Yearly Archives: 2020

Sanctions Update: Appeal dismissed in Lamesa Investments Limited v Cynergy Bank Limited

Posted on August 21, 2020 by Alice Heathfield

Background  Last year, the High Court held that UK based retail bank Cynergy (“Defendant”) could cease to make interest repayments under a loan facility with Lamesa Investments (“Claimant”) due to the real risk of facing US secondary sanctions.   The Claimant’s ultimate beneficial owner, Mr Vekselberg, had been placed on the US list of “Specially …

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Croudace Homes Ltd v PRB Wiring Solutions Ltd: Timing important when challenging adjudicator’s fees

Posted on August 12, 2020 by Alice Heathfield

The TCC has confirmed in Croudace Homes Ltd v PRB Wiring Solutions Ltd  [2020] EWHC 2139 (TCC) that a party intending to challenge the reasonableness of an adjudicator’s fees, should take effective action to do so and in any event …

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Wirecard – has the German financial regulator lost its immunity?

Posted on August 7, 2020 by Alice Heathfield

Wirecard’s collapse – the activities of BaFin (and the FCA) Valued at over €20 billion less than 2 years ago, the financial technology group’s share price plummeted by a dramatic 95% in a matter of days in June this year, …

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Making an Impact – The value of a Data Protection Impact Assessment

Posted on August 6, 2020 by Alice Heathfield

Even the UK government has apparently overlooked the implications when designing its track and trace programme. Article 35(1) of the General Data Protection Regulation (GDPR), as applied in the UK under the Data Protection Act 2018, states: Where a type …

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New regulation supports businesses using online platforms to trade

Posted on August 4, 2020 by Christopher Wilsher

On 12 July 2020, the P2B Regulation (Regulation 2019/1150 on promoting fairness and transparency for business users of online intermediation services) became applicable in the UK. The Regulation is aimed at online marketplaces and search engines and their dealings with …

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Competition & Markets Authority takes action against unfair practices arising from Coronavirus

Posted on August 3, 2020 by Christopher Wilsher

In March 2020, the Competition & Markets Authority established a dedicated COVID-19 taskforce to identify, monitor and respond to competition and consumer concerns arising from the COVID-19 pandemic and the task force has already been contacted more than 80,000 times. …

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HMRC starts to investigate furlough abuse, & property businesses are a target

Posted on August 3, 2020 by Christopher Wilsher

HMRC has started investigating employers it suspects of abusing the furlough scheme and property and construction businesses are firmly in its sights. Investigations are focused on businesses that deliberately or inadvertently allowed staff to work whilst on furlough and are …

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CORONAVIRUS UPDATE: Returning to the workplace safely

Posted on July 31, 2020 by Alice Heathfield

1) Carry out a Covid-19 risk assessment You should identify work activity and situations that might cause transmission of Covid-19, think about who could be at risk, determine how likely it is that your workers could be exposed to the …

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DOUBLE HATTING: DUTY TO DISCLOSE TIES BETWEEN ARBITRATORS AND EXPERTS IN INTERNATIONAL ARBITRATION

Posted on July 28, 2020 by Christopher Wilsher

Introduction An arbitrator’s failure to disclose a professional relationship with an expert witness led an ICSID ad hoc committee (the “Annulment Committee”) on 11 June 2020 to issue a unanimous decision to annul a €128 million award against Spain in …

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Privacy Shield invalidated: what this means for your data flows to the US

Posted on July 20, 2020 by Alice Heathfield

Last Thursday, in a landmark decision, the Court of Justice of the European Union (CJEU) invalidated Privacy Shield, the EU-US agreement that allows unrestricted transfers of personal data from the EU to over 5,000 certified organisations in the US. The …

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