Publication
Arbitration trends in the Middle East: What to expect in 2024 and beyond
The last several years have seen rapid growth in the Middle East.
United Kingdom | Publication | December 2021
On December 15, 2021 HM Treasury published a consultation paper following a review of certain exemptions from the financial promotion restriction in The Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (FPO). These exemptions have not been reviewed for a considerable period and some have been misused, for example, to market inappropriate products to ordinary retail investors. The aim of the consultation is to retain the exemptions but to update them to reflect current circumstances and to address the risk of the exemptions being misused.
The consultation considers three specific exemptions, those for:
In the consultation paper, the Government does the following:
The Government notes that it is minded, at this stage, to move forward with all five proposals. However, the proposals are independent of each other and, subject to the responses to the consultation, the Government may decide not to proceed with one or more of them.
Responses to the consultation are requested by March 9, 2022.
On December 10, 2021 HM Treasury published a summary of the responses it received to a consultation paper published on June 7, 2021 that proposed a power to block listings on national security grounds. This was an initial consultation touching on the scope of, and the nature of the disclosures required as part of, the proposed power to block listings on national security grounds.
HM Treasury has summarised the responses as follows:
In terms of next steps, HM Treasury notes that the policy will require legislation to be enacted. However, more policy development is needed before that is possible and HM Treasury will continue to develop the necessary power taking full account of the responses to the consultation, including further formal consultation as appropriate.
(HM Treasury, Consultation on proposal to block listings on national security grounds – Summary of responses, 10.12.2021)
On December 16, 2021 HM Treasury published a summary of the responses it received to a consultation paper published on July 1, 2021 that proposed a number of reforms to the UK’s prospectus regime following recommendations made by Lord Hill’s Listings Review. This review sits alongside the Government’s broader reform agenda in response to Lord Hill’s UK Listings Review recommendations. Other work includes the UK Secondary Capital Raising Review, launched in October 2021, which is looking into improving further capital raising processes for publicly traded companies in the UK.
The Government reports that there was extensive support across the sector for the proposals made in the consultation paper and the Government will set out its intended next steps in due course.
(HM Treasury, Consultation on UK Prospectus Regime Review, 16.12.2021)
On December 15, 2021 the Rating (Coronavirus) and Directors Disqualification (Dissolved Companies) Act 2021 (2021 Act) received Royal Assent. Among other things, this amends the Company Directors Disqualification Act 1986 (CDDA) to give the Secretary of State and the official receiver additional powers to tackle unfit directors who dissolve companies to avoid paying their liabilities, including liability to repay Government backed loans put in place to support businesses during the Coronavirus pandemic.
Among other things, section 2 of the 2021 Act amends the following sections of the CDDA:
Section 2(14) of the 2021 Act also makes clear that conduct which may be investigated and considered includes conduct in companies dissolved prior to commencement of the 2021 Act, and which occurred in companies not dissolved at that time.
Section 2 will come into force two months after Royal Assent, other than the amendments to section 7(4) which came into force on Royal Assent.
(BEIS, Crackdown on directors who dissolve companies to evade debts, 16.12.2021)
Publication
The last several years have seen rapid growth in the Middle East.
Publication
On May 14, 2024, Lena Haffner, Innovation Lead Germany at Norton Rose Fulbright, shared her insights on “How do you make a law firm AI ready?" at Legal Revolution 2024, one of Europe’s leading conferences in legal innovation and technology. Her lecture focused on developing a comprehensive roadmap for integrating AI into law firms, emphasizing the importance of developing a robust AI strategy and fostering an innovation-ready culture. Key topics covered in the lecture included strategic planning, skills development, multidisciplinary teamwork, and strong AI governance.
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