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Kennedys has promoted ten lawyers to its partnership. Four of those promoted are based in the UK, with six in the US. Kennedys’ worldwide partner count is now 280.
On 19 March 2021 the government published its Briefing Paper on its Freeports Policy following the announcement that eight successful freeport location bidders in England had been chosen to progress to the next stage of the process. This article develops some of the issues raised in our September 2020 thought piece “Does UK’s freeports plan offer a post-Brexit trade solution?” and considers some of the issues and continuing uncertainties surrounding the anticipated governance of the successful freeports.
New breed of SPAC-related litigation? Breach of fiduciary duty lawsuits following de-SPAC transactions
SPACs are “blank check” companies that use money raised in an initial public offering to buy a company that won’t have to go through the IPO process itself. SPACs have exploded in popularity: there have been over 300 SPAC IPOs so far this year, with proceeds totaling over $99 billion.
Case review 23-04-2021
On 10 March 2021, in Wigmans v. AMP Limited & ORS the High Court of Australia dismissed an appeal from the NSW Court of Appeal regarding the court’s response to competing plaintiff applications to stay one or more open class representative proceedings commenced under Pt 10 of the Civil Procedure Act 2005 (NSW) (CPA).
Insurers and intermediaries: UK legal and regulatory certainties in 2021 – Part 2: Developments in product governance
Following our review of key issues for 2021 in this article we consider the impact of recent developments in product requirements for insurers, particularly in light of the FCA’s focus on value in distribution chains, pricing and vulnerable customers.
BEIS publishes audit reforms and corporate governance proposals – considerations for D&Os and their insurers
Following our article earlier this month (Directors & officers and their insurers await detail of UK audit reforms), the Department for Business, Energy and Industrial Strategy has recently published its white paper “Restoring trust in audit and corporate governance” which sets out proposals aimed at strengthening and improving the UK’s framework for audit, corporate reporting and corporate governance systems. The proposals are open for consultation until 8 July 2021.
In this briefing, we consider the latest significant court decisions impacting claims arising from professional liability and financial lines policies and products. Issues covered include: the treatment of reliance and affirmation in strike out applications, limitation and the true date of loss, fundamental defects that render the appointment of administrators void, clarifying further the “Quincecare” duty, when a professional’s duty extends to the provision of both advice and information, when a court should exercise its discretion in requiring a claimant to provide security for costs, defining an abuse of process in strike out applications and determining the burden to discharge when securing an order for public examination of a company director.
Case review 18-03-2021
Fiona Lorraine Philipp v Barclays Bank UK PLC  concerned a couple, the victims of a “push payment” fraud, who were unable to recover damages from their bank for failing to prevent the payment of substantial sums to the fraudster.
A summary of recent global regulatory developments, including what to expect from the forthcoming white paper for the reform of UK corporate governance and audit oversight, the Climate Biennial Exploratory Scenario (CBES) stress test to be launched in June 2021 and the Danish corporate governance recommendations introduced on 1 January 2021.
The government is set to publish a white paper with proposals for the reform of UK corporate governance and audit oversight. Accountancy firms are already splitting out their audit and consultancy arms and a new regulator, the Audit Reporting and Governance Authority, will replace the Financial Reporting Council.