Travers Smith

The CMA's consultation on #MergerRemedies is open until 13 November, with final guidance expected later this year. Whilst the guidance marks a significant shift in the CMA's stated approach to remedial action in merger investigations, the proposed changes are largely in line with expectations. The changes are designed to align with the CMA’s ‘4Ps' approach and mirror many of the themes set out in its earlier Call for Evidence. See the headline points below, with more from our Competition team to follow. • A clear shift in tone signalling greater flexibility towards the acceptance of behavioural remedies, and a willingness to consider these solutions even during an initial Phase 1 review where appropriate. The proposed guidance formalises a shift that has already been signalled in the CMA’s latest decisions and its earlier Call for Evidence. • A push for earlier dialogue with the CMA regarding possible remedies. Again, a significant shift from previous experience, where the CMA has often hesitated to discuss remedies in depth until cases were well underway. • Modest changes regarding customer benefits and efficiencies that could balance concerns about the negative effects of a merger (noting however that the CMA already has already shown its appetite for investment commitments in the recent Vodafone/Three case). The CMA also suggests that more can be expected in this area going forward. • Overall, the proposed guidance indicates a move towards a more collaborative and open approach to the remedies process. Whilst its actual effectiveness will only become clear in practice, the CMA has shown its appetite to evolve in furtherance of the Government's pro-growth agenda. #Competition #MergerControl #Remedies #CMA https://brnw.ch/21wWHWo

In this week's issue of Travers Smith's Sustainability Insights we are looking at human rights due diligence and defence investments. Read and listen to the briefing on our website: https://brnw.ch/21wWHMi #AssetManagement #Sustainability #DefenceInvestments #HumanRightsDueDiligence Get in touch: Simon Witney, Philip Bartram, John Buttanshaw, Sarah-Jane Denton, Sian Keall, Danny Riding, Michael Raymond, Tim Lewis

https://lnkd.in/e2qaTuJx Is use of AI by regulators increasing your exposure to regulatory risk? The UK Advertising Standards Authority recently used AI to review almost 6000 alcohol-related ads on social media and online. And in 2024, the ASA used the same AI tool to review over 28 million ads for compliance with its codes. Using AI in this way allows regulators to conduct reviews in bulk to identify enforcement targets that might otherwise slip through the cracks. With other regulators also exploring how AI can help them, this is definitely an area to watch.

We are proud to announce that Travers Smith has been ranked in the Social Mobility Employer Index 2025 for the first time. The Index, created by The Social Mobility Foundation, recognises organisations making real strides in advancing social mobility to create stronger, fairer businesses. This ranking is a testament to our ongoing commitment to widening access to the legal profession, not just at Travers Smith but across the City. Read more about our recent work in this area here: https://lnkd.in/ev5effwK Thank you to everyone at Travers Smith involved in promoting inclusivity, in particular Peter Hughes, Polly Richard, Orlagh Joyce, Thomas Hogan, Tom Green, Matthew H., Charlotte Harding and Katherine Barrett. #SocialMobility #CSR #LegalCareers #DiversityAndInclusion #SMFIndex25

ESG litigation risk is rapidly evolving. Our interactive heat map provides an overview of the increasingly global nature of ESG-related claims brought before the English courts, and the resulting key implications for the corporate landscape. View here: ESG litigation before the English courts: https://lnkd.in/eS5br-mv Heather Gagen The Lawyer Events Managing Risk and Litigation Conference 2025

Our Autumn edition of Insights for In-house Counsel is out now - a round-up of recent and forthcoming developments in law and practice for in-house lawyers. In this edition, we provide insights on a whole range of topics from cybersecurity and the Data (Use and Access) Act to IDV requirements, sustainability reporting and our new Budget Tracker. Read about these and more on our website: https://brnw.ch/21wWBLj

Introducing... Venture Insights Brought to you by our alternative asset management team, Venture Insights builds on our award winning Alternative Insights newsletter – a regular publication for GPs and LPs. In each issue we will focus in on developments for venture and growth strategies in the rapidly accelerating landscape of venture capital. Our first edition explores the coming changes to the UK's appointed representative rules. Read now: https://brnw.ch/21wWBjl #VentureCapital #AlternativeAssetManagement

Earlier this year, the Supreme Court of New South Wales issued a Practice Direction (https://brnw.ch/21wWA75) on the Use of Generative Artificial Intelligence ("NSW Practice Direction") in legal proceedings. Although not binding in this jurisdiction, it is a thought-provoking guide as to where AI may or may not be appropriate in litigation before the English Courts. Of particular interest are: (a) the need to ensure appropriate safeguards when entering into Large Language Models of documents produced under compulsion; (b) restrictions on the use of AI in the production of witness and expert evidence; and (c) a requirement for express verification that citations in legal submissions exist, are accurate and are relevant to the proceedings. The English Courts have provided Guidance for Judicial Office Holders on the use of AI, but have so far declined to follow the NSW Practice Direction in providing specific binding guidance for litigators. The Master of the Rolls has instead made clear (https://brnw.ch/21wWA74) that lawyers themselves remain responsible for ensuring their output complies with their professional duties, irrespective of whether that output is produced with the assistance of AI. The Divisional Court in Ayinde v London Borough of Hackney [2025] EWHC 1383 (https://brnw.ch/21wWA76) (Admin) made clear that a failure to comply with those obligations when using AI will risk "severe sanction" (paragraph 69). AI may yet transform the litigation landscape in England and Wales. But practitioners must always remember that AI is merely a tool, and ultimately they are responsible for their own professional obligations.

This summer, Parliament introduced the English Devolution and Community Empowerment Bill, proposing a ban on upward-only rent reviews—a major shift for UK real estate. With other countries already enacting similar laws, the UK industry can look abroad for advice and inspiration.   Real Estate Partner Sarah Walker (Alder) Walker and Head of Property Disputes Robert Payne joined forces with Brian O'Callaghan (WILLIAM FRY LLP), David J. Rabinowitz and John A. Rothman (Goulston & Storrs), and Nathaniel Popellanski (Corrs Chambers Westgarth) to write a piece for the Estates Gazette unpacking the impact of similar legislative bans in Ireland and Australia, and discussing what can be learnt from the success of pre-negotiated percentage-based rent increases in the US.   Read the full article here: https://lnkd.in/ec5W_aH4

Introducing... Venture Insights Brought to you by our alternative asset management team, Venture Insights builds on our award winning Alternative Insights newsletter – a regular publication for GPs and LPs. In each issue we will focus in on developments for venture and growth strategies in the rapidly accelerating landscape of venture capital. In our first edition, we explore the coming changes to the UK's appointed representative rules. Read now: https://lnkd.in/ec5AMDXJ #VentureCapital #AlternativeAssetManagement