The Worker Protection (Amendment of Equality Act 2010) Act 2023 is due to receive Royal Assent. The Act will introduce a new duty on employers to take reasonable steps to prevent sexual harassment and is expected to come into force 12 months after Royal Assent is granted. This duty will sit alongside employees’ existing protections from sexual harassment in the workplace.
A recent decision in the Scottish courts offers a stark warning of the need to consider issues of legal privilege at an early stage when conducting an internal investigation. In an article for HR Magazine, John Bracken and Paul Harrison explain what this means in practice for employers.
Our London Financial Services Regulatory Group recently hosted a webinar where they discussed recent developments about the Mansion House Reforms presented by the Chancellor in July 2023 and what they mean for the industry. We are pleased to share with you a recording of this webinar, for the benefit of those who weren’t able to catch it.
Demanding macroeconomic and geopolitical factors have led borrowers in the leveraged finance market to pursue alternative arrangements, but our lawyers suggest there are signs of a brighter outlook in the UK. In this article, our lawyers provide a market overview and outlook, explore alternative sources of capital and examine product-specific developments and regulatory reform, and benchmark change in ESG, digital bonds, CMBS maturity wall, Secured Overnight Financing Rate and uptiering transactions.
On 11 October 2023, Ashley Alder, Chair of the FCA, delivered a speech on the FCA’s priorities for updating and improving the UK regulatory regime for asset managers. Covering a number of interesting angles, the speech sets out a sketch of the FCA’s vision for the UK asset management regime going forward, and includes some helpful clarity for the industry about the direction of regulatory reform. The speech highlights in particular the following priorities for reform: ensuring a more proportionate approach to the regulation of AIFMs; updating the retail funds regime; and supporting technological innovation in the sector.
On 11 October 2023, Ashley Alder, Chair of the FCA, delivered a speech on the FCA’s priorities for updating and improving the UK regulatory regime for asset managers. Covering a number of interesting angles, the speech sets out a sketch of the FCA’s vision for the UK asset management regime going forward, and includes some helpful clarity for the industry about the direction of regulatory reform. The speech highlights in particular the following priorities for reform: ensuring a more proportionate approach to the regulation of AIFMs; updating the retail funds regime; and supporting technological innovation in the sector.
The FCA’s final rules for cryptoasset financial promotions, published in June 2023, will take effect from Sunday, 8 October 2023. Those marketing in-scope cryptoassets to UK consumers, including those based overseas, will need to ensure without delay that preparations are in place for the start of the rules.
Baker McKenzie’s Sanctions Blog published the alert titled Wagner is proscribed by the UK government on 15 September 2023. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
The UK government published an evaluation report for the six pilot initiatives on an ‘Ecosystem of Trust’ (“EoT”) on 29 August 2023, which was first set out in the government’s 2025 UK Border strategy. Aimed at using technology to create the so called EoT around the border, the UK proposed an automated assurance and reliability model that could allow a simplification of the current customs and border processes. Such an ecosystem would be built on three pillars: technological capabilities, real time data and trusted relationships.
The UK government has released its final plans for the new Border Target Operating Model (“the Model”). The Model was initially set for implementation from October this year and has now been delayed to January 2024. The UK Government has agreed to this delay of three months following input from public consultation from the private sector and stakeholders.