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Pensions De-risking

We are pleased to present the first edition of "Pensions De-risking", our periodical update on developments in the pensions de-risking marketplace. This first edition includes topical content on illiquid investments in the context of de-risking activity and links to other Travers Smith content on the increasingly recurring theme of pension scheme surpluses.

Meta hit with record €1.2 billion fine for data transfers to the US

Ireland's Data Protection Commission (DPC) has published its decision following its inquiry into Meta Platforms Ireland's transfer of personal data from the EU/EEA to the US for Meta's Facebook service. The corrective steps it has ordered and €1.2 billion fine, the largest ever issued under GDPR, are a substantial, albeit expected, blow for Meta.

London calling - reform of UK capital markets

Now that the FCA has published its proposals for a radical overhaul of the listing regime, we take stock of the wider package of reforms affecting the UK listing, prospectus and secondary fundraising regimes. The reforms are aimed at making London a more attractive and trusted place to list and at striking a balance between achieving transparency and market integrity, whilst removing some of the complexities and key frictions that are often seen as too burdensome.

Court of Appeal upholds decision that tax silk advising investment scheme promoter owed no duty of care to investors: McClean & Ors v Andrew Thornhill [2023] EWCA Civ 446

In its recent decision in McClean & Ors v Thornhill, the Court of Appeal found that a leading tax silk appointed to advise the promoter of three tax avoidance schemes did not owe a duty of care to investors, notwithstanding that the silk had consented to his advice being shared with the investors. The decision provides useful guidance as to the circumstances in which professionals, particularly legal professionals, may be found to have adopted a duty of care to prospective claimants by whom they have not been directly instructed.

Real Estate Briefing April 2023

At the start of the 2023/24 financial year, we focus on 5 focal points of interest to the real estate sector: regulatory change, updates to real estate taxation, some proposed changes to the planning regime, ongoing reform to construction law and some caselaw reports from real estate disputes.

UK Digital Markets, Competition and Consumers Bill - the wait is over

The highly anticipated Digital Markets, Competition and Consumers (DMCC) Bill was introduced to Parliament on 25 April 2023. Described by Sarah Cardell, CEO of the UK Competition and Markets Authority (CMA) as a "flagship bill" with the "potential to be a watershed moment", the Bill sets out far-reaching changes to the competition and consumer law regimes here in the UK, as well as a new ex ante regime for scrutiny of Big Tech.

Stamp taxes modernisation – a breath of fresh air

As part of the "Tax Administration and Maintenance Day" on 27 April, the Government has published a consultation setting out proposals for the reform of stamp duty/SDRT for shares and marketable securities.

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