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This week’s edition of Corporate highlights includes the latest updates on Brexit, publication of a report on the Draft Registration of Overseas Entities Bill that calls for loopholes in the draft legislation to be addressed and a FCA decision that found three asset management firms breached competition law by sharing sensitive information regarding prices for IPOs. It also focuses on two recent cases, one relating to the doctrine of economic duress and one relating to a breach of warranty claim that was capped by provisions in a SPA.
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SI 2019/934: These regulations are made in exercise of legislative powers under the European Union (Withdrawal) Act 2018 in preparation for Brexit. These regulations revoke EU Regulation (EU) 1287/2013establishing a programme for the competitiveness of enterprises and small and medium-sized enterprises and repealing EU Decision 1639/2006/EC in order to address failures of retained EU legislation to operate effectively, and other deficiencies arising from the withdrawal of the UK from the EU. It comes into force on the later of exit day or on 7 June 2019.
For further information, see: LNB News 17/05/2019 68.
The Joint Committee examining the draft Registration of Overseas Entities Bill has called for loopholes in the draft legislation to be addressed.
In a report published on 20 May 2019, the Joint Committee says the Bill is to be welcomed to aid criminal investigations that are currently impeded due to difficulties in accessing information on individuals who own or control overseas entities used in money laundering. The draft Registration of Overseas Entities Bill aims to tackle these difficulties with increased transparency around who owns UK land and the creation of a public register of beneficial owners—the individuals who profit from an overseas entity’s investment—through Companies House. However, the Joint Committee highlights specific areas that must be improved to ensure its efficacy. Issues include the Bill not covering trusts, a lack of clarity around entity exemption, infrequent updates to the register of beneficial owners, a lack of verification checks and difficulty in enforcing the new law.
For further information, see:
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