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Competition & Regulatory Newsletter: European Commission adopts new horizontal block exemption Regulations and Guidelines On 1 June 2023, the Commission published its long-awaited revised Research and Development Block Exemption Regulation and revised Specialisation Block Exemption Regulation (together, HBERs), alongside revised Guidelines on horizontal cooperation. The revi... Value for money: a changing retail investment landscape in the UK and the EU This briefing examines the developing regulatory landscape, looking specifically at the European Commission's recently published Retail Investment Strategy (RIS) that would require manufacturers and distributors of investment products to ensure that t... So Near, So FFAR - How Legal Challenges to FIFA's New Football Agent Regulations Are Playing Out In Europe As we get closer to its full implementation on 1 October 2023, this briefing looks at recent legal challenges in European courts against FIFA’s new Football Agent Regulations (FFAR), including the decision by a Dortmund court in May to stop the impl... Green Securitisations in Europe: Fifty Shades of Green In this briefing we discuss a number of factors that result in the slower rate of adoption of ESG securitisation issuances in the UK and Europe.   INTRODUCTION Recent years have seen ESG ascend to the top of corporates’ and market participan... European Commission clarifies sustainability rules in revised horizontal guidelines On 1 June 2023, the European Commission published its long-awaited revised guidelines on horizontal cooperation along with revised Horizontal Block Exemption Regulations on R&D and Specialisation agreements.  This briefing focuses on the sustaina... Water security and scarcity: rising up the political and corporate agenda Water security is a tier one issue for many societies and businesses, yet for years it has had a lot less attention than other sustainability-related issues, including greenhouse gas emissions reduction. The UN and the investment community are now bringin... BLOG: Hargreaves Property Holdings v HMRC: Beneficial entitlement and “yearly” interest The Upper Tribunal’s decision is a helpful ‘back-to-basics’ on the nature and purpose of the provisions on withholding tax on interest income and a good reminder that the courts are becoming increasingly comfortable with leveraging the Ramsay principle (b... Insurance Newsletter - June 2023 In this newsletter we discuss: the bulk annuity market, the introduction of the Consumer Duty, cyber risk for insurers, and ongoing COVID-19 business interruption cases. In this newsletter we discuss: The bulk annuity market The introduction of the C... Loan Market Association launches draft provisions for sustainability-linked loans In May 2023, the LMA published draft provisions for sustainability-linked loans (the Draft Provisions). In this briefing, we introduce the key components of the Draft Provisions, touch on the breadth of their application and consider how borrowers might u... New Regulatory Requirements for Virtual Asset Trading Platform Operators come into effect This briefing highlights the main features of the licensing regimes, the key requirements under the VATP Guidelines, details on the transitional arrangement, as well as practical steps for VATP operators.   INTRODUCTION The Securities and Futures C...