White & Case
17 Experts
11 Contributions by White & Case
PRACTICE NOTES
Brexit
On 31 January 2020, the UK left EU membership and moved into an implementation phase, during which EU law continued to apply. Throughout this timeframe, the GDPR remained in force in the UK and, for EEA and UK data protection purposes, the UK was broadly regarded as if it were an EU (and EEA) state. Accordingly, any mentions of EU or EEA states in this Practice Note should be interpreted as including the UK until that period concludes. For the avoidance of doubt, this covers every reference in this document to EU and EEA states during the implementation window. For additional guidance on that phase, its length, and the privacy regime expected to apply once it ends, see Practice Note: Brexit—implications for data protection [Archived]. ARCHIVED: This Practice Note is archived material and reflects the situation before the General Data
Information Law
PRACTICE NOTES
What is EU REMIT?
Regulation (EU) 1227/2011, known as EU REMIT, sets the rules safeguarding integrity and transparency across wholesale energy markets. It bans insider dealing and market manipulation concerning wholesale energy products.
Aims
EU REMIT’s core purpose is to rebuild customer trust that wholesale energy products are fairly priced. Recital (1) underscores the need for consumers and other participants to trust the electricity and gas markets, for wholesale prices to mirror a fair, competitive balance of supply and demand, and to prevent any gain from market abuse.
Guidance
The European Agency for the Cooperation of Energy Regulators (ACER) issues detailed, practical guidance on EU REMIT. ACER also produces and routinely refreshes a Q&A, summarising common queries on EU REMIT together with ACER’s replies. This Q&A serves as guidance for EU REMIT stakeholders and is not a binding legal interpretation of the
EU Law
PRACTICE NOTES
Brexit:
On 31 January 2020, the UK stopped being an EU Member State and moved into an implementation period, during which EU law still applies. Throughout that window, the GDPR remains in force in the UK and, for EEA and UK data protection purposes, the UK is broadly regarded as an EU and EEA state. Consequently, any mentions of EEA or EU states in this Practice Note should be interpreted as also covering the UK until that period ends. For more on the timing of that phase and the data protection framework expected afterwards, see Practice Note: Brexit—implications for data protection [Archived].
ARCHIVED: This Practice Note is archived material, captures the situation before the General Data Protection Regulation became applicable, serves as background only and is not updated. The General Data Protection Regulation (EU) 2016/679 was published in the Official Journal of the EU on 4 May 2016 and
Information Law
PRACTICE NOTES
This Practice Note sets out duties on energy market participants in Great Britain under Retained Regulation (EU) No 1227/2011, referred to as ‘GB REMIT’.
It explains REMIT’s purpose and scope in Great Britain (GB); the responsibilities of market participants and other participants in the market; the bans on insider dealing and market manipulation; and practical steps for publishing and disseminating inside information.
The Practice Note also addresses key enforcement provisions and measures in GB.
What is the impact of Brexit on GB REMIT?
Brexit played a significant part in shaping GB REMIT, which had previously aligned with the (broadly) corresponding EU REMIT, as explained further in the sections below.
Following Brexit, regulatory divergence between GB REMIT and EU REMIT is expected to grow as the frameworks develop separately over time.
Great Britain
At precisely 11 pm (GMT) on 31 December 2020, the Brexit
Energy
PRACTICE NOTES
Brexit:
On 31 January 2020, the UK ended its status as an EU Member State and entered an implementation period, during which EU law continued to apply to the UK. Throughout this period, the GDPR applies in the UK and, for EEA and UK data protection law purposes, the UK is broadly treated as an EU (and EEA) state. Consequently, any references to EEA or EU states in this Practice Note should be read as also including the UK until the end of the implementation period. For further guidance on that period, its duration, and the data protection laws and arrangements anticipated to apply after it concludes, see Practice Note: Brexit—implications for data protection [Archived]. ARCHIVED: This Practice Note is archived content and reflects the position prior to the General Data Protection Regulation becoming applicable. It is provided for background
Information Law
PRACTICE NOTES
Brexit:
On 31 January 2020, the UK left EU membership and moved into an implementation phase, during which EU law continues to apply to it and it remains subject to the existing EU legal framework. Throughout this time, the GDPR remains in force in the UK and, for EEA and UK data protection purposes, the UK is still broadly regarded as an EU (and EEA) state.
Accordingly, any mention of EEA or EU states in this Practice Note should be understood as also covering the UK until that implementation phase concludes. For more detail on that period, its length, and the data protection regime expected to follow its end, see Practice Note: Brexit—implications for data protection [Archived].
ARCHIVED: This Practice Note is archived material and describes the landscape before the General Data Protection Regulation took effect. It is provided for general background only and is not
Information Law
PRACTICE NOTES
Brexit:
On 31 January 2020, the UK ceased to be an EU Member State and entered an implementation phase, during which it remained subject to EU law. Throughout that period, the GDPR applies in the UK and, for the purposes of EEA and UK data protection rules, the UK is broadly regarded as an EU (and EEA) state. Consequently, any references to EEA or EU states in this Practice Note should be interpreted as also including the UK until the end of the implementation phase. For additional guidance on that phase, its length and the data protection regime expected to follow it, see Practice Note: Brexit—implications for data protection [Archived].
ARCHIVED: This Practice Note is archived material and reflects the position before the General Data Protection Regulation became applicable. It is provided for background purposes only and is not
Information Law
PRACTICE NOTES
Brexit:
On 31 January 2020, the UK left its status as an EU Member State and moved into an implementation period, during which EU law continued to apply fully. Throughout this period, the GDPR remained in force in the UK and the UK was generally regarded as an EU (and EEA) country for the purposes of EEA and UK data protection law. Accordingly, any mentions of EEA or EU states in this Practice Note should be understood to include the UK until the end of that implementation period. For additional detail on that phase, its length, and the privacy regime expected to apply afterwards, see Practice Note: Brexit—implications for data protection [Archived]. ARCHIVED: This Practice Note is archived material and sets out the position before the General Data Protection Regulation became applicable. It is provided for background purposes only and is not being
Information Law
PRACTICE NOTES
Brexit:
On 31 January 2020, the UK left its status as an EU Member State and moved into an implementation period, during which EU law still applies. Throughout this phase, the GDPR remains in force in the UK and, for EEA and UK data protection purposes, the UK is broadly regarded as if it were an EU (and EEA) country. Accordingly, any mention of EEA or EU states in this Practice Note should be interpreted as also covering the UK until that period ends. For more detail on that window, its length and the data protection laws expected to apply once it concludes, see Practice Note: Brexit—implications for data protection [Archived].
ARCHIVED: This Practice Note is archived content and sets out the position prior to the General Data Protection Regulation becoming applicable. This Practice Note is for background information only and is not
Information Law
PRACTICE NOTES
Brexit:
On 31 January 2020, the UK ended its EU membership and entered an implementation period, during which EU law continues to apply. Throughout this phase, the GDPR remains in force in the UK, and for EEA and UK data protection purposes the UK is, in general, treated as an EU (and EEA) state. Accordingly, references in this Practice Note to EU or EEA states should be read as including the UK until that period ends. For more guidance on that period, its length and the data protection laws expected to apply afterwards, see Practice Note: Brexit—implications for data protection [Archived]. ARCHIVED: This Practice Note is archived material and reflects the position before the General Data Protection Regulation became applicable. It is provided for background only and is not maintained. The General Data Protection Regulation (EU) 2016/679 (the GDPR) was published in the
Information Law
PRACTICE NOTES
Brexit:
On 31 January 2020, the UK ended EU membership and entered an implementation period, during which EU law continued to apply. Throughout that interim window, the GDPR applies within the UK and the UK is, in general terms, regarded and handled as an EU (and EEA) state for the purposes of EEA and UK data protection law. Consequently, any mention of EEA or EU states in this Practice Note should be read as also covering the UK until the implementation period concludes. For additional guidance on that period, its expected duration, and the data protection rules anticipated to apply once it ends, see Practice Note: Brexit—implications for data protection [Archived]. ARCHIVED: This Practice Note is archived material and reflects the position before the General Data Protection Regulation became applicable. This Practice Note is provided for background information only and is not
Information Law
5 Contributions by White & Case Experts
PRACTICE NOTES
The sustainable finance market has seen explosive growth in select product segments over the past five years. Annual green bond issuance, for instance, topped US$500bn in 2021, and environmental resilience is becoming an increasingly significant driver of investment choices worldwide. Yet the Organisation for Economic Co-operation and Development (OECD) estimates that US$6.9tn a year will be needed through 2050 to fund infrastructure that achieves development goals and delivers a low-carbon, climate-resilient future. If nothing changes, current market finance will fall far short in both scale and approach.
One clear but transformative answer is to pool and amplify sustainable assets via sustainable securitisation. For this to be workable, a critical pipeline of sustainable finance assets across multiple classes must be available in the market. Sustainable securitisation can concurrently offer institutional investors access to sustainable assets while easing pressure on bank balance sheets. At present, most
Banking & Finance
PRACTICE NOTES
ARCHIVED: This content was published in 2021 and is not maintained.
The Market Standards trend report delivers detailed examination of the 42 firm offers, 45 possible offers and 13 formal sale processes and/or strategic reviews announced by Main Market and AIM companies subject to the Takeover Code in 2020. It shares insight on public M&A patterns and what we and our contributors anticipate for 2021 and beyond.
What does the Market Standards trend report cover?
Topics explored include:
transaction value and volume
transaction structures
hostile, rival and mandatory bids
P2P transactions
domestic and international bidder activity
sector focus
post-offer statements of intention (POI statements) and COVID-19
legal and regulatory changes
outlook for 2021
The report also studies high‑profile deals, such as Intact Financial and Tryg’s £7.2bn bid for RSA Insurance Group, GardaWorld’s £3.7bn hostile bid for G4S, Allied
Corporate
PRACTICE NOTES
ARCHIVED: This content was published in 2020 and is not maintained. The Market Standards trend report delivers detailed analysis of the 12 binding offers and ten potential offers made for Main Market and AIM companies subject to the Takeover Code in H1 2020. It also provides insight into public M&A patterns and what we might anticipate in H2 2020 and beyond.
What does the Market Standards trend report cover?
deal value and volume
private equity deal activity
UK and foreign bidder activity
industry focus
deal structures
post-offer statements of intention
shareholder activism
coronavirus (COVID-19) issues and impact
legal and regulatory developments
What are the highlights from the report?
The economic uncertainty arising from the coronavirus (COVID-19) pandemic has had a material effect on public M&A activity, with activity notably lower in Q2 2020. In H1 2020 there were 12 firm offers announced, compared with 33 firm offers in H1 2019 and 33 firm...
Corporate
PRACTICE NOTES
ARCHIVED: This content was published in 2020 and is not maintained.
The Market Standards trend report presents detailed examination of the 66 firm offers and 45 possible offers made for quoted companies governed by the Takeover Code during 2019. It also shares insight into public M&A patterns and what we might expect in 2020 and thereafter.
What does the Market Standards trend report cover?
transaction value and volume
private equity participation
hostile takeovers and rival bids
sector focus
UK and overseas bidder activity
shareholder activism
post-offer undertakings and national security undertakings
legal and regulatory developments
The report assesses headline transactions, including the Takeaway.com/Prosus competing bids for Just Eat, Advent International’s £4bn offer for Cobham, the £2.6bn consortium bid for Inmarsat, and Non-Standard Finance’s £1.3bn hostile approach for Provident Financial.
What are the highlights from the
Corporate
PRACTICE NOTES
What are carbon credits?
Carbon credits are transferable units, each signifying that one tonne of CO2, or an equivalent amount of another greenhouse gas, has been avoided, reduced, or removed from the air. Credits arise from projects that either take CO2 out of the atmosphere, prevent emissions that would otherwise occur, or curb emissions below a forecast baseline. To issue credits, such projects must first obtain certification from a recognised carbon standards body (see below).
What are voluntary carbon markets and how do they differ from compliance carbon markets?
Carbon markets are trading mechanisms through which organisations and other entities buy and sell carbon credits, OTC or via exchanges. Purchased credits can be retired to counterbalance the buyer’s emissions, or resold on to another participant. Broadly speaking, there are two categories: compliance carbon markets and voluntary carbon markets (VCMs). Compliance markets are created under
Banking & Finance
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