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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 Sole traders, informal partnerships and outdated partnership deeds are common.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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Jusan Technologies Ltd v Uconinvest Llc [2025] EWHC 704 ( Ch) What are the practical implications of this case? The key takeaways are: Companies and shareholders should think carefully about the mechanism for future share transfers when negotiating a shareholders' agreement. In this matter, the stipulation for a deed of adherence signed by the company and every shareholder created notable and unnecessary obstacles Share purchasers ought to carry out thorough due diligence to identify any terms in the articles of association or shareholders' agreements that might later hinder the transfer and registration of shares CA 2006, s 40 is designed to be wide-ranging, yet it still leaves certain constraints on the directors' authority to bind the company What was the background? JTL applied under CA 2006, s 125(1) for rectification of its register of members by removing the name of Uconivest LLC (...
In this issue: Company disclosures, records and registers Accounts and reports Corporate governance Equity capital markets Restructuring Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Company disclosures, records and registers Companies and Limited Liability Partnerships ( Annotation) Regulations 2025 SI 2025/573 These Regulations specify defined circumstances in which the Registrar of Companies may, or must, place annotations on information held on the companies register. They take effect in part on 9 June 2025, and in full when CA 2006, s 790LA comes into force. See: LNB News 15/05/2025 7. Protection and Disclosure of Personal Information ( Amendment) Regulations 2025 SI 2025/ Draft These draft Regulations broaden the situations in which individuals can ask the Registrar of Companies to protect personal data provided to the public companies register. Where...
In this issue: Equity capital markets Share purchase agreements Lexis Nexis® Webinars Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Equity capital markets ESMA releases technical advice as part of Listing Act implementation The European Securities and Markets Authority ( ESMA) has issued technical recommendations to the European Commission to support the effective and smooth roll-out of Directive ( EU) 2024/2811 (the Listing Act), setting out detailed guidance on delegated acts to be adopted or amended in relation to the Market Abuse Regulation ( EU) 596/2014 ( EU MAR) and the Markets in Financial Instruments Directive 2014/65/ EU ( Mi FID II). For EU MAR, the advice pinpoints key junctures for public disclosure in drawn-out processes, explains when deferral of disclosure is barred, and sets out a Cross- Market Order Book...
In this issue: Tax ( Stamp taxes: Share transfers and Private M& A) Equity capital markets Accounts and reports Environmental, social and governance issues Daily and weekly news alerts Dates for your diary Trackers Useful information Tax ( Stamp taxes: Share transfers and Private M& A) Tax update spring 2025— Tax analysis On 28 April 2025, the government unveiled a package of technical tax policy proposals aimed at simplifying and reforming the tax system and improving tax administration. The package comprised draft legislation, new consultations, various technical papers and responses to consultations, together with updates on previously announced measures alongside the fresh initiatives. The update includes the Consultation outcome on the 2023 consultation titled ‘ Modernisation of the Stamp Taxes on Shares Framework’. In it, the government confirms that, in 2027, it intends to replace stamp duty and stamp duty...
Key business tax announcements include: draft laws to overhaul UK provisions on transfer pricing, permanent establishments and the diverted profits tax a consultation proposing to extend transfer pricing rules to medium-sized businesses and to impose fresh reporting obligations on multinational groups for cross-border related-party dealings plans to create a working group to streamline and enhance administration of the Corporate Interest Restriction the government’s reply to the consultation on modernising the stamp duty on shares regime, plus a further consultation on elements of the 1.5% higher rate charge on certain overseas transfers of UK securities a consultation exploring reforms to HMRC’s dispute resolution approach, and the government’s response on tackling non-compliance, both within the Tax Administration Framework Review changes aimed at narrowing the range of capital assets captured by the VAT Capital Goods Scheme a 12-month deferral of the move to mandatory payrolling of benefits in kind and...
In this issue: Equity capital markets Corporate governance ( EU) Corporate governance Share capital Public company takeovers ( Schemes) Daily and weekly news alerts Dates for your diary Trackers Useful information No Weekly Highlights on 24 April 2025 Equity capital markets PISCES: FCA provides update on framework for regulated trading platform for private company shares The Financial Conduct Authority ( FCA) has issued an update on its private intermittent securities and capital exchange system ( PISCES) sandbox, following consultation paper CP24/29: Private Intermittent Securities and Capital Exchange System: Sandbox Arrangements. The update shares initial themes from stakeholder feedback and how these may inform the final rule set, pending the FCA Board’s approval. The FCA plans technical refinements so PISCES better reflects private market norms, including clearer expectations for core disclosures covering financial...
Late last year, the Home Office issued a policy paper. It was triggered by a House of Lords committee review into the effect of MSA 2015. While the committee hailed MSA 2015 as pioneering, it emphasised that ‘the world has changed and best practice has moved on’. It urged government to introduce ‘proportionate sanctions’ for organisations that fail to comply with the Act’s obligations; most notably the annual requirement for companies to report on measures to identify and prevent modern slavery. The report also portrays a ‘current approach of no enforcement’ in relation to MSA 2015. Under the Act, businesses with turnover exceeding £36m must publish a yearly slavery and human trafficking statement. However, it does not set out what that statement must contain. The policy paper further notes that, although the Home Secretary can seek an injunction to enforce...
In this issue: Equity capital markets Economic crime and corporate transparency Companies Act Accounts and reports Corporate governance ( EU) Directors Public M& A Private M& A (share purchase) Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Equity capital markets Trends in UK Equity Capital Markets in 2024 Our Market Standards Trend Report— Trends in UK Equity Capital Markets in 2024 offers a detailed and comprehensive review of the IPOs, introductions, moves between markets and follow-on offers completed on both the Main Market of the London Stock Exchange and AIM in 2024, together with perspective on what we may see in 2025. It also examines the major changes to the UK listing regime made in 2024 and the work under way regarding the prospectus regime. See News Analysis: Market Standards Trend Report— Trends in UK Equity Capital Markets in 2024. LSE publishes discussion paper on reforms to AIM framework and...
What does the Market Standards trend report cover? Click here to access the complete report in Shorthand format. Lexis+® UK Corporate and Market Standards have undertaken research exploring patterns in equity capital markets activity on the London Stock Exchange in 2024. The report delivers detailed analysis of IPOs, introductions, transfers between markets and secondary offers completed on the Main Market and AIM in 2024, together with insight into what we might expect in 2025. Topics covered include: a five-year comparative view of Main Market and AIM transaction volumes, market capitalisation and gross proceeds industry sector analysis of IPOs and secondary offerings fundraising structures for IPOs and secondary offers details on the use of retail offer platforms, including the size of retail offers comparison of offer price discounts and the use of prospectuses in secondary offers an...
In this issue: Accounts and reports Corporate governance Equity capital markets Daily and weekly news alerts Updated content Dates for your diary Trackers Useful information Accounts and reports Changes in financial thresholds for company sizes With effect for financial years commencing on or after 6 April 2025, the Companies ( Accounts and Reports) ( Amendment and Transitional Provision) Regulations 2024, SI 2024/1303 (the Regulations) revise sections 381–384B of the Companies Act 2006 ( CA 2006), lifting by around 50% the turnover and balance sheet thresholds used to determine whether a company falls within the micro-entity, small, medium-sized or large categories for reporting and audit obligations under CA 2006 and for other purposes. This update to the qualifying thresholds means many companies will benefit from a lighter-touch approach to financial and non-financial reporting. The Limited Liability...
In this issue: Accounts and reports Corporate governance Directors' and members' issues Environmental, social and governance issues Equity capital markets Partnerships Tax for corporate lawyers Daily and weekly news alerts Dates for your diary Trackers Useful information Accounts and reports FRC publishes update on company size threshold amendments Responding to the Government’s revisions to UK company size thresholds, which take effect on 6 April 2025, the Financial Reporting Council ( FRC) has revised pertinent existing publications. In addition, the FRC has issued a summary paper setting out the amendments to help reporters understand the updated framework. See: LNB News 21/03/2025 16. Corporate governance Home Office updates statutory guidance on modern slavery in supply chains The Home Office has issued a refreshed edition of its statutory guidance on transparency in supply chains under section 54 of the Modern Slavery Act 2015....
In this issue: Economic crime and corporate transparency Equity capital markets Audit Financial services regulation Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Economic crime and corporate transparency Companies House publishes two guidance documents on identity verification Companies House has issued two guides on identity verification. The first sets out who must complete identity checks, the available routes to verify, and the implications of failing to do so, among other points. The second explains the circumstances in which individuals are required to complete verification. From 18 March 2025, authorised corporate service providers ( ACSPs) must verify their own identity to apply to be registered as a Companies House authorised agent. From 8 April 2025, registered ACSPs may start confirming clients’ identities. Directors and people with significant control may choose to verify from 8...
In this issue: Economic Crime and Corporate Transparency Act Corporate governance Company disclosures, records and registers Equity capital markets Mergers Daily and weekly news alerts Dates for your diary Trackers Useful information Economic Crime and Corporate Transparency Act Companies House announces launch date for ACSP registration Within its refreshed implementation plan for the Economic Crime and Corporate Transparency Act 2023, Companies House confirms that the facility to register third‑party providers as authorised corporate services providers ( ACSPs) will commence on 18 March 2025. From that day, Trust and Company Service Providers and other professional service providers (for example, accountants and solicitors) that are subject to UK anti‑money laundering supervision can register to become ACSPs. Once authorised, these providers may undertake verification for their clients and lodge verification particulars with the registrars. See: LNB News...
In this issue: Private equity (venture capital) Disclosure of beneficial ownership Equity capital markets Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Private equity (venture capital) BVCA updates model documents for early stage investments The British Private Equity and Venture Capital Association ( BVCA) has revised and reissued its model documentation intended for early-stage venture capital investments, supplanting the February 2023 editions. See: LNB News 03/03/2025 18. Disclosure of beneficial ownership Companies House publishes guidance on protecting personal information on Register of Overseas Entities Companies House has published detailed guidance on safeguarding personal information on the Register of Overseas Entities ( ROE) for beneficial owners, managing officers, and trust members of overseas entities who face a serious risk of harm or intimidation if their details are publicly accessible. The guidance explains the process by which...
In this issue: Economic Crime and Corporate Transparency Act Accounts and reports Corporate governance Equity Capital Markets Shareholders’ agreements Daily and weekly news alerts New and updated content Dates for your diary Trackers New Q& As Useful information Economic Crime and Corporate Transparency Act Companies House has deferred the roll-out of its authorised corporate service provider ( ACSP) registration service, a component of the Economic Crime and Corporate Transparency Act ( ECCTA) 2023 delivery plan. The schedule for this particular service will be reset, with a fresh launch date to follow, though springtime 2025 remains the anticipated window. See: LNB News 24/02/2025 42. Accounts and reports The Financial Reporting Council ( FRC) has issued refreshed guidance on the ‘ Going Concern Basis of Accounting and Related Reporting, including Solvency and Liquidity Risks’, following its August 2024 consultation. This non-binding material is intended to support company directors in meeting applicable legal and regulatory obligations when evaluating and...
In this issue Company, disclosures, records and registers Equity capital markets Share purchase agreement 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 Companies House publishes guidance on ACSPs and identity verification standards Companies House has issued three pieces of guidance covering the registration of Authorised Corporate Service Providers ( ACSPs), what ACSPs do, and the identity verification obligations. The first note explains how to use Companies House’s service to enrol as an ACSP (also referred to as a Companies House authorised agent). Applications open on 25 February 2025. The second clarifies the functions and responsibilities of an ACSP. The third sets out how to meet Companies House identity verification standards when confirming someone’s identity. From 25 March 2025, ACSPs will be...
In this issue: Company, disclosures, records and registers Banking & finance for corporate lawyers Equity capital markets Environmental, Social and Governance Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Company, disclosures, records and registers Companies House publishes new Registrar's Rules on identity verification and ACSPs Companies House has released updated Registrar’s rules governing identity checks and applications to become an Authorised Corporate Service Provider, which will apply from 25 February 2025. The package consists of: The Registrar’s ( Identity Verification by the Registrar) Rules 2025 The Registrar’s ( Identity Verification by Authorised Corporate Service Providers) Rules 2025 The Registrar's ( Requirements Applicable to Applications to become an Authorised Corporate Service Provider) Rules 2025 See: LNB News 06/02/2025 6. Banking & finance for corporate...
In this issue: Public company takeovers Equity capital markets Corporate governance Partnerships Private equity Members Lex Talk®Corporate: a Lexis®Nexis community Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Public company takeovers Takeover Panel publishes note on cancellation of admission to trading The Takeover Panel ( Panel) has issued a new note offering advisers guidance on cancelling an admission to trading for companies caught by the Takeover Code ( Code). It confirms that companies with registered offices in the UK, the Channel Islands or the Isle of Man, whose securities are traded on specified markets, remain within the Code for two years after cancellation, irrespective of where central management and control is located or whether they re-register as private companies. The Panel encourages early engagement with the Panel Executive when a cancellation is contemplated, to ensure shareholders receive suitable disclosure about the Code’s continued effect, and it outlines a...
In this issue: Corporate governance Economic Crime and Corporate Transparency Equity capital markets Market Standards Limited liability partnerships Brexit Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Corporate governance PLSA publishes Stewardship and Voting guidelines for 2025 The Pensions and Lifetime Savings Association has released its Stewardship and Voting guidelines for 2025. They outline firm principles for assessing and engaging with companies on matters including climate action, workforce diversity, and responsible deployment of capital, all directed at delivering sustainable long-term value. See: LNB News 27/01/2025 43. Economic Crime and Corporate Transparency Registrar ( Identity Verification and Authorised Corporate Service Providers) Regulations 2025 SI 2025/50: These Regulations set the rules for identity verification, the authorisation of corporate service providers, and the use of unique identifiers for verified...
What does the Market Standards Trend Report cover? Click to download the complete report in Shorthand format here. The Market Standards Trend Report delivers detailed analysis of the 55 firm offers, 51 possible offers, and 15 notices of formal sale processes, private sale processes and/or strategic reviews, announced in 2024 by Main Market and AIM companies that are subject to the Takeover Code (the Code). It offers perspective on UK public M& A patterns and what we, alongside specialists from Addleshaw Goddard, Ashurst, Bird & Bird, Hogan Lovells, Linklaters, Macfarlanes, Paul Weiss and White & Case, anticipate emerging in 2025 and the years thereafter......
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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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