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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 Sole traders, informal partnerships and outdated partnership deeds are common.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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EU financial services developments ESMA publishes 2025 report on costs and performance of EU retail investment products The European Securities and Markets Authority ( ESMA) has released its 2025 market report on the costs and performance of EU retail investment products, indicating that recurring charges across the EU kept falling in 2024. ESMA notes this trend was largely driven by the arrival of newly launched funds, which tend to levy lower fees. By contrast, fee reductions among established, long-standing funds were modest......
EU financial services developments CRD: EBA publishes guidelines on instruments for capital endowment requirement for third-country branches The European Banking Authority ( EBA) has issued its final guidelines on instruments that can satisfy the capital endowment requirement for third-country branches under the Capital Requirements Directive ( CRD). The guidelines identify the categories of instruments those branches may rely on to meet the requirement and set out the minimum operational conditions that must be in place to ensure the instruments are accessible when needed. The EBA explains that the overarching purpose is to make certain capital endowment assets protect local depositors at the level of the third-country branch, or else remain available to discharge appropriate claims and satisfy local creditors should the third-country branch enter resolution or be wound up......
While most of the prescriptive measures are aimed at European Union Alternative Investment Fund Managers ( AIFMs), non‑ EU AIFMs will also need to amend pre‑contractual disclosures, regulatory reporting and periodic reporting so that the new reporting elements are included. This article highlights the principal action points AIFMs should consider before the swiftly approaching implementation deadline. What AIFMs need to do AIFMD 2 establishes a fresh loan origination framework to enable cross‑border lending, creating obligations for EU AIFMs. These obligations sit alongside the prescriptive measures primarily directed at EU AIFMs and require early focus. Loan Origination Activities and Loan- Originating AIFs Common rules apply to alternative investment funds ( AIFs) that originate loans, covering borrower due diligence, concentration limits, a ban on originate‑to‑distribute strategies, and no lending to retail. More exacting standards attach to AIFs that are loan‑originating AIFs, including leverage limits, a liquidity policy and...
EU financial services developments ESMA publishes supervisory briefing on algorithmic trading under Mi FID II ESMA has released a supervisory briefing aimed at ensuring uniform oversight of algorithmic trading throughout the EU under the Recast Markets in Financial Instruments Directive (2014/65/ EU) ( Mi FID II). It equips National Competent Authorities ( NCAs) with actionable tools and clearer expectations for monitoring firms that deploy algorithmic trading, concentrating on areas of divergent practice such as pre-trade controls, governance structures, testing regimes and the outsourcing of algorithmic trading systems. The paper also considers new technological trends and sets out points to consider for the application of AI. Although not legally binding, the briefing supplements existing obligations and helps NCAs pursue a harmonised supervisory approach overall. Source: ESMA issues a supervisory briefing on algorithmic trading ESMA proposes amendments to buy-back programme rules following Listing Act...
In this issue: Competition and state aid Corporate Data protection and cybersecurity Financial services Environment IP Life sciences Regulatory TMT International trade Daily and weekly news alerts New and updated content Trackers and horizon scanners Competition and state aid Digital Markets Act— General Court throws out challenge to Commission’s denial of access to DMA designation files The General Court delivered its judgment in Case T-433/23, Batchelor v Commission, brought by Edward William Batchelor (the applicant) against the Commission’s 2 June 2024 decision refusing access, under Regulation 1049/2001, to internal documents concerning Byte Dance’s gatekeeper designation under the Digital Markets Act (the Commission’s 2024 decision). The Court dismissed the claim in its entirety. See News Analysis: EU Competition law—daily round-up (25/02/2026). State aid— Commission opens consultation on revised draft State aid General Block Exemption Regulation The European Commission has opened a consultation on a revised draft of the General Block Exemption Regulation ( GBER), following a July 2025 call for...
EU financial services developments Basel Committee launches consultation on consolidated guidelines and sound practices The Basel Committee on Banking Supervision has issued a consultation on a consolidated edition of its guidelines and sound practices for banks and supervisors, designed to enhance usability through a more accessible layout. These consolidated materials reorganise prior content into modular components mirroring the method applied in the Basel Framework, introduced in December 2019, while adding no new expectations......
EU financial services developments European Commission adopts amendments to delegated regulation as regards the calculation of the contributions of certain institutions under BRRD The European Commission has issued a Commission Delegated Regulation revising Delegated Regulation ( EU) 2015/63 (which complements the Bank Recovery and Resolution Directive ( Directive 2014/59/ EU) ( BRRD)), addressing the methodology for calculating the contributions of certain institutions, removing a risk indicator and introducing some limited procedural adjustments. Delegated Regulation ( EU) 2015/63 outlines the approach by which contributions owed by institutions to resolution funds are computed and gathered......
EU financial services developments ESMA consults on CCP collateral and investment policy standards following EMIR 3 review The European Securities and Markets Authority ( ESMA) has opened a public consultation on draft regulatory technical standards ( RTS) intended to amend Commission Delegated Regulation 153/2013, following the European Market Infrastructure Regulation ( EMIR 3) review process. It also invites feedback on the circumstances under which central counterparties ( CCPs) may accept public guarantees, public bank guarantees, and commercial bank guarantees as collateral; the criteria under which debt instruments qualify as eligible financial instruments for a CCP’s investment policy; and the use of highly secured arrangements for emission allowances lodged as margins or default fund contributions. EMIR 3 permanently widens the categories of guarantees recognised as eligible collateral and expands the framework to include clients of CCPs that are non-financial...
The Court of Justice concluded that the General Court had improperly inferred that the EU‑ UK Withdrawal Agreement contained express rules for opposition proceedings. Such an interpretation would have permitted earlier UK intellectual property rights to stretch across the EU after the transition period lapsed, yet that was not so, the Court of Justice held. It added: the General Court committed an error of law by failing properly to consider the legal effects of the transition period’s end and the territoriality principle of trade marks on the opposition disputed in this case. The ruling came after a decision in proceedings pursued by the Japanese company Nowhere Co Ltd against an individual’s 2015 application for a figurative sign depicting a small ape with the words ‘ Ape Tees’ below. Nowhere opposed the application relying on three prior signs it had used in the UK...
The European Commission is about to present its Chips Act 2.0 The Commission is set to unveil a refreshed Chips Act, yet its success over the flagging first version will hinge on whether decision-makers absorb lessons from past missteps. When adopted in 2023, the sector was grappling with global supply-chain shortages while heavyweight economies such as the United States, China and South Korea were committing billions to expand domestic production. The EU’s plan sought to scale up R& D, back the creation of European ‘mega fabs’ through public subsidies, and establish a tool to foresee and manage supply-chain emergencies. Increase R& D in this area Support ‘mega fabs’ in Europe via public funding Create a mechanism to anticipate and handle supply-chain crises Three years later, the initiative can scarcely be labelled a triumph. Investors, analysts and business leaders are now scrutinising where Europe will steer its...
EU financial services developments SRB updates operational guidance on separability and transferability for enhanced proportionality The Single Resolution Board ( SRB) has issued refreshed operational guidance for banks on separability and transferability following a public consultation. It dovetails with resolvability self‑assessment requirements and supports the Single Resolution Mechanism’s move from planning to operationalisation, resolution testing and crisis preparedness. While no fresh deliverables are required, the paper sets out a practical framework for transfer playbooks and adds a testing annex to help banks evidence the capabilities expected. Drawing on consultation feedback, the updated text heightens proportionality and simplifies wording across several parts, tackling key obstacles seen in earlier submissions while presenting a leaner methodology with clearer expectations for separability assessments... Source: SRB updates its operational guidance on separability and transferability for more alignment and...
EU financial services developments ECB sanctions J. P. Morgan SE for capital requirement reporting breaches The European Central Bank ( ECB) has levied two administrative fines totalling €12.18 million (€12,180,000) on J. P. Morgan SE after the bank submitted incorrectly calculated risk-weighted assets. From 2019 to 2024, it declared risk-weighted assets lower than they should have been. This stemmed from the misclassification of corporate exposures over 15 consecutive quarters, leading to the application of a credit risk weight below that required by banking rules. The ECB further found that, for 21 consecutive quarters, the bank improperly excluded certain transactions when determining risk-weighted assets for its credit valuation adjustment risk, which reflects the possibility that the counterparty to a derivatives contract could default. The ECB concluded that both infringements involved serious negligence, driven by clear shortcomings in the bank’s internal processes. Its internal controls did not...
In this issue: Competition and state aid Corporate Data protection and cybersecurity Financial services Energy Environment Insurance and reinsurance IP Life sciences Regulatory TMT International trade Daily and weekly news alerts New and updated content Trackers and horizon scanners Competition and state aid Mergers— UMG/ Downtown conditionally cleared after phase II The European Commission has conditionally approved Universal Music Group N. V. ( UMG)’s planned purchase of Downtown Music Holdings LLC ( Downtown). See News Analysis: EU Competition law—daily round-up (13/02/2026). Corporate Commission seeks views on updating the Shareholder Rights Directive The Commission has opened a public consultation alongside a call for evidence to collect input on a potential revision of the Shareholder Rights Directive. It invites companies, shareholders and investors also to identify barriers to cross-border investment from the exercise of...
EU financial services developments ESMA consults on MAR inside information disclosure guidelines The European Securities and Markets Authority ( ESMA) is seeking views on suggested changes to its Market Abuse Regulation ( MAR) guidance concerning postponing the release of inside information. Feedback is requested by 29 April 2026. After assessing the responses, ESMA intends to issue a final report in Q4 2026, following consultation......
EU financial services developments Solvency II: Regulation specifying quantitative parameters published in OJ The Official Journal of the EU now carries Commission Delegated Regulation ( EU) 2026/269 of 29 October 2025, which amends Delegated Regulation ( EU) 2015/35 concerning technical provisions, long-term guarantee measures, own funds, equity risk, spread risk for securitisation positions, additional standard formula capital requirements, reporting and disclosure, proportionality, and group solvency. The instrument will come into force on the 20th day following the date of its publication in the OJ. Its rules shall apply from 30 January 2027......
Fiona Ghosh, Patricia Wade and Nilesh Ray of Ashurst delve into each of these matters in greater depth below. Overview The draft Code takes a decisive stride towards turning the broad transparency duties in Article 50 of the Act into concrete, operational expectations for both providers and deployers of generative AI. Shaped by extensive engagement with stakeholders, it offers the first coherent roadmap for how organisations should handle the marking and detection of AI-generated or manipulated content, alongside the labelling of deepfakes, from here on. The Article 50 transparency duties take effect on 2 August 2026. As that date draws nearer, adherence to the steps in the draft Code is poised to serve as a key yardstick for assessing day-to-day compliance. In practice, it will set clear expectations across the market. Who's covered? The draft Code captures 'providers' (those placing Gen AI systems on the market) and...
EU financial services developments EIOPA publishes six IRRD instruments The European Insurance and Occupational Pensions Authority ( EIOPA) issued six measures to support the rollout of the Insurance Recovery and Resolution Directive ( IRRD). The set comprises guidelines and regulatory technical standards addressing various elements of the regime, including pre-emptive recovery planning, resolution planning, and the assessment of resolvability for insurance firms and groups. Due to take effect in 2027, the IRRD establishes an EU recovery and resolution framework for (re)insurers......
EU financial services developments ECB fines Crédit Agricole for non-compliance with climate and environmental decision The European Central Bank ( ECB) has levied periodic penalty payments totalling €7,551,050 on Crédit Agricole owing to its failure to meet an ECB decision concerning climate-related and environmental ( C& E) risks. According to the ECB, Crédit Agricole did not adequately evaluate the materiality of its climate and environmental risks by the ECB deadline. The central bank also stated that Crédit Agricole breached one of the obligations laid down in its 8 February 2024 decision which, among other points, required the institution to carry out a materiality assessment of its climate-related and environmental ( C& E) risks......
EU financial services developments EIOPA updates guidelines on supervisory review process and treatment of market and counterparty risk exposures The European Insurance and Occupational Pensions Authority ( EIOPA) has refreshed its guidelines on the supervisory review process, and on the handling of market and counterparty risk exposures within the standard formula. The main aim is to align the guidelines with the Solvency II review by refining and simplifying current provisions, while widening their scope to encompass emerging risks. Building on experience from applying the supervisory review process guidelines since their 2015 adoption, EIOPA highlights improvements to strengthen flexibility and adaptability, mirroring the shifting supervisory environment across Europe. Although the revisions are not directly applicable to the insurance sector, EIOPA considers that they should enhance predictability in firms’ dealings with supervisory authorities......
The European Commission has set out this year’s slate of priorities, and what should be set aside, for secondary legislation to implement the EU AI Act, according to an internal note viewed by MLex. Secondary legal acts are commonly used in EU lawmaking to confer powers on the Commission to amend or add non‑essential elements of a law via a delegated act, or to secure uniform application through an implementing act. Where the basic law is silent, the EU executive may decide when to adopt such secondary measures, enabling it to order its own regulatory agenda. In a list compiled earlier this month, the Commission detailed its priorities for implementing the EU AI Act in 2026. It also pointed to a set of ‘de‑prioritised’ items, although it is still uncertain whether that implies they are not due to be adopted this...
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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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