Partnerships Update – June 2014 Edition

In this edition of Fieldfisher's Partnerships Update we highlight worker rights, new transparency rules and the application of the FCA's AIFMD.

In this edition of Fieldfisher's Partnerships Update we highlight:

• How a case about whistleblowing will affect LLP members' "worker rights"
   
• Will new transparency rules spell the end of corporate LLP?
   
• Playing Chess with draughts: The application of the FCA's AIFMD Remuneration Code to LLPs

We hope you find this of interest. If you want to discuss any partnership matters please contact us.

Regards

Fieldfisher Partnerships Team

1. Worker rights for LLP members

In a much awaited judgement, the Supreme Court has recently ruled in the case of Clyde & Co. LLP v Bates van Winklehof that LLP members are workers for the purposes of entitlement to protection under whistleblowing legislation. We consider the implications.

2. Will new transparency rules spell the end of corporate membership of LLPs?

Proposals to increase transparency and trust in the UK business environment are taking shape and are set to impact on LLPs following publication of the Government's response to its July 2013 consultation. 

The principal proposal is the introduction of a central registry of beneficial ownership of UK companies and LLPs – but the response also floats a curious proposal to ban companies from membership of an LLP.

3. Applying the FCA's AIFMD Remuneration Code to LLPs, or using draughts to play chess

Many hedge, property, and VC fund managers are established in the form of an LLP and are having to come to terms with the implementation of the Alternative Investment Fund Managers Directive (the AIFMD) relating to remuneration apply to the members (partners) in those partnerships. This is no easy task as it involves applying rules designed for one context (employment) in an entirely different one (partnership). It is like trying to play chess using draughts.

What’s new at Fieldfisher

• At the end of May the London office of Fieldfisher moved to new premises at Riverbank House, 2 Swan Lane, EC4, and marked the change by rebranding with to its new "fieldfisher" logo and livery. The move sees all London employees housed in one building - a building with significantly better facilities and breathtaking panoramic views of London.
   
• Fieldfisher is one of a small group of law firms to be awarded ISO 27001 Certification status. The internationally recognised standard will provide the most stringent certification for information security controls, guaranteeing that ample information security controls and other forms of risk treatment are in place to prevent and defend against potential data system vulnerabilities. The certification also ensures that the information security controls continue to meet the firm's security needs on an ongoing basis.
   
• Fieldfisher has strengthened its presence in Manchester through merger with the established Manchester firm Heatons, which has now come under the Fieldfisher banner, and in Germany through the acquisition of the three partners and two further lawyers in its offices in Hamburg and Düsseldorf.