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Tax and the City Review for March 2023 Mike Lane and Zoe Andrews discuss the CJEU’s judgment in the Gallaher case that the UK’s legislation at the relevant time was compliant with EU law and was proportionate without provision for deferral or payment in instalments. They also consi...

FCA publishes Discussion Paper DP23/2: Updating and improving the UK regime for asset management This briefing provides a summary of some of the areas of reform covered in the FCA's recently published discussion paper DP 23/2 (February 2023) on upgrading and improving the UK asset management regime. Some initial thoughts on the themes emerging fr...

Competition & Regulatory Newsletter: European Commission issues draft Foreign Subsidies Implementing Regulation On 6 February 2023, the European Commission published a draft Implementing Regulation containing detailed rules and procedures for the application of the new EU Regulation on foreign subsidies. The draft text provides clarity on the practical aspects of t...

Listed companies: what to expect in 2023 - Part 2 After a year shaped by geopolitical tensions, UK political turmoil, the fall-out from COVID-19 and economic volatility, we look at developments anticipated this year that will affect the rules and expectations around companies listed in the UK. In this se...

The Subsidy Control Act: What you need to know about the UK's new subsidy control regime The Subsidy Control Act 2022 will come into full effect on 4 January 2023. The UK Government has also published the final versions of the regulations defining the categories of subsidies that the Competition and Markets Authority (CMA) will review. The ...

UK Financial Services - The Next Chapter In this briefing we summarise and examine the proposals published on 9 December 2022 referred to as the Edinburgh Reforms, including the HM Treasury policy statement on the approach to the repeal of financial services retained EU law. The Edinburgh refor...

Pensions Bulletin - December 2022 LDI crisis; The Pensions Regulator’s enforcement strategy; Pensions dashboards; Guidance on international transfers of data; rectification of pension increase provisions In this month’s Pensions Bulletin, we cover: A statement by the...

Tax and the City Review for November 2022 Mike Lane and Zoe Andrews discuss the VAT decisions of the CJEU in O Fundusz (sub-participation agreements) and of the Supreme Court in NHS Lothian (VAT recovery), HMRC’s Guidelines for Compliance, the OECD’s report on tax incentives and the U...

Solvency UK - Results of the Solvency II Review In this briefing note we discuss the results of HM Treasury's review of UK Solvency II, including key changes to the risk margin and the matching adjustment to release capital held by insurers and facilitate investment in long-term productive assets. ...

Banking Sector – Hot Topics, Autumn 2022 Welcome to the Autumn 2022 edition of our Banking sector – Hot Topics series. This edition discusses some of the key developments currently affecting the sector, including regulatory reform in the banking sector, which is focuses on achieving growth...