Business and Other Briefings
UK IPO: A 12 month pilot scheme will speed up processing patent applications in the UK and Japan. The Patent Prosecution Highway (PPH) will allow patent applicants who have received an examination report by either the UK Intellectual Property Office (UK-IPO) or the Japan Patent Office (JPO) to request accelerated examination of a corresponding patent application filed in the other country.
The development of work sharing arrangements between the UK-IPO and other national patent offices is a key recommendation of the Gowers Review of Intellectual Property. The UK-IPO is already discussing the possibility of a similar PPH pilot with the US Patent and Trademark Office (USPTO) to be launched later this year.
Press release ~ Patent Prosecution Highway (PPH) ~ UK Intellectual Property Office (UK-IPO) ~ Japan Patent Office (JPO) ~ Gowers Review of Intellectual Property
CCW: A survey by the Consumer Council for Water and Ofwat detailing business customers' views of competition in the water industry has revealed that the water competition regime is not providing businesses with a workable framework in which they can change their water supplier.
Despite interest from business customers, more than 18 months after the launch of competition, none has actually switched their water supplier - and the results of the survey indicate this is likely to remain the case, at least in the short term.
Press release ~ Consumer Council for Water ~ Ofwat ~ Setting Strategic Direction - Competition Research with Business Customers (June 2007)
FSA: The Financial Services Authority (FSA) has published the results of its review of controls over inside information in relation to public takeovers and sets out its next steps. The results are contained in the newsletter MarketWatch 21.
The review helped identify the factors that could contribute to the different types of leaks that may occur around public takeovers:
- accidental leaks, where staff may have inadvertently allowed information to escape into the public domain
- intentional leaks to the media for strategic positioning, and
- intentional leaks for market misconduct purposes
FSA: The Financial Services Authority (FSA) has published a discussion paper (closes 7 September) that considers the potential issues raised for the FSA's oversight of markets for multilateral trading facility (MTF) shares. This is as a result of the proposed modernisation by Her Majesty's Treasury (HMT) of stamp duty relief on the trading of shares.
From November 1 2007 the Government will extend the regime for intermediary relief for shares admitted to a regulated market to all intermediaries regardless of exchange membership and to all trades, including over-the-counter (OTC) trades. HMT is also considering similarly amending the relief for shares which are admitted to trading on multilateral trading facilities, such as AIM and Plus Markets.
FSA: The Financial Services Authority (FSA) has published its latest review of the behaviour of intermediaries & lenders within the sub-prime mortgage market, which services consumers with impaired credit histories. It has found weaknesses in responsible lending practices and in firms’ assessments of a consumer’s ability to afford a mortgage. As a result the regulator has started enforcement action against five firms.
While the research found no significant evidence of sub-prime mortgages being sold incorrectly to prime customers, several other issues were identified for both intermediaries and lenders when selling to sub-prime customers.
The FSA will continue to monitor firms operating in the sub-prime market and will continue its focus on debt and affordability for the latter half of 2007. This will include specific work on self-certification.
The FSA has also published on its website further mortgage thematic findings on Mortgages into retirement and Interest-only mortgages.
Press release ~ Findings of the review of the sub prime market; Intermediaries ,
FSA: The Financial Services Authority (FSA) has published a Discussion Paper (DP) reviewing the prudential requirements for Personal Investment Firms (PIFs). The paper discusses options for changing these rules in order to help reduce the impact of any mis-selling by firms in the sector.
The DP is closely linked to the wider issues covered in the Retail Distribution Review (RDR) and like the RDR will have a six month consultation period. The FSA intends to share relevant research findings publicly in early 2008. Detailed proposals for consultation will be published later in 2008 along with proposals from the RDR.
Press release ~ Discussion paper DP07/4: Review of the Prudential Rules for Personal Investment Firms ~ FSA's Retail Distribution Review
HMRC: Agents are being encouraged to email their questions for Dave Hartnett, Director-General (Business) about HMRC's recent initiatives to engage with tax advisers. Your questions will be put to him in an interview to be featured in the Department's next set of podcasts in early August.
In April HMRC launched podcasts to explore new ways to communicate with key audiences. Dave Hartnett's podcast will answer some of the profession's most frequently-asked questions about Fresh Start.
Agents can email their questions to: jonathan.kinsella@hmrc.gsi.gov.uk. The most frequently asked questions will be answered by Dave Hartnett in an interview which will be available at www.hmrc.gov.uk/podcasts in early August.
