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On 1 July, HM Treasury published a consultation that takes forward three key recommendations from Lord Hill’s UK Listings Review (click here for further information on that Review). It sets out how the Government proposes to: (i) review and potentially replace the prospectus regime that the UK has inherited from the EU; (ii) give the Financial Conduct Authority (FCA) new rule making responsibilities that will allow it to incorporate a replacement prospectus regime into its handbook; and (iii) amend the prospectus liability regime so that there are fewer barriers to the inclusion of more forward-looking information in prospectuses.

The Upper Tribunal upheld a First Tier Tribunal decision that a project manager was within IR35 as he would have been an employee if he had been engaged directly. The case (Northern Light Solutions Limited v Revenue and Customs [2021] UKUT 134 (TCC)) relates to the pre-6 April 2021 position according to which it was for the contractor to determine whether he was inside or outside IR35.

The government has confirmed in its response to its 2019 consultation that it intends to establish a new single enforcement body for employment rights. The new body will enforce breaches in relation to national minimum wage, modern slavery (including modern slavery statements), employment agencies, statutory sick pay and holiday pay for vulnerable workers.

With LIBOR set to be discontinued on a permanent basis, corporate service providers and corporate trustees must transition to alternative rates before the phase-out begins at the end of 2021. Bearing this challenge in mind, we, at Baker McKenzie, needed to streamline the re-papering process for our clients. We needed to create an end-to-end solution that provides the right balance of legal expertise, legal project management and technology.

On 21 June 2021, the EU and UK announced coordinated sanctions against specified Belarusian individuals and entities. This follows the forced landing of a commercial aircraft in Belarus and subsequent detention of a Belarusian journalist, and suggests that the UK is continuing to align its sanctions regime with key allies following Brexit. The sanctions were further coordinated with the US and Canada.