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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 Sole traders, informal partnerships and outdated partnership deeds are common.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: Sustainable finance and ESG round-up Aviation finance Sustainable finance Debt capital markets Derivatives Securitisation and structured products Regulation for banking lawyers Daily and weekly news alerts New and updated content Useful information Sustainable finance and ESG round-up For this week’s highlights in Sustainable finance and ESG, see: Sustainable finance and ESG weekly round–up—10 October 2024. Aviation finance Aer Cap contests insurers over stranded aircraft as trial opens There is ‘no scope’ for leading insurers to reject billion-dollar claims for aircraft taken by Russian airlines, lawyers for major lessor Aer Cap told the High Court on 2 October 2024, on the first day of proceedings expected to act as a test case for other claims. For more details, see News Analysis: Aer Cap battles insurers over stranded jets as trial...
EU developments EFAMA flags that ESMA's new Fund Naming Guidelines limit EU sustainable investment The European Fund and Asset Management Association ( EFAMA) has cautioned that the European Securities and Markets Authority’s ( ESMA) proposed Fund Naming Guidelines are not compliant and conflict with existing sustainable finance frameworks, such as the EU Green Bond Standard. EFAMA indicates that this misalignment could narrow the investable universe for green bond funds and, in consequence, impede the expansion of the EU corporate green bond market. See: LNB News 08/10/2024 42. Source: Fund naming guidelines put growth of corporate green bond sector at risk. Council of the EU approves climate conclusions ahead of COP 29 meeting The Council of the EU has endorsed conclusions on climate finance in advance of the United Nations Framework Convention on Climate Change ( UNFCCC) session in Baku, Azerbaijan, running from 11 to 22 November 2024 ( COP 29). The...
UK developments FCA issues update on CP24/8: Extending the SDR regime to Portfolio Management The Financial Conduct Authority ( FCA) has refreshed its webpage for consultation paper CP24/8: Extending the SDR regime to Portfolio Management, noting it is reviewing feedback carefully to ensure the framework safeguards consumers while also acknowledging and accommodating practical challenges firms may face. The regulator recognises that some asset managers are taking longer than anticipated to meet the sustainability disclosure requirements ( SDR) and labelling rules, and that this could have implications for portfolio managers. These points have been emphasised to the FCA through consultation responses and wider industry engagement. The FCA plans to publish a policy statement, along with further detail on implementation, in Q2 2025. See: LNB News 27/09/2024 27. Source: CP24/8: Extending the SDR regime to Portfolio Management [ September 2024 update]. For more...
In this issue: Sustainable finance and ESG round-up Banking and Finance case round-up Retained EU Law ( Revocation and Reform) Act 2023 LIBOR and benchmarks Security Aviation finance Sustainable finance Debt capital markets Technology in banking & finance transactions Cryptoassets Regulation for banking lawyers Daily and weekly news alerts New and updated content Useful information Sustainable finance and ESG round-up For a digest of this week’s Sustainable finance and ESG developments, see: Sustainable finance and ESG weekly round–up—3 October 2024. Banking and Finance case round-up For an overview of the Banking & Finance matters we flagged between July and September 2024, see News Analysis: Banking & Finance— July to September 2024 case round-up. Retained EU Law ( Revocation and Reform) Act 2023 Assimilated law procedures halted as part of UK- EU...
Aer Cap says it held valid Aer Cap’s barrister, Mark Howard KC of Brick Court Chambers, told the court there is “no realistic prospect” of recovering 116 aircraft and 15 separate engines. He said Russian operators have “taken” them and continue to fly its Boeing fleet. The world’s biggest aircraft lessor has aligned with other leasing firms to sue major insurers, including Chubb, Fidelis and the Lloyd’s of London market, over jets and engines trapped in Russia since its 2022 invasion of Ukraine. The conflict and ensuing sanctions led Aer Cap and fellow lessors to terminate leases with 15 Russian airlines, yet, two and a half years later, the aircraft remain in Russia. Howard said Aer Cap brings a “straightforward” claim under its contingent or possessed insurance policies, asserting the aircraft and engines are physically “lost”. He added the real dispute lies between the...
High Court judge Christopher Butcher is poised to decide whether the aircraft stranded in Russia after sanctions followed the invasion of Ukraine in February 2022 should be treated as ‘lost’ or whether, at least in principle, they might ultimately be returned. “ The court’s answer on this issue will provide helpful guidance for other cases where an undamaged asset has been improperly kept and there remains a chance the assets will come back,” said Chris Neilson, a partner at Mishcon de Reya LLP. Aer Cap Holdings NV, the world’s largest commercial aircraft lessor, and others are pursuing recoveries from insurers including AIG and Lloyd’s of London. The owners say they were compelled to cancel their leases and have been left out of pocket while many of their jets remain in Russia and continue to be flown by Russian carriers. The lessors argue they bought valid...
AXA XL, Talbot, HDI Global and IQUW, in a defence dated 13 September 2024, denied claims brought by the Irish subsidiaries of Aircastle Ltd, a US commercial jet lessor, asserting there remains a credible chance the aircraft will be returned. From the insurers' standpoint, there has been no loss of, or damage to, the aircraft, they say in their defence. Further, or in the alternative, they contend any relevant loss arose from the claimants' refusal and/or failure to enter into insurance settlements. The lessors stated in June 2023 that they had been unable to recover two Boeing 747 freighters that were on lease to Air Bridge Cargo Airlines LLC when Russia invaded Ukraine in February 2022. They said they had repeatedly asked Air Bridge Cargo to return the aircraft to a location outside Russia, yet have only succeeded in...
Banking & Finance— July to September 2024 case round-up Njord Partners Sma- Seal Lp and other companies v Astir Maritime Ltd and others [2024] EWHC 1682 ( Comm) Facility agreement—false representations of assets The Commercial Court ruled for the claimant lenders under a facility agreement, holding the second and third defendants liable in deceit and conspiracy. That liability stemmed from false statements in documents purporting to set out asset values and ownership, which led the lenders to enter into the facility agreement. Lipton and another v BA Cityflyer Ltd [2024] UKSC 24 Aviation finance—compensation for delayed flights—rights accrued under an EU regulation prior to Brexit The Supreme Court dismissed Cityflyer’s appeal against the Court of Appeal ( Civil Division), concluding that Cityflyer’s defence under Regulation ( EC) 261/2004 to the respondent’s claim for financial compensation for a delayed flight was not made out. The appeal concerned...
In this issue: Lending Sustainable finance Debt capital markets Derivatives Regulation for derivatives lawyers Daily and weekly news alerts New and updated content Useful information Lending Email correspondence can give rise to waiver of facility agreement ( Little v Olympian Homes Ltd) This matter concerned two bids to set aside statutory demands that arose from personal guarantees linked to a facility agreement. The principal sum was settled late, prompting the lender to issue statutory demands for default interest due under that agreement. The applicants maintained that the lender had surrendered its right to contractual interest via email correspondence (contractual waiver) or, in the alternative, through its conduct (waiver estoppel). The court made it plain that the applicants could not rely on any suggestion of an oral waiver of the facility agreement’s terms, because the agreement expressly...
UK development DBT publishes guidance on development of UK Sustainability Reporting Standards The Department for Business and Trade ( DBT) has issued guidance on shaping UK Sustainability Reporting Standards ( UK SRS), setting out the government's approach to establishing two UK SRS by evaluating and, where appropriate, endorsing the International Financial Reporting Standards ( IFRS) Sustainability Disclosure Standards as the global corporate reporting baseline, namely IFRS S1: General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2: Climate-related Disclosures. The government plans to reach endorsement decisions on these standards by the first quarter of 2025. This guidance outlines the government's framework for their development and adoption. See: LNB News 19/09/2024 40......
Looking ahead to the concluding phase, this piece reviews the suggested implementation model, likely subsequent actions, and broader movements across the digital assets arena that could deliver stronger legal and market clarity for launching tokenised investment funds. In the end, the strategic roadmap sits within a wider UK programme to promote the adoption of distributed ledger technology ( DLT) and other disruptive tools in financial services. DLT-enabled tokenised investment funds At their core, tokenised funds are investment structures that issue digital, or token-based, shares reflecting an investor’s stake in the fund, instead of conventional units or shares. Dealings are captured on a distributed ledger rather than a traditional record-keeping platform. DLT is, fundamentally, a duplicated, shared, and synchronised register. Accordingly, tokenised fund operators may connect specific investors to assets while using a settlement layer that is secure, reliable, and capable of...
Uni Credit Bank Gmb H v Ruschemalliance LLC [2024] UKSC 30 [2024], All ER ( D) 34 ( Sep) What are the practical implications of this case? This decision underscores for practitioners the need to draft with precision so that the parties’ intention regarding the law governing any arbitration clause is unmistakable. The Supreme Court reaffirmed the approach in Enka Insaat Ve Sanayi AS v OOO Insurance Company Chubb [2020] UKSC 38, confirming the following: a contractual choice of law ordinarily extends to the arbitration clause within that contract, unless the parties have clearly provided otherwise, and that conclusion holds even where the designated seat of arbitration is in a jurisdiction with a different legal system Typical governing law provisions in finance documentation are usually drafted broadly enough to capture any arbitration agreement they contain. Here, the bonds’ governing law clause applied to the bonds...
Little and another v Olympian Homes Ltd [2024] EWHC 1766 ( Ch) What are the practical implications of this case? This judgment offers clear guidance on the requirements for contractual waivers. The court confirmed that, where a contract demands any waiver to be in writing, an email will suffice, as emails plainly amount to “writing”. It also held that an email can be validly electronically signed where: the individuals’ names are added or appear within the footers; the inclusion of phrases such as “ Kind regards”, “ Thanks”, or “ Many thanks” demonstrates an intention to link the name to the content; and the email footer contains names and contact details in the conventional form of a signature. As to consideration in the context of waivers, the court indicated obiter that consideration is not inevitably required to support a contractual waiver, unless the waiver is more aptly...
In this issue: Lending Security Project finance Sustainable finance Debt capital markets Technology in banking & finance transactions Structured products and securitisation Regulation for banking lawyers Sanctions Daily and weekly news alerts New and updated content Useful information Lending Cabinet Office publishes NSIA 2021 annual report for 2023–2024 The Cabinet Office has released the ‘ National Security and Investment Act 2021: Annual Report 2023–24’, setting out how the National Security and Investment regime has functioned. As required by statute, it has been presented to Parliament under section 61 of the National Security and Investment Act 2021 ( NSIA 2021). Covering 1 April 2023 to 31 March 2024, it includes all disclosures mandated by NSIA 2021, alongside extra detail to support clarity and openness. See: LNB News 11/09/2024 38. Source: National Security and...
In this issue: Sustainable finance and ESG round-up LIBOR and benchmarks Security Aviation finance Sustainable finance Debt capital markets Regulation for derivatives lawyers Structured products and securitisation Cryptoassets Sanctions Daily and weekly news alerts Useful information Sustainable finance and ESG round-up For this week’s Sustainable finance and ESG highlights, see: Sustainable finance and ESG weekly round–up—12 September 2024. LIBOR and benchmarks LIBOR: FCA issues last reminder to firms about end of synthetic US dollar settings The Financial Conduct Authority ( FCA) has delivered a final reminder to firms that the 1-, 3- and 6-month synthetic US dollar LIBOR settings will cease permanently following their last publication on 30 September 2024. In the run-up to that date, the FCA states firms with remaining US dollar LIBOR exposures must keep up their active transition efforts. See: LNB News...
UK developments HMT extends consultation deadline on TCFD-aligned disclosure in annual reports HM Treasury ( HMT) has postponed the cut-off for its consultation on the Phase 3 Exposure Draft concerning Task Force on Climate-related Financial Disclosure ( TCFD)-aligned disclosure within annual reports. The consultation now ends on 26 September 2024. See: LNB News 10/09/2024 37. Source: TCFD-aligned disclosure Exposure Draft for Phase 3......
In a review published in early August 2024, the FCA detailed examples of both sound and poor conduct by eight firms against its own crypto-financial promotion rules. It also spelt out its expectations—seen by some lawyers as edging into 'regulatory creep'—and firmly warned it will act if firms do not now raise standards. Practitioners are especially uneasy about the regulator’s demand that crypto-businesses deploy the mandatory 'appropriateness assessment' to judge whether products truly suit consumers. According to Paul Harris, a partner at Osborne Clarke LLP, the FCA’s approach risks drifting from appropriateness into claimability analysis, particularly where its review concludes that firms must gather far more customer information in order to work out whether the product is genuinely and demonstrably suitable for them in practice. Legacy EU provisions under the Markets in Financial Instruments Directive ( Mi FID) clearly define what an...
Speaker: Sarah Pritchard, executive director of markets and international Event: The Capital Markets Industry Taskforce conference Delivered: 6 September 2024 Notes: This speech is a draft and may not match the delivered version Key messages We are pressing ahead with an ambitious suite of reforms to reinforce the UK’s standing in global wholesale markets. After delivering the most significant overhaul of the listing rules in more than thirty years, we followed, within weeks, with further measures to strengthen the UK’s position as a vibrant, global financial centre. Success is not counted in days, weeks or months; it is judged by the long‑term economic growth of UK capital markets. Introduction When it first launched, the Great North Run was billed as a local fun run. It has since become one of the country’s largest races. On 1 September 2024, 60,000...
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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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