Introduction

On 26 October 2023 the Economic Crime and Corporate Transparency Act 2023 (ECCT Act) received Royal Assent. Through a broad range of measures, it aims to strengthen the UK’s response to economic crime, prevent abuse of the UK economy, and support enterprise.

A few days before the school year was due to start back in September, over 100 schools in England were told to close due to serious health and safety concerns regarding reinforced autoclaved aerated concrete (RAAC) in buildings.

The material is less durable than concrete but had been used in local authority buildings across the country largely due to it being more cost-effective and easier to install.

KEY POINTS

• Restrictions on assigning, which are onerous for invoice financing, still work in Scotland unlike in England.
• There are still more post-insolvency assets in Scotland than England for insolvency practitioners as the Moveable Transactions (Scotland) Act 2023 contains restrictions on assigning rights following an assignor’s insolvency.
• There are pros and cons of publicity through the Scottish Register of Assignations.
• There are priority advantages from the Scottish Register of Assignations

At First Minster’s Questions on 7 September 2023, Humza Yousaf advised that the number of schools known to contain Reinforced Autoclave Aerated Concrete (RAAC) has increased to at least 40. This follows on from announcements in England that more than 100 schools have either fully or partially closed. Furthermore, nine Scottish universities have recently confirmed that they too have closed or partially closed some buildings.

Introduction

2023 has been an eventful year for artificial intelligence (AI). It has seen ChatGPT become the fastest-growing consumer application in history, Universal Music Group writing to Apple and Spotify requesting that they block AI-generated music from their streaming platforms and an open letter calling for the pause of AI development receiving more than 1,100 signatures, including signatures from Elon Musk and Steve Wozniak.

Enforcing the UK’s territorial constitution

The UK’s territorial constitution (notably the devolution and internal market statutes) is designed to balance the division of powers between our different governments.

The regulatory impacts of the UK’s departure from the EU and its single market continue to emerge, creating challenges for businesses operating in the UK and involved in cross-border trade and investment.

In this article, our Regulatory Risk and Compliance team (RRC team) discusses the increasing need for firms dealing with government to be alert to the impact of transparency and fair-dealing regulations and how changes in these rules pose risks and may also give rise to opportunities.

This is an evolving area and the RRC team will provide updates to reflect key developments.

The long-awaited Digital Markets, Competition and Consumers Bill (Bill) has now been laid before Parliament. This new legislation, when enacted, represents the most significant reform of competition and consumer protection law in the UK in recent years. It will implement policy proposals which have been in the making for several years.