Law360: Ireland should retool its research and development tax credit system, such as by increasing the credit's rate, to continue attracting investment in a changing international tax landscape, the Big Four accounting firms said in comments released Monday.

The Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR) have published a feedback statement FS25/1 following their joint Call for Information (CFI) on big tech and digital wallets. The statement highlights the rapid growth of digital wallets in the UK, with card transactions using digital wallets increasing from 8% in 2019 to 29% in 2023, predominantly through Apple Pay and Google Pay. The FCA and PSR emphasise their commitment to supporting growth and innovation through initiatives like Open Banking and Open Finance, aligning with their responses to the Prime Minister's call for accelerating digital innovation. Stakeholder feedback identified significant opportunities for innovation and growth but also raised concerns about competition, consumer protection, and operational resilience. Key issues include competition between digital wallets, competition between payment systems within digital wallets, operational resilience, and the regulatory framework.

The Payments Systems Regulator (PSR) and Financial Conduct Authority (FCA) have launched a joint call for information seeking views on the benefits and risks of digital wallets. Responses are sought by 13 September 2024.

Bigamy refers to going through a ceremony of marriage while already lawfully married to another person, where the first marriage has not been dissolved or annulled and the spouse is still alive. In legal practice it covers both religious and civil ceremonies that purport to create a valid second marriage.In England and Wales and Northern Ireland, bigamy is a statutory criminal offence under the Offences Against the Person Act 1861, requiring proof of a subsisting valid first marriage and a second purported marriage, subject to limited statutory defences (for example, a reasonable belief that the first spouse is dead or that the marriage has been legally ended). Scotland treats bigamy as a common law crime, with similar elements. In Ireland, bigamy is a statutory offence under the Criminal Justice (Theft and Fraud Offences) Act 2001.Bigamy also has civil law consequences, including the second “marriage” being void, with knock-on effects for financial provision, succession, pensions and immigration status. It is often relevant in family, probate and immigration litigation where the validity of a marriage is in dispute.

Family analysis: Despite still being married to another man at the time of the relevant marriage ceremony, the ‘wife’ in the case successfully resisted the ‘husband’s’ application to strike out her financial remedy application. The wife’s chief legal argument was that, following the Supreme Court’s judgment in Wyatt v Vince and its constraining effect on the scope of the Family Procedure Rules 2010 (FPR 2010), SI 2010/2955, r 4.4(1) concerning strike-out applications, it was no longer possible to strike out the financial remedy claims of a culpable individual pursuant to the authorities concerning bigamy and financial remedy (ie Whiston v Whiston and Rampal v Rampal (No 2)). This argument was rejected and the court found in crystal-clear terms that the Whiston jurisdiction is based on the ex turpi causa principle (a person shall not profit from their wrongdoing) and that the family court is empowered to strike out a claim where it ‘contravenes a rule of public policy to such an extent that to permit it to proceed would be an abuse of process’, provided the strike-out application falls within FPR 2010, SI 2010/2955, r 4.4(1) (paras [94], [90]). Accordingly, the Whiston jurisdiction has survived Wyatt. The victory for the husband was pyrrhic, and his application was refused on the basis (inter alia) that he was also aware that the wife was already married at the date of their marriage ceremony. Like the ‘wife’ in Rampal, the husband had not been misled, and there were good public policy reasons for the wife’s financial remedy claims to proceed—indeed, this is the purpose of the Matrimonial Causes Act 1973 allowing for those claims in respect of a nullity petition (para [98]). David Wilkinson, solicitor at Slater Heelis, looks at the considerations.

Law360: The Serious Fraud Office (SFO) has set itself a July 2024 deadline for deciding whether to charge individuals in its Glencore bribery investigation, which will grab headlines in 2024, but high-stakes cases involving two bankers given a lifeline to challenge their rate-rigging convictions and an anticipated verdict in a Saudi bribery scandal will also take centre stage.

Law360: Lloyd's of London is among the worst insurance players in the world in terms of providing cover to fossil fuel polluters, climate activists said Thursday.

A treaty between two states that seeks to encourage reciprocal investment by investors of those two states, including providing for rights and protections for foreign investors and investments, and how any disputes that may arise are to be resolved (often referred to as investor-state dispute settlement or ISDS).

A bilateral contract is an agreement where each party undertakes a binding obligation to the other, so that there is an exchange of mutual promises (for example, to supply goods and to pay the price). In legal practice in England and Wales, Scotland, Northern Ireland and Ireland, most commercial contracts are bilateral: both sides assume enforceable duties, as opposed to a unilateral contract where only one party is bound unless a specified act is performed.“Bilateral contract” is a descriptive term rather than a defined statutory category. Its core features, recognised in common law and case law across these jurisdictions, are: mutuality of obligation; agreement on essential terms; and consideration (or, in Scots law, cause) moving both ways. Typical examples include sale of goods contracts, services agreements, leases, employment contracts and most share purchase agreements.The term is used consistently in all four jurisdictions, although underlying doctrines (such as consideration in common law and the Scots law concept of promise) differ. Its practical significance lies in analysing formation, enforceability, remedies for breach, and issues such as repudiation, termination and specific performance where both parties owe continuing obligations.

A facility agreement entered into between one bank and one borrower; a bilateral facility agreement can be contrasted with a syndicated facility agreement where there will be more than one lender.

A loan agreement under which a single lender makes loan facilities available. Contrast with a syndicated facility.

One of the key features used to categorise loans is the number of lenders involved. A loan involving one lender is known as a 'bilateral loan'. A loan involving more than one lender may be a 'syndicated loan' or be referred to as a 'club loan'. Multiple lenders can also be indirectly involved in the same loan by way of sub-participation. This Practice Note explains the key features of bilateral loans, syndicated loans and club loans. Bilateral loans A bilateral loan is a loan involving a single lender. There may be a single borrower or multiple obligors involved, ie the borrower and other companies in the borrower's group as guarantors and/or security providers. Bilateral loans are normally used for loans of relatively small amounts and where less complex financing arrangements are required (eg a simple overdraft or term loan). Where the borrower requires a larger loan, a single lender may be unwilling or unable to advance the full amount required by the borrower. In these cases, a syndicated or club loan may be a better option. Syndicated