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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 Sole traders, informal partnerships and outdated partnership deeds are common.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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UK developments FSB reports significant progress on global climate disclosure standards implementation The Financial Stability Board ( FSB) has released its 2024 update on delivering consistent climate-related reporting, noting strong momentum in adopting International Sustainability Standards Board ( ISSB) disclosure standards. In 19 of the FSB’s 24 jurisdictions there are now regulations, guidelines, or strategic roadmaps in place, and 17 jurisdictions have introduced or proposed requirements grounded in the ISSB standards and the Task Force on Climate-related Financial Disclosures ( TCFD) recommendations. See: LNB News 12/11/2024 58. Sources: FSB reports on progress towards globally consistent and comparable climate-related disclosures, 2024 progress report on Achieving Consistent and Comparable Climate- Related Disclosures, and IFRS Progress Report on Corporate Climate-related Disclosures. LMA publishes draft provisions for green loans The Loan Market Association ( LMA) has issued draft green loan provisions, offering suggested clauses for inclusion in LMA loan...
In this issue: Sustainable finance and ESG weekly round-up Economic Crime and Corporate Transparency Act 2023 Lending Acquisition finance Shipping finance Real estate finance Sustainable finance Debt capital markets Derivatives Regulation for banking lawyers Sanctions Daily and weekly news alerts New and updated content Useful information Sustainable finance and ESG weekly round-up For a summary of this week’s Sustainable finance and ESG developments, see Sustainable finance and ESG weekly round-up—14 November 2024. Economic Crime and Corporate Transparency Act 2023 Economic Crime and Corporate Transparency Act 2023 ( Commencement No 3) Regulations 2024 ( SI 2024/1108): Provisions in ECCTA 2023 on civil recovery of cryptoassets in Scotland took effect on 7 November 2024, and measures introducing the UK-wide offence of failure to prevent fraud will commence on 1 September 2025. See: LNB News...
Fimbank plc ( Appellant) v KCH Shipping Co Ltd ( Respondent) [2024] UKSC 38 Background This appeal concerns the construction and application of the Hague Rules, a 1924 international convention unifying rules of law on bills of lading, together with the Hague‑ Visby Rules, being the Hague Rules as revised by the 1968 Brussels Protocol. These conventions govern most contracts for the international carriage of goods by sea [1]. Under both regimes, Article III, rule 6 provides that a carrier is released from all liability unless proceedings are commenced within one year from the date the goods were delivered, or the date when they ought to have been delivered (para [2]). Put shortly: in any event the carrier and the ship are discharged from all liability whatsoever in respect of loss or damage to the goods unless suit is begun within one year after...
In 2010, the lender became the first new high-street bank to launch in the UK for more than a century, but later fell foul of the FCA over shortcomings in financial crime controls dating back to 2016. Metro was hit with a £16.6m fine for failing to adequately monitor tens of millions of transactions valued at over £50bn. The deficiencies, which ran from June 2016 to December 2020, triggered a remediation programme that was only finalised in 2022. Nearly 1,500 suspicious activity reports were subsequently sent to the National Crime Agency, and the bank’s review resulted in 43 customer accounts being closed. Under the UK’s anti-money laundering regime, banks are required to submit suspected money laundering cases to the financial intelligence agency. Metro, which notified the regulator in 2019, has appeared on the FCA’s financial crime watchlist since June 2023 and was placed under...
The European Commission, the EU’s executive arm, announced that the bloc will cooperate with global partners at the COP29 conference in Azerbaijan from 11–22 November 2024 to push forward actions keeping the temperature increase as near as possible to 1.5 degrees Celsius. It stressed that its chief priority at the meeting is agreeing a new collective quantified target for climate finance. The Paris Agreement, a worldwide pact concluded in 2015, commits countries to hold warming well below 2 degrees Celsius above pre-industrial levels, and to strive for 1.5 degrees Celsius. The Commission added that parties to the Paris Agreement are expected to bring international financial flows into line with climate objectives, unlocking investment by settling on a new collective quantified goal under Paris Agreement to unlock investments......
In this issue: Sustainable finance and ESG weekly round-up Lending On-demand bonds Aviation finance Sustainable finance Debt capital markets Regulation for banking lawyers Technology in banking and finance transactions Sanctions Daily and weekly news alerts New and updated content Useful information Sustainable finance and ESG weekly round-up For this week’s highlights on Sustainable finance and ESG, consult Sustainable finance and ESG weekly round-up—7 November 2024. Lending Murfet and another v Property Lending LLP and another company [2024] EWHC 2787 ( Ch) Clause 7.2 of the Facility Letter provided that sums advanced were “repayable on demand”, empowering the lenders to require repayment of the entire borrowing at any moment without having to justify the demand. The contra proferentem rule was irrelevant because there was no uncertainty in Clause 7.2 warranting construction against the lenders as the...
UK developments FCA releases disclosure examples for SDR and investment labels regime. The Financial Conduct Authority ( FCA) has set out sample disclosures and approaches covering various labels, illustrating how applicants can comply with the Sustainability Disclosure Requirements ( SDR). See LNB News 01/11/2024 41. Source: The Sustainability Disclosure Requirements ( SDR) and investment labels: pre-contractual disclosure examples. International developments TPT publishes its concluding report with overview of its work and achievements. The Transition Plan Taskforce ( TPT) has released its final report, detailing work and achievements, and emphasising global consistency in transition planning and its use in decision-making by financial institutions, corporations, governments and regulators......
SATA Internacional- Azores Airline SA v Hi Fly Ltd [2024] EWHC 2762 ( Comm) What are the practical implications of this case? This decision examines the requirement for rectification (here, of a novation agreement) and highlights the distinct approach to admissible material in construction cases as compared with rectification claims. It shows the court first construing the written terms by applying an objective test, and then, by reference to a broader evidential record and a subjective test, deciding whether the contract recorded the parties’ common assumption at the time of contracting, such that rectification might be ordered. The judge also emphasised the difficulties of litigating events long after they occurred, noting that, alongside the oft-cited observations of Leggatt J in Gestmin SGPS SA v Credit Suisse ( UK) Ltd, contemporaneous documents are crucial to the rigorous assessment of oral testimony. Yet it is also...
In this issue: Sustainable finance and ESG round-up Banking and Finance case round-up Autumn Budget 2024 Financial Services and Markets Act 2023 Football Governance Bill Security Aviation finance Shipping finance Trade finance Sustainable finance Regulation for derivatives lawyers Regulation for banking lawyers Daily and weekly news alerts New and updated content Useful information Sustainable finance and ESG round-up Sustainable finance and ESG weekly round-up For an overview of this week’s Sustainable finance and ESG updates, refer to Sustainable finance and ESG weekly round–up—31 October 2024. Banking and Finance case round-up Banking & Finance— October 2024 case round-up For a summary of the October 2024 Banking & Finance cases we highlighted, see News Analysis: Banking & Finance— October 2024 case round-up. Autumn Budget 2024 Autumn Budget 2024—key Banking & Finance...
UK developments Contracts for Difference ( Miscellaneous Amendments) Regulations 2024 SI 2024/ Draft: These draft Regulations would revise the Contracts for Difference ( Definition of Eligible Generator) Regulations 2014, SI 2014/2010 so that an individual who changes an ‘eligible generating station’ by decommissioning a section in order to replace it is treated as an eligible generator. The Contracts for Difference ( Allocation) Regulations 2014, SI 2014/2011 are likewise amended. They are intended to come into force on the day after they are made. See: LNB News 29/10/2024 23. EU developments ESAs publish 2024 joint report on principal adverse impacts disclosures under SFDR: The three European Supervisory Authorities (the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority— ESAs) have issued their third annual report on disclosures of principal adverse impacts under the Sustainable Finance Disclosure...
Banking & Finance— October 2024 case round-up Brierley v Otuo and others [2024] EWHC 2549 ( Ch) — Security: cost recovery on legal mortgages The court refused the mortgagee’s appeal against a 28 July 2023 order that barred recovery of sale and enforcement costs on specified properties. The decision followed the established rule on legal mortgages set out in Fisher & Lightwood’s Law of Mortgage (paragraph 55.6). Put simply, unless the mortgage contains an express term, there is no implied duty on the mortgagor to pay the mortgagee’s costs, charges and expenses, so they cannot be recovered from the mortgagor personally, save where personal liability has arisen in the particular case. Nevertheless, those costs are rolled into the secured indebtedness and, as against the mortgagor and anyone with an interest in the equity of redemption, they are treated as part of the amount owing under the...
Consult Practice Note: US regulation of derivatives—one minute guide. For overview targeting derivatives lawyers on US regulation, refer to: US regulation for derivatives lawyers—overview......
The guidance arises from fresh penalty and enforcement powers afforded to Companies House by reforms in the Economic Crime and Corporate Transparency Act 2023 ( ECCTA 2023), alongside the Economic Crime and Corporate Transparency Act 2023 ( Financial Penalty) Regulations 2024 ( SI 2024/445). These regulations brought in a maximum financial penalty of up to £10,000 as an alternative to criminal proceedings, and although they have applied since 2 May 2024, the penalty has only been enforceable since September 2024... This framework is intended to raise compliance levels, enhance the accuracy of the register and curb misuse. Martin Swain, director of intelligence and law enforcement at Companies House, signalled that Companies House will not hesitate to deploy the powers now at its disposal. The guidance closely follows enhanced capabilities granted by the Economic Crime ( Transparency & Enforcement) Act 2022, which created the...
International developments TGC publishes Transition Finance Market review to reach net zero The Global City ( TGC) has issued a report from the Transition Finance Market Review, setting out a high‑integrity framework to back UK and worldwide net zero ambitions. It calls for coordinated action by government, investors, businesses and civil society to shape policy and provide clear investment signals... See: LNB News 17/10/2024 74. Sources: Scaling Transition Finance: Findings of the Transition Finance Market Review FCA responds to market review on delivering finance for global decarbonisation and UK growth Client Earth files complaint with AMF against Black Rock for greenwashing Environmental law charity Client Earth has lodged a regulatory complaint with the French finance regulator ( AMF) against asset manager Black Rock for 'greenwashing'. Client Earth challenges Black Rock’s labelling of 18 actively managed retail investment funds as 'sustainable', despite significant investments in fossil fuel...
In this issue Sustainable finance and ESG round-up Economic Crime and Corporate Transparency Act 2023 Trade and commodity finance Sustainable finance Debt capital markets Derivatives Sanctions Daily and weekly news alerts New and updated content Useful information Sustainable finance and ESG round-up Sustainable finance and ESG weekly round-up For this week’s developments in Sustainable finance and ESG, refer to Sustainable finance and ESG weekly round–up—24 October 2024. Economic Crime and Corporate Transparency Act 2023 Companies House publishes transitional plan on ECCTA 2023 Companies House has set out a transitional plan detailing when key measures under the Economic Crime and Corporate Transparency Act 2023 ( ECCTA 2023) will take effect, with the legislation designed to reshape Companies House’s role and strengthen transparency for UK companies and other legal entities. Implementation began on 4 March 2024 (with certain elements already in force) and is...
Yangtze Navigation ( Asia) Co Ltd & another v TPT Shipping Ltd & others ( The Xing Zhi Hai) [2024] EWHC 2371 ( Comm) This decision reaffirms the settled position that courts are reluctant to let agency concepts supplant the doctrine of separate corporate personality, a defining feature of standard shipping company structures. It also addresses the practical challenge that can arise when a counterparty deals with an intermediary usually known to act for principals, but the capacity is unclear on this occasion. Background the dispute related to three consignments of logs carried from New Zealand to India the logs were produced by the third to fifth defendants (the Exporters), who executed Log Marketing and Sales Agency Agreements ( LMSAAs) with TPT Forests Ltd ( Forests) under those LMSAAs, Forests acted as the Exporters’ agent to market and sell their logs abroad....
A T+1 settlement convention would mean that trades in financial markets complete one day after the transaction date, in fact, an enhancement on the current T+2 standard, under which trades complete two days after the transaction date. The taskforce’s assessment covers the UK’s settlement arrangements and is ultimately part of a series of policy initiatives intended to modernise the overall financial market infrastructure. Modifying trade settlement standard Background In financial markets, there is usually a lag between the trade date, when the parties agree the terms of a transaction, and the settlement date, when the buyer receives the securities and the seller receives the funds. This delay arises from a range of post‑trade processes, including checks that the buyer has sufficient funds and that the seller holds the securities in question, which must take place to ensure a trade completes...
Standard Chartered plc v Guaranty Nominees Ltd and other companies [2024] EWHC 2605 ( Comm) What are the practical implications of this case? In a notable ruling for the banking and finance sector, the High Court implied a term into an offering circular for preference shares, providing that a ‘reasonable alternative rate’ would apply after the cessation of USD LIBOR. The circular had linked dividends to three‑month USD LIBOR. Although it set out fallbacks for occasions when LIBOR was not published, those provisions proved unworkable once LIBOR ceased entirely. The court then addressed what the reasonable alternative ought to be, determining that CME Term SOFR together with the International Swaps and Derivatives Association ( ISDA) Spread Adjustment—i.e., the rate published as synthetic USD LIBOR prior to 1 October 2024—was the most suitable rate on the facts. While the dispute focused on...
UK developments CFRF publishes nature-related risk handbook and technical data guidance The Climate Financial Risk Forum ( CFRF) has released Nature-related Risk: Handbook for Financial Institutions, delivering practical direction to help financial institutions start to factor nature into decision-making and take steps to integrate it within risk management. Accompanying the handbook is Nature-related Risk: Technical Data Guidance for Financial Institutions, which sets out the nature data landscape and the main uses of nature-related datasets and tools, together with their key applications. See: LNB News 10/10/2024 62. CFRF: Nature-related Risk: Handbook for Financial Institutions CFRF: Nature-related Risk: Technical Data Guidance for Financial Institutions CFRF: Short- Term Scenarios Chapter CFRF: Mobilising Adaptation Finance to Build Resilience CFRF: Adaptation Finance- Related Case Studies CFRF Adaption Working Group user survey ......
In this issue: Sustainable finance and ESG round-up LIBOR and benchmarks Security Sustainable finance Debt capital markets Securitisation and structured products Regulation for banking lawyers Sanctions Daily and weekly news alerts New and updated content Latest Q& A Useful information Sustainable finance and ESG round-up For a summary of this week’s Sustainable finance and ESG developments, see: Sustainable finance and ESG weekly round-up—17 October 2024. LIBOR and benchmarks Standard Chartered Plc v Guaranty Nominees Ltd and other companies [2024] EWHC 2605 ( Comm) Standard Chartered (the Claimant) had issued perpetual preference shares whose dividends referenced the three-month USD LIBOR. Following the cessation of LIBOR publication, prompted by the contraction of the unsecured interbank lending market, the Claimant proposed switching the dividend calculation to a Compound Secured Overnight Financing Rate ( SOFR) plus the...
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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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