Featured documents
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 Sole traders, informal partnerships and outdated partnership deeds are common.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
Most recent News
Grey GR Ltd Partnership v Edgewater ( Stevenage) and others CAM/26UH/ HYI/2023/0003 Background Vista Tower in Stevenage became the focus of the government’s inaugural successful application for a remedial order against a building owner under BSA 2022, s 123. During those proceedings, the owner (‘ Grey’) sought a remediation contribution order ( RCO) targeting the original developer and a further 95 respondents treated as ‘associated persons’ owing to common directorships within the relevant 2017–2022 period. Grey requested that the respondents cover both historic and prospective expenditure to rectify fire safety defects, assessed at over £20 million. The decision The dispute presented five key questions: the proper interpretation of ‘defect’ under BSA 2022, s 120(2) the requisite threshold for a ‘building safety risk’ under BSA 2022, s 120(5) whether an order should issue to a well-resourced applicant who knew of the fire safety issues on...
Macdonald Hotels Ltd v Bank of Scotland Plc [2025] EWHC 32 ( Comm) Relevant facts The High Court examined allegations brought against Bank of Scotland Plc ( BOS) by Macdonald Hotels Limited ( MHL) arising from the compelled sale of three properties: the Randolph Hotel, the Old England Hotel and the Marine Hotel (the Hotels). MHL contended that disposals occurred when valuations were unusually depressed, contravening implied terms of a facility agreement and, in relation to the Randolph, express provisions in a shareholders agreement. MHL further maintained that BOS ought to have allowed repayment by alternative means (including third‑party refinancing) and/or over an extended timescale. Resolving the dispute required review of years of dialogue, intricate documentation, and numerous detailed amendments. Careful consideration was required to identify and fully determine the issues arising in the case. This note concentrates on the funding...
In this issue: Lending Security Acquisition finance Sustainable finance Debt capital markets Derivatives Restructuring & Insolvency Regulation for banking lawyers Claims and remedies Daily and weekly news alerts New and updated content Useful information Lending CLLS Financial Law Committee issues guidance on legal assignments under section 136 The City of London Law Society’s ( CLLS) Financial Law Committee has issued an in‑depth paper on how to effect legal assignments under section 136 of the Law of Property Act 1925. Released on 30 January 2025, the guidance concentrates on execution formalities for both English and overseas corporates, and for English limited liability partnerships. Its purpose is to assist practitioners with practical direction and certainty when handling such transfers, and to support adherence to contemporary property law obligations. See: LNB News 11/02/2025 3. Source:...
UK developments LMA publishes its green loan terms The Loan Market Association ( LMA) has issued its definitive green loan terms, building on the draft provisions circulated on 7 November 2024. The terms are intended to deliver greater clarity and uniformity in the structuring and negotiation of green loans, ensuring alignment with identifiable industry benchmarks. The document can be accessed by members only via the LMA website. See: LNB News 10/01/2025 10. Source: Documents. FRC publishes review of CFD’s by AIM and large private companies The Financial Reporting Council ( FRC) has released its review of climate-related financial disclosures ( CFDs) by AIM and large private companies, following the first cycle of mandatory reporting. While companies have endeavoured to meet CFD requirements, the FRC identified variations in the quality of disclosures across the selected companies. The report showcases examples of good practice and pinpoints areas where...
In this issue: Sustainable finance and ESG round-up Banking and Finance case round-up Security Aviation finance Sustainable finance Debt capital markets Derivatives Technology in Banking & Finance transactions Regulation for banking lawyers Daily and weekly news alerts New and updated content Useful information Sustainable finance and ESG round-up Sustainable finance and ESG monthly round-up For this month’s overview of sustainable finance and ESG developments, see: Sustainable finance and ESG monthly round–up—6 February 2025. Banking and Finance case round-up Banking & Finance— December 2024 and January 2025 case round-up For a concise summary of the cases flagged in Banking & Finance across December 2024 and January 2025, see News Analysis: Banking & Finance— December 2024 and January 2025 case...
Jonathan Gaisman KC of 7 King’s Bench Walk, acting for a consortium of all-risks insurers, told the High Court that war-risk carriers ought to indemnify lessors because a Russian state decree preventing the aircraft’s return was the operative cause of loss and a consequence of the conflict. He characterised the war-risk peril as meaning it is “bye bye to the planes” for the first time on the enactment. His comments came in closing submissions in a hearing expected to serve as a test case for later disputes. Aircraft lessors maintain there is no realistic prospect that airframes and engines will ever come back. Major market names, including Chubb and Lloyd’s of London, could face multibillion-pound exposures if Judge Andrew Butcher decides they must meet claims for the missing aircraft. Opening on 2 October 2024, the trial places contingent liability policies under close...
The prolongation aims to allow time to roll out the European Market Infrastructure Regulation ( EMIR 3). EMIR 3 includes steps intended to enhance the appeal and competitiveness of the EU’s clearing markets. That should curb the EU’s excessive dependence on systemically important UK CCPs, thereby lowering medium-term risks to EU financial stability. The European Commission has taken a decision to advance its implementation further......
Banking & Finance— December 2024 and January 2025 case round-up R (on the application of LIT FM Holdings UK Ltd and another) v Chancellor of the Duchy of Lancaster in the Cabinet Office (formerly Secretary of State for Business, Energy and Industrial Strategy) [2024] EWHC 2963 ( Admin) Challenge to an unwinding order under the National Security and Investment Act 2021 The claimants, companies within the Letter One Group established to make long-term investments in other businesses across the energy, technology, health and retail sectors, pursued re-amended judicial review grounds seeking a quashing order, declarations and damages under sections 7 and 8 of the Human Rights Act 1998. Their challenge targeted a ‘ Final Order’ (the Order) issued pursuant to section 26(3) of the National Security and Investment Act 2021 on national security grounds. The Order obliged the first claimant to divest 100% of its shares in Upp...
In this issue: Economic Crime and Corporate Transparency Act 2023 Procurement Act 2023 Lending Sustainable finance Debt capital markets Derivatives Regulation for derivatives lawyers Sanctions Daily and weekly news alerts New and updated content Useful information Economic Crime and Corporate Transparency Act 2023 Registrar ( Identity Verification and Authorised Corporate Service Providers) Regulations 2025 SI 2025/50 SI 2025/50 sets out the framework for identity verification, authorised corporate service providers ( ACSPs, as defined in section 1098A of the Companies Act 2006 ( CA 2006)), and unique identifiers (as defined in CA 2006, s 1082). Its commencement is staggered: in part when section 65 of the Economic Crime and Corporate Transparency Act 2023 ( ECCTA 2023), dealing with procedures for verifying identity, is fully in force; in part when ECCTA 2023, s 66 on...
Among the latest triggers for reform was the Financial Services and Markets Act 2023 ( FSMA 2023), which scrapped obsolete EU-derived rules and handed watchdogs fresh authority to set requirements that safeguard consumers. The statute also introduced a secondary aim centred on growth and competitiveness. Post- Brexit regulatory change has proved expensive and intricate. As the UK marks five years since Brexit, the Financial Conduct Authority ( FCA) is seeking to explain how it will balance consumer protection with the government’s ambition for financial services to spur economic expansion. Some lawyers caution that mixed messages risk creating uncertainty over supervisory priorities. ‘ Is this really the moment to contemplate a sweeping overhaul of the rulebook?’ asked Sara Cody, counsel in Linklaters LLP’s contentious regulation team. ‘ Firms have only just embedded the Consumer Duty and, before that, were grappling with the vast regulatory fallout from Brexit,’ Cody...
The guide has formed part of the FCA’s Handbook of Rules and Guidance since 2011, and the FCA is keen to keep it a practical source for firms, both now and in future. The aim of the revisions is to help businesses grasp the regulator’s expectations, judge whether their financial crime systems and controls are adequate, and remedy any issues uncovered during that review. As its title implies, the guide offers guidance only, not binding rules. It sets out clear, overarching direction on what a rounded, holistic approach to compliance should look like, followed by chapter-by-chapter detail closely aligned to specific financial crime prevention legislation and regulatory expectations. Key changes Sanctions systems and controls Following Russia’s invasion of Ukraine, the FCA carried out wide-ranging reviews of firms’ sanctions systems and controls, and has revised the relevant chapter to capture those insights. Respondents welcomed...
In this issue: Economic Crime and Corporate Transparency Act 2023 Sustainable finance Debt capital markets Regulation for derivatives lawyers Securitisation and structured products Technology in banking & finance transactions Daily and weekly news alerts New and updated content Useful information Economic Crime and Corporate Transparency Act 2023 Companies House announces implementation dates for key regulations of the ECCTA 2023 Companies House has updated its transition plan for the Economic Crime and Corporate Transparency Act 2023, which received Royal Assent on 26 October 2023. It sets dates for: (1) suppressing home address used as a registered office, (2) a service registering Authorised Corporate Service Providers, and (3) allowing voluntary identity verification. See: LNB News 22/01/2025 13. Source: Economic Crime and Corporate Transparency Act: outline transition plan for Companies...
Brierley v Otuo and others [2024] EWHC 2549 ( Ch) What are the practical implications of this case? This decision is a reminder that where enforcement takes place and an order for sale is obtained but no ultimate sale of the charged property occurs, a charging order may leave a judgment creditor who does not pursue redemption in a different position from a mortgagee. A mortgagee may benefit from express provisions in a written security document enabling recovery of the costs of sale and the enforcement of a charged property. In this matter, the court made final charging orders together with orders for sale; however, a series of historic orders were also made which, in combination, had the overall effect of releasing the security before any actual sale or redemption took place. The claimant had not taken earlier steps to secure recovery of such costs, and that...
The High Court ruled that Credit Management & Investor Solutions BV ( CMIS) had assumed the credit risk arising from swap arrangements linked to mortgage-backed securities entered into with Nat West Markets Plc and its Dutch subsidiary, Nat West Markets NV, between May 2006 and April 2008. Nigel Cooper KC, sitting as a High Court judge, determined that the purpose of the various deeds of indemnity connected to these transactions was to safeguard Nat West should an issuer fail to make payments due under the swaps. As Cooper J explained, CMIS accepted the possibility that it could be required to make payments under the deeds in situations where issuers lacked adequate funds. At the trial in July, Nat West told the High Court that CMIS had wrongly relied on contractual provisions to defer payment under seven deeds of indemnity relating to the...
In this issue: Sanctions Aviation finance Debt capital markets Derivatives Sustainable finance Technology in banking & finance transactions Regulation for banking lawyers Daily and weekly news alerts New and updated content Useful information Sanctions HM Treasury announces Mo U between OFSI and OFAC on the implementation and enforcement of sanctions The HM Treasury has released details of a memorandum of understanding ( Mo U) linking the UK's Office of Financial Sanctions Implementation ( OFSI) with the US Office of Foreign Assets Control ( OFAC). The arrangement seeks to deepen co-operation by enabling the sharing of information relevant to the implementation and enforcement of financial sanctions. The Mo U marks a significant advance in reinforcing UK– US collaboration on global financial sanctions matters. See: LNB News 14/01/2025 7. Source: OFSI- Mo U. FCDO announces new sanctions on Russian oil giants The Foreign, Commonwealth & Development Office ( FCDO) has set out unprecedented sanctions on two major Russian oil firms,...
The Listing Act Embedded within the wider Capital Markets Union initiative launched in 2015, the Listing Act marks a pivotal step in the modernisation of European financial markets. It seeks to ease access to EU capital markets, particularly for small and medium-sized enterprises, or SMEs, by cutting bureaucratic and economic hurdles, increasing flexibility in company law for controlling shareholders, and optimising selected elements of capital markets regulation. Together, these actions are designed to build a more uniform, transparent and competitive landscape across Member States, thereby narrowing disparities and promoting economic growth. Regulation ( EU) 2024/2809, the Listing Act Regulation, which amends the Prospectus Regulation, the Market Abuse Regulation, and the Markets in Financial Instruments Regulation Directive ( EU) 2024/2811, amending the Markets in Financial Instruments Directive II, or Mi Fi D II, and repealing Directive 2001/34/ EC on the admission of securities to...
The government made clear that it would tailor AI oversight to serve the UK's needs and set up a new AI champion for financial services to work alongside the state on this agenda. Recognising that regulatory models vary worldwide, the Prime Minister, Keir Starmer, said in a speech delivered at University College London, where he referred to the UK's post- Brexit freedom from EU legacy rules, that the country can steer its own regulatory path. He added that, in setting rules for AI affecting financial services and other industries, the nation will back innovation while ensuring the framework is right and carefully and tightly designed. Before imposing regulation, he said, the UK will test and learn about AI in practice so that any measures are proportionate and firmly rooted in science. The government will appoint AI champions in......
To reach the editorial team about this article, or to share the names of lawyers and advisers, email editors@mlex.com. Head to MLex for further details and to arrange a complimentary trial......
In this issue: 2024 end of year round ups and what to look out for in 2025 Economic Crime and Corporate Transparency Act 2023 Lending Security Aviation finance Sustainable finance Debt capital markets Securitisation and structured products Scotland Sanctions Daily and weekly news alerts New and updated content Useful information 2024 end of year round ups and what to look out for in 2025 News Analysis: Banking & Finance—key developments of 2024 and what to look out for in 2025 distils the major Banking & Finance shifts seen through 2024, spotlighting issues affecting lending transactions, and maps what is expected in 2025. News Analysis: Banking & Finance—debt capital markets, derivatives and securitisation 2024 key developments round-up and looking forward to 2025 surveys the principal developments across the debt capital markets in...
This News Analysis reviews the principal Banking & Finance shifts in 2024, with an emphasis on those influencing lending transactions, and sets out what’s ahead in these areas for 2025. A digest of the key 2024 cases relevant to finance lawyers can be found in Banking & Finance 2024 case round up, while the year’s developments across the debt capital markets—covering debt securities and derivatives—are explored in Banking & Finance—debt capital markets, derivatives and securitisation 2024 key developments round-up and looking forward to 2025. Economic Crime and Corporate Transparency Act 2023 What were the key developments in 2024? The Economic Crime and Corporate Transparency Act 2023 ( ECCTA 2023) received Royal Assent on 26 October 2023. It aims to deliver a broad set of reforms to improve corporate transparency and the reliability of information held at Companies House. Selected provisions under ECCTA 2023 commenced on 4 March 2024....
Popular documents
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 ]...
Discover more from LexisNexis
