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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 Sole traders, informal partnerships and outdated partnership deeds are common.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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Britain’s highest court has granted the Foreign Office significant discretion by upholding sanctions on US- British billionaire Eugene Shvidler on 29 July 2025, a move that could pave the way for wider use of punitive financial measures. The justices’ view that officials should be ‘accorded a wide margin of appreciation’ in national security matters signals that courts will rarely unsettle sanctions listings, even when the underlying evidence appears unpersuasive. Syed Rahman, a partner at Rahman Ravelli, said the ruling will embolden ministers, while cautioning that there is an obvious danger the UK sanctions framework could become a tool of reputational penalty, lacking the checks and balances for which the legal system is known. Since Russia’s invasion of Ukraine in 2022, the government has designated more than 1,800 individuals and entities. Yet this is the first judgment to address the lawfulness of...
In this issue: Football Governance Act Lending Sustainable finance Debt capital markets Derivatives Sanctions Daily and weekly news alerts New and updated content Useful information Football Governance Act Football Governance Act 2025 comes into force The Football Governance Act 2025 ( FGA 2025) creates the Independent Football Regulator ( IFR), setting out a framework for licensing football clubs, for arrangements governing the allocation of revenues received by organisers of football competitions, and for related purposes. It took partial effect on 21 July 2025, with full commencement to follow on such day or days as the Secretary of State may specify by Regulations. Of particular relevance to finance lawyers advising on deals involving football clubs is FGA 2025, s 46. This provides that a regulated club, or any body that has been a regulated club within the...
The English courts recognise the 'significant hurdles' victims of crypto fraud face The firm reported that the relative drop in fraud filings does not indicate a general, overall fall in crypto fraud, but is partly due to wider uptake of digital assets. As adoption grows over time, a broader spectrum of disputes emerges, and fraud claims become a smaller share of the whole, the report notes. The report further explains that many crypto fraud cases are filed under seal, keeping particulars confidential to avoid alerting the perpetrators, so those figures are not captured in the firm’s data. Greater awareness and closer engagement with law enforcement also means that some victims manage to reach an early resolution without commencing litigation......
Known as OFSI, the Office of Financial Sanctions Implementation has revised its UK financial sanctions guidance to incorporate...
In this issue: Sustainable Finance and ESG Debt capital markets Regulation for Derivatives Lawyers Structured products and securitisation Regulation for banking lawyers Daily and weekly news alerts New and updated content Useful information Sustainable Finance and ESG Market Insights Trend Report—trends in sustainability disclosures in corporate reporting The Market Insights Trend Report reviews how FTSE 100 companies set out sustainability disclosures and climate transition plans in 2024, and offers perspective on what to expect for the 2025 season. To reflect the multifaceted character of sustainability reporting, the analysis maps which topics companies address and then considers the reasons driving those disclosures. This year’s edition concentrates on environmental reporting, mirroring current regulatory and market priorities, while also recognising the rising profile of social and human rights considerations. See News Analysis: Market Insights Trend Report—trends in sustainability disclosures in corporate reporting. NGFS publishes input paper on integrating climate adaptation and resilience into transition plans The Network for...
What does the Market Standards Trend Report cover? The Market Standards Trend Report delivers detailed analysis of FTSE 100 companies’ sustainability disclosures and climate transition plans during 2024, and sets out forward-looking expert commentary on the outlook for these themes for the 2025 season. To capture the multi-faceted character of sustainability reporting, the report seeks to pinpoint which sustainability areas companies are disclosing across their public materials and, subsequently, to infer why they are doing so in practice. While this year’s publication places primary emphasis on environmental disclosure, mirroring prevailing regulatory and market priorities, it also recognises the increasing salience of social and human rights matters across the corporate agenda. Topics addressed in the report include: sustainability reporting and disclosures......
In this issue: Security Shipping finance Sustainable finance Debt capital markets Derivatives Regulation for banking lawyers Sanctions Daily and weekly news alerts New and updated content Useful information Security Exercising assigned rights prior to enforcement ( Vietjet Aviation Joint Stock Company v FW Aviation ( Holdings) 1 Ltd) In Vietjet Aviation, the court differentiated sharply between a lender’s ability to rely on rights assigned under the security instrument—which may arise immediately—and its separate right to enforce the security, which only materialises once an ‘enforcement event’ occurs. It also upheld the wide Argo Fund construction of ‘financial institution’. For further detail, see News Analysis: Exercising assigned rights prior to enforcement ( Vietjet Aviation Joint Stock Company v FW Aviation ( Holdings) 1 Ltd). Shipping finance Berge Bulk Shipping PTE Ltd v Taumata Plantations Ltd [2025] EWCA Civ 876 The court...
Vietjet Aviation Joint Stock Company v FW Aviation ( Holdings) 1 Ltd [2025] EWCA Civ 783 What are the practical implications of this case? In this Court of Appeal decision, the judges drew a firm line between a lender’s use of rights transferred to it by a security document and the separate power to enforce that security. A clause permitting an assignee to enforce the security only once an enforcement event has occurred did not, absent contrary wording, bar the lender from exercising the contractual rights that had been assigned. Accordingly, the contractual mechanism for assignment operated independently of the enforcement regime. On these facts, a lease termination notice issued to the contractual counterparty by the lender in its capacity as assignee was effective, even though no ‘enforcement event’ under the loan agreement had yet arisen. The ruling underscores the need for security...
In this issue: LIBOR and benchmarks Lending Security Sustainable finance Real estate finance Debt capital markets Derivatives Regulation for banking lawyers Sanctions Daily and weekly news alerts New and updated content Useful information LIBOR and benchmarks LMA publishes recommended forms for euro exposure drafts with EURIBOR fallbacks The Loan Market Association ( LMA) has issued recommended-form versions of single-currency euro exposure drafts that embed €STR-based fallbacks. The templates include the International Swaps and Derivatives Association ( ISDA)/ Bloomberg EURIBOR-€STR Spread Adjustment, streamlined temporary fallbacks, and drafting for Central Bank Rate Adjustment. The LMA has also updated its Users Guide to explain the two-tier waterfall framework, how the reference rates clause operates, and the requirements for Italian law compliance. These updates will apply across all LMA documentation that references euros. See: LNB News...
In this issue: Banking & Finance case round-up Sustainable finance and ESG round-up Hague Judgments Convention in force from 1 July 2025 Economic Crime and Corporate Transparency Act 2023 Aviation finance Shipping finance Trade finance Debt capital markets Derivatives Structured products and securitisation Regulation for banking lawyers Sanctions Daily and weekly news alerts New and updated content Useful information Banking & Finance case round-up Banking & Finance— June 2025 case round-up: For an overview of the cases we highlighted in Banking & Finance during June 2025, see: Banking & Finance— June 2025 case round-up. Sustainable finance and ESG round-up Sustainable finance and ESG monthly round-up—2 July 2025 This issue from the Finance Group features: International Swaps and Derivatives Association ( ISDA) releases a position paper on the European...
UK developments FRC launches consultation on proposed UK version of ISSA 5000 The Financial Reporting Council ( FRC) has opened a consultation on a UK-specific edition of the International Standard on Sustainability Assurance ( ISSA) 5000, ‘ General Requirements for Sustainability Assurance Engagements’. The draft is for voluntary adoption by assurance providers and mirrors the international standard to lessen the burden on firms carrying out assurance engagements across multiple jurisdictions. It is also intended for use by both professional accountants and other assurance practitioners who satisfy the relevant quality management and ethical criteria. The consultation closes on 31 July 2025. See: LNB News 29/05/2025 30. Source: FRC Consultation Release: Introduction of International Standard on Sustainability Assurance ( UK) 5000. Government launches three consultations to modernise the UK sustainability reporting framework The government has initiated three consultations as part of its programme to modernise the UK’s...
Banking & Finance— June 2025 case round-up Waller- Edwards v One Savings Bank Plc [2025] UKSC 22 Undue influence—mixed non-commercial transactions—de minimis threshold— Etridge guidance In this appeal, the Supreme Court allowed the challenge unanimously, deciding that a creditor is placed on inquiry—that one party’s assent to the deal may have been procured through undue influence—whenever a non-commercial hybrid arrangement, on the face of it, features a more than de minimis (ie trivial) borrowing component that extinguishes the liabilities of only one co-borrower and so may not be to the other’s financial advantage. Joanne Wicks KC, barrister at Wilberforce Chambers, and Tricia Hemans, barrister at Falcon Chambers, consider the ruling’s implications in News Analysis: Supreme Court holds banks must follow the Etridge protocol where non-commercial hybrid transactions include a more than de minimis surety element ( Waller- Edwards v One Savings Bank Plc). This...
Eraaya Lifespaces Ltd v Elara Capital Plc and other companies [2025] EWHC 1506 ( Comm) What are the practical implications of this case? This judgment confirmed that, when a settlement agent or comparable intermediary receives monies from bondholders destined for an issuer, and lacks any unfettered authority to deal with those monies, being obliged instead to follow another party’s directions, that intermediary will typically hold the monies on trust, for the bondholders or alternatively the issuer, pending distribution to the intended recipient in due course. Depending on the facts, the trust may take the form of an express trust or a Quistclose trust; it is immaterial whether documentation or written terms explicitly describe it as a trust, or whether the intermediary has been told it is holding the funds on trust. The court must decide, on the evidence, the character of the trust and the...
Launched in October 2024 Unveiled in October 2024, the review is led by the Foreign, Commonwealth and Development Office in partnership with sanctions departments and agencies — HM Treasury ( HMT), the Department for Business and Trade ( DBT), the Department for Transport ( Df T), HM Revenue and Customs ( HMRC) and the National Crime Agency ( NCA). It advances recommendations designed to facilitate compliance with UK sanctions, strengthen deterrence against breaches, and refresh the cross‑government sanctions enforcement toolkit. In our analysis, we examine these recommendations and determine that they are unlikely to fulfil the UK government’s ambitions, as articulated in the review: to ‘support the private sector to understand and comply with sanctions’ while ‘punish serious breaches with large fines or criminal prosecution’......
The International Union of Aerospace Insurers reported that 64% of survey participants cited war or linked perils as their chief worry. These findings were released after the High Court later decided insurers were responsible for the multi‑billion‑dollar loss of aircraft left grounded in Russia since the outbreak of the war in Ukraine. Tom Hughes, director of underwriting at the International Underwriting Association and chair of the aerospace insurers’ union, noted that aviation underwriters are carefully tracking the rise of new technologies and nascent threats. However, when invited to specify the......
In this issue: National Security and Investment Act 2021 Security Aviation finance Real estate finance Sustainable finance Debt capital markets Derivatives Structured products and securitisation Technology in banking & finance transactions Regulation for banking lawyers Claims and remedies Sanctions Daily and weekly news alerts New and updated content Latest Q& A Useful information National Security and Investment Act 2021 Government unveils consultation to refine the NSIA foreign direct investment framework as part of the Modern Industrial Strategy. The Department for Business Trade has issued a policy paper outlining the UK’s Modern Industrial Strategy, touching on the function of competition policy and the activity of the Competition and Markets Authority. Within it, the government confirms a 12-week consultation to revise the list of 17 sensitive sectors where...
In this issue: Economic Crime and Corporate Transparency Act 2023 Trade finance Sustainable finance Debt capital markets Derivatives Structured products and securitisation Claims and remedies Daily and weekly news alerts New and updated content Useful information Economic Crime and Corporate Transparency Act 2023 DBT publish second progress report on Economic Crime and Corporate Transparency Act 2023 implementation The Department for Business and Trade ( DBT) has issued its second yearly update on delivering the Economic Crime and Corporate Transparency Act 2023. It notes the making of over 20 statutory instruments and flags new Companies House enforcement, including 82,600 registered office address changes and 419 penalty warning notices. The roadmap runs to the close of 2026, with mandatory identity verification due from autumn 2025 and limited partnership reforms to be finalised by the end of 2026. With enhanced powers, Companies House reports identifying £50m of UK property connected to organised crime. See: LNB News...
High Court judge Robert Bright directed Tecnimont to disclose its communications with Italy’s sanctions authority, dismissing the contention that compliance would in any way contravene Italian law. Bright J observed that Italian law recognises “the necessity for confidential documents to be provided for litigation where significant rights are engaged”, which is both pertinent and material because, under English law, disclosure is required unless there is a genuine risk of prosecution. “ I am satisfied there is no real risk that Tecnimont will face prosecution in Italy, and that the significance of the document to the issues at trial means it must be produced,” he said. Bright J also rejected Tecnimont’s claim that any material in the document would be of “limited value”, calling that “an invitation to conjecture”. “ I cannot rule out that the messages exchanged might contain something important,” the judge added. “ The only way to...
In this issue Security Aviation finance Sustainable finance Technology in banking & finance transactions Sanctions Daily and weekly news alerts New and updated content Useful information Security Forbes v Interbay Funding Ltd; Forbes and Seculink Ltd [2025] EWCA Civ 690 The consolidated appeals centred on the construction of the Debt Respite Scheme ( Breathing Space Moratorium and Mental Health Crisis Moratorium) ( England and Wales) Regulations 2020 ( SI 2020/1311) (the Regulations). The key question was whether the principal sum of a secured debt that fell due before a moratorium commenced under the Regulations is a ‘non-eligible debt’, and therefore excluded as a ‘moratorium debt’. The Court of Appeal rejected the appellant, Mr Forbes’s, appeals from two High Court decisions, which had found that the principal sums owed to Interbay Funding Limited (first appeal) and Seculink Limited (second...
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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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