What is the GATS? GATS is the acronym for the General Agreement on Trade in Services. The GATS is an annex to the Marrakesh Agreement. It is the first agreement to regulate trade in services and has done so since 1 January 1995. The GATS, like the General Agreement on Tariffs and Trade (GATT), can only be understood if both the legal text of the GATS as well as each Member State’s schedule of commitments are read together. This is especially relevant as Member States undertake specific commitments on market access and national treatment in their schedules of commitment. They are also able to schedule additional commitments which relate to matters such as qualifications or licensing requirements related to services. In addition, the GATS has a number of annexes dealing with specific service sectors, such as financial or telecommunication services. Scope of the GATS Measures within the scope of the GATS The GATS applies to measures by Member States affecting trade in services. The measures affecting trade in services are defined in terms of Article

Introduction to the Trade Remedies Authority On 29 April 2021, the UK enacted the Trade Act 2021 (the Act). The Act established the UK’s Trade Remedies Authority (TRA) and conferred certain functions to it. In addition, it made provision for the implementation of international trade agreements that the UK has negotiated. It also made provision for the collection and disclosure of information related to trade. The TRA was established as an independent non-governmental body which would provide the Secretary of State with advice, support and assistance in connection with: • the conduct of an international trade dispute • functions of the Secretary of State relating to trade, and • functions of the TRA The advice, support and assistance also covers trade remedies. The TRA is tasked with investigating trade remedies related to dumping, subsidies and safeguards. Most of the functions are conferred on the TRA by the Taxation (Cross-border Trade) Act 2018 (T(CT)A 2018). T(CT)A 2018, Sch 4 Pt 1 contains the procedure for investigating dumping and subsidies. The procedure for

Government policy For many years as part of government policy the establishment in the UK of private pensions in addition to state pensions has been encouraged. This commenced with occupational pension schemes established by employers for their employees and in more recent years with personal pensions established for individuals. The provision of private pensions has most notably been encouraged by the granting of tax reliefs to those establishing pension schemes and to their members in relation to contributions, pension fund income and pension benefits. It should be noted that neither the provision of private pensions in the UK nor the membership of a pension scheme has been compulsory until very recently and even now there are exceptions (see ‘Stakeholder pension schemes and ‘Automating enrolment and the National Employment Savings Trust (NEST)’ below). The general administration of private pension schemes is the responsibility of the Department for Work and Pensions (DWP) with the Pensions Regulator responsible for ensuring schemes are run in a proper manner as required

Brexit impact The UK is no longer an EU Member State as of exit day, 31 January 2020. State pension and benefit rights of UK nationals living in the EU, European Economic Area (EEA) or Switzerland are governed by the Withdrawal Agreement. Details may be found at: Benefits and pensions for UK nationals in the EU, EEA or Switzerland. Similarly, the rights of EEA and Swiss citizens to UK benefits and state pensions may be found at Benefits and pensions for EEA and Swiss citizens in the UK. State pensions A state retirement pension is provided dependent on a person’s National Insurance (NI) contribution record and is comprised of up to three components. These are: • the basic old age pension • the state second pension (S2P—formerly the state earnings related pension scheme State Earnings Related Pension (SERPS)) and • the graduated pension They are normally paid gross and taxed through pay as you earn (PAYE) on a person’s other income, eg an occupational

Introduction to anti-dumping duties Anti-dumping has been present in international trade well before the establishment of the World Trade Organization (WTO). National anti-dumping legislation dates to the beginning of the 20th century. Prior to the establishment of the WTO, the General Agreement on Tariffs and Trade (GATT) 1947 contained Article VI which dealt with anti-dumping. Article VI set out some rules on dumping and the imposition of anti-dumping duties. In fact, the WTO’s Anti-dumping Agreement is named after the original GATT 1947 Article VI and is known as the Agreement on Implementation of Article VI of the General Agreement on Tariffs and Trade 1994. Article VI of GATT 1947 was the subject of much discussion and negotiations during some of the rounds of negotiations leading up to the establishment of the WTO. These negotiations resulted in, amongst others, an Anti-dumping Code agreed to during the 1967 Kennedy Round which was revised during the 1979 Tokyo Round. These negotiations eventually culminated in the WTO’s Anti-dumping Agreement which came into force with the establishment of the

What is arbitration? Arbitration is a alternative form of dispute resolution to litigation, where a dispute is submitted to an arbitrator (or panel of arbitrators) for determination, rather than to a court. It is a consensual process in the sense that it will only apply if the parties agree it should. Origins in England Arbitration grew out of the international and local courts that were set up as an alternative to the royal court system in the Middle Ages. These courts were set up in response to the demand by merchants for an alternative system for the resolution of commercial cases because the royal court system was slow, not well-suited to mercantile disputes and not accessible to parties who were not resident in England. A predominant feature of these courts was that strict formalities should be waived or set aside in commercial cases to allow for the law to be speedily administered. The practice of arbitration was eventually given a statutory basis in England when Parliament passed the first Arbitration Act in 1698. Subsequent

What are bribery and corruption? Broadly, corruption means the abuse of a position of power by engaging in dishonest acts, for private (or commercial) gain.Bribery is a type of corruption, generally defined in a business context as an advantage (financial or otherwise) given or received with the intention of rewarding or encouraging the improper performance of a public, business or employment-related activity.Performance will be improper if there is an expectation of the activity being carried out in good faith but it is done so in breach of that expectation. What are the four offences under the Bribery Act 2010 (BA 2010)? BA 2010 creates four principal offences of bribery:—bribing another person—soliciting or accepting a bribe—bribing a foreign public official, and—failing to prevent bribery (this offence is limited to businesses) Who can be involved in bribery? Bribery can be committed by individuals, corporate bodies and their officers, and foreign public officials.Foreign public officials are individuals who, in relation to any country, hold a legislative, administrative or judicial position, or exercise a public function

Coaching is much talked about in the business world, and with good cause too, as it is one of the most powerful tools at a manager’s disposal when it comes to building and strengthening the skills set in the team. Although coaching sessions can be discrete activities, they can also form part of an overall approach to management and supervision. This Practice Note considers: • what is, and isn’t, coaching • coaching -v- mentoring—the differences and similarities • what skills a great coach needs • what coaching can be used for • getting to the heart of the issue • keeping coaching on track • asking amazing coaching questions • setting up a coaching programme For further reading on the topic of coaching, see Practice Notes: Becoming a coaching manager, Coaching for coachees and Popular coaching models and methodologies. What is, and isn’t, coaching? Coaching is a flexible, structured, approach that aims to support individuals as they grow and develop in their career. The aim is for the coach to ask appropriate

This Practice Note provides an introduction to collateral and credit support documentation for over-the counter (OTC) derivatives transaction. What is counterparty credit risk? Counterparty credit risk is the risk that the counterparty to a derivatives transaction with bilateral cash flows could default before the final settlement of the transaction. If a default occurs, the transaction will terminate and a termination amount will be payable. Standard derivatives documentation provides for a variety of ways of calculating the termination amount, but in the majority of cases the termination amount will be based on the market value of the transaction at the time of termination. A simple interest rate swap can be used as an example of what the market value of a derivatives transaction is and how it changes over time. In the example, the notional amount of the swap is €10 million. On specified payment dates during the swap’s five-year term, Party A pays fixed amounts to Party B (ie amounts accrued at a n agreed fixed rate on the notional amount)

Question Summary What is competition law? Competition benefits both businesses and consumers. It shows companies where they need to improve and encourages organisations to strive for greater efficiency, become more innovative, more productive, and ultimately be better businesses.Competition law is designed to protect businesses and consumers from anti-competitive behaviour, and safeguard effective competition.All businesses must comply with competition law and there can be serious consequences for businesses and individuals, including directors, for non-compliance. These can include heavy fines, prison sentences, director disqualifications and reputational damage. When is it an issue? Competition law may become an issue for organisations in three main contexts:cartels—these are usually based on horizontal arrangements where two or more businesses agree, whether in writing or otherwise, not to compete with each other. Cartels are the most serious type of anti-competitive agreements. They include agreements to fix prices, engage in bid-rigging, limit production and share customers or markets. A cartel may also arise where there is a unilateral exchange of information or when businesses disclose or exchange commercially-sensitive information. In this context, the key

Question Correct answer 1. As an SRA-regulated law firm, what do we have to comply with? (c) SRA Standards and Regulations and any other applicable legislation and rules that apply to our business generally 2. How many SRA Principles are there? (b) 7 3. Which of the following is not one of the SRA Principles? (c) Comply with your

How to use this test These questions are designed to test your understanding after your attendance at our training on an introduction to compliance. After you have completed this test, please return it to [insert name]. General Name of person completing test [Insert name] Role [Insert role] Date [Insert date] Multiple choice questions Circle the correct answer. Question Multiple choice answers 1. As an SRA-regulated law firm, what do we have to comply with? (a) UK legislation(b) SRA Standards and Regulations and Law Society Practice Notes(c) SRA Standards and Regulations and any other applicable legislation and rules that apply to our business generally 2. How