• Commercial contracts. The Court of Appeal has found that a contract conferred rights on a class of third party. Under the Contracts (Rights of Third Parties) Act 1999, a person who is not a party to a contract can nonetheless enforce a term of that contract if the contract specifically identifies that person by name, class or description (and the term confers a benefit on that person). In Chudley and others v Clydesdale Bank plc, a contract referred to “a client account”. In the context, the court said this was specific enough to refer to any of several investors in a property development who would be depositing money into that account.
  • Public M&A. The Takeover Panel has announced that it has published Instrument 2019/2, in which it has replaced references to the “UKLA” in the Takeover Code with references to the “Financial Conduct Authority” (FCA). The changes follow the FCA’s announcement in its February Primary Markets Bulletin that it is retiring the use of its “UKLA” badge.