Dan Wyatt

The FCA has released a suite of Dear CEO letters, providing sector-specific expectations for firms navigating CD closed products changes. These insights offer crucial guidance on key risks and compliance priorities. #FCA #Compliance #FinancialServices #RegulatoryM&A #RiskManagement

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Overview of the main proposals from the FCA’s consultation paper (CP 24/12) on the new Prospectus regime. In particular, the proposal to raise the threshold for triggering the requirement to publish a prospectus for further issuances of listed equity securities to 75% of existing share capital (currently 20%) is a significant and positive one.

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📃 Re UKCloud Ltd (in liquidation) is another first instance case which considers whether security is fixed or floating, following closely after Re Avanti Communications Ltd (in administration). In the context of Internet Protocol (IP) addresses, it helpfully confirms the process for characterising security as fixed/floating and provides further colour on the factors relevant to the analysis. In this briefing note, we consider the key points and takeaways from the case. Read the full briefing 👇

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The interplay of AI, data and the role of the human in litigation was brought under the lens at our morning fireside chat yesterday, held in collaboration with Epiq for #LIDW24. Chaired by court reporting expert Lorraine Medcraft and insights from our CRO Peter Nussey and partner Guy Pendell from CMS UK. One key discussion takeaway underscored how data and AI outputs can serve as crucial anchors and reference points at various stages of litigation, but human judgment and creative thinking remain essential in their application and in determining final outcomes. #legaltech #DisputeResolution

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In the competitive realm of international law, Magic Circle law firms continue to set benchmarks for excellence, innovation, and influence. The latest analysis from the Financial Times highlights how these elite firms are navigating the complexities of the global market while maintaining their prestigious positions. This article provides a comprehensive look into their strategies, challenges, and the evolving legal landscape. Staying abreast of such developments is essential for legal professionals and industry observers alike. #MagicCircle #LawFirms #LegalIndustry #GlobalLaw #ProfessionalInsight #UKLaw https://lnkd.in/eKu4CtBZ

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June 2024 - another momentous month in the Data Protection & Cyber Security world - read more in our Data Protection Insights - and quick reminder re next Thursday's Breakfast Briefing in London on recent EU data protection case law - event details are towards the top of the article! https://lnkd.in/eRHwBKWe Watch out also for our early commentary on the two data protection & cyber security Bills in the King's Speech!

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In the SRA’s Summer 24 compliance update, they have updated guidance on complying with UK sanctions. https://lnkd.in/eZtmq9g7 Do you allow your firm to take money on account of costs and disbursements before you know a Sanctions check has been done? Asking for a friend.. (Just kidding. We have been advising firms about this and other best practices in their onboarding workflows, but we are interested in what your firm is doing. Feel free to let us know below). Solicitors Regulation Authority

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See below our thoughts on the latest proposed changes to the UK Takeover Panel’s jurisdiction

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Best viewed through a broader governance lens, the failure to prevent fraud offence is yet another example of how multiple functions within businesses (legal, compliance, finance, tax) need to come together to prepare for implementation. And how important it is that we, at BM, continue to collaborate across functions, with Henry Garfield and team leading, to best support organisations with this important development.

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The UK legal services market has seen remarkable growth, expanding by 50% over the past decade, according to the latest data. This underscores the resilience and adaptability of the sector, even amidst economic uncertainties. Such growth reflects not only the increasing demand for legal expertise but also the evolving dynamics of law as a business. A testament to the industry's innovation and enduring value. #LegalInnovation #UKLaw #BusinessOfLaw #LegalMarketTrends #LawFirmGrowth https://lnkd.in/eBpWVuKq

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Head of lawtech and chief knowledge and innovation officer, Chris Tart-Roberts, has been quoted in a LexisNexis UK report discussing the biggest opportunities, risks and challenges of implementing AI into the practice of the law. Find out more: https://ow.ly/nw9e50TvWYF (paywalled). #LegalTechnology #Lawtech #AI

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If you have to look at commercial or financial contracts, in particular, force majeure clauses which contain reasonable endeavours provisos, read on.... In RTI Ltd v MUR Shipping BV, the UK Supreme Court unanimously overturned the split Court of Appeal decision and held that reasonable endeavours does not require a party to accept non-contractual performance (in this case payment in another currency), providing much needed clarity on this very fundamental point as a matter of principle. https://lnkd.in/euWvapN4

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What will the new UK prospectus regime look like? Do check out our excellent briefing below to find out!

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Trust and innovation. Are these the core regulatory perspectives and motivations for the UK payments horizon? The two go hand-in-hand. There has to be a use-case and a means to keep building on the growth and innovation that already comes from the commercial impetus of thr market and existing achievements of the open banking framework. Looking at national initiatives in the UK (and international positioning), this is at the heart of regulatory initiatives. Big themes include: - fraud prevention - end-user protection - innovation (from building on open banking to the more futuristic connotations of central bank digital currency) - opportunity for growth and innovation. This is ambitious stuff. #consumerprotection #psr #payments #tech #fintech #consumer #retail #openbanking #digitalpound

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https://lnkd.in/egYvWiv5 Here is a link to the new bill that will put the UK Digital ID & Attributes Trust Framework on a statutory footing, and spur adoption of #digitalidentity by UK citizens and businesses. At first glance, it appears to incorporate many of the provisions from the predecessor bill (Data Protection and Digital Information Bill). For European readers, this is the UK’s response to the EUDI wallet. More analysis to follow soon….. #digitalid #biometrics #aml #kyc #identityverification #eidas #digitalwallet #eudiwallet #lawsociety #banking #finance #smartdata #dsit

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Hot on the tails of yesterday's publication of the guidance on the failure to prevent fraud offence, my colleague Natalie Boal and I have prepared an update on the differences in financial crime between Scotland and rUK. Key messages - (1) financial crime, especially fraud, is a key compliance issue north and south of the border and (2) there are fundamental differences between the jurisdictions that organisations will want to take into account when mapping out financial crime compliance frameworks.

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We want your input as we review our Merger Enforcement Guidelines following recent changes to the Competition Act: https://lnkd.in/eSkDKfP5 We’ve put out a discussion paper that sets out the context of our review, including the possible areas to update. Read the discussion paper here: https://lnkd.in/eUPsUJzv

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The ongoing discussion on litigation funding in the UK marks a pivotal moment for the industry. Allowing the public to voice their perspectives underscores the growing recognition of litigation funding’s role in ensuring access to justice. As this debate unfolds, it’s essential to highlight the positive impact of responsible funding practices on individuals and businesses seeking fairness in the legal system. #LitigationFunding #AccessToJustice #LegalInnovation #UKLegalSystem #PublicConsultation https://lnkd.in/eGYRy3if

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The #PPA's Guidelines on BOD Responsibilities for Privacy and Data Security Are Now Mandatory!!!! The draft guidelines issued by the PPA a year ago have been widely discussed (some of us were introduced to this draft at Lior Etgar 's and EBN - Erdinast. Ben Nathan. Toledano s seminar meeting a day before this draft was disclosed to the public for review :)) It's important to note that the Authority now clarifies that the obligations imposed on the board primarily concern "companies where the processing of personal data is at the core of their activities" or whose activities "pose an increased risk to privacy." Key points of the #newguidelines: 1. The BOD is in charge of overseeing compliance with the Privacy Protection Law and data security regulations. 2. The BOD is in charge of the development and adoption of data protection policy. 3. The BOD is responsible for monitoring and control systems. 4. Immediate reporting to the Authority of data security incidents. 5. Preventing failures in data security and ongoing monitoring of policy implementation. #privacy #BOD #amendment13

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