- At Kemp Little, we are known for our ability to serve the very particular needs of a large but diverse technology client base. Our hands-on industry know-how makes us a good fit with many of the world's biggest technology and digital media businesses, yet means we are equally relevant to companies with a technology bias, in sectors such as professional services, financial services, retail, travel and healthcare.
- Kemp Little specialises in the technology and digital media sectors and provides a range of legal services that are crucial to fast-moving, innovative businesses.Our blend of sector awareness, technical excellence and responsiveness, means we are regularly ranked as a leading firm by directories such as Legal 500, Chambers and PLC Which Lawyer. Our practice areas cover a wide range of legal issues and advice.
- Our Commercial Technology team has established itself as one of the strongest in the UK. We are ranked in Legal 500, Chambers & Partners and PLC Which Lawyer, with four of our partners recommended.
- Our team provides practical and commercial advice founded on years of experience and technical know-how to technology and digital media companies that need to be alert to the rules and regulations of competition law.
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- We work alongside companies, many with disruptive technologies, that seek funding, as well as with the venture capital firms, institutional investors and corporate ventures that want to invest in exciting business opportunities.
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- With a service that is commercial and responsive to our clients needs, you will find our tax advice easy to understand, cost-effective and geared towards maximising your tax benefits.
- At Kemp Little, we advise clients in diverse sectors where technology is fundamental to the ongoing success of their businesses.They include companies that provide technology as a service and businesses where the use of technology is key to their business model, enabling them to bring their product or service to market.
- We bring our commercial understanding of digital business models, our legal expertise and our reputation for delivering high quality, cost-effective services to this dynamic sector.
- Acting for market leaders and market changers within the media industry, we combine in-depth knowledge of the structural technology that underpins content delivery and the impact of digitisation on the rights of producers and consumers.
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- For clients operating in the online sector, our teams are structured to meet their commercial, financing, M&A, competition and regulatory, employment and intellectual property legal needs.
- Our focus on technology makes us especially well positioned to give advice on the legal aspects of digital marketing. We advise on high-profile, multi-channel, cross-border cases and on highly complex campaigns.
- The mobile and telecoms sector is fast changing and hugely dependent on technology advances. We help mobile and wireless and fixed telecoms clients to tackle the legal challenges that this evolving sector presents.
- Whether ERP, Linux or Windows; software or infrastructure as a service in the cloud, in a virtualised environment, or as a mobile or service-oriented architecture, we have the experience to resolve legal issues across the spectrum of commercial computer platforms.
- Our clients trust us to apply our solutions and know-how to help them make the best use of technology in structuring deals, mitigating key risks to their businesses and in achieving their commercial objectives.
- We have extensive experience of advising customers and suppliers in the retail sector on technology development, licensing and supply projects, and in advising on all aspects of procurement and online operations.
- Our years of working alongside diverse software clients have given us an in-depth understanding of the dynamics of the software marketplace, market practice and alternative negotiating strategies.
- Working with direct providers of travel services, including aggregators, facilitators and suppliers of transport and technology, our team has developed a unique specialist knowledge of the sector
- Your life as an entrepreneur is full of daily challenges as you seek to grow your business. One of the key strengths of our firm is that we understand these challenges.
- Kemp Little is trusted by some of the worlds leading luxury brands and some of the most innovative e-commerce retailers changing the face of the industry.
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The Libor verdict and changes to financial regulation
Former UBS and Citigroup trader Tom Hayes was found guilty of eight counts of conspiring to rig LIBOR and sentenced to 14 years in prison. Questions are now being asked as to what the relevant authorities are doing to prevent the further manipulation of financial benchmarks. Following the Wheatley Review in 2012, LIBOR, was specified as the only regulated benchmark. Under the Fair and Effective Markets Review ('FEMR') published by the Bank of England in September 2014, it was proposed that several other financial benchmarks be brought under UK regulatory scope. As a result of this review on 1 April 2015 seven further benchmarks (ISDAFIX, Sterling Overnight Index Average (SONIA), Repurchase Overnight Index Average (RONIA), WM/Reuters (WMR) 4pm London Closing Spot Rate, London Gold Fixing, LMBA Silver Price and ICE Brent Index) were added to the list of benchmarks falling under UK regulatory scope.
In Europe the European Commission published its proposal for a regulation on indices used as benchmarks in financial instruments and financial contracts on 18 September 2013. In drafting this regulation, the Commission envisaged that the new regulation will make it much more difficult to manipulate a benchmark for gain. An aim of the regulation is to protect investors in financial instruments and retail consumers whose mortgages and pension fund returns can be negatively affected through manipulation of relevant benchmarks. It is estimated that the benchmark industry generates around €2 billion in revenues for financial and commodity benchmark administrators world-wide and it is suggested that the size of the markets impacted could be over €1,000 trillion. This shows the scale of the potential problem were benchmark manipulation not combated through enhanced legislation. The regulation also seeks to address the issue of transparency in all aspects of benchmarks allowing users of a benchmark to make the most appropriate economic decisions.
The stated objectives of the regulation are to ensure governance and controls are in place at all stages of the benchmark process and for all functions operating therein. This in turn, it is hoped, will help restore confidence in the accuracy and integrity of benchmarks. The regulation will apply in respect of the administrators of the benchmark (‘Administrators’) and the methodology they use as well as the contributors to the benchmark (‘Contributors’) in relation to the conflicts of interest they may face and the details they submit. The regulation also seeks to ensure that adequate protection is afforded to all users of the benchmark (‘Users’) from institutional investors to retail consumers through enhancing transparency, ensuring rights of redress and ensuring suitability is assessed where necessary. It is hoped that through these changes benchmarks will reflect the economic reality they are intended to track.
The regulation is currently being debated in Europe and is expected to be finalised and published in the Official Journal towards the end of 2015. It will apply 12 months after publication.
If you require any further information please do not hesitate to contact the Financial Regulatory team at Kemp Little.
Read our related article on benchmark reform - for better or for worse.