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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 Sole traders, informal partnerships and outdated partnership deeds are common.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 WFE’s study on extended trading has floated the prospect that DCM markets could, in time, lengthen their trading day. While the WFE casts ‘extended trading’ widely—spanning equities, derivatives, bonds, currencies and digital assets—its discussion concentrates on equities, where arguments are intense. Although the paper ranges across asset classes, its emphasis on equities reflects where the debate is most alive, and where implementation is already under way. Because debt markets rely on the same rails and workflows, any shift of those systems to longer hours may transmit consequences to DCM participants. The paper makes clear this is no longer hypothetical: equity venues are already moving to extended sessions, backed by infrastructure overhauls such as revised clearing set‑ups, daily official close price processes, and broader safeguards. It further points to investor demand—domestic retail, overseas retail, and overseas institutional money—as the primary impetus in...
For further details on the FCA Monzo fine, see: FCA fines Monzo £21m for financial crime control failings, LNB News 08/07/2025 10. Background Between 2020 and 2022, Monzo brought on more than 34,000 high-risk customers without adequate due diligence. As a result, blatantly fictitious addresses, including ‘10 Downing Street’ and ‘ Buckingham Palace’, were not challenged. The FCA noted the bank did not evolve its controls as its customer numbers grew, exposing it to contemporary fraud typologies such as synthetic identity fraud, where criminals mix genuine and fabricated data to build convincing profiles. The Monzo episode prompts the question of whether banks and other firms lean too heavily on manual AML review—a method vulnerable to inconsistency and human error. Could automated technology, particularly AI-driven tools, have helped avoid such failures? AI's helping hand Rapid progress and broad adoption of AI in recent years has shifted its role in...
In this issue: Lending Security Sustainable finance Debt capital markets Derivatives Daily and weekly news alerts New and updated content Useful information Lending LMA announces development of asymmetric jurisdiction clauses following CJEU Lastre decision The Loan Market Association ( LMA) has confirmed it is refining its asymmetric jurisdiction clauses in light of the Court of Justice of the European Union ruling in Società Italiana Lastre Sp A v Agora SARL ( Case C‑537/23). The LMA has revised its German Law Investment Grade and German Law Real Estate Finance Facility Agreements to add a modified asymmetric jurisdiction clause, as those precedents are directly influenced by the Lastre outcome. For English law precedents, the amended clause will not be inserted for now; instead, a consolidated jurisdiction clause guidance note is being prepared and will be published in due course. That note will offer direction and include a version of the updated asymmetric...
Challenging administrator appointments–improper purpose and Braganza duty ( Glint Pay Ltd & others v Baker and Rowley) Glint Pay Ltd and other companies v Baker and another [2025] EWHC 2166 ( Ch) What are the practical implications of this case? The first of the companies’ two grounds relied on the application of settled principles. However, the more consequential takeaways, of wider relevance, flow from the third of the companies’ three grounds. The court placed little weight on the secured creditor’s rationale for purchasing the debt/security—namely to locate and trigger an event of default so it could appoint administrators and then acquire the companies’ business at a reduced price. That wish to enable administrators to assume control of the companies’ assets, with that aim in mind, was not an improper purpose. Further, the court concluded that no Braganza duty is to be read into...
Peter Dunn v Kostas Kazolides [2025] EWHC 2212 ( Ch) Mr Dunn, a former chartered accountant and insolvency practitioner, brought a claim for almost £9m against Mr Kazolides. The High Court held that Mr Kazolides (represented at trial by Dov Ohrenstein of Radcliffe Chambers and Canfields Law Solicitors) had given a guarantee in relation to a Cypriot company that owed substantial sums to Mr Dunn, yet the claim was dismissed. How could Mr Kazolides nevertheless prevail in his defence and avoid any liability to pay under the guarantee? By way of background, under a joint venture agreement, Mr Dunn advanced funds to the company to finance the development and sale of seven villas in Cyprus. The agreement stipulated that the loan became repayable upon ‘the insolvency of the company’ and, as the judge found, it also contained a guarantee from Mr...
The Taxonomy Regulation ( EU) 2020/852 establishes a system for identifying which economic activities qualify as environmentally sustainable. It is applied by both financial and non-financial companies, including to support the labelling of investments as environmentally sustainable. The delegated regulation signals a major step in the European Union’s continued refinement of its sustainable finance framework. The Commission seeks to make the regime more practical and less onerous, while still meeting the EU’s climate and environmental ambitions. Through the delegated regulation, the proposed changes to the Taxonomy Regulation aim to lighten administrative demands for financial and non-financial companies, bolster the EU’s global competitiveness, and protect the Regulation’s core aims. For more information on the new delegated regulation, see: Commission adopts Delegated Act to simplify EU Taxonomy reporting rules, LNB News 08/07/2025 17 Background on the Taxonomy Regulation In force since 2020, with reporting...
In this issue: Sustainable finance and ESG round up Security Debt capital markets Daily and weekly news alerts New and updated content Useful information Sustainable finance and ESG round up Sustainable finance and ESG monthly round-up—2 September 2025 This month’s Sustainable finance and ESG round-up from the Finance Group highlights: (1) the Financial Conduct Authority noting progress in the sustainability-linked loans market since its 2023 review, (2) the Transition Finance Council seeking views on draft transition finance guidelines, and (3) a Memorandum of Understanding between the European Securities and Markets Authority ( ESMA) and the European Environment Agency to bolster cooperation on sustainable finance. For more information, see: Sustainable finance and ESG monthly round-up—2 September 2025. Security DBT updates overseas entities register guidance on trust information access The Department for Business and Trade ( DBT) has updated its guidance on the Register of...
LLC Eurochem North- West-2 and another company v Societe Generale S. A. and other companies [2025] EWHC 1938 ( Comm) This is a highly important decision for practitioners dealing with international sanctions, as the court delivers a detailed examination of how EU sanctions interface with domestic sanctions authorities in such circumstances. It also provides an in-depth consideration of the notions of ‘ownership’ and ‘control’ for the purpose of sanctions, including where trust arrangements feature, which is not unusual when there is a link to a designated individual. The ruling is likewise of real assistance to those working with performance bonds and related trade finance instruments in the sanctions context. The background facts The relevant parties The dispute stemmed from six on-demand bonds ( Bonds) issued in 2021 and 2022 by Société Générale ( Soc Gen) and ING Bank ( ING) (the Banks) in favour of Euro Chem North-...
UK developments FCA reports improvements in SLL market since 2023 review The Financial Conduct Authority ( FCA) has issued a letter summarising developments in the sustainability‑linked loans ( SLL) market since its 2023 review. It notes stronger market practice, featuring more resilient product structures and a move towards core sustainability performance targets that are material to borrowers’ business models. The Loan Market Association’s ( LMA) March 2025 update to the Sustainability‑ Linked Loan Principles has elevated baseline expectations. Banks are now applying declassification as a penalty for breaches, while the use of multiple sustainability coordinators is increasingly common in syndicated loans. These changes are intended to help capture the UK government’s estimated £200bn financial services opportunity by 2030. The FCA will continue to monitor the market and collaborate with the Transition Finance Council to promote the UK as a transition finance hub. See: LNB News...
In this issue: Security Guarantees Real estate finance Sustainable finance Debt capital markets Daily and weekly news alerts New and updated content Useful information Security Companies House announces Web Filing account access to move to GOV. UK One Login from 13 October 2025 Companies House has confirmed that, from 13 October 2025, customers must use GOV. UK One Login to enter their Web Filing accounts. Existing Web Filing profiles need to be linked to a GOV. UK One Login, and each Web Filing account can be connected to only a single One Login. Where access is shared, each individual must set up their own GOV. UK One Login with a distinct email address. The platform introduces stronger protection through two-factor authentication and will, in time, supersede all other GOV. UK sign-in options, including Government Gateway. To get ready, users should...
In this issue: Lending Security Sustainable finance Claims and remedies Sanctions Daily and weekly news alerts New and updated content Useful information Lending LMA publishes updated documents to reflect revised counterparts and bail-in clauses The Loan Market Association ( LMA) has issued several updated templates to include a revised counterparts clause, aligned with the LMA Terms and Conditions for Par and Distressed Trade Transactions. As a result, delivery of an original counterpart is no longer needed, unless specifically requested within five business days of settlement. The changes also reference ‘assignment’ as well as ‘novation’ and, where relevant, add the LMA recommended bail-in clause. These updates exclude the Bilateral Netting Agreement, which remains subject to the existing counterparts and bail-in provisions in the LMA Standard Terms and Conditions. See LNB News 20/08/2025 18. Source: Loan Market...
High Court Judge, Christopher Butcher Christopher Butcher of the High Court approved Dexia’s bid for summary judgment, founded on a jurisdiction clause contained in the International Swaps and Derivatives Association master agreement concluded between the parties. The ruling stated that Torino, from the outset of the transactions, will have appreciated that the English courts, as compared with those of Italy, were to exercise exclusive jurisdiction over disputes connected to the trades. Dexia pursued the application after Torino commenced its own proceedings against the bank concerning the derivatives in the Court of Turin......
In this issue Sustainable finance and ESG round up LIBOR and benchmarks Lending Security Sustainable finance Derivatives 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 Sustainable finance and ESG monthly round-up—11 August 2025. This Finance Group update features: (1) an International Sustainability Standards Board consultation on proposed changes to the Sustainability Accounting Standards Board Standards and guidance for IFRS S2, (2) the IFRS Foundation’s near-final guidance on reporting uncertainties within financial statements, and (3) new United Nations Environment Programme Finance Initiative guidance for banks on climate adaptation and resilience. For more, see News Analysis: Sustainable finance and ESG monthly round-up—11 August 2025. LIBOR and benchmarks On 23 July 2025, the UK Supreme Court issued a landmark judgment, overturning the fraud convictions of traders Tom Hayes and Carlo Palombo. Ellen Gallagher, partner at Vardags Ltd, analyses the ruling in News...
The judgment ( R v Hayes; R v Palombo [2025] UKSC 29) offers robust observations censuring the handling of the original trials and highlights worries about deficiencies within the criminal appeal system in England and Wales... Background Hayes and Palombo were found guilty in 2015 and 2019, respectively, of conspiracy to defraud arising from allegations concerning the manipulation of Libor and Euribor. Collectively, they received sentences totalling 15 years. Hayes remained on licence serving his 11-year term until the Supreme Court ruling set it aside. Seven further individuals continue to hold convictions for Libor and Euribor manipulation in the UK, which remains the sole jurisdiction where criminal findings for this behaviour still persist... Calculation of Libor Libor and Euribor functioned as benchmarks for short‑term interest rates, commonly referenced for commercial loan pricing and for determining values of numerous derivative instruments. Libor was derived from daily rate...
UK developments FCA issues full-page update on climate change and sustainable finance The Financial Conduct Authority ( FCA) has issued a full-page refresh of its ‘ Climate change and sustainable finance’ webpage, setting out its ongoing work in this area. The update draws together recent developments in the FCA’s regulatory stance, designed to support the management of risks linked to the shift to a more sustainable economy and to the impacts of climate change. It also details action to improve the availability and reliability of sustainability information, encourage fair competition, and contribute to internationally aligned standards. This sits within wider efforts to back the UK Government’s goal of making the UK a global centre for sustainable finance. Refer to LNB News 22/07/2025 51. Source: Climate change and sustainable finance [ Update]. FCA publishes multi-firm review findings on climate-related disclosures by asset managers, life insurers and...
A rift is opening across the UK financial services sector over the fate of digital money. At the centre of the split are comments by Andrew Bailey, governor of the Bank of England, who has again dampened expectations that stablecoins could stand in for bank-issued money. Incumbent finance has cheered; the fintech world is notably less enthused. Bailey, who also chairs the Financial Stability Board, is helping to shape the UK’s regulatory stance on stablecoins—cryptoassets tied to the likes of the dollar or sterling and typically issued by private companies. In several recent addresses, he signalled a preference for banks to tokenise existing deposits via distributed ledger technology rather than adopt stablecoins. He has also grown more cautious about the Bank of England’s own digital pound initiative. ‘ I would much rather [banks] go down the “tokenised deposits” street and say, “how do we...
In this issue Banking & Finance case round-up Economic Crime and Corporate Transparency 2023 Lending Security Debt capital markets Sustainable finance Technology for banking lawyers Regulation for banking lawyers Sanctions Daily and weekly news alerts New and updated content Useful information Banking & Finance case round-up Banking & Finance— July 2025 case round-up For a summary of the July 2025 Banking & Finance cases we highlighted, see News Analysis: Banking & Finance— July 2025 case round-up. Economic Crime and Corporate Transparency 2023 Companies House has outlined the start of compulsory identity verification from 18 November 2025. New directors must verify on incorporation or appointment, and existing directors at their next confirmation statement. People with significant control must complete checks within a 12‑month transition. Around 6–7 million individuals are in scope and must finish by November 2026....
The City UK consultation response On 4 August 2025, The City UK noted that the FCA’s consultation on rules for issuing stablecoins—digital tokens typically linked to fiat currencies such as the dollar keeping values steady—contains a significant omission on granular AML obligations. The regulator’s plan for overseeing the sector failed to set this out. The trade association said in its 4 August 2025 consultation response: although the FCA’s crypto roadmap signals that financial crime requirements will be tackled in a later consultation, it is vital to spell out how AML standards will apply to digital assets, including use cases unique to stablecoins (and custody). Custody refers to holding and protecting a client’s digital assets, yet custodians, including crypto exchanges, may face exposure to financial crime from within organisations or via hackers or cyber-attacks. The City UK said the FCA needs to make clear how its...
Banking & Finance— July 2025 case round-up Ciddy Ltd v Natalia [2025] EWHC 1616 ( Ch) Loan agreement—unenforceable penalty clause The Chancery Division dismissed the bankruptcy petition presented by the petitioner, Anjana Natalia, against the debtor, Ms Ella Vacani. The petitioner sought to recover £657,516.32 said to arise from a loan contract, asserting that the debtor, a professional accountant, had taken legal advice before signing. The debtor, by contrast, maintained that the parties’ relationship was unfair because of unequal understanding, coercive control exerted by her husband, and an excessive default interest rate that, she said, constituted an unenforceable penalty clause. The court identified substantial grounds to challenge the petition, grounded in the debtor’s allegations of an unfair relationship under the Consumer Credit Act 1974 and a penalty default term within the agreement. It held that the issues concerning default interest and unfairness were not fanciful and ought to be...
Forbes v Interbay Funding Ltd; Forbes and Seculink Ltd [2025] EWCA Civ 690 What are the practical implications of this case? The Court of Appeal has reinforced the position of secured lenders seeking to recover the principal balance of a secured borrowing that has been called in, confirming that this principal is outside the scope of an MHCM under the Regulations. The ruling makes clear that the principal of a secured debt is not a ‘moratorium debt’, so secured creditors may continue both to pursue repayment of the principal and to accrue interest during an MHCM, even where the facility has been demanded. By narrowing the debts shielded by a moratorium, the decision offers useful certainty to lenders and debtors alike: it safeguards secured lenders’ enforcement rights, trims back debtor protections under the Regulations, and ensures moratoria do not defer enforcement of secured...
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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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