very important for schemes not to miss these if they wish that information to be taken into account in the calculation of the levy. Failure to provide the information on time will mean missing out on a potential reduction in the risk-based levy.http://www.nabarro.com/Downloads/Pensions-alert-PPF-levy-dont-miss-the-deadlines.pdfTue, 15 Mar 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Pensions-alert-PPF-levy-dont-miss-the-deadlines.pdfIn this recorded session, members of the Nabarro employment team examine how you may identify and deal with a grievance under the ACAS Code of Practice; look at the practical steps you can take to maximise compliance with the current legal regime; explore the issues of privilege within the grievance process and review the pros and cons for using private or judicial mediation. Tue, 15 Mar 2011 00:00:00 GMT/Services-Sectors/Practice_Areas/Employment/Grievance.htmlHEADLINES: Government aims to 'revolutionise' renewable heat; Government 'clarifies' application of State Aid rules to the Feed-in Tariff; CRC: the first round of reforms to become law on 1 April 2011; Going greener: the Coalition's Green Deal policy continues to develop; Nuclear news: recent developments in the nuclear energy sector; Wind Energy; The first review of the Feed-In Tariff Scheme begins earlyhttp://www.nabarro.com/Downloads/Climate-Change-and-Energy-Update-March-2011.pdfMon, 14 Mar 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Climate-Change-and-Energy-Update-March-2011.pdfReal Estate newsletter - March 2011http://www.nabarro.com/Downloads/Real-Estate-Newsletter-March-2011.pdfMon, 14 Mar 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Real-Estate-Newsletter-March-2011.pdfReal Estate industry issues legal and regulatory round uphttp://www.nabarro.com/Downloads/9889.pdfMon, 14 Mar 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/9889.pdfThe recent case of Cephalon Inc v Orchid Europe gives the first signs that the UK may be about to dismantle the hurdle - unknown in mainland Europe - of 'clearing the way', which is put in the way of the launch of a generic pharmaceutical product. http://www.nabarro.com/Downloads/Life-Sciences-IP-clearing-the-way.pdfFri, 11 Mar 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Life-Sciences-IP-clearing-the-way.pdfGetting your company investor ready for this important tax reliefhttp://www.nabarro.com/Downloads/Enterprise-Investment-Scheme.pdfThu, 10 Mar 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Enterprise-Investment-Scheme.pdfOur guide to preventing the acquisition of a right of light, using a Light Obstruction Noticehttp://www.nabarro.com/Downloads/Rights_of_Light_guide.pdfTue, 08 Mar 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Rights_of_Light_guide.pdfIf you want to retire an employee without running the risk of age discrimination claims, you now only have a few weeks to do so. http://www.nabarro.com/Downloads/Employment-relating-to-retiring-employees.pdfMon, 07 Mar 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Employment-relating-to-retiring-employees.pdfEU & Competition team newsletterhttp://www.nabarro.com/Downloads/Brussels-update-4-March-2011.pdfFri, 04 Mar 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Brussels-update-4-March-2011.pdfIn challenging times, real estate fund managers still have plenty to be positive about.http://www.nabarro.com/Downloads/FIRE-Consolidation-in-real estate-funds-sector.pdfMon, 28 Feb 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/FIRE-Consolidation-in-real estate-funds-sector.pdfIncreasingly, employees use social media forums such as Twitter, Facebook and LinkedIn and increasingly such use blurs the distinction between personal and working life. Earlier this month, the Press Complaints Commission (PCC) ruled that a civil servant's comments on Twitter regarding her work and personal life were 'public' and, therefore, 'published'. This follows a number of other cases ranging from using information on Facebook in recruitment decisions to ownership of forums' contact lists. http://www.nabarro.com/Downloads/Employment-keeping-tabs-on-your-employees-in-cyberspace.pdfMon, 28 Feb 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Employment-keeping-tabs-on-your-employees-in-cyberspace.pdfAbolition of default retirement age: confusing developments; GMP equalisation: still on the cards; Annual allowance: provision of information; Scheme administrators to provide HMRC with NI numbers from 6 April 2011: an update; Transfers of pensions in payment: relaxation for individuals with NMPA 50 http://www.nabarro.com/Downloads/Pensions-Update-Feb-2011.pdfThu, 24 Feb 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Pensions-Update-Feb-2011.pdfIn this video, Nabarro real estate dispute resolution partner Nick Lloyd talks to Legal Week editor-in-chief John Malpas about managing risk for occupiers, guarantors and assignments.Thu, 24 Feb 2011 00:00:00 GMThttp://mediazone.brighttalk.com/comm/INCLegalWeek/6f125a44d4-22352-4464-23690Please click on the link below to view our video training session which sets out the role of HR in the bonus allocation process. This short piece guides you through the main principles governing the exercise of discretion and issues surrounding good and bad leavers, as well as the main requirements of the FSA Code of Practice on Remuneration and how your organisation can deal with them. Please note that although this session was recorded before the government published the final version of the Code, it covers the main issues affecting most employers. Wed, 23 Feb 2011 00:00:00 GMThttp://mediazone.brighttalk.com/comm/INCLegalWeek/c806529fd9-22844-4560-24242An employee who made an invention in respect of which his employer secured a patent was entitled to a fair share of the employer's 23m actual royalties. http://www.nabarro.com/Downloads/Employment-Employee-inventions-alert.pdfTue, 22 Feb 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Employment-Employee-inventions-alert.pdfThis month (February 2011), the Protection of Freedoms Bill was introduced to Parliament. This Bill is designed to implement the outcome of its recent review on vetting and barring (introduced by the Safeguarding Vulnerable Groups Act 2006) and criminal records. In short, the Government intends to scale back the existing legislation protecting vulnerable groups to common sense levels.http://www.nabarro.com/Downloads/Commercial-IT-latest-on-Safeguarding-Vulnerable-Groups-Act-2006.pdfMon, 21 Feb 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Commercial-IT-latest-on-Safeguarding-Vulnerable-Groups-Act-2006.pdfIn December 2010, HM Treasury published a summary of the responses they received in respect of their consultation on the reform of Investment Trust Companies (ITCs). We now have a much clearer idea of what the new ITC regime may look like.http://www.nabarro.com/Downloads/tax-investment-trust-companies.pdfMon, 21 Feb 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/tax-investment-trust-companies.pdfArticle by Brian Sher and Barbara Sicalides. First published in the PLC Cross-border Competition Handbook 2011 and reproduced with the permission of the publisher, Practical Law Company.http://www.nabarro.com/Downloads/Competitor_collaborations_new_EU_guidelines_and_US_law_compared.pdfTue, 15 Feb 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Competitor_collaborations_new_EU_guidelines_and_US_law_compared.pdfFunds and Indirect Real Estate quick reference guidehttp://www.nabarro.com/Downloads/9733.pdfMon, 14 Feb 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/9733.pdfThe new FSA remuneration code (the Code) came into effect on 1 January 2011. The Code's remit now reaches beyond banks to the fund management sector. Final rules on the Code were published in a policy statement by the FSA released on 17 December 2010.http://www.nabarro.com/Downloads/FSA-Remuneration-Code-out-with-old-in-with-new.pdfMon, 14 Feb 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/FSA-Remuneration-Code-out-with-old-in-with-new.pdfWe have all been poised for months. It has been over a year and a half since the first draft of the Alternative Investment Fund Managers Directive (the AIFM Directive) was put on the table by the European Commission. On 11 November 2010 Europe reached agreement. The upshot is a messy compromise over the marketing of third country funds, a crackdown on pay and a heavy compliance burden for fund managers.http://www.nabarro.com/Downloads/Ready-AIFM-Fire-AIFM-Directive-final-outcome-hedge-funds.pdfMon, 14 Feb 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Ready-AIFM-Fire-AIFM-Directive-final-outcome-hedge-funds.pdfWe have all been poised for months. It has been over a year and a half since the first draft of the Alternative Investment Fund Managers Directive (the AIFM Directive) was put on the table by the European Commission. On 11 November 2010 Europe reached agreement. The upshot is a messy compromise over the marketing of third country funds, a crackdown on pay and a heavy compliance burden for fund managers.http://www.nabarro.com/Downloads/Ready-AIFM-Fire-AIFM-Directive-final-outcome-hedge-funds-outside-europe.pdfMon, 14 Feb 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Ready-AIFM-Fire-AIFM-Directive-final-outcome-hedge-funds-outside-europe.pdfBoris Johnson, the Mayor of London, has succeeded in winning back the <backboris.com> domain name. http://www.nabarro.com/Downloads/IP-backboris-com.pdfFri, 11 Feb 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/IP-backboris-com.pdfEmotions have been running high over the implications of the new Health and Social Care Bill which was published on 19 January 2011.http://www.nabarro.com/Downloads/Healthcare-Health-and-Social-Care-Bill-2011.pdfThu, 10 Feb 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Healthcare-Health-and-Social-Care-Bill-2011.pdfThe Advocate General of the Court of Justice of the European Union (CJEU) has just published his Opinion in <i>Nokia Corporation v HMRC. </i><p></p> The case was referred by the English High Court and involves the detention by UK Customs of allegedly counterfeit goods which were subject to the 'external transit' Customs procedure. <p></p> The AG's Opinion is not binding, but in the majority of cases judges in the CJEU follow the AG's Opinion. If the CJEU does so in this case, it would mean that in certain circumstances Customs authorities in the EU can seize goods which are subject to the external transit procedure. The AG's proposed test could, however, be applied very differently in individual EU Member States. <p></p>http://www.nabarro.com/Downloads/IP-counterfeit-goods-in-transit.pdfWed, 09 Feb 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/IP-counterfeit-goods-in-transit.pdfLord Young may no longer be an adviser to the Coalition - but his legacy lives on. A number of the recommendations from his report <i>'Common Sense, Common Safety'</i> have recently started to take effect: http://www.nabarro.com/Downloads/H&S-alert-Life-after-Lord-Young.pdfTue, 08 Feb 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/H&S-alert-Life-after-Lord-Young.pdfThe Institutional Limited Partners Association (ILPA) private equity principles, the second version of which were released in January 2011, were devised as a means to restore and strengthen the basic alignment of interests position within private equity, and thus aid recovery and growth.http://www.nabarro.com/Downloads/FIRE-ILPA-Private-Equity-Principles.pdfMon, 07 Feb 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/FIRE-ILPA-Private-Equity-Principles.pdfInterview with Graham Stedman published in Making Life Richer e-magazine - January 2011http://www.nabarro.com/Downloads/Environment-briefing-Record-fines-handed-out-for-packaging-waste-offences.pdfFri, 04 Feb 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Environment-briefing-Record-fines-handed-out-for-packaging-waste-offences.pdfA young growing company looking to raise equity finance will understand the need to attract the attention of a potential investor.http://www.nabarro.com/Downloads/Catching_the_eye_of_an_investor[2].pdfFri, 04 Feb 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Catching_the_eye_of_an_investor[2].pdfEU & Competition team newsletterhttp://www.nabarro.com/Downloads/Brussels-Update-3-February-2011.pdfThu, 03 Feb 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Brussels-Update-3-February-2011.pdfThe UK government intends to introduce a patent box regime which will allow income arising from the exploitation of patents to be taxed at a reduced rate of 10 per cent. It is proposed that this regime will apply from 1 April 2013.http://www.nabarro.com/Downloads/Tax-Patent-Box.pdfThu, 03 Feb 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Tax-Patent-Box.pdfOn 6 April 2011 the transitional protection put in place on A-Day (6 April 2006) for schemes in existence on that date will fall away.http://www.nabarro.com/Downloads/Pensions-alert-A-Day.pdfWed, 02 Feb 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Pensions-alert-A-Day.pdfThe Treasury has issued a draft guidance note, as part of a wider pilot programme, aimed at encouraging PFI contract managers to implement cost saving measures within their contracts. http://www.nabarro.com/Downloads/Projects-Treasury-launches-PFI-pilot.pdfWed, 02 Feb 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Projects-Treasury-launches-PFI-pilot.pdfPayments to employers: trustees to have until 2016 to pass surplus resolution; The end of compulsory retirement at 65: pension schemes must adapt; Contribution Notices: legal challenge to the first CN; High Court gives precedence to scheme rules: no estoppel in favour of members; Settlement of claims: role of the PPF; Avoiding tax liability: HM Treasury clamps down on EFRBSs; Normal Minimum Pension Age: HMRC corrects error; PPF levy for 2011/2012: time to certify contingent assetshttp://www.nabarro.com/Downloads/Pensions-update-Jan-2011.pdfMon, 31 Jan 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Pensions-update-Jan-2011.pdfReal Estate Update January 2011http://www.nabarro.com/Downloads/Real-Estate-update-January-2011.pdfMon, 31 Jan 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Real-Estate-update-January-2011.pdfNewspaper headlines this month featured all too frequently words such as 'discrimination', 'equality' and 'retirement'. Many employers complain that increasingly complex employment and equality laws limit their freedom to take necessary or desirable commercial actions. While this is true to a large extent, steps can be taken to mitigate the effect of some of these developments and, as is usually the case, prevention is better than cure. http://www.nabarro.com/Downloads/Employment-Recent-lessons-in-equality-law.pdfTue, 25 Jan 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Employment-Recent-lessons-in-equality-law.pdfThe Government consultation on replacing RPI with CPI (Consumer Price Index) as the basis for calculating statutory revaluation and pension increases is still continuing. http://www.nabarro.com/Downloads/Pensions-CPI-action-needed-now.pdfTue, 25 Jan 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Pensions-CPI-action-needed-now.pdfThe Annual Allowance, which restricts an individual's tax relief on pension contributions, has been reduced from 255,000 in the 2010/2011 tax year to 50,000 in 2011/2012. However, because of the way the legislation bites, many schemes and members may already be within the transitional period when a 50,000 limit applies.http://www.nabarro.com/Downloads/Pensions-Reduced-Annual-Allowance.pdfThu, 20 Jan 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Pensions-Reduced-Annual-Allowance.pdfEU & Competition team newsletterhttp://www.nabarro.com/Downloads/Brussels-Update-18-January-2011.pdfTue, 18 Jan 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Brussels-Update-18-January-2011.pdfIn 2010, the UKLA published a series of Technical Notes which were intended to supersede List! issues 1 to 25. The aim was to consolidate the guidance contained in List! over the years which remains valid and to effectively delete out of date guidance. The Technical Notes are arranged under key themes and topics.http://www.nabarro.com/Downloads/UKLA_Technical_Notes_Indexed_and_Sourced.pdfTue, 18 Jan 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/UKLA_Technical_Notes_Indexed_and_Sourced.pdfThe First-Tier Tribunal has ruled that the services supplied by an estate agent in finding a buyer for units in a Jersey Property unit trust (JPUT) were exempt from VAT because they were intermediary services. This judgment confirms the position that although the courts will have regard to the economic reality of a transaction, this will not go so far as to ignore the presence of a unit trust holding the underlying property. http://www.nabarro.com/Downloads/Tax-Sale-of-JPUT-SDLT-and-VAT-free.pdfFri, 14 Jan 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Tax-Sale-of-JPUT-SDLT-and-VAT-free.pdfFollowing a consultation with the public and private sector, the Treasury has published a review of the use of competitive dialogue in the UK. The review includes some useful guidance for public authorities regarding the running of large scale procurements and also sets out future work that the Treasury will be carrying out in order to improve the process - news that will be welcome to both the public and private sectors. http://www.nabarro.com/Downloads/Projects-Competitive-Dialogue.pdfFri, 14 Jan 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Projects-Competitive-Dialogue.pdfHEADLINES: The Revised FSA Remuneration Code; Financial regulatory reform: the new national and international frameworks; UK Takeover Code Proposals for change; Green Light for Tax Increment Financing; Basel III An overview of the new capital and liquidity requirements; Underwriting fees face further pressurehttp://www.nabarro.com/Downloads/Financial-Sector-update-January-2011.pdfThu, 13 Jan 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Financial-Sector-update-January-2011.pdf2010 has been a watershed year with signs of life returning to the real estate market across a number of sectors. Our New Year Review gives us a chance to consider some of the major changes to the real estate sector in 2010 and to look forward to what 2011 may throw at us, besides a couple of royal weddings. We hope, for all the right reasons, it will be a year to remember.http://www.nabarro.com/Downloads/2011_Real_Estate_New_Year_Review.pdfTue, 11 Jan 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/2011_Real_Estate_New_Year_Review.pdfThere have been a number of developments in the field of both private and public sector pensions recently that impact on the healthcare sector. http://www.nabarro.com/Downloads/Healthcare-Pensions-recent-developments-affecting-the-Healthcare-Sector.pdfTue, 11 Jan 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Healthcare-Pensions-recent-developments-affecting-the-Healthcare-Sector.pdfBIS has announced that, following its 2009 consultation on statements of capital, it proposes to make an early change to the financial information required in the statement of capital in the Annual Return:http://www.nabarro.com/Downloads/Statements_of_capital.pdfWed, 05 Jan 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Statements_of_capital.pdfEU & Competition team newsletterhttp://www.nabarro.com/Downloads/Brussels-Update-5-January-2011.pdfWed, 05 Jan 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Brussels-Update-5-January-2011.pdfInvestors in real estate funds are motivated by the prospect of enhanced returns on their investment, often as a result of being able to access expert management skills and new markets and sectors. In the aftermath of the financial crisis and downturn in real estate markets, investors want to reshape and strengthen the industry.http://www.nabarro.com/Downloads/Changing_shape_of_real_estate_funds.pdfWed, 05 Jan 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/Changing_shape_of_real_estate_funds.pdfUK REITs and takeovershttp://www.nabarro.com/Downloads/UK-REITS-and-take-overs.pdfSat, 01 Jan 2011 00:00:00 GMThttp://www.nabarro.com/Downloads/UK-REITS-and-take-overs.pdfIn case you had not noticed, since the Comprehensive Spending Review in October 2010, the PFI landscape has changedhttp://www.nabarro.com/Downloads/Projects-update-Waste-December-2010.pdfFri, 24 Dec 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Projects-update-Waste-December-2010.pdfHEADLINES: A warning about pre-action disclosure; Residential sales and leasebacks; Landowners must take positive action to protect their interests; Relief from forfeiture; Assessing damages in dilapiations disputes.http://www.nabarro.com/Downloads/QuarterDay-Christmas-Day-2010.pdfThu, 23 Dec 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/QuarterDay-Christmas-Day-2010.pdfHEADLINES: 2010 Round-Up; The Localism Bill: what will it mean for the deployment of low carbon energy?; The Energy Bill: 'a step change in the provision of energy efficiency measures'; Electricity Market Reform: the biggest upheaval since privatisation? CRC: a look back and a look forward; The future for FITs, the RHI and the RO: where will the reforms take us? Going, going... the ever reducing fortunes of the Green Investment 'Bank'; The Cancun Conference: a step in the right direction? http://www.nabarro.com/Downloads/Climate-change-and-energy-update-December-2010.pdfTue, 21 Dec 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Climate-change-and-energy-update-December-2010.pdfHEADLINES: CPI consultation: no easy answers; Abolishing annuitisation at age 75; Reduction of Annual Allowance and Lifetime Allowance: an update; Lehman/Nortel judgment: pension scheme is 'supercreditor'; Compromise of disputed entitlements is not a surrender: Court of Appeal; Auto-enrolment: consultation on default option for employers' DC qualifying schemes; Abolition of DC contracting-out: transfers from DB contracted-out schemes will be possible; Abolition of public sector workforce code; A busy month for the Regulator; Accessing pensions before age 55; HMRC: scheme administrators must provide NI numbers from 6 April 2011; And finallyhttp://www.nabarro.com/Downloads/Pensions-Update-Dec-2010.pdfTue, 21 Dec 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Pensions-Update-Dec-2010.pdfChris Huhne, the Climate Change & Energy Secretary, announced last Thursday the Coalition's plans for the transformation of the UK's electricity market in what the Government claims to the biggest shake up since its privatisation 20 years ago. http://www.nabarro.com/Downloads/CCE-Electricity-Market-Reform.pdfMon, 20 Dec 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/CCE-Electricity-Market-Reform.pdfThe Institutional Investor Council, an umbrella organisation representing the UK's largest long-term shareholders (IIC), has published a report criticising the fees that investment banks charge companies for advising on share issues (the Report). It claims that banks are overcharging and recommends that companies should make greater use of their non executive directors and independent advisers to ensure that fees remain as low as possible. http://www.nabarro.com/Downloads/Corporate-underwriting-fees-face-further-pressure.pdfMon, 20 Dec 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Corporate-underwriting-fees-face-further-pressure.pdfThe Localism Bill, published on 13 December 2010, introduces a new general power of competence for local authorities.http://www.nabarro.com/Downloads/Projects-General-power-of-competence.pdfMon, 20 Dec 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Projects-General-power-of-competence.pdfThe Treasury has issued a Technical Update on PPP Policy. This guidance recognises that given the UKs financial situation, the rules of the game have changed. It provides some idea of how the Treasury sees its role regarding the future procurement of major projects. Projects will need to meet more stringent affordability and value for money criteria.http://www.nabarro.com/Downloads/New_Treasury_Guidance_on_PPP.pdfFri, 17 Dec 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/New_Treasury_Guidance_on_PPP.pdfThe government has just announced that it has abolished the Code of Practice on Workforce Matters in Public Sector Service Contracts. If you are a public sector body that contracts with private sector organisations to provide services to you, or if you are a contractor providing services to the public sector, this means that you have scope to agree service contracts with fewer workforce restrictions in future. It also means that there is potential to dilute the restrictions in your existing contracts. http://www.nabarro.com/Downloads/Employment-Government-abolishes-public-sector-workforce-code.pdfFri, 17 Dec 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Employment-Government-abolishes-public-sector-workforce-code.pdfICT service providers, their public sector customers and other data processors are generally well aware of the practical and legal obstacles of handling personal data.http://www.nabarro.com/Downloads/Tech-Outsourcing-and-Commercial-The-Safeguarding-Vulnerable-Groups-Act-2006.pdfThu, 16 Dec 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Tech-Outsourcing-and-Commercial-The-Safeguarding-Vulnerable-Groups-Act-2006.pdfThe Decentralisation and Localism Bill 2010 published this week represents the first step in an ideological reform of our planning system. It proposes powers to remove strategic planning controls over local authorities and communities and hand them significant powers to drive forward, or block, development. http://www.nabarro.com/Downloads/Planning-Radical-planning-reform-the-localism-experiment-begins.pdfThu, 16 Dec 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Planning-Radical-planning-reform-the-localism-experiment-begins.pdfhttp://www.nabarro.com/Media/Nabarro_news/Nabarro_advises_Glaxosmithkline_on_acquisition_of_Maxinutrition.htmlThu, 16 Dec 2010 00:00:00 GMThttp://www.nabarro.com/Media/Nabarro_news/Nabarro_advises_Glaxosmithkline_on_acquisition_of_Maxinutrition.htmlOn 14 December 2010, the European Commission published new Guidelines for assessing co-operation agreements between competitors, the so-called 'Horizontal Guidelines'. Adopted that same day, were the new Research and Development (R&D) and Specialisation block exemptions regulations (BERs). The new rules provide insight for businesses on how to charter the difficult waters of evaluating the likely competition impact of proposed joint business schemes.http://www.nabarro.com/Downloads/EU-New-competition-rules-on-horizontal-cooperation.pdfWed, 15 Dec 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/EU-New-competition-rules-on-horizontal-cooperation.pdfMany employers were hoping that the government would legislate to assist them in replacing RPI with CPI (Consumer Price Index) as the basis for calculating statutory revaluation and pension increases. This would have significantly improved the funding of many private sector defined benefit pension schemes. The government consultation confirms it is not going to pass legislation to override scheme rules and ducks the most difficult legal questions about implementing the change.http://www.nabarro.com/Downloads/Pensions-CPI-government-ducks-the-difficult-questions.pdfFri, 10 Dec 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Pensions-CPI-government-ducks-the-difficult-questions.pdfHEADLINES: Employer-related investment: Regulator issues statement: Electronic disclosure to members: new rules from 1 December: Financial Services Authority: new guidance for employers on promoting pension schemes to employees: Investment Governance Group: six principles for DC investment: Age discrimination: cost as the sole justification: A-Day Alert: April 2011 deadline for retaining HMRC limitshttp://www.nabarro.com/Downloads/Pensions-update-November-2010.pdfWed, 08 Dec 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Pensions-update-November-2010.pdfThe recent case of GHSP Inc v A B Electronic Ltd is a warning to sellers, manufacturers and hirers of plant, vehicles and tools to make sure that their terms and conditions apply to their contracts. http://www.nabarro.com/Downloads/Dispute-Resolution-companys-business-terms.pdfTue, 07 Dec 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Dispute-Resolution-companys-business-terms.pdfReal Estate newsletter - November 2010http://www.nabarro.com/Downloads/Real-Estate-update-November-2010.pdfTue, 07 Dec 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Real-Estate-update-November-2010.pdfVeolia appealed against a decision requiring Nottinghamshire CC under the Audit Commission Act 1998 (the 1998 Act) to allow public access to information relating to a waste PFI contract for which it had successfully tendered. The appeal was allowed, with the Court deciding that any right of access to information under the 1998 Act should be subject to the overriding principle of protection of confidential information, as long as public interest factors of transparency and freedom of information do not outweigh the need to protect confidentiality.http://www.nabarro.com/Downloads/Projects-Veolia-ES-v-Nottinghamshire-CC.pdfMon, 06 Dec 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Projects-Veolia-ES-v-Nottinghamshire-CC.pdfHEADLINES: AIFM: the final outcome; UK Stewardship Code: asset managers must disclose commitment; Reform of the CRC Energy Efficiency Scheme: consultation launched; Are the UK equity markets working?; European Commission proposes a Single Market Act; FTSE UK qualification: Rule change for international companies; FRC: latest issues for audit committees; ICSA publishes updated terms of reference for board committees; Guidance on distributable profits; Institute of Directors launches corporate governance principles for unlisted companies; UK Takeover Code: Proposals for change; Take care on contractual termination: the dangers of getting it wrong.http://www.nabarro.com/Downloads/Corporate-update-December-2010.pdfMon, 06 Dec 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Corporate-update-December-2010.pdfWe recently hosted a seminar highlighting legal updates arising over the course of this year.http://www.nabarro.com/Downloads/FIRE-Funds-and-Real-Estate-Legal-update.pdfMon, 06 Dec 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/FIRE-Funds-and-Real-Estate-Legal-update.pdfIn recent months, questions on compulsory retirement, sickness and holiday, and redundancies have been prominent on many employers' radars. Unsurprisingly, tribunals have grappled with similar issues.http://www.nabarro.com/Downloads/The-three-Rs–retirement-rest-redundancy.pdfTue, 30 Nov 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/The-three-Rs–retirement-rest-redundancy.pdfEU & Competition team newsletterhttp://www.nabarro.com/Downloads/Brussels-update-29-November-2010.pdfMon, 29 Nov 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Brussels-update-29-November-2010.pdfA recent case in the Court of Appeal (CA) has underlined that a party who wants to exercise a contractual right to terminate must make sure that: (1) the right to terminate has arisen; and (2) it follows the correct contractual procedure. http://www.nabarro.com/Downloads/Technology-Disputes-Take-care-on-contractual-termination.pdfThu, 25 Nov 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Technology-Disputes-Take-care-on-contractual-termination.pdfOn 17 November, the Department for Energy and Climate Change launched the 'Consultation on amendments to the CRC Energy Efficiency Scheme Order 2010'. http://www.nabarro.com/Downloads/CCE-Reform-of-the-CRC-Energy-Efficiency-Scheme.pdfThu, 25 Nov 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/CCE-Reform-of-the-CRC-Energy-Efficiency-Scheme.pdfAs of 4 January 2011, the standard rate of UK VAT will be increased to 20 per cent. http://www.nabarro.com/Downloads/Tax-Increase-in-VAT-Nov-2010.pdfThu, 25 Nov 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Tax-Increase-in-VAT-Nov-2010.pdfWe have all been poised for months. It has been over a year and a half since the first draft of the Alternative Investment Fund Managers Directive (the AIFM Directive) was put on the table by the European Commission.http://www.nabarro.com/Downloads/FIRE-AIFM-final-outcome-Impact-on-private-equity.pdfMon, 22 Nov 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/FIRE-AIFM-final-outcome-Impact-on-private-equity.pdfWe have all been poised for months. It has been over a year and a half since the first draft of the Alternative Investment Fund Managers Directive (the AIFM Directive) was put on the table by the European Commission. http://www.nabarro.com/Downloads/FIRE-AIFM-final-outcome-Impact-on-private-equity-outside-Europe.pdfMon, 22 Nov 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/FIRE-AIFM-final-outcome-Impact-on-private-equity-outside-Europe.pdfWe have all been poised for months. It has been over a year and a half since the first draft of the Alternative Investment Fund Managers Directive (the AIFM Directive) was put on the table by the European Commission. On 11 November 2010 Europe reached agreement. http://www.nabarro.com/Downloads/FIRE-AIFM-final-outcome-outside-Europe.pdfFri, 19 Nov 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/FIRE-AIFM-final-outcome-outside-Europe.pdfThe Council of the European Union recently adopted an amending directive, for both the prospectus and transparency directives, giving EU member states 18 months to implement the changes.http://www.nabarro.com/Downloads/Corporate-amending-the-prospectus-directive.pdfWed, 17 Nov 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Corporate-amending-the-prospectus-directive.pdfEU & Competition team newsletterhttp://www.nabarro.com/Downloads/Brussels-update-16-November-2010.pdfTue, 16 Nov 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Brussels-update-16-November-2010.pdfWe have all been poised for months. It has been a year and a half since the first draft of the Alternative Investment Fund Managers Directive (the AIFM Directive) was put on the table by the European Commission. http://www.nabarro.com/Downloads/FIRE-AIFM-final-outcome.pdfFri, 12 Nov 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/FIRE-AIFM-final-outcome.pdfThe financial crisis has put the topic of financial regulation at the top of the agenda for regulators across the globe. http://www.nabarro.com/Downloads/Financial_Regulatory_Reform_whats_on_horizon.pdfWed, 10 Nov 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Financial_Regulatory_Reform_whats_on_horizon.pdfEnvironmental civil sanctions are an alternative means of enforcement to criminal sanctions (including prosecution), available for use by both the Environment Agency (EA) and Natural England (NE). http://www.nabarro.com/Downloads/Environment-Environmental-Civil-Sanctions.pdfFri, 05 Nov 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Environment-Environmental-Civil-Sanctions.pdfFTSE Group, who are responsible for the various FTSE indices, have published their latest Ground Rules for the FTSE UK Indices, which set out the bases on which companies qualify for inclusion in any of FTSE's UK indices. http://www.nabarro.com/Downloads/Corporate-FTSE-UK-qualification.pdfFri, 05 Nov 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Corporate-FTSE-UK-qualification.pdfAs the government publishes its intention to re-examine the use of competitive dialogue in public procurements, is it time to take greater control and work better with what we've got? http://www.nabarro.com/Downloads/Projects-Public-procurement-lets-make-it-work.pdfThu, 04 Nov 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Projects-Public-procurement-lets-make-it-work.pdf.uk 'short domains' will be released on 1 December 2010. Owners of trade marks which consist of one character or two letters should therefore start preparations now to apply during the Sunrise Phase for a .uk domain name which corresponds with those trade marks. http://www.nabarro.com/Downloads/IP-Domain-name-developments.pdfThu, 04 Nov 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/IP-Domain-name-developments.pdfRegulatory reform is now part of the global economic agenda and is a response on an unprecedented scale.http://www.nabarro.com/Downloads/FIRE_guide_to_financial_regulatory_landscape.pdfThu, 04 Nov 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/FIRE_guide_to_financial_regulatory_landscape.pdfThe Department for Business Innovation & Skills (BIS) has issued a consultation paper, titled 'A long-term focus for corporate Britain', on the perceived existence of short-termism and market failures in the UK equity markets.http://www.nabarro.com/Downloads/Corporate-Are-the-UK-equity-markets-working.pdfWed, 03 Nov 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Corporate-Are-the-UK-equity-markets-working.pdfIn June 2010 following the political fall-out over Kraft's takeover of Cadbury, the Code Committee of the Panel on Takeovers and Mergers (the Panel) published a public consultation paper seeking comments on a variety of proposals to amend the Takeover Code. The stated aim was to look at changes to the Code that would aid offeree companies in defending against hostile takeovers. The decision to embark on the consultation was made in light of widespread commentary and public discussion on various aspects of the regulation of UK takeovers. http://www.nabarro.com/Downloads/Corporate-UK-Takeover-Code-Proposals-for-change-November-2010.pdfTue, 02 Nov 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Corporate-UK-Takeover-Code-Proposals-for-change-November-2010.pdfOne of the lessons learnt from the recent credit crisis is the need for a co-ordinated and consistent approach to regulating European financial markets and institutions. http://www.nabarro.com/Downloads/FIRE_Financial_regulatory_reform_new_EU_landscape.pdfTue, 02 Nov 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/FIRE_Financial_regulatory_reform_new_EU_landscape.pdfA bulletin for our North American clients and colleagueshttp://www.nabarro.com/Downloads/Transatlantic-November-2010.pdfMon, 01 Nov 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Transatlantic-November-2010.pdfThe coalition government has fleshed out its plans for the reform of financial regulation in the UK in a recent consultation paper published on 26 July 2010. This reorganisation follows the financial crisis which highlighted the failures of the existing system under the Financial Services Authority (FSA), notably the lack of responsibility for macro-prudential supervision.http://www.nabarro.com/Downloads/FIRE-Financial_regulatory_reform_new_UK_framework.pdfMon, 01 Nov 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/FIRE-Financial_regulatory_reform_new_UK_framework.pdfHEADLINES: Pensions tax relief proposals; Automatic enrolment: Review recommends some changes; Section 251: surplus and payments to employers; Employer consultation: proposed minor relaxation; Financial support direction: Lehman Brothers; Regulator declares retrospective scheme amendment void; Sex-based annuity rates: no, says Advocate-General; A busy month for the PPFhttp://www.nabarro.com/Downloads/Pensions-Update-October-2010.pdfThu, 28 Oct 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Pensions-Update-October-2010.pdfThings American developers should know about contracting in England * Concurrent delay: back to basics (again) * Singapore International Arbitration Centre new rules to increase efficiency and flexibility * Update: Disclosure of Electronic Information in Litigationhttp://www.nabarro.com/Downloads/Construction-and-Engineering-update-October-2010.pdfWed, 27 Oct 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Construction-and-Engineering-update-October-2010.pdfWith headlines heralding losses of 490,000 public sector jobs and the general tightening of the government purse strings as a result of the spending review, both private and public sector businesses alike may be reviewing headcount and redundancy policies. http://www.nabarro.com/Downloads/Employment-The-Spending-Review.pdfWed, 27 Oct 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Employment-The-Spending-Review.pdfThe Government has published its proposals for restricting pensions tax relief with the aim of raising the same amount of revenue but by less complex means than the high income excess relief charge put forward by the previous Government.http://www.nabarro.com/Downloads/Pensions-Tax-relief-October-2010.pdfTue, 26 Oct 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Pensions-Tax-relief-October-2010.pdfNabarro LLP is advising the Foreign & Commonwealth Office on the outsourcing of the facilities and buildings management of much of their property estate in the Asia Pacific region.http://www.nabarro.com/Downloads/FCO_Outsourcing_of_Facilities_Management_Services_in_Asia.pdfMon, 25 Oct 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/FCO_Outsourcing_of_Facilities_Management_Services_in_Asia.pdfEU & Competition team newsletterhttp://www.nabarro.com/Downloads/Brussels-Update-25-October-2010.pdfMon, 25 Oct 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Brussels-Update-25-October-2010.pdfThe first thing to note about the Comprehensive Spending Review (CSR) is that the document itself is around 100 pages shorter than its 2007 predecessor.http://www.nabarro.com/Downloads/Comprehensive_Spending_Review_2010-Key_issues-October_2010.pdfFri, 22 Oct 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Comprehensive_Spending_Review_2010-Key_issues-October_2010.pdfOur newsletter dedicated to the UK Housebuilding Industry.http://www.nabarro.com/Downloads/HomingIn-October-2010.pdfFri, 22 Oct 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/HomingIn-October-2010.pdfDebt funds have so far failed to make a significant impact on the UK market. Why?http://www.nabarro.com/Downloads/Debt_Funds_FIRE_ June_2011.pdfWed, 20 Oct 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Debt_Funds_FIRE_ June_2011.pdfOn 15 October 2010 Lord Young published his report into the UK's health and safety regime and the perceived notion that the UK has embraced a compensation culture. His report Common Sense, Common Safety ('Report') includes a number of recommendations broadly spread across twelve categories, which have been proposed to shake-up the health and safety regime. http://www.nabarro.com/Downloads/Health-and-safety-Common-Sense-Common-Safety.pdfTue, 19 Oct 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Health-and-safety-Common-Sense-Common-Safety.pdfCapital Gains Tax (CGT) is payable on the gain made when an individual sells a capital asset. For higher rate taxpayers it is payable at a rate of 28 per cent of the gain. However, in certain circumstances where an individual makes a 'qualifying business disposal', entrepreneurs' relief can reduce the rate to 10 per cent.http://www.nabarro.com/Downloads/Entrepreneurs_relief.pdfMon, 18 Oct 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Entrepreneurs_relief.pdfDifferent intellectual property rights protect different assets, each with their own rules on whether or not registration is required and how long the rights last. Below is an overview of these rights and a guide to some of the issues that companies should consider, preferably at an early stage when the assets themselves are being created or developed.http://www.nabarro.com/Downloads/Intellectual_Property-guide_to_protecting_your_assets.pdfMon, 18 Oct 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Intellectual_Property-guide_to_protecting_your_assets.pdfAlmost exactly one year on from the Order coming into force, many people remain unaware that it is no longer possible to appoint an administrative receiver over an overseas incorporated company. http://www.nabarro.com/Downloads/Banking-Finance-and-Restructuring-administrative-receivership.pdfMon, 18 Oct 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Banking-Finance-and-Restructuring-administrative-receivership.pdfThe Court of Appeal has held that legal professional privilege (LPP) will not apply to any professionals other than qualified lawyers. http://www.nabarro.com/Downloads/Tax-Administration-of-Justice.pdfMon, 18 Oct 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Tax-Administration-of-Justice.pdfThere is a spectrum of endeavours obligations that are often used and negotiated in all kinds of agreements. How they are interpreted depends on their context and is often a matter of interpretation. This table summarises some characteristics of common endeavours clauses.http://www.nabarro.com/Downloads/9575.pdfThu, 14 Oct 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/9575.pdfThe government has announced its proposals to restrict pensions tax relief, replacing the complex high earner provisions introduced by the previous regime.http://www.nabarro.com/Downloads/Pensions-tax-relief.pdfThu, 14 Oct 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Pensions-tax-relief.pdfA brief guide to alternative methods of financinghttp://www.nabarro.com/Downloads/Guide_to_alternative_methods_of_financing.pdfTue, 12 Oct 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Guide_to_alternative_methods_of_financing.pdfA summary of key security provisions and points to look out for when negotiating bank standard form documents.http://www.nabarro.com/Downloads/Guide_to_key_security_provisions.pdfTue, 12 Oct 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Guide_to_key_security_provisions.pdfEU & Competition team newsletter http://www.nabarro.com/Downloads/Brussels-update-11-October-2010.pdfMon, 11 Oct 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Brussels-update-11-October-2010.pdfWelcome to The Healthcare Industry Barometer 2010. A question asked by many in our industry is where will this new Conservative and Liberal Democrat coalition government take UK healthcare? The secretary of state for health, Andrew Lansley talks of an NHS built on core beliefs of freedom, fairness and responsibility with a plurality of providers and guaranteed real increases in health spending. In the governments white paper on health sector reform (Equity and Excellence: Liberating the NHS), published on 12 July 2010, a number of themes are outlined: a patient-led NHS; an emphasis on clinical outcomes, rather than process targets; reductions in bureaucracy; ownership and accountability placed more in the hands of frontline staff, with the transfer of more power to health professionals; and the promotion of better public health and reform of the social care system. These are, without question, bold ambitions.http://www.nabarro.com/Downloads/HealthInvestor_Barometer10Web.pdfFri, 08 Oct 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/HealthInvestor_Barometer10Web.pdfThe Environment Agency (EA) is becoming more pro-active in inspecting and enforcing compliance with Site Waste Management Plans (SWMPs). http://www.nabarro.com/Downloads/Environment-Site-Waste-Management-Plans.pdfThu, 07 Oct 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Environment-Site-Waste-Management-Plans.pdfThe Coalition Governments White Paper on health sector reform (Equity and Excellence: Liberating the NHS), published on 12 July 2010, sets out an ambitious programme for the implementation of major structural changes to the NHS.http://www.nabarro.com/Downloads/NHS_Reform_opportunities_to_influence_change.pdfThu, 07 Oct 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/NHS_Reform_opportunities_to_influence_change.pdfGovernment has announced that 16 Free Schools proposals are ready to be progressed to full business case, and approved schemes could open in September 2011. http://www.nabarro.com/Downloads/Projects-Free-Schools-Focus.pdfWed, 06 Oct 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Projects-Free-Schools-Focus.pdfNew government guidance on bribery prevention procedures; 'Introducing' or 'Arranging' transactions in investments?; The Equality Act for financial sector businesses; Trademark opposition deadlines tighten; OFT Inquiry into Equity Underwriting Fees; The hazard in 'moral hazard' Pensions Regulator issues first contribution notice; FSA to update its Remuneration Codehttp://www.nabarro.com/Downloads/Financial-Sector-update-October-2010.pdfTue, 05 Oct 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Financial-Sector-update-October-2010.pdfThe deadline for registering under the CRC Energy Efficiency Scheme (CRC) has now passed (30 September). Yet, confusion still reigns over the application of many areas of the scheme, not least who, if anyone, should register for funds, trusts and other structures.http://www.nabarro.com/Downloads/FIRE-CRC-registration-deadline.pdfMon, 04 Oct 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/FIRE-CRC-registration-deadline.pdfFollowing a Tribunal Practice Notice issued by the UK Intellectual Property Office (UK IPO) on 30 September, opponents of UK trade mark applications will now have ONE DAY LESS to file their oppositions. http://www.nabarro.com/Downloads/IP-UK-opposition-deadlines-4-oct-2010.pdfMon, 04 Oct 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/IP-UK-opposition-deadlines-4-oct-2010.pdfToday (1 October 2010) the majority of the Equality Act 2010 will come into force. From 1 October, UK organisations will operate under a single equality statute that draws together the plethora of discrimination legislation, rounds up and, in some cases, extends the remit of their equality obligations. http://www.nabarro.com/Downloads/Employment-Equality-Act-2010-what-must-you-do-now.pdfFri, 01 Oct 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Employment-Equality-Act-2010-what-must-you-do-now.pdfThe Enterprise Management Incentive (EMI) option regime came into effect in 2000. EMI options are intended to assist smaller high-risk companies to recruit and retain employees of high calibre, in the face of the strong competition for the services of such people from larger concerns and companies in other jurisdictions.http://www.nabarro.com/Downloads/Employee_Incentives_Product_Guide.pdfFri, 01 Oct 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Employee_Incentives_Product_Guide.pdfHEADLINES: Equality Act: in force from 1 October but little change for pensions; Employer-related investment: removal of exemptions; from RPI to CPI: impact in public sector contracting out; finds trustees personally liable for unpaid contributions; Apology: The Southern Star Retirement Fundhttp://www.nabarro.com/Downloads/Pensions-Update-Sept-2010.pdfTue, 28 Sep 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Pensions-Update-Sept-2010.pdfHEADLINES: 'Fatally flawed' Miss Sixty CVA set aside on the grounds of unfair prejudice to the landlord; Recovering damages for loss of a chance: how much can you claim? How to serve a valid break notice: two cautionary tales for practitioners; Rights of light: a developer is ordered to demolish part of a completed building; Can you keep your promises? What 'reasonable endeavours' really means.http://www.nabarro.com/Downloads/QuarterDay-29-September-2010.pdfTue, 28 Sep 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/QuarterDay-29-September-2010.pdfJoint venture structures have become increasingly topical. This is partly due to the economic climate. The structure and terms of joint ventures are key to many projects. http://www.nabarro.com/Downloads/Joint_Venture_Overview.pdfMon, 27 Sep 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Joint_Venture_Overview.pdfA young growing company looking to raise equity finance will understand the need to prepare a good business plan and to convince potential investors that the company has a viable business in which it is worth investing.http://www.nabarro.com/Downloads/Venture_Capital_Incubator_Initiative_Product_Guide.pdfMon, 27 Sep 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Venture_Capital_Incubator_Initiative_Product_Guide.pdfEU & Competition team newsletterhttp://www.nabarro.com/Downloads/Brussels-update-23-September-2010.pdfFri, 24 Sep 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Brussels-update-23-September-2010.pdfOn 20 September 2010 Nick Clegg announced an intention to grant local authorities new borrowing powers, to allow them to borrow against predicted growth in their locally raised business rates. This is a positive statement of intent from the coalition government: after much lobbying, it's finally ready to introduce tax increment financing (TIF) to the UK.http://www.nabarro.com/Downloads/Tax-Green-Light-for-Tax-Increment-Financing.pdfThu, 23 Sep 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Tax-Green-Light-for-Tax-Increment-Financing.pdfAs from April 2011, failure to prevent bribery on the part of commercial organisations will be a criminal offence. Section 7 of the Bribery Act 2010 provides a defence where a commercial organisation can demonstrate that it has put adequate bribery prevention procedures in place. The Ministry of Justice has recently issued its draft guidance on adequate procedures for consultation. The guidance will be of interest to all commercial organisations currently preparing for the new law.http://www.nabarro.com/Downloads/Corporate-Government-Guidance-on-Bribery.pdfThu, 23 Sep 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Corporate-Government-Guidance-on-Bribery.pdfThe Companies Act 2006 introduced a new rule requiring all companies to have at least one natural person as a director - in other words, a director who is an individual rather than a corporate director such as a company or partnership. This provision came into force on 1 October 2008.http://www.nabarro.com/Downloads/Corporate_director_rule_changes.pdfWed, 22 Sep 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Corporate_director_rule_changes.pdfWith the news that M&G and Blackstone are intending to launch a new REIT from the ownership of Centre Parcs, the possibility of creating a tax advantaged REIT PropCo and a non REIT OpCo has reared its head again. http://www.nabarro.com/Downloads/Tax-REITs-OpCo-PropCo.pdfMon, 20 Sep 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Tax-REITs-OpCo-PropCo.pdfGermany is considering a law that would ban employers from looking for information about job candidates from social network sites such as Facebook. According to a draft of the bill, employers would be able to use publicly accessible information about applicants drawn from the internet but not from social networking sites that serve communication purposes. The aim of the draft act is apparently to stop private information becoming public.http://www.nabarro.com/Downloads/Facebook_recruitment_ban_31_Aug_2010.pdfMon, 20 Sep 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Facebook_recruitment_ban_31_Aug_2010.pdfThe main corporate entities used in the UK are limited liability companies.http://www.nabarro.com/Downloads/Corporate_Governance_Directors_Duties_UK_Handbook.pdfFri, 17 Sep 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Corporate_Governance_Directors_Duties_UK_Handbook.pdfThe European Court of Justice (ECJ) has recently ruled that the part payment of salaries in retail vouchers is a supply for consideration by the employer to the employee for VAT purposes, and is therefore subject to VAT. http://www.nabarro.com/Downloads/Tax-VAT-and-salary-sacrifice-schemes.pdfWed, 15 Sep 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Tax-VAT-and-salary-sacrifice-schemes.pdfIndia is very much in vogue as an investment destination with an economy which is growing at around eight per cent annually and a perceived abundance of business opportunities.http://www.nabarro.com/Downloads/Indian_tax_authorities.pdfWed, 15 Sep 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Indian_tax_authorities.pdfAttempts to extend legal professional privilege to internal company communications with in-house lawyers in EU competition cases have been dashed, following a ruling by the European Court of Justice (ECJ) on 14 September 2010.http://www.nabarro.com/Downloads/Inhouse_legal_privilege.pdfWed, 15 Sep 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Inhouse_legal_privilege.pdfDo you think that the new coalition Government will help or hinder the pensions industry was the first of a series of topical questions answered by Nabarro LLPs clients and contacts earlier this year in our First Annual Pensions Survey.http://www.nabarro.com/Downloads/9485.pdfWed, 15 Sep 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/9485.pdfHEADLINES: Claiming FITs and Grants; energy update; Local Authorities now permitted to sell renewable electricity; Grandfathering for biomass under the Renewables Obligation; Marine Policy Statement: the potential for a beautiful and renewable coastline?; DECC response to consultation on domestic scale renewable energy; Coalition outlines plans for green dealhttp://www.nabarro.com/Downloads/Climate-Change-and-Energy-update-September-2010.pdfWed, 15 Sep 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Climate-Change-and-Energy-update-September-2010.pdfReal Estate newsletter - September 2010http://www.nabarro.com/Downloads/Real-Estate-update-September-2010.pdfTue, 14 Sep 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Real-Estate-update-September-2010.pdfAlthough commercially there may be cases where it is not possible, developers should endeavour to settle all potentially actionable interferences with rights of light with neighbouring owners prior to commencing a development to avoid the risk of injunctive relief being granted. http://www.nabarro.com/Downloads/Real_Estate_Rights_of_light alert.pdfThu, 09 Sep 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Real_Estate_Rights_of_light alert.pdfPublic Procurement Newsletterhttp://www.nabarro.com/Downloads/Public-Procurement-Newsletter-Summer-2010.pdfFri, 03 Sep 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Public-Procurement-Newsletter-Summer-2010.pdfStatutory liability is currently imposed on Main Market listed companies for fraudulent misstatements contained within results statements. From 1 October 2010, the existing regime is being extended.http://www.nabarro.com/Downloads/Corporate-Issuer-Liability-Regime-Changes.pdfWed, 01 Sep 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Corporate-Issuer-Liability-Regime-Changes.pdfHEADLINES: Lessons from OFT fines for bid rigging; The Bribery Act 2010 Serious Fraud Office Moves to Tackle Corruption; Corporate responsibility for drivers at work; Hire companys incorrect invoicing does not bar claims for late payment of commercial debt interest; Original hiring company liable due to ineffective transfer of obligations upon sale; Increase in online trading gives rise to further risks of legal actionhttp://www.nabarro.com/Downloads/9398.pdfWed, 01 Sep 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/9398.pdfThe REIT OpCo-PropCo Rides Againhttp://www.nabarro.com/Downloads/Tax-REIT-OpCo-PropCo.pdfWed, 01 Sep 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Tax-REIT-OpCo-PropCo.pdfHEADLINES: CPI: DWP consultation on draft PPF/FAS regulations; Abolition of DC contracting out: consultation; Abolition of default retirement age: consultation; New UK Stewardship Code: guidance for institutional investorshttp://www.nabarro.com/Downloads/Pensions-update-August-2010.pdfWed, 25 Aug 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Pensions-update-August-2010.pdfThe Government is consulting on revised, consolidated Environmental Impact Assessment Regulations. The changes are largely just consolidating the previous regulations, however, there are changes that bring the law up-to-date with recent case law.http://www.nabarro.com/Downloads/Environment-and-Planning-Consultation-on-changes-to-the-EIA-Regulations.pdfTue, 24 Aug 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Environment-and-Planning-Consultation-on-changes-to-the-EIA-Regulations.pdfData centres are becoming increasingly popular, used by banks, telecoms companies, web-hosting firms and others to house computer systems, telecoms and client-sensitive data.http://www.nabarro.com/Downloads/Owning_and_occupying_data_centres.pdfThu, 19 Aug 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Owning_and_occupying_data_centres.pdfEU & Competition team newsletterhttp://www.nabarro.com/Downloads/Brussels-update-9-August-2010.pdfMon, 09 Aug 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Brussels-update-9-August-2010.pdfThe Government is proposing to give struggling companies a protected moratorium against enforcement action, to help them to negotiate a restructuring deal with their creditors.http://www.nabarro.com/Downloads/REDR-CVAs-Government-proposes-moratorium.pdfThu, 05 Aug 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/REDR-CVAs-Government-proposes-moratorium.pdfThe government has confirmed it is set to abolish the UK's statutory default retirement age (DRA) of 65 from 1 October 2011. Transitional measures will be in place from 6 April 2011. http://www.nabarro.com/Downloads/Employment-default-retirement-age.pdfThu, 05 Aug 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Employment-default-retirement-age.pdfPlease click on the following link to watch a short video presentation on Adversarial team moves: these moves have become a fact of life for many businesses. Losing an established, profitable team, will have significant financial and commercial implications.Wed, 04 Aug 2010 00:00:00 GMThttp://www.nabarro.com/home/Adversarial_Team_Moves.htmlFollowing on from our June briefing (Disciplinary procedures: just when we thought we knew it all), this month we are reporting on three recent decisions that highlight the dangers of employers not following their own contractual procedures. http://www.nabarro.com/Downloads/Employment-breach-of-contract-procedures.pdfTue, 03 Aug 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Employment-breach-of-contract-procedures.pdf<p>The Financial Reporting Council (FRC) has published the first version of the UK Stewardship Code. The Stewardship Code sets out good practice for institutional investors on engagement with investee companies. </p> <p>This briefing looks at the principles contained in the Stewardship Code and their implications for institutional investors.</p>http://www.nabarro.com/Downloads/Corporate-The-new-UK-Stewardship-Code.pdfMon, 26 Jul 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Corporate-The-new-UK-Stewardship-Code.pdfCorporate Governance and Directors Duties 2010 authored by Alasdair Steele and Rosie Graham, Nabarro LLPhttp://www.nabarro.com/Downloads/Corporate_Governance_Directors_Duties_UK_Handbook.pdfFri, 23 Jul 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Corporate_Governance_Directors_Duties_UK_Handbook.pdf<p>The FSA has launched the National Storage Mechanism (NSM), an online storage facility where users will be able to access regulated information.</p><p></p> <p>Regulated information includes all information required to be disclosed under the Listing Rules, DTRs and Prospectus Rules. As a result, as well as storing all documents which are currently sent to the FSA's Document Viewing Facility, the NSM will store all regulatory announcements made by listed companies through an RIS.</p>http://www.nabarro.com/Downloads/Equity-Capital-Markets-National-Storage-Mechanism.pdfThu, 22 Jul 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Equity-Capital-Markets-National-Storage-Mechanism.pdfHEADLINES: Abolishing compulsory annuitisation at age 75: HM Treasury consults on the details; Transfers of pensions in payment: HMRC announces relaxation; The Pensions Regulator flexes its muscles: first ever Contribution Notice and more on Nortel; What exactly is an employer: the High Court provides some answers in the Pilots case; Transfer incentives: new draft guidance; Incorrect benefit information: estoppel against trustees establishedhttp://www.nabarro.com/Downloads/Pensions-update-July-2010.pdfThu, 22 Jul 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Pensions-update-July-2010.pdfThe recent High Court decision in <i>Best Buy Co Inc and another v Worldwide Sales Corp Espaa SL</i> serves as a useful reminder to practitioners and in-house counsel around the world that a groundless threats provision exists in UK trade mark legislation. http://www.nabarro.com/Downloads/IP-UK-Threats-Provision.pdfThu, 22 Jul 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/IP-UK-Threats-Provision.pdf<p>For the first time in 18 years (and the second time in 40 years), the Takeover Panel has cold-shouldered three individuals for not complying with The City Code on Takeovers and Mergers when they acquired 6.7 million shares of Principal Capital Investment Trust Plc.</p><p></p> <p>Aside from the headline grabbing nature of the criticism and the Panel's sanction, advisers should take note of the circumstances and actions of the respective parties and the inferences drawn by the Panel.</p> http://www.nabarro.com/Downloads/Corporate-Cold-shouldering-July-2010.pdfWed, 21 Jul 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Corporate-Cold-shouldering-July-2010.pdfEU & Competition team newsletterhttp://www.nabarro.com/Downloads/Brussels-Update-16-July-2010.pdfFri, 16 Jul 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Brussels-Update-16-July-2010.pdfHEADLINES: Energy Security and Green Energy Bill; Uncertainty over Renewable Heat Incentive; The future of the Infrastructure Planning Commission; UN talks in Bonn over global climate change agreement; Welsh Assembly announces no new sites for onshore wind development; Climate change policy: pre and post electionhttp://www.nabarro.com/Downloads/Climate-change-and-Energy-update-July-2010.pdfWed, 14 Jul 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Climate-change-and-Energy-update-July-2010.pdfPensions Minister Steve Webb has confirmed in a written ministerial statement the government's proposal to replace RPI with CPI (Consumer Price Index) as the basis for calculating inflation linked statutory revaluation and pension increases for all occupational pensions, not just public sector pensions as announced in last month's Budget. It will also apply to PPF and FAS compensation. http://www.nabarro.com/Downloads/Pensions-CPI-change-July-2010.pdfWed, 14 Jul 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Pensions-CPI-change-July-2010.pdfINTERNATIONAL - Andrew McLean at Nabarro LLP UK, outlines the implications of the new capital and liquidity measures introduced by the Basel Committee on Banking Supervision, for borrowers.http://www.nabarro.com/Downloads/Financial_Regulation_International_Aug_2010.pdfSat, 10 Jul 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Financial_Regulation_International_Aug_2010.pdfHEADLINES: Time for positive action; Bank capital and liquidity measures: the implications for borrowers; Alternative Investment Fund Managers Directive: the 'trilogue' process. Taking stock of where we are and what to expect; Owning and occupying data centres: Ignore any property issues at your peril; Takeover Panel consultation following Kraft; Disciplinary Procedures: Just when we thought we knew it all; Public safety and the magnitude of risk: Guidance on the appropriate level of fine for fire safety breacheshttp://www.nabarro.com/Downloads/Financial-Sector-update-July-2010.pdfFri, 09 Jul 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Financial-Sector-update-July-2010.pdfOn 6 July 2010 the Court of Justice (the renamed European Court of Justice) delivered its first-ever judgment on the extent of protection that European patents should give to biotech patents.http://www.nabarro.com/Downloads/IP-Life-Sciences-briefing-European-court-judgment.pdfThu, 08 Jul 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/IP-Life-Sciences-briefing-European-court-judgment.pdfThe High Court held in February that a guarantee given by the existing tenants guarantor in respect of an assignees obligations was void and unenforceable. http://www.nabarro.com/Downloads/REDR-Good-Harvest-update.pdfThu, 08 Jul 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/REDR-Good-Harvest-update.pdfThe Government announced in its emergency budget that, as part of its plan to tackle anti-avoidance, it is considering introducing a General Anti-Avoidance Rule (GAAR) to the UK. Whilst there are currently several so-called mini GAARs in place, the creation of a true GAAR would seek to stream-line the current provisions and would form one of the Governments strengthened defences against tax avoidance. <p></p> Other jurisdictions such as Australia, Canada, Germany, France and Spain already have, in differing guises, a GAAR. As with the disclosure regime, this may be another example of HMRC looking overseas for ways to combat avoidance.http://www.nabarro.com/Downloads/Tax-GAAR-July-2010.pdfThu, 08 Jul 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Tax-GAAR-July-2010.pdfEU & Competition team newsletterhttp://www.nabarro.com/Downloads/Brussels-Update-7-July-2010.pdfWed, 07 Jul 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Brussels-Update-7-July-2010.pdf'Rent review: the landlord could review the rent after a 13 year delay - A landlord successfully implemented a rent review 13 years after the review date, because time was not of the essence' 'Professional negligence: solicitors advice should not be too bullish - The court gives guidance about the standard of care expected from a solicitor and the remedies available to clients for negligent advice' 'Developers must check carefully for restrictive covenants - We explore the potentially disastrous impact of restrictive covenants on developments and how developers can avoid litigation' 'Break clauses: a tenant cannot exercise a personal break right after assigning its lease - The court makes it clear that a former tenant will only be able to operate a personal break clause in exceptional circumstances' 'Fraudulent misrepresentation: the court upholds non-reliance clauses in an agreement for lease - We look at liability for misrepresentation in a case where the project was a commercial disaster http://www.nabarro.com/Downloads/QuarterDay-Midsummer-2010.pdfTue, 06 Jul 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/QuarterDay-Midsummer-2010.pdfReal Estate newsletter - July 2010http://www.nabarro.com/Downloads/Real-Estate-update-July-2010.pdfTue, 06 Jul 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Real-Estate-update-July-2010.pdfCorporate finance advisers often enter into agreements involving tail fees (following termination of the engagement) or tail gunner clauses and introduction fees. The court has recently had to consider, in two separate cases, the payment of tail fees and introduction fees.http://www.nabarro.com/Downloads/Corporate-Engagement-letters.pdfMon, 05 Jul 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Corporate-Engagement-letters.pdfSelecting the appropriate legal structure for a joint venture project requires a shared understanding of objectives. There may be cultural mismatches and different expectations of the parties involved.http://www.nabarro.com/Downloads/Real_Estate_Joint_Ventures_key_features.pdfWed, 30 Jun 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Real_Estate_Joint_Ventures_key_features.pdfA bulletin for our North American clients and colleagueshttp://www.nabarro.com/Downloads/9424.pdfWed, 30 Jun 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/9424.pdfA new Double Taxation Treaty Passport scheme will commence on 1 September 2010. The scheme will apply to overseas corporate lenders and is intended to speed up the process for claiming treaty relief on interest. Advance applications for a passport can now be made.http://www.nabarro.com/Downloads/Tax-briefing-Passport-Scheme.pdfMon, 28 Jun 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Tax-briefing-Passport-Scheme.pdfEU & Competition team newsletterhttp://www.nabarro.com/Downloads/Brussels-Update-24-Jun-2010.pdfThu, 24 Jun 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Brussels-Update-24-Jun-2010.pdfInstitutional investors who have invested in real estate have experienced the pain of declining property values and the consequent acute adverse affect on their fund investments.<p> The result? Investors are looking for more control and turning to strategic alliances as a way forward. </p>http://www.nabarro.com/Downloads/Indirect-investment-Strategic-Alliances.pdfWed, 23 Jun 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Indirect-investment-Strategic-Alliances.pdfThe Court of Appeal has handed down an important judgment that clarifies when a defendant will be held accessorily liable for infringement as a joint infringer.http://www.nabarro.com/Downloads/IP-Extending-accessorial-liability-for-infringement.pdfWed, 23 Jun 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/IP-Extending-accessorial-liability-for-infringement.pdfBudget: more details; Automatic enrolment: summer review; Regulators revised guidance on record keeping and winding-up; Employer covenant Regulator materials; Regulators revised Internal Controls guidance; PPF imminent filing deadline: block transfershttp://www.nabarro.com/Downloads/Pensions_Update_June_2010.pdfWed, 23 Jun 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Pensions_Update_June_2010.pdfHEADLINES: Employment UK new employment rights at a glance; Intellectual property using the new organic food labelling; Litigation beware the Bribery Act 2010; EU and Competition new laws for supply and distribution agreements; EU and Competition Competition Commission rubber stamps Sports Directs store acquisitionhttp://www.nabarro.com/Downloads/Retail-Group-update-Jun-2010.pdfTue, 22 Jun 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Retail-Group-update-Jun-2010.pdfHEADLINES: Overview of proposals; No good news for high earners (yet); The end of annuities for all at 75; Tax rates and allowanceshttp://www.nabarro.com/Downloads/Pensions-update-Budget-special.pdfTue, 22 Jun 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Pensions-update-Budget-special.pdfOn 21 June, the Financial Services Authority imposed a fine of 500,000 on the photo booth operator Photo-Me International plc (PMI) for failing to disclose inside information.http://www.nabarro.com/Downloads/Corporate-alert-FSA-Clamp-Down.pdfMon, 21 Jun 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Corporate-alert-FSA-Clamp-Down.pdfNew Look Retailers Limited appealed against a sentence of 400,000 imposed by the Recorder of Westminster for two breaches of the Regulatory Reform (Fire Safety) Order 2005. The Court of Appeal handed down Judgment on 16 June 2010: the appeal was dismissed. http://www.nabarro.com/Downloads/Health-and-Safety-Public-safety-and-the-magnitude-of-risk.pdfThu, 17 Jun 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Health-and-Safety-Public-safety-and-the-magnitude-of-risk.pdfGetting your company investor ready for this important tax reliefhttp://www.nabarro.com/Downloads/Enterprise-Investment-Scheme.pdfTue, 15 Jun 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Enterprise-Investment-Scheme.pdfThe OFT has launched a market study into equity underwriting. This has been trailed in broad outline for some time but the shape of the inquiry is now clearer.http://www.nabarro.com/Downloads/Competition - OFT Inquiry into Investment Banking Fees.pdfMon, 14 Jun 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Competition - OFT Inquiry into Investment Banking Fees.pdfThe OFT has launched a market study into equity underwriting. This has been trailed in broad outline for some time but the shape of the inquiry is now clearer.http://www.nabarro.com/Downloads/Competition - OFT Inquiry into Investment Banking Fees.pdfMon, 14 Jun 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Competition - OFT Inquiry into Investment Banking Fees.pdfThe OFT has launched a market study into equity underwriting. This has been trailed in broad outline for some time but the shape of the inquiry is now clearer.http://www.nabarro.com/Downloads/Competition - OFT Inquiry into Investment Banking Fees.pdfMon, 14 Jun 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Competition - OFT Inquiry into Investment Banking Fees.pdfJonathan Radcliffe comments on reforms to the patent litigation system.http://www.nabarro.com/Downloads/Cutting_the_cost_of_justice.pdfFri, 11 Jun 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Cutting_the_cost_of_justice.pdfLouise Gellman considers the ONEL judgment which suggested that use of a CTM in one EU member state was not sufficient to sustain it.http://www.nabarro.com/Downloads/Growing_pains_for_the_CTM.pdfFri, 11 Jun 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Growing_pains_for_the_CTM.pdfWith the introduction of the CRC Energy Efficiency Scheme (the CRC Scheme), further due diligence on property acquisitions should now be undertaken.http://www.nabarro.com/Downloads/Real-Estate-briefing-CRC-Energy-Efficiency-Scheme.pdfThu, 10 Jun 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Real-Estate-briefing-CRC-Energy-Efficiency-Scheme.pdfJonathan Radcliffe of Nabarro assesses the implications of the judgement.http://www.nabarro.com/Downloads/Birth_of_a_new_tactic.pdfWed, 09 Jun 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Birth_of_a_new_tactic.pdfEU & Competition team newsletterhttp://www.nabarro.com/Downloads/Brussels-Update-7-June-2010.pdfMon, 07 Jun 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Brussels-Update-7-June-2010.pdfKey Lease provisionshttp://www.nabarro.com/Downloads/Key_Lease_Provisions.pdfFri, 04 Jun 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Key_Lease_Provisions.pdfAcquisition of Freehold Landhttp://www.nabarro.com/Downloads/Acquisition_of_Freehold_Land.pdfFri, 04 Jun 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Acquisition_of_Freehold_Land.pdfThe Code Committee of the Takeover Panel has published a consultation paper on a range of fundamental aspects of the Takeover Code.http://www.nabarro.com/Downloads/Corporate-briefing-re-Takeover-panel-consultation-June-2010.pdfThu, 03 Jun 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Corporate-briefing-re-Takeover-panel-consultation-June-2010.pdfThe Financial Reporting Council (FRC) has published a new edition of the UK Corporate Governance Code (previously known as the Combined Code). The new Code will apply to all companies with a premium listing for reporting years beginning on or after 29 June 2010. http://www.nabarro.com/Downloads/Corporate-Briefing-New-UK-Corporate-Governance-Code.pdfWed, 02 Jun 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Corporate-Briefing-New-UK-Corporate-Governance-Code.pdfThe Takeover Panels public criticism of the recent offer by Kraft Food Inc for Cadbury plc will increasingly focus the attention of financial advisers on compliance with Rule 19.1 of the Takeover Code (the Code). http://www.nabarro.com/Downloads/Corporate-Alert-Advisers-beware.pdfWed, 02 Jun 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Corporate-Alert-Advisers-beware.pdfKey considerations when acquiring property in Western Europehttp://www.nabarro.com/Downloads/Acquiring_Property_in_Western_Europe.pdfTue, 01 Jun 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Acquiring_Property_in_Western_Europe.pdfFollowing the High Courts decision last November to limit the benefit of Legal Professional Privilege (LPP) to lawyers alone, Prudential are appealing in an attempt to extend LPP beyond the legal profession.http://www.nabarro.com/Downloads/Tax-briefing-Prudential.pdfFri, 28 May 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Tax-briefing-Prudential.pdfHEADLINES: Coalition statement: no surprises on pensions; Inheritance tax: HMRC takes a tough line on pension benefits; Regulator exercises emergency powers: suspected pension fraud; Ill health retirements: two Ombudsman determinations upheld in the High Court.http://www.nabarro.com/Downloads/Pensions-update-May-2010.pdfThu, 27 May 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Pensions-update-May-2010.pdfEU & Competition team newsletterhttp://www.nabarro.com/Downloads/Brussels-Update-24-May-2010.pdfMon, 24 May 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Brussels-Update-24-May-2010.pdfThe 'programme for government', published on 20 May 2010 by the Conservative-Liberal Democrat coalition, contains plans to radically reform' the planning system. http://www.nabarro.com/Downloads/Planning-Briefing-Coalition-Goverment-radical-reform.pdfFri, 21 May 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Planning-Briefing-Coalition-Goverment-radical-reform.pdfThere have been two recent developments of particular importance to the owners of single character trade marks.http://www.nabarro.com/Downloads/IP-Single-character-trade.pdfWed, 19 May 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/IP-Single-character-trade.pdfUnit trusts are used for Real Estate Funds, usually in common law jurisdictions such as the UK, Australia, Ireland, Guernsey, Jersey and Singapore. But what are unit trusts and how and why are they used?http://www.nabarro.com/Downloads/Indirect_Investment_Unit_trusts.pdfTue, 18 May 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Indirect_Investment_Unit_trusts.pdfMany financial institutions are experiencing further waves of mass redundancies. Many of you are highly skilled at running these processes to mitigate the risks of an unfair dismissal claim or a protective award. We can add to your experience by sharing our sector knowledge we all know the law but what works in practice in a redundancy scenario?http://www.nabarro.com/Downloads/Redundancy_in_practice_within_the_financial_sector.pdfTue, 18 May 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Redundancy_in_practice_within_the_financial_sector.pdfMany financial institutions are experiencing further waves of mass redundancies. Many of you are highly skilled at running these processes to mitigate the risks of an unfair dismissal claim or a protective award. We can add to your experience by sharing our sector knowledge we all know the law but what works in practice in a redundancy scenario?http://www.nabarro.com/Downloads/Redundancy_in_practice_within_the_financial_sector.pdfTue, 18 May 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Redundancy_in_practice_within_the_financial_sector.pdfReal Estate newsletter - May 2010http://www.nabarro.com/Downloads/Real-Estate-update-May-2010.pdfTue, 11 May 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Real-Estate-update-May-2010.pdfJust over a year ago, the G20 summit was hailed for achieving a consensus on how the worlds leading 20 countries should respond to the financial crisis. That consensus consisted of six broad objectives aimed at restoring confidence, encouraging more lending, strengthening financial regulation, reforming the international financial institutions, promoting global trade and building an inclusive and sustainable recovery. The most difficult of these objectives has been in overhauling the systems of financial regulation. One year later, it is worth looking at what the reform agenda for financial regulation consisted of, and where that agenda stands now.http://www.nabarro.com/Downloads/Regulatory_-_Reflection_ on_the_London_G20_Summit_-_A_progress_report.pdfMon, 10 May 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Regulatory_-_Reflection_ on_the_London_G20_Summit_-_A_progress_report.pdfThe Advocate General of the Court of Justice (the renamed European Court of Justice) has published the first-ever opinion on the extent of protection that European patents should give to biotech patents. This controversial opinion proposes that the full Court should give a narrow interpretation to the Biotechnology Directive which was implemented to harmonise EU laws on the patentability of biotech inventions. Although now implemented in all Member States, there are major differences in how the Directive has been implemented. http://www.nabarro.com/Downloads/IP-Briefing-AGs-opinion-in-Monsanto-May-2010.pdfMon, 10 May 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/IP-Briefing-AGs-opinion-in-Monsanto-May-2010.pdfInvestors are returning to real estate funds.<p></p> 3.2bn of new money was invested in pooled property funds in the fourth quarter of 2009, the highest on record since 1998. This amount far exceeded the peak of 1.7bn achieved during the previous upturn in 2006 (AREF).http://www.nabarro.com/Downloads/Fund_trends_survey_2010.pdfMon, 10 May 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Fund_trends_survey_2010.pdfThe Governments long awaited Feed-in Tariff (FiTs) scheme for individuals, organisations and small businesses who install small to medium scale renewable projects was launched from 1 April of this year.http://www.nabarro.com/Downloads/CCE-Feed-in-Tariffs.pdfFri, 07 May 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/CCE-Feed-in-Tariffs.pdfEU & Competition team newsletterhttp://www.nabarro.com/Downloads/Brussels-Update-30-April-2010.pdfWed, 05 May 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Brussels-Update-30-April-2010.pdfThis article by Paul Donnelly looks at the recent Department for Business, Innovation & Skills proposals on the registration of charges created by companies and limited liability partnerships. A copy of this article originally appeared in Company Secretary's Review published by Tolley's/LexisNexis in April 2010. http://www.nabarro.com/Downloads/Registration_of_charges.pdfWed, 05 May 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Registration_of_charges.pdfQualifying and operating as a UK REIT http://www.nabarro.com/Downloads/Qualifying_and_Operating_as_a_UK-REIT.pdfWed, 05 May 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Qualifying_and_Operating_as_a_UK-REIT.pdfDoes the Hastings-Bass principle allow two bites at the cherry?http://www.nabarro.com/Downloads/Tax-briefing-Hastings-Bass-principle.pdfThu, 29 Apr 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Tax-briefing-Hastings-Bass-principle.pdfHEADLINES: New Energy Act receives Royal Assent; Plans unveiled to allow Local Authorities to Sell Electricity; Building a Roadmap for Heat: An Alternative Approach to our Low Carbon Future; Tidal Surge: new tidal technologies and the release of the Governments Marine Energy Action Plan; CCS Industrial Strategy: a Government Roadmap for Developing Innovation and Business; The 2010 Budget: a Green Investment;Push for Global Climate Deal and Support for Green Industry; Conservatives Energy Policy: An interview with shadow Climate Minister, Greg Barkerhttp://www.nabarro.com/Downloads/Climate-Change-and-Energy-update-April-2010.pdfThu, 29 Apr 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Climate-Change-and-Energy-update-April-2010.pdfHEADLINES: Finance Act changes: less than a year left to amend your scheme rules; Equality Act; Trustees liable to forgotten beneficiaries: confirmation from Court of Appeal; Automatic enrolment: staging dates for employershttp://www.nabarro.com/Downloads/Pensions-Update-April-2010.pdfWed, 28 Apr 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Pensions-Update-April-2010.pdfTiming in Procurement Challenges * Design obligations the problem of fitness for purpose liability * Project Bank Accounts * Practical Completion: Getting it right in the credit crunch * Consultation on amendments to Scheme for Construction Contracts * The Bribery Act 2010http://www.nabarro.com/Downloads/Construction-and-Engineering-update-April-2010.pdfTue, 27 Apr 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Construction-and-Engineering-update-April-2010.pdfThe long awaited Equality Bill became the Equality Act 2010 on 8 April 2010, overhauling current discrimination law. However, when the dust settles on the statute books, how significant will the impact on employers be in practice?http://www.nabarro.com/Downloads/Employment-Equality-Act.pdfTue, 27 Apr 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Employment-Equality-Act.pdfThe CRC Energy Efficiency Scheme (CRC) commenced on 1 April 2010. The CRC is a mandatory carbon trading scheme for organisations operating in the UK. Organisations obliged to participate in CRC will from 1 April 2011 have to buy carbon allowances in respect of emissions attributed to energy consumed by their operations. Qualifying funds and fund managers will be obliged to participate in the scheme.<p></p> The CRC is mandatory and cannot be ignored. To do so will impair your funds financial performance and give rise to civil and criminal penalties. However, if you respond wisely to your CRC obligations it should help you to find energy (and hence cost) savings, increase profitability and demonstrate green credentials. <p></p> This briefing sets out the key issues on CRC for fund managers. http://www.nabarro.com/Downloads/CRC-efficiency-scheme-compliance-issues-for-fund-managers.pdfMon, 26 Apr 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/CRC-efficiency-scheme-compliance-issues-for-fund-managers.pdfThe CRC Energy Efficiency Scheme (CRC) commenced on 1 April 2010. The CRC is a mandatory carbon trading scheme for organisations operating in the UK. Organisations obliged to participate in CRC will from 1 April 2011 have to buy carbon allowances in respect of emissions attributed to energy consumed by their operations. Qualifying funds and fund managers will be obliged to participate in the scheme.<p></p> http://www.nabarro.com/Downloads/CRC-efficiency-scheme-compliance-issues-for-fund-managers.pdfMon, 26 Apr 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/CRC-efficiency-scheme-compliance-issues-for-fund-managers.pdfThe Bribery Bill completed its passage through Parliament and received Royal Assent on 8 April 2010. It now takes its place on the statute book as the Bribery Act 2010.http://www.nabarro.com/Downloads/Dispute-Resolution-The-Bribery-Act-2010.pdfThu, 22 Apr 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Dispute-Resolution-The-Bribery-Act-2010.pdfThe FSA has announced significant penalties for Sameer Patel and Robin Chhabra for market abuse. Patel and Chhabra were banned for life from working in the financial services industry, and have had fines imposed consisting of a punitive component and a disgorgement of profits. The penalties follow the recent Financial Services and Markets Tribunal decision to uphold a November 2008 decision of the FSA that the two individuals had engaged in market abuse.http://www.nabarro.com/Downloads/Regulatory_-_Another_important_insider_dealing_win_for_the_FSA.pdfThu, 22 Apr 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Regulatory_-_Another_important_insider_dealing_win_for_the_FSA.pdfProject Discovery: Ofgem publishes its conclusions * The Oil Crunch: Taskforce Report on Peak Oil & Energy Security * DECC Consults on FITs and the RHI * Sustainable Community Infrastructure: Task group call for government support * The Mayor of London's Climate Change Strategies * Consultation update * Legislation updatehttp://www.nabarro.com/Downloads/Climate-Change-and-Energy-update-March-2010.pdfTue, 20 Apr 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Climate-Change-and-Energy-update-March-2010.pdfThe Bribery Bill completed its passage through Parliament and received Royal Assent on 8 April 2010. It now takes its place on the statute book as the Bribery Act 2010.http://www.nabarro.com/Downloads/Corporate-briefing-Bribery-Act-2010.pdfMon, 19 Apr 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Corporate-briefing-Bribery-Act-2010.pdfOn 6 April 2010, the FSA published a consultation paper inviting comments on a small number of proposed amendments to clarify the application of the Listing Rules and the Disclosure and Transparency Rules.http://www.nabarro.com/Downloads/Corporate-briefing-FSA-Quarterly-Consultation.pdfFri, 16 Apr 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Corporate-briefing-FSA-Quarterly-Consultation.pdfPlease click on the following link to watch one of five short video presentations on: the new laws and rights for agency workers, additional paternity leave and pay, the interrelation between employees' holiday and sick pay rights, the ACAS Code on discipline and grievances one year on and recent developments on the right to be legally accompanied at disciplinary hearings.Wed, 14 Apr 2010 00:00:00 GMThttp://www.nabarro.com/home/Employment_law_updates_for_2010.htmlGuy Heath and Louisa Dixon of Nabarro LLP consider a recent English Court of Appeal case, which handed victory to the computer games industry in the fight against modders.http://www.nabarro.com/Downloads/Game_Over.PDFMon, 12 Apr 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Game_Over.PDFEU & Competition team newsletterhttp://www.nabarro.com/Downloads/Brussels-Update-7-April-2010.pdfWed, 07 Apr 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Brussels-Update-7-April-2010.pdfThe Bribery Bill looks set to become law; UK Listing regime: key changes on 6 April 2010; Preparing for your AGM in 2010; List! 24 Risk factors v working capital statements; NAPF updates Corporate Governance Policy; Private equity-owned portfolio companies get guidance on good practice reporting; The CRC commences on 1 April 2010. Is your organisation ready? New European laws could affect the use of cookies on websites from May 2011; Doing things your way: the ups and downs of changing terms of employment and data protection developmentshttp://www.nabarro.com/Downloads/Corporate-update-April-2010.pdfWed, 31 Mar 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Corporate-update-April-2010.pdfIn 2007, the European Court of Justice handed down its landmark judgment in Auroux which confirmed that the EU procurement rules apply to land development schemes. This has been followed by a further ruling on 25 March 2010 in the Mller case, which clarifies the circumstances in which public authorities may be entering into public works contracts within the meaning of the EU procurement Directives.http://www.nabarro.com/Downloads/EU-and-Competition-alert-Muller.pdfMon, 29 Mar 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/EU-and-Competition-alert-Muller.pdfHEADLINES: Budget 2010: no surprises on pensions; Changes to pensionable earnings: new consultation requirement; Employer debt: new restructuring easements effective from 6 April; PPF developments: onerous contracts, guidance on levy reduction and interest on late payments; Defining money purchase benefits: Court of Appeal decision; Snippets from HMRC: managing the scheme sanction charge and changes to the special annual allowance; Abolition of protected rights: confirmed from April 2012http://www.nabarro.com/Downloads/Pensions-update-March-2010.pdfFri, 26 Mar 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Pensions-update-March-2010.pdfWhat do the strike by BAs cabin crew, the pay levels of ASDAs shop floor staff and the loss of personal details of 2,135 individuals by a large insurer have in common? Not much, you may think. However, they are all the subject of important recent developments and are the topics for this months Employment Briefing. http://www.nabarro.com/Downloads/Employment-changing-terms-of-employment.pdfFri, 26 Mar 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Employment-changing-terms-of-employment.pdfFor the second time in two months the Financial Services Authority has taken action in relation to a trader mismarking his positions. Last week the FSA prohibited Alexis Stenfors from performing any function in relation to any regulated activity carried on by a regulated firm. The FSA has said it is likely to revoke the order after five years. The prohibition order was imposed on Stenfors in relation to his deliberate mis-marking of positions on his trading books while working as a trader on the short-term interest rate trading desk of the London branch of Merrill Lynch International Bank, and the head of Scandi swaps trading at Merrill Lynch.http://www.nabarro.com/Downloads/Regulatory_-_FSA_crack_down_on_mis-marking.pdfFri, 26 Mar 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Regulatory_-_FSA_crack_down_on_mis-marking.pdfFor the second time in two months the Financial Services Authority has taken action in relation to a trader mismarking his positions. Last week the FSA prohibited Alexis Stenfors from performing any function in relation to any regulated activity carried on by a regulated firm. The FSA has said it is likely to revoke the order after five years. The prohibition order was imposed on Stenfors in relation to his deliberate mis-marking of positions on his trading books while working as a trader on the short-term interest rate trading desk of the London branch of Merrill Lynch International Bank, and the head of Scandi swaps trading at Merrill Lynch.http://www.nabarro.com/Downloads/Regulatory_-_FSA_crack_down_on_mis-marking.pdfFri, 26 Mar 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Regulatory_-_FSA_crack_down_on_mis-marking.pdfThis week, the Court of Justice of the European Union handed down two important decisions on the use of trade marks in 'sponsored links'. On Tuesday, the Court ruled that Google's AdWords service is essentially lawful. But an advertiser using the service (and, in certain situations, Google) may be liable for trade mark infringement if the advertisement misleads consumers. The finding relating to advertisers' potential liability was restated in yesterday's BergSpechte decision.http://www.nabarro.com/Downloads/IP-Google-AdWords.pdfFri, 26 Mar 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/IP-Google-AdWords.pdfFor the second time in two months the Financial Services Authority has taken action in relation to a trader mismarking his positions. Last week the FSA prohibited Alexis Stenfors from performing any function in relation to any regulated activity carried on by a regulated firm. The FSA has said it is likely to revoke the order after five years. The prohibition order was imposed on Stenfors in relation to his deliberate mis-marking of positions on his trading books while working as a trader on the short-term interest rate trading desk of the London branch of Merrill Lynch International Bank, and the head of Scandi swaps trading at Merrill Lynch.http://www.nabarro.com/Downloads/Regulatory_-_FSA_crack_down_on_mis-marking.pdfFri, 26 Mar 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Regulatory_-_FSA_crack_down_on_mis-marking.pdfThe Government has announced that it will shortly begin a consultation on important new measures designed to boost confidence in the pre-pack administration procedure. You can have your say in this process.http://www.nabarro.com/Downloads/REDR-and-Restructuring-briefing-Pre-packs.pdfThu, 25 Mar 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/REDR-and-Restructuring-briefing-Pre-packs.pdf'Valuing dilapidations claims: the court will not invent a hypothetical purchaser - what can the court taken into account'; 'Failure to deliver a property in compliance with a special condition can frustrate a sale - what happens if a seller cannot comply with a special condition?'; 'Damages for loss of business premises: how much can a tenant recover? - can a tenant recover compensation for a potential business opportunity?'; 'Original guarantors: the demise of the repeat guarantee? - we look at the Good Harvest case and review its implications'; 'Administration expenses: landlords can recover the costs of a winding-up petition - we explore the costs that landlords can recover in insolvency proceedings'http://www.nabarro.com/Downloads/March-QuarterDay-electronic-version.pdfThu, 25 Mar 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/March-QuarterDay-electronic-version.pdfAs of 6 April 2010, the UK Listing Authoritys (UKLA) listing regime is being restructured and companies will now be able to choose between a Premium listing and a Standard listing.http://www.nabarro.com/Downloads/Corporate-briefing_-_UK-Listing-Regime-19-March-2010.pdfTue, 23 Mar 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Corporate-briefing_-_UK-Listing-Regime-19-March-2010.pdfThis briefing outlines the decisions and actions that AIM companies need to consider as they prepare for 2010 AGMs.http://www.nabarro.com/Downloads/The-AGM-in-2010-AIM-companies.pdfMon, 22 Mar 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/The-AGM-in-2010-AIM-companies.pdfThis briefing outlines the decisions and actions that listed companies need to consider as they prepare for 2010 AGMs.http://www.nabarro.com/Downloads/The-AGM-in-2010-listed-companies.pdfMon, 22 Mar 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/The-AGM-in-2010-listed-companies.pdfEU & Competition team newsletterhttp://www.nabarro.com/Downloads/Brussels-Update-22-March-2010.pdfMon, 22 Mar 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Brussels-Update-22-March-2010.pdfAn introduction to the service of notices in the context of unopposed lease renewals under the Landlord and Tenant Act 1954http://www.nabarro.com/Downloads/Lease-Renewals-under-the-Landlord-and-Tenant-Act-1954.pdfFri, 19 Mar 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Lease-Renewals-under-the-Landlord-and-Tenant-Act-1954.pdfBribery laws in the UK are set for a significant overhaul if the Bribery Bill can be rushed through parliament before the General Election. The Bill has already passed through the House of Lords (where it originated) and is scheduled to go to Committee stage in the House of Commons on 16 March 2010. http://www.nabarro.com/Downloads/Corporate-briefing-Bribery-Bill.pdfTue, 16 Mar 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Corporate-briefing-Bribery-Bill.pdfReal Estate newsletter - March 2010http://www.nabarro.com/Downloads/Real-Estate-Update-March-2010.pdfTue, 16 Mar 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Real-Estate-Update-March-2010.pdfThere has never been a more opportune time for globally ambitious companies to be looking to the UK to set up and finance their businesses. Indian companies are certainly leading this trend, spending more on acquiring companies in the UK than any other country.http://www.nabarro.com/Downloads/UK_India_Business_Council.pdfThu, 11 Mar 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/UK_India_Business_Council.pdfIn future employers will need to be careful when deciding whether or not to allow an employee to be legally represented at an internal disciplinary hearing. Two recent Court of Appeal decisions have affirmed the principle that, in some circumstances, employees will have a right to legal representation if they so request. The basic test that employers should apply in future is what will be the likely impact on the employees right to practise his profession if the allegations against the employee are upheld? http://www.nabarro.com/Downloads/Employment-Employee-disciplinary-hearings-and-whistleblowing.pdfTue, 09 Mar 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Employment-Employee-disciplinary-hearings-and-whistleblowing.pdfStatutory adjudication of disputes over construction contracts was introduced to counter unacceptable delays and expense in traditional dispute resolution processes. The courts have in the last few days re-affirmed their determination to make sure that losing parties in these interim decisions cannot avoid paying up simply by complaining that an error in the decision amounts to a 'breach of natural justice'.http://www.nabarro.com/Downloads/Construction-alert-Enforcement-of-Adjudicators-Decisions.pdfMon, 08 Mar 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Construction-alert-Enforcement-of-Adjudicators-Decisions.pdfA substantial proportion of our readership responded to our recent survey. Our aim was to gauge our readers satisfaction with QD. Here are the results.http://www.nabarro.com/Downloads/QuarterDay-2010-Reader-Survey-Results.pdfFri, 05 Mar 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/QuarterDay-2010-Reader-Survey-Results.pdfThe Court of Appeal has now handed down its eagerly awaited judgment in Hotel Cipriani SRL and others v Cipriani (Grosvenor Street) Ltd and others [2010] EWCA Civ 110. The Court has affirmed the High Court judges decision on all points, finding that the defendants use of the names Cipriani and Cipriani London, in relation to the now-famous restaurant, infringes the first claimants Community trade mark registration for the mark CIPRIANI. http://www.nabarro.com/Downloads/IP-briefing-Court-of-Appeal-confirms-Cipriani-cannot-rely-on-own-name-defence.pdfFri, 05 Mar 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/IP-briefing-Court-of-Appeal-confirms-Cipriani-cannot-rely-on-own-name-defence.pdfOn 26 November 2009, the final report and recommendations from Sir David Walker's review of corporate governance (the 'Walker Review') were published, closely followed on 1 December 2009 by the Financial Reporting Council's ('FRC') final report on its 2009 Review of the Combined Code on Corporate Governance (the 'Code') (the 'FRC Review').http://www.nabarro.com/Downloads/Corporate-Governance- The-impact-of-the-Walker-Review and-FRC-Review.pdfFri, 05 Mar 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Corporate-Governance- The-impact-of-the-Walker-Review and-FRC-Review.pdfEesheta Shah of Nabarro examines the challenges for business.http://www.nabarro.com/Downloads/Clearing-brands-in-Europe.pdfFri, 05 Mar 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Clearing-brands-in-Europe.pdfEU & Competition team newsletterhttp://www.nabarro.com/Downloads/Brussels-Update-4-March-2010.pdfThu, 04 Mar 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Brussels-Update-4-March-2010.pdfThe UKLA has published a special edition of List! (List! 24) focussed entirely on working capital statements and risk factors.http://www.nabarro.com/Downloads/Corporate-Alert-List24-Risk-factors-v-working-capital-statements.pdfWed, 03 Mar 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Corporate-Alert-List24-Risk-factors-v-working-capital-statements.pdfCIL is a new charge introduced by the Planning Act 2008. Property owners and developers cannot afford to ignore CIL as local authorities will have draconian powers to enforce it. http://www.nabarro.com/Downloads/Real-Estate-and-Planning-Community-Infrastructure-Levy-CIL-Regulations-MAR-2010.pdfMon, 01 Mar 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Real-Estate-and-Planning-Community-Infrastructure-Levy-CIL-Regulations-MAR-2010.pdfIn a ground breaking case, the High Court held that a guarantee given by the original tenants guarantor in respect of its assignees obligations was void and unenforceable.http://www.nabarro.com/Downloads/Real-Estate-Dispute-Resolution-re-Guarantees-on-lease-assignment.pdfWed, 24 Feb 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Real-Estate-Dispute-Resolution-re-Guarantees-on-lease-assignment.pdfHEADLINES: PPF levy 2011/12: check your insolvency risk now; GMP equalisation: no further forward; Record keeping: Regulator consultation; Winding up: avoiding delays; Myners principles: proposed changes for DC; Additional Paternity Leave from April 2011; Notional earnings cap 2010/2011http://www.nabarro.com/Downloads/Pensions-Update-February-2010.pdfTue, 23 Feb 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Pensions-Update-February-2010.pdfFrom 10 March 2010, UK Customs will follow a new regime for treating seized counterfeit and pirated goods as abandoned for destruction. New legislation* has been made to adopt the simplified procedure set out in Article 11 of the 2003 EU Customs Regulation. It also applies to products infringing patents and other IP rights.http://www.nabarro.com/Downloads/IP-UK-Customs-introduce-simplified-procedure-for-destruction-of-counterfeit-goods.pdfTue, 23 Feb 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/IP-UK-Customs-introduce-simplified-procedure-for-destruction-of-counterfeit-goods.pdfAs a flexible vehicle bringing tax transparency and limited liability, English limited partnerships ('ELPs') are efficient structures through which businesses, varied in size and sector, can operate.http://www.nabarro.com/Downloads/Private-equity-limited-partnerships-an-overview-and-update-on-reform.pdfThu, 18 Feb 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Private-equity-limited-partnerships-an-overview-and-update-on-reform.pdfThe Limited Liability Partnerships Act 2000 (the 'Act') introduced a new entity called the English Limited Liability Partnership (the 'LLP') in April 2009 which has rapidly become the vehicle of choice for the UK based managers of alternative funds. This is because an LLP combines the flexibility of a partnership with separate legal personality and a favourable UK tax treatment.http://www.nabarro.com/Downloads/Private-Equity-LLPs.pdfThu, 18 Feb 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Private-Equity-LLPs.pdfEU & Competition team newsletterhttp://www.nabarro.com/Downloads/Brussels-Update-Feb-2010.pdfTue, 16 Feb 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Brussels-Update-Feb-2010.pdfThe FSA has always held directors and senior managers of financial institutions accountable for the running of their firms. But following the financial crisis the FSA was criticised for not having vetted sufficiently senior managers running some of the UKs largest institutions. As a result the FSA has recently re-emphasised that it will take a more active role in the recruitment process of executive directors, non-executive directors and other senior managers. http://www.nabarro.com/Downloads/Financial_Regulation_FSA_Feb_2010.pdfTue, 16 Feb 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Financial_Regulation_FSA_Feb_2010.pdfArticle 102 of the TFEU (formerly Article 82 of the EC Treaty) prohibits abuse by one or more undertakings of a dominant position within a market in the EU or a substantial part of the EU. This article reviews recent developments in the application of Article 102 in the context of the Guidance, and goes on to consider areas not covered by the Guidance.http://www.nabarro.com/Downloads/Abuse-of-dominance-in-the-EU.PDFFri, 12 Feb 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Abuse-of-dominance-in-the-EU.PDFIn <em>Enviroco Limited v Farstad Supply A/S</em>, the Court of Appeal considered the definition of a subsidiary in accordance with the Companies Act 1985. It was held that where a holding company has granted a legal mortgage over its shares and they are registered in the name of the lender or its nominee, the holding company is no longer deemed to be a member of the subsidiary. http://www.nabarro.com/Downloads/Banking-Finance-Briefing-Enviroco-February-2010.pdfThu, 11 Feb 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Banking-Finance-Briefing-Enviroco-February-2010.pdfWhether its a Swan Song or a Promise Made True, on 6 April well see the introduction of two more government-led employment initiatives. The familiar (but often incomprehensible) sick notes will be replaced with fit notes, which aim to alter the way employers handle sickness absences. And, Regulations giving (mainly) dads the right to Additional Paternity Leave and Pay will also take effect from this date, although they will only apply to babies due to be born or matched for adoption from 3 April 2011. Both changes are likely to impact employment policies and pay arrangements.http://www.nabarro.com/Downloads/Employment-briefing-Fit-Notes-and-Additional-Paternity-Leave.pdfWed, 10 Feb 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Employment-briefing-Fit-Notes-and-Additional-Paternity-Leave.pdfInter-Continental Hotels Corporation and Six Continents Hotels, Inc., which are part of the same group of companies, have succeeded in having 1,519 domain names transferred as a result of a single domain name complaint.http://www.nabarro.com/Downloads/IP-Alert-Domain-names-transferred.pdfFri, 05 Feb 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/IP-Alert-Domain-names-transferred.pdf'Opening doors - The potential of joint ventures to deliver new homes via Local Housing Companies' was commissioned by Nabarro LLP to get a clearer view on one of the key issues facing local government today - identifying the most effective methods of delivering new homes. This report focuses on joint ventures, investigating LHCs as one option.http://www.nabarro.com/Downloads/Opening Doors - The potential of joint ventures to deliver new homes via Local Housing Companies.pdfThu, 04 Feb 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Opening Doors - The potential of joint ventures to deliver new homes via Local Housing Companies.pdfThis Monday the Government confirmed its policy decisions on the final form of the Feed-In Tariff (FiT) scheme. Based on those decisions, a draft Order is due to be laid before Parliament this month. http://www.nabarro.com/Downloads/CCE-briefing-Feed-In-Tariffs-and-Renewable-Heat-Incentives.pdfWed, 03 Feb 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/CCE-briefing-Feed-In-Tariffs-and-Renewable-Heat-Incentives.pdfTakeover Code amendments; Corporate Governance The Walker Review and FRC Review of the Combined Code; UK class actions are coming to financial services; ISC Code on the Responsibilities of Institutional Investors; UK Listing regime to offer Premium and Standard options; Statements of capital: proposed amendments will ease the burden; Debt for equity swaps an introductionhttp://www.nabarro.com/Downloads/Corporate-update-January-2010.pdfFri, 29 Jan 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Corporate-update-January-2010.pdfEurope Unites to Build Renewable Energy Supergrid * The future climate change and energy policy: what questions would you like put to energy ministers? * Copenhagen: the journey begins now * EU Emissions Trading Scheme: Regulation and trading update * OFTOs: Ofgem announces successful bidders and consults on enduring regime * Consultation update * Legislation updatehttp://www.nabarro.com/Downloads/Climate-Change-and-Energy-January-2010.pdfThu, 28 Jan 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Climate-Change-and-Energy-January-2010.pdfHEADLINES Automatic enrolment: all systems go for 2012; Minimum pension age increasing to 55 from 6 April 2010: be prepared; PPF levy and contingent assets: time to get filing; Disclosure of information: electronic communication with members; Trustees are not obliged to offer benefit improvements: High Court rules on post-A-Day requirementshttp://www.nabarro.com/Downloads/Pensions-update-January-2010.pdfThu, 28 Jan 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Pensions-update-January-2010.pdfAs the final Agency Workers Regulations 2010 (the Temps Regulations) landed on our desks, we were filled with optimism: surely the final article will give us the clarity and certainty we have all been waiting for. Alas, this was not to be.http://www.nabarro.com/Downloads/Final-Temps-Regulations-published-jan-2010.PDFThu, 28 Jan 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Final-Temps-Regulations-published-jan-2010.PDFEU & Competition team newsletterhttp://www.nabarro.com/Downloads/Brussels-Update-End-Jan-2010.pdfWed, 27 Jan 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Brussels-Update-End-Jan-2010.pdfDisappointing news for those hoping that the controversial Evans and Evans v Focal Point Fires Plc (Firecraft) decision of November 2009 would soon be overturned: the decision is not to be appealed. The trade mark community will be poorer as a result. http://www.nabarro.com/Downloads/IP-Briefing-UK-trade-marks.pdfMon, 25 Jan 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/IP-Briefing-UK-trade-marks.pdfThe court has clarified that administrators must pay rent as an expense of the administration when they use property.http://www.nabarro.com/Downloads/REDR-Administrators-who-use-premises.pdfSat, 23 Jan 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/REDR-Administrators-who-use-premises.pdf'Development can breach a covenant against nuisance or annoyance'; 'Administrations: how the court balances conflicting interests'; 'Developer wins damages: advertising hoarding was encroaching into airspace'; '1954 Act proceedings: an insolvent landlord cannot buy time'; 'Squatters' rights: acquired by moving a boat on the Thames' http://www.nabarro.com/Downloads/QuarterDay-80-Christmas-2009.pdfFri, 22 Jan 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/QuarterDay-80-Christmas-2009.pdfIn a further sign that the Financial Services Authority is significantly stepping up its enforcement efforts, the regulator has fined Standard Life Assurance Limited 2.45m for serious breaches of principle three (management and control) and principle seven (communications with clients) of the FSA's Principles for Businesses.http://www.nabarro.com/Downloads/Regatory_Standard_Life_Fine.pdfFri, 22 Jan 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Regatory_Standard_Life_Fine.pdfThe Court of Justice of the European Union (formerly the ECJ) yesterday annulled the decision of the EU General Court (formerly the CFI) to uphold the partial refusal of Audis Community trade mark application for VORSPRUNG DURCH TECHNIK for all non vehicle-related goods and services.http://www.nabarro.com/Downloads/IP-Success-for-Audi-on-appeal.pdfFri, 22 Jan 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/IP-Success-for-Audi-on-appeal.pdfIn a further sign that the Financial Services Authority is significantly stepping up its enforcement efforts, the regulator has fined Standard Life Assurance Limited 2.45m for serious breaches of principle three (management and control) and principle seven (communications with clients) of the FSA's Principles for Businesses.http://www.nabarro.com/Downloads/Regatory_Standard_Life_Fine.pdfFri, 22 Jan 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Regatory_Standard_Life_Fine.pdfThe CRC is due to commence in April 2010. Is your organisation ready?http://www.nabarro.com/Downloads/8853.pdfThu, 21 Jan 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/8853.pdfThe 'presumption of reality' is an important principle which has been developed by the Court to help to interpret rent review clauses.http://www.nabarro.com/Downloads/Rent-review-common-sense-and-the-presumption-of-reality.pdfThu, 21 Jan 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Rent-review-common-sense-and-the-presumption-of-reality.pdfA break notice served by one of two joint tenants was held 1 to be invalid. In consequence , the tenants remained bound by the lease for a further five years at a rent of just under 1 million per year (subject to review).http://www.nabarro.com/Downloads/Break-notices-tenant's-invalid-notice-keeps-it-on-hook-for-rent.pdfWed, 20 Jan 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Break-notices-tenant's-invalid-notice-keeps-it-on-hook-for-rent.pdfThe Government-led Penfold Review was launched in December, with a deadline for industry to contribute by 10 February 2010. <p></p> The review is examining how to streamline the process for obtaining consents which do not form part of the planning process. The time presently taken to obtain such consents is perceived to cause delay and uncertainty and impact upon investment. The Department for Business, Innovation and Skills, (BIS), has called for evidence, with a view to identifying barriers and delays in the consent process. They are seeking input from industry representatives, private sector developers, Local Authorities and regulatory bodies. http://www.nabarro.com/Downloads/Environment-briefing-Penfold-review-20-Jan-2010.pdfWed, 20 Jan 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Environment-briefing-Penfold-review-20-Jan-2010.pdfA recent decision of the Court of Appeal has called into question the definition of a 'subsidiary' in circumstances where a holding company grants a legal mortgage over shares in its subsidiary.http://www.nabarro.com/Downloads/Corporate-briefing-Enviroco-case.pdfWed, 20 Jan 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Corporate-briefing-Enviroco-case.pdfA recent decision of the Court of Appeal has called into question the definition of a 'subsidiary' in circumstances where a holding company grants a legal mortgage over shares in its subsidiary.http://www.nabarro.com/Downloads/Corporate-briefing-Enviroco-case.pdfWed, 20 Jan 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Corporate-briefing-Enviroco-case.pdfThe law is moving on with the times we think! At the end of last year, for the first time, the Courts issued an injunction, requiring a bank to make reasonable adjustments to disabled access to its premises, at the cost of 200,000. The EAT gave us some helpful guidance on how employers should treat the rising number of employees undergoing IVF. And, the compensation rates for unfair dismissal came down (yes, down) to reflect the current economic conditions. <p></p> What should you make of all this? http://www.nabarro.com/Downloads/Employment-recent-developments-in-disabiltiy-and-sex-discrimination-Jan-2010.pdfWed, 20 Jan 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Employment-recent-developments-in-disabiltiy-and-sex-discrimination-Jan-2010.pdfThe law is moving on with the times we think! At the end of last year, for the first time, the Courts issued an injunction, requiring a bank to make reasonable adjustments to disabled access to its premises, at the cost of 200,000. The EAT gave us some helpful guidance on how employers should treat the rising number of employees undergoing IVF. And, the compensation rates for unfair dismissal came down (yes, down) to reflect the current economic conditions. <p></p> What should you make of all this? http://www.nabarro.com/Downloads/Employment-recent-developments-in-disabiltiy-and-sex-discrimination-Jan-2010.pdfWed, 20 Jan 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Employment-recent-developments-in-disabiltiy-and-sex-discrimination-Jan-2010.pdfA recent decision of the Court of Appeal has called into question the definition of a 'subsidiary' in circumstances where a holding company grants a legal mortgage over shares in its subsidiary.http://www.nabarro.com/Downloads/Corporate-briefing-Enviroco-case.pdfWed, 20 Jan 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Corporate-briefing-Enviroco-case.pdfThe law is moving on with the times we think! At the end of last year, for the first time, the Courts issued an injunction, requiring a bank to make reasonable adjustments to disabled access to its premises, at the cost of 200,000. The EAT gave us some helpful guidance on how employers should treat the rising number of employees undergoing IVF. And, the compensation rates for unfair dismissal came down (yes, down) to reflect the current economic conditions. <p></p> What should you make of all this? http://www.nabarro.com/Downloads/Employment-recent-developments-in-disabiltiy-and-sex-discrimination-Jan-2010.pdfWed, 20 Jan 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Employment-recent-developments-in-disabiltiy-and-sex-discrimination-Jan-2010.pdfDisputes sometimes arise over what a provision in a document means. The rules of construction (i.e .the rules used by the Court to decide what a document means) have evolved over the years.http://www.nabarro.com/Downloads/Interpretation-of-contracts-the-House-of-Lords-favours-a-commercial-approach.pdfTue, 19 Jan 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Interpretation-of-contracts-the-House-of-Lords-favours-a-commercial-approach.pdfJonathan Radcliffe and David Parrish of the Nabarro IP group review a record-setting domain-name case brought by a hotel chain.http://www.nabarro.com/Downloads/Hotel-owners-check-out-bulk-registration.pdfTue, 19 Jan 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Hotel-owners-check-out-bulk-registration.pdfOn 19 January 2010, the NAPF published its updated Corporate Governance Policy and Voting Guidelines (NAPF Policy) which will apply during the 2010 AGM voting season.http://www.nabarro.com/Downloads/Corporate-alert-NAPF-updates-Corporate-Governance-Policy.pdfTue, 19 Jan 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Corporate-alert-NAPF-updates-Corporate-Governance-Policy.pdfIn Bocardo v Star Energy the Court of Appeal considered the extent to which a landowner owns the strata beneath the surface of his land and clarified the assessment of damages for trespass in a decision which has costly implications for oil companies.http://www.nabarro.com/Downloads/Trespass-the-penalties-payable-when-trespass-occurs-below-sea-level.pdfMon, 18 Jan 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Trespass-the-penalties-payable-when-trespass-occurs-below-sea-level.pdfAt the moment, the earliest age from which most pension scheme benefits can be drawn without attracting tax penalties is 50. This is referred to in the Finance Act 2004 as the normal minimum pension age (NMPA). On 6 April 2010 the NMPA will rise from 50 to 55. In effect this means that most pension scheme members will not be able to take early retirement benefits before age 55. Those in ill-health may draw benefits earlier and some scheme members may retain pre-Finance Act rights to take benefits before age 55 (this is known as the 'protected pension age'). Scheme trustees and administrators need to ensure that they are ready for this change. http://www.nabarro.com/Downloads/Pension-briefing-Minimum-pension-age-Jan-2010.pdfMon, 18 Jan 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Pension-briefing-Minimum-pension-age-Jan-2010.pdfThe advantages of using a virtual assignment are:<p></p> It can be drafted to be commercially equivalent to an actual assignment <p></p> Virtual assignments can be quicker to effect as they do not require consent<p></p> There is no parting of possession or occupation on a virtual assignment<p></p> There will be no SDLT to pay<p></p> However, it should be noted that the tax treatment of a virtual assignment is not identical to an actual assignment: capital allowances cannot pass and there may be VAT leakage. The following article explains more and gives full details of two recent cases .... http://www.nabarro.com/Downloads/Tax-briefing-Virtual-Assignments-Jan-2010.pdfMon, 18 Jan 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Tax-briefing-Virtual-Assignments-Jan-2010.pdfWidespread reforms to the ways in which civil litigation is paid for were recommended by Lord Justice Jackson in his 557 page report published last week with the aim of reducing the sometimes disproportionate cost of going to court. http://www.nabarro.com/Downloads/Litigation-briefing-re-Civil-Litigation-Costs-Reform.pdfMon, 18 Jan 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Litigation-briefing-re-Civil-Litigation-Costs-Reform.pdfDevelopers can face difficulties if they do not obtain contractual consents from landowners at the time an easement is granted.http://www.nabarro.com/Downloads/Easements-developers-must-make-sure-they-have-all-the-right-consents.pdfSun, 17 Jan 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Easements-developers-must-make-sure-they-have-all-the-right-consents.pdfThe Royal Institution of Chartered Surveyors (RICS) recently produced two Information Papers to supplement its Code of Practice for Service Charges in Commercial Property (the Code). Service charges are often based on a ratio of a tenants floor space to the total lettable area and the first Paper covers the impact of a tenants alterations to its floor area on other tenants service charges. The second Paper covers sinking funds.http://www.nabarro.com/Downloads/Updated-RICS-Service-Charge-Code-of-Practice--tenant-alterations-and-sinking-funds.PDFSat, 16 Jan 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Updated-RICS-Service-Charge-Code-of-Practice--tenant-alterations-and-sinking-funds.PDFThe Court of Appeal has found that an agent can bind a seller to a contract for sale, where the agent acted on oral authority alone.http://www.nabarro.com/Downloads/Contracts-for-sale--an-agent-with-oral-authority-can-bind-a-seller.PDFFri, 15 Jan 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Contracts-for-sale--an-agent-with-oral-authority-can-bind-a-seller.PDFThe Construction Plant Hire Association's Models Conditions for Plant Hire 2001 (CPA Model Conditions) are widely used throughout the construction industry. The CPA Model Conditions are rarely varied by parties. Often they are simply relied upon as being capable of covering all eventualities. Regularly, owners of plant hire out their plant, together with one of their employees to operate it. They often work under the illusion that if anything goes wrong (that results in a legal claim for damages), the CPA Model Conditions will successfully protect them from liability. This is simply not always the case, as the recent case of Jose -v- MacSalvors Plant Hire Ltd [2009] vividly illustrates. http://www.nabarro.com/Downloads/CPA-Model-Conditions-Jan-2010.pdfFri, 15 Jan 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/CPA-Model-Conditions-Jan-2010.pdfAn offer to settle can save time and costs, and the two main methods used in property disputes are Part 36 offers, and Calderbank offers. This article sets out the main differences between these types of offer, and looks at the likely cost consequences of making or accepting an offer.http://www.nabarro.com/Downloads/Offers-to-settle-Part-36-and-Calderbank-offers-and-how-they-can-affect-costs.PDFThu, 14 Jan 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Offers-to-settle-Part-36-and-Calderbank-offers-and-how-they-can-affect-costs.PDFThe Association of British Insurers (ABI) has published a position paper on executive remuneration. The objective is to help remuneration committees understand how shareholders expect the ABIs Executive Remuneration Guidelines to be implemented in the current economic conditions and to encourage constructive dialogue between remuneration committees and shareholders.http://www.nabarro.com/Downloads/Corporate-alert-ABI-Position-Paper.pdfThu, 14 Jan 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Corporate-alert-ABI-Position-Paper.pdfEU & Competition team newsletterhttp://www.nabarro.com/Downloads/Brussels-Update-13-January-2010.pdfWed, 13 Jan 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Brussels-Update-13-January-2010.pdfReal Estate updatehttp://www.nabarro.com/Downloads/Real-Estate-Update-January-2010.pdfWed, 13 Jan 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Real-Estate-Update-January-2010.pdfWhen a borrower appoints a Law of Property Act 1925 Receiver (an LPA Receiver), the LPA Receiver can take physical control of the property. Even though the LPA Receiver has control of the property (and even control of the business) the borrower remains liable for non-domestic rates.http://www.nabarro.com/Downloads/LPA-Receivers-unlikely-to-be-liable-for-rates-even-if-they-control-a-business.PDFTue, 12 Jan 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/LPA-Receivers-unlikely-to-be-liable-for-rates-even-if-they-control-a-business.PDFPublic Procurement Newsletterhttp://www.nabarro.com/Downloads/Public-Procurement-Newsletter-Winter-2009.pdfTue, 12 Jan 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Public-Procurement-Newsletter-Winter-2009.pdfThe Court of Appeal has confirmed that a guarantor's liability under an Authorised Guarantee Agreement (AGA) will survive when the tenant goes into liquidation and the lease is disclaimed by the liquidator.http://www.nabarro.com/Downloads/AGAs-guarantors-obligations-continue-even-after-the-assignee-goes-bust.PDFTue, 12 Jan 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/AGAs-guarantors-obligations-continue-even-after-the-assignee-goes-bust.PDFThe recent Court of Appeal decision in Risegold Ltd -v- Escala Ltd [2008] EWCA CiV 1180 has highlighted the importance of developers ensuring, when purchasing land for redevelopment, that the land comes with the necessary rights of access to adjoining land which may be required to develop effectively. Landlords should also take note and ensure that leases reserve them sufficient rights to access the tenants premises in order to redevelop adjoining premises. Developers/landlords could find that their rights of access for that purpose are limited despite, on the face of it, having a right of access to adjoining premises.http://www.nabarro.com/Downloads/Access-and-development-rights.pdfMon, 11 Jan 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Access-and-development-rights.pdfWith demand for property at an all-time low, tenants will look carefully at the possibility of challenging any increases in their rental costs which might be awarded at rent review.http://www.nabarro.com/Downloads/Challenging-a-rent-review-award.pdfSun, 10 Jan 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Challenging-a-rent-review-award.pdfThe wording of a service charge clause came under scrutiny recently in the case of Boots UK Limited -v- Trafford Centre Limited [2008] EWHC 3372 (Ch). Although the court found in favour of the landlord this time, the case highlights the need for service charge clauses to be drafted carefully. This is particularly important in the current economic climate, as tenants are considering service charge expenditure and the services provided by landlords more closely than they have done in recent years.http://www.nabarro.com/Downloads/Shopping-centre-promotions.pdfSat, 09 Jan 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Shopping-centre-promotions.pdfThe recent High Court decision in Royal Bank of Scotland plc -v- Victoria Street (No. 3) Limited [2008] EWHC 3052 (Ch) provides some comfort and guidance for landlords when faced with a tenants proposal to assign their lease to a new company of paper thin covenant strength.http://www.nabarro.com/Downloads/Assigning-leases.pdfFri, 08 Jan 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Assigning-leases.pdfThe Code Committee has published amendments to the Code which will take effect from 25 January 2010.http://www.nabarro.com/Downloads/Corporate-Takeover-Code-amendments.pdfFri, 08 Jan 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Corporate-Takeover-Code-amendments.pdfIn the current economic climate empty properties are becoming more of a concern to landlords. The potential tax burden on owners has increased and in a downturn the potential for dispute is greater. Some landlords are now starting to consider extreme steps to minimise the liability.http://www.nabarro.com/Downloads/Empty-threats-and-rating-wars.pdfThu, 07 Jan 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Empty-threats-and-rating-wars.pdfAn uncommercial burden for landlords, without any real compensating benefit to former tenants. That is how the Court of Appeal described its own decision in Scottish & Newcastle plc -v- Raguz [2007] EWCA] Civ 150. This article explains why the property industry breathed a sigh of relief when the House of Lords overturned that decision in October 2008.http://www.nabarro.com/Downloads/Common-sense-prevails-–-The-House-of-Lords-decision-in-Raguz.pdfWed, 06 Jan 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Common-sense-prevails-–-The-House-of-Lords-decision-in-Raguz.pdfThe latest edition of List! was published in December and the main articles set out the UKLAs views on: share buybacks effected by way of a tender offer with a mix and match element; requirement for a prospectus where a takeover by scheme of arrangement includes a mix and match facility (cash and shares); dealing with leaks and rumours; documents to be on display under the Prospectus Regulation; ordinary course arguments regarding co-investment and co-financing arrangements as related party transactions; acquisitions of publicly traded companies correct interpretation of overseas regulated market and overseas investment exchange; the practical measures to be taken by the FSA to implement the new premium and standard listing categories; and communications on structured products.http://www.nabarro.com/Downloads/Corporate-alert-List-23-The-UKLAs-last-thoughts-for-2009.pdfWed, 06 Jan 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Corporate-alert-List-23-The-UKLAs-last-thoughts-for-2009.pdfThe long and expensive litigation in the Multiplex case is a good example of the costs of litigation far exceeding the value of the claim. There are salutary lessons to be learnt by both property professionals and solicitors from the findings of the judge, most importantly relating to the amount of the costs the winner may recover from the loser.http://www.nabarro.com/Downloads/The-winner-takes-it-all.pdfTue, 05 Jan 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/The-winner-takes-it-all.pdfThe Panel on Takeovers and Mergers (the Panel) is under pressure to reconsider its approach to concert party rulings following a Panel Statement regarding Mitchells & Butlers. A number of wealthy Barbados-based investors have built stakes in pubs group M&B, owner of All Bar One and Browns, which has been locked in a much-publicised battle with certain investors. The battle has centred on the M&B board, with a group of investors seeking the appointment of four new directors.http://www.nabarro.com/Downloads/Corporate-alert-Mitchells-and-Butlers-decision.pdfSat, 02 Jan 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Corporate-alert-Mitchells-and-Butlers-decision.pdfOne of the recommendations of the Walker Report was that the FRC's remit should be extended to cover the activities of institutional investors, and, in particular, best practice in the stewardship of UK companies. In response, the ISC published a Code on the Responsibilities of Institutional Investors (ISC Code) in November 2009.http://www.nabarro.com/Downloads/Corporate-alert-FRC-consultation-on-adopting-the-ISC-Code.pdfFri, 01 Jan 2010 00:00:00 GMThttp://www.nabarro.com/Downloads/Corporate-alert-FRC-consultation-on-adopting-the-ISC-Code.pdfHEADLINES Pre-Budget Report: employer contributions to count as high earners gross income; Automatic enrolment: no delay to start date; Flexible retirement: DWP decides to do nothing; Employer debt pre-6 April 2008: no debt triggered if deferreds or pensioners still employed; Internal controls: consultation on revised guidance; TKU: revised Code of Practice now in force; LGPS: no more pooling of pension and non pension cash.http://www.nabarro.com/Downloads/Pensions-Update-December-2009.pdfTue, 22 Dec 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Pensions-Update-December-2009.pdfEU & Competition team newsletterhttp://www.nabarro.com/Downloads/Brussels-Update-December-2009.pdfMon, 21 Dec 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Brussels-Update-December-2009.pdfAs a flexible vehicle bringing tax transparency and limited liability, limited partnerships are efficient structures through which businesses, varied in size and sector, can operate. The law relating to limited partnerships has been in existence for over 100 years and is now undergoing a process of reform.http://www.nabarro.com/Downloads/Limited_partnerships_overview_and_update.pdfWed, 16 Dec 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Limited_partnerships_overview_and_update.pdfThe reduced rate of VAT (15% instead of 17.5%) ends on 31 December. This date is, of course, a few days after the December quarter day. In the vast majority of cases this rent will have a VAT rate of 15% (assuming the rent has VAT on it). http://www.nabarro.com/Downloads/Real-Estate-VAT-rate-increase.pdfWed, 16 Dec 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Real-Estate-VAT-rate-increase.pdfThe London Stock Exchange has announced a consultation exercise in respect of proposed changes to the AIM Rules for Companies (AIM Rules) which will require greater disclosure of directors remuneration and will permit all AIM-listed companies to use electronic communication with shareholders.http://www.nabarro.com/Downloads/Corporate-alert-AIM-rule-update.pdfWed, 16 Dec 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Corporate-alert-AIM-rule-update.pdfOn 6 December 2009 the Sunday Times ran an article under the headline Net prices fixed, warns eBay. The article reported on evidence submitted to the European Commission of suppliers seeking to fix internet retail prices typically through pressure to withdraw supplies in response to discounting practices.http://www.nabarro.com/Downloads/EU-&-Competition-briefing-Retail-Prices-Dec-2009.pdfTue, 15 Dec 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/EU-&-Competition-briefing-Retail-Prices-Dec-2009.pdfIn his Pre-Budget Report on 9 December, the Chancellor of the Exchequer, Alistair Darling, introduced a new bank payroll tax with immediate effect, designed to inhibit the payment of excessive bonuses in the banking industry. This has been greeted within the banking community with a sense of outrage and unfairness, but not surprise given recent Government public pronouncements. http://www.nabarro.com/Downloads/Tax-Bank-payroll-tax.pdfTue, 15 Dec 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Tax-Bank-payroll-tax.pdfIn his Pre-Budget Report on 9 December, the Chancellor of the Exchequer, Alistair Darling, introduced a new bank payroll tax with immediate effect, designed to inhibit the payment of excessive bonuses in the banking industry. This has been greeted within the banking community with a sense of outrage and unfairness, but not surprise given recent Government public pronouncements. http://www.nabarro.com/Downloads/Tax-Bank-payroll-tax.pdfTue, 15 Dec 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Tax-Bank-payroll-tax.pdfOn 20 November 2009, the European Commission (the Commission) formally requested the United Kingdom to amend its VAT grouping rules on the basis that they are incompatible with current European legislation. The UK has two months to comply after which the Commission may refer the matter to the European Court of Justice (ECJ).http://www.nabarro.com/Downloads/Tax-VAT-grouping.pdfTue, 15 Dec 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Tax-VAT-grouping.pdfOn 20 November 2009, the European Commission (the Commission) formally requested the United Kingdom to amend its VAT grouping rules on the basis that they are incompatible with current European legislation. The UK has two months to comply after which the Commission may refer the matter to the European Court of Justice (ECJ).http://www.nabarro.com/Downloads/Tax-VAT-grouping.pdfTue, 15 Dec 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Tax-VAT-grouping.pdfIn his Pre-Budget Report on 9 December, the Chancellor of the Exchequer, Alistair Darling, introduced a new bank payroll tax with immediate effect, designed to inhibit the payment of excessive bonuses in the banking industry. This has been greeted within the banking community with a sense of outrage and unfairness, but not surprise given recent Government public pronouncements. http://www.nabarro.com/Downloads/Tax-Bank-payroll-tax.pdfTue, 15 Dec 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Tax-Bank-payroll-tax.pdfOn 20 November 2009, the European Commission (the Commission) formally requested the United Kingdom to amend its VAT grouping rules on the basis that they are incompatible with current European legislation. The UK has two months to comply after which the Commission may refer the matter to the European Court of Justice (ECJ).http://www.nabarro.com/Downloads/Tax-VAT-grouping.pdfTue, 15 Dec 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Tax-VAT-grouping.pdfWhile many may be wondering whether the banks have learnt anything from the financial crisis, senior personnel at the Financial Services Authority want us to believe that the regulator has.http://www.nabarro.com/Downloads/Financial_Services_-_The_FSAs_report_card_for_acheiving_desired_regulatory_outcomes.pdfMon, 14 Dec 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Financial_Services_-_The_FSAs_report_card_for_acheiving_desired_regulatory_outcomes.pdfHEADLINES Trustees must not rely of the PPF when making decisions; Lump sums made easier: additional authorised payments available from 1 December; Compensation for delayed transfer: no breach of time limits; Re-evaluating risk, GMP equalisation and changes to compensation: a busy month for the PPF.http://www.nabarro.com/Downloads/Pensions_update_November_2009.pdfMon, 14 Dec 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Pensions_update_November_2009.pdfIn December 2008, the UK Financial Services Authority (the 'FSA') published Consultation Paper 08/21, a far-reaching consultation on proposed changes to the FSA's listing regime which governs the UKs main market. The consultation paper followed a comprehensive review of the UK listing regime during which the FSA sought the views of market participants and other interested parties. In October 2009, the FSA published Consultation Paper 09/24, concluding the FSA's review and setting out changes to the UK listing regime which will take effect in April 2010.http://www.nabarro.com/Downloads/IBA article_ FSA consultation on amendments to the Listing Rules.pdfMon, 14 Dec 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/IBA article_ FSA consultation on amendments to the Listing Rules.pdfCompanies are often looking for ways to strengthen their balance sheet and reduce their debt. This is particularly the case for companies in financial difficulty. Similarly, where a company is having difficulties meeting its financial commitments, creditors are concerned with ensuring that that they obtain as much value as possible from that company.http://www.nabarro.com/Downloads/Debt-for-equity-swaps.pdfMon, 14 Dec 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Debt-for-equity-swaps.pdfWhile many may be wondering whether the banks have learnt anything from the financial crisis, senior personnel at the Financial Services Authority want us to believe that the regulator has.http://www.nabarro.com/Downloads/Financial_Services_-_The_FSAs_report_card_for_acheiving_desired_regulatory_outcomes.pdfMon, 14 Dec 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Financial_Services_-_The_FSAs_report_card_for_acheiving_desired_regulatory_outcomes.pdfHEADLINES Automatic enrolment: government response to March 2009 consultation proposes important changes to timescales Employer consultation: proposed new 'listed change' from 6 April 2010 Hey day: High COurt confirms default retirement age of 65 is lawful PPF Ombudsman dismisses two more apeals against levyhttp://www.nabarro.com/Downloads/Pensions-Update-October-2009.pdfFri, 11 Dec 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Pensions-Update-October-2009.pdfThe final report and recommendations of Sir David Walkers review of corporate governance (the Walker Review) has been published along with the Financial Reporting Councils (FRC) final report on its 2009 Review of the Combined Code (the FRC Review).http://www.nabarro.com/Downloads/Corporate-The-Walker-Review-and-FRC-Review.pdfWed, 09 Dec 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Corporate-The-Walker-Review-and-FRC-Review.pdfThe recently published Financial Services Bill paves the way for class actions in relation to financial services claims in the UK.http://www.nabarro.com/Downloads/Corporate-briefing-UK-Class-Actions.pdfFri, 04 Dec 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Corporate-briefing-UK-Class-Actions.pdfPublic authorities will need to be familiar with new rules on procurement remedies now that the Public Contracts (Amendment) Regulations 2009 have been published.http://www.nabarro.com/Downloads/Projects-briefing-New-procurement-remedies-published.pdfThu, 03 Dec 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Projects-briefing-New-procurement-remedies-published.pdfThe recently published Financial Services Bill paves the way for class actions in relation to financial services claims in the UK.http://www.nabarro.com/Downloads/Corporate-alert-UK-class-actions-coming-to-financial-services.pdfThu, 03 Dec 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Corporate-alert-UK-class-actions-coming-to-financial-services.pdfEU & Competition Team newsletterhttp://www.nabarro.com/Downloads/Brussels-Update-Nov-2009.pdfFri, 27 Nov 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Brussels-Update-Nov-2009.pdfWith tens of thousands of employees on strike, a backlog of millions of postal items, 60,000 or so proposed redundancies and the Christmas period looming, the recent strike by Royal Mail employees was a case of sink or swim - for both Royal Mail (RM) and the Communication Workers Union (CWU). As one flexed its muscles, setting into freefall Royal Mail's business and reputation, the other responded just as boldly, hiring 30,000 agency workers to stifle the effect of the strike. Did anyone win?http://www.nabarro.com/Downloads/Employment-briefing-Industrial-Action.pdfFri, 27 Nov 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Employment-briefing-Industrial-Action.pdfUnder the current proposals for the amendments to the Capital Requirements Directive, which are due to come into force in 2011, credit institutions will only be able to invest in securitisations if the originator has explicitly disclosed that it will retain an economic interest of at least five per cent ('retention requirement').http://www.nabarro.com/Downloads/CEBS-on-securitisation.pdfWed, 25 Nov 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/CEBS-on-securitisation.pdfUnder the current proposals for the amendments to the Capital Requirements Directive, which are due to come into force in 2011, credit institutions will only be able to invest in securitisations if the originator has explicitly disclosed that it will retain an economic interest of at least five per cent ('retention requirement').http://www.nabarro.com/Downloads/CEBS-on-securitisation.pdfWed, 25 Nov 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/CEBS-on-securitisation.pdfProject Discovery: Ofgem consults on security of energy supply * Powering Ahead: How will the Mayor deliver low carbon energy for London? * Countdown to Copenhagen: London talks make incremental progress * Meeting carbon budgets: the Committee on Climate Change publishes its latest report * The case for green fiscal reform? * Energy Efficiency: the EUs revised Action Plan * Consultation Update * Legislation Updatehttp://www.nabarro.com/Downloads/Climate-Change-and-Energy-update-Nov-2009.pdfMon, 23 Nov 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Climate-Change-and-Energy-update-Nov-2009.pdfDECC publishes proposals for Transmission Access Reform * EU officials call for Treaty on Energy Security * Ofgem creates a new body to deal with low carbon targets * Government outlines jobs potential of a low carbon future * Airlines enter EU Emissions Trading Scheme * VAT Act amended to prevent carbon fraud * Draft Energy Performance of Buildings Directive proposed to extend scope of existing Directive * Building Regulations to be amended to deal with energy efficiency * Consultation Update * Legislation Updatehttp://www.nabarro.com/Downloads/Climate-Change-and-Energy-October-2009.pdfSun, 22 Nov 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Climate-Change-and-Energy-October-2009.pdfThe Institutional Shareholders' Committee (ISC) unveiled a new code of responsibility for institutional investors this week (the Code) in response to mounting pressure on institutional investors to hold companies to greater account.http://www.nabarro.com/Downloads/Institutional-Shareholders-Committee.pdfFri, 20 Nov 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Institutional-Shareholders-Committee.pdfA report by Nabarro LLP, 39 Essex Street and ADR Grouphttp://www.nabarro.com/Downloads/Effective_use_of_mediation_by_Local_Authorities_in_Judicial_Review.pdfFri, 20 Nov 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Effective_use_of_mediation_by_Local_Authorities_in_Judicial_Review.pdfAs part of the diagnosis of the recent financial crisis, it has been widely accepted that remuneration policies of financial services firms were a contributory factor to the severity and duration of the crisis. In particular, it is believed that remuneration policies incentivised short-term focus and did not adjust for risk. Consequently, the FSA has published a draft remuneration code (the 'Code') which will come in to force on 1 January 2010. The Code will apply to the 27 largest financial services firms in the UK.http://www.nabarro.com/Downloads/Financial-Regulations-FSA-remuneration-rules.pdfThu, 19 Nov 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Financial-Regulations-FSA-remuneration-rules.pdfUnder the Finance Act 2008, HM Revenue & Customs ('HMRC') has extensive investigating powers enabling it to request the inspection of documents relating to a taxpayer's tax liability.http://www.nabarro.com/Downloads/Dispute-Resolution-Briefing-Accountants-Legal-Privilege.pdfThu, 19 Nov 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Dispute-Resolution-Briefing-Accountants-Legal-Privilege.pdfUnder the Finance Act 2008, HM Revenue & Customs ('HMRC') has extensive investigating powers enabling it to request the inspection of documents relating to a taxpayer's tax liability.http://www.nabarro.com/Downloads/Tax-Briefing-Accountants-Legal-Privilege.pdfThu, 19 Nov 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Tax-Briefing-Accountants-Legal-Privilege.pdfThe Government will be bringing forward a new Energy Bill in the final Parliamentary session before a general election. The Bill is intended to implement the key elements of the Government's Low Carbon Transition Plan that require primary legislation.http://www.nabarro.com/Downloads/Ofgem-to-be-given-wider-powers-in-new-Energy-Bill.pdfThu, 19 Nov 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Ofgem-to-be-given-wider-powers-in-new-Energy-Bill.pdfAs part of the diagnosis of the recent financial crisis, it has been widely accepted that remuneration policies of financial services firms were a contributory factor to the severity and duration of the crisis. In particular, it is believed that remuneration policies incentivised short-term focus and did not adjust for risk. Consequently, the FSA has published a draft remuneration code (the 'Code') which will come in to force on 1 January 2010. The Code will apply to the 27 largest financial services firms in the UK.http://www.nabarro.com/Downloads/Financial-Regulations-FSA-remuneration-rules.pdfThu, 19 Nov 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Financial-Regulations-FSA-remuneration-rules.pdf- Take the right climate change measures to protect the value of your assets - Green planning requirements: negotiate a route to profitable sustainability - The green lease toolkit: a way to make green changes to new and existing leases - Why extension of time clauses are in both parties interests - Chancel repair liability: an ancient liability alive and kicking in the 21st century - Now its finally here: how the Companies Act 2006 affects you - Our winter seminarshttp://www.nabarro.com/Downloads/Real-Estate-Newsletter-November-2009.pdfWed, 18 Nov 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Real-Estate-Newsletter-November-2009.pdfThe AIM Disciplinary Committee has issued the highest AIM fine, 600,000, to Regal Petroleum in a case which they have described as unprecedented in terms of the seriousness of the rule breaches involved and the resultant market impact.http://www.nabarro.com/Downloads/AIM-issues-highest-ever-fine.pdfTue, 17 Nov 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/AIM-issues-highest-ever-fine.pdfThe AIM Disciplinary Committee has issued the highest AIM fine, 600,000, to Regal Petroleum in a case which they have described as unprecedented in terms of the seriousness of the rule breaches involved and the resultant market impact.http://www.nabarro.com/Downloads/Corporate-alert-AIM-issues-highest-ever-fine.pdfTue, 17 Nov 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Corporate-alert-AIM-issues-highest-ever-fine.pdfProspectus Regulation and the Credit Crunch. Contributed by: Alasdair Steele, Nabarro LLP. The process by which companies can issue or sell shares or other securities to investors has long been regulated in the UK and EU. As a general rule, whenever shares or other securities are offered 'to the public' or a company listed on an EU regulated market issues a certain number of new securities of a listed class, a prospectus, containing prescribed information, is required to be published. Immediately before and during the credit crunch, a number of companies prepared prospectuses which contained statements which ultimately turned out to be wrong in view of subsequent events. This article considers the effectiveness of prospectus regulation in the UK and EU generally, in light of the events that have occurred over the past 18 months.http://www.nabarro.com/Downloads/Prospectus Rules.pdfWed, 04 Nov 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Prospectus Rules.pdfData centres are responsible for at least 1 per cent of global electricity consumption and this is on the rise. Data centres use 20 times the amount of energy as equivalent sized offices. In 2007 worldwide emissions from data centres topped 170 million tonnes of carbon. By 2020 carbon emissions from data centres are predicted to quadruple, outstripping those of the airline industry. This has led to increased interest in ensuring their energy efficiency. Furthermore, with the introduction of the CRC Energy Efficiency Scheme (CRC) to the UK in April 2010, new obligations will be imposed on major energy users (any organisation that used at least 6,000MWh of half-hourly electricity during 2008 will qualify for the scheme) such as data centres. The European Commission has also recently released a Code of Conduct on Data Centres relating to their energy efficiency.http://www.nabarro.com/Downloads/Data_Centres_Green_Issues.pdfThu, 29 Oct 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Data_Centres_Green_Issues.pdfOn 16 October, after months of negotiations and consultations, the government has published the draft Temporary Workers Regulations (the Regulations) which, it says, will bring greater fairness for agency workers whilst maintaining the flexibility that the sector provides for both employers and workers. The Regulations are designed to implement an EU Directive of the same name. In what appears to be a policy u-turn, the Regulations will come into force on 1 October 2011, instead of Spring 2010, as originally planned.http://www.nabarro.com/Downloads/Draft-Temporary-Workers-Regulations.pdfMon, 26 Oct 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Draft-Temporary-Workers-Regulations.pdfThe American beer company Anheuser-Busch (AB) and its long-standing foe, the Czech beer company Budejovicky Budvar (BB), have been embroiled in a global dispute over the BUDWEISER trade mark for almost a hundred years. The UK dispute resulted in a goalless draw back in 2000, with the Court of Appeal deciding that both parties were entitled to hold UK registrations for BUDWEISER under the doctrine of 'honest concurrent use'.http://www.nabarro.com/Downloads/IP-Briefing-Battle-of-the-beers.pdfFri, 23 Oct 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/IP-Briefing-Battle-of-the-beers.pdfThe DWP has issued further information on the practical arrangements for employers under the automatic enrolment regime, due to be introduced from October 2012. Under the new regime every employer will have to make arrangements for automatic enrolment of all jobholders aged between 22 and state pension age who have qualifying earnings into a qualifying scheme or the Governments default scheme.http://www.nabarro.com/Downloads/Pensions-briefing-Automatic-enrolment.pdfWed, 21 Oct 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Pensions-briefing-Automatic-enrolment.pdfHMRC have recently consulted on their proposed 'new and innovative' approach to combating tax avoidance by banks operating in the UK. The draft Code of Practice on Taxation for Banks (the 'Code') was issued on 29 June in response to public pressure to force banks to act more responsibly. The consultation document acknowledges that 'the Government has provided significant support to strengthen the financial system'. It looks like HMRC are now eagerly anticipating some form of 'payback' in banks signing up to the new Code.http://www.nabarro.com/Downloads/Tax-HMRC-tell-Banks-to-behave.pdfTue, 20 Oct 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Tax-HMRC-tell-Banks-to-behave.pdfThe European Court of Justice (ECJ) last week, ruled in Pago (Case C-301/07) that a trade mark's reputation in Austria was a sufficient foundation for a trade mark dilution claim based on a corresponding Community trade mark (CTM). As predicted when we reported in May*, the court's opinion differed from that of its advocate general, who had argued that, in general, a trade mark's reputation in just one EU country (however big) could not suffice.http://www.nabarro.com/Downloads/IP-briefing-reputation-of-a-CTM.pdfFri, 16 Oct 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/IP-briefing-reputation-of-a-CTM.pdfThe UK Listing Authority (UKLA) is reshaping London's listing landscape by offering companies a choice between a 'Premium' listing and a 'Standard' listing. What was known as a full listing is to be rebadged as a Premium listing, and the old secondary listing (previously available only to non-UK companies) will now be known as a Standard listing (and will be available to both UK and non-UK companies). The structure of the new listing regime is set out in the diagram below.http://www.nabarro.com/Downloads/Corporate-briefing-Premium-and-standard-listing.pdfThu, 15 Oct 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Corporate-briefing-Premium-and-standard-listing.pdfSue Ashtiany reviews cases on falling ill during annual leave, the right to legal representation, and sets out recent legislative changes. This article was first published in Solicitors Journal, October 2009 edition.http://www.nabarro.com/Downloads/Solicitors-Journal-13-0ct-09-Update-Employment.pdfTue, 13 Oct 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Solicitors-Journal-13-0ct-09-Update-Employment.pdfIt is common to use offshore vehicles to hold investment assets. These vehicles are based in low-tax jurisdictions, for instance the Channel Islands, and will usually be companies or units trusts.http://www.nabarro.com/Downloads/Indirect-Investment-briefing-Offshore-tax-residence.pdfTue, 13 Oct 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Indirect-Investment-briefing-Offshore-tax-residence.pdfIn July 2009 Red Bull was ordered to pay a record 271,887 in fines, costs and compensation for breaches of the Producer Responsibility Obligations (Packaging Waste) Regulations 1997 and 2005. Red Bull was found to have avoided its obligations from 1999 to 2006, resulting in a saving of more than 180,000.http://www.nabarro.com/Downloads/Environment-briefing-Record-fines-handed-out-for-packaging-waste-offences.pdfMon, 12 Oct 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Environment-briefing-Record-fines-handed-out-for-packaging-waste-offences.pdfThe Financial Services Authority's feedback statement 09/4 follows around 15 months of emergency rules and consultation surrounding short selling in the UK.http://www.nabarro.com/Downloads/FSA policy on short-selling_ feedback statement to DP09_01.pdfMon, 12 Oct 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/FSA policy on short-selling_ feedback statement to DP09_01.pdfThe Financial Services Authority's feedback statement 09/4 follows around 15 months of emergency rules and consultation surrounding short selling in the UK.http://www.nabarro.com/Downloads/FSA policy on short-selling_ feedback statement to DP09_01.pdfMon, 12 Oct 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/FSA policy on short-selling_ feedback statement to DP09_01.pdfThe various Government departments involved in the delivery of CRC have published the formal response to the CRC consultation.http://www.nabarro.com/Downloads/Carbon-Reduction-Commitment-its-all-in-a-name.pdfWed, 07 Oct 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Carbon-Reduction-Commitment-its-all-in-a-name.pdfInternational Procurement - Recent Initiatives * The New Remedies Directive: New Sanctions for Public Procurement Abuses * Pre Construction Services Agreements: key provisions and the new JCT forms * Extension of time provisions - Origins and purpose and the distinctive approach taken by NEC3 * Mediation: a worrying trend undermining confidentiality * Statutory right to adjudicate extended as the TCC adopts a narrow approach to exclusions * Pre-Action Conduct: Sanctions for Failure to Comply Now and in the Future * Getting back to the cost of going to court - reforms are in the pipelinehttp://www.nabarro.com/Downloads/Construction-and-Engineering-group-update-October-2009.pdfMon, 05 Oct 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Construction-and-Engineering-group-update-October-2009.pdfPlans to identify and adopt common data reports by the Securities and Exchange Commission and the Financial Services Authority are likely to be welcomed by hedge funds and their advisers since this effort should reduce their regulatory burden. But the plans, which signal a deepening relationship between US and UK regulators, must be understood in the context of wider European developments and implications. The proposals came out of a meeting of the SEC/FSA Strategic Dialogue, through which the SEC and FSA leaders meet periodically to discuss areas of mutual interest. Under the proposals, the FSA and SEC agreed to identify and collect a common, coherent set of data from hedge fund advisers/managers to help them identify risks to their regulatory objectives and mandates.http://www.nabarro.com/Downloads/Financial_Services_-_Plans_for_common_information_disclosures_between_the_SEC_and_FSA.pdfMon, 05 Oct 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Financial_Services_-_Plans_for_common_information_disclosures_between_the_SEC_and_FSA.pdfPlans to identify and adopt common data reports by the Securities and Exchange Commission and the Financial Services Authority are likely to be welcomed by hedge funds and their advisers since this effort should reduce their regulatory burden. But the plans, which signal a deepening relationship between US and UK regulators, must be understood in the context of wider European developments and implications. The proposals came out of a meeting of the SEC/FSA Strategic Dialogue, through which the SEC and FSA leaders meet periodically to discuss areas of mutual interest. Under the proposals, the FSA and SEC agreed to identify and collect a common, coherent set of data from hedge fund advisers/managers to help them identify risks to their regulatory objectives and mandates.http://www.nabarro.com/Downloads/Financial_Services_-_Plans_for_common_information_disclosures_between_the_SEC_and_FSA.pdfMon, 05 Oct 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Financial_Services_-_Plans_for_common_information_disclosures_between_the_SEC_and_FSA.pdfDue to the recession and the Government reducing the standard period for implementing a planning permission from 5 years to 3 years (and also prohibiting any application to extend the time period in 2004) a large number of permissions expire every month. Following extensive lobbying the Government has introduced this new procedure to facilitate economic recovery. From 1 October 2009 it will be possible to apply to Local Planning Authorities (LPAs) to extend the lifetime of planning permissions.http://www.nabarro.com/Downloads/New_procedure_to_extend_the_lifetime_of_planning_permissions.pdfThu, 01 Oct 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/New_procedure_to_extend_the_lifetime_of_planning_permissions.pdfA stand-up comedian once said: 'soon you'll be thanking an employee just for showing up to work, but you won't dare to ask him to do anything'. Recent judicial decisions put this statement to the test.http://www.nabarro.com/Downloads/Employment-case-update-October-2009.pdfThu, 01 Oct 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Employment-case-update-October-2009.pdfThe Government intends to introduce Feeds in Tarrifs ('FiTs') in April 2010 to support small-scale renewable energy electricity generation at individual and community levels and to help achieve carbon reduction goals.http://www.nabarro.com/Downloads/Feed-in-Tarrifs-guaranteeing-incomes-for-small-scale-renewable-electricity-generators.PDFWed, 30 Sep 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Feed-in-Tarrifs-guaranteeing-incomes-for-small-scale-renewable-electricity-generators.PDFRent review: common sense and the presumption of reality - guidance from the High Court as to what happens in a rent review when the provisions of a lease depart from realityBreak notice: tenant's invalid notice keeps it on hook for rent of 1 million per year - principles for a valid break notice; Interpretation of contracts: House of Lords favours a commercial approach - confirmation from the House of Lords that the Court will use background facts, but not pre-contract communications, to interpret a document; Trespass: the penalities payable when trespass occurs below sea level - a Court of Appeal decision on the assessment of compensation for extracting oil without the necessary access rights; Easements: developers must make sure they have all the right consents - developers can face difficulties if they don't consider easements at an early stage when planning a development.http://www.nabarro.com/Downloads/Quarter-Day-Issue-79.pdfTue, 29 Sep 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Quarter-Day-Issue-79.pdfHEADLINES Employer debt: easements for corporate restructurings. Automatic enrolment: more detail on employer duties. Budget 2009: further guidance on tax for higher earners. Companies Act 2006: all change from 1 October.http://www.nabarro.com/Downloads/Pensions_Update_September_09.pdfTue, 29 Sep 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Pensions_Update_September_09.pdfThe recent First Tier Tax Tribunal decision of Laerstate BV v- HMRC is the latest instalment in the tax residence saga. It demonstrates the increased rigour that HMRC will apply and emphasises the detailed investigations they are prepared to undertake to determine residency. This was a case where HMRC 'had up the drains' to understand exactly what had been going on. It can be seen as a response to the loss HMRC suffered in the earlier case of Wood v- Holden. There, some commentators criticised HMRC for not having done enough to show what had actually gone on. The Tribunal's decision has highlighted that: Central management and control is not necessarily exercised by the board of directors - the board of directors can be usurped; A company's activities as a whole are important as opposed to identifying and considering specific instances of purported management; The signing of board resolutions and key documents outside the UK is not always sufficient to demonstrate non-UK residency; and HMRC will investigate the minutiae of what actually happened to reach a conclusion, including examining director's travel records.http://www.nabarro.com/Downloads/Tax-residence-HMRC-gets-tough.pdfMon, 28 Sep 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Tax-residence-HMRC-gets-tough.pdf- Investing in development in a downturn - Energy performance of buildings: significant changes proposed - Data centres: expert advice in a changing market - Alternative Investment Fund Manager's Directive: how it will affect UK fund managers - Full and final release? Accepting surrenders from administrators - Offers to settle: The advantages and disadvantages of 'without prejudice' offers in property disputeshttp://www.nabarro.com/Downloads/Real-Estate-update-Sep-2009.pdfThu, 24 Sep 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Real-Estate-update-Sep-2009.pdfIn Kulkarni v Milton Keynes Hospital NHS Foundation Trust, the Court of Appeal recently held that a trainee doctor was contractually entitled to be legally represented during a disciplinary hearing. Although this decision is unlikely to open the floodgates to requests from employees for legal representation, employers, especially in the public sector, need to be aware of the following implications: NHS employees facing serious disciplinary charges on grounds of misconduct or capability have a contractual right to be legally represented at disciplinary hearings; Other employees (both in the public and private sectors) may be entitled to legal representation at a disciplinary hearing where the outcome could lead to them being deprived of their rights to practice their profession; and an employer's refusal to allow legal representation could breach article 6 of the European Convention on Human Rights (ECHR). http://www.nabarro.com/Downloads/Legal-representation-at-disciplinary-hearings–is-this-the-future.pdfTue, 22 Sep 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Legal-representation-at-disciplinary-hearings–is-this-the-future.pdfAfter many years of gestation, the carbon reduction commitment (or CRC) will be with us in April 2010. The CRC is a mandatory carbon trading scheme for large non-energy intensive organisations in the UK. Organisations obliged to participate in CRC will have to buy carbon allowances in respect of emissions attributed to energy consumed by their operations. Qualifying funds and fund managers will be obliged to participate in the scheme. Regardless of current environmental performance, the CRC is something that, if ignored, may impair your fund's financial performance. However, if you respond wisely to your CRC obligations it should help you to find energy (and hence cost) savings, increase profitability and demonstrate green credentials. This briefing sets out some steps you can take now to prepare for the CRC.http://www.nabarro.com/Downloads/Climate_Change_and_Energy_briefing-CRC_for_funds-Sept_2009.pdfWed, 16 Sep 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Climate_Change_and_Energy_briefing-CRC_for_funds-Sept_2009.pdfThe Marine and Coastal Access Bill ('the Bill'), together with the changes that will be introduced under the Planning Act 2008 ('2008 Act'), are intended to overhaul, speed up and streamline the complicated and expensive offshore planning regime.http://www.nabarro.com/Downloads/Offshore-wind-changes-to-marine-licensing.pdfTue, 15 Sep 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Offshore-wind-changes-to-marine-licensing.pdfOn 20 August 2009, the Council of Ministers formally adopted the new Defence Procurement Directive 2009/81. Member States have two years to implement the Directive into national law after its publication in the Official Journal (OJ 2009 L216/76).http://www.nabarro.com/Downloads/Defence-procurement-a-new-directive-tailored-to-the-requirements-of-the-European-defence-market.pdfFri, 11 Sep 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Defence-procurement-a-new-directive-tailored-to-the-requirements-of-the-European-defence-market.pdfENERGY Saharan Solar Energy, Wind Update, Renewable, Not Nuclear, at the Heart of Energy Future says Scottish Parliament, Investing in UK Energy: Recession Opens Up Opportunities, The Government's New Energy Bill and its Implications for Carbon Capture & Storage, Renewable Electricity Financial Incentives, Reminder CRC qualification packs to be sent by the EA later this month CLIMATE CHANGE Strengthening Local Democracy Consultation and Climate Change, UK Government Proposes Radical Rethink of Food Policy, HOUSING AND REGENERATION Government's Warm Front Scheme 'Failing England's Poorest'http://www.nabarro.com/Downloads/Climate-Change-and-Energy-Update-Sep-2009.pdfFri, 11 Sep 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Climate-Change-and-Energy-Update-Sep-2009.pdfThe property market has a range of joint venture and fund structures which allow investors tax efficient, flexible, indirect property investment opportunities. None is perfect in having the ability alone to cater for every scenario. However, the flexibility inherent in many of the structures (and the ability to combine them) means that the majority of the parties' objectives and particular requirements can be met. This guide gives a quick review of the most common UK vehicles for property investment.http://www.nabarro.com/Downloads/Popular_UK_Vehicles_for_Investment_in_Property.pdfThu, 10 Sep 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Popular_UK_Vehicles_for_Investment_in_Property.pdfIn these difficult economic times, the risk for joint venture partners is that the very person with whom an alliance has been formed is unable to fulfil its agreed obligations. When might this happen and what should your response be? Partners in joint ventures should be aware of a) the precise events that constitute a default; b) of the consequences of a partner going into default; and c) whether practically it is worthwhile terminating the joint venture or taking other enforcement action if the worst happens.http://www.nabarro.com/Downloads/Funds_and_Indirect_real_estate_briefing_re_Defaults_within_joint_ventures_September_2009.pdfThu, 10 Sep 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Funds_and_Indirect_real_estate_briefing_re_Defaults_within_joint_ventures_September_2009.pdfA collective investment scheme ('CIS') is an arrangement that enables a number of investors (called 'participants' in the legislation) to pool their assets with a view to the investors sharing in the profits or income from the purchase, holding, management or disposal of the assets or sums paid out of such profits or income. To be a CIS, participants in the arrangement must not have day to day control over the management of the assets. The consequences of a fund being a CIS include: the need to appoint an operator, authorised by the Financial Services Authority ('FSA') to perform certain regulated functions in respect of the fund; being subject to certain restrictions on the promotion of the fund to the public; depending on the nature of the assets, and whether or not a group exemption applies, the need to appoint an FSA authorised manager. http://www.nabarro.com/Downloads/What-is-a-collective-investment-scheme-and-what-are-the-practical-regulatory-issues.pdfThu, 10 Sep 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/What-is-a-collective-investment-scheme-and-what-are-the-practical-regulatory-issues.pdfJoint venture parties will devote a considerable amount of time agreeing how their joint venture will operate on a day to day basis. However, it is important not to overlook when and how the joint venture will come to an end. Joint ventures are often established for a particular project and as a consequence have a finite life. Joint venture parties should therefore consider at the outset the circumstances in which the joint venture will terminate. It is preferable for a joint venture to terminate by the mutual agreement of its partners. What happens though if one party wishes to exit unilaterally? What happens if during the life of the joint venture a party fails to deliver on or breaches its obligations or if the parties fail to agree on a matter requiring their mutual consent? This briefing note sets out some of the ways by which joint ventures may be terminated.http://www.nabarro.com/Downloads/Joint-Ventures-How-to-exit-if-it-all-goes-wrong.pdfThu, 10 Sep 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Joint-Ventures-How-to-exit-if-it-all-goes-wrong.pdfDisgruntled investors in poor performing funds are starting to test the patience of general partners ('GP') by threatening to default on funding commitments. What if an investor thinks the GP has breached the terms of the Fund's documents, by, for example, making investments contravening agreed investment guidelines. Can the investor go on the offensive?http://www.nabarro.com/Downloads/investor-in-a-failing-fund.pdfThu, 10 Sep 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/investor-in-a-failing-fund.pdfThe major surprise in the Financial Services Authority's final notice of August 19, 2009 is not the party involved (Barclays joins Bear Stearns, HSBC, Merrill Lynch and UBS in having been fined for transaction reporting failures), nor the subject matter (transaction reporting seems to be difficult to get right, which we will explore in more detail below) but mainly the size of the fine: 2.45m for transaction reporting? This level of fine used to be associated with market abuse or anti-money laundering failures. Previous transaction reporting fines have been around 100,000. So what happened and why is the fine so much?http://www.nabarro.com/Downloads/FSA-singles-out-Barclays-for-large-transaction-reporting-fine.pdfThu, 10 Sep 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/FSA-singles-out-Barclays-for-large-transaction-reporting-fine.pdfThe major surprise in the Financial Services Authority's final notice of August 19, 2009 is not the party involved (Barclays joins Bear Stearns, HSBC, Merrill Lynch and UBS in having been fined for transaction reporting failures), nor the subject matter (transaction reporting seems to be difficult to get right, which we will explore in more detail below) but mainly the size of the fine: 2.45m for transaction reporting? This level of fine used to be associated with market abuse or anti-money laundering failures. Previous transaction reporting fines have been around 100,000. So what happened and why is the fine so much?http://www.nabarro.com/Downloads/FSA-singles-out-Barclays-for-large-transaction-reporting-fine.pdfThu, 10 Sep 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/FSA-singles-out-Barclays-for-large-transaction-reporting-fine.pdfUK COMPETITION: OFT consults on widening its director disqualification powers. OFT publishes reference decision of Sports Direct's acquisition of JJB stores. Collective agreements between race-courses on media rights are not anti-competitive says Court of Appeal. Commission approves acquisition of Julian Graves by Holland & Barrett. EU COMPETITION: Winners and losers in the carbonless paper cartel appeal. In-depth investigation into Oracle's acquisition of Sun Microsystems. Refusal to disclose documents appealed. Greece agrees to fair access for lignite deposits. PROCUREMENT: Non-profit-making entities can be 'economic operators' says Advocate-General. STATE AID: Reduced interest-loans for investing in 'green' products in Germany approved. Commission publishes review of national guarantee and recapitalisation schemes. IKB to receive further support to keep it afloat.http://www.nabarro.com/Downloads/Brussels_Update_9_Sept_2009.pdfWed, 09 Sep 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Brussels_Update_9_Sept_2009.pdfWelcome to The Healthcare Industry Barometer 2009. In 2008, Nabarro and HealthInvestor together launched this annual survey against the background of the recently published Darzi NHS Next Stage Review, the introduction of the Patient Choice agenda, the proposal to introduce a new Co-operation and Competition Panel and a deteriorating economic outlook. Given all this, a large proportion of respondents to the 2008 survey were confident of greater private sector participation in the NHS. A year later, we live in a very different world, with the UK and other economies suffering greatly.http://www.nabarro.com/Downloads/Health_Investor_Barometer_09.pdfFri, 04 Sep 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Health_Investor_Barometer_09.pdfOn 20 August 2009, the Council of Ministers formally adopted the new Defence Procurement Directive 2009/81 (the 'Directive'). Member States have two years to implement the Directive into national law after its publication in the Official Journal (OJ 2009 L216/76). Following implementation of the Directive, procurement in the defence industry will broadly split into three categories: 'essential security test' Article 296 of the EC Treaty allows Member States to avoid EU procurement rules if they consider it necessary to protect their essential security interests concerned with the production of or trade in arms, munitions or war material. Non-military specific items (such as tyres for an armoured vehicle) will fall under the general procurement rules set down by Directive 2004/18/EC and implemented in the UK by the Public Contracts Regulations 2006 (SI 2006/5) 2006. Military and security specific items (such as ammunition) that are not exempted under the 'essential security test' will be subject to the Directive. Highly sensitive military specific items will be exempted from the procurement rules under Article 296 of the EC Treaty.http://www.nabarro.com/Downloads/Defence-procurement-a-new-directive-tailored-to-the-requirements-of-the-European-defence-market.pdfWed, 02 Sep 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Defence-procurement-a-new-directive-tailored-to-the-requirements-of-the-European-defence-market.pdfIn response to concerns raised by some activist shareholders, the Financial Services Authority (FSA) has confirmed that ad hoc discussions amongst investors are unlikely to: cause a breach the market abuse regime; trigger disclosure obligations under the Disclosure & Transparency Rules (DTRs); or cause a change in control of a business regulated by the FSA. The FSA has reiterated its strong support for the principle that shareholders should strengthen their engagement with the boards of investee companies, aimed at promoting good corporate governance. http://www.nabarro.com/Downloads/FSA-clarification-on-collective-shareholder-action.PDFThu, 27 Aug 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/FSA-clarification-on-collective-shareholder-action.PDFCompanies with significant non-UK activities but with a permanent establishment in the UK may soon be eligible to grant enterprise management incentive (EMI) options to employees under a proposed amendment to the EMI legislation announced by the Treasury on 20 August 2009. A company's ability to grant tax-favoured incentives as a component of employees' remuneration can be key to the recruitment and retention of employees, especially in view of the current economic climate and the forthcoming increase in income tax rates for higher earners. The change: will mean that a company will no longer have to carry out its activities 'wholly or mainly' in the UK to be eligible to grant EMI options; will benefit UK companies with substantial overseas activities and overseas companies with UK tax-paying employees; is expected to apply to EMI options granted on or after 6 April 2010.http://www.nabarro.com/Downloads/Proposed-changes-to-EMI-eligibility-Relaxation-of-requirement-to-trade-wholly-or-mainly-in-the-UK.pdfThu, 27 Aug 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Proposed-changes-to-EMI-eligibility-Relaxation-of-requirement-to-trade-wholly-or-mainly-in-the-UK.pdfConverting debt into equity can be a key component of restructuring a company in financial difficulty. This briefing highlights the key issues to consider.http://www.nabarro.com/Downloads/Restructuring-Debt-for-Equity-Swaps-an-introduction.pdfWed, 26 Aug 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Restructuring-Debt-for-Equity-Swaps-an-introduction.pdfThe Finance Act 2009 introduced an obligation on the Senior Accounting Officer ('SAO') of a large company to ensure that the internal accounting procedures of that company are adequate for the purposes of accurate tax reporting. The measures have been introduced in an effort to address HMRC's concerns that inadequate accounting systems have led to the misreporting of significant tax liabilities. Under the new rules: large companies must identify their SAO to HMRC; the SAO must ensure that the Company's internal procedures are adequate for tax reporting purposes and provide a certificate to HMRC each year confirming whether or not this requirement has been met; and SAOs are personally liable for careless or deliberate failures to establish appropriate accounting systems and for failures to provide the requisite certificate to HMRC.http://www.nabarro.com/Downloads/Senior-Accounting-Officer-Role.pdfTue, 25 Aug 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Senior-Accounting-Officer-Role.pdfHEADLINES FAS consultation: transfer of assets to government - Valuing s75 debts and buying out GMPs: Headway v Easterly - No duty on trustees or providers to give advice:Musawi v Bevis Trustees Limited - Invalid use of power of amendment: Walker Morris Trustees Limited v Masterson - Indirect sex discrimination - correct pool of comparators: Pike v Somerset County Council - Regulator's statement on DC schemes: more employer guidance is on its way - PPF levy: proposed changes - HMRC Pension Schemes Services: change of addresshttp://www.nabarro.com/Downloads/Pensions-Update-August-09.pdfTue, 25 Aug 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Pensions-Update-August-09.pdfA number of recent developments have raised questions about the ownership of rights and use of images online. This article highlights current concerns and offers practical advice on protecting your rights. http://www.nabarro.com/Downloads/What-control-do-you-have-over-online-images.pdfMon, 24 Aug 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/What-control-do-you-have-over-online-images.pdfThe financial crisis may have revealed inadequacies in the UK financial regulatory structure, and in particular the ability of the Financial Services Authority to identify deficiencies in the markets and firms' approach to risk, but it has also given the FSA greater urgency to deliver its promise to become a 'scary regulator.' Long considered to operate in the shadows of the Securities and Exchange Commission's (SEC) enforcement activities, the FSA's enforcement strategy is increasingly adopting a US approach to its enforcement mission. This is partly because of a shift in the attitude and strategy of FSA officials, and partly because of new or proposed powers and resources.http://www.nabarro.com/Downloads/Financial_Services_-_How_the_FSA_plans_to_become_the_scary_regulator.pdfTue, 18 Aug 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Financial_Services_-_How_the_FSA_plans_to_become_the_scary_regulator.pdfThe financial crisis may have revealed inadequacies in the UK financial regulatory structure, and in particular the ability of the Financial Services Authority to identify deficiencies in the markets and firms' approach to risk, but it has also given the FSA greater urgency to deliver its promise to become a 'scary regulator.' Long considered to operate in the shadows of the Securities and Exchange Commission's (SEC) enforcement activities, the FSA's enforcement strategy is increasingly adopting a US approach to its enforcement mission. This is partly because of a shift in the attitude and strategy of FSA officials, and partly because of new or proposed powers and resources.http://www.nabarro.com/Downloads/Financial_Services_-_How_the_FSA_plans_to_become_the_scary_regulator.pdfTue, 18 Aug 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Financial_Services_-_How_the_FSA_plans_to_become_the_scary_regulator.pdfWhen an overseas company decides to trade in the UK, one of the first decisions to make is whether to trade through a UK permanent establishment (a branch) or a UK subsidiary company. Tax should be an important driver in making that decision and this briefing highlights some of the tax issues that arise. By way of summary: A UK permanent establishment (PE) is part of the overseas company. A UK subsidiary of an overseas company is a legal entity in itself. If trading losses are likely, a UK PE is normally preferable to a UK subsidiary as the losses of the PE are usually available for offset against the overseas company's profits. UK corporation tax, VAT, transfer pricing and non tax-related issues should all be considered.http://www.nabarro.com/Downloads/Choosing-between-a-UK-Subsidiary-and-a-UK-Branch–Tax-Briefing.pdfWed, 12 Aug 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Choosing-between-a-UK-Subsidiary-and-a-UK-Branch–Tax-Briefing.pdfIt has become common for transactions to complete without the need for a physical completion meeting. Instead, virtual completions routinely take place, with signatories emailing to lawyers scanned copies of signed execution pages. The benefits in terms of time, cost and convenience are obvious. However, a 2008 court decision in a tax dispute (the Mercury case) threw the effectiveness of virtual completions into doubt. Many feared the return of the all night completion meeting. But news of the death of the virtual signing has been greatly exaggerated. A recent guidance note has set out clear guidance on how virtual signings can still be carried out effectively.http://www.nabarro.com/Downloads/Corporate_briefing-Execution_of_Documents_at_a_virtual_signing_or_closing.pdfThu, 06 Aug 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Corporate_briefing-Execution_of_Documents_at_a_virtual_signing_or_closing.pdfEU & Competition newsletterhttp://www.nabarro.com/Downloads/Brussels_Update_6_August_2009.pdfThu, 06 Aug 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Brussels_Update_6_August_2009.pdfWhen the House of Lords made its decision in Lewisham v Malcolm, it made it harder for individuals to succeed in bringing disability-related discrimination cases. Employers rejoiced when the Employment Appeal Tribunal ('EAT') later endorsed Malcolm in the employment sphere. However, subsequent cases and the impending Equality Bill have created increasing uncertainty in discrimination law and may swing the balance in favour of claimants again.http://www.nabarro.com/Downloads/Employment_briefing-Developments_in_disability_discrimination_help_and_hinder_employers-August_2009.pdfTue, 04 Aug 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Employment_briefing-Developments_in_disability_discrimination_help_and_hinder_employers-August_2009.pdfThe Financial Reporting Council (FRC) published a progress report on its review of the Combined Code on 28 July 2009. The report summarises feedback received during its third bi-annual review on the impact and effectiveness of the Code. While the FRC does not see any need for a complete overhaul of the Code based on the consultation so far, they are now expanding their consultation to consider whether any of the recommendations of the Walker Review (see text box on page 2) should extend to Listed Companies generally. The FRC's review is likely to lead to changes in the Combined Code in mid-2010. http://www.nabarro.com/Downloads/Implications-of-the-Walker-Review-on-the-Combined-Code.pdfMon, 03 Aug 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Implications-of-the-Walker-Review-on-the-Combined-Code.pdfThe Climate Change Act 2008 ('CCA') set various targets that the UK had to meet at certain deadlines. The proposals in the CCA aim to cut emissions to 34% of the 1990 Levels by 2020. In order to meet this target along with others proposed by the CCA, the Government has prepared the UK Low Carbon Transition Plan (the 'Plan'). It has been reported that the Plan has four clear objectives: meeting the carbon budgets under the CCA; securing the UK's energy supplies; maximising and utilising economic opportunities; and protecting and creating 'Green jobs' as well as assisting UK homes to become 'carbon friendly'.http://www.nabarro.com/Downloads/Overview-of-UK-Low-Carbon-Transition-Plan.pdfFri, 31 Jul 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Overview-of-UK-Low-Carbon-Transition-Plan.pdfAn update for our North American clients and colleagues: * Loan to Own: foreclosure as an investment strategy in the UK. * A new Bribery Bill bringing UK into line: but will it ever become law? * Cost of filing TM applications reduced: Surely good news for brand owners?http://www.nabarro.com/Downloads/TransAtlantic-North-America-update-July-2009.pdfFri, 31 Jul 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/TransAtlantic-North-America-update-July-2009.pdfSPECIAL REPORT Overview of the UK Low Carbon Transition Plan and all underlying policy documentation, ENERGY DECC and Ofgem produce update on Offshore Electricity Transmission, The Energy Performance of Buildings (EPBD): A Revised Directive, The American Clean Energy and Security Act, Renewable Energy: Dealing with Intermittent Supply, CLIMATE CHANGE Roadmap to Copenhagen: The Government's climate change manifesto, UK Government announces a new 5 Point Plan to deal with climate change, Will the Treasury be obliged to make RBS more 'green'? CONSULTATION UPDATE, LEGISLATION UPDATEhttp://www.nabarro.com/Downloads/Climate-Change-and-Energy-Update-July-2009.pdfFri, 31 Jul 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Climate-Change-and-Energy-Update-July-2009.pdfHEADLINES Material detriment code of practice: widening of Regulator powers over corporate activity - Trustee knowledge and understanding: Regulator raises the bar - Court of Appeal decision on equalisation: members not entitled to a windfall - Budget update: less pain for high earners - Impact of age discrimination on life cover: government consultation. http://www.nabarro.com/Downloads/Pensions-Update-July-2009.pdfWed, 29 Jul 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Pensions-Update-July-2009.pdfNew Regulations implementing the EU Shareholder Rights Directive come into force on 3 August 2009. The Regulations amend the CA 2006 and change the way in which companies (particularly Official List companies) hold general meetings and communicate with shareholders. We recommend that companies review their articles of association to take into account both the Regulations and the full implementation of the CA 2006 on 1 October 2009. http://www.nabarro.com/Downloads/Shareholder-Rights-Directive-more-reform-or-company-meetings-and-procedure.pdfMon, 27 Jul 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Shareholder-Rights-Directive-more-reform-or-company-meetings-and-procedure.pdfEU & Competition newsletter http://www.nabarro.com/Downloads/Brussels-Update-23-July-2009.pdfThu, 23 Jul 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Brussels-Update-23-July-2009.pdfCompanies Act 2006 comes fully into force on 1 October 2009. The table below provides an at a glance guide to some of the key aspects of company law and other relevant regulations as they will apply to limited companies incorporated in England & Wales from 1 October 2009.http://www.nabarro.com/Downloads/Companies-Act-2006-checklist.pdfThu, 23 Jul 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Companies-Act-2006-checklist.pdfThe Companies Act 2006 comes fully into force on 1 October 2009. The destination table below provides an at a glance guide to some of the key sections of the Companies Act 1985 and where they can be found in the Companies Act 2006.http://www.nabarro.com/Downloads/Companies_Act_2006_Destination_table.pdfThu, 23 Jul 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Companies_Act_2006_Destination_table.pdfThe British Bankers' Association (the 'BBA') and the Association of British Insurers (the 'ABI') have published their responses to the Financial Services Authority ('FSA') consultation on reforming remuneration practices, including the draft code of practice on remuneration policies (the 'Code'). The Code sets out one general requirement that remuneration policies must be consistent with effective risk management. This requirement is supported by ten remuneration principles aimed at evidencing compliance with the general requirement. Both the BBA and the ABI support the objective of the Code, to improve the risk management of remuneration in the financial services sector, however, the following areas of concern have been identified: The potentially negative impact of the Code on the competitiveness of financial institutions in the UK compared with financial institutions in the rest of the world. The lack of flexibility in the application of the Code which fails to address the diversity of the institutions within the financial sector. The level and nature of bonus deferrals. The role and responsibilities of remuneration committees in implementing the Code. http://www.nabarro.com/Downloads/The-British-Bankers'-Association-and-the-ABI-respond-to-the-FSA-consultation-on-reforming-remuneration-practices.pdfThu, 23 Jul 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/The-British-Bankers'-Association-and-the-ABI-respond-to-the-FSA-consultation-on-reforming-remuneration-practices.pdfIn this article Alasdair Steele considers the exposure draft of the going concern and liquidity risk guidance for directors published recently by the Financial Reporting Council. A copy of this article originally appeared in Company Secretary's Review published by Tolley's/LexisNexis in July 2009http://www.nabarro.com/Downloads/Going_concern_-_proof.pdfWed, 22 Jul 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Going_concern_-_proof.pdf* Editorial: More government action required to stimulate a dormant development market. * Carbon Reduction Commitment: Get ready. * New competition rules for supermarkets. * Enforcing development guarantees. * Incentives to clean up brownfield land. * Planning Policy Statement 4: Promoting economic development? * Carrying out works: health & safety compliance saves lives and money. http://www.nabarro.com/Downloads/Real_Estate_update-July_2009.pdfWed, 22 Jul 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Real_Estate_update-July_2009.pdfOn 16 July 2009, HM Treasury published an independent review of corporate governance in UK banks and other financial institutions conducted by Sir David Walker. The review, which concluded that the Combined Code remains fit for purpose, proposes significant changes to the functioning of the boards of banks and other financial institutions. Although the Walker Review is focused on financial sector companies, the Financial Reporting Council (FRC) is considering whether any of the proposals should be extended to listed companies more generally. While the review has been generally welcomed, institutional investors are concerned about aspects which would force them to be more open to scrutiny of the exercise of their shareholder rights.http://www.nabarro.com/Downloads/Walker-review-of-Corporate-governance-in-UK-banks-and-other-financial-institutions.pdfTue, 21 Jul 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Walker-review-of-Corporate-governance-in-UK-banks-and-other-financial-institutions.pdfBrussels Update EU & Competition Team Newsletterhttp://www.nabarro.com/Downloads/Brussels-Update-15-July-2009.PDFWed, 15 Jul 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Brussels-Update-15-July-2009.PDFCurrent UK trade mark rules allow applicants to cover more than one variant of trade mark in a singe application as a 'series' without any extra filing fees. This is acceptable if the marks do not vary substantially and is often used to cover colour and black & white versions of the same mark. The UK Intellectual Property Office considered abolishing series applications, which are an unusual feature of our trade mark system. The UKIPO has just announced that it will keep series applications, but restrict their application. New rules are expected to come into force on 1 October 2009. http://www.nabarro.com/Downloads/Restrictions-on-UK-applications-for-series-trade-marks-will-focus-filing-strategies.pdfMon, 13 Jul 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Restrictions-on-UK-applications-for-series-trade-marks-will-focus-filing-strategies.pdfThe European Court of Justice has ruled on an important aspect of EU marketing authorisation procedures for generic medicines. An application for marketing authorisation cannot rely on the marketing authorisation of an earlier drug with the same active ingredient if that earlier marketing authorisation does not meet EU standards, even if the original marketing authorisation was granted before EU procedures applied in that member state. Whilst the Court's conclusion is not altogether surprising, the decision has significant implications for research and for generics firms: Products cannot be valid reference products until the original pre-EU marketing authorisation has been fully updated to comply with the EU rules (especially the data in the underlying dossier). Drugs companies that compile their own full and free-standing dossiers to support product approvals will be able to generate a new period of data exclusivity, even if a product not authorised under EU law had previously been on the EU market.http://www.nabarro.com/Downloads/Briefing-Life-Sciences-Briefing-10-July-09.pdfFri, 10 Jul 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Briefing-Life-Sciences-Briefing-10-July-09.pdfOn 8th July, the government published its long awaited White Paper 'Reforming Financial Markets'. The paper sets out the government's analysis of the causes of the financial crisis, the subsequent action taken as a result of the crisis and the regulatory reforms necessary to prevent a crisis happening in the future. There are broad similarities between the proposals in this paper and those made in Barack Obama's 'white paper' published last month. Some of the key issues addressed in this paper are: The role of the FSA and the Bank of England in the regulatory structure in the UK. How the UK financial system should approach banks which are 'too big to fail'. European cooperation in light of the recent financial crisis.http://www.nabarro.com/Downloads/The-Government-White-paper-tighter-scrutiny-for-financial-regulation-July-2009.PDFThu, 09 Jul 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/The-Government-White-paper-tighter-scrutiny-for-financial-regulation-July-2009.PDFOn 8th July, the government published its long awaited White Paper 'Reforming Financial Markets'. The paper sets out the government's analysis of the causes of the financial crisis, the subsequent action taken as a result of the crisis and the regulatory reforms necessary to prevent a crisis happening in the future. There are broad similarities between the proposals in this paper and those made in Barack Obama's 'white paper' published last month. Some of the key issues addressed in this paper are: The role of the FSA and the Bank of England in the regulatory structure in the UK. How the UK financial system should approach banks which are 'too big to fail'. European cooperation in light of the recent financial crisis.http://www.nabarro.com/Downloads/The-Government-White-paper-tighter-scrutiny-for-financial-regulation-July-2009.PDFThu, 09 Jul 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/The-Government-White-paper-tighter-scrutiny-for-financial-regulation-July-2009.PDFChristopher Stanwell, a Senior Associate in Nabarros Planning department, has recently completed a six month secondment to the City of Londons legal department. Christopher advised on a wide range of highway and public law matters, working with a number of City of Londons departments as well as with developers and their consultants. Based on the foundation of many years experience we offer practical and cost-effective advice to developers, landowners and occupiers in the City. http://www.nabarro.com/Downloads/How-a-secondment-helped-Nabarro-and-the-City-of-London-exchange-expertise.PDFThu, 02 Jul 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/How-a-secondment-helped-Nabarro-and-the-City-of-London-exchange-expertise.PDFENERGY Renewable energy investment two recent reports give causes for guarded optimism CLIMATE CHANGE Incentivising offshore wind, DEFRA guidance how to measure and report on greenhouse gas emissions, new legislation monitor UK commitment under the Climate Change Act 2008, climate change international news SUSTAINABLE DEVELOPMENT & HOUSING High court considers how to reconcile renewable energy generation and landscape planning policies, consultation update, legislation update.http://www.nabarro.com/Downloads/Climate Change and Energy update - June 2009.pdfThu, 02 Jul 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Climate Change and Energy update - June 2009.pdfParliament yesterday debated the EPP Regulations on the implementation of the MWD. Despite strong opposition from the Conservatives and Liberal Democrats, the Regulations (in the format annexed to the consultation paper published in May) were voted through and will come into force on 7 July.http://www.nabarro.com/Downloads/Mining-Waste-Directive-MWD-Regulations-voted-through-in-Parliament.pdfTue, 30 Jun 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Mining-Waste-Directive-MWD-Regulations-voted-through-in-Parliament.pdfHEADLINES Pensions Regulator: further statement on prudent scheme funding - Equality Bill non-discrimination rule: trustees to have power to amend occupational pension schemes - Financial Assistance Scheme extension: good for children; no news yet about transfer of FAS to the PPF - Authorised payments to include pension reduction where scheme is winding up - Trustee liability: missing beneficiaries High Court case exposes trustees - TEN FREE PLACES for online lunchtime seminar: Handling Pensions Complaints - 17th Augusthttp://www.nabarro.com/Downloads/Pensions_update_newsletter_-_June_2009.PDFFri, 26 Jun 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Pensions_update_newsletter_-_June_2009.PDFThe English Patents Court has just handed down a significant judgment that determines the priority date that should be given to a patent. This is important because it will determine the relevant prior art that can be deployed against the patent, with potentially dramatic results in fields where there is rapid technical change life sciences and high-technology in particular.http://www.nabarro.com/Downloads/Attacking-a-patents-priority-date-the-birth-of-a-new-tactic.PDFFri, 26 Jun 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Attacking-a-patents-priority-date-the-birth-of-a-new-tactic.PDFThe Privy Council has recognised a lenders right to appropriate shares given as collateral, and has issued guidance on how the right can be applied in practice. The guidance follows the Privy Councils decision in Cukurova Finance International v. Alfa Telecom.http://www.nabarro.com/Downloads/Appropriation_a_potentially_powerful_tool_for_the_enforcement_of_share_charges.PDFThu, 25 Jun 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Appropriation_a_potentially_powerful_tool_for_the_enforcement_of_share_charges.PDFThis is our first new look issue of QuarterDay. But, while the layout has changed, our high quality content and focus on relevant issues has not. Each article now starts with a summary and useful points are highlighted in tables or margin notes. We've also added features to make QuarterDay work well online: you can click on links that take you to related information, or you can email a question straight to the author.http://www.nabarro.com/Downloads/Quarter-Day-78-June-2009.PDFThu, 25 Jun 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Quarter-Day-78-June-2009.PDFThe Court of Appeal has found that an agent can bind a seller to a contract for sale, where the agent acted on oral authority alone.http://www.nabarro.com/Downloads/Contracts-for-sale--an-agent-with-oral-authority-can-bind-a-seller.PDFWed, 24 Jun 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Contracts-for-sale--an-agent-with-oral-authority-can-bind-a-seller.PDFAIM has issued its second public censure and fine of a Nomad over failings to perform its nomad duties. The 38 paragraph Disciplinary Notice cites a number of failings on the part of Astaire Securities (formerly Blue Oar Securities).http://www.nabarro.com/Downloads/Fine_for_second_Nomad_failing_to_comply_with_AIM_Rules.PDFWed, 24 Jun 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Fine_for_second_Nomad_failing_to_comply_with_AIM_Rules.PDFThe Environmental Permitting (England and Wales) Regulations 2007 (the EP Regulations) came into force on 6 April 2008.http://www.nabarro.com/Downloads/Environmental_Permitting_Regime.pdfThu, 18 Jun 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Environmental_Permitting_Regime.pdfDisputes are a hazard most universities wish to avoid or resolve speedily. They have a negative impact on day to day education business activities because of their cost in both requiring legal advice and locking-up valuable management time.http://www.nabarro.com/Downloads/Mediation-a-beginners-guide-for-universities.pdfTue, 16 Jun 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Mediation-a-beginners-guide-for-universities.pdfLicences are often used by administrators to allow the buyer of an insolvent company to trade from the company's premises. The recent Court of Appeal case of Innovate Logistics Limited (in Administration) v Sunberry Properties Limited shows that the courts will support administrators, even where they are in breach of lease terms, if the landlord will receive rent at full rate or lesser from the buyer, going forward. Landlords should take legal advice early when dealing with an insolvent tenant, in order to maximise potential rental income. Cases against administrators are very fact sensitive. A well advised landlord can accumulate evidence and build a case, to persuade the court to grant permission to bring proceedings.http://www.nabarro.com/Downloads/Insolvent-Tenants.PDFMon, 15 Jun 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Insolvent-Tenants.PDFWith effect from 1 June 2009, contracts for difference (CFDs) and other synthetic holdings in UK incorporated listed companies will be subject to the same disclosure and notification requirements as apply to direct holdings of shares. The changes are included in amendments to the Disclosure and Transparency Rules (DTRs) and bring forward the implementation of the changes from 1 September 2009 to 1 June 2009.http://www.nabarro.com/Downloads/Disclosure-of-Contracts-for-Difference-0309.PDFThu, 11 Jun 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Disclosure-of-Contracts-for-Difference-0309.PDFMany jurisdictions offer flexible vehicles and a favourable tax environment, so fund location has tended to be a matter of familiarity and manager preference. There is a growing appetite for funds focussing on Asia using a variety of fund vehicles from Cayman to Singapore. Luxembourg is still the favoured domicile for vehicles holding pan-European real estate. For UK real estate funds, Jersey domiciled unit trusts acting as feeder funds into UK Limited Partnerships are still the vehicle of choice. This guide gives a quick review of the most popular fund vehicles.http://www.nabarro.com/Downloads/Popular-Property-Investment-Vehicles-Guide.pdfWed, 10 Jun 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Popular-Property-Investment-Vehicles-Guide.pdfMany jurisdictions offer flexible vehicles and a favourable tax environment, so fund location has tended to be a matter of familiarity and manager preference. There is a growing appetite for funds focussing on Asia using a variety of fund vehicles from Cayman to Singapore. Luxembourg is still the favoured domicile for vehicles holding pan-European real estate. For UK real estate funds, Jersey domiciled unit trusts acting as feeder funds into UK Limited Partnerships are still the vehicle of choice. This guide gives a quick review of the most popular fund vehicles.http://www.nabarro.com/Downloads/Popular-Property-Investment-Vehicles-Guide.pdfWed, 10 Jun 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Popular-Property-Investment-Vehicles-Guide.pdfThe London Stock Exchange has updated the AIM Rules for Companies with effect from 1 June 2009 to make the changes proposed in December 2008 relating to investing companies and mining, oil and gas companies.http://www.nabarro.com/Downloads/8838-AIM-Rules-updated-from-1-June-2009.pdfFri, 05 Jun 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/8838-AIM-Rules-updated-from-1-June-2009.pdfWe enclose the latest edition of Brussels Update, a regular update on significant developments in EU law and policy and UK competition law prepared by the EU & Competition group. We hope that you will find it useful and informative.http://www.nabarro.com/Downloads/Brussels-Update-EU-&-Competition-newsletter-1-June-2009.PDFMon, 01 Jun 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Brussels-Update-EU-&-Competition-newsletter-1-June-2009.PDFA review of recent developments in grey market litigation and the latest round in the pharmaceutical repackaging saga by Ian Lowe of Nabarro LLPhttp://www.nabarro.com/Downloads/parallel-imports-may-2009.pdfFri, 29 May 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/parallel-imports-may-2009.pdfHEADLINES ENERGY Nuclear Update Ofgem consultation on consumer choice Smart Metering 'Potential and Costs of District Heating Networks' CLIMATE CHANGE CCS Update EU Climate Change Package Update Bills Update International Update SUSTAINABLE DEVELOPMENT AND HOUSING Low Carbon Zoneshttp://www.nabarro.com/Downloads/climate-change-and-energy-update-may-2009.pdfFri, 29 May 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/climate-change-and-energy-update-may-2009.pdfIf you have an half hourly electricity meter registered to you the Environment Agency will send you a qualification pack for the Carbon Reduction Commitment (CRC) in September 2009.http://www.nabarro.com/Downloads/CRC---what-does-it-mean-for-your-group.pdfFri, 29 May 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/CRC---what-does-it-mean-for-your-group.pdfHEADLINES Material detriment test - Code of practice issued Authorised payments - Regulations at last Equality Bill - impact on pension schemes Automatic enrolment - consultation on default pension scheme Court allows rectification of scheme documentshttp://www.nabarro.com/Downloads/Pensions-update---May-2009.pdfFri, 29 May 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Pensions-update---May-2009.pdfThe Carbon Reduction Commitment (CRC) is the UKs first mandatory carbon trading scheme. It will involve the participation of up to 20,000 large business and public sector organisations. Participation in CRC will be a legal requirement for all organisations whose annual UK half-hourly metered electricity consumption was at least 6,000 Megawatt hours during the 2008 calendar year.http://www.nabarro.com/Downloads/preparing-for-the-carbon-reduction-commitment.pdfThu, 28 May 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/preparing-for-the-carbon-reduction-commitment.pdfAny condition attached to the grant of consent to an assignment by a landlord must be reasonable. Where the sale of a lease is conditional on consent being obtained, the seller must ensure it keeps its claim against the landlord for unreasonably withholding consent and the right to forfeit the buyer's deposit, as happened in the recent Court of Appeal case of Landlord Protect Ltd v St Anselm Development Co Ltd.http://www.nabarro.com/Downloads/consent.PDFThu, 28 May 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/consent.PDFClimate Change Act Energy Act Energy Act 2008 Planning Act Planning and Energy Act EPB Regulations 2007 Climate Change (Sectoral Targets) Bill 2008-09 Industrial Carbon Emissions (Targets) Bill 2008-09 Renewable Content Obligation Bill 2008-09 Cheapest Energy Tariff (Information Bill) 2008-09http://www.nabarro.com/Services-Sectors/Industry_Sectors/Climate_Change_&_Energy/Legislation-and-regulation-update-May-09.htmlTue, 26 May 2009 00:00:00 GMThttp://www.nabarro.com/Services-Sectors/Industry_Sectors/Climate_Change_&_Energy/Legislation-and-regulation-update-May-09.htmlWe aim to include in each issue of our Climate Change and Energy Briefing an update of relevant current consultations and calls for evidence to enable our clients to be aware of or even get more involved in the decision-making processes that may shape their businesses in the future.http://www.nabarro.com/Services-Sectors/Industry_Sectors/Climate_Change_&_Energy/consultation-update-may-2009.htmlTue, 26 May 2009 00:00:00 GMThttp://www.nabarro.com/Services-Sectors/Industry_Sectors/Climate_Change_&_Energy/consultation-update-may-2009.htmlBrand owners often debate the value of having EU national trade mark registrations in addition to Community trade marks (CTMs). In an opinion issued recently, the Advocate General of the European Court of Justice (ECJ) suggests that, for some brand owners, this may be a critical question. According to her proposal, a CTM could not be used in a trade mark 'dilution' claim if the mark's reputation extends only to a single EU country. If the ECJ follows her opinion, such a dilution claim would require the use of a national registration for the country where the reputation is enjoyed.http://www.nabarro.com/Downloads/8791-Community-trade-mark-protection-under-threat.pdfMon, 18 May 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/8791-Community-trade-mark-protection-under-threat.pdfSince April 2001 tax relief has been available for expenditure incurred on the remediation of brownfield sites. This allowed for a deduction from corporation tax of 150% of the qualifying expenditure incurred.http://www.nabarro.com/Downloads/Land-remediation-relief-and-landfill-tax-exemptions.pdfMon, 11 May 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Land-remediation-relief-and-landfill-tax-exemptions.pdfThe European Commission has published its politically charged proposal on regulating Alternative Investment Fund Managers ('AIFMs')http://www.nabarro.com/Downloads/8772-Regulation-of-alternative-investment-fund-managers.pdfFri, 08 May 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/8772-Regulation-of-alternative-investment-fund-managers.pdfThe European Commission has published its politically charged proposal on regulating Alternative Investment Fund Managers ('AIFMs')http://www.nabarro.com/Downloads/8772-Regulation-of-alternative-investment-fund-managers.pdfFri, 08 May 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/8772-Regulation-of-alternative-investment-fund-managers.pdfOn 30 March 2009 the FSA, in its role as the United Kingdom Listing Authority (UKLA) issued an update clarifying how it interprets some aspects of the Disclosure & Transparency Rules (DTRs) requirements on annual financial report announcements (UKLA Update, Annual Financial Report: dissemination of information).http://www.nabarro.com/Downloads/8757-AFR-announcements-briefing.pdfWed, 06 May 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/8757-AFR-announcements-briefing.pdfRecent decisions from the English Court confirm that investors need to be clear at the outset of a transaction as to the precise legal basis upon which they are making an investment. If they fail to do so, then currently (absent establishing fraud) the scope for an investor to bring a claim for losses arising from an investment is likely to be limited.http://www.nabarro.com/Downloads/investors-need-to-be-clear-as-to-the-basis-upon-which-an-investment-is-made-fin-svs.pdfWed, 06 May 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/investors-need-to-be-clear-as-to-the-basis-upon-which-an-investment-is-made-fin-svs.pdfWelcome to the latest edition of Did you know that ...?, our regular briefing, which highlights key legal developments affecting companies and their advisers. We hope that you will find it useful and informative.http://www.nabarro.com/Downloads/8755-Did-you-know-that-May-2009.pdfWed, 06 May 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/8755-Did-you-know-that-May-2009.pdfThis briefing sets out the decisions and actions that private, AIM and listed companies need to consider as they prepare for 2009 AGMs. The main topics are: Key legislative changes Timing and content of changes to articles of association Resolutions to be passed in 2009.http://www.nabarro.com/Downloads/8712-The-AGM-in-2009.pdfWed, 06 May 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/8712-The-AGM-in-2009.pdfRecent decisions from the English Court confirm that investors need to be clear at the outset of a transaction as to the precise legal basis upon which they are making an investment. If they fail to do so, then currently (absent establishing fraud) the scope for an investor to bring a claim for losses arising from an investment is likely to be limited.http://www.nabarro.com/Downloads/investors-need-to-be-clear-as-to-the-basis-upon-which-an-investment-is-made-fin-svs.pdfWed, 06 May 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/investors-need-to-be-clear-as-to-the-basis-upon-which-an-investment-is-made-fin-svs.pdfSo there was little for real estate in the recent budget, not for the commercial market at any rate. This is not surprising really, as there is a big hole in the country's finances to fill and a limited number of places to go for it. However, the repercussions of failing to ease the effects of changes to empty property rates relief, on the landscape of UK Plc, should not be underestimated as owners are drawn to the conclusion that they must, however reluctantly, demolish empty buildings that might, otherwise, be recycled or re-let. The long-term consequences of this blight will leave parts of the country in a very sorry state indeed. Short-sighted some might think.http://www.nabarro.com/Downloads/8761-Real-Estate-newsletter-May-2009.pdfFri, 01 May 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/8761-Real-Estate-newsletter-May-2009.pdfEarlier this month the European Commission announced the official launch of the Observatory on Counterfeiting and Piracy. The role of the Observatory will be to bring together European Governments and the private sector to measure the growing counterfeiting and piracy problem across Europe and develop solutions to counter it. The Observatory aims to become a recognised central resource for enforcers.http://www.nabarro.com/Downloads/8752-European-counterfeiting-and-piracy-observatory.pdfFri, 01 May 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/8752-European-counterfeiting-and-piracy-observatory.pdfWe aim to include in each issue of our Climate Change and Energy Briefing an update of relevant current consultations and calls for evidence to enable our clients to be aware of or even get more involved in the decision-making processes that may shape their businesses in the future.http://www.nabarro.com/Downloads/8753-Climate-Change-and-Energy.pdfFri, 01 May 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/8753-Climate-Change-and-Energy.pdfConstruction has always been a sound barometer of performance of the UK economy. After a sustained period of growth the domestic and global credit crunch has had a drastic effect upon the order books and potential for new business for players involved in domestic and international construction and engineering. Consistent with the appetite for maintaining existing customer relationships and seeking out new clients in existing and traditional areas of business there is increased awareness of issues relating to procurement and performance under building and engineering contracts and professional service appointments. This newsletter gives a snapshot of topics that may be of interest to those involved in the procurement industry whether in development, engineering, domestic or international business. I hope that the topics selected will be of interest and assist your awareness and management of some of the contractual challenges and opportunities which you may face in the construction and engineering world in the new order.http://www.nabarro.com/Downloads/Construction-newsletter-May-2009.pdfFri, 01 May 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Construction-newsletter-May-2009.pdfClimate Change Act Energy Act Energy Act 2008 (Commencement No 1 and Savings) Order 2009 (9) Planning Act Planning and Energy Act EPB Regulations 2007 (as amended by the EPB Amendment Regulations 2007, the EPB Amendment No. 2 Regulations 2007 and the EPB Amendment Regulations 2008) Climate Change (Sectoral Targets) Bill 2008-09 Green Energy (Definition and Promotion) Bill 2008-09 Industrial Carbon Emissions (Targets) Bill 2008-09 Renewable Content Obligation Bill 2008 09http://www.nabarro.com/Services-Sectors/Industry_Sectors/Climate_Change_&_Energy/Leg_and_Reg_Update_Apr_09.htmlThu, 30 Apr 2009 00:00:00 GMThttp://www.nabarro.com/Services-Sectors/Industry_Sectors/Climate_Change_&_Energy/Leg_and_Reg_Update_Apr_09.htmlHEADLINES Budget 2009: restriction on higher rate tax relief on pension contributions Employer consultation: revised DWP guidance Statement by the Pensions Regulator: Alert to risks in the economic downturn GMP conversion: regulations in force from 6 April 2009 Financial Assistance Scheme: severe ill-health payments PPF levy: another complaint rejected by the PPF Ombudsman LGPS: meaning of 'employing authority': South Tyneside decision overturned Sole scheme members invalid winding-up and transfer out: Thorpe -v- HMRC Repayments of tax on investment income: new arrangements from August Online seminar: Handling Pensions Complaintshttp://www.nabarro.com/Downloads/Pensions-update---April-2009.pdfThu, 30 Apr 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Pensions-update---April-2009.pdfWe enclose the latest edition of Brussels Update, a regular update on significant developments in EU law and policy and UK competition law prepared by the EU & Competition group. We hope that you will find it useful and informative. If you think this publication may be of interest to any of your colleagues or acquaintances, please feel free to forward it to them and we will be happy to add them to our mailing list.http://www.nabarro.com/Downloads/8742-Brussels-Update---27-April-2009.pdfMon, 27 Apr 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/8742-Brussels-Update---27-April-2009.pdfRecent decisions from the English Court confirm that investors need to be clear at the outset of a transaction as to the precise legal basis upon which they are making an investment. If they fail to do so, then currently (absent establishing fraud) the scope for an investor to bring a claim for losses arising from an investment is likely to be limited.http://www.nabarro.com/Downloads/investors-need-to-be-clear-as-to-the-basis-upon-which-an-investment-is-made.pdfFri, 24 Apr 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/investors-need-to-be-clear-as-to-the-basis-upon-which-an-investment-is-made.pdfPrivate equity and venture capital investors frequently appoint directors to the boards of their portfolio companies in order to monitor their investment and to provide guidance and support to management. There will inevitably be tensions between the duties which an investor director owes to the investor which appointed him and the duties which he owes to the company. These tensions can develop into serious conflict situations when the company is in financial difficulties. The codification of director's duties by the Companies Act 2006 has caused investors to re-evaluate how they manage these conflicts, at a time when an increasing number of their portfolio companies are likely to be facing an uncertain future.http://www.nabarro.com/Downloads/8725-considerations-for-investor-directors.pdfWed, 22 Apr 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/8725-considerations-for-investor-directors.pdfPatrick Reimer, associate, and Jonathan Radcliffe, partner in the intellectual property department at law firm Nabarro, analyse a selection of caseshttp://www.nabarro.com/Downloads/trends-in-uk-jurisprudence.pdfWed, 15 Apr 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/trends-in-uk-jurisprudence.pdfThe international trade in counterfeit goods has recently been estimated at US$200bn a year. In the UK alone, counterfeiters are said to make an annual criminal gain of 1.3bn. Whatever the figures, the rise in online business means that counterfeiting activity is no longer limited to a few dubious t-shirts sold at a car boot sale. Increased trade in items such as counterfeit childrens toys, electrical products, alcohol and pharmaceuticals, and the associated health and safety risks, means that the often-held view that counterfeiting is a harmless activity needs to change.http://www.nabarro.com/Downloads/Anti-counterfeiting.pdfTue, 14 Apr 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Anti-counterfeiting.pdfThe DWP has issued its first consultation on the practical arrangements under the personal accounts regime, due to be introduced from 2012. Under the new regime every employer will have to make arrangements for automatic enrolment of all jobholders aged between 22 and state pension age who have 'qualifying earnings' into a 'qualifying scheme' or the default personal accounts scheme. This consultation deals with the first stages of the employer's duties: enrolment, information requirements, postponement of automatic enrolment and opting out.http://www.nabarro.com/Downloads/Automatic-enrolment.pdfWed, 08 Apr 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Automatic-enrolment.pdfWe enclose the latest edition of Brussels Update, a regular update on significant developments in EU law and policy and UK competition law prepared by the EU & Competition group. We hope that you will find it useful and informative. If you think this publication may be of interest to any of your colleagues or acquaintances, please feel free to forward it to them and we will be happy to add them to our mailing list.http://www.nabarro.com/Downloads/8719-Brussels-Update---8-April-2009.pdfWed, 08 Apr 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/8719-Brussels-Update---8-April-2009.pdfENERGY The future of the Grid Carbon Capture & Storage update CLIMATE CHANGE The Carbon Reduction Commitment update Carbon Markets BERR announces Low Carbon Industry Strategy World Economic Forum Roadmap International Updatehttp://www.nabarro.com/Downloads/Climate-Change-&-Energy-Update---March-2009.pdfWed, 08 Apr 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Climate-Change-&-Energy-Update---March-2009.pdf6 APRIL 2009 - WHAT'S NEW? Employer consultation - Regulator penalties Financial support directions - extension of look back period Notifiable events - removal of triggers Independent corporate trustees - exempt from MND requirements Upper accrual point - and other contracting out changes Relaxations for pension credit benefits Scheme funding modifications And also - consultation on automatic enrolment and changes to the disclosure requirementshttp://www.nabarro.com/Downloads/Pensions-update---March-2009.pdfWed, 08 Apr 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Pensions-update---March-2009.pdfBetween November 2008 and January 2009, the Financial Services Authority ('FSA') undertook a review of remuneration practices in a group of major UK-incorporated banks and building societies to consider the extent to which remuneration practices may have contributed to the current economic downturn. Following that review, the FSA published a draft code of practice on remuneration policies (the 'Code'), a revised version of which was published on 18 March 2009 as part of a consultation paper (CP09/10) issued by the FSA.http://www.nabarro.com/Downloads/Hot-Topic---FSA-code-of-practice-(3).pdfMon, 06 Apr 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Hot-Topic---FSA-code-of-practice-(3).pdfBetween November 2008 and January 2009, the Financial Services Authority ('FSA') undertook a review of remuneration practices in a group of major UK-incorporated banks and building societies to consider the extent to which remuneration practices may have contributed to the current economic downturn. Following that review, the FSA published a draft code of practice on remuneration policies (the 'Code'), a revised version of which was published on 18 March 2009 as part of a consultation paper (CP09/10) issued by the FSA.http://www.nabarro.com/Downloads/Hot-Topic---FSA-code-of-practice-(3).pdfMon, 06 Apr 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Hot-Topic---FSA-code-of-practice-(3).pdfBetween November 2008 and January 2009, the Financial Services Authority ('FSA') undertook a review of remuneration practices in a group of major UK-incorporated banks and building societies to consider the extent to which remuneration practices may have contributed to the current economic downturn. Following that review, the FSA published a draft code of practice on remuneration policies (the 'Code'), a revised version of which was published on 18 March 2009 as part of a consultation paper (CP09/10) issued by the FSA.http://www.nabarro.com/Downloads/Hot-Topic---FSA-code-of-practice-(3).pdfMon, 06 Apr 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Hot-Topic---FSA-code-of-practice-(3).pdfPatent World's senior news reporter Khurram Aziz looks at the scrutiny pharmaceutical firms are coming under over settlements made with generic competitorshttp://www.nabarro.com/Downloads/Patent-World-April-09.pdfThu, 02 Apr 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Patent-World-April-09.pdfThis briefing is part of a series of briefings, seminars and topics of interest for those involved in indirect investment, including property funds and the funds sector generally. This particular issue will be of interest to those involved in marketing property funds in the UK and Europe.http://www.nabarro.com/Downloads/8680-Marketing-property-funds.pdfWed, 01 Apr 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/8680-Marketing-property-funds.pdfWe enclose the latest edition of Brussels Update, a regular update on significant developments in EU law and policy and UK competition law prepared by the EU & Competition group. We hope that you will find it useful and informative. If you think this publication may be of interest to any of your colleagues or acquaintances, please feel free to forward it to them and we will be happy to add them to our mailing list.http://www.nabarro.com/Downloads/8707-Brussels-update-30-March-2009.pdfMon, 30 Mar 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/8707-Brussels-update-30-March-2009.pdfClimate Change Act Energy Act Energy Act 2008 (Commencement No 1 and Savings) Order 2009 (9) Planning Act Planning and Energy Act EPB Regulations 2007 (as amended by the EPB Amendment Regulations 2007, the EPB Amendment No. 2 Regulations 2007 and the EPB Amendment Regulations 2008) Climate Change (Sectoral Targets) Bill 2008-09 Green Energy (Definition and Promotion) Bill 2008-09 Industrial Carbon Emissions (Targets) Bill 2008-09 Renewable Content Obligation Bill 2008 09http://www.nabarro.com/Services-Sectors/Industry_Sectors/Climate_Change_&_Energy/Legislation-and-regulation-update-Mar-2009.htmlWed, 25 Mar 2009 00:00:00 GMThttp://www.nabarro.com/Services-Sectors/Industry_Sectors/Climate_Change_&_Energy/Legislation-and-regulation-update-Mar-2009.htmlDraft Planning Policy Statement: Eco-towns Definition of Zero Carbon Homes and Non-Domestic Buildings Nuclear Justification Consultation Carbon Emissions Reduction Target Offshore Electricity Transmission: Updated Proposals for the Competitive Tender Process The Severn Tidal Power Feasibility Study Proposed Offshore Gas Storage and Gas Unloading Licensing Scheme Heat and Energy Saving Strategy Community Energy Saving Programme Consultation on Transposition of EU Directive (EC/2008/101) to include Aviation in the European Union Emissions Trading Scheme (ETS) Consultation on the term carbon neutral: its definition and recommendations for good practice Consultation on the Draft Order to Implement the Carbon Reduction Commitment Consultation on the Form and Content of New Climate Change Agreements http://www.nabarro.com/Services-Sectors/Industry_Sectors/Climate_Change_&_Energy/consultation-update-mar-2009.htmlWed, 25 Mar 2009 00:00:00 GMThttp://www.nabarro.com/Services-Sectors/Industry_Sectors/Climate_Change_&_Energy/consultation-update-mar-2009.htmlWelcome to the Lady Day edition of QuarterDay. I am delighted to introduce myself as the new editor. Our former editor, Jane Turley, is stepping down after several years in charge, having been appointed a Managing Associate. We thank Jane for her tremendous contribution and hard work in putting together many previous issues.http://www.nabarro.com/Downloads/QuarterDay-25-Mar-09-8650.pdfWed, 25 Mar 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/QuarterDay-25-Mar-09-8650.pdfThe Environmental Liability Directive is now implemented in England. The new regulations impose liability for preventing and remediating environmental damage. This note considers its impact on developers.http://www.nabarro.com/Downloads/Environment_Liability_Directive.pdfThu, 19 Mar 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Environment_Liability_Directive.pdfSUMMARY OHIM, the EU office that administers the Community trade mark (CTM), has announced that it is reducing the official fees it charges CTM applicants by 40%. The UK Intellectual Property Office (UKIPO) is carrying out a consultation with frequent users of its filing systems with a view to reducing its fees and improving service levels.http://www.nabarro.com/Downloads/8681-Cost-of-trade-mark-protection-to-fall.pdfThu, 19 Mar 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/8681-Cost-of-trade-mark-protection-to-fall.pdfThe long awaited Turner Review into the regulatory response to the global banking crisis has been published. http://www.nabarro.com/Downloads/8679-Turner-report.pdfWed, 18 Mar 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/8679-Turner-report.pdfThe long awaited Turner Review into the regulatory response to the global banking crisis has been published. http://www.nabarro.com/Downloads/8679-Turner-report.pdfWed, 18 Mar 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/8679-Turner-report.pdfWelcome to our new newsletter dedicated to the UK Housebuilding Industry. Our aim is to provide useful information on legal developments in an easily digestible form. We would welcome any feedback or comments you may have on the content or what you would like to see covered in future.http://www.nabarro.com/Downloads/Homing-In-March-2009.pdfMon, 16 Mar 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Homing-In-March-2009.pdfThe FSA has announced that as of 6 March 2009, persons discharging managerial responsibilities (PDMRs) will be able to enter into trading plans without breaching the Model Code.http://www.nabarro.com/Downloads/8652-Changes-to-Model-Code.pdfFri, 06 Mar 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/8652-Changes-to-Model-Code.pdfWelcome to the latest edition of Did you know that ...?, our regular briefing, which highlights key legal developments affecting companies and their advisers. We hope that you will find it useful and informative.http://www.nabarro.com/Downloads/8642-Did-you-know-that-March-2009.pdfWed, 04 Mar 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/8642-Did-you-know-that-March-2009.pdfTUPE, shorthand for the Transfer of Undertakings (Protection of Employment) Regulations 2006, governs employers obligations and employees rights on the transfer of a business or services from one entity to another. TUPE implements the EUs Acquired Rights Directive.http://www.nabarro.com/Downloads/tupe-a-brief-guide-to-employers-mar-09.pdfSun, 01 Mar 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/tupe-a-brief-guide-to-employers-mar-09.pdfOn 20 January 2009 the ECJ decided that workers on long-term sick leave continue to accrue their statutory holiday entitlement, even if they do no work during the holiday year in question and/or never return to work.http://www.nabarro.com/Downloads/holiday-accrual-during-sick-leave-mar-09.pdfSun, 01 Mar 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/holiday-accrual-during-sick-leave-mar-09.pdfThe recent news that the Information Commissioner (the ICO) has raided and will take action against The Consulting Association, a firm which sold workers confidential data to clients in the construction industry, is a timely reminder of your obligations under the Data Protection Act (the DPA).http://www.nabarro.com/Downloads/illegal-database-seized-in-raid-by-information-commissioner-mar-09.pdfSun, 01 Mar 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/illegal-database-seized-in-raid-by-information-commissioner-mar-09.pdfJonathan Radcliffe and Kieron Kelly of Nabarro report on the UKs first damages enquiry following a cross-undertaking given on an injunctionhttp://www.nabarro.com/Downloads/laboratoires-servier-v-apotex-analysed.pdfSun, 01 Mar 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/laboratoires-servier-v-apotex-analysed.pdfWell, these are interesting times. The commercial property market is battered and bloody, but is it still on its feet? Some would say that there is no market as the deals have reduced to a trickle. Certainly its a hard time for valuers and the IPD. By the end of 2008, it was commonly accepted that most investors had priced properties to the anticipated Q1 2009 results from IPD and were effectively ignoring the Q4 2008 IPD figures. In any conversation investors said that they were working off values either side of 40% off the June 2007 peak. Yet there was still no rush back in, although there is a weight of money which is said to be poised to be invested.http://www.nabarro.com/Downloads/8648-Real-Estate-newsletter-Mar-2009.pdfSun, 01 Mar 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/8648-Real-Estate-newsletter-Mar-2009.pdfSchemes wishing to have contingent assets taken into account for the PPF levy must lodge all relevant information with the PPF by 31 March 2009. Where a contingent asset was accepted by the PPF last year it needs to be recertified and, in some cases, additional information provided. This briefing describes what needs to be done.http://www.nabarro.com/Downloads/PPF-briefing.pdfSat, 28 Feb 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/PPF-briefing.pdfWe enclose the latest edition of Brussels Update, a regular update on significant developments in EU law and policy and UK competition law prepared by the EU & Competition group. We hope that you will find it useful and informative. If you think this publication may be of interest to any of your colleagues or acquaintances, please feel free to forward it to them and we will be happy to add them to our mailing list.http://www.nabarro.com/Downloads/8641-Brussels-Update-27-February-2009.pdfFri, 27 Feb 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/8641-Brussels-Update-27-February-2009.pdfAs adviser to a number of respected technology-focussed venture capital institutions ('VCs') and investee companies, we are well placed to observe trends in the VC market generally, and particularly in relation to the terms on which VC investments are concluded.http://www.nabarro.com/Downloads/Trends-in-technology-venture-capital-investments-Feb-2009.pdfFri, 27 Feb 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Trends-in-technology-venture-capital-investments-Feb-2009.pdfConverting GMPs to scheme benefits - DWP consultation government response Regulator's statement on funding DWP consultation: proposed changes to the Financial Assistance Scheme NAPF updated Corporate Governance Policy and Voting Guidelines PPF good practice guide for trustees Notional earnings cap for 2009/10 Reminder: Reduction in revaluation cap - deadline 6 April Reminder: Lifetime Allowance deadline for claiming protection 5 Aprilhttp://www.nabarro.com/Downloads/8640-Pensions-Update-February-2009.pdfThu, 26 Feb 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/8640-Pensions-Update-February-2009.pdfWelcome to the first edition of HireLevel which is a newsletter specific to your industry.http://www.nabarro.com/Downloads/HireLevel_Feb_2009.pdfThu, 26 Feb 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/HireLevel_Feb_2009.pdfThe Takeover Code (Code) is being amended to reflect the increasing use made by companies, shareholders and other market participants of electronic forms of communication and websites, together with legislative changes introduced by the Companies Act 2006 (CA 2006).http://www.nabarro.com/Downloads/8611-Changes-to-Takeover-Code.pdfWed, 25 Feb 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/8611-Changes-to-Takeover-Code.pdfKelly and Chui -v- GE Healthcare Limited, Mr Justice Floyd, 11 February 2009 Last week, for the first time ever in the UK, two employees were awarded compensation under the Patents Act 1977 for the outstanding benefit that their efforts conferred on their employer.http://www.nabarro.com/Downloads/8627-Inventions-of-outstanding-benefit-to-employers.pdfWed, 25 Feb 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/8627-Inventions-of-outstanding-benefit-to-employers.pdfClimate Change Act Energy Act Energy Act 2008 (Commencement No 1 and Savings) Order 2009 (9) Planning Act Planning and Energy Act EPB Regulations 2007 (as amended by the EPB Amendment Regulations 2007, the EPB Amendment No. 2 Regulations 2007 and the EPB Amendment Regulations 2008) Climate Change (Sectoral Targets) Bill 2008-09 Green Energy (Definition and Promotion) Bill 2008-09 Industrial Carbon Emissions (Targets) Bill 2008-09 http://www.nabarro.com/Services-Sectors/Industry_Sectors/Climate_Change_&_Energy/Legislation-and-regulation-update-Feb-2009.htmlTue, 24 Feb 2009 00:00:00 GMThttp://www.nabarro.com/Services-Sectors/Industry_Sectors/Climate_Change_&_Energy/Legislation-and-regulation-update-Feb-2009.htmlElectricity and Gas code Governance Review: 1) Major Policy Reviews and Self Governance 2) Role of code administrators and small participant/consumer initiatives Draft Planning Policy Statement: Eco-towns Definition of Zero Carbon Homes and Non-Domestic Buildings Nuclear Justification Consultation Carbon Emissions Reduction Target The Severn Tidal Power Feasibility Study Proposed Offshore Gas Storage and Gas Unloading Licensing Scheme Heat and Energy Saving Strategy Community Energy Saving Programme http://www.nabarro.com/Services-Sectors/Industry_Sectors/Climate_Change_&_Energy/consultation-update-Feb-2009.htmlTue, 24 Feb 2009 00:00:00 GMThttp://www.nabarro.com/Services-Sectors/Industry_Sectors/Climate_Change_&_Energy/consultation-update-Feb-2009.htmlENERGY Green Energy Guidelines Three new Energy and Emissions Bills introduced to Parliament The Renewables Obligation: Draft Order CLIMATE CHANGE Heat and Energy Strategy announced Conservative Party launch 'Low Carbon Economy' Green Paper Draft Climate Change and Energy Package Directive published International Renewable Energy Agency established Towards a Comprehensive Climate Change Agreement in Copenhagen International Updatehttp://www.nabarro.com/Downloads/8636-Climate-Change-and-Energy-newlstter-Feb-09.pdfTue, 24 Feb 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/8636-Climate-Change-and-Energy-newlstter-Feb-09.pdfLego is one of the best-known and loved toys around. The energy and creativity that the toy inspires in its users are matched in the company's endeavours to build strong IP protection for the product. But Lego has recently lost the latest round in its battle to protect its iconic brick shape as a Community trade mark. The case highlights the lengths that brand owners will go to secure shape trade mark protection and one particular pitfall that may catch shapes that perform a function.http://www.nabarro.com/Downloads/8466-Lego-briefing-1108.pdfThu, 19 Feb 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/8466-Lego-briefing-1108.pdfWe enclose the latest edition of Brussels Update, a regular update on significant developments in EU law and policy and UK competition law prepared by the EU & Competition group. We hope that you will find it useful and informative. If you think this publication may be of interest to any of your colleagues or acquaintances, please feel free to forward it to them and we will be happy to add them to our mailing list.http://www.nabarro.com/Downloads/8621-Brussels-Update-17-February-2009.pdfTue, 17 Feb 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/8621-Brussels-Update-17-February-2009.pdfThis edition contains a discussion of the proposed changes to the EU defence procurement rules as well as a reminder of the MoDs rules on offers of hospitality and gifts to its staff.http://www.nabarro.com/Downloads/Defence_legal_highlights.pdfTue, 17 Feb 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Defence_legal_highlights.pdfFSA authorisation allows a fund manager more flexibility in how it markets to, sells to and advises investors of a fund. The fact that a fund manager is an authorised entity can also provide comfort to investors. For these reasons, even in circumstances where a firm can be managed without authorisation, more and more fund managers are opting to become FSA authorised. However, the advantages of authorisation need to be balanced against the enhanced compliance obligations and FSA oversight that come with it.http://www.nabarro.com/Downloads/8616-Getting-FSA-Authorised.pdfThu, 12 Feb 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/8616-Getting-FSA-Authorised.pdfLeveraging Non-Contestability: Exclusive Dealing and Rebates under the Commission's Article 82 Guidancehttp://www.nabarro.com/Downloads/GCP-Feb-09-1-.pdfThu, 12 Feb 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/GCP-Feb-09-1-.pdfMargaret Cole, the Financial Services Authority's director of enforcement, made a speech in June 2008 in which she said: 'We feel that the threat of civil fines hasn't worked as well as we would have liked. We're convinced that the threat of a custodial sentence is a much more significant deterrent.' The speech followed MarketWatch No. 26, which the regulator published in April 2008, that stated: 'Our enforcement approach involves sending tough messages about wrongful behaviour and imposing sanctions that are severe enough to have a deterrent effect as well as ensuring that we undertake enough cases to have a 'demonstration effect'.'http://www.nabarro.com/Downloads/has-the-fsa-achieved-a-demonstration-effect-on-insider-dealing-Rob-Moulton-and-Laura-Tabet.pdfTue, 10 Feb 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/has-the-fsa-achieved-a-demonstration-effect-on-insider-dealing-Rob-Moulton-and-Laura-Tabet.pdfMargaret Cole, the Financial Services Authority's director of enforcement, made a speech in June 2008 in which she said: 'We feel that the threat of civil fines hasn't worked as well as we would have liked. We're convinced that the threat of a custodial sentence is a much more significant deterrent.' The speech followed MarketWatch No. 26, which the regulator published in April 2008, that stated: 'Our enforcement approach involves sending tough messages about wrongful behaviour and imposing sanctions that are severe enough to have a deterrent effect as well as ensuring that we undertake enough cases to have a 'demonstration effect'.'http://www.nabarro.com/Downloads/has-the-fsa-achieved-a-demonstration-effect-on-insider-dealing-Rob-Moulton-and-Laura-Tabet.pdfTue, 10 Feb 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/has-the-fsa-achieved-a-demonstration-effect-on-insider-dealing-Rob-Moulton-and-Laura-Tabet.pdfCarried interest is a term used to describe a particular way of remunerating executives involved in the management and sponsorship of private equity and property funds.http://www.nabarro.com/Downloads/Tax_Briefing_Carried_interest_June_2011.pdfFri, 06 Feb 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Tax_Briefing_Carried_interest_June_2011.pdfFollowing the merger of the Inland Revenue and HM Customs and Excise, HM Revenue and Customs (HMRC) began a consultation process to review the existing tax penalties regimes and to consider the introduction of a new penalty system for tax errors designed to make the tax system simpler and more consistent.http://www.nabarro.com/Downloads/New-tax-penalties-regime.pdfTue, 03 Feb 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/New-tax-penalties-regime.pdfCommercial property developers should take heed of new environmental regulations, according to construction law specialists Nabarro.http://www.nabarro.com/Downloads/enforcing-change.PDFSun, 01 Feb 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/enforcing-change.PDFTwo of the most common forms of security used by employers to provide protection in the event of a contractor's default are Performance Bonds (PBs) and Parent Company Guarantees (PCGs).http://www.nabarro.com/Downloads/how-do-performance-bonds-and-parent-company-guarantees-work.PDFSun, 01 Feb 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/how-do-performance-bonds-and-parent-company-guarantees-work.PDFWhen entering into a collateral warranty in favour of a funder of a development, contractors and consultants are frequently asked to enter into additional obligations known as step-in rights. Over the last few years of a booming construction market, these clauses have been largely a matter of principle from funders who were never going to exercise them. However, with a worsening economic climate it is more likely that these clauses will be put to use. It is worth taking a closer look at step-in rights to see how they work and to highlight points worth looking at.http://www.nabarro.com/Downloads/what-are-step-in-rights.PDFSun, 01 Feb 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/what-are-step-in-rights.PDFRevised limits to tribunal awards will take effect from 1 February 2009. The increase is designed to reflect changes to the retail price index for the period September 2007 2008.http://www.nabarro.com/Downloads/increase-to-tribunal-award-limits-feb-2009.pdfSun, 01 Feb 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/increase-to-tribunal-award-limits-feb-2009.pdfUnit trusts are used for Real Estate Funds, usually in common law jurisdictions such as the UK, Australia, Ireland, Guernsey, Jersey and Singapore. But what are unit trusts and how and why are they used?http://www.nabarro.com/Downloads/Unit_trust_an_overview.pdfThu, 29 Jan 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Unit_trust_an_overview.pdfReal Estate Funds have become increasingly popular for both UK and global investment opportunities. There is no standard design but there are common issues.http://www.nabarro.com/Downloads/Overview-of-real-estate-funds.pdfThu, 29 Jan 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Overview-of-real-estate-funds.pdfIn the current economic climate the role, duties and performance of Fund Managers are coming under increased scrutiny. Investors should be aware of any rights they may have under the constitutional documents of the Fund.http://www.nabarro.com/Downloads/Fund-Manager-General-Partner-Removal-introduction.pdfThu, 29 Jan 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Fund-Manager-General-Partner-Removal-introduction.pdfThe current market dislocation is bringing difficulties for managers and investors alike, as the spectre of investor funding default looms large.http://www.nabarro.com/Downloads/Funds-and-indirect-real-estate-briefing-Investor-default.pdfThu, 29 Jan 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Funds-and-indirect-real-estate-briefing-Investor-default.pdfIn this challenging economic climate, the desire for liquidity is high on the wish list for investors. How is this affecting the structuring of new Funds, and what is the impact on existing Funds as investors seek to realise their interests during the life of a Fund?http://www.nabarro.com/Downloads/Real_Estate_Funds_liquidity_options.pdfThu, 29 Jan 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Real_Estate_Funds_liquidity_options.pdfA Fund Managers entitlement to carried interest is directly linked to the success of the Fund and is regarded as the most effective way for investors to align their interests with those of the management team. How does this important feature of Fund structuring work?http://www.nabarro.com/Downloads/Carried-interest.pdfThu, 29 Jan 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Carried-interest.pdfPublic procurement is a rapidly developing area of law, and there is a growing body of case law and legislation which governs public tendering procedures for contracts. This is the latest edition of our newsletter, which briefly summarises changes in law and policy, as well as procurement cases before the European Commission, the UK courts and the European Court of Justice.http://www.nabarro.com/Downloads/8586-Public-Procurement-Newsletter-January-2009.pdfThu, 29 Jan 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/8586-Public-Procurement-Newsletter-January-2009.pdfAs Real Estate Funds come to an end their affairs need to be wound up and a number of issues need to be considered when this is going to happen. There are a number of reasons why a Real Estate Fund may be wound up (or liquidated) including the expiry of the Funds term or the occurrence of an event specified in the Funds constitutional documents.http://www.nabarro.com/Downloads/Winding_up_real_estate_funds.pdfThu, 29 Jan 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Winding_up_real_estate_funds.pdfSide letters in Real Estate Funds are viewed upon as a typical part of the negotiation process, but what should they contain and who benefits from them?http://www.nabarro.com/Downloads/The-use-of-side-letters-in-real-estate-funds.pdfThu, 29 Jan 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/The-use-of-side-letters-in-real-estate-funds.pdfIntroduced in April 2001, this form of business entity has not had the impact on the real estate sector that some expected what are these vehicles and what is their attraction?http://www.nabarro.com/Downloads/Limited-Liability-Partnerships-the-best-of-both-worlds.pdfThu, 29 Jan 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Limited-Liability-Partnerships-the-best-of-both-worlds.pdfThe use of offshore vehicles by UK corporate groups and funds to hold investment assets is common. Such vehicles are generally based in low-tax jurisdictions such as Jersey, and will commonly be companies or unit trusts.http://www.nabarro.com/Downloads/Offshore_tax_residence.pdfThu, 29 Jan 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Offshore_tax_residence.pdfThe funds industry has developed a number of specific terms and phrases over recent years. This note is a non-exhaustive summary of those terms frequently used by, among others, fund managers, lawyers and accountants. Please note that the descriptions provided should not be treated as definitive and serve as a guide only.http://www.nabarro.com/Downloads/Fund_terms_and_definitions.pdfThu, 29 Jan 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Fund_terms_and_definitions.pdfWinter is a good time for competition guidelines especially, it seems, on abuse of dominance. In December 2005 the Commissions Competition Directorate, for the first time, put out some kind of statement on its views on this area a discussion paper running to a lengthy 72 pages. Three years later and after much debate, the Commission has distilled its paper down into a formal guidance document one third of the length.http://www.nabarro.com/Downloads/Solution-to-abuse-of-power.pdfThu, 29 Jan 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Solution-to-abuse-of-power.pdfThe use of SPVs for holding real estate is common but buyers and sellers should be alive to a number of issues when buying and selling an SPV.http://www.nabarro.com/Downloads/Buying-and-selling-an-SPV.pdfThu, 29 Jan 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/Buying-and-selling-an-SPV.pdfHEADLINES Invalid sex equalisation exercise Age discrimination - justification after the event Backdating ill-health benefits Record keeping - Regulator publishes guidance Lifetime allowance - deadline for claiming protection approacheshttp://www.nabarro.com/Downloads/8585-Pensions-update-January-2009.pdfThu, 29 Jan 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/8585-Pensions-update-January-2009.pdfWith the UK National Health Service in its 60th year and the global credit crunch entering its second year, the current debate about the future direction of the healthcare sector in the UK has never been more pertinent.http://www.nabarro.com/Downloads/TransAtlantic_Feb_2009.pdfWed, 28 Jan 2009 00:00:00 GMThttp://www.nabarro.com/Downloads/TransAtlantic_Feb_2009.pdf