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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 Sole traders, informal partnerships and outdated partnership deeds are common.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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EU developments ESMA publishes opinion on the Sustainable Finance Regulatory Framework The European Securities and Markets Authority ( ESMA) has issued an opinion on the Sustainable Finance Regulatory Framework, outlining potential longer-horizon enhancements. While ESMA recognises the framework as already mature and equipped with measures to deter greenwashing, it notes that, over time, the regime can be refined to broaden investors’ ability to reach sustainable assets and to bolster the smooth operation of the sustainable investment value chain. See: LNB News 24/07/2024 52......
In this issue Sustainable finance and ESG round-up Sanctions Sustainable Finance Debt Capital Markets Derivatives Regulation for banking lawyers Claims and remedies 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—25 July 2024. Sanctions Establishing reasonable cause to suspect funds are held or controlled by a designated person ( Vneshprombank v Bedzhamov) The High Court’s ruling in Vneshprombank LLC v Bedzhamov sets out significant guidance on reading sanctions legislation and the courts’ likely treatment of evidence indicating possible breaches. In particular, the judgment affirms the construction of the Russia ( Sanctions) ( EU Exit) Regulations 2019, SI 2019/855, reg 11. That provision forbids a person ( P) from dealing with funds or...
Vneshprombank LLC v Bedzhamov; Kireeva (as bankruptcy trustee of Georgy Bedzhamov) v Bedzhamov [2024] EWHC 1048 ( Ch) What are the practical implications of this case? The court’s construction of the Russia ( Sanctions) ( EU Exit) Regulations 2019, SI 2019/855, reg 11 (‘ Regulation 11’) is unlikely to surprise criminal practitioners; the real practical weight of the ruling lies in its broader analysis of what amounts to a ‘reasonable cause to suspect’. Regulation 11 imposes an objective yardstick: based on the information actually known to the decision-maker, would a reasonable person suspect the funds are those of a designated person—would, rather than might or could? The court also indicated it would not accept at face value claims that prior owners within a corporate chain had truly relinquished all control. Prepared to look beyond corporate formalities, the judgment sets out useful pointers for...
In this issue: Kings speech Sanctions Aviation finance Shipping finance Sustainable finance Debt capital markets Regulation for derivatives lawyers Technology in banking & finance transactions Scotland Daily and weekly news alerts New and updated content Useful information Kings speech King's Speech 2024— Financial Services Delivered on 17 July 2024, the King’s Speech outlined a Bank Resolution ( Recapitalisation) Bill intended to reinforce the UK’s resolution framework, equipping the Bank of England with a wider, more agile set of tools to handle the collapse of smaller banks. Its purpose is to ensure that, when intervention in troubled institutions is required, parts of the costs of managing those failures are not transferred to taxpayers. See: LNB News 17/07/2024 54. Source: King's Speech 2024: background briefing...
Aercap Ireland Capital Designated Activity Company and others v PJSC Insurance Company Universalna and others [2024] EWHC 1365 ( Comm) It is well-established that the English courts will halt proceedings commenced in England contrary to an exclusive jurisdiction clause pointing to a foreign court, unless the claimant demonstrates that there are strong reasons for the claim to continue here. That stance reflects compelling policy considerations favouring the sanctity of forum agreements, including party autonomy, the upholding of bargains and commercial certainty. In this dispute, the court found no such compelling reasons, with Judge Andrew Henshaw deciding that the claims should instead proceed in Ukraine. Having concluded that the exclusive jurisdiction clause was valid and applicable, Judge Henshaw assessed the claimants’ submissions—among them the procedural challenges of trying the case in Ukraine—as no more than foreseeable matters of convenience, which fell short of the strong...
EU developments ESMA issues guidelines and statement on corporate sustainability reporting The European Securities and Markets Authority ( ESMA) has issued its final report covering the Guidelines on Enforcement of Sustainability Information ( GLESI), alongside a public statement addressing the initial application of the European Sustainability Reporting Standards. These publications aim to foster consistent application and oversight of sustainability reporting requirements......
In this issue: Sustainable finance and ESG round–up Sanctions Aviation finance Shipping finance Sustainable finance Derivatives 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 a summary of this week’s Sustainable finance and ESG news, see: Sustainable finance and ESG weekly round–up—11 July 2024. Sanctions Examining the EU sanctions directive approach to breaches On 24 April, the EU adopted Directive 2024/1226, which makes sanctions violations criminal offences. This will markedly change EU sanctions enforcement by harmonising rules on breaches of EU sanctions and setting shared definitions of criminal offences and penalties. For further detail, see News Analysis: Examining the EU sanctions directive approach to breaches. Aviation finance Lipton v BA Cityflyer Ltd [2024] All ER ( D) 40 ( Jul) The Supreme Court dismissed the appellant airline...
Abbey Healthcare ( Mill Hill) Ltd v Augusta 2008 LLP (formerly Simply Construct ( UK) LLP) [2024] UKSC 23 What are the practical implications of this case? The court considered whether a contractor’s collateral warranty qualifies as a ‘construction contract’ under HGCRA 1996, s 104, thereby conferring a statutory right to adjudicate under HGCRA 1996, s 108. That status depended on whether the warranty was a contract ‘for... the carrying out of construction operations’ within HGCRA 1996, s 104(1)(a). The decision confirms that: a collateral warranty will only be a construction contract under HGCRA 1996, s 104(1)(a) where the contractor undertakes to the beneficiary an obligation to perform construction operations that is separate or distinct from its obligation to do so under the related building contract (or other appointment) a collateral warranty that simply warrants the contractor’s performance of its obligations to the employer under the...
The directive marks the culmination of a complex process. First, the EU needed to add the breach of EU sanctions rules to the catalogue of EU crimes. This occurred on 22 November 2022 via Decision 2022/2332, the first expansion of the list since the 2007 Treaty of Lisbon. Soon after that decision, the European Commission tabled a draft directive to foster a common, effective sanctions enforcement approach across member states. The directive has now entered into force, and member states have 12 months to transpose it into national law. In this article, we sketch the main contours of the new directive, including fresh offences, potential liability for infringements and a clearer route for voluntary self-disclosures. Key aspects Scope The directive applies to breaches of ‘restrictive measures’ adopted under Article 29 of the Treaty on the European Union or Article 215 of the Treaty on the...
UK developments FCA reminds firms of notification requirement when using an investment label The Financial Conduct Authority ( FCA) has refreshed its webpage on the sustainability disclosure and labelling regime, providing firms with guidance on how to notify the regulator of a fund’s use of an investment label. The page sets out the end-to-end notification process and supplies particulars on how to apply for any associated amendments to a fund’s name, investment objectives, or policy. See: LNB News 01/07/2024 71. EU developments Commission publishes report on climate-related risks to financial stability The European Commission has published a report on the monitoring of climate risks to financial stability in the EU......
In this issue: Sustainable finance and ESG round–up Banking and finance case round-up Procurement Act 2023 LIBOR and benchmarks Lending Aviation finance Sustainable finance Derivatives Structured products and securitisation 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 coverage of Sustainable finance and ESG developments, see: Sustainable finance and ESG weekly round–up—4 July 2024. Banking and finance case round-up Banking & Finance— June 2024 case round-up For an overview of the June 2024 cases we highlighted in Banking & Finance, refer to News Analysis: Banking & Finance— June 2024 case round-up. Procurement Act 2023 Cabinet Office publishes new guidance documents for Procurement Act 2023 The Cabinet Office has issued guidance relating to the Procurement Act 2023 ( PA 2023): three new documents for the...
In its 25 March draft regulatory technical standards, ESMA set out essential guidance on the data that must be submitted to national competent authorities ( NCAs), which will oversee the vetting of proposed acquisitions of a qualifying holding in relevant CASPs. By way of context, Mi CA establishes a harmonised authorisation regime for running a CASP across the European Union and for accessing the EU passport. The overarching aim is to foster fair competition among CASPs and a more secure landscape for crypto-asset investors by verifying the robustness and reliability of authorised service providers, together with their leadership and shareholders, regardless of the member state that granted authorisation. Thereafter, any subsequent alteration to the governance or ownership of an authorised CASP stemming from a merger or acquisition must undergo prior scrutiny by the NCA supervising the target. This review is poised to...
Banking & Finance— June 2024 case round-up Hope Capital 2 Ltd v Jones [2024] EWHC 1308 ( Ch), [2024] All ER ( D) 17 ( Jun) Loan agreement—demand under guarantee The dispute stemmed from a facility advanced by the claimant, a specialist business lender, to a company with security taken over two properties. To support the borrowing, the defendant (a co-director) and a further individual executed a deed of guarantee and indemnity. When the due date arrived, the company made no repayment at all, and receivers were appointed to dispose of the secured properties. Demands were then issued to the defendant under the guarantee, which he did not meet. In an earlier decision, Hope Capital 2 Ltd v Jones [2022] EWHC 3206 ( Ch), the court entered summary judgment for the claimant. In the current proceedings, the defendant appealed that order. The appeal was...
Fidelis, in a High Court defence, argued that Rise Aviation 1 ( Ireland) Ltd, EOS Aviation 7 ( Ireland) Ltd and Wilmington Trust SP Services ( Dublin) Ltd have no cover under the relevant policies and that it is not obliged to pay for the grounded aircraft. The defence, filed on 7 June 2024, states that Russian law, which governs the policies, means the claimants are not insured parties but only beneficiaries or payees, and thus have no entitlement to, or claim for, an indemnity for the losses they say they incurred. Rise, EOS and Wilmington Trust contended that a panel of reinsurers — including Convex Insurance UK and Fidelis — should disburse US$77.2m for three aircraft stranded in Russia, amounting to 95% of the total US$81.3m value that was reinsured. They said the three aircraft were on lease to JSC Stock Company Ural...
UK developments FCA unveils inaugural ESG investigation into a business — Law360 reports that, on 20 June 2024, the Financial Conduct Authority ( FCA) commenced its first enforcement probe into a company regarding climate-related matters, according to lawyers from an environmental legal campaign group. See: FCA unveils inaugural ESG investigation into a business International developments ISSB issues feedback statement on IFRS Sustainability Disclosure Standards — The International Sustainability Standards Board ( ISSB) has released its 2024 feedback statement concerning the International Financial Reporting Standards ( IFRS) Sustainability Disclosure Standards......
In this issue: Sustainable finance and ESG round–up LIBOR and benchmarks Lending Acquisition finance Aviation finance Real estate finance Sustainable finance Debt capital markets Structured products and securitisation 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 a summary of this week’s Sustainable finance and ESG developments, see: Sustainable finance and ESG weekly round-up—27 June 2024. LIBOR and benchmarks Why timing makes UK LIBOR judgments controversial On 27 March, in R v Hayes and Palombo, the Criminal Division of the UK Court of Appeal considered whether the convictions of Tom Hayes and Carlo Palombo were safe in relation to the London Interbank Offered Rate ( LIBOR) and the Euro Interbank Offered Rate ( EURIBOR) cases. For further detail, refer to News...
Farol Holdings Ltd and others v Clydesdale Bank plc and National Australia Bank [2024] EWHC 593 ( Ch) What are the practical implications of this case? This decision once more underscores, quite starkly, the obstacles borrowers encounter when pursuing misrepresentation actions against banks in court in the absence of regulatory safeguards or oversight. On the construction issue, Zacaroli J was significantly swayed by the proposition that, as recompense for borrowers ending their loans prematurely, the bank is entitled to recover the full ‘lost bargain’ value: the fixed interest it would have earned across the unbroken term, less the market floating rate available on the break date. As a stand‑in for that amount, the judge adopted the mark‑to‑market figure of the back‑to‑back hedges Clydesdale executed with its related entity, National Australia Bank ( NAB). A notable oddity of this reasoning is that it leaves the...
EU developments RTS on the disclosure of information related to the principal adverse impacts on sustainability factors under the Securitisation Regulation published in Official Journal Commission Delegated Regulation ( EU) 2024/1700, concerning regulatory technical standards ( RTS) that define, for simple, transparent and standardised ( STS) non- ABCP traditional securitisations and STS on-balance-sheet securitisations, the scope, approaches and format of disclosures, including methodologies and presentation requirements, on the principal adverse impacts of assets funded by the underlying exposures on sustainability factors under Regulation ( EU) 2017/2402 (the Securitisation Regulation), has now been published in the Official Journal. See: LNB News 18/06/2024 12......
The Irish company sued Convex Insurance UK Ltd, together with a number of other insurers, has declined claims brought by WWTAI Air Op Co II DAC, asserting in a High Court defence dated 6 June 2024 that nothing is payable because the aircraft are neither lost nor damaged. The lessor initiated proceedings in 2023 seeking a payout over aircraft grounded following Moscow’s invasion of Ukraine. It says the three aircraft it leased to JSC Ural Airlines at the time of Russia’s attack were later re-registered in the country, and that it has not received reimbursement from its reinsurers for the value of the stranded aircraft. The insurers, however, contend that no sums are due to the Irish business As set out in the defence, the claimant has no valid claim under the insurance contract because: the aircraft are not lost they remain with the...
To conclude, the court firmly held that both judges and the jury applied the law and evidence properly and fairly, confirming the convictions of the two named defendants ( Ibid, (paras [151] et seq). The ruling is contentious and diverges from more recent international legal rulings concerning Libor. This piece examines the court’s reasoning in depth, the ways it jars with overseas judgments and learned commentary, the disputed one-true-rate theory, and the possible consequences for the reputation of the British justice system. The judgment In an extensive ruling, reliance was placed on Hayes’ admissions given during interviews about Libor manipulation. Regarding Palombo, the court pursued an intricate inquiry into whether Belgian contract law applies to the Euribor Code and, as a result, bears upon International Swap and Derivatives Association master agreements. Such agreements underpin international swap trading and are subject to the laws of England and Wales or,...
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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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