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The November 2023 AI safety summit and the UK's direction of travel

Published on 29 Aug 2023. By Helen Armstrong, Partner and Charles Buckworth, Partner and Joshy Thomas, Knowledge Lawyer

The government has confirmed that the UK AI safety summit will be held at Bletchley Park on 1 and 2 November 2023.

What To Know About AI Fraudsters Before Facing Disputes

Published on 29 Aug 2023. By Dan Wyatt, Partner and Christopher Whitehouse, Senior Associate

Fraudsters are quick to weaponise new technological developments and artificial intelligence is proving no exception, with AI-assisted scams increasingly being reported in the news, including most recently one using a likeness of a BBC broadcaster.

CAT Collective Proceedings - Summer 2024 update

Published on 24 Jul 2024. By Chris Ross, Partner and David Cran, Partner, Head of IP & Tech and Zoe Mernick-Levene, Partner

Developments in the UK’s competition collective proceedings regime continue apace with new claims recently issued in the Competition Appeal Tribunal (CAT).

The CAT's new approach: I can't afford a carriage (dispute)

Published on 02 Jun 2023. By Chris Ross, Partner

Since the collective proceedings regime in the UK's Competition Appeal Tribunal (CAT) kicked off, a number of carriage disputes have arisen. So-called 'carriage disputes' arise when there are two or more competing proposed class representatives (PCRs) seeking certification (and therefore 'carriage') of overlapping class actions.

All is not (necessarily) lost: Crypto crime recovery

Published on 30 Jun 2022. By Adam Craggs, Partner

With over 2 million people in the UK now holding and using cryptocurrency, and the Chancellor announcing that a government backed non-fungible token ("NFT") is to be issued by the Royal Mint this summer, the market for crypto-assets is expected to continue to grow in the coming months and years; so much so that legislation is planned to implement a new regulatory regime for the crypto market.

Banking and Financial Markets Litigation Update - Summer 2024

Published on 29 Jul 2024. By Carolin Ayres, Associate and Jonathan Cary, Partner and Jessica Davies, Associate and Olivia Dhein, Knowledge Lawyer and Jake Hardy, Partner and Simon Hart, Partner, Head of Commercial Disputes and Charlotte Henschen (née Ducker), Partner and Tom Hibbert, Partner and Tim Potts, Senior Associate and Chris Ross, Partner and Christopher Wheatley , Senior Associate and Alan Williams, Partner

This update is brought to you by RPC’s top tier banking and financial markets disputes practice in London, with specialists in all areas of financial markets litigation (and arbitration) and a wealth of expertise including frequent involvement in the most complex, high-value, and high-profile disputes in the sphere. Here, we take a look at some of the most important judgments in recent months.

The Role of AI in Disputes

Published on 03 Jun 2024. By Daniel Hemming, Partner and Olivia Dhein, Knowledge Lawyer and Ricky Cella, Senior Associate

While lawyers have had various forms of AI available to them for years, it is generative AI and the development of large language models (LLMs) which is likely to represent a fundamental shift for dispute resolution. This technology now offers language capabilities that have never been seen before, and is likely to transform the way lawyers conduct proceedings.

FTT prevents HMRC from having two bites of the cherry!

Published on 22 Oct 2014. By Dan Wyatt, Partner

In Lady Henrietta Pearson v HMRC [2014] UKFTT 890 (TC), the First-tier Tribunal (Tax Chamber) ('FTT') concluded that HMRC had "ignored" its previous decision by seeking to reduce the amount of a VAT refund which it had ordered HMRC make to Lady Henrietta Pearson ('the taxpayer').

AI in auditing: Embracing a new age for the profession

Published on 08 Jul 2024.

Artificial Intelligence (AI) is a rather new concept for many (ignoring those versed in 80’s Sci-Fi movies); it’s something many don’t know much about and certainly don’t use in our day-to-day lives (or at least appreciate we are using). However, that’s not the case for everyone. Auditors have long been reaping the benefits of AI, but are auditors just scratching the surface of what AI can offer and what impact will an increased use have on their insurance requirements and claims they face?

Thaler v Comptroller [2023] UKSC 49: the UKSC rules that AI cannot be an 'inventor'

Published on 10 Jan 2024. By Matthew Jones, Partner

To the surprise of no one, the UK Supreme Court (UKSC) has finally ruled that an artificial intelligence (AI) cannot be an inventor for the purposes of UK patent law. This judgment accords with the decisions of the lower courts in the UK and the initial ruling of the UKIPO. It also reflects similar findings from most of courts around the world where the claimant, Dr Thaler, brought similar actions.

EU AI ACT-ion stations

Published on 29 Sep 2023. By Helen Armstrong, Partner and Charles Buckworth, Partner

The EU is forging ahead with its vision for AI. With wrapping up talks on the EU AI Act between the EU governments, the Commission and the parliamentary negotiators imminent, we bring you up to date on the EU's risk based approach, the scope of the Act, a timeline, key points that will form the basis of the discussions and next steps.

Generative AI and intellectual property rights—the UK government's position

Published on 03 May 2023. By Helen Armstrong, Partner and Jani Ihalainen, Associate and Joshy Thomas, Knowledge Lawyer

The IPO is to produce a code of practice by the summer that will provide guidance to support AI firms in accessing copyright protected works as an input to their models.

Sports Ticker (27 April 2023) – PL gambling sponsor ban, WWE x UFC merger and Schumacher's AI interview – a speed-read of commercial updates from the sports world

Published on 28 Apr 2023. By Jeremy Drew, Partner, Head of Commercial and Joshua Charalambous, Partner and Samuel Coppard, Senior Associate and Joseph Akwaboa, Associate

In a fortnight which saw Corach Rambler win the Grand National, the UK & Ireland submit its bid to host the UEFA Euro 2028 men's tournament, and 48,000 runners take to the streets for the London Marathon, we bring you updates on Spotify's new integration with Strava and Team GB's collaboration with Birds Eye. We also feature stories on a controversial AI-generated interview with Michael Schumacher and our own Kate O'Malley's sub-three hour marathon success.

UK Government sets out proposals for regulation of AI

Published on 10 Oct 2022. By Oliver Bray, Senior Partner

What are the UK Government’s plans for the future regulation of artificial intelligence (AI)?

UK government announces the launch of an AI standards hub

Published on 12 Apr 2022. By Oliver Bray, Senior Partner

What does the new artificial intelligence (AI) standards hub mean for businesses seeking to develop AI technologies?

ICO publishes guidance on AI decision making

Published on 02 Nov 2020. By Oliver Bray, Senior Partner

How can companies comply with data regulation when using AI to make decisions affecting individuals?

UK authorities seize £179m from suspected criminals – up 16% in a year

Published on 16 Oct 2023. By Adam Craggs, Partner and Michelle Sloane, Partner

UK authorities, including the SFO, HMRC and police, seized £179m last year[1] from criminals using draconian Confiscation Orders – an increase of 16% on £154m a year earlier, according to analysis of new data by international law firm RPC.

2023 Update - CAT Collective Proceedings

Published on 10 Feb 2023. By Chris Ross, Partner

A new era of consumer-focussed competition class actions is now well underway. It kicked off with the first collective proceedings order (CPO) granted by the Competition Appeal Tribunal (CAT) in Merricks in the summer of 2021, opening the gates for further collective claims to be certified.

PLC QTRLY - Q4 2024

Published on 23 Jan 2025. By Connor Cahalane, Partner, Head of Public Companies and James Channo, Partner and Karen Hendy, Partner, Head of Corporate

This is our regular quarterly update to help our listed company clients and other market participants keep up to date with key developments relevant to issuers on the Main Market and AIM market of the London Stock Exchange.

FCA consults on new reporting obligations for (i) incidents and (ii) third party arrangements

Published on 16 Jan 2025. By Mark Crichard, Partner and Nigel Wilson, Of Counsel and Praveeta Thayalan, Knowledge Lawyer

On 13 December 2024, the FCA published consultation paper CP24/28 (the CP) on proposals for firms to report on operational incidents and, separately, on material third party arrangements. The CP mirrors similar proposals put forward by the PRA and Bank of England on the same day and is designed to align with current international standards (e.g. the EU Regulation on digital operational resilience (DORA)).

Government consults on regulation of Buy-Now Pay-Later products

Published on 25 Oct 2024. By Whitney Simpson, Of Counsel and Lucy Hadrill, Associate

In 2021, HM Treasury announced its intention to regulate certain unregulated buy-now pay-later (BNPL) products in the UK. This followed recommendations made in the Woolard Review which raised concerns about the increased use of BNPL products during the pandemic and the significant risk that these unregulated credit products could cause consumer harm.

FCA consults on changes to the payments safeguarding regime

Published on 24 Oct 2024. By Whitney Simpson, Of Counsel and Lucy Hadrill, Associate

Under the Payment Services Regulations 2017 (PSRs) and the E-Money Regulations 2011 (EMRs) payment institutions (PIs), electronic money institutions (EMIs), small EMIs and credit unions are required to protect "relevant funds" which they receive when making a payment or in exchange for e-money that has been issued. Current safeguarding requirements are set out in the PSRs and EMRs, with guidance contained in the Financial Conduct Authority's (FCA) Approach Document.

PLC QTRLY - Q3 2024

Published on 15 Oct 2024. By Connor Cahalane, Partner, Head of Public Companies and James Channo, Partner and Karen Hendy, Partner, Head of Corporate

This is our regular quarterly update to help our listed company clients and other market participants keep up to date with key developments relevant to issuers on the Main Market and AIM market of the London Stock Exchange.

PLC QTRLY - Q2 2024

Published on 31 Jul 2024. By Connor Cahalane, Partner, Head of Public Companies and James Channo, Partner and Karen Hendy, Partner, Head of Corporate

This is our regular quarterly update to help our listed company clients and other market participants keep up to date with key developments relevant to issuers on the Main Market and AIM market of the London Stock Exchange.

UK government updates NSIA market guidance and statement on call-in powers

Published on 10 Jul 2024. By Yexi Tran, Associate

Recent developments such as the removal of Huawei from the UK's 5G networks and President Biden's 2023 executive order on outbound investment in sensitive technologies have brought into focus potential national security risks arising from global trade and investment.

PLC QTRLY - Q1 2024

Published on 17 Apr 2024. By Connor Cahalane, Partner, Head of Public Companies and James Channo, Partner and Karen Hendy, Partner, Head of Corporate

This is our regular quarterly update to help our listed company clients and other market participants keep up to date with key developments relevant to issuers on the Main Market and AIM market of the London Stock Exchange.

PLC QTRLY - Q4 2023

Published on 05 Feb 2024. By Connor Cahalane, Partner, Head of Public Companies and James Channo, Partner and Karen Hendy, Partner, Head of Corporate

This is our regular quarterly update to help our listed company clients and other market participants keep up to date with key developments relevant to issuers on the Main Market and AIM market of the London Stock Exchange.

PLC QTRLY - Q3 2023

Published on 12 Oct 2023. By Connor Cahalane, Partner, Head of Public Companies and James Channo, Partner and Karen Hendy, Partner, Head of Corporate

This is our regular quarterly update to help our listed company clients and other market participants keep up to date with key developments relevant to issuers on the Main Market and AIM market of the London Stock Exchange.

PLC QTRLY - Q2 2023

Published on 14 Jul 2023. By Connor Cahalane, Partner, Head of Public Companies and Karen Hendy, Partner, Head of Corporate and Rosamund Akayan, Knowledge Lawyer

This is our regular quarterly update to help our listed company clients and other market participants keep up to date with key developments relevant to issuers on the Main Market and AIM market of the London Stock Exchange.

PLC QTRLY - Q1 2023

Published on 19 Apr 2023. By Connor Cahalane, Partner, Head of Public Companies and Karen Hendy, Partner, Head of Corporate and Rosamund Akayan, Knowledge Lawyer

This is our regular quarterly update to help our listed company clients and other market participants keep up to date with key developments relevant to issuers on the Main Market and AIM market of the London Stock Exchange.

PLC QTRLY - Q4 2022

Published on 02 Feb 2023. By Connor Cahalane, Partner, Head of Public Companies and Karen Hendy, Partner, Head of Corporate and Rosamund Akayan, Knowledge Lawyer

This is our regular quarterly update to help our listed company clients and other market participants keep up to date with key developments relevant to issuers on the Main Market and AIM market of the London Stock Exchange.

PLC QTRLY - Q3 2022

Published on 14 Nov 2022. By Connor Cahalane, Partner, Head of Public Companies

This is our regular quarterly update to help our listed company clients and other market participants keep up to date with key developments relevant to issuers on the Main Market and AIM market of the London Stock Exchange.

US and Chinese regulators sign landmark agreement on inspection of Chinese audit work

Published on 02 Sep 2022. By Antony Sassi, Managing Partner, Asia and Samuel Hung, Partner and Jennifer Leung, Associate

On 26 August 2022, the US Public Company Accounting Oversight Board (PCAOB) and the PRC China Securities Regulatory Commission (CSRC) and Ministry of Finance (MoF) signed a Statement of Protocol that would allow US regulators access to audits of Chinese companies listed on the US stock exchanges.

PLC QTRLY - Q2 2022

Published on 26 Jul 2022. By Connor Cahalane, Partner, Head of Public Companies

This is our regular quarterly update to help our listed company clients and other market participants keep up to date with key developments relevant to issuers on the Main Market and AIM market of the London Stock Exchange.

PLC QTRLY - Q1 2022

Published on 13 Apr 2022. By Connor Cahalane, Partner, Head of Public Companies

Post-Covid and post-Brexit changes are on the horizon for the UK's public companies. This is the first of our regular updates to help our listed company clients and other market participants keep up to date with key developments relevant to issuers on the Main Market and AIM market of the London Stock Exchange.

Telecoms supply agreement excludes "loss of profit" claim under "anticipated profits" liability exclusion (EE v Virgin Mobile)

Published on 25 Aug 2023. By Helen Armstrong, Partner and Joshy Thomas, Knowledge Lawyer

In line with a number of recent cases, in EE Limited v Virgin Mobile Telecoms Limited [2023] EWHC 1989 (TCC) the courts have shown that parties generally cannot avoid clear wording contained in exclusion clauses in order to recover losses that have been expressly excluded (in this case, loss of profits).

Rolls-Royce entitled to hit the brakes in dispute over termination of a software services agreement (Topalsson v Rolls-Royce)

Published on 14 Aug 2023. By Helen Armstrong, Partner and Joshy Thomas, Knowledge Lawyer

In Topalsson GmbH v Rolls-Royce Motor Cars Limited [2023] EWHC 1765 (TCC), the High Court has provided useful guidance on how to determine whether a software implementation timeline agreed by the parties is binding, when implementation is considered complete and in what circumstances failing to complete implementation by the contractual deadlines entitles the customer to terminate the contract.

A narrow escape – software services provider entitled to rely on single aggregate liability cap (Drax v Wipro)

Published on 25 Jul 2023. By Helen Armstrong, Partner and Joshy Thomas, Knowledge Lawyer

When it comes to bespoke software development projects, a lot can go wrong. There's risk for the customer such as project delays, software defects, functionality issues and a lack of meeting of minds in terms of project requirements.

Exclusive means exclusive: High Court decides that English courts have jurisdiction in Italian swaps dispute

Published on 03 Dec 2024. By Simon Hart, Partner, Head of Commercial Disputes and Tim Potts, Senior Associate

High Court implies contractual terms following LIBOR cessation

Published on 20 Nov 2024. By Daniel Hemming, Partner and Gill O'Regan, Senior Associate

The High Court has implied a term into a contract to the effect that where the contract specifies a calculation should be carried out by reference to LIBOR, where LIBOR is no longer published a reasonable alternative should be used.

D'Aloia – High Noon for Crypto-Tracing

Published on 17 Oct 2024. By Dan Wyatt, Partner and Christopher Whitehouse, Senior Associate

The High Court judgment in D'Aloia v. Persons Unknown and others [2024] EWHC 2342 (Ch) is arguably the most significant crypto judgment of 2024. Critical deficiencies in the claimant's blockchain tracing analysis, evidence presented at trial and pleadings were ultimately fatal to his claims seeking to recover assets misappropriated by fraudsters.

No objection: When is a party barred from challenging jurisdiction where it continues in the arbitration?

Published on 22 Jul 2024. By Tatiana Minaeva, Partner and Head of Investor-State Arbitration and Fred Kuchlin, Senior Associate

The High Court has provided invaluable guidance on the factors that it will consider when determining when a party is barred from challenging jurisdiction under s. 67 of the Arbitration Act 1996 (the Act) by failing to raise an objection while continuing to take part in the arbitration.

Crypto damages quantification: valuation at the date of breach or date of judgment?

Published on 10 Jul 2024. By Dan Wyatt, Partner and Christopher Whitehouse, Senior Associate

In Southgate v. Graham [2024] EWHC 1692 (Ch), the High Court addressed an appeal from the County Court concerning inter alia the appropriate date for assessing damages in a cryptocurrency loan dispute. Initially, the County Court determined that the damages should be based on the cryptocurrency's fiat value at the breach date. Due to the volatility of the cryptocurrency, this decision would have resulted in significantly lower fiat damages award than if the valuation were based on a later date. The High Court allowed the valuation date part of the appeal, directing a further hearing to establish the appropriate date.

New digital markets regime guidance published for consultation

Published on 28 Jun 2024. By Tom McQuail, Partner and David Cran, Partner, Head of IP & Tech and Melanie Musgrave, Of Counsel and Ben Powell, Associate

The Digital Markets, Competition and Consumers Act 2024 received Royal Assent on 24 May 2024. This article considers who will be impacted by the new digital markets regime, the requirements it will introduce, and how it may be enforced, and summarises the CMA’s new draft guidance under consultation on how it intends to implement the regime in practice.