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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 Sole traders, informal partnerships and outdated partnership deeds are common.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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The government published its AI regulation white paper in March 2023, outlining five principles for UK regulators. Yet the FCA has not sufficiently mapped these to its own rules, even after a 14‑month window and an AI update that could have addressed the issue. Samantha Paul, senior knowledge lawyer at Bryan Cave Leighton Paisner LLP, rated the FCA’s AI update a C+, noting it is a solid beginning but fails to explain how the government’s AI compliance principles translate into the UK’s existing regulatory regime, or what this means in practice for firms. Lawyers warn the FCA is leaving banks with insufficient clarity on how its rules apply to the AI‑driven systems embedded in their businesses. Banks could, for instance, mis‑sell financial services to consumers or lack adequate systems and controls to repel an AI‑generated cyber attack. Clearer, upfront application of the rules from the...
Taxation: Council agrees on new rules for withholding tax procedures ( FASTER) On 4 May 2024, the Council adopted a general approach on quicker and more secure processes to obtain relief from double taxation, designed to stimulate cross-border investment and combat tax abuse. The Council Directive on Faster and Safer Relief of Excess Withholding Taxes ( FASTER) aims to make EU withholding tax procedures safer, more efficient and more reliable for cross-border investors, national tax authorities and financial intermediaries, such as banks or investment platforms. Aligning tax relief processes is crucial to improve how the capital markets union functions. I am pleased we have reached agreement on this significant proposal, which will also enable a much more effective fight against tax fraud. It will make investing abroad simpler and, we hope, prompt retail investors in particular to participate in European financial markets,...
In this issue: Sustainable finance and ESG round–up Security 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 a summary of this week’s Sustainable finance and ESG news, see Sustainable finance and ESG weekly round–up—9 May 2024. Security Debenture declared void as against administrators ( Binyon and another v Suzerain Investment Holdings Ltd and others) In a recent ruling, Deputy ICC Judge Baister determined that a debenture granted by VE Global UK Ltd (the Company) in December 2021, later varied in January 2022, was void under section 859H of the Companies Act 2006 as against the Company’s joint administrators. The court reached this outcome despite the document appearing to have been registered at Companies House and the...
EU developments EFRAG and ISSB release guidance on aligning EU and global sustainability reporting standards The European Financial Reporting Advisory Group ( EFRAG) and the International Sustainability Standards Board ( ISSB) have issued guidance detailing how European and international sustainability reporting standards can interoperate. The aim is to assist businesses that plan to meet both sets of requirements, with a specific emphasis on climate reporting......
This Practice Note sets out how the Pensions Act 2004 and the Pension Schemes Act 2021 affect lending to borrower groups that sponsor defined benefit pension schemes. It outlines UK pensions basics, explains the responsibilities of scheme trustees, the role of the Pensions Regulator and the Pensions Protection Fund, and flags issues arising under pensions legislation that directly bear on lending, taking security and restructuring. See Practice Note: Defined benefit pension schemes in lending transactions......
Binyon and Parker (as Joint Administrators of VE Global UK Ltd) v Suzerain Investment Holdings Ltd and others [2024] EWHC 749 ( Ch) What are the practical implications of the case? This decision underscores the need to follow the CA 2006 registration regime and to file with the registrar the very instrument that gives rise to the charge. Although a certificate of registration is treated as ‘conclusive evidence’ that the requisite papers were delivered, and courts have on occasion treated charges as effective despite certificates masking flaws in the filing process, that does not stop the court asking whether the documents required to constitute a valid charge were in fact lodged. Non‑registration of a charge does not, naturally, disturb the existence or enforceability of the underlying indebtedness. Yet the security itself will be ineffective as against an appointed liquidator or...
In this issue: Sustainable finance and ESG round–up Banking and finance case round-up UK and international sanctions Governing law and jurisdiction Football Governance Bill Aviation finance Sustainable finance Debt capital markets 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 Sustainable finance and ESG updates, refer to: Sustainable finance and ESG weekly round–up—2 May 2024. Banking and finance case round-up Banking & Finance— April 2024 case round-up For an overview of the April 2024 Banking & Finance case alerts, see News Analysis: Banking & Finance— April 2024 case round–up. UK and international sanctions OFSI launches FAQs The Office of Financial Sanctions Implementation ( OFSI) has unveiled its Frequently Asked Questions ( FAQs), offering technical guidance and answers to common...
EU developments The Council of the EU has formally approved the Directive of the European Parliament and of the Council that revises the EU Accounting Directive (2013/34/ EU). This measure, which sets time limits for adopting sustainability reporting standards for particular sectors and third‑country undertakings, also amends the Corporate Sustainability Reporting Directive, allowing the companies concerned extra time to implement the European Sustainability Reporting Standards. The Act has now been adopted and will be published in the Official Journal of the European Union, entering into force on the twentieth day after that publication. See: LNB News 30/04/2024 43. Source: Council adopts directive to delay reporting obligations for certain sectors and third country companies. The European Parliament has, at first reading, adopted the legislative proposal for a...
Banking & Finance— April 2024 case round-up Binyon and another (as joint administrators of VE Global UK Ltd) v Suzerain Investment Holdings Ltd and others [2024] EWHC 749 ( Ch) — Debenture—void—section 859H Companies Act 2006. The court held the debenture was void against the administrators under section 859H for non-registration. Companies House certificate for an amendment agreement did not assist: the amendment extended the debenture’s terms only and created no charge, while the security-creating debenture itself had not been registered. Perhar v Freestone and others [2024] EWHC 945 ( Ch) — Challenge to appointment of administrators—implied term—debenture—enforceability of floating charge—event of default. The appeal from a decision implying an enforceability term to give the debenture business efficacy was allowed. Given the significance of such an implication, the legal and factual issues must be resolved at a full trial listed for November 2024. See: Sophie...
BOC Aviation ( Ireland) Ltd A High Court order dated 24 April 2024 records that BOC Aviation ( Ireland) Ltd has reached a confidential agreement with Convex Insurance UK Ltd, bringing their quarrel over grounded aircraft to a close. The pair had been contesting matters within a wider US$129m action that also names another lessor and multiple insurers. BOC Aviation continues to press its case against the remaining insurers cited in the proceedings. Convex declined to provide comment. Requests for comment from BOC Aviation did not receive an immediate reply. The accord was reached just under a month after a High Court judge rejected efforts to stay the......
UK developments FCA publishes final greenwashing guidance and proposes extension of sustainability disclosure and labelling regime to portfolio managers With the anti‑greenwashing rule set to take effect on 31 May 2024, the Financial Conduct Authority ( FCA) has issued its finalised guidance, FG24/3, for firms. The FCA has also put out consultation paper CP24/8, proposing to widen the sustainability disclosure requirements ( SDR) and labelling regime to portfolio management, with responses requested by 14 June 2024. See: LNB News 23/04/2024 9. Sources: FCA confirms anti‑greenwashing guidance and proposes extending sustainability framework FG24/3: Finalised non‑handbook guidance on the Anti‑ Greenwashing Rule CP24/8: Extending the Sustainability Disclosure Requirements ( SDR) regime to Portfolio Management......
In this issue: Sustainable finance and ESG round–up Lending Aviation finance Project finance Trade and commodity finance Sustainable finance Derivatives Structured products and securitisation Technology in banking transactions 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 a summary of this week’s Sustainable finance and ESG news, see: Sustainable finance and ESG weekly round–up—25 April 2024. Lending Cabinet Office publishes NSIA 2021 call for evidence government response The Cabinet Office has issued the government’s reply to the Business and Trade Committee’s input to the National Security and Investment Act 2021 ( NSIA 2021) call for evidence 2023. It sets out the feedback gathered and the work the government plans to take forward. The call for evidence was open from 13...
What is the background to the government’s response? In November 2023, the government launched a call for evidence to assess how the NSIA 2021 regime functions in practice. Its objective is to refine the framework so it is more accommodating to business while preserving—and sharpening—national security safeguards, especially given the worsening international climate in recent years. The exercise closed on 15 January 2024. It drew 110 complete submissions: 41% from law firms, 15% from trade bodies and business representative organisations, 15% from banks or investors, 11% from companies active within the 17 National Security and Investment ( NSI) mandatory sectors, and 7% from academic and research institutions. The government’s reply identifies the strands it expects to progress in view of the feedback. Of specific relevance to the lending market are automatic enforcement provisions and Scots law share...
UK developments Bo E article explores ways to measure climate-related financial risks using scenario analysis The Bank of England ( Bo E) has issued an article on how financial institutions can deploy scenario analysis to quantify climate change risks. It explains extending macro-climate scenarios to conduct fine-grained, asset-level risk assessment, with illustrations spanning sovereign bonds, corporate bonds and residential mortgages. See: LNB News 17/04/2024 35. Source: Measuring climate-related financial risks using scenario analysis. FCA greenwashing rules need to be stronger to be effective The Financial Conduct Authority’s ( FCA) new anti-greenwashing measures take effect in May 2024. The analysis is written by Jingchen Zhao, professor of law and co-director of the Centre for Business and Insolvency Law at Nottingham Trent University Law School. See News...
In this issue: Sustainable finance and ESG round–up Lending Security Sustainable finance Debt capital markets Derivatives Structured products and securitisation Regulation for derivatives lawyers Restructuring Daily and weekly news alerts New and updated content Useful information Sustainable finance and ESG round–up Sustainable finance and ESG weekly round–up 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—18 April 2024. Lending LMA publishes guidance on primary delayed settlement compensation The Loan Market Association ( LMA) has issued guidance on primary delayed settlement compensation, setting out a suggested timetable for stages in the syndication process and embedding fault-based delayed settlement compensation. The note aims to reconcile the differing priorities of stakeholders involved in syndication. See: LNB News 17/04/2024 68. Source: LMA issues Primary Delayed Settlement Compensation Guidelines to promote efficiency in the primary leveraged loan market. For updates on LMA activity, see Practice Note: Loan Market...
This marks the first stage of the regulator’s climate‑related financial disclosure regime to be enforced, covering all FCA‑authorised firms, with rules on the labelling and marketing of investment products arriving later this year from July (see FCA, PS23/16: Sustainability Disclosure Requirements ( SDR) and investment labels, 28 November 2023). The regime extends to regulated activities undertaken by private enterprises, listed companies and public sector bodies alike. These measures are intended to ensure that statements made by regulated entities about the sustainability credentials of supposedly green products and services are fair, clear, not misleading, and consistent with the sustainability profile of the product or service. Yet are the new rules sufficient to resolve the problem of misleading information about a company’s green credentials and its products and services? Are these anti‑greenwashing provisions anything more than a greenwashing exercise themselves? They play well in public...
EU developments European Commission publishes PSF intermediate report on monitoring capital flows to sustainable investments The Platform of Sustainable Finance ( PSF), which advises the European Commission, has released an intermediate report concerning the ‘monitoring of capital flows to sustainable investments’. The report’s intention is to set out an architecture enabling measurement of the effective contribution of finance towards meeting the objectives of the European Green Deal, providing a basis for tracking how finance supports these goals over time consistently......
In this issue Sustainable finance and ESG round–up Registrar of Companies and Register of Overseas Entities ( Fees) ( Amendment) Regulations 2024 Sustainable finance Debt capital markets Derivatives Restructuring Daily and weekly news alerts New and updated content Useful information Sustainable finance and ESG round–up For a concise digest of this week’s Sustainable finance and ESG developments, see: Sustainable finance and ESG weekly round–up—11 April 2024. Registrar of Companies and Register of Overseas Entities ( Fees) ( Amendment) Regulations 2024 Registrar of Companies and Register of Overseas Entities ( Fees) ( Amendment) Regulations 2024, SI 2024/454: This instrument revises the dates for transitional provisions linked to changes in Registrar of Companies fees, corrects typographical mistakes, and deletes obsolete references to regulations within the Register of Overseas Entities ( Delivery, Protection and Trust Services) Regulations 2022, SI...
EU developments ESMA publishes consultation on possible amendments to CRAR Framework The European Securities and Markets Authority ( ESMA) has launched a consultation on intended updates to Commission Delegated Regulation ( EU) No 447/2012, and on changes to Annex I of the Credit Rating Agencies Regulation ( CRAR)......
In this issue: Sustainable finance and ESG round–up Banking and finance case round-up UK and international sanctions LIBOR and benchmarks Security Economic Crime and Corporate Transparency Act 2023 Aviation finance Real estate finance Sustainable finance Derivatives Technology in banking & finance transactions 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 highlights in Sustainable finance and ESG, see: Sustainable finance and ESG weekly round-up—4 April 2024. Banking and finance case round-up Banking & Finance— March 2024 case round-up For an overview of the March 2024 Banking & Finance alerts we issued, consult News Analysis: Banking & Finance— March 2024 case round-up. UK and international sanctions OFSI amends General Licence INT/2023/3626884 on payments to Companies House The Office of Financial Sanctions Implementation has updated General Licence INT/2023/3626884 concerning payments to Companies House. The update broadens the licence by introducing two additional permissions to the roster of permitted payments relating to 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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