National Security & Investment Act - 3rd Annual Report (2023/24)

The European Commission's broad information-gathering powers under EU competition law have been reinforced by the General Court's dismissal of Broadcom's challenge to document production requests. The case raises critical questions about the extent to which the Commission can compel production of documents held overseas that are subject to legal professional privilege in other jurisdictions, particularly communications with non-EU qualified external counsel.

Manchester City successfully challenged Premier League rules on Associated Party Transactions, winning key competition law arguments. Potential rule changes and future legal actions now loom, highlighting sports arbitration's growing significance.

The UK's Competition and Markets Authority has published revised guidance on assessing merger efficiencies, marking a significant shift toward greater receptivity to efficiency-based arguments in merger reviews. The new provisions introduce more flexible evidentiary standards, recognize the potential role of behavioral remedies in securing efficiencies, and encourage parties to advance efficiency claims earlier in the review process without implying acceptance of competitive concerns.

The European General Court has upheld the Commission's prohibition of Booking's acquisition of eTraveli Group, endorsing a novel 'ecosystem' theory of harm that allows intervention even where market share increases are minimal. This landmark ruling significantly expands the Commission's ability to challenge acquisitions by dominant firms in digital markets, establishing that transactions which merely perpetuate existing low levels of competition can constitute significant impediments to effective

Having a competitive edge is, according to any good marketer, vital for business success. Not only does it help to set you apart from the competition, it will allow you to attract customers or clients, and drive...

The UK Competition and Markets Authority has formalised its new approach to assessing efficiency arguments in merger control cases, marking a significant shift toward a more holistic evaluation framework. This updated guidance, which emerged from the CMA's 4Ps initiative, introduces the concept of Rivalry-Enhancing Efficiencies and establishes clearer pathways for merging parties to demonstrate competitive benefits.

The Office of Fair Trading has issued a statement of objections to Virgin Atlantic and Cathay Pacific over an alleged breach of the Chapter I Prohibition of the Competition Act 1998.

In our Law Now article of 21 December 2010, we advised that the Court of Appeal had unanimously ruled that a corporate undertaking, upon which the OFT had imposed a penalty for breaches of competition law, could not sue its former directors, officers or employees for damages equivalent to that penalty or the costs of the OFT investigation that the claimant had had to bear.

The UK Financial Conduct Authority has accepted binding commitments from 11 day traders following an investigation into suspected exchange of competitively sensitive information and coordination of trading strategies in commodity futures markets. The decision highlights critical compliance priorities for firms operating trading arcades and shared trading infrastructure, while leaving key legal questions deliberately unanswered. What does this enforcement action signal about the FCA's approach to antitrust e

Competition law affects every business, regardless of size or sector. Whether you’re negotiating with suppliers, submitting tenders or discussing pricing strategies, the rules governing anti-competitive behaviour are always in play. Getting it wrong can result in significant fines, director disqualification and even criminal prosecution.

What employment and immigration law changes are coming in 2026 and 2027? From new unfair dismissal rights and extended tribunal time limits to enhanced harassment protections and trade union access requirements, this comprehensive guide maps out the key legislative reforms affecting UK employers and workers over the next two years.

The Chancellor of the Exchequer faces the formidable challenge of delivering his first Budget amid economic headwinds, geopolitical instability, and a wave of ambitious government promises. With GDP growth forecast at just 1.1%, inflation at 3.4%, and public sector net borrowing exceeding £115 billion, can he balance fiscal responsibility with pledges to avoid raising Income Tax, National Insurance, or VAT while funding increased defence spending and social care reforms?

From 2 August 2026, the EU AI Act requires businesses to disclose when people are interacting with AI systems, mark synthetic content for detection, label deepfakes, and inform individuals...

The EU Cyber Resilience Act introduces mandatory vulnerability and incident reporting requirements for manufacturers of products with digital elements, effective September 2026. With tight 24-hour deadlines for initial reports and penalties reaching €15 million or 2.5% of global turnover, manufacturers must establish robust incident response procedures immediately.

Manchester City successfully challenged Premier League rules on Associated Party Transactions, winning key competition law arguments. Potential rule changes and future legal actions now loom, highlighting sports arbitration's growing significance.

The European Parliament has published its negotiating position on SFDR 2.0, setting the stage for trilogue negotiations between the Commission, Parliament and Council. With the asset management industry hoping for relief from the complexities of SFDR 1.0, the Parliament's proposals claim to simplify the regime while maintaining credibility of sustainability-related investments.

The UK Government is implementing sweeping reforms to late payment laws that will fundamentally change how businesses manage supplier payments. These changes include substantial fines for persistent late payers, mandatory statutory interest rates, and a prohibition on payment terms exceeding 60 days. With enforcement powers granted to the Small Business Commissioner and a new binding adjudication system...

The Chancellor's 2024 Budget introduced moderate changes to Capital Gains Tax (CGT). Rates for basic and higher rate taxpayers increased to 18% and 24%, respectively. Business Asset Disposal Relief and Investors' Relief rates will rise from 10% to 18% by 2026, with anti-forestalling provisions. Rates for residential property disposals remain unchanged.

On 3 June 2025, the Financial Reporting Council ("FRC") published the UK Stewardship Code 2026 (the "Code").

The European Union has reached a political agreement to significantly extend compliance deadlines for high-risk AI systems under the AI Act, with businesses now having until December 2027 or August 2028 depending on their category. The revised framework introduces separate timelines for different types of high-risk AI applications, narrows certain definitions, and provides regulatory relief for small and medium-sized companies while adding new prohibitions on non-consensual intimate content generation.