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Archive for July, 2017

Tuesday 18 July 2017

MH Corporate

Deirdre O’Neill, Corporate Associate, discusses new prospects for prospectus regulation.

New prospects for prospectus regulation Deirdre O’Neill

Tuesday 18 July 2017

MH Update Summer 2017

Thank you for taking time to read our update. Each time I write one of these pieces it seems that there has been another recent election which has produced an unexpected result.  Just to warn you, the next MH update is due in the Autumn.

Although we seem beset with political uncertainty and although elections often produce a ‘wait and see’ approach to transactions the firm is in good heart and we have seen promising levels of activity across the firm for public and private equity, M&A and real estate over the last quarter. Regulatory issues continue to increase and there is an important update below on changes relating to the PSC regime.

On other fronts now that summer is here the annual London Lawyers’ Walk took place with a strong contingent from MH taking part. The walk is 10 kilometres (although, as it is a London walk, I really think it should be measured in miles) and we enjoyed a break for refreshments at the half way point by the Serpentine in the evening sun.

Thank you for your continued support.

Jonathan Pearce

MH Corporate update

MH Employment update

MH Restructuring update

MH Real Estate update

Friday 14 July 2017

MH Corporate

PSC Regime Update: Key Changes – Are You in Control?

The PSC Regime

Since the PSC regime was introduced on 6 April 2016, unlisted UK companies and limited liability partnerships (“LLPs”) have been required to identify individuals who have significant control over the company or LLP and to publicly disclose their details in a separate company register (“PSC Register“).

With effect from 26 June 2017, the regime for investigating and recording information about people with significant control (“PSCs”) over companies and other entities was extended and enhanced to comply with the European Fourth Money Laundering Directive ((EU) 2015/849) .  These changes have been introduced into UK law by The Information about People with Significant Control (Amendment) Regulations 2017 (“Regulations”).

Thursday 13 July 2017

MH Real Estate

Government proposes new register for overseas property owners

On 5 April 2017, the government published a “call for evidence” inviting feedback on a proposed new register of beneficial owners of overseas legal entities that either own or want to buy UK property and will now be considering responses following the deadline of 15 May.

The proposal comes in the wider context of the government’s commitment to making property ownership more transparent.

As there is no international equivalent, the government has taken the UK Company PSC register as its starting point so that many features will be similar in the new register which will also be held by Companies House and published on their website free of charge.

Its proposed that the scope of the register extends to all overseas legal entities capable of holding UK property, or bidding on central government procurement contracts and will record details of the beneficial ownership of such entities who wish to buy, or already own, UK property – including long leases of over 21 years.

Thursday 13 July 2017

MH Employment

Making Adjustments for Disabled Employees and Job Applicants

Disability as a Protected Characteristic

The Equality Act 2010 (the “Act”) protects, amongst others, employees and job applicants who have a disability, which is a protected characteristic under the Act. The Act considers a person to have a disability if they have a physical or mental impairment which has a substantial and long-term effect on their ability to carry out normal day-to-day activities. Some conditions such as cancer and multiple sclerosis, for example, fit clearly into this category, whilst other conditions, for example Asperger’s syndrome, dyslexia, and other mental conditions such as depression, are not self-evident and may only impact or become evident in particular situations. Employers need to be particularly careful about making adjustments for these less ‘obvious’ disabilities, as the Government Legal Service (GLS) recently discovered to its detriment.

In the case of Government Legal Service v Brookes UKEAT/0302/16, the Employment Appeal Tribunal (EAT) upheld the decision of an Employment Tribunal (ET) that by requiring a job applicant with Aspergers to take a multiple choice test as part of a job application, the Government Legal Service (GLS) was liable for indirect discrimination.

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