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Solvency UK - Reforms to the matching adjustment On 28 September the PRA published a consultation (CP19/23) on proposed reforms to the matching adjustment (MA). These follow on from the publications in June of draft statutory instruments by HMT and a PRA consultation on other aspects of Solvency II refo... SFC Amends the Hong Kong Codes on Takeovers and Share Buy-backs On 29 September 2023, the amendments to the Codes on Takeovers and Mergers and Share Buy-backs (the Codes) took effect. This follows the consultation made by the Hong Kong Securities and Futures Commission (SFC) on proposed changes to the Codes, all of wh... Competition Law in the Digital Age - October 2023 Our Competition Law in the Digital Age newsletter is intended to provide insights on modern-day competition law developments in a bite-sized format. This edition covers the ECJ's GDPR ruling, the German Lieferando probe, the French cloud market study,... Pensions Bulletin - September 2023 Climate scenario analysis; investment disclosure; Pension Protection Fund 2024/25 levy; extension of auto-enrolment; Pension Protection Fund compensation; equality legislation; Taskforce on Nature-related Financial Disclosures In this month’s Pensi... BLOG: Where are you on Pillar Two? Advisers and businesses would be wise not to hold out for finality and certainty before engaging with these highly complex and evolving rules. The first instalment of the UK legislation to implement Pillar Two was enacted in July as Part 3 (multinational ... Competition & Regulatory Newsletter: CMA issues report and guiding principles following initial review of AI foundation models On 18 September 2023, the UK Competition and Markets Authority published a report setting out its findings following its initial review of AI foundation models. The report reflects the CMA’s early thinking on the impact of AI foundation models on UK... Supreme Court clarifies scope of the Quincecare duty of care In its long-awaited decision Philipp v Barclays Bank UK Plc [2023] UKSC 25, the Supreme Court provided some much-needed clarity on the scope of the Quincecare duty of care (the “Quincecare Duty”), by confirming that it does not apply to cases ... Overhauling the rules on the law of the arbitration agreement? A departure from Enka v Chubb is amongst the Law Commission’s proposals to finetune the Arbitration Act 1996 After more than a year of consultation and stakeholder engagement, the Law Commission has published its final proposals on the Arbitra... Tax and the City Review for September 2023 In their latest Tax and the City article, Mike Lane and Zoe Andrews consider two Upper Tribunal decisions: JTI Acquisitions, on the application of the unallowable purpose rule, and Hotel La Tour on the recoverability of input VAT on advisers’ fees i... BLOG: Has the UK just abolished its 1.5% stamp duty charge? "I see the 1.5% is being removed!” was the subject line of a client e-mail received early last Thursday afternoon in light of HMRC’s latest announcement. To which the answer is “not quite!”