NORMS meaning

Stop Press: Section 49 together with Schedule 7 to the Finance Act 2026 revises the UK’s domestic rules concerning UK permanent establishments of overseas, non-UK companies, applying for accounting periods (for corporation tax) or tax years (for income tax) that start on or after 1 January 2026. These measures update both the meaning of a UK permanent establishment and the framework for attributing profits to such establishments so as, in each instance, to align them more closely with the OECD Model Tax Convention. This ensures the domestic position is more consistent with internationally accepted norms. Separately, Section 46 and Schedule 5 to the Finance Act 2026 scrap the DPT regime and introduce the ‘unassessed transfer pricing profits’ (UTPP) provisions, effective for accounting periods commencing on or after 1 January 2026. HMRC has published a new chapter in the International Manual setting out guidance on the UTPP rules at INTM489100. Additional practical guidance is provided there. For further detail on these updates, see News Analysis: Budget...

Heytex Bramsche GMBH v Unity Trade Capital Ltd [2022] EWHC 2488 (Ch), [2022] All ER (D) 38 (Oct) What are the practical implications of this case? Although fact-specific, this ruling will interest insolvency practitioners as a reminder of the bar for avoiding a winding-up order. In this instance, notwithstanding that low bar, the court concluded there was no genuine or substantial dispute. It also carries weight for finance lawyers more broadly, emphasising the need for precisely drafted paperwork—here, letters of credit in the sphere of international trade finance. Core terms—identifying the parties, defining their respective functions and liabilities, stating the proper signatories, and confirming the incorporation of standard (or bespoke) conditions—must be clear and consistent. For letters of credit in particular, any marked shift from their commercial purpose (ie, assuring the buyer of payment against documents and the seller against buyer default) calls for the clearest wording to demonstrate that intention, the counterpart to Lord Justice Denning’s (as he then was) ‘red hand’ rule. A court will hesitate...

In this issue: Arbitration in England & Wales International arbitration Institutional and ad-hoc arbitration Other arbitration and ADR-related news and developments New Law Journal New and updated content Daily and weekly news alerts Arbitration in England & Wales Court of Appeal—anti-suit injunctions and injunctions generally not available against states unless one of the exceptions in section 13 of the State Immunity Act 1978 applies In UK P&I Club N.V. v Republica Bolivariana de Venezuela, the Court of Appeal reaffirmed the doctrine of state immunity. Refusing an anti-suit injunction in a commercial dispute with Venezuela, the court underscored the proper objective of adherence to international law: advancing comity and sound relations among states by recognising the sovereignty of other nations. It further held that the European Convention on Human Rights (ECHR) should, so far as practicable, be construed in concert with the wider corpus of international law of which it forms a component, including norms governing the...

In this issue: New technologies Internet Fintech Data protection Media Advertising, marketing and sponsorship Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information New technologies The role of acceptable use policies in AI With AI systems rolling out at scale, acceptable use policies (AUPs) are increasingly central to meeting obligations under frameworks such as the EU AI Act. Barry Scannell and Leo Moore, partners at William Fry, explore why AUPs are needed, the difficulties they raise, approaches to enforcement, the part played by governments and industry self-regulation, and the rise of norms and policy proposals. See News Analysis: The role of acceptable use policies in AI. European AI Office publishes draft General-Purpose AI Code of Practice Barry Scannell and Leo Moore, partners at William Fry, assess the EU’s draft General-Purpose AI Code of Practice. See News Analysis: European AI Office publishes draft General-Purpose...

Practice Note This Practice Note is intended to offer information and hands-on guidance on English law subscription agreements for solicitors advising debut issuers of debt securities. It concentrates on debut issuers because, once an issuer has come to market, documentation for later offerings typically tracks very closely the papers used for that initial transaction; accordingly, the first deal’s documentation phase is the moment when an issuer and its advisers can review the terms in depth and—subject to prevailing debt capital markets norms—shape the form of the documents. The Note proceeds on the basis that debut issuers are unlikely to be large corporates, financial institutions, multilateral bodies (such as the World Bank) or sovereigns that customarily tap the international investment‑grade public debt markets, but rather entities active in particular segments of the market when conditions are favourable or when other funding sources (for example, bank loans) are unavailable, including: emerging market corporates and financial institutions universities housing associations charities small and medium-sized enterprises...

This Practice Note explores the body of law an arbitral tribunal ought to apply when delivering its substantive award, and how to identify that law where the parties have not made an express choice. It proceeds on the basis that the tribunal is seated in England and Wales (with England and English used as convenient shorthand) or in Northern Ireland. Its focus is international arbitrations, meaning, for these purposes, arbitrations in which at least one party is domiciled outside England and Wales, or where performance of the contract is to occur overseas. Practice Note: Applicable laws in international arbitration may interest many practitioners. Further guidance on applicable law in the civil litigation context is also available: Applicable law principles—overview, Applicable law (UK regime)—overview and Applicable law (EU regime)—overview. The law applicable to the substance of the dispute In general terms, the law governing a contract is the system of private law that sets out the rights and obligations of the parties to the agreement...

Note: the Luxembourg cases referred to below are not all reported by LexisNexis®. Luxembourg provides a favourable climate for arbitration and is well regarded for the reliable execution of arbitral awards. The forum is notably mindful of the hierarchy of norms and places marked emphasis on international treaties. Before setting out the bases for declining exequatur, Article 1246 of the New Code of Civil Procedure (the 'NCCP') stipulates that the Court of Appeal may decline enforcement only 'subject to the provisions of international conventions'. Consistent with this, Luxembourg is party to a range of international treaties, agreements and conventions that bolster the effectiveness of enforcing arbitral awards. In particular, the Grand-Duchy is a signatory to the 1958 New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards, which operates on a reciprocity basis – namely, it applies solely to awards seated in another contracting State. Luxembourg is likewise party to the 1966 Convention on the Settlement of Investment Disputes between States and Nationals of...

BUILDING A SUCCESSFUL TEAM Sets direction — clarifies why the team exists and why it matters (eg a clear charter or mission); steers the creation of precise, measurable targets. Shapes structure — defines member roles and duties; ensures the right steering, review and support mechanisms operate. Enables delivery — suggests effective procedures and workflows to hit team goals; secures resources and clears barriers to progress. Brings others in — listens carefully and actively involves colleagues in choices and actions; appreciates diverse strengths; sustains strong connections with remote and hybrid team-mates. Keeps the team informed — passes on timely, relevant updates to everyone. Demonstrates commitment — follows team norms and standards; meets obligations; shows personal dedication to collective success. BUILDING TRUST Acts with integrity — is honest; keeps promises; behaves consistently. Shares own stance — communicates thoughts, feelings and reasoning appropriately so others grasp where they stand. Stays receptive — hears people out; weighs alternative...