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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 Sole traders, informal partnerships and outdated partnership deeds are common.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: Equity capital markets Directors Share capital Financial services Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Equity capital markets CP25/24: FCA consultations include PISCES penalties, UKLR buy-back notifications and contactless payment limits The FCA has issued its 49th quarterly consultation ( CP25/24), setting out suggested amendments to the Handbook across nine topics. Proposals cover applying its sanctions framework to the Private Intermittent Securities and Capital Exchange System ( PISCES), bringing UK Listing Rules ( UKLR) share buy-back announcement deadlines into line with Market Abuse Regulation ( MAR) obligations, and scrapping the £100 ceiling for contactless payments. Comments are requested by 15 October 2025. See LNB News 10/09/2025 19. Directors Judgment Alert: Gable Insurance Ag (incorporated in Liechtenstein) (in liquidation) v Dewsall [2025] EWHC 2280 ( Ch) The dispute chiefly...
In this issue: Economic crime and corporate transparency Disclosure of beneficial ownership Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Economic crime and corporate transparency Failure to prevent fraud—what are reasonable procedures? The failure to prevent fraud offence under the Economic Crime and Corporate Transparency Act 2023 ( ECCTA 2023) functions as a benchmark for corporate compliance. To avert prosecution, companies must evidence proportionate steps tailored to the particular fraud risks they face. In the second instalment of our series, Aziz Rahman of Rahman Ravelli assesses the extent of the reasonable procedures defence, the compliance challenges it creates, and recurring pitfalls. He also stresses the crucial need for continual monitoring and periodic review to reduce fraud exposure and reinforce a company’s position if proceedings are brought. See News Analysis: Failure to...
Market Standards Trend Report— Trends in UK public M& A in H1 2025 What does the Market Standards Trend Report cover? Click here to get the full report in Shorthand format. In H1 2025, Main Market and AIM companies subject to the Takeover Code (the Code) announced 36 firm offers, 42 possible offers and six notices of formal sale processes and/or strategic reviews; the Market Standards Trend Report examines these in detail. It provides insight on public M& A patterns and what we, together with leading specialists from Addleshaw Goddard, Ashurst, Bird & Bird, Cleary Gottlieb, Hogan Lovells, Linklaters, Macfarlanes, Paul Weiss and White & Case, expect in H2 2025 and thereafter. H2 2025 outlook Deal values and volumes Transaction structures Unrecommended and rival offers Public to private ( P2P) activity Bidder jurisdiction Industry focus Form of...
In this issue: Market Standards Company disclosures, records and registers Equity capital market Directors and company secretaries Joint ventures Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Market Standards Market Standards Trend Report— Trends in UK public M& A in H1 2025 The Market Standards Trend Report delivers a detailed review of UK public M& A deals announced in H1 2025 and shares perspectives on what we, together with our contributors, anticipate for the coming H2 2025 and beyond. Company disclosures, records and registers Companies House announces Web Filing account access to move to GOV. UK One Login from 13 October 2025 From 13 October 2025, Companies House will require customers to access Web Filing via GOV. UK One Login. Existing Web Filing accounts must be linked to One Login, and each account can be associated with only a single login. Each login is strictly personal. Where access is shared, every...
In this issue: Company records, registers and filing Share purchase agreement Equity capital markets Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Company records, registers and filing Companies House announces timeline for changes to company registers Companies House has set out that, from 18 November 2025, companies will not be required to maintain statutory registers for directors, directors’ residential addresses, secretaries and people with significant control, as envisaged by section 51 of the Economic Crime and Corporate Transparency Act 2023. The same particulars must still be filed with Companies House, consistent with current obligations. In addition, when recording director appointments at Companies House, businesses will no longer need to state directors’ business occupations. The ability to keep officer details on the central register will likewise be withdrawn. However,...
In this issue: Economic Crime and Corporate Transparency Equity capital markets Environmental, social and governance issues Members Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Economic Crime and Corporate Transparency Companies House announces mandatory ID verification timeline starting November 2025 Companies House confirms that identity checks required by the Economic Crime and Corporate Transparency Act 2023 will begin on 18 November 2025. New directors must be verified for incorporation or appointment; existing directors will verify at their next confirmation statement. People with significant control ( PSCs) have a 12‑month transition window. Around 6–7 million individuals must complete verification by November 2026. Verification will run via GOV. UK One Login or through Authorised Corporate Service Providers, and acting as a director without verification will become an offence once the regime starts. See: LNB News 05/08/2025 29. Equity capital markets FCA publishes Handbook Notice No 132 The Financial Conduct Authority has issued...
In this issue Corporate governance Equity capital markets Members Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Corporate governance Institutional Shareholder Services ( ISS) Governance has unveiled its 2025 Global Benchmark Policy Survey, a core element of its yearly policy-setting programme that may shape ISS policy changes for 2026. The survey examines issues including shareholder rights in multi-class capital structures and board practices, with an emphasis on director overboarding. It also requests input on non-executive director remuneration and executive pay, as well as UK hybrid equity incentive arrangements. Further sections consider developing governance and risk oversight themes covering artificial intelligence, biodiversity, cyber security, and human rights. The survey closes on 22 August 2025. After responses have been analysed, ISS will open a public consultation to seek feedback on the main proposed policy updates for 2026, with final changes expected later in 2025. See: LNB News...
In this issue: Market Insights Trend Report Accounts and reports Public company takeovers Equity capital markets Tax for corporate lawyers Private M& A Members Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Market Insights Trend Report Market Insights Trend Report—trends in sustainability disclosures in corporate reporting The Market Insights Trend Report evaluates FTSE 100 companies’ sustainability disclosures and climate transition plans for 2024, and sets out perspectives on how these themes may develop in the 2025 season. Recognising the multifaceted nature of sustainability reporting, it identifies the areas being disclosed and considers the reasons driving companies to report on them. While this year’s publication places particular emphasis on environmental disclosures, reflecting current regulatory and market priorities, it also notes the increasing prominence of social and human rights...
What does the Market Standards Trend Report cover? The Market Standards Trend Report delivers detailed analysis of FTSE 100 companies’ sustainability disclosures and climate transition plans during 2024, and sets out forward-looking expert commentary on the outlook for these themes for the 2025 season. To capture the multi-faceted character of sustainability reporting, the report seeks to pinpoint which sustainability areas companies are disclosing across their public materials and, subsequently, to infer why they are doing so in practice. While this year’s publication places primary emphasis on environmental disclosure, mirroring prevailing regulatory and market priorities, it also recognises the increasing salience of social and human rights matters across the corporate agenda. Topics addressed in the report include: sustainability reporting and disclosures......
In this issue: Corporate governance Equity capital markets Company striking off and dissolution Financial services regulation for corporate lawyers Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Corporate governance Commission adopts ‘quick fix’ amendments to European Sustainability Reporting Standards The European Commission has introduced a Delegated Regulation amending Delegated Regulation ( EU) 2023/2772, the framework that defines the European Sustainability Reporting Standards ( ESRS). These standards set out the disclosures companies must provide to satisfy sustainability reporting duties under the EU Corporate Sustainability Reporting Directive ( CSRD). The targeted ‘quick fix’ measures seek to lessen both immediate and longer-term compliance demands for businesses already reporting under the CSRD for the 2024 financial year (the so‑called ‘wave one’ companies). In line with the ‘ Stop the Clock’...
In this issue: Public company takeovers Corporate governance Accounts and reports Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Public company takeovers Takeover Panel proposes reforms to address dual class share structures, IPO disclosures and share buybacks The Code Committee of the Takeover Panel ( Panel) has issued consultation paper PCP 2025/1, setting out proposed revisions to the Takeover Code ( Code) to deal with the regulation of dual class share structures ( DCSS), to clarify what must be disclosed on IPO, and to streamline the framework for share buybacks. The package is designed to update the Code for current market practice, in particular following the Financial Conduct Authority ( FCA)’s overhaul of the UK Listing Rules last year, and to maintain robust, equitable safeguards for...
What is the Panel proposing? The measures outlined in consultation paper PCP 2025/1 aim to revise the Takeover Code (the Code) in three specific areas, as set out in that paper. Some principal elements of the suggested changes to these areas are summarised below, for reference and clarity within the consultation. Dual class share structures A company operating a dual class share structure ( DCSS) has capital made up of a class of voting ordinary shares alongside a class of shares—i.e., ‘class B’ or ‘special’ shares—carrying superior voting power or control relative to the company’s ordinary shares......
In this issue: Economic Crime and Corporate Transparency Act 2023 Equity capital markets Disclosure of beneficial ownership Directors and company secretaries Audit Members Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Economic Crime and Corporate Transparency Act 2023 Economic Crime and Corporate Transparency Act 2023 ( Consequential, Incidental and Miscellaneous Provisions) Regulations 2025 SI 2025/ Draft: These proposed Regulations aim to amend assorted primary and secondary legislation as a consequence of company law reforms introduced by the Economic Crime and Corporate Transparency Act 2023 ( ECCTA 2023). ECCTA 2023 dispensed with the obligation for companies to hold their own registers recording particulars of their directors, People with Significant Control ( PSCs) and secretaries. Instead, entities will file this data directly with Companies House, which will keep...
In this issue: UK Modern Industrial Strategy 2025 Equity capital markets Environmental, social and governance issues Members Share capital Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information UK Modern Industrial Strategy 2025 UK Modern Industrial Strategy 2025—impact on corporate law The government has set out its Modern Industrial Strategy in a policy paper, supported by a series of sector-led plans, placing headline emphasis on economic growth and renewing UK industry. What could this mean for corporate law? See News Analysis: UK Modern Industrial Strategy 2025—impact on corporate law. Government announces consultation on amending NSIA foreign direct investment regime as part of Modern Industrial Strategy The Department for Business and Trade has released a policy paper on the UK’s Modern Industrial Strategy, noting the importance of competition policy and the activity of the Competition and Markets Authority ( CMA). Alongside this, the government has begun a 12-week...
Government issues policy paper backing its Modern Industrial Strategy What is the impact on corporate law? The government’s Modern Industrial Strategy and the Professional and Business Services Sector Plan, both released on 23 June 2025, place a core emphasis on economic expansion and industrial revival. They also indicate a stronger commitment to ESG principles, enhanced corporate governance and regulatory overhaul—most notably via the much‑awaited shift from the Financial Reporting Council ( FRC) to the Audit, Reporting and Governance Authority ( ARGA). The papers set out several regulatory measures that, while not aimed squarely at equity capital markets ( ECM) reform, are intended to widen access to equity funding and deepen the UK’s capital markets. ARGA—from proposal to implementation Initially mooted following the 2018 Kingman Review, ARGA is poised to become the UK’s new statutory watchdog for audit and corporate governance, supplanting the FRC. The 2025 strategy...
The FCA has now released the PISCES sourcebook, following HM Treasury’s publication of the Financial Services and Markets Act 2023 ( FSMA 2023) ( Private Intermittent Securities and Capital Exchange System Sandbox) Regulations 2025, SI 2025/583, which came into effect on 5 June 2025. The clock is ticking for would‑be PISCES platform operators to gain regulatory approval and commence operations. What is PISCES? PISCES introduces a form of intermittent private capital market in the UK. It will function as a secondary venue for trading shares in private companies. Compared with a public market, it gives private businesses greater control over how their shares are marketed and imposes a lighter ongoing compliance burden. Crucially, PISCES is not an additional market, but a distinct type of market. The FCA anticipates multiple firms will seek permission to run PISCES platforms and, at least at the outset, that several PISCES will...
In this issue: Economic Crime and Corporate Transparency Act Prospectus Regulations Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Economic Crime and Corporate Transparency Act DBT publish second progress report on Economic Crime Act implementation The Department for Business and Trade has issued its second yearly update on delivering the Economic Crime and Corporate Transparency Act 2023. It records the making of over 20 statutory instruments and highlights fresh Companies House enforcement, including 82,600 changes to registered office addresses and 419 penalty warning notices. Milestones are mapped through to end-2026, with compulsory identity verification from autumn 2025 and limited partnership reforms concluded by the end of 2026. Using enhanced powers, Companies House says it has identified £50m of UK property linked to organised crime. See: LNB News 17/06/2025...
In this issue: Equity capital markets Members Economic crime and corporate transparency Restructuring and insolvency for corporate lawyers Public company takeovers (schemes) Company disclosures, records and registers; directors and company secretaries Daily and weekly news alerts New and updated content Dates for your diary Trackers Latest Q& A Useful information Equity capital markets FCA publishes final rules for PISCES sandbox to allow trading in private company shares The Financial Conduct Authority ( FCA) has issued policy statement PS25/6, setting out the definitive rules for the Private Intermittent Securities and Capital Exchange System ( PISCES)—a new venue enabling periodic trading of shares in private companies. The model will be introduced via a sandbox, allowing the FCA to trial the design before settling on a permanent regime in 2030. The sandbox is now live and would-be operators should apply to the FCA for a PISCES approval notice. Once authorised, they will be permitted to stage...
In this issue: Equity capital markets Company disclosures, records and registers Corporate governance Private M& A (share purchase) Lexis Nexis® Webinars Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Equity capital markets FCA publishes new Enforcement Guide The Financial Conduct Authority ( FCA) has issued Policy Statement PS25/5, unveiling a new Enforcement Guide ( ENFG) that will replace the previous guide from 3 June 2025. The revisions are designed to improve transparency around enforcement investigations and to rationalise provisions already covered elsewhere. PS25/5 follows Consultation Paper CP24/2 and CP24/2: Part 2. The FCA has dropped plans for an investigation publicity policy based on a ‘public interest test’ (the so‑called ‘name and shame’ proposal), and the ENFG keeps the ‘exceptional circumstances’ threshold for publicising...
In this issue: Equity capital markets Members Partnerships Daily and weekly news alerts Dates for your diary Trackers Useful information Equity capital markets FCA to publish final PISCES rules and open sandbox applications in June 2025 The Financial Conduct Authority ( FCA) has confirmed it will release its definitive rules for Private Intermittent Securities and Capital Exchange Systems ( PISCES) in June 2025. At the same time, it will invite applications from prospective platform operators wishing to run a PISCES venue. The regime will be piloted in a sandbox through to June 2030, allowing operators to test different business models for trading shares in private companies. The FCA, together with HM Treasury, will then carefully evaluate the results to decide whether to embed PISCES in lasting legislation or pursue other approaches. See: LNB News 27/05/2025...
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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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