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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 Sole traders, informal partnerships and outdated partnership deeds are common.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: Accounts and reports Environmental, social and governance issues Corporate governance AGMs Public company takeovers Directors and company secretaries Partnerships Restructuring and insolvency for corporate lawyers Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Corporate Highlights 2025/2026 Accounts and reports FRC launches consultation on Draft Annual Plan and Budget 2026-27 The Financial Reporting Council ( FRC) has opened a consultation regarding its Draft Annual Plan and Budget for 2026–27, referred to as the Draft Annual Plan. This document outlines the regulator’s priorities and resource allocation for the year ahead. Delivery in 2026–27 will comprise five core projects: End-to- End Enforcement Future Audit Supervision Strategy Enterprise Resource Planning FRC programme to support Small- Medium Enterprises FRC Innovation and...
In this issue: Equity capital markets Corporate governance Environmental, social and governance issues Finance Bill 2026 Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Equity capital markets FCA publishes Quarterly Consultation CP25/35 The Financial Conduct Authority has released Quarterly Consultation CP25/35 No 50, outlining proposals to simplify the process for admitting new securities under UKLR 20 and to make a limited number of minor adjustments to other UKLR rules reflecting stakeholder input. It also suggests corrective and clarifying amendments to the Handbook for the new Public Offers and Admissions to Trading regime, addressing drafting errors and ensuring greater consistency. Comments are requested by 19 January 2026, and for the proposed amendment to COLL 5.2.29R(3) by 22 December 2025. See: LNB News 08/12/2025 18. Corporate governance Glass Lewis publishes 2026 Benchmark Voting Policies for major jurisdictions Glass Lewis has issued its 2026 Benchmark Voting Policies for key markets, including the United...
In this issue: Prospectus Regulation Economic crime and corporate transparency Corporate governance Public company takeovers ( Offers) Company records, registers and filing Private M& A (share purchase) Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Prospectus Regulation The Financial Conduct Authority ( FCA) has released fresh forms and checklists for submissions under its Prospectus Rules: Admission to Trading on a Regulated Market ( PRM) sourcebook, ahead of its 19 January 2026 commencement. The PRM will replace the current Prospectus Regulation Rules sourcebook as part of the UK’s new regime for public offers of securities and admissions to trading, with the Public Offers and Admission to Trading Regulations 2024 ( POATR) replacing the UK Prospectus Regulation at the same time. From 1 December 2025, issuers may file draft...
What is the background? On 3 July 2025, the Code Committee issued consultation paper PCP 2025/1. It sought views on: a fresh framework for how the Code applies to companies with a dual class share structure ( DCSS); new IPO disclosure obligations; and substantial revisions to the rules on share buybacks. The consultation period ended on 26 September 2025. For more detail on the proposals, see News Analysis: Takeover Panel proposes reforms to address dual class share structures, IPO disclosures and share buybacks. What did the Code Committee decide? The Panel received submissions from seven parties, spanning professional bodies, investors and academics. Respondents were firmly in favour of the package of reforms. Accordingly, the Panel approved the amendments from PCP 2025/1, while making limited drafting tweaks to the new Note 4 on Rule 16.1, the new Rule 37.1 (and the Notes thereon) and the new Rule 37.3,...
In this issue: Budget 2025 Equity capital markets Economic crime and corporate transparency Corporate governance Directors General meetings Members Private M& A Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Budget 2025 Budget 2025— Tax analysis Tax analysis: An overview of the principal business tax measures unveiled in the Budget on 26 November 2025. Expert commentary is provided by Addleshaw Goddard, Akin Gump Strauss Hauer & Feld, A& O Shearman, Andersen, Ashurst, Blick Rothenberg, Boodle Hatfield, Bryan Cave Leighton Paisner, Burges Salmon, CMS Cameron Mc Kenna Nabarro Olswang, Eversheds Sutherland, Fieldfisher, Lawrence Stephens, Macfarlanes, Pinsent Masons, Proskauer, Shoosmiths, Stephenson Harwood, Temple Tax Chambers and Travers Smith. See News Analysis: Budget 2025— Tax analysis Budget 2025— UK Listing Relief from stamp duty In the 26 November 2025 Budget, the...
On 26 November 2025, Rachel Reeves, the Chancellor of the Exchequer, presented the Labour administration’s second Budget, widely referred to simply as Budget 2025. On the same day, the Office for Budget Responsibility ( OBR) set out its economic and fiscal outlook for the UK. Proceedings opened poorly, and chaotically, with an OBR forecast leaking amidst a slew of prior government-led briefings and the release of a frustratingly static index of ‘ Budget 2025 tax related documents’ to which hyperlinks were not inserted until close to 8pm, together with a piecemeal, stop‑start publication of tax information across scattered web pages, sending readers on a fruitless treasure hunt for clarity or coherence and with no appearance whatsoever of the Overview of Tax Legislation and Rates ( OOTLAR). Headline measures comprised, among other items, extending, for another three years to April 2031, the existing...
Supreme Court rules that a director who unlawfully moves company assets following liquidation commits a breach of fiduciary duty and must reimburse the company for the consequent loss ( Mitchell and another ( Joint Liquidators of MBI International & Partners Inc ( In Liquidation)) v Sheikh Mohamed Bin Issa Al Jaber) Mitchell and another ( Joint Liquidators of MBI International & Partners Inc ( In Liquidation)) ( Respondents) v Sheikh Mohamed Bin Issa Al Jaber ( Appellant); Mitchell and another ( Joint Liquidators of MBI International & Partners Inc ( In Liquidation)) ( Appellants) v Sheikh Mohamed Bin Issa Al Jaber ( Respondent) No 2 [2025] UKSC 43 Background Sheikh Mohamed Al Jaber ('the Sheikh') is a prominent global entrepreneur and serves as founder and chair of numerous business enterprises. He acted as a director of MBI International & Partners Inc (the '...
In this issue: Economic crime and corporate transparency Corporate governance Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Economic crime and corporate transparency Key Identity Verification Requirements Introduced by Companies House This news analysis examines the timetable and actions individuals must take to complete identity checks with Companies House, the consequences of failing to meet the new obligations, and practical points for lenders to weigh. See News Analysis: Key Identity Verification Requirements Introduced by Companies House. Companies House outlines enforcement for identity verification breaches Companies House has issued guidance on how it will enforce compliance with the new mandatory identity verification regime for company directors, people with significant control, and authorised agents under the Companies Act 2006. It will follow a staged approach—inform, guide, then...
From 18 November 2025, under the Economic Crime and Corporate Transparency Act 2023 ( ECCTA 2023), compulsory identity checks will apply to all new individual directors and persons with significant control ( PSCs). There will also be a twelve‑month transition window for existing directors and PSCs to verify identity via the annual confirmation statement submission. What are the main implications for lenders? As these reforms take effect, lenders should revisit and, where necessary, update their due diligence procedures, while building additional provisions into loan and security documentation. Crucially, Companies House filings will become more complex, and any failure to comply could result in security not being validly registered at Companies House within the applicable deadline. This News Analysis examines the timetable and steps individuals must follow to verify at Companies House, the consequences of non‑compliance with the new...
In this issue: Corporate governance Environmental, social and governance issues Directors Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Corporate governance FRC publishes report to support transition to UK Stewardship Code 2026 The Financial Reporting Council ( FRC) has issued ‘ Preparing for the UK Stewardship Code 2026: Applying insights from current reporting’ to support signatories as they move to the refreshed Code, which comes into force on 1 January 2026. The publication offers pragmatic guidance and examples of high-quality disclosures to help asset owners, asset managers and service providers align with the Code’s simplified reporting framework. Under the 2026 Code, a dual reporting approach applies: a Policy and Context Disclosure must be lodged every four years, complemented by an annual Activities and Outcomes Report showing how the...
In this issue: Companies House Corporate governance Equity capital markets Accounts and reports Economic Crime and Corporate Transparency Act Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Companies House Companies House announces fee changes from February 2026 Companies House has confirmed a revised fees schedule from 1 February 2026, following its annual assessment to align charges with the cost of providing services. Notably, the digital incorporation filing fee will rise to £100, and the digital confirmation statement fee will increase to £50. These adjustments are set out in the Registrar of Companies ( Fees) ( Amendment) Regulations 2025 ( SI 2025/1137), which were laid before Parliament on 30 October 2025 and take effect on 1 February 2026. The accompanying explanatory memorandum states that the updated fees are...
In this issue: Market Standards Economic crime and corporate transparency Equity capital markets Market abuse Daily and weekly news alerts Dates for your diary Trackers Useful information Market Standards Market Standards Trend Report— Trends in UK public M& A in Q3 2025 Market Standards has undertaken analysis to identify current patterns across UK public M& A. The report draws on the Market Standards transaction data analysis tool, which enables users to retrieve, analyse and contrast detailed features from a wide range of corporate deals. This release updates our Market Standards Trend Report— Trends in UK public M& A in H1 2025, where we reviewed firm and possible offers disclosed in the first half of 2025. See News Analysis: Market Standards Trend Report— Trends in UK public M& A in Q3 2025. Economic crime and corporate transparency Economic Crime and Corporate Transparency Act 2023 ( Commencement No 6 and Transitional Provisions) Regulations 2025 SI...
Background and approach Market Standards has undertaken analysis to assess 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 key attributes across a wide range of corporate deals. This publication updates our Market Standards Trend Report— Trends in UK public M& A in H1 2025, where we reviewed firm and possible offers announced during the first half of 2025. For this instalment, we examined activity from 1 July 2025 to 30 September 2025 ( Q3 2025). We have also set the results alongside those from the immediately prior quarter in 2025 (1 April 2025 to 30 June 2025, ie Q2 2025) and the equivalent window in 2024 (1 July 2024 to 30 September 2024, ie Q3 2024). However, firm conclusions will only be drawn once the...
In this issue: Equity capital markets Private M& A (share purchase) Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Equity capital markets FCA issues Primary Market Bulletin 58 and consults on updates to Knowledge Base ahead of POATRs implementation The Financial Conduct Authority ( FCA) has released Primary Market Bulletin 58, setting out the principal steps for lodging documents in advance of the new Public Offers and Admissions to Trading Regulations ( POATRs). It explains the route for submitting draft prospectuses, registration documents, universal registration documents and securities notes via the Electronic Submission System from 1 December 2025, for approvals taking effect on or after 19 January 2026. To facilitate filings, fresh forms and cross-reference checklists are expected on or around 24 November 2025, and the final date for...
In this issue: Members Equity capital markets Environmental, social and governance issues Directors and company secretaries Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Members HM Treasury establishes Dematerialisation Market Action Taskforce to reform UK shareholding framework HM Treasury ( HMT) has set up the Dematerialisation Market Action Taskforce ( DEMAT), led by Mark Austin CBE, to drive changes to the UK shareholding model, acting on the Digitisation Taskforce’s final report of 15 July 2025. HMT has endorsed a three-step plan to abolish paper share certificates for listed companies and move to a wholly intermediated ownership model. Step 1 will swap certificated registers for digitised registers by the end of 2027. Step 2 will enhance the intermediated framework during the present Parliamentary term, and Step 3 will migrate all...
In this issue: Economic crime and corporate transparency Corporate governance Environmental, social and governance issues Share purchase agreement Daily and weekly news alerts New and updated content Dates for your diary Trackers Latest Q& As Useful information Economic crime and corporate transparency Government departments update ECCTA guidance on AML information sharing measures The Home Office, HM Treasury, the Ministry of Justice, Companies House, the Serious Fraud Office and the Department for Business and Trade have revised guidance on information sharing measures under the Economic Crime and Corporate Transparency Act 2023 ( ECCTA 2023). Released on 3 October 2025, the update details how anti-money laundering ( AML) regulated firms can share customer data, either directly or via third-party intermediaries, to prevent, detect and investigate economic crime. It outlines warning and request requirements for direct...
Under Irish legislation, each company is required to have its financial statements examined by a statutory auditor, except where it qualifies for, and uses, an exemption. Until recently, per section 363 of the Companies Act 2014 ( Ireland) ( CA 2014 ( IRL)), a company that did not submit its annual return within 56 days of its annual return date forfeited the ability to rely on this exemption for the subsequent two years, effectively as a sanction for late filing......
In this issue: Accounts and reports Audit Contract Environmental, social and governance issues Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Accounts and reports FRC publishes Annual Review of Corporate Reporting 2024/2025 The Financial Reporting Council ( FRC) has released its Annual Review of Corporate Reporting, confirming that FTSE 350 reporting quality has been sustained over the 2024/25 monitoring period. A smaller share of FRC reviews led to substantive queries than in prior years, with declines both inside and outside the FTSE 350. Restatements triggered by reviews fell versus the preceding three years, with fewer affecting profit. Impairment remained the most commonly raised topic for the third year in a row, yet no companies were required to restate for impairment issues. The FRC highlighted an ongoing quality divide between FTSE 350...
In this issue: Economic Crime and Corporate Transparency Act 2023 Company disclosures, records and registers Private equity Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Economic Crime and Corporate Transparency Act 2023 Register of People with Significant Control ( Amendment) Regulations 2025 SI 2025/1036 These Regulations revise the Companies Act 2006 ( CA 2006), substituting the obligation for companies to keep ‘local’ registers of their registrable persons and registrable relevant legal entities with a requirement to notify Companies House of People with Significant Control ( PSC) information. They take effect immediately after CA 2006, s 790LA (duty to notify the registrar of confirmed persons with significant control) is fully commenced. ( Updated from draft on 23 September 2025.) See: LNB News 24/09/2025 1......
In this issue: Economic crime and corporate transparency Private M& A (share purchase) Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Economic crime and corporate transparency JCSI issues Thirty-fourth Report for Session 2024–26 reviewing statutory instruments The Joint Committee on Statutory Instruments ( JCSI) has released its Thirty-fourth Report for the 2024–26 Session. It flagged to both the House of Commons and the House of Lords the Companies Authorised to Register, Unregistered Companies and Overseas Companies ( Application of Company Law) Regulations 2025, SI 2025/761, highlighting a need to clarify the order in which certain provisions of the Economic Crime and Corporate Transparency Act 2023 ( ECCTA 2023) would commence. The Department of Trade provided the necessary clarification in a memorandum set out in Appendix 2 to the JCSI’s report,...
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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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