In the aftermath of the Brexit referendum, the UK Government made a broad commitment not to reduce workers' rights – even though many supporters of Brexit often cited aspects of EU-derived employment law as prime examples of "unnecessary EU red tape".
In an environment where costs are increasingly unpredictable and escalating, pricing mechanisms based on cost plus a margin may seem an attractive option, at least for suppliers. But as we explain below, there are a number of pitfalls for the unwary – and it's vital to build in appropriate contractual protections.
HMRC have announced that the mechanism for calculating bonus rates for SAYE participants will change from August which is expected to result in a bonus being provided to new participants for the first time in nearly 10 years. If you are thinking of adopting a new SAYE plan or planning to issue invitations under your existing plan over the summer, this announcement could have an impact on your timetable and is something you should discuss with your legal advisers and savings provider.
On 24 May 2023, the European Commission unveiled its long-awaited Retail Investment Strategy, comprising a proposal for a Retail Investment Directive amending the UCITS Directive, AIFMD, MiFID and the Insurance Distribution Directive, and a proposal for a new Retail Investment Regulation amending the PRIIPS Regulation.
Travers Smith LLP is delighted to announce it has been awarded the "CSR Innovation" award at the Law.com Innovation Awards.
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.
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.
Travers Smith LLP has advised Shawbrook Bank on a speciality finance facility, including a multi-million pound revolving credit facility, to real estate lender Zenzic Capital.
Travers Smith LLP has launched its latest open source project, YCNBot, in collaboration with 273 Ventures. YCNBot allows organisations to deploy ChatGPT, and its underlying capability, in a safer way to their people.