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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 Sole traders, informal partnerships and outdated partnership deeds are common.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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According to an 8 August 2024 High Court submission, the French lender contended that the English courts alone should determine the dispute after Vietjet Aviation Joint Stock Company launched proceedings in Vietnam against BNP Paribas, notwithstanding agreements said to require any conflicts to be decided in the UK. The bank is asking the court to grant an order restraining Viet Jet from pressing on with Vietnamese legal action. The filing asserts that Viet Jet is obliged to bring the claims in the Vietnamese proceedings against BNPP......
EU developments EFRAG publishes XBRL Taxonomy for ESRS sustainability statements The European Financial Reporting Action Group ( EFRAG) has unveiled its XBRL Taxonomy for European Sustainability Reporting Standards ( ESRS) Set 1, allowing ESRS statements to be digitally tagged. At the European Commission’s request, EFRAG has likewise released the XBRL Taxonomy for Article 8 disclosures. These digital taxonomies support the mark-up (‘tagging’) of sustainability reporting in a machine-readable XBRL format. This taxonomy will serve as the foundation for the European Securities and Markets Authority to draft regulatory technical standards governing the tagging of the ESRS sustainability statement. See: LNB News 02/09/2024 22. Source: EFRAG publishes the ESRS Set 1 XBRL Taxonomy......
In this issue: Sustainable finance and ESG round-up Trade and commodity finance Sustainable finance Debt capital markets Regulation for derivatives lawyers Regulation for banking lawyers Cryptoassets Daily and weekly news alerts New and updated content 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—5 September 2024. Trade and commodity finance ICC issues report on the advantages of trade digitalisation The International Chamber of Commerce ( ICC) Digital Standards Initiative has released a report that, through 22 case studies, demonstrates how supply chain participants use digital tools and interoperable global standards to resolve supply chain challenges and pain points. The case studies concentrate on shipping and logistics, commercial documentation and product information, cross‑border regulatory compliance, and financial services and fraud prevention as priority areas for digitalisation. The report indicates that by digitising trade workflows, businesses can cut costs, sharpen...
Margaret, not her real name, was off work in 2022 due to stress and turned to online gaming to unwind. Ever cautious, she used separate email addresses, kept financial details off the mobile phone she played on, and never revealed any personal information that could identify her... Yet the man who contacted her on Scrabble Go in August 2022 felt different, less insistent. He asked for nothing, shared pictures of where he said he lived, and simply offered light, friendly conversation. By December 2024, using the name Michael Moore, he had persuaded her to put US$700 into Bitcoin through what she believed was a legitimate cryptocurrency platform... Within weeks, Margaret transferred £78,000—most of her life savings—as Michael pushed for further investments and service fees, threatening that she would lose the initial funds. With her bank accounts emptied and her pension pot gone, she was...
Su Carpenter, an Executive Director at Crypto UK, said members remain keen to seek Financial Conduct Authority ( FCA) registration, yet feedback from organisations that have completed the process suggests it can be a strong deterrent. Freedom of Information Act figures obtained by law firm Reed Smith show the regulator received just 29 applications between May 2023 and April 2024, compared with 42 and 59 in the two preceding years. She noted that submitting an application is a major undertaking in terms of resources, involving people and finances. Many still wish to, and plan to, apply, but there has been a great deal of regulatory......
In this issue: Debt capital markets Daily and weekly news alerts New Q& As Useful information Debt capital markets Key points from UK prospectus regime reform consultation On 26 July 2024, the Financial Conduct Authority released a consultation paper setting out proposed reforms to the UK prospectus regime. The proposals would have material implications for initial public offerings and secondary equity issuances where securities are to be admitted to trading on a UK regulated market, such as the main market of the London Stock Exchange, or on a UK multilateral trading facility, including the Alternative Investment Market......
The planned reforms aim to strengthen the appeal of the UK’s capital markets. They carry notable consequences for IPOs and secondary equity raises where securities will be admitted to trading on a UK regulated market, such as the LSE’s Main Market, or on a UK multilateral trading facility ( MTF), such as AIM. Market rulebooks set the eligibility thresholds, admission conditions and ongoing duties once on a primary MTF, and for issuers of debt securities on a UK regulated market. Background The consultation follows the adoption earlier this year of the Public Offers and Admission to Trading Regulations, which created the framework for the planned overhaul of the UK prospectus regime. In particular, it is proposed that: offering securities to the public will be barred unless an exemption applies, with a key exemption where the offer is conditional on the securities being admitted to trading on a...
UK developments FCA publishes downloadable SDR labels The Financial Conduct Authority ( FCA) has refreshed its Sustainability Disclosure Requirements ( SDR) page to include labels available for download. It offers distributors within scope of ESG 4.1.16R—4.1.19R access to the investment labels and sets out their full terms of use. See: LNB News 19/08/2024 17......
In this issue: Sustainable finance and ESG round-up Sustainable finance Debt capital markets 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 For a summary of this week’s Sustainable finance and ESG news, see: Sustainable finance and ESG weekly round–up—22 August 2024. Sustainable finance UNEP FI releases recommendations for G20 Sustainable Finance Working Group In July 2024, the United Nations Environment Programme Finance Initiative ( UNEP FI) provided three input papers to the G20 Sustainable Finance Working Group, urging progress towards a nature-positive economy and a just transition. The main proposals are to: increase transparency in corporate and financial sector nature-related disclosures by addressing financial risks and dependencies linked to biodiversity assist small and medium enterprises ( SMEs) by adopting standards that are...
Aiming to be among the most thorough filings on a single rule to reach the Financial Conduct Authority ( FCA), the report sets a high bar. Specialists in the cohort, led by long-time sector figure Andrew Douglas, are examining scope, alignment, trading, liquidity, and takeaways from the US in depth. Called the T+1 Technical Group, it replaces a taskforce formed by the former government, which was voted out of office last month. Its mandate still focuses on how the UK Central Securities Depositories Regulation ( CSDR) could be revised to require a maximum one-business-day settlement cycle for trades executed on a UK trading venue in practice. The programme, involving a full 450 participants, epitomises a rulemaking effort propelled entirely by market actors themselves. Members come from 110 firms and bodies spanning banks, insurers, asset managers, hedge funds, clearing houses, law...
In this issue: Sustainable finance Debt capital markets Technology in banking & finance transactions Sanctions Daily and weekly news alerts New and updated content Useful information Sustainable finance What EU opinion may mean for ESG product classification In June 2024, the European Supervisory Authorities ( ESAs) set out their views and recommendations following the European Commission’s review of the Sustainable Finance Disclosures Regulation ( SFDR), first trailed in September 2023. The ESAs’ granular suggestions may materially steer the Commission’s ultimate position on the SFDR review as the process advances. For further detail, see News Analysis: What EU opinion may mean for ESG product classification, authored by Jin- Hyuk Jang and John Young, international counsel, together with Eike Björn Weidner, associate, at Debevoise & Plimpton LLP, who distil and evaluate the key...
EU developments What EU opinion may mean for ESG product classification In June 2024, the European Supervisory Authorities ( ESAs) issued their opinion and recommendations in response to the European Commission’s review of the Sustainable Finance Disclosures Regulation ( SFDR), first announced in September 2023. The ESAs’ detailed input could wield significant influence over the Commission’s ultimate approach to SFDR review. Debevoise & Plimpton LLP’s international counsel, Jin- Hyuk Jang and John Young, together with associate Eike Björn Weidner, summarise and assess the principal recommendations. For further information, see News Analysis: What EU opinion may mean for ESG product classification......
Five former Glencore traders, company directors and the group’s ex-global oil chief, billionaire Alex Beard, now face numerous counts for funnelling corrupt payments to officials across West Africa, in a scheme stretching back over 15 years. According to the SFO press release, the accused are charged in relation to the allocation of various oil contracts covering Cameroon, Nigeria and the Ivory Coast between 2007 and 2014. Two defendants are further accused of falsifying invoices sent to Glencore’s London office, described as service fees to a Nigerian oil consultancy, from 2007 to 2011. The investigation may broaden after the SFO stated on 9 August 2024 that it plans to file additional charges as it pushes forward with its bribery inquiry. This ranks among the agency’s most prominent matters in very recent times and, given the scope of the counts, could be the very...
In this issue: Sanctions Security Intercreditor Debt capital markets Derivatives Technology in banking & finance transactions Daily and weekly news alerts New and updated content Useful information Sanctions Navigating UK sanctions in bankruptcy proceedings—the Hellard decision ( Hellard v OJSC Rossiysky Kredit Bank) In this matter, the High Court set out guidance for the bankruptcy trustees of a Russian debtor, addressing issues arising under the Russia ( Sanctions) ( EU Exit) Regulations 2019 ( SI 2019/855). Given the substantial criminal and civil consequences, any step involving dealings with entities that are, or could be, designated during an insolvency is a high‑stakes decision for officeholders. The court concluded, among other points, that trustees would not breach UK sanctions by allowing sanctioned entities to participate in the bankruptcy process before any distribution as...
Mayfair Capital Residential 2 LLP v Reim Katch Securities Ltd [2024] EWHC 1920 ( Ch) What are the practical implications of this case? In Mayfair Capital, the court concluded that an intercreditor deed permitted ongoing ‘permitted payments’ to the junior lender, notwithstanding the appointment of a receiver. The application of proceeds clause, which directs amounts received by the lenders to be applied first in discharge of the senior debt and then the junior debt, was held, by necessary implication, to operate subject to the permitted payments provision. Accordingly, the permitted payments regime prevailed over that clause to this extent. The decision is a helpful reminder to practitioners to ensure intercreditor agreements and deeds of priority contain express payment stops (where this is commercially agreed). Further, where the parties intend the way in which proceeds are applied to differ before and after...
It is not only dedicated AI watchdogs drawing attention; financial legislators across Europe are now deeply engaged. In April 2024, the UK’s Financial Conduct Authority ( FCA) and the Bank of England set out strategic plans for supervising AI, and from January 2025 the EU’s Digital Operational Resilience Act will apply, bringing fresh duties to safeguard the robustness and security of technology systems, including AI. Data protection authorities have moved swiftly too, issuing guidance, opinions and enforcement measures. This piece summarises the principal laws and regulations applying to AI at fintech companies and offers practical suggestions on how to navigate them, and where to focus limited legal and compliance resources. Background AI has transformed fintech, driving major progress across use cases including fraud detection, anti‑money laundering, onboarding, personalised products and forecasting. Recent rapid advances present abundant opportunities, further boosting the efficiency, accuracy and...
UK developments HMT publishes consultation and guidance on TCFD-aligned disclosure in annual reports HM Treasury ( HMT) invites views on the proposals in its Phase 3 Exposure Draft for Task Force on Climate-related Financial Disclosures, aligning disclosure within annual reports. The draft focuses on recommended reporting across the TCFD framework’s Strategy pillars. Submissions are requested by 19 September 2024. See: LNB News 25/07/2024 67......
In this issue Sustainable finance and ESG round-up Sanctions Shipping finance Project finance Trade and commodity finance Sustainable finance Debt capital markets 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 coverage of Sustainable finance and ESG, see: Sustainable finance and ESG weekly round-up—1 August 2024. Sanctions UK insurer warns over collisions with Russian ' Shadow Fleet' A marine underwriter cautions that sanctions placed on the Kremlin following its invasion of Ukraine could prevent it from settling collision claims where vessels are insured by Russian rival IPJSC Ingosstrakh. For further detail, see News Analysis: UK insurer warns over collisions with Russian ' Shadow Fleet'. Russia ( Sanctions) ( EU Exit) ( Amendment) ( No 3) Regulations 2024 SI 2024/834: Exercising powers in the Sanctions and Anti- Money Laundering Act 2018 linked to assimilated law, these Regulations amend one item of UK secondary...
The Prudential Regulation Authority ( PRA) The Prudential Regulation Authority ( PRA), which oversees banks, building societies and credit unions, has granted Revolut New Co Ltd, the online banking subsidiary of Revolut Group Holdings Ltd, which states it has over 9m UK customers and 45m globally. Francesca Carlesi, UK Chief Executive of Revolut New Co Ltd, said: ' Today's announcement represents a major step forward for Revolut and for our customers ... It is a profound responsibility to be a bank in the UK, and we will work tirelessly to provide products and services'......
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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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