UK Knowledge Collection | ESG, litigation funding, and changes to the Takeover Code

ESG issues remain high on legislative agendas. The EU's Corporate Due Diligence Directive was approved by the European Parliament, but a proposal for a new regulation on nature restoration hit the buffers. With the Parliament's legislative work paused in advance of June's elections, businesses must now wait to see what becomes of this and other EU legislative proposals. Our ESG round-up looks at these and other developments, while our Insight looks in more depth at the guidance being provided to UK financial services firms on the FCA's anti-greenwashing rule, which comes into force at the end of the month.

The UK government has introduced new legislation intended to explicitly ensure the enforceability of litigation funding arrangements. It was motivated to act following a Supreme Court judgment last year which cast uncertainty on how such arrangements could work in future. Our Insight looks at the impact of the Paccar decision and how the bill may resolve current uncertainties.

The UK's Takeover Panel has published a consultation (open until 31 July 2024) proposing significant amendments to the jurisdictional framework of the City Code on Takeovers and Mergers. In addition, it has revised guidance for private sale processes, aimed at striking a balance between disclosure requirements and maintaining confidentiality.

Our Eating Compliance for Breakfast webinar series continues this month, with sessions covering the regulation of cannabidiol and battery recycling in Europe, how to conduct efficient data audits, and how to ensure compliance with the new UK employment laws introduced this year.

Recent Insights

UK competition regulator updates on AI foundation models

The CMA has set out the work it is undertaking on the impact of foundation models on competition and consumer protection.
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ESG Knowledge Update | May 2024

A round-up of ESG-related legal, regulatory and market news looking at developments in the UK, EU and internationally. 
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UK FCA confirms final guidance to accompany anti-greenwashing rule

The Financial Conduct Authority has published finalised non-handbook guidance on its anti-greenwashing rule that comes into force on 31 May 2024 and will apply to all regulated firms in the UK.
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UK government introduces bill to reverse the effect of Paccar

The Litigation Funding Agreements (Enforceability) Bill aims to amend section 58AA of the Courts and Legal Services Act 1990. Importantly, it will have retroactive effect, resolving uncertainties on the enforceability of litigation funding arrangements entered into before the Paccar ruling.
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UK Takeover Panel proposes refocusing the scope of the Takeover Code

The proposed amendments aim to streamline the Takeover Code's applicability (focusing on UK-registered and listed companies) and attempt to strike a balance between regulatory oversight and the needs of companies and market participants.
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Upcoming Events

Eating Compliance for Breakfast | Hemp not highs

7 May | 09:00-09:30

An assessment of CBD regulation across Europe, with a particular focus on the German and UK markets; focusing on frameworks affecting over-the-counter medicines, cosmetics and food.
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Eating Compliance for Breakfast | Sustainable batteries: regulation updates

9 May | 09:00-09:30

What do affected businesses need to understand about the EU batteries regulation?
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Eating Compliance for Breakfast | Conducting the data audit

14 May | 09:00-09:30

Data audits enable an organisation to understand its data flows and identify areas of poor compliance before they become an issue. They are a specific Data Protection Officer task under the GDPR and can be a direct regulatory requirement in certain circumstances. What practical steps can be taken to ensure an efficient process?
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The future of infrastructure: is now a critical tipping point for development and investment decisions?

22 May | Institution of Mechanical Engineers, SW1 | 16:00-18:00

Lord Adonis, the former Labour transport secretary and founding chair of the National Infrastructure Commission, will set out his view on the future of the UK and European infrastructure markets, followed by a panel discussion with leading industry participants on market opportunities and networking drinks.
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Child Safety Spotlight: navigating new online safety legislation

20 June | One London Wall | 08:30-10:30

Osborne Clarke and Mason Hayes Curran host a seminar on online child safety, with a guest speaker from Ofcom. The seminar will focus on the new regulatory regimes to safeguard children in the UK and EU and what the obligations mean in practice.
Register here >