Summer2012


Policy and Committees Coordinator’s Report


Some key developments over the last few months have included:


Common European Sales Law (CESL)


The Commercial Law Committee recently responded to the Government’s Call for Evidence about the impact, possible costs and benefits of the European Commission’s proposed Regulation for a Common European Sales Law (CESL). A copy of the call for evidence can be found here: http://www.justice. gov.uk/downloads/consultations/contract-law-call-evidence.pdf. The Committee’s response (http://www.citysolicitors.org.uk/ FileServer.aspx?oID=1195&lID=0) expressed concerns over the proposed CESL initiative.


Competition Law reforms


The Competition Law Committee recently responded to the Government’s announcement of its proposed reforms to the UK competition regime (see http://www.bis.gov.uk/assets/biscore/ consumer-issues/docs/g/12-512-growth-and-competition- regime-government-response.pdf for the Government’s document “Growth, Competition and The Competition Regime: Government Response to Consultation” and http://www. citysolicitors.org.uk/FileServer.aspx?oID=1148&lID=0 for the Committee’s comments.) The Government’s paper noted that “The Government has decided to create a new CMA and transfer the functions of the CC and the competition functions of the OFT to it”. The Committee’s response noted that “The CLLS generally supports the Government’s Competition reforms but does have serious concerns about a number of elements.”


Furthermore, the Committee Chair, Robert Bell (Speechly Bircham LLP), gave evidence on 21 June before the Enterprise & Regulatory Reform Bill Public Bill Committee on the competition law reforms. (See <http://www.publications.parliament.uk/pa/ cm201213/cmpublic/enterprise/120621/am/120621s01.htm> for the hearing transcript.)


Legal Education & Training Review


See the Chair of the Training Committee’s report for details of the CLLS’s activities in this area (on page 4).


Other policy responses In addition, the CLLS Specialist Committees have responded to the following consultation/discussion papers since early March (see the e-briefings for details (http://www.citysolicitors.org.uk/ Default.aspx?sID=765&lID=0)):


Cabinet office: “Red Commercial Law)


Tape Challenge” (Company and


ESMA: “Key concepts of the Alternative Investment Fund Managers Directive and types of AIFM” (ESMA/2012/117); “Guidelines on certain aspects of the MiFID compliance function requirements” (ESMA/2011/446); “ESMA’s draft technical advice on possible delegated acts concerning the regulation on short selling and certain aspects of credit default swaps ((EC) No XX/2012)” (ESMA/2012/98); “Review of the Current Regime for the Assessment of Technology Transfer Agreements”;


European Commission: “Consultation on the Future of European Company Law”; proposals for a Regulation on insider dealing and market manipulation (market abuse) and for a Directive on criminal sanctions for insider dealing and market manipulation; Proposal for a directive amending the Transparency Directive; “Discussion paper on the debt write-down tool – bail-in”; “Green Paper: Shadow Banking”; “Consultation on the future of European Insolvency Law”


FSA: “Amendments to the Listing Rules, Prospectus Rules, Disclosure Rules and Transparency Rules” (CP12/2); “Large Exposures Regime - groups of connected clients and connected counterparties” (CP 12/1); “Implementation of the Alternative Investment Fund Managers Directive” (DP 12/1)


HM Government: “Introducing a Statutory Register of Lobbyists”


HMT: “UK response to the 1 March European Court of Justice ruling that insurance benefits and premiums after 21 December 2012 should be gender-neutral”; “Policy options for implementing the Alternative Investment Fund Manager’s Directive”.


IPO: “Consultation on proposals to change the UK’s copyright system”


Law Commission: “Insurance Contract Law: Post Contract Duties and Other Issues”; “Making Land Work - Easements, covenants and profits à prendre”


LETR: “Briefing Paper 01/2012: Knowledge, Skills and Attributes” LSB: “Approaches to quality: A consultation paper”


Scottish Government: consultation on floating charges: Part 2 of the Bankruptcy and Diligence etc. (Scotland) Act 2007


Treasury Select Committee: Inquiry into Corporate Governance in Systemically Important Financial Institutions Robert Leeder, Policy & Committees Coordinator, CLLS


City Solicitor • Issue 78 • 7


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