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The Banking Litigation Law Review - United Kingdom Chapter - 4th Edition UK chapter of the fourth edition of The Banking Litigation Law Review which considers recent legal developments in banking litigation. Litigation involving banks shows little sign of slowing and continues to evolve. Disputes that have arisen in the past ... Tax and the City Review for January 2021 Mike Lane and Zoe Andrews consider the decisions in Warshaw, Development Securities, and Gallaher; the impact on the UK’s tax rules of the EU-UK Trade and Co-operation Agreement; and the latest report on the Code of Practice on Taxation for Banks. ... Transforming Interest Rate Benchmarks – The loan market is transitioning to risk-free rates We have observed a fairly sharp increase in the number of risk-free rate (RFR) linked and rate switch facilities over the last three months. As the number of completed transactions grows, banks are in general becoming more confident with RFRs and the poin... Precautionary measures: who gets to decide? In Heavyinstall, the CJEU decided that, where one EU Member State requests that another takes precautionary measures, such as seizing assets, to ensure that the first will be able to recover a tax debt, it is bound by the first’s “as... Pillar Two: simplification is key Simplification was a key theme of the public consultation on the OECD’s two-pillared international tax reform proposal. Zoe Andrews has already commented on the consultation responses on Pillar One which seeks to re-allocate taxing rights to market ... Managing LIBOR Derivatives - FAQs for Corporate Treasurers The ISDA IBOR Fallbacks Supplement (the Supplement) and Protocol (the Protocol) were published last October, but are currently the subject of increasing focus as their effective date, 25 January, becomes imminent. Many corporate treasurers are considering... Business Interruption Test Case – Supreme Court Judgment The Supreme Court handed down its judgment in the appeals of the test case on business interruption insurance on 15 January 2021. This followed “leapfrog” appeals from the High Court, after the Financial Conduct Authority, acting on behalf of ... International tax reform: public consultation on Pillar One The OECD’s public consultation on the blueprints for international tax reform took place on 14 and 15 January and recordings are available to watch on OECD Web TV. This post looks at the consultation responses on Pillar One which seeks to re-allocat... Hong Kong Resolution Regime: Stay Rules and terms to be included in certain bank group contracts The Hong Kong Monetary Authority (HKMA) is taking a practical approach to its proposals for bank groups to include contractual stay/suspension provisions to buttress Hong Kong’s resolution regime. The proposals are limited in scope.  Bank gro... Employment Bulletin - January 2021 Restrictive covenants; detriment related to union activities; pregnancy discrimination; Partnership named in employment contract was the correct employer; EAT guidance on treatment of agency workers Restrictive covenants for financial adviser were unenfo...