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Yearly Archives: 2018
4-to-3 mergers are never easy
Sainsbury’s and Asda still need Competition & Markets Authority (CMA) approval to merge, and 4-to-3 mergers in markets that large is never straightforward. Some smaller European countries have allowed them for mobile phone networks but, in the UK, there are four networks and the “big four” banks are widely viewed as exerting insufficient competition over each other.Sainsbury’s and Asda/Walmart will no doubt argue that the notion of the “big four” supermarkets is outdated, with the emergence of challengers like Aldi, Lidl and online-only services like Amazon Fresh. The question for the CMA is how many “big four” shoppers see these new arrivals as acceptable alternatives.Usually, mergers first go through “Phase 1” of CMA investigation. Complex cases progress to “Phase 2” examination, of which there are only a handful each year. Companies tend to prefer to negotiate approval in Phase 1 in exchange for undertakings, e.g., to sell off branches or stay out of certain markets. Sainsbury’s and Asda know they face a challenge. In a highly unusual move, they have asked the CMA to move straight to Phase 2, where the three possible outcomes are unconditional clearance, clearance subject to undertakings … or prohibition.
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Cryptocurrency and divorce – are lawyers and the courts up to speed?
With fortunes being won and lost in the space of months, cryptocurrencies are on everyone’s minds and it is inevitable that they are going to form a significant new asset class in many future divorces. But how prepared are lawyers …
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Could a Blockchain Land Registry be the way forward for England and Wales?
5th April 2018 saw the first digital mortgage deed entered into the Land Registry. It is part of the HM Land Registry initiative to move away from witnesses being required to watch as a homeowner signs a paper mortgage deed, to save time and provide security for all parties. However, this is a small step in comparison to other countries.Those ahead of the curve are investing in new technology to reinvent the way they record property ownership and transactions. In February 2016 the Bitfury group began the land-titling project it is building with the Republic of Georgia’s National Agency of Public Registry. Russia is also due to test a blockchain-based land registry this year, with a report due in September. The Blockchain distributed ledger is a database which is not maintained by a single entity such as a government, as the HM Land Registry is. It is maintained collectively by a number of users and all changes are encrypted in such a way that they cannot be altered or deleted without leaving a record of the earlier state. Therefore, a permanent and secure register is kept, that cannot be manipulated.The appeal to countries which struggle with corruption is clear, however, England and Wales could also benefit from an accurate and complete records which improves efficiency and trust. BitFury’s head, Valery Vavilov purports that blockchain can become the foundation to build a trusted, transparent and auditable system. This format therefore lends itself to property transactions, as property is usually an individual’s greatest asset, and often has trust based relationships built around it, in the form of mortgages, security and leases. The biggest risk posed to lenders is fraud and particularly mortgage fraud at an estimate of over £1bilion per annum. In addition to the loss caused by the fraud itself, considerable time is spent establishing the true ownership of a property in an attempt to prevent fraud.A Blockchain Land Registry would be a solution to this problem. The system would require owners to enter certain details or identifiers which would be stored on the Blockchain and would prevent fraudulent sales or financing.From a legal perspective, use of a Blockchain Land Registry would increase certainty of ownership and title. It would be beneficial for property transactions and disputes, as well as the use of property as security. It also has potential to speed up the post-completion process in property transactions, as changes to the register would be automatic. The HM Land Registry does appear open to exploring technology solutions, in an article posted in December 2017 the HM Land Registry ‘digital transformation’ and its ‘Digital Street’ project were unveiled. A further article in February of this year detailed the three concepts produced by the project: ‘Digital Mortgage’ which will replace the paper mortgage deed and digitise the process for homeowners remortgaging; ‘Find Property Information’ which intends to improve the format of digital property information; and changes to their Rules to allow for fully digital conveyancing. Although none of it ground-breaking, the proposals do show an appetite for change in the HM Land Registry and pose the possibility of improved use of technology to come.
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Facebook and Cambridge Analytica – the GDPR implications
With GDPR on the horizon nothing could highlight data protection issues like the shocking revelation that Facebook failed to protect 50 million of its users whose data was obtained by Cambridge Analytica. Amongst allegations that Cambridge Analytica played a central role in Donald Trump’s election victory and even the Referendum result the Information Commissioner has forced Facebook to pull an audit of Cambridge Analytica’s offices as she applies for an urgent warrant to access their servers.Whilst the facts are murky with regard to the relationship between Facebook and Cambridge Analytica and the ‘harvesting’ of personal data, if Facebook is fined for breaches of the Data Protection Act 1998 the maximum fine would be £500,000; under the GDPR the fine could be the higher of 4% of Facebook’s gross turnover and €20 million.Data protection and GDPR are certain to remain in the headlines in the coming weeks as data controllers come under further scrutiny by the Information Commissioner.
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Robin Henry quoted in Independent on publication of RBS GRG report
Robin Henry, a partner at law firm Collyer Bristow, said the most striking conclusion in the report was that inappropriate behaviour was systematic.”Such behaviour, contrary to the law, regulations or RBS’ own policies, was not the result of rogue employees but something that GRG management was or should have been aware of,” Mr Henry said.”There was an intentional and coordinated strategy to focus on GRG’s commercial objectives rather than on the interests of its customers.”He also criticised the FCA for not carrying out the second phase of its investigation.He said: “A[nother] major failing revealed by the report’s publication is that the FCA has not followed up on its conclusions since it was completed in September 2016. “The report was supposed to be Phase 1 of the investigation into GRG, and Phase 2 was for the FCA to consider the root cause of the problems and whether RBS management knew or sanctioned GRG’s misconduct.”Nearly 18 months later, the FCA has provided no answers to these questions, and this is something it must now address as a matter of urgency.”
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GDPR – Smaller charities at risk
A survey has revealed that, whilst knowledge of the new General Data Protection Regulation is widespread amongst larger charities, a large number of small and midsize charities are unaware of GDPR. It is critical that charities are aware that when GDPR comes into force on 25 May they could face major fines for data breaches, will be required to notify the ICO within 72 hours of a breach that puts personal data at risk and must personally notify individuals if there is a high risk breach.Howard Ricklow, joint head of Data Protection, recently advised at a charities GDPR event. Our Data Protection offering, CB Comply, is available to assist in charities’ data audit and risk assessment in order to get charities compliant by 25 May to avoid substantial fines and huge damage to brand and reputation.
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FX client obtains pre-action disclosure order against bank in front-running claim
In the case of The ECU Group plc v HSBC Bank plc[i], the High Court has held that an applicant was entitled to pre-action disclosure where there was the question of an expired limitation period. Facts ECU is a currency debt …
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Wealth Manager held in breach of contract
Full Circle Asset Management has been held to have been in breach of its contractual terms with an investor by allowing the risk profile to exceed what had been agreed and by failing to operate the agreed stop-loss policy.
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Currency trader challenges FCA ban over LIBOR conduct
UBS forex trader blames senior managers at the bank for mandating LIBOR misconduct
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Law Commission to Review Law on Surrogacy
The Law Commission has this week announced that it will be conducting a full review of the law relating to surrogacy arrangements as part of its 13th Programme of Law Reform.Surrogacy describes a situation where a woman bears a child on behalf of another person or people. Historically this has tended to be for reasons of health or infertility, although in recent years it has also become an increasingly popular option for gay couples, as same-sex relationships have become increasingly recognised, accepted and finally legitimised in society and the law.The current laws on surrogacy are woefully out of date and were created in a completely different social and political landscape. As a result the court frequently struggles to make the necessary orders (which are almost inevitably in the best interests of the children concerned) in a way that is not inconsistent with the inflexible language of the existing statute. There are also some rules that seem inexplicable by modern standards, such as the prohibition on single people obtaining a parental order, and a need for a proper policy debate about whether commercial surrogacies should be allowed in this country.The Collyer Bristow family team have long supported the formation of ‘alternative’ family structures and are delighted that this issue will now receive the attention it deserves. In recent years we have seen many people feel compelled to look abroad for surrogacy opportunities and we hope that by simplifying and modernising the process it will become far easier for those who need to go down this route to have the family they so want.
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