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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!” Financial Regulatory Divergence between the UK and EU Financial services has been lauded by the UK government as an area where regulatory divergence between the UK and EU will yield a Brexit dividend. But the current extent of divergence, and its direction of travel, is context-specific and it is easy to los... Competition & Regulatory Newsletter: Competition Appeal Tribunal upholds CMA’s decision to block Cérélia/Jus-Rol merger On 1 September 2023, the UK Competition Appeal Tribunal delivered its judgment in Cérélia’s appeal against the Competition and Markets Authority’s decision to block Cérélia’s completed acquisition of Jus-Rol. ... EFIG: European Banking Newsletter – September 2023 Developments in this month's edition include: Exchange of statistical information on bank resolution - ECB and Single Resolution Board sign MoU CRD V - EBA consults on systemic importance indicators Implementation of European Resolution Examinati... The Real Estate M&A and Private Equity Review - 8th edition - United Kingdom chapter This law review chapter considers legal, regulatory and market developments in UK real estate M&A and private equity. In addition to providing an overview of the real estate M&A and private equity markets, it offers a summary of the legal framewo... Two steps forward, no steps back - Corporate criminal liability reform Now that UK Parliament is back in session following the summer recess, there is renewed political momentum behind the Economic Crime and Corporate Transparency Bill. The Bill includes reform of criminal liability for corporates. It would: (1) create a new...