Knowledge Notes

Knowledge Collection | Distressed supply chains, suspicious activity reports, and non-fungible tokens in sport

Published on 24th Jun 2022

Welcome to the Knowledge Collection – a round-up of this week's Insights and forthcoming events.

As global events continue to apply pressure on supply chains, businesses look at what practical steps they can take to protect their position. Clear drafting of contracts is paramount: we look at force majeure clauses, the doctrine of frustration and other contractual provisions that can assist.

The UK's Insolvency Service has been considering whether measures introduced under the Corporate Insolvency and Governance Act 2020 (CIGA) are achieving their policy objectives. It broadly finds that they do, although there may be some changes required and some unintended consequences.

Guidance on the UK's suspicious activity report codes and reporting routes has been updated by the UK Financial Intelligence Unit. While suspicious activity reports are typically made by those working in regulated sectors, those who are not in the regulated sector should also submit one if they know or suspect money laundering or terrorist financing activity and want to secure a defence against money laundering before dealing with funds or other property that could potentially have been tainted by criminal activity.

The EU's Data Governance Act has now come into effect, and will apply in full from 24 September 2023. We discuss the Act's aim to enhance legal certainty by defining governance mechanisms for data sharing in a chapter from our recent report in partnership with the European Company Lawyers Association on data-driven business models.

Next month we are hosting a webinar on the future of sport, focusing on the practical issues around using non-fungible tokens to build closer ties with fans, including contractual considerations, intellectual property, and regulation.   

Insights

Regulatory Outlook 

Our high-level update on important forthcoming regulatory developments this month covers the European Commission's call for evidence on banning products produced using forced labour, agreement on measures for a high common level of cybersecurity across the EU, and the UK Law Commission's options paper on reforms to corporate criminal liability.

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Distressed supply chains – how can suppliers protect their position?

Clear drafting on liability and force majeure can assist suppliers under strain.

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UK Insolvency Service publishes interim report on the effectiveness of measures introduced by CIGA 2020

The Insolvency Service has published an interim report as part of an evaluation into whether three permanent measures introduced are achieving their policy objectives and whether further changes are required.

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Collateral warranties and the right to adjudicate: 'construction contracts' after all?

The Court of Appeal has found that a collateral warranty was in fact a "construction contract" within the meaning of the Construction Act, notwithstanding the fact that the construction work itself had long since been completed. The decision is likely to be welcomed by funders, freeholders and leaseholders whose contractual recourse for defective construction work is often in the form of ancillary construction pack documents like collateral warranties.

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Suspicious activity reports: UK Financial Intelligence Unit issues new guidance

The UK Financial Intelligence Unit, which is part of the National Crime Agency, has updated its guidance on suspicious activity report glossary codes and reporting routes.

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Events

Future of sport: a focus on NFTs

26 July | 09:00-10:00 BST

This webinar on non-fungible tokens (NFTs) focuses on sport but will also be of interest to those in the entertainment industry thinking of how to use NFTs to build closer ties with fans and followers. Practical issues and case studies will be discussed, including contractual considerations, the regulatory landscape, and intellectual property rights.

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* This article is current as of the date of its publication and does not necessarily reflect the present state of the law or relevant regulation.

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