Europe: EU / UK regulatory roundup
A round up of recent regulatory developments in the EU and UK.
Welcome to the latest edition of Corporate and commercial disputes review.
A major theme of this edition is the extent to which the actions of companies can give rise to liability in multiple jurisdictions. We consider the latest decision of the Court of Appeal on the extent to which a company can be liable for the actions of its overseas subsidiary and look at the extent to which US statutes apply extraterritorially.
We also examine the first reported decision since the Recast Brussels Regulation took effect which looks at whether EU member states lack the power to grant an anti-suit injunction restraining court proceedings commenced in another EU member state.
Separately, we consider a recent Supreme Court’s decision on the measure of damages for breach of a business sale agreement and the High Court’s decision on whether an entire agreement clause can exclude liability for misrepresentation. We also review the Court of Appeal’s timely reminder on the issue of shareholder claims and the “no reflective loss” rule.
Turning away from contract law, we examine the heavily anticipated Court of Appeal decision on litigation privilege and how this will impact on investigations. We also consider the new frontier of litigation arising as a result of cyber attacks.
The Court of Appeal has provided further guidance on when a parent company will be liable for the actions of its foreign subsidiaries.
A recent trend from the US Supreme Court indicates a retreat from reflexively applying major federal statutes to extraterritorial conduct.
With the threat of cyber-attacks growing, we look at how the courts are handling the new frontier of litigation.
The Court of Appeal has handed down an eagerly awaited decision addressing fundamental issues as to the ambit of litigation privilege in investigations.
A discussion of the ‘no reflective loss’ rule where a shareholder’s loss merely reflects the loss suffered by the company.
Analysis of Al-Hasawi v Nottingham Forest Football Club Ltd  EWHC 2884 (Ch) and where it leaves us with the treatment of entire agreement clauses.
The Supreme Court has provided further guidance on how we measure damages for breach of a business sales agreement.
Analysis of the first reported decision on anti-suit injunctions since the Recast Brussels Regulation took effect.
On July 16, 2020, the Court of Justice of the European Union (CJEU) published its decision in the landmark case Data Protection Commissioner v Facebook Ireland Ltd, Maximilian Schrems and intervening parties, Case C-311/18 (known as the Schrems II case).
On July 7, 2020, the Commission de Surveillance du Secteur Financier (CSSF) issued an FAQ document on Circular 02/77 concerning the protection of investors in case of NAV calculation errors and the correction of the consequences resulting from non-compliance with the investment rules applicable to undertakings for collective investment (the FAQ).