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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 Sole traders, informal partnerships and outdated partnership deeds are common.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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In this issue: Environmental, social and governance issues Members Financial reporting obligations Daily and weekly news alerts Dates for your diary Trackers Useful information Environmental, social and governance issues WFE’s draft Transition Equity Principles aim to support credible Net Zero transition pathways The World Federation of Exchanges ( WFE), the industry association for exchanges and clearing houses, has issued industry-endorsed Transition Equity Principles spanning exchanges worldwide. The proposals are designed to expand capital access for businesses pursuing decarbonisation goals, while equipping investors with decision-useful disclosures on issuers’ transition plans. See: LNB News 26/05/2026 44. Members Isilay v AVP Capital A FCPI and others [2026] EWHC 1254 ( Ch) The Chancery Division declined the Respondents’ bid to strike out or obtain summary judgment regarding the addition of the Sixth Respondent ( Blue Cloud) and the contention that board observers acted as de facto...
Companies House has published an equality impact assessment of its identity verification service and Registrar verification routes. The review explores how verification rules affect company directors, persons with significant control ( PSCs), and other comparable officers......
The World Federation of Exchanges ( WFE), representing the exchanges and clearing houses, has issued industry-endorsed Transition Equity Principles that apply to exchanges across all jurisdictions......
In this issue: Environment, social and governance issues Due diligence and disclosure Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Environment, social and governance issues Quoted Companies Alliance responds to FCA consultation CP26/5 The Quoted Companies Alliance ( QCA) has filed its response to CP26/5, the Financial Conduct Authority’s consultation on the proposed UK Sustainability Reporting Standards ( UK SRS). The initiative is designed to align listed companies’ sustainability disclosures with the International Sustainability Standards Board ( ISSB) framework, with application anticipated from January 2027. While the QCA backs greater consistency and comparability in sustainability reporting, it cautions against regulatory creep. Although UK SRS one and two are intended for Main Market issuers, the QCA notes advisers and investors may treat them as a benchmark for AIM companies. It calls for...
Background and approach Market Standards has undertaken research to assess the prevailing patterns in UK public M& A. The findings draw on the Market Standards transaction data analysis tool, which enables users to access, analyse and compare distinctive aspects of a wide range of corporate deals. This publication updates our Market Standards Trend Report— Trends in UK public M& A in 2025, where we reviewed firm and possible offers announced during 2025. For this iteration, we examined activity across 1 January 2026 to 31 March 2026 ( Q1 2026). We have also set the results against both the immediately prior quarter (1 October 2025 to 31 December 2025) and the like-for-like period in 2025 (1 January 2025 to 31 March 2025); however, firm conclusions will only be drawn once the full-year 2026 trend report is complete. In total, we assessed 30...
In this issue: Company incorporation and constitution Directors and company secretaries Environmental, social and governance issues Audit Accounts and reports Equity capital markets Share capital Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Company incorporation and constitution DBT launches consultation on corporate re-domiciliation regime The Department for Business and Trade ( DBT) has opened a consultation on shaping a UK corporate re-domiciliation regime. It invites views on a framework that would permit overseas-incorporated companies to re-domicile to the UK while preserving their legal identity. The proposals are, in broad terms, informed by the Independent Expert Panel on Corporate Re-domiciliation and follow an initial consultation undertaken in 2021. The emphasis is on an inward-only route, intended to streamline the shift of a company’s place of...
In this issue: Audit Directors and company secretaries Nature of membership Share purchase agreement Corporate governance Equity capital markets EU developments Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Audit FRC introduces revised approach to audit supervision The Financial Reporting Council ( FRC) has set out an updated model for supervising audits, aimed at supporting a high quality, resilient and trusted UK audit market and profession, and has also issued a policy statement explaining how the new regime will function. This represents a development of the FRC’s supervisory framework. The FRC states the approach is designed to deliver a more proportionate, effective and integrated system of oversight, reflecting shifts in the audit market and the wider ecosystem. See: LNB News 25/03/2026 51. Directors and company secretaries Gardner Aerospace Holdings Ltd v Upton [2026] EWHC 555 ( Ch) The High Court found that Mr Antony Upton, former CEO and CFO of Gardner...
In this issue: Corporate governance NSI Act 2021 Equity capital markets Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Corporate governance FRC issues refreshed guidance on ‘comply or explain’ reporting under the UK Corporate Governance Code. The Financial Reporting Council ( FRC) has released updated guidance to help investors, proxy advisers and other readers of corporate reports better understand and appreciate the merits of companies departing from Code provisions. It is designed to support users in evaluating the rationales offered when companies opt not to comply with particular elements of the Code. See: LNB News 16/03/2026 38. Parker Review Committee releases 2026 update on ethnic diversity in UK businesses. The Committee has published its 2026 report on enhancing ethnic diversity in UK businesses, based on data for the period to 31...
In this issue: Company disclosures, records and registers Equity capital markets Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Company disclosures, records and registers DBT issues updated statutory guidance on PSC ‘significant influence or control’ for companies and LLPs The Department for Business and Trade ( DBT) has released updated statutory guidance clarifying the meaning of ‘significant influence or control’ for Schedule 1A to the Companies Act 2006 ( CA 2006), in relation to the register of people with significant control ( PSC register). Guidance has been produced for both companies and Limited Liability Partnerships ( LLPs). See: LNB News 05/03/2026 28. Equity capital markets FCA Quarterly Consultation No 51—clarificatory amendments to the UKLR The Financial Conduct Authority ( FCA) has published Quarterly Consultation Paper No 51, CP26/8, following reforms to the UK public...
In this issue: Equity capital markets Directors and company secretaries Environmental, social and governance issues Market abuse and market conduct Daily and weekly news alerts New and updated content Dates for your diary Trackers New Q& As Useful information Equity capital markets FCA amends certain UKLR notification deadlines and transitional provisions The Financial Conduct Authority ( FCA) has issued Handbook Notice 138, outlining revisions to the FCA Handbook and related materials signed off by the FCA Board and the executive regulation and policy committee in January and February 2026. The notice condenses changes made via several instruments following consultation. These cover updates to the notification rules for a listed company buying back its own securities under the UK Listing Rules ( UKLR), and tweaks to transitional measures in UKLR TP 15 on admitting further issues of...
In this issue Public company takeovers Financial reporting obligations Directors and company secretaries Corporate governance Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Public company takeovers CLLS publishes updated guidance and precedent wording for contractual offers and schemes The Joint Working Party of the City of London Law Society ( CLLS) and the Law Society of England and Wales has issued a set of illustrative materials that deliver guidance and model clauses for use in documentation relating to contractual offers and schemes of arrangement carried out in accordance with the City Code on Takeovers and Mergers (the Code). The set includes a revised Admission Condition Note, which replaces the April 2011 version......
In this issue: Equity capital markets Market abuse Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Equity capital markets LSE confirms final rules for Private Securities Market following consultation The London Stock Exchange ( LSE) has approved the definitive set of rules for its Private Securities Market, which functions as a Private Intermittent Securities and Capital Exchange System ( PISCES). It confirmed that no amendments were proposed to the LSE’s Rules or to the Admission and Disclosure Standards. Refer to: LNB News 05/02/2026 31. Market abuse FCA imposes fines totalling £108,731 on two individuals for insider dealing The Financial Conduct Authority ( FCA) has issued penalties to Dipesh Kerai and Bhavesh Hirani for insider dealing involving shares in Bidstack Group Plc.......
In this issue: Environmental, Social and Governance Issues Accounts and reports Corporate Governance Public company takeovers Data Protection Daily and weekly news alerts Dates for your diary Trackers Useful information Environmental, Social and Governance Issues FCA consults on UK Sustainability Reporting Standards The Financial Conduct Authority ( FCA) is seeking feedback on bringing listed companies’ sustainability statements into line with the UK Sustainability Reporting Standards ( UK SRS). Consultation paper CP26/5 invites opinions on substituting the FCA’s existing disclosure regime, which is aligned to the Task Force on Climate-related Financial Disclosures ( TCFD), with a UK SRS-based reporting model for relevant listed entities. Submissions are requested by 20 March 2026. See: LNB News 30/01/2026 58. Accountancy Europe publishes factsheets on Omnibus Directive changes to CSRD and CSDDD Accountancy Europe has released factsheets examining the EU Omnibus...
In this issue: Equity capital markets Economic Crime and Corporate Transparency Directors and company secretaries Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Equity capital markets AFME publishes updated equity selling restriction wording for EEA and UK offerings The Association for Financial Markets in Europe ( AFME) has issued an updated set of equity selling restrictions to align with the UK’s new prospectus framework under the Public Offers and Admissions to Trading Regulations 2024 ( POATRs) and the FCA Prospectus Rules: Admission to Trading on a Regulated Market ( PRM), which took effect on 19 January 2026. See: LNB News 27/01/2026 14. Economic Crime and Corporate Transparency Economic Crime and Corporate Transparency Act 2023 ( Commencement No 7) Regulations 2026 SI 2026/57: These Regulations bring into operation provisions of ECCTA 2023 that remove the...
In this issue Market Standards Trend Report Equity capital markets Economic crime and corporate transparency Audit Corporate crime for corporate lawyers Restructuring and insolvency for corporate lawyers Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Market Standards Trend Report Market Standards Trend Report—2025 AGM Season This edition reviews FTSE 350 voting behaviour at annual general meetings held throughout the 2025 AGM season and sets out the key points that companies planning ahead for the 2026 season should keep in mind. See News Analysis: Market Standards Trend Report—2025 AGM Season. Equity capital markets LSE has updated the AIM Rules for Companies to give effect to the Public Offers and Admissions to Trading Regulations 2024, SI 2024/105 ( POATRs), which supersede the UK Prospectus Regulation. The revisions bring the AIM Rules into line with the Financial Conduct Authority ( FCA)’s final provisions set out in Policy Statement PS25/9, including the...
Market Standards Trend Report— AGM season 2025 Read the full report here. The 2025 AGM season featured intensified shareholder scrutiny across the market, evolving meeting formats, and a continued focus on governance accountability. Whilst the proportion of companies encountering failed resolutions rose only marginally, the clearest shift was a marked increase in proposals attracting material dissent—most notably on directors’ remuneration, overarching pay policies, and director elections. Companies kept moving towards primarily in-person AGMs, with hybrid options falling away markedly, and almost every FTSE 350 company retaining some level of physical attendance......
In this issue: Public company takeovers Equity capital markets Banking and finance for corporate lawyers Daily and weekly news alerts New and updated content Dates for your diary Trackers New Q& As Useful information Public company takeovers Market Standards Trend Report— Trends in UK public M& A in 2025 This Market Standards Trend Report delivers a thorough review of the 56 firm offers, 58 possible offers and 15 announcements of formal sale processes and/or strategic reviews that Main Market and AIM companies, subject to the Takeover Code, announced in 2025. The report also features commentary from leading practitioners at Addleshaw Goddard, Ashurst, Bird & Bird, Hogan Lovells, Linklaters, Macfarlanes, Paul, Weiss, Rifkind, Wharton & Garrison. See News Analysis: Market Standards Trend Report— Trends in UK public M& A in 2025. Equity capital markets FCA issues Primary Market Bulletin 61...
Market Standards Trend Report— Trends in UK public M& A in 2025 What does the Market Standards Trend Report cover? Click here to download the full report in Shorthand format. The Market Standards Trend Report delivers a comprehensive review of the 56 firm offers, 58 possible offers and 15 announcements of formal sale processes and/or strategic reviews notified by Main Market and AIM companies governed by the Takeover Code (the Code) in 2025. It offers insight into public M& A trends and what we, alongside leading experts from Addleshaw Goddard, Ashurst, Bird & Bird, Hogan Lovells, Linklaters, Macfarlanes, Paul Weiss and White & Case, anticipate for 2026 and beyond. outlook for 2026 deal value and deal volume deal structure unrecommended and competing offers public to private ( P2P) transactions bidder...
In this issue: Company disclosures, records and registers Equity capital markets Corporate governance Financial services regulation for corporate lawyers Restructuring and insolvency for corporate lawyers Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Company disclosures, records and registers DBT publishes draft statutory guidance clarifying ‘significant influence or control’ for PSCs in companies and LLPs In January 2026, the Department for Business and Trade issued two draft statutory guidance papers on the concept of ‘significant influence or control’ for the purposes of the Register of People with Significant Control (the PSC register) regime under schedule 1A to the Companies Act 2006. One sets out what amounts to significant influence or control in relation to companies, and the other does so for limited liability partnerships ( LLPs). Both drafts are to be laid...
This is the first instalment in a series of News Analyses, each concentrating on one of the principal changes within ERA 2025. The measures are arranged by the date of implementation (or anticipated implementation). Employment Rights Act 2025 (pdf) The Employment Rights Act 2025 overview factsheet, issued on 18 December 2025, confirms that: ERA 2025 will be rolled out in phases over a two‑year period common commencement dates (6 April and 1 October) will be used to bring the majority of regulations made using ERA 2025 powers into force the government remains committed to the timelines set out in the Implementing the Employment Rights Bill Roadmap, published on 1 July 2025 Review of extent of right to time off for public duties Provisions: section 19 Main changes: Requires the Secretary of State, within 12 months of the passing of ERA 2025 (ie before 18 December 2026), to review the...
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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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