Allen & Overy "Introduce a new law" question for VS application

Discussion in 'Applications Discussion' started by Polzovatel, Aug 3, 2020.

  1. Jessica Booker

    Jessica Booker Legendary Member
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    There are only so many ideas in the world relating to laws that are practical/realistic. I wouldn’t worry if it has been thought of before.

    Be mindful that tax could be defined as policy rather than law. You could frame it more as to what legal implications/ideas there might be to stop tax loopholes or something similar to that though - eg what are the legal ramifications to ensure people comply with tax policies.
     
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  2. Alice G

    Alice G Legendary Member
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    Hey there!

    May I ask what you mean by if they’ve been considered before? If they’ve been considered and just not passed into law this is perfectly fine! Ultimately it just needs to be a law which hasn’t yet been passed or in its final stages etc.
    A new tax would count too! Just be careful it’s not too complex to explain as a key assessment for this question is how well you can explain the law and justify it.
     
  3. Habiba

    Habiba New Member

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    Hi @Jessica Booker hope your'e doing well and having a lovely weekend :) I was thinking about writing mine on LIBOR's cessation and transfer to risk free rates. The regulation regarding it needs changing with an extended deadline needed, more information on how it'll all work and there's also no consensus on the underpinning mechanisms of it by regulators in different jurisdictions. That is despite a deadline for the transition having been set for next year. Or even something like removing the option of CVAs for retailers but I feel like I may be talking about introducing new regulation with both of these ideas and not a new law? Not sure how I should change it or if these ideas need scrapping in favour of something else?
     
  4. Jessica Booker

    Jessica Booker Legendary Member
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    I’m not the best person to speak to about things like this as I have no knowledge of the topic.

    If you do choose this theme, you’ll need to ensure it is talked about in simple terms that anyone can understand, as currently (from the post) I can’t really comprehend what’s likely to be discussed
     
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  5. Alice G

    Alice G Legendary Member
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    The issue with discussing LIBOR is that I feel it’s something which is already in motion - are you saying you want to suggest how it ought to be done differently? I just wonder if that really qualifies as a new law and something divergent enough to what’s already happening with LIBOR.

    On what basis would you want to rule out CVAs for retailers? Be mindful that in June 2020 new legislation came in which has implemented ‘restructuring plans’ for businesses which are another formal arrangement for struggling business which has sought to remedy some of the inherent issues with CVAs and schemes of arrangement.
     
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  6. Jaysen

    Jaysen Legendary Member
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    As Alice said, you do want to be clear on how you are introducing a new law. Personally, I would interpret this broadly, and I think a new regulation (and possibly a change of regulation) could fit under this, as long as you are phrasing this correctly.

    Generally speaking, I don't think the topic itself is as important as the way you explain it. I like the CVA/retailer suggestion!
     
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  7. maddie34567

    maddie34567 Legendary Member

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    Hi :) would it be a good idea for an answer to this question to talk about an extension of a law, for example, the current law does not cover certain institutions, and I want to propose a new law that does cover this & talk about why this would enhance the existing law much more.
    Also, is it okay to talk about a law that might negatively impact businesses?
     
  8. Alice G

    Alice G Legendary Member
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    would it be a significant modification to existing law? I feel you would be fine to do this but maybe just make sure it is significant enough to be a clear extension.

    With it being negative for business - if you mean it might hold them to account then I see no issue but I would advise you to consider if the law might make you seem anti business.

    Sadly, with questions like this and the nuances you mention it is very hard to advise unless you feel comfortable sharing your thoughts more explicitly
     
  9. James Kitching

    James Kitching Star Member

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    Hiya, can I ask why you would remove CVA option for retailers? I am interested to know the reason behind this. Thanks!
     

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