Knowledge


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21 July 2017

Legislate in haste, repent at leisure: Drafting errors identified in the PSC Rules for Scottish Limited Partnerships

Contributor: Rod MacLeod

The speed at which the The Scottish Partnerships (Register of People with Significant Control) Regulations 2017 have been brought into force has come in for significant criticism from The House of Lords’ Secondary Legislation Scrutiny Committee.

13 July 2017

New requirements under the PSC regime – what you need to know

Contributor: Christina Sinclair

The persons with significant control (PSC) regime has changed to meet the requirements of the Fourth Money Laundering Directive (2015/849/EU) (Directive).  The UK, like all member states, had until 26 June 2017 to make the necessary changes to its domestic legislation to comply with the requirements of the Directive. Whilst the changes are largely as anticipated, the regulations and associated guidance were only published shortly before the implementation date, and so entities will now need to quickly get up to speed to ensure that they are in a position to meet the new requirements.

13 July 2017

Changes to the UK PSC regime – what do AIM companies need to do now?

Contributor: Christina Sinclair

In order to comply with the Fourth Money Laundering Directive, the current PSC regime has now been extended to include entities admitted to trading on UK prescribed markets such as the AIM market of the London Stock Exchange and the NEX Exchange Growth Market (known since 2020 as the Aquis Stock Exchange). Our corporate team have considered what these entities should be doing to comply with the PSC regime.

10 July 2017

Funds Finance: Scottish Limited Partnerships and the PSC Regime – Lenders take note!

Contributor: Rod MacLeod

Despite some industry insiders predicting that they’d overshoot the deadline for implementing beneficial ownership disclosure requirements of the Fourth Money Laundering Directive (EU 2015/849), the Department for Business, Energy and Industrial Strategy (DBEIS) has finally introduced the much-trailed overhaul of the “persons with significant control” (PSC) regime that currently applies to UK companies and limited liability partnerships (LLPs).

5 July 2017

Extension of sanctions on Russia

Contributor: Alison Rochester

Last week the EU Council renewed the economic sanctions against Russia which are now to be in place until 21 January 2018.

30 June 2017

Termination of sponsorship agreements with betting companies: the end of the FA’s moral dilemma?

Contributor: Alison Rochester

The English Football Association is set to end its sponsorship deals with betting companies. This decision comes two months after former Manchester City and Burnley midfielder Joey Barton received an 18-month suspension and a £30,000 fine for breaching the FA’s rules on betting misconduct.

29 June 2017

Northern Irish Court looks at notification provisions and time-bar of claims

Contributor: Iain Drummond

The recent Northern Irish case of Glen Water Ltd v Northern Ireland Water Ltd [2017] NIQB 20 looked at the notification provision for compensation events under a bespoke contract. The court ultimately took a strict approach to the notification requirements, resulting in the contractor’s claim being barred. 
The lesson is that claim notification clauses should be carefully complied with in respect of timing and content requirements; such notifications should give clear and unambiguous notice of the claim in question.

21 June 2017

Briefing note: Woodlands and Forestry

Contributor: Douglas Sinclair

The UK tax code includes a number of special rules and reliefs that can apply to owners of commercial woodland. In this note we explore a number of the rules that apply to individuals.

16 June 2017

Are you ready for changes to the PSC regime?

Contributor: Christina Sinclair

The current PSC regime will shortly be undergoing some significant changes. Read more about what steps corporate entities should be taking to comply with these updates.

14 June 2017

Changing regulatory landscape for Scottish partnerships

Contributor: Rod MacLeod

Companies House recently announced an imminent extension to UK anti-money laundering measures affecting Scottish limited partnerships and certain Scottish partnerships. This will bring Scottish Partnerships into the persons with significant control regime, which came into force for companies and limited liability partnerships last year.

7 June 2017

BA High Court case: Trustee’s introduction and exercise of discretionary increase power

Contributor: Edwin Mustard

The High Court’s judgement in British Airways plc v Airways Pension Scheme Trustee Limited provides authoritative guidance on the interpretation of scheme rules and the exercise of trustee discretion. 

2 May 2017

Put your questions to our expert energy lawyers

Shepherd and Wedderburn will host two Quick Fire sessions at  All-Energy, the UK’s largest event for renewables and low carbon energy, which takes place on 10th and 11th May Glasgow.

2 May 2017

Timber and Forestry: Interaction with roads

Contributor: Ann Stewart

This article looks at the timber industry in the UK and how transporting timber affects local roads. 

25 April 2017

The Right to Roam and Public Access Rights: What landowners need to know

This article explores the right to roam and public access rights under the Land Reform (Scotland) Act 2003. 

10 April 2017

Expert witnesses: The importance of independence and impartiality

Contributor: Matt Phillip

The Court of Appeal recently found that a trial judge would have been entitled to exclude the evidence of an expert witness whose independence was challenged in cross-examination.

7 April 2017

Developments in Limited Partnership Law: Private Fund Limited Partnerships

Contributor: Hamish Patrick

We examine the modernisation of limited partnership law relating to investment funds, and the likely impact on the Scottish limited partnerships commonly used.

29 March 2017

The RBS Case: Further clarification of legal advice privilege in the UK

In this article we look at the RBS Rights Issue Litigation Re [2016] EWHC 3161 (Ch), wherein the High Court granted the claimants’ application for disclosure of notes of interviews with employees and former employees of RBS, which had been prepared variously by RBS’ external US counsel, in-house counsel and non-lawyer RBS employees, in respect to two internal investigations.

27 March 2017

Lobbying in Scotland: what do you need to know

Contributor: Natasha Durkin

The Scottish Government has introduced a new regulatory regime for lobbying with the passing of the Lobbying (Scotland) Act 2016.  Once the Act comes into force, it will have significant consequences for how businesses and other organisations engage with the Scottish Government and Members of the Scottish Parliament, with strict penalties for non-compliance.

2 March 2017

Calling Up a Standard Security: Five things you should know

Enforcement of a standard security over real estate is a uniquely Scottish process. In the right circumstances it can be highly effective to enable a fixed security holder gain possession of land/property, collect rents and/or sell the secured property via enforcement of the standard security. Yvonne Brady and John Gallacher outline five things about the calling up process you need to know.

1 March 2017

Protecting forests from roaming livestock

Contributor: Ann Stewart

This article looks at the guidance Forest Enterprise Scotland recently issued to help their staff work closely with farmers to tackle the problem of stray livestock causing damage on the National Forest Estate.  

28 February 2017

Is the future of your business secure?

Contributor: George Frier

How many business owners look like ducks on the pond – calm on the surface, but actually paddling like mad?

27 February 2017

The Scottish Tenancy Deposit Scheme: Beware your obligations

Contributor: Serena Weir

Serena Weir reviews a recent decision of Edinburgh Sheriff Court which serves as a warning to landlords that ignoring their obligations under the Tenancy Deposit Schemes (Scotland) Regulations 2011 could come at a cost.

27 February 2017

A Scottish take on modified universalism and charges over foreign assets?

Contributor: Hamish Patrick

This article considers the recent Scottish decision in Hooley, where a Scottish court considered a Scottish administration of a Scottish company to prevail over an earlier liquidation of the same company at the Indian location of its business and assets.

20 February 2017

Brewster: Supreme Court rules cohabitee entitled to survivor’s pension

Contributor: Louisa Knox

The Supreme Court recently ruled in favour of a woman who was denied a survivor’s pension as her partner had not formally nominated her as his cohabiting partner under the pension scheme rules. We consider the implications of this decision for public and private pension schemes across the UK.