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R (Greyhound Board of Great Britain Ltd) v Welsh Ministers [2026] EWHC 670 (Admin) What are the practical implications of this case? The ruling reinforces the constitutional divide between the courts and the legislature. It explains that the scheme and framework of the Government of Wales Act 2006 (GWA 2006) embody that separation of powers, and that any judicial attempt to recognise and enforce a common law obligation on Welsh Ministers to consult prior to introducing legislation in the Senedd would trespass upon that boundary. This is not a departure from established principle; case law has already upheld comparable rules for lawmakers in Scotland and at Westminster. However, this is the first express confirmation of the position for Welsh lawmakers, and the first time this dimension of the GWA 2006 has been analysed in such depth. The court examined earlier
The solution arrived through the United Nations Compensation Commission (UNCC), a quasi‑judicial body handling mass claims, created under UN Security Council Resolution 687. By addressing environmental harm—most notably via its ‘F4’ claim class—the UNCC set a seminal benchmark shaping how international law and contemporary arbitral panels allocate financial responsibility for wartime ecological devastation. With present-day wars in areas such as Eastern Europe and the Middle East bringing dam breaches, strikes on chemical facilities, and the burning of farmland, the UNCC’s legacy endures as an essential reference point for states, global investors, and companies engaged in post‑conflict arbitration. The F4 claims: Quantifying the unquantifiable Prior to the 1990s, mechanisms in international law for war reparations overwhelmingly favoured property loss, foregone earnings, and bodily injury. The natural world was commonly treated as a mute, non-compensable victim of armed hostilities...
Understanding the farming business as a business Many farms still use long-standing structures that arose by habit, not strategy. Sole traders, informal partnerships and outdated partnership deeds are common. While once effective, such setups can cause major issues around succession, tax planning and involving the next generation. A corporate team can take a fresh, business-led view of the farm, asking: Who owns the land and other critical assets? Who manages daily operations? Who carries the risk and who enjoys the return? What is the enduring plan for succession? From this review, the team can confirm whether the current setup is fit for purpose or if an alternative — for example an updated partnership agreement, a company, a limited liability partnership, or a blended model — would better meet the family’s aims. Tax efficiency through joined-up advice Tax sits at the centre of most
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In this issue Shipping finance Real estate finance Sustainable finance Debt capital markets Derivatives Structured products and securitisation Sanctions Daily and weekly news alerts New and updated content Useful information Shipping finance The armed conflict raging in Iran, together with the virtual halt of commercial movements through the Strait of Hormuz since early March 2026, has triggered an interruption to global shipping and energy trade with no clear precedent in the post-war period. This narrow corridor is a vital bottleneck in energy supply chains: around one-fifth of the world’s daily petroleum demand, and a similar share of traded liquefied natural gas, typically passes through it. Leading regional producers-including Qatar Energy, Kuwait Petroleum Corporation, Shell and Bapco-have already declared force majeure against their contract parties. The ripple effect is worldwide, leaving energy and...
The report covers: The European Commission has released the report it forwarded to the European Parliament and the Council, presenting its assessment of the markets for commodity derivatives, for emission allowances and for derivatives of emission allowances, under Article 90(5) of the Markets in Financial Instruments Directive ( Mi FID II) ( Directive ( EU) 2014/65), as updated in February 2024. It states that input from stakeholders, together with the Commission’s subsequent appraisal based on market trend analysis, did not indicate an immediate need for substantive revisions to the reviewed parts of the commodity derivatives framework, although certain targeted amendments might be contemplated in future... data aspects relating to commodity derivatives the ancillary activity exemption position limits, position management controls and position reporting Source: REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL on the...
The European Securities and Markets Authority ( ESMA) is consulting on revised guidelines for standardised processes and messaging protocols. This assessment forms part of ESMA’s efforts to help market participants get ready for the move to a T+1 settlement cycle. Submissions are requested by 7 July 2026. ESMA will subsequently review the input received and plans to release the final report, featuring updated guidelines, by October 2026......
Uni Credit Bank Gmb H, London Branch v Constitution Aircraft Leasing ( Ireland) 3 Ltd and another; Unicredit Bank Gmb H, London Branch v Celestial Aviation Services Ltd [2026] UKSC 10 What was the background? The appeal centred on a dispute between Uni Credit Bank Gmb H, London Branch (the Bank) and the aircraft lessors, Celestial Aviation Services Ltd and Constitution Aircraft Leasing ( Ireland) (the Lessors). It arose from the Bank’s liabilities under twelve standby letters of credit ( L/ Cs) issued in support of aircraft leases entered into with Russian airlines (the Lessees). On 1 March 2022, in the wake of the Russian invasion of Ukraine the month before, the Regulations, SI 2019/855, reg 28(3)(c), were amended so that the standing prohibition on financial services or funds connected to military goods and military technology was broadened to restricted goods, including aircraft, and...
In this issue: Sanctions Lending Security Guarantees Sustainable finance Real estate finance Debt capital markets Derivatives Securitisation and structured products Daily and weekly news alerts New and updated content Useful information Sanctions UK sanctions regulations suspend payment obligations under letters of credit ( Uni Credit Bank v Celestial Aviation) In Uni Credit Bank Gmb H, London Branch v Constitution Aircraft Leasing ( Ireland) 3 Ltd; Uni Credit Bank Gmb H, London Branch v Celestial Aviation Services Ltd [2026] UKSC 10, the Supreme Court decided that regulation 28(3)(c) of the Russia ( Sanctions) ( EU Exit) Regulations 2019 ( SI 2019/855) prevented a bank from paying under standby letters of credit tied to aircraft leases for Russian airlines until the necessary licences were obtained. Consequently, the bank’s payment duties were suspended and interest did not...
Boult v Together Personal Finance Ltd [2026] EWHC 809 ( Ch) What was the background? The respondent lender, Together Personal Finance Ltd, granted a short-term secured loan to the appellant, Ms Boult, with security taken by way of a legal charge over her home. The borrower had expressly agreed that only the house would be charged, and she executed the legal charge on that footing. After execution, and without her knowledge or consent, the lender’s solicitors altered the instrument by adding, in handwriting, a second property owned by her. The amended charge was then registered against both titles at HM Land Registry. The borrower later discovered the inclusion of this additional property and challenged the validity of the charge. Possession proceedings were issued in the County Court, where she relied on the rule in Pigot’s Case (1614) 11 Co Rep 26, asserting that the...
Eiger Funding ( PCC) Ltd v Ridge and Partners LLP [2026] EWHC 609 ( TCC) (16 March 2026) What are the practical implications of the case? This ruling is a seminal, defining judgment that reshapes the scope and limits of monitoring surveyor exposure along three closely connected strands. First, the character of the IMS obligation. The most significant takeaway is that a monitoring surveyor must exercise independent professional judgement, not act as a passive conduit. Ridge was held in breach for repeating the developer client’s cost numbers in a report to Eager as “agreed and robust” without verifying them. The baseline is now fixed: objective benchmarking against an industry yardstick, such as BCIS, is compulsory. If a developer’s figures sit in the bottom quartile of market pricing, the surveyor must give a clear warning to the lender about the material risk of cost overrun. An IMS that...
Crest Nicholson Regeneration Ltd and others v Ardmore Construction Ltd (in Administration) and others [2026] EWHC 789 ( TCC) What was the background? The claimants ( Crest), comprising developers and leaseholders, issued an application in the Technology and Construction Court before Constable J for building liability orders ( BLOs) under sections 130–131 of the Building Safety Act 2022 ( BSA 2022) against companies ‘associated’ with Ardmore Construction Ltd ( ACL), the design and build contractor on a residential development. Prior to the hearing, ACL entered administration. Crest asserted that ACL was liable for fire safety defects under section 1 of the Defective Premises Act 1972 ( DPA 1972) and sought to extend that liability to its associated companies. The application advanced two strands of relief. First, an ‘anticipatory’ BLO rendering the associated companies jointly and severally liable for any liability later...
In this issue: Sustainable finance and ESG round up Case round-up Real estate finance Sustainable finance Debt capital markets Daily and weekly news alerts Useful information Sustainable finance and ESG round up Sustainable finance and ESG round-up— January– March 2026 In this edition, the Finance Group’s Sustainable finance and ESG round-up highlights: (1) HM Treasury has issued a Good Practice Guide on TCFD reporting; (2) the Commission is inviting feedback to simplify EU taxonomy criteria; and (3) the International Capital Market Association ( ICMA) has released a position paper on SFDR 2.0 to support the EU co-legislation process. For more information, see News Analysis: Sustainable finance and ESG round-up— January– March 2026. Case round-up Banking & Finance— March 2026 case round-up For a summary of the Banking & Finance matters we flagged in March 2026, see News Analysis: Banking & Finance— March 2026 case...
The Court of Appeal gave the insurers, which include Fidelis and Chubb, permission to challenge aspects of a decision that leaves them on the hook for a massive payout to Aer Cap, the world's largest aircraft lessor Leading a two-judge bench, Justice Stephen Phillips said the court, having considered the submissions, would allow an appeal on every ground raised. At the 31 March 2026 hearing, Fidelis contended that a previous judge had erred in finding that all aircraft marooned in Russia were irretrievably lost to the lessors. In June 2025, Judge Christopher Butcher had concluded the losses engaged war-risk insurance — subject to payout limits — rather than the wider all-risk cover. Aer Cap, the world’s largest aircraft lessor, had claimed USD3.5 billion under the broader all-risk policy, but its recovery under the war-risk policy was limited to USD1.2 billion. Peter Mac Donald Eggers KC of...
UK Finance responds to FCA consultation on aligning sustainability disclosures with ISSB standards UK Finance has issued its reply to the Financial Conduct Authority’s consultation on bringing sustainability-related disclosures into line with international standards, backing the plan to embed the UK Sustainability Reporting Standards within the Listing Rules and to align with the International Sustainability Standards Board baseline, while underlining the need for international consistency and comparability. It supports the proposed ‘comply or explain’ model, yet seeks clearer signalling on the FCA’s next steps, including whether the regime will persist in its current form or shift towards mandatory adherence. The submission also urges consideration of the implications for the competitiveness of UK listings and for the broader corporate reporting landscape, and says the FCA should take a proportionate, supportive supervisory stance, especially during initial implementation, acknowledging that firms may rely on best...
Banking & Finance— March 2026 case round-up Abraaj Investment Management Ltd and others v KES Power Ltd and others ( No 2) [2026] EWHC 202 ( TCC) Assignment by way of security—estoppel by convention In this follow-on ruling to the trial judgment in Abraaj Investment Management Ltd and others v KES Power Ltd and others [2026] EWHC 65 ( Comm), Foxton LJ addressed permission to appeal, the terms of the order, interest, costs, and a stay. The central question was whether AIML could maintain that estoppel by convention could not ground Mashreq’s entitlement to recover the KESP receivable, on the basis that this would improperly create ‘new rights’. The court considered the contention sufficiently arguable to justify permission to appeal on that issue, but rejected it on the merits. It further refused permission on additional new points raised after trial, ordered direct payment in...
In this issue: Sanctions Aviation finance Real estate finance Debt capital markets Derivatives Daily and weekly news alerts New and updated content Useful information Sanctions Supreme Court confirms Russia sanctions pause payments under letters of credit pending licence and explains scope of SAMLA section 44 defence ( Uni Credit Bank Gmb H, London Branch v Constitution Aircraft Leasing ( Ireland) 3 Ltd; Uni Credit Bank Gmb H, London Branch v Celestial Aviation Services Ltd) The Supreme Court has unanimously rejected the appellants’ appeal and upheld the respondent’s cross-appeal in Uni Credit Bank Gmb H, London Branch v Constitution Aircraft Leasing ( Ireland) 3 Ltd; Uni Credit Bank Gmb H, London Branch v Celestial Aviation Services Ltd [2026] UKSC 10. It ruled that regulation 28(3)(c) of the Russia ( Sanctions) ( EU Exit) Regulations 2019, SI 2019/855,...
Background These linked appeals address how a UK sanction against Russia bears on obligations arising under aircraft leasing arrangements. The pertinent measure is the Russia ( Sanctions) ( EU Exit) Regulations 2019 ( SI 2019/855), regulation 28(3)(c). In response to Russia’s invasion of Ukraine on 24 February 2022, regulation 28(3)(c) was amended with effect from 1 March 2022 so that a person must not, directly or indirectly, provide financial services or funds in pursuit of, or in connection with, an arrangement whose object or effect is to make restricted goods or restricted technology available, whether directly or indirectly, (i) to a person connected with Russia, or (ii) for use in Russia. The amendment expanded a prohibition that had previously focused on military goods and military technology, bringing within scope specified civilian goods, including critical‑industry goods such as aircraft. The appellants are...
In this issue: Lending Security Real estate finance Sustainable finance Debt capital markets Derivatives Regulation for derivatives lawyers Regulation for banking lawyers Sanctions Daily and weekly news alerts New and updated content Useful information Lending Cabinet Office publishes its reply to the consultation on the National Security and Investment Act 2021 ( Notifiable Acquisition) ( Specification of Qualifying Entities) Regulations 2021, SI 2021/1264. The paper collates stakeholder feedback from the consultation and details the government’s planned amendments to each schedule of the Notifiable Acquisition Regulations. It also focuses on suggested changes to the National Security and Investment Act 2021 ( NSIA 2021). See LNB News 12/03/2026 56; source: Consultation on the NSI Act Notifiable Acquisition Regulations... Security Companies House reports resolution of a Web Filing security incident identified on 13 March 2026, which may have enabled signed-in users to view and alter parts of other companies’ information without permission. The service was taken offline at 1.30 pm on 13 March 2026 and,...
A cohort of reinsurers asked High Court Judge Simon Picken to shut down part of Fidelis and Chubb’s bid to make them fund or share the insurance outlay owed to aircraft lessors, including Aer Cap Ireland Ltd and Merx Aviation, saying Chubb and Fidelis were attempting to ‘jump the queue’ in the proceedings. Chubb and Fidelis are pursuing AIG and AXA for sums said to arise from a June 2025 judgment in a trial about responsibility for aircraft marooned in Russia after its 2022 invasion of Ukraine. That case examined whether the loss of the aircraft engaged war-risk policies, which carry caps, instead of wider all-risk covers. The decision of High Court Judge Christopher Butcher left Chubb on the hook for US$57.6m due to Aer Cap, while Fidelis has paid US$289.5m to Aer Cap and Merx under lessor policies, court papers say, as set out in the...
In this issue: Lending Aviation finance Sustainable finance Real estate finance Debt capital markets Derivatives Technology in banking & finance transactions Scotland Daily and weekly news alerts New and updated content Useful information Lending DBT issues updated statutory guidance on PSC ‘significant influence or control’ for companies and LLPs The Department for Business and Trade has released two statutory guidance notes on what amounts to ‘significant influence or control’ for the purposes of Schedule 1A to the Companies Act 2006, issued separately for companies and for Limited Liability Partnerships. See: LNB News 05/03/2026 28. Sources: People with significant control: 2026 company statutory guidance and People with significant control: 2026 LLP statutory guidance. Aviation finance Gama Aviation FZC v Bin Otaiba Investment Group [2026] EWHC 258 ( Comm) The court found in favour of Gama Aviation FZC ( GAF) on its...
What is the background to the Act? In 2020 the Ministry of Justice tasked the Law Commission with examining the legal framework for crypto-tokens and other digital assets. That workstream, encompassing a review, consultation and a series of reports, resulted in recommendations for the Bill that became the Property ( Digital Assets etc) Act 2025. What does the Act do? Before the Property ( Digital Assets etc) Act 2025 commenced on 2 December 2025, English law recognised only two categories of personal property: ‘things in possession’: typically, tangible items such as a chattel; and ‘things in action’: generally, legal rights that are enforceable by court action. The Act’s aim and effect is to make clear that where there is a ‘thing’ (i.e. something not given a particular name) which does not fall within the established meanings of ‘thing in possession’ or ‘thing in action’, that alone does not...
This piece explores how the FCA’s enforcement against HTX (the first action of its type) highlights the difficulty of policing a borderless cryptoasset sector from a single national base. It also signals how the FCA may scale its approach once cryptoassets sit fully inside the regulatory perimeter in 2027. Background HTX, known as Huobi until 2023, is a cryptocurrency exchange launched in 2013. Initially aligned with Chinese users, it shifted focus to worldwide markets, including the UK, after domestic rules tightened. In the UK, oversight of cryptoassets has progressed at a measured pace compared with other jurisdictions, which range from unrestrained openness to comprehensive prohibitions. Beyond an early move in January 2021 banning retail sales of crypto-derivatives, the first significant stride arrived in April 2022: all cryptoasset service providers operating in the UK had to register with the FCA under the Money...
The review extends the FCA's Artificial Intelligence Lab work and reiterates its often-stated view that current regulatory regimes strike a fair balance: granting firms room to innovate and compete through AI, while retaining enough supervisory bite to control risks arising from deployment. The call for input sets out four linked themes that interrelate closely: the trajectory of AI technology, encompassing more capable, autonomous and agentic systems the prospective effects of AI on markets and firms, including shifts in competition and market structure and dynamics emerging consumer patterns, covering how AI might enhance outcomes, introduce novel risks, influence behaviours and reshape the demand and delivery of financial services, and future regulatory responses, including how regulators may need to adapt to keep retail markets functioning well That last theme is, by some distance, the most contentious point raised. While the financial regulators appear presently committed to a...
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When evaluating a general damages claim, the practitioner ought initially to refer to the Judicial College Guidelines (JCG)...
This Practice Note This Practice Note reviews mechanisms used in settling litigation. A Tomlin order consists of a consent order paired with a schedule. It operates to stay proceedings on terms that have been agreed. The provisions contained in the schedule may remain confidential. This Practice Note describes the scope of confidentiality attaching to the schedule and sets out how it differs from a standard consent order. Sample wording for a Tomlin order is included, alongside links to precedents, as well as guidance on court approval. It also addresses varying, setting aside and enforcing a Tomlin order, including the considerations the court will take into account when handling applications for each. Further guidance is provided on interpreting and applying the relevant provisions of the CPR; however, some courts and divisions impose very specific requirements for both drafting and approval, and for approaching the schedule and confidentiality issues. Accordingly, you must consider the particular rules and court guide provisions in the forum where your claim is proceeding when drawing up the Tomlin order...
Date [ date ] Parties [ name of Landlord ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Landlord) [ name of Tenant ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Tenant) [ [ name of Guarantor ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Guarantor) ] [ [ name of Mortgagee ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Mortgagee) ] Definitions Within this Deed, the terms below shall be interpreted as follows: [ Annual Rent • the annual sum reserved under the Lease; ] [ Insurance Rent • the Tenant’s share of the Landlord’s costs of insuring the Property (as set out in the Lease); ] Lease • the lease of the Property dated [ date ], entered into between (1) [ the Landlord OR [ name ...
I, [ name ], of [ address ], solemnly and sincerely state that: [ Matters to be verified, set out in numbered paragraphs ] I make this solemn statement in good conscience, believing it to be true, and pursuant to the provisions of the Statutory Declarations Act 1835. DECLARED at [ details ] this [ day ] day of [ month and year ] Before me ................................................................................ [ signature of the person before whom the declaration is made ] A [ commissioner for oaths OR [ solicitor OR [ insert other qualification ] ] authorised to administer oaths ]...
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