What is space insurance? Space insurance is specifically designed to cover the unique risks associated with travel into outer space. Space activities demand adequate insurance against losses including liability and property damage to spacecrafts. There is a potentially huge third party liability exposure for death or injury or damage to property arising out of the launch and operation of spacecrafts. Spacecraft insurance was initially written in the aviation market. However, with the increased demand for such insurance since the early 1980s, a dedicated space insurance market employing specialist underwriters emerged. To the extent that spacecraft insurance involves the insurance of a vehicle that passes through the airspace, it resembles, and is, in certain respects, modelled on aircraft or aviation insurance. See Practice Note: Use of insurance in aviation finance transactions. Thus, the risks associated with spacecraft operations may similarly be divided into the risk of loss or damage to the spacecraft or on-board equipment, and the risks of liability to third parties and occupants. The principal insurers in the space insurance market are in the US, France,

Dispute Resolution analysis: The High Court (Mr Justice Choudhury) allowed the claimant’s appeal against a finding that his claim was fundamentally dishonest. Most importantly, the defendant had not given the claimant (who represented himself at trial) adequate notice of the allegations that the claimant’s claim in respect of a back injury had been exaggerated to the extent that it was dishonest. The particular matters which the trial judge had relied upon in order to base their findings of dishonesty were all incorrect, in part because the defendant had failed to ensure that all documents relevant to those matters were before the court. Written by Sam Way, barrister at Devereux Chambers.

An application for the appointment of an emergency arbitrator pursuant to art 9.5 of the LCIA Rules 2014 must be accompanied by the applicant's written confirmation that the applicant has paid or is paying to the LCIA the 'Special Fee'. Without actual receipt of this payment, the application will be dismissed. What is the 'Special Fee'? The Special Fee is, in accordance with LCIA, arb 9.5, subject to the LCIA Schedule

Section 3(2) of Immigration Act 1971 provides that: ‘The Secretary of State shall from time to time (and as soon as may be) lay before Parliament statements of the rules, or of any changes in the rules, laid down by him as to the practice to be followed in the administration of this Act for regulating the entry into and stay in the United Kingdom of persons required by this Act to have leave to enter, including any rules as to the period for which leave is to be given and the conditions to be attached in different circumstances.’ The Immigration Rules covering entry clearance procedure are found in Part 1 of the Immigration Rules, between paras

Business Property Relief (BPR) The legislation for BPR relief from Inheritance Tax (IHT) is to be found in sections 103–114 of the Inheritance Tax Act 1984 (IHTA 1984). For BPR to apply, there must be a transfer of value for the purposed of IHT (see IHTA 1984, s 103). There are a number of conditions which have to be met regarding the nature of the company and its ownership so that it is relevant property for the purposes of BPR. In addition to the conditions which need to be met, the rate of BPR relief available will be either 50% or 100% of the value of the assets concerned. The rate of the relief will depend on what the assets are. Positon in relation to the shares in the company For the shares in the company to be relevant property in order to attract BPR at a rate of 100%

The Conflict Avoidance Pledge was created by the Conflict Avoidance Coalition (the Coalition), which was first set up in 2015 as an early intervention joint working party. It brings together over a 100 leading organisations—including public bodies, contractors, consultants, and professional institutions—‘to reduce the financial, reputational, and relational costs of disputes through better conflict management’. The Coalition comprises senior representatives from the Royal Institution of Chartered Surveyors (RICS), Institution of Civil Engineers, International Chamber of Commerce, Royal Institute of British Architects, Chartered Institute of Arbitrators, Dispute Resolution Board Foundation, Chartered Institution of Civil Engineering Surveyors. It includes major clients, such as Transport for London and Network Rail,

What are the key features of the Coronavirus Business Interruption Loan Scheme? The government has announced a number of measures to assist businesses through the coronavirus (COVID-19) crisis—the details of these are available here, and include financial help for specific types of businesses likely to be particularly badly affected, as well as providing assistance with payments of tax, salaries and sick pay. The Coronavirus Business Interruption Loan Scheme (CBILS) is one of the government’s key measures to support business through the crisis. The key features of the scheme are as follows: • it provides small- and medium-sized enterprises (SMEs) with access to loans, overdrafts, invoice finance and asset finance • the government-owned British Business Bank provides a guarantee of 80% of the amount outstanding under each loan made under the scheme • the maximum amount of each facility is £5m and the terms available are up to six years for term loans and asset finance and up to three years for overdrafts and invoice financing facilities • the

Immigration analysis: Cleo Als, senior manager, Vialto Partners discusses the criteria for a pilot scheme where refugees and displaced people can be matched with employers able to sponsor them for a Skilled Worker Visa. The process is overseen by the organisation Talent Beyond Boundaries and is supported by the Home Office.

What is the EU EMIR clearing obligation? The clearing obligation under Regulation (EU) 648/2012 (EU EMIR) is a regulatory requirement designed to reduce systemic risk in the financial markets by mandating that certain widely-traded over-the-counter (OTC) derivatives entered into by certain significant derivatives market participants be cleared through central counterparties (CCPs). Which counterparties are subject to the clearing obligation? EU EMIR categorises counterparties into two types: financial counterparties (FCs) and non-financial counterparties (NFCs). FCs include EU banks, investment firms, insurance companies, UCITS, alternative investment funds and other financial institutions. NFCs are EU entities that are not financial institutions. The clearing obligation applies to FCs and NFCs whose total OTC derivatives positions exceed certain thresholds (FC+s and NFC+s) when they: • enter into an OTC

What is the EU EMIR trade reporting obligation? The trade reporting obligation under Regulation (EU) 648/2012 (EU EMIR) is a regulatory requirement designed to increase transparency in the derivatives markets by requiring EU counterparties and central counterparties (CCPs) to report the details of any derivative contract entered into, modified or terminated to a trade repository (TR) which has been registered or recognised under EU EMIR. Which derivatives does the trade reporting obligation apply to? The trade reporting obligation under EU EMIR applies to all derivative contracts. This obligation is not limited to over-the-counter (OTC) derivatives but also includes exchange-traded derivatives (ETDs). There is an exemption for intragroup transactions if: • at least one of the counterparties is an non-financial counterparty (NFC) or would be qualified as an NFC if it were established in the EU • both counterparties are included in the same consolidation on a full basis • both counterparties are subject to appropriate centralised risk evaluation, measurement and control procedures, and • the parent undertaking is not a financial counterparty (FC) FCs

What is the EU framework on health and nutrition claims? Making nutrition and health claims about foods, eg 'no added salt' and 'folate contributes to normal blood formation', is subject to strict controls under EU legislation. The EU Health Claims Register lists all permitted nutrition claims and all authorised and non-authorised health claims as a source of reference and with the aim of ensuring full transparency for consumers and food business operators is ensured. In particular, it lists: • permitted nutrition claims and their conditions of use • authorised health claims, their conditions of use and applicable restrictions, if any • non-authorised health claims and the reasons for their non-authorisation • EU legal acts for the specific health claims • national measures mentioned in Article 23(3) of Regulation EC 1924/2006 The European Commission updates the Register when required, namely upon adoption of EU decisions on applications for claims or on changes to conditions of use and restrictions. There are different procedures managed by the European Commission for the various types of claims, with regard

European Union (Withdrawal Agreement) Act 2020 The European Union (Withdrawal Agreement) Act 2020 (the Act) was introduced to facilitate the ratification and implementation of the Withdrawal Agreement (31 Jan 2020) agreed in principle between the UK and the EU on 17 October 2019. For further details on the Withdrawal Agreement, see Practice Note: Brexit—introduction to the Withdrawal Agreement. The Act contains provisions on various matters, including the implementation period (the term used by the UK or transition period, the term used by the EU; these terms are used interchangeably, see Q&A: In the context of Brexit, what is meant by the ‘transition or implementation period’?). It incorporates several amendments to the European Union (Withdrawal) Act 2018 (EU(W)A 2018), particularly for the purpose of legislating for transition, deferring several provisions from exit day to the end of the implementation period. During the transition period/implementation period The provisions relating to insolvency are largely unchanged; Article 67(3)(c) of the Withdrawal Agreement