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Evolution not revolution: The Economic Crime (Transparency and Enforcement) Act 2022
The rapid journey of the Economic Crime (Transparency and Enforcement) Act 2022 came to an end in the early hours of 15 March 2022. Its measures (particularly in relation to overseas owners of UK property) have been in discussion for years, but Russia&rsq...
Tax and the City Review for March 2022
Mike Lane and Zoe Andrews discuss Royal Bank of Canada, the review of the UK funds regime, HMRC’s guidance on the meaning of “substantial” following Allam, and HSBC on VAT grouping.
This article was first published in the 11 March 2022 ...
Employment Bulletin - March 2022
Non-competition covenant enforceable in service agreement but not in shareholders’; aiding discrimination caught by settlement agreement; Employment Tribunal compensation limits; committee panel member was worker
Topics covered in this bulletin:
&...
Competition & Regulatory Newsletter: CMA conditionally clears Cellnex/CK Hutchison merger with divestments
On 3 March 2022 the Competition and Markets Authority announced it has conditionally cleared the anticipated acquisition of the UK passive infrastructure assets of CK Hutchison Networks Europe Investments S.À R.L by Cellnex UK Limited, subject to t...
Russia / Ukraine Crisis and Derivatives
Potential impact of events including restrictions on Russian entities and payments in RUB
Derivatives market participants are amongst those currently trying to assess and manage their exposures in light of Russia’s invasion of Ukraine. Parties...
Real change for the UK prospectus regime?
In March 2022 the UK Government published a policy paper on reform of the UK prospectus regime. The proposed changes are designed to take forward the prospectus-related recommendations made by Lord Hill in his March 2021 UK Listings Review, which were aim...
Getting closure in transfer pricing and DPT enquiries
Recent cases, including Embiricos and Vitol, have clarified the circumstances in which taxpayers can bring finality to protracted enquiries by applying to the court for the issuance of closure notices. However, the taxpayer’s victory in Vitol has be...
BLOG: Exploring the pros and cons of an online sales tax
It is clear from the recent HM Treasury consultation document that an online sales tax (OST) applied to certain sales to UK customers would be a very complex measure, even though its aim of levelling the playing field between retailers operating...
The Russia-Ukraine crisis: Implications for energy markets
On 8 March the UK, US and EU urgently reviewed their energy policy with a view to reducing dependence on Russian oil and gas. In this article, we explore what happened and what this might mean for energy markets.
Background
In liberalised energy mark...
EFIG: European Banking Newsletter - March 2022
Developments in this month's edition include:
SREP 2021 results - the ECB publishes the SREP 2021
COVID-19 - ECB announces no further extension of capital and leverage relief for banks
Pilatus Bank and another v European Central Bank (Case T-27/1...