Partners Nicole Pedler and Alex Mackinnon summarise the Australian capital markets in 2023 and our predictions for 2024, with an expanded review this year to focus on secondary raisings, blog trades and some interesting transaction structures which have emerged in 2023.

Explore our review here: https://www.herbertsmithfreehills.com/insights/reports/turning-tides-the-australian-ecm-review-2023

In this edition of our banking litigation podcast, we consider some recent cases that will be most relevant to in-house lawyers at banks and financial institutions. This episode is hosted by John Corrie, a partner in our banking litigation team, who is joined by Ceri Morgan and special guest Nora van Meerwijk.

You can find links to our blogs on the cases covered in this podcast below:

• Court of Appeal overturns High Court’s high-profile Italian swaps decision https://hsfnotes.com/bankinglitigation/2024/01/18/court-of-appeal-overturns-high-courts-high-profile-italian-swaps-decision/

• High Court confirms debtor must prove illegality where payment withheld as a result of sanctions https://hsfnotes.com/bankinglitigation/2024/01/23/high-court-confirms-debtor-must-prove-illegality-where-payment-withheld-as-a-result-of-sanctions/

• High Court dismisses force majeure and trade sanctions defences in breach of contract claim, and considers “ownership and control” test under UK sanctions https://hsfnotes.com/bankinglitigation/2024/01/05/high-court-dismisses-force-majeure-and-trade-sanctions-defences-in-breach-of-contract-claim-and-considers-ownership-and-control-test-under-uk-sanctions/

• Court of Appeal allows secret commissions claim to proceed as representative action on “opt out” basis https://hsfnotes.com/bankinglitigation/2024/01/22/court-of-appeal-allows-secret-commissions-claim-to-proceed-as-representative-action-on-opt-out-basis/

• CPR 19.8 representative action: “bifurcated process” adopted in claim by bank against representative defendant https://hsfnotes.com/bankinglitigation/2023/11/29/cpr-19-8-representative-action-bifurcated-process-adopted-in-claim-by-bank-against-representative-defendant/

• High Court strikes out novel bid to bring securities class action using CPR 19.8 representative action as “opt-in” procedure https://hsfnotes.com/bankinglitigation/2023/12/07/high-court-strikes-out-novel-bid-to-bring-securities-class-action-using-cpr-19-8-representative-action-as-opt-in-procedure/

• Supreme Court confirms key elements of claim in knowing receipt in failed claim against bank https://hsfnotes.com/bankinglitigation/2023/12/21/supreme-court-confirms-key-elements-of-claim-in-knowing-receipt-in-failed-claim-against-bank/

Don't forget to subscribe to the banking litigation blog. https://hsfnotes.com/bankinglitigation/subscribe/

Our latest episode of Inside IR looks at the second tranche of ‘Closing Loopholes’ reforms, which passed both Houses in mid-February 2024 and included some surprise last-minute additions. Rohan Doyle is joined by HSF partners Anna Creegan and Shivchand Jhinku, who dissect some of the key elements of these important reforms, including the new definition of employment, changes to sham contracting prohibitions, new minimum conditions for non-employee road transport and digital labour platform workers, changes to casual employment, and the all-important new ‘right to disconnect’.

A summary of the most material developments expected in the next 6-12 months which will be of relevance to UK listed companies - a Companies House update.

Speakers: Sarah Hawes, Head of Corporate Knowledge and Gareth Sykes, Partner

Join Liz Kantor, Vanessa Naish, and guest, Hannah Ambrose, as they delve into the Court of Appeal's judgment in the Unicredit v RusChemAlliance case. They unravel why the governing law of the arbitration agreement mattered in that case, and why this remains such a topic of debate in the arbitration community. They will consider how the current position in Enka v Chubb looks set to change in the draft English Arbitration Bill and address the ramifications of that change for anti-suit relief from the English court in support of foreign seated arbitrations.

In this episode associate Geraldine Chan and partner Ryan Leslie join Toby Eggleston to discuss the main takeaways of the Commissioner’s win in the PepsiCo case.

More details can be found in our tax insights: https://hsfnotes.com/taxaustralia/2024/02/14/decision-alert-federal-court-finds-pepsico-liable-for-royalty-withholding-tax-and-potential-diverted-profits-tax/

In this episode or our public M&A podcast series, we look at the updated guidance from the Takeover Panel on invoking conditions to an offer and what it means in particular for anti-trust/merger control conditions.

Speakers: Antonia Kirkby and Robert Moore

In the first of our "crossover" episodes, Susannah Cogman is joined by Jenny Stainsby from HSF's Financial Services Regulatory team to look at the financial sector's current focus on APP fraud, its interaction with the offence of failure to prevent fraud, and other steps being taken to tackle this widespread fraud typology. Stay tuned for Part 2 of our financial sector focus where we will be looking at some of the other implications of the Economic Crime and Corporate Transparency Act 2023 for financial institutions, as well as further episodes focusing on other key aspects of the Act.

You can find further information on APP fraud and the FCA's approach to fraud prevention here:

https://hsfnotes.com/fsrandcorpcrime/2023/07/11/app-fraud-and-vulnerable-customers-lost-in-implementation/

https://hsfnotes.com/fsrandcorpcrime/2023/11/10/app-fraud-prevention-is-surely-better-than-paying-out/

https://hsfnotes.com/fsrandcorpcrime/2023/12/04/app-fraud-the-uk-is-increasingly-looking-out-of-step/

https://hsfnotes.com/fsrandcorpcrime/2024/01/16/tackling-app-fraud-in-the-uk-where-to-next/

https://www.fca.org.uk/publications/multi-firm-reviews/proceeds-fraud-detecting-preventing-money-mules

https://www.fca.org.uk/news/news-stories/firms-strengthen-anti-fraud-systems-must-treat-victims-fraud-better

https://www.fca.org.uk/publications/multi-firm-reviews/anti-fraud-controls-complaint-handling-firms-focus-app-fraud

Potential Employment Law Proposals from the Labour Party

In the third and final part of our look ahead to potential employment law proposals should the Labour Party secure a win at the next General Election, Partner Tim Leaver, together with Consultant Peter Frost and Senior Associate Sian McKinley, continue to explore the key employment-related proposals put forward by the Labour Party in its Green Paper last year and the recent party conference, with a focus on Labour's proposed Fair Pay Agreement revolution and how employers' responsible and sustainable business will attract and retain both investors and the best people in the market.

Speakers: Tim Leaver, Partner, London; Peter Frost, Consultant, London; Sian McKinley, Senior Associate, London

In the latest edition of our Policy Matters Podcast series, Jasveer Randhawa and James Wood discuss challenging policy. This is part two of a series focusing on policy, where we now turn to look at how to challenge a policy that may have a detrimental impact on your business. This podcast first appeared on our Public Law Podcast series: https://www.herbertsmithfreehills.com/insights/2022-07/public-law-%E2%80%93-the-podcast-series

Speakers: Jasveer Randhawa (Professional Support Consultant), James Wood (Senior Associate)