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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 Sole traders, informal partnerships and outdated partnership deeds are common.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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New Practice Note— The Economic Crime and Corporate Transparency Act 2023—what Banking & Finance lawyers need to know Consult Practice Note: The Economic Crime and Corporate Transparency Act 2023—what Banking & Finance lawyers need to know......
P. R. I. M. E. Finance releases 2023 Annual Report— LNB News 14/02/2024 18 P. R. I. M. E. Finance has released its 2023 Annual Report. The publication sets out a broad sweep of the organisation’s projects and activity, including: hosting its tenth annual gathering in The Hague in June 2023; initiating a review of the P. R. I. M. E. Finance Mediation rules; and deploying more of its experts to support complex financial disputes in domestic courts. What is the focus of this year’s annual report? Last year’s edition offered a chance to reflect on P. R. I. M. E. Finance’s history. This year, we highlight the ground we have covered towards fulfilling our mission, as well as our trajectory for the years ahead. We also spotlight the work of our four forums—groups of P. R. I. M. E. Finance Experts who meet...
Banking & Finance— February 2024 case round-up Chapman and another company v Celtic Property Developments Ltd [2024] Lexis Citation 104 Security—continued validity of a debenture—estoppel The dispute concerned whether a debenture given to the First Claimant by the Defendant still subsisted. Although the First Claimant transferred the benefit of the loan agreement to the Second Claimant, the linked debenture was not assigned at the same time, and was only transferred much later. Relying on the loan assignment, the Defendant lodged at Companies House a statement of satisfaction, asserting that the debenture had ceased to exist. The Claimants sought restoration of the debenture’s registration, whereas the Defendants contended that proprietary or promissory estoppel barred any reinstatement. The court decided there was no representation, assurance, or promise by the Claimants that the security would be treated as redeemed, ineffective, or left unenforced after the loan was...
In this issue: UK and international sanctions Finance Act 2024 Real estate finance Trade and commodity finance Electronic trade documents Debt capital markets Restructuring Daily and weekly news alerts New and updated content Useful information UK and international sanctions FCDO announces UK Sanctions Strategy and 50 new Russian sanctions The Foreign, Commonwealth & Development Office ( FCDO) has introduced 50 further sanctions against individuals and entities sustaining Russia’s invasion of Ukraine, including arms manufacturers, electronics firms, and diamond and oil traders. These measures are designed to strike Russia’s key income sources and curtail the financing available to it. The FCDO has also published the UK Sanctions Strategy, setting out the government’s approach to sanctions and how they will confront threats and malign activity. See: LNB News 22/02/2024 110. Sources: New UK sanctions mark two years since...
Corporate Sustainability Due Diligence Directive Belgian officials, overseeing EU legislative negotiations as the current holder of the Council of the EU’s rotating presidency, reported that a meeting of national envoys failed to break the deadlock. They noted that a final compromise on the Corporate Sustainability Due Diligence Directive had been tabled for Coreper ambassadors to endorse, but, despite the presidency’s efforts, sufficient backing did not materialise. For adoption, the proposal required a qualified majority: at least 15 Member States, together accounting for a minimum of 65% of the EU’s citizens. However, Germany and Italy, along with Bulgaria, the Czech Republic, Estonia, Finland, Hungary, Lithuania, Luxembourg, Malta and Slovakia, all abstained, and Sweden voted against the measure. Austrian officials said they were unable to take......
EU developments ECB publishes range of articles on risk management and resilience topics The European Central Bank ( ECB) has issued a selection of articles, penned by members of its Supervisory Board, for the Euro Fi magazine......
In this issue: Sustainable finance and ESG round–up UK and international sanctions Finance Bill Economic Crime and Corporate Transparency Act 2023 ( Financial Penalty) Regulations 2024 Registrar of Companies ( Fees) ( Register of Overseas Entities) Regulations 2024 Registrar of Companies ( Fees) ( Amendment) Regulations 2024 Lending Project 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 For this week’s Sustainable finance and ESG highlights, see: Sustainable finance and ESG weekly round–up—22 February 2024. UK and international sanctions The Office of Financial Sanctions Implementation ( OFSI) has updated guidance on the Maritime Services Ban and Oil Price Cap, offering further clarity and detail on three matters. OFSI has also issued General Licence...
EU developments Sustainability reporting standards for listed SMEs and specific sectors to be postponed The Council of the EU and the European Parliament have struck a provisional deal to defer by two years the adoption of the European sustainability reporting standards ( ESRS) for third-country companies, SMEs and selected sectoral areas, thereby amending Directive ( EU) 2022/2464 (the Corporate Sustainability Reporting Directive)... Publication of this ESRS package moves from 30 June 2024 to 30 June 2026. Listed SMEs and companies in specific sectors will benefit from an extra two years to get ready for the revised reporting requirements. The timetable for third-country (ie non- EU) companies is unchanged: CSRD obligations and associated ESRS will apply for financial years starting on or after 1 January 2028. See: LNB News 08/02/2024 32. Source: Council and Parliament agree to delay...
In this issue: Sustainable finance and ESG round–up UK and international sanctions Sustainable finance Debt capital markets Derivatives 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 For a summary of this week’s Sustainable finance and ESG developments, see: Sustainable finance and ESG weekly round‑up—15 February 2024. UK and international sanctions Council of the EU adopts decision on CSDs holding Central Bank of Russia assets The Council of the European Union has adopted a decision and a regulation clarifying the duties of central securities depositories ( CSDs) that hold assets and reserves of the Central Bank of Russia ( CBR) immobilised by EU restrictive measures. CSDs with more than €1m of CBR assets must record the extraordinary cash balances accruing due to these measures separately, and likewise segregate the related revenues. In addition, CSDs are prohibited from disposing of the resulting net profits. These...
Original news LMA publishes second edition of external review guidance on green, social and SLLs— LNB News 25/01/2024 79 The LMA has issued the second edition of the ‘ External Review Guidance for Green, Social and Sustainability-linked Loans ( SLLs)’, created in partnership with the Asia Pacific Loan Market Association and the Loan Syndications and Trading Association. This refreshed guidance sets out the prevalent forms of external review across the loan market and aims to spur greater liquidity in sustainable finance. What are the headline differences between the 2022 Guidance and the 2024 Guidance—in summary?......
UK developments FCA publishes new webpage on the sustainability disclosure and labelling regime The Financial Conduct Authority ( FCA) has released a webpage outlining its latest actions to strengthen confidence and clarity around sustainable investment products and to limit greenwashing. The page explains how the rules apply to firms and features a table showing the implementation timetable. See: LNB News 02/02/2024 67. Source: Sustainability disclosure and labelling regime......
In this issue Sustainable finance and ESG round–up UK and international sanctions Economic Crime and Corporate Transparency Act 2023 Lending Aviation finance Shipping finance Real estate finance Sustainable finance Debt capital markets 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 a summary of this week’s Sustainable finance and ESG developments, see: Sustainable finance and ESG weekly round–up—8 February 2024. UK and international sanctions The House of Lords European Affairs Committee advises that UK sanctions brought in after Russia’s invasion of Ukraine are ‘broadly effective’ and well co-ordinated with the EU and the US, though doubts persist around the rigour of enforcement. For further insight, see News Analysis: UK sanctions on Russia are ‘broadly effective’ but questions remain over enforcement, EAC say......
Sam Woods, chief executive of the Prudential Regulation Authority, the Bank of England’s regulatory arm, told the Treasury Committee that its remit has a significant notable gap not seen in the EU’s regulatory framework. The single power parliament has not handed to us is the ability to impose fines, he explained during the committee’s scrutiny of the PRA’s activities. That sets us apart from the EU method. Woods added that he expects the authorities conferred on the PRA by the Financial Services and Markets Act 2023, which obtained Royal Assent in June 2023, to prove effective once translated into formal rules, though he stressed this remains currently an emerging area. Firms expected to fall within the PRA’s forthcoming oversight of so-called critical......
Aercap Ireland Ltd v Aig Europe SA and other companies [2024] EWHC 144 ( Comm) What are the practical implications of this case? The judgment offers strong comfort that brokers may share Russian aircraft lessees’ insurance and reinsurance policies and related paperwork to help determine the scope of cover in the Russian aviation disputes without breaching sanctions, even absent a court order. Butcher J identified three principal strands, likely of near-universal relevance in these matters, that underpin voluntary disclosure: The materials were not being provided to a person connected with Russia; The disclosure concerned policies/claims that sat outside the sanctions framework; The disclosure did not enable the use of aviation goods within Russia. Whether brokers will feel sufficiently assured by this obiter analysis to disclose voluntarily remains uncertain. Strictly, the ruling is persuasive, not determinative; the application before the court involved an order rather than a...
Dassault Aviation SA v Mitsui Sumitomo Insurance Co Ltd [2024] EWCA Civ 5 What are the practical implications of this case? This decision will interest anyone concerned with the canons of contractual construction. Those who draft or advise on non-assignment clauses will find it especially pertinent. Where an absolute bar on assignment is intended, wording must be explicit and unambiguous. Accordingly, drafters seeking to preclude transfers must choose language that leaves no room for implication. In Dassault Aviation, the Court of Appeal confirmed that it is inadequate to contend that a party should have appreciated, or in fact did appreciate, that assignment was a likely result of its conduct where the transfer is not the party’s own act but instead arises by operation of law. The Court’s stance can fairly be characterised as a strict black-letter approach. That black-letter reading is...
In this issue: Sustainable finance and ESG round–up Banking & Finance case round-up UK and international sanctions Public Offers and Admissions to Trading Regulations 2024 Lending Security Aviation finance Islamic finance Trade and commodity 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 a digest of this week’s developments, refer to Sustainable finance and ESG weekly round–up—1 February 2024. Banking & Finance case round-up Banking & Finance— December 2023 and January 2024 case round–up: For an overview of the matters we flagged in Banking & Finance across December 2023 and January 2024, see News Analysis: Banking & Finance— December 2023 and January 2024 case...
Banking & Finance— December 2023 and January 2024 case round-up The Joint Administrators of Lehman Brothers Holdings plc ( In Administration) v LB GP No 1 Ltd ( In Liquidation) and others [2023] EWHC 3056 ( Ch) Intercreditor—ranking of statutory interest on subordinated debt The High Court examined whether statutory interest owed to a subordinated creditor should be met before principal due to another subordinated creditor sitting lower in the payment waterfall. This required construing the contractual priority provisions and how they interact with IR 14.23, which regulates the payment of interest. The court held that statutory interest due to the higher-ranking subordinated creditor must be paid ahead of principal payable to the lower-ranking subordinated creditor. The judge noted that, when provable debts are in competition, priority turns on the parties’ contractual arrangements, in particular the subordination terms governing the junior claim. IR 14.23(7) does not...
UK developments HMT extends Transition Plan Taskforce mandate The Transition Plan Taskforce ( TPT) has confirmed that HM Treasury ( HMT) has now prolonged its mandate until at least 31 July 2024, with a potential further three month extension to the very end of October 2024, to support the Transition Finance Market Review ( TFMR), which was launched on 22 January 2024. See: LNB News 25/01/2024 44. Source: The TPT’s mandate has been extended. New one minute guide on the FCA’s Sustainability Disclosure Requirements ( SDR) and Labelling Regime The Lexis Nexis Financial Services practical guidance team, working with knowledge counsel, Chris Ormond, and partner, Dr Andrew Henderson of Goodwin LLP, has released a new one minute guide that presents a concise summary of the key requirements of the UK Sustainability Disclosure Requirements ( SDR) and labelling regime. See: The FCA’s...
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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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