The adoption by an investment manager of an asset allocation different from the benchmark in order to enhance return. Tactical asset allocation is used to reflect the portfolio manager's short-term market views.

Sometimes referred to as piggy back rights. They enable certain shareholders (usually minority shareholders) to force other shareholders who wish to sell their shares (or a percentage of their shares usually representing a majority interest) to procure an offer for the shares benefiting from the rights at the same time and at the same price per share. The tag along rights act as protection for minority shareholders, including in case the majority shareholder chooses not to exercise its drag along rights (if applicable).

The Financial Conduct Authority (FCA) has announced that Taheer Sardar has been sentenced at Southwark Crown Court to 18 months’ imprisonment for perverting the course of justice. Sardar pleaded guilty on 7 May 2024.

Restructuring & Insolvency analysis: His Honour Judge Gore QC has provided significant clarity in relation to the Tailored Business Loans issued by Clydesdale Bank from the early 2000s. The judge applied guidance found in Deutsche Bank (Suisse) SA v Khan & Ors as to the factors that will be considered in determining the nature of relationships formed between lenders and debtors under such loan agreements. The ruling found fairness in the lender/borrower relationship within the meaning of section 140A of the Consumer Credit Act 1974 (CCA 1974). It also set a high threshold for establishing unfairness, as the judge found no evidence to show that the defendants were the kind of borrowers that were ’financially so unsophisticated as to have put the lender on inquiry‘. This, along with the consequences of unfairness being described as ’draconian‘, set the probability of a claim succeeding under CCA 1974, s 140A very low. Written by Kirsten Fleming, associate at Addleshaw Goddard LLP.

Pensions analysis: On 27 August 2019, the Department for Work and Pensions (DWP) published a review which set out to ensure that The Pensions Ombudsman (TPO) remains fit for purpose, well governed and properly accountable for what it does. Matthew Ambler, senior associate, Terry Saeedi, partner and Laura Cooke, partner, all at Clyde & Co LLP assess the report.

A person wishing to set up a new company has the following options: • they can incorporate a new company in accordance with the Companies Act 2006 (CA 2006), which is tailored to meet its specific requirements upon incorporation (a tailor-made company), or • they can purchase a ready-made company 'off-the-shelf' (ie a company that has already been incorporated but which has never traded, or a ‘shelf company’) from a company formation agent and tailor that company to its requirements The steps involved in purchasing and tailoring a shelf company are outlined below. For details on how to incorporate a tailor-made company, see Practice Note: Incorporating a company. Purchasing a shelf company Common reasons why a person may wish to acquire a shelf company are that they: • do not have time to comply with the incorporation requirements themselves • are inexperienced in matters of company law and want to rely on an experienced third party to incorporate the company correctly • need to obtain a company more urgently than Companies House timeframes or opening hours would

This Checklist sets out the main considerations to be made and steps to be taken when tailoring a shelf company limited by shares. A person wishing to set up a new company has the following options: • they can incorporate a new company in accordance with the Companies Act 2006 (CA 2006), which is tailored to meet its specific requirements upon incorporation (a tailor-made company), or • they can purchase a ready-made company (ie a company that has already been incorporated but which has never traded) 'off-the-shelf' from a company formation agent (a shelf company) and tailor that company to its requirements Common reasons why a person may wish to acquire a shelf company are that they: • do not have time to comply with the incorporation requirements themselves • are inexperienced in matters of company law and want to rely on an experienced third party to incorporate the company correctly • need to obtain a company more urgently than Companies House time frames or opening hours would allow, or • require a company with a particular

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The tainted charity donations rules, set out in Schedule 3 of the Finance Act 2011 (FA 2011), aim to deter the abuse of reliefs which are available in relation to income tax, corporation tax or capital gains tax when a donation to a charity is made. They do so by denying those reliefs where HM Revenue & Customs (HMRC) is able to demonstrate that a donor, or person connected to the donor, entered into an arrangement with a charity with a view to avoiding tax as a result of the donation rather than with ‘pure’ charitable intent. Where a tainted charity donation is made: • Chapter 8, Part 13 of the Income Tax Act 2007 (ITA 2007) removes entitlement to any income tax reliefs and advantages • Part 21C of the Corporation Tax Act 2010 (CTA 2010) removes entitlement to corporation tax reliefs • section 257A of the Taxation of Chargeable Gains Act 1992 (TCGA 1992) removes entitlement to capital gains tax relief The rules apply to donations made to a charity or a Community

Tainted evidence describes material in legal proceedings whose reliability or fairness is compromised-for example because it was obtained unlawfully or unfairly, induced by oppression, contaminated or mishandled, or produced through entrapment. It is a descriptive expression, not a defined term; admissibility is governed by statute and case law.England & Wales: PACE 1984 ss 76 (confessions rendered unreliable by oppression or things said or done) and 78 (discretion to exclude where admission would adversely affect fairness) apply, alongside ECHR art 6 and abuse of process (R v Loosely). Forensic contamination and chain-of-custody issues often go to weight but can justify exclusion.Scotland: the analogous concept is “irregularly obtained evidence”; per Lawrie v Muir, the court applies a fairness test to exclude evidence obtained by illegal or improper means.Northern Ireland: the PACE (NI) Order 1989 mirrors PACE 1984; courts may exclude unfairly obtained or unreliable evidence.Ireland: the constitutional exclusionary rule applies. Unlawfully obtained evidence is excluded where the breach was deliberate or reckless (DPP v JC), subject to excusing circumstances; involuntary confessions are inadmissible.

This Practice Note provides guidance on tainted gifts for the purposes of confiscation proceedings under the Proceeds of Crime Act 2002 (POCA 2002). Tainted gifts A tainted gift is a category of asset that is added to the value of the property calculated to be held by the defendant for the purposes of identifying the recoverable amount in confiscation proceedings. Realisable property, that is, property which is recoverable and available to the defendant and can therefore be used to calculate the recoverable amount for the purposes of a confiscation order, is defined in POCA 2002, s 83 as: • any free property held by the defendant, and • any free property held by the recipient of a tainted gift See Practice Note: Determining the recoverable amount under POCA 2002. Property for the purposes of confiscation is defined as: ‘...all property wherever situated and includes— (a) money; (b) all forms of real or personal property; (c) things in action and other intangible or incorporeal property’ Therefore, for the purposes of making a confiscation

1. What is the applicable legislation? Foreign investments in Taiwan can be divided into foreign investments (non-PRC) and PRC investments. The Statute for Investment by Foreign Nationals 1960 (SIFN), last amended on 19 November 1997, applies to foreign investments in Taiwan including the restrictions on and the protection and administration of such investments. PRC investors are subject to more restrictions than non-PRC foreign investors. The main laws and regulations governing PRC investments are the Act Governing Relations between the Peoples of the Taiwan Area and the Mainland Area 1992 and the Measures on Investment Permits for People of the Mainland Area 2009 (MIPPM). According to the MIPPM, Article 3, the definition of a PRC investor is a PRC individual, legal person, organisation, other institution or their third-area company. A third-area company is deemed as a PRC investor if 30% of its shares are held or controlled by a PRC individual, legal person, organisation or any other institution. Only a foreign investment regime under the SIFN will be discussed here. 2. Which government or other body (or bodies)