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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 Sole traders, informal partnerships and outdated partnership deeds are common.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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Unjust enrichment—court explores the conventions of appointing investment banking advisers ( H& P) Advisory Ltd v Barrick Gold ( Holdings) Ltd) H& P Advisory Ltd v Barrick Gold ( Holdings) Ltd (formerly Randgold Resources Ltd) [2025] EWHC 562 ( Ch) What are the practical implications of this case? From a legal perspective, the judgment provides a helpful analysis of the foundations of an unjust enrichment claim. H& P succeeded on this basis even though neither Barrick nor Rangold had ever appointed them as financial adviser. (a) they acted as broker and introduced the figures at Barrick and Rangold to one another (b) Barrick never told H& P, definitively, whether they were engaged Consequently, H& P were found to have a legitimate expectation of involvement, and of retrospective payment; the judge considered that Randgold shared that expectation. There was, therefore, a sufficient basis of agreement between the parties, the...
In this issue: Banking & Finance case round-up Security Real estate finance Sustainable finance Debt capital markets Derivatives Structured products and securitisation Sanctions Daily and weekly news alerts New and updated content Useful information Banking & Finance case round-up Banking & Finance— March 2025 case round-up For an overview of the March 2025 Banking & Finance matters we highlighted, see: Banking & Finance— March 2025 case round-up. Security Bluestone Mortgages Ltd v Stoute [2025] EWHC 755 ( Ch) was an appeal to the Chancery Division from a County Court decision. The issue was grounded in Seculink Ltd v Forbes [2025] EWHC 524 ( Ch). The central legal conclusion is that where a judgment or order encompasses both moratorium and non-moratorium liabilities, or where security covers both categories, a creditor must obtain the court’s permission under the Debt...
Banking & Finance— March 2025 case round-up Click Above Corben Mews Ltd and another v 381 Southwark Park Road RTM Company Ltd and others [2025] EWHC 105 ( TCC) — Freezing injunction—legal charge—beneficial interest—disposing of properties. In proceedings stemming from a freezing injunction restraining any disposal or diminution of Click St Andrews Ltd’s assets, the High Court ruled that Victoria Capital Trust’s legal charge over 17 and 18 Corben Mews ranked ahead of any prospective beneficial interest claimed by Click St Andrews Ltd. The Fixed Charge Receivers were therefore entitled to manage and realise the properties without contravening the freezing injunction affecting Click St Andrews Ltd. Jones v City Electrical Factors Ltd [2025] EWHC 414 ( Ch) — Guarantees—bankruptcy petition—liquidated debt or damages under the guarantees? This appeal turned on construing two guarantees and on how section 267 of the...
381 Southwark Park Road RTM Company Ltd and others v Click St Andrews Ltd ( In Liquidation) and another [2024] EWHC 3569 ( TCC) What are the practical implications of this case? BLOs and Information Orders are among the most potent remedies introduced by the BSA 2022 to hold culpable contractors and developers to account and to spare claimants Pyrrhic wins against judgment‑proof defendants. Because they can pierce the corporate veil of wealthier parent entities, these orders herald a retreat from elaborate corporate architectures that silo substantial assets from creditors, and from the tactical use of insolvency to thwart claims (eg, where any realistic recovery would be negligible). Although leaseholders are likely to welcome this outcome, it represents a significant development in company law and the long‑standing doctrine that companies are generally treated as distinct legal persons. If that no longer holds,...
In this issue: Sustainable finance round-up Spring Statement 2025 Security Asset 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 round-up Sustainable finance and ESG monthly round–up—26 March 2025. This month’s Finance Group round-up features: (1) the International Regulatory Strategy Group and Clifford Chance outlining a roadmap for adopting International Sustainability Standards Board Standards, (2) the Association for Financial Markets in Europe publishing its ESG finance market report for Q4 2024, and (3) the Financial Conduct Authority commencing a survey of ESG ratings providers to guide future regulation. For further detail, see: Sustainable finance and ESG monthly round–up—26 March 2025. Spring Statement 2025 Spring Statement 2025—key Banking & Finance announcements. On 26 March 2025, the Chancellor of the...
UK developments FCA amends sustainability labelling and discolsure requirements and publishes related Handbook Notice 127 The Financial Conduct Authority ( FCA) has revised its Handbook, effective 28 February 2025, reshaping sustainability labelling and disclosure obligations. The package introduces anti-greenwashing measures across several conduct of business sourcebooks, updates the labelling framework, and adjusts rules for on-demand sustainability information. The instrument also defers the deadline for firms to satisfy on-demand sustainability information requests, shifting it from 2 December 2025 to 2 April 2026. Handbook Notice 127 outlines these amendments, alongside certain other updates made by earlier instruments to different parts of the Handbook. See: LNB News 28/02/2025 34. Sources: FCA 2025/6— Sustainability labelling and disclosure of sustainability-related financial information (amendment) instrument 2025, and FCA Handbook Notice 127. FCA clarifies sustainability rules do not restrict defence sector investment The FCA has stated that its...
Regulatory lawyers warn that deregulation steps set out in a government policy paper on 17 March 2025 could potentially harm consumers, a risk amplified by the Financial Conduct Authority ( FCA) scaling back its enforcement agenda. John Pauley, financial services partner at Harper James, said, in his view, the government’s action plan appears more a measured wager than a wild bet, yet it clearly puts growth ahead of stability and security. He noted that the breadth of the proposals, especially the loosening of financial rules, leaves scope for unforeseen fallout across the market. Pauley also said success depends on how quickly both government and regulators can change tack if instability starts to show, and do so decisively. Other practitioners worry that response may come too late, as the government has not articulated its tolerance for consumer harm despite the FCA’s repeated requests for...
Is the ‘ Consumer Duty’ on UK financial services firms a panacea that helps curb over-regulation or a source of legal uncertainty and added stress? It all depends on the respondent and the lens through which the issue is viewed. Feedback to a recent consultation on a prospective regulatory regime for cryptoassets reveals a split across the sector on whether the Duty, which obliges financial firms to deliver good outcomes for consumers, is sufficient on its own to remove the need for detailed, rules-based requirements. The Financial Conduct Authority ( FCA) faces demands to prove to ministers that it is genuinely committed to slimming down regulation. In a January 2025 letter outlining a raft of fresh initiatives to bolster economic growth, the FCA pledged to make sure future regulatory consultations ask whether the Consumer Duty could serve in place of...
In this issue: Economic Crime and Corporate Transparency Act 2023 Football Governance Bill Sustainable finance Debt capital markets Derivatives Technology in banking & finance transactions Regulation for banking lawyers Sanctions Daily and weekly news alerts New and updated content Useful information Economic Crime and Corporate Transparency Act 2023 Companies House publishes two guidance documents on identity verification Companies House has released two identity verification guides. One explains who must complete checks, the ways to verify, and the outcomes for failing to do so, among other points and practical details. The other sets out when individuals are required to complete verification. From 18 March 2025, authorised corporate service providers ( ACSPs) must verify themselves to apply to be registered as a Companies House authorised agent. From 8 April 2025, registered ACSPs may start...
In this issue: Economic Crime and Corporate Transparency Act Real estate finance Debt capital markets Derivatives Technology across banking and finance transactions Restructuring Regulation for banking solicitors Scotland Daily and weekly news alerts New and updated content Useful information Economic Crime and Corporate Transparency Act Companies House announces launch for authorised agent registration service Companies House has confirmed that the registration service for authorised corporate service providers ( ACSPs) will go live on 18 March 2025, after a short delay. As part of the Economic Crime and Corporate Transparency Act 2023 rollout, the service will allow trust and company service providers, together with other professional firms subject to UK anti-money laundering supervision, to become ACSPs. Once accredited, these firms will be permitted to carry out verification for clients and provide the verified...
The Order confirms that qualifying cryptoasset staking arrangements are not considered a collective investment scheme for the purposes of section 235 of the Financial Services and Markets Act 2000 ( FSMA 2000). A collective investment scheme is widely defined to capture any arrangement for managing property of any kind that allows those taking part to obtain profits or income generated by acquiring, holding, managing, or disposing of that property. Staking: an outline Before addressing the implications of the Staking Order, it is helpful to clarify cryptostaking. Broadly, it involves locking a cryptoasset within a blockchain network to help run that network—such as by validating transactions—in return for rewards paid to the owner of the staked assets. Staking is chiefly associated with proof‑of‑stake and similar blockchain consensus models. Establishing consensus over transactions and verifying them is fundamental to how a blockchain functions....
In a letter dated 10 March 2025, the Financial Conduct Authority ( FCA) and the Information Commissioner’s Office said they also plan to convene industry leaders to explore obstacles stopping financial services firms from adopting AI. According to FCA chief executive Nikhil Rathi and Information Commissioner Jon Edwards, a recent FCA and Bank of England survey revealed that companies and trade associations harbour worries about embracing these fast-changing technologies. They noted with interest that respondents identified data protection and the consumer duty as among the top three regulatory barriers to rolling out AI across the sector, based on the survey responses cited by Rathi and Edwards. ‘ These findings appear to demonstrate a......
In this issue: Banking and Finance case round-up Lending Security Acquisition finance Guarantees Sustainable finance Debt capital markets Derivatives Technology in banking & finance transactions Daily and weekly news alerts New and updated content Useful information Banking and Finance case round-up For an overview of the cases we highlighted in Banking & Finance for February 2025, see News Analysis: Banking & Finance— February 2025 case round-up. Lending Società Italiana Lastre Spa v Agora SARL, Case C-537/23. The Court of Justice handed down its long-awaited first judgment concerning the compatibility of asymmetric jurisdiction clauses with the Brussels I (recast) Regulation and the 2007 Lugano Convention. The court concluded that the validity of such clauses must be assessed by reference to the autonomous framework in Article 25 of Regulation ( EU) 1215/2012 ( Brussels I (recast)), rather than under Member States’ national laws, and it confirmed their effectiveness wherever the clause can be construed as designating courts of EU or Lugano...
Banking & Finance— February 2025 case round-up Tactus Holdings Ltd (in administration) v Jordan and others [2025] EWHC 133 ( Comm) Assignment of rights—permitted assignment—champerty rules The Commercial Court refused an attempt to replace the existing claimant, finding the alleged transfer of rights was invalid due to contractual bars and was champertous. Reading the SPA’s assignment provision strictly, the court concluded that the applicant, Chillblast Ltd, was not a permitted assignee. It also determined that Chillblast lacked a sufficient legitimate interest to support the transfer. The judgment offers clear guidance on the construction of anti-assignment provisions, the contemporary application of champerty principles, and the procedural hurdles for a ‘change of party’ in commercial litigation. For further detail, see News Analysis: Court construes contractual restrictions on assignment and considers champerty in refusing substitution of a claimant ( Tactus Holdings Ltd (in liquidation) v Jordan)......
Deutsche Bank Ag London and another company v Provincia Di Brescia [2024] EWHC 2967 ( Ch) What are the practical implications of this case? Opting for English law and English courts in standard ISDA arrangements continues to give banks valuable certainty when confronting Italian local authority challenges to the validity of swaps. The decision showcases the English court’s robust commitment to safeguarding the parties’ contractual bargain. Encouragingly, the ISDA Master Agreement’s jurisdiction clause was interpreted widely enough to encompass a dispute concerning the settlement agreement. The court’s conclusion that questioning the settlement agreement’s validity was, in substance, a challenge to the swaps themselves is commercially sensible, and it reassures parties that swaps disputes will not be diverted from the agreed forum by the back door... What was the background? The dispute concerned interest rate swaps entered into between Brescia and, respectively, DB and Dexia in 2006 and 2007. The...
Societa Italiana Lastre Sp A: Request for a preliminary ruling from the Cour de cassation ( France) lodged on 22 August 2023— Societa Italiana Lastre Sp A v Agora , Case C-537/23 In a nutshell—reinforced legal certainty but questions remain The court held that asymmetric jurisdiction clauses are to be assessed by reference to the autonomous framework in Article 25 of Regulation ( EU) 1215/2012 (the Brussels I (recast) Regulation), rather than under Member States’ national laws, and confirmed their effectiveness where the clause can be interpreted as designating courts within EU or Lugano States. This development dispels several prior uncertainties, in particular those arising from the shifting case law of the French Supreme Court. The finer points of the ruling and any practical consequences—especially the requirement that the clause be read as designating courts of EU or Lugano States—call for closer analysis;...
In this issue: Lending Security Sustainable finance Debt capital markets Derivatives Sanctions Daily and weekly news alerts New and updated content Useful information Lending Arbitration Bill receives Royal Assent, strengthening England and Wales as an arbitration hub On 24 February 2025, His Majesty granted Royal Assent to the Arbitration Bill, which now takes effect as the Arbitration Act 2025. This important update to the Arbitration Act 1996 further cements London’s reputation as a pre-eminent seat of arbitration. For further details, see News Analysis: Arbitration Bill receives Royal Assent, strengthening England and Wales as an arbitration hub. Security Companies House announces delay in authorised agent registration service implementation under ECCTA 2023 Companies House has delayed the launch of its authorised agent registration service, a key element of the implementation plan for the Economic Crime and Corporate...
UK developments LMA publishes response to HM Treasury's UK green taxonomy consultation The Loan Market Association ( LMA) has submitted its views to HM Treasury’s consultation on the UK green taxonomy, backing the government’s aims yet urging against making its development a near-term priority. While recognising a taxonomy’s role in improving transparency and deterring greenwashing, the LMA flags major delivery hurdles, including complexity and significant resource demands. It also points out that the Financial Conduct Authority’s newly introduced anti-greenwashing rule already achieves many of the intended outcomes. See: LNB News 07/02/2025 45. Source: Response to UK Green Taxonomy Consultation. LMA publishes response to EU Commission's sustainability reporting simplification initiative The Loan Market Association ( LMA) has issued a position paper on the EU Commission’s sustainability omnibus simplification proposal, setting out five key recommendations for reform. The LMA underscores the importance of careful calibration to avoid creating fresh,...
Background to the 2025 Act which amends the Arbitration Act 1996 The Arbitration Act 1996 (the AA 1996) has played a central role in the growth of arbitrations seated in London. More contracts now select London as the seat, bringing notable gains to bodies such as the London Court of International Arbitration ( LCIA). By simplifying the resolution of commercial disputes, the AA 1996 has strengthened London’s international appeal. In 2022, the Law Commission of England and Wales launched a review and consultation of the AA 1996 to modernise it and safeguard London’s standing as a leading global centre for commercial arbitration. Its Recommendations, published in September 2023, found that the AA 1996 remains effective, while justifying targeted refinements ( Summary of Recommendations at 1.22) ( Law Commission Documents Template). The Conservative government accepted those proposals and introduced a Bill to the House of Lords on 21...
In this issue: Lending Guarantees Letters of credit Real estate finance Sustainable finance Debt capital markets Structured products and securitisation Claims and remedies Daily and weekly news alerts New and updated content Useful information Lending Qatar Investment and Projects Development Holding Co WLL v Elanus Holdings Ltd [2025] EWHC 303 ( Comm). The dispute concerned the interpretation of a loan agreement by which the defendant, Elanus, agreed to lend a diamond to the claimant, Qipco, for a 20-year term. The agreement contained pre-emption rights. The court held that Elanus did not have a ‘wish to sell’ the diamond within paragraph 10 of the Loan Agreement. Qipco’s claim for specific performance of the option to purchase therefore failed, as no trigger for the pre-emption process had arisen. In any event, even if such a wish had existed, it was withdrawn before Qipco attempted to exercise its right to buy. Accordingly, the option could not be validly...
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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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