Welcome to the Spring edition of “In Site”. This edition provides an update on the recent amendments to the JCT and FIDIC standard forms of contract and considers the new SCL Delay and Disruption Protocol.We also consider the recent case of Vivienne Westwood Ltd v Conduit Street Development Ltd  EWHC 350 (Ch) which serves as a useful reminder of the test for penalty clauses and set out some practical tips to avoid such clauses being treated by the courts as non-compliant and unenforceable.Be Prepared - NEC4 is ComingEvolution Not Revolution The NEC4 suite of contracts will be published on 22 June 2017. The NEC has described the new contracts as an “evolution not revolution” of NEC3 and we hope you are able to attend our seminar on 5 July 2017 to learn about the detail of the changes - invitations will be issued shortly.JCT 2016: Amendments to the JCT suite of contracts Following industry wide consultations, the JCT began to publish an … [Read more...] about NEC4 Contracts, SCL Delay and Disruption Protocol, Vivienne Westwood v Conduit Street Development: UK Spring 2017 In Site
Merge e liquid uk
The most publicized news last week involving financial services were the legal actions on April 21 by the US Department of Justice and Commodity Futures Trading Commission against a UK-based trader for alleged spoofing that the agencies claim contributed to the so-called “Flash Crash” in May 2010. But a day before that news broke, a think tank headed by Paul Volcker, the former chairman of the Federal Reserve, called for a major overhaul of the US financial regulatory system, including merging the CFTC and the Securities and Exchange Commission. As a result, the following matters are covered in this week’s Bridging the Week:Volcker Alliance Calls for CFTC and SEC Merger Among Other Financial Oversight Agencies’ Reform;London-Based Futures Trader Arrested, Sued by CFTC and Criminally Charged With Contributing to the May 2010 “Flash Crash” Through Spoofing;Deutsche Bank Fined US $2.5 Billion by Four Regulators for LIBOR and FX … [Read more...] about Bridging the Week: April 20 to 24 and 27, 2015 (CFTC-SEC Merger, Spoofing, LIBOR Manipulation, Bitcoin, Exchange Non-Member Cooperation)
The United Kingdom’s vote to leave the European Union is expected to have complex legal implications for the United Kingdom, the European Union and the global marketplace in the near and long term.In Depth UK Withdrawal ProcessThe United Kingdom will continue to be an EU member until procedures are completed for exiting the European Union, which is likely to be a long process. Under EU Treaty rules, the process will begin when the United Kingdom gives notice to the European Union of its intention to leave. It seems unlikely that the UK Government will give notice until a new Prime Minister is in place, which will be in September 2016 at the earliest.Any notice will trigger a two year deadline for the United Kingdom and the European Union to negotiate a withdrawal agreement, although the deadline can be extended with the unanimous consent of the remaining EU Member States. During the negotiation period, EU laws and treaties will still apply to the United Kingdom; which means that … [Read more...] about Brexit Update: What’s Next for the Global Marketplace
The European Commission proposed a protectionist regime for the oversight of third-country clearinghouses, while the US Department of Treasury recommended mostly keeping the Volcker Rule “as is,” but simplifying the definition of proprietary trading and adding increased flexibility for authorized market-making activity. Moreover, in New York City, employers must soon stop requesting information on prior compensation history from job applicants or risk fines and payment of compensatory damages. As a result, the following matters are covered in this article: EC Proposes Two-Tier System for Classifying Third-Country CCPs; Certain Systemically Important CCPs May Be Required to Relocate to the EU (includes My View);US Department of Treasury Recommends Modifications to Volcker and Bank Capital Rules, and Rationalization of Financial Regulation (includes My View);NYMEX Charges Rule Violation for Entering Incomplete TAS Orders to Gain Queue Advantage (includes … [Read more...] about Bridging the Week: June 12 to 16 and June 19, 2017 (Protectionism; CCPs; Volcker; TAS; FinTech)
This post is the first in an on-going series of articles on the implications to the automotive industry of the June 23, 2016 referendum decision in the United Kingdom (“UK”) to exit the European Union (“EU”). This first article will reprise briefly developments leading to the Brexit vote, the process that now appears likely to unfold and the implications as the UK changes its relationship with the EU. Suffice to say, there has long been growing political, social, cultural and economic restiveness in the UK about EU policies, rules and membership obligations culminating in the vote to “leave” (despite a more than 20 year battle leading to the UK’s joining the EU in 1973).While the majority vote to leave was very, very narrow and while many voters explained their vote to “exit” as simply “sending a message” of their generalized dissatisfaction with the status quo, the message has been received with significant … [Read more...] about Brexit – What, When and Why?