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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 Sole traders, informal partnerships and outdated partnership deeds are common.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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Two years on from the Commission initiating its probe into X, previously Twitter, under its flagship content‑moderation regime, the EU DSA, Brussels has issued its long‑awaited first sanction: a €120m fine. The step is expected to herald a more forceful enforcement phase, with pressure rising from EU capitals to adopt a harder stance towards major Big Tech platforms. Simultaneously, the US government and technology firms are urging Brussels to scale back, threatening to link advances in steel and aluminium trade negotiations to concessions on EU digital rules, and arguing they are wrongly applied to American companies. As the EU DSA moves into its third year, it is evident that 2026 is shaping up to be a pivotal testing year for the law. It will be the first year with full Commission enforcement teams in place, procedures already tried once, and several...
EU financial services developments EU Green Bond Regulation ITS published in Official Journal Commission Implementing Regulation ( EU) 2025/2179 of 12 September 2025 sets implementing technical standards for Regulation ( EU) 2023/2631, detailing standardised forms, templates and procedures for supplying information when applying to register as an external reviewer of European Green Bonds. It was published in the Official Journal on 30 December 2025 and takes effect on 19 January 2026. ESMA launches OTC CTP application process ESMA has opened the first selection for a consolidated tape provider for OTC derivatives. Interested entities must submit requests to participate by 11 February 2026, and ESMA plans a reasoned decision on the chosen applicant by early July 2026. The CTP will merge post-trade data from contributors, including trading venues, into a single continuous electronic stream to boost transparency, enable timely and accurate information, and improve price...
The Commission has set out revisions to multiple rules overseeing medical devices, featuring an amendment aimed at easing EU AI Act compliance for producers. See: LNB News 17/12/2025 28. Released on 16 December 2025, the package reshapes device regulations and clarifies how such products are handled under the EU AI Act. Central to the law’s risk-based model is a rigorous due diligence framework for AI systems tagged ‘high-risk’, given their potential to seriously and directly impact people’s health, safety and fundamental rights. A key pathway to the high-risk class is where an AI system forms a product, or a product’s safety component, governed by existing EU sectoral safety regimes, for example those covering toys, lifts and industrial machinery specifically set out in Annex I......
EU financial services developments ESMA selects Euro CTP as first CTP for shares and ETFs The European Securities and Markets Authority ( ESMA) has chosen Euro CTP to serve as the EU’s first consolidated tape provider ( CTP) for shares and exchange-traded funds ( ETFs), following a competitive evaluation under the Markets in Financial Instruments Regulation ( Mi FIR). ESMA confirmed that Euro CTP’s submission satisfied the technical and operational criteria. The authority will now invite Euro CTP to seek authorisation, after which it may run the consolidated tape for a five-year term. ESMA says the creation of a consolidated tape is intended to bolster market transparency, sharpen price discovery, and reduce data fragmentation across EU equity markets. The tape will deliver a continuous electronic data stream with both pre- and post-trade information from trading venues and other data contributors. ESMA described the selection as a...
In this issue: EU fundamentals Competition and state aid Corporate Data protection and cybersecurity Dispute resolution Financial services Energy Environment Life sciences Regulatory TMT Daily and weekly news alerts New and updated content Trackers EU Law Highlights 2025/2026 EU fundamentals Commission releases December 2025 infringement package The Commission has issued its December 2025 infringement package, outlining the EU Member States it is pursuing for breaches of obligations under EU law. The package comprises letters of formal notice, reasoned opinions and Court of Justice referrals directed to Belgium, Bulgaria, Czechia, Cyprus, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Austria and others. Action spans numerous policy areas, including environmental protection (water, waste, air quality, nature), public procurement, services, free movement, firearms, media freedom, child protection, energy and climate, taxation, customs, transport, financial services and competition. See: LNB News 11/12/2025 28......
EU financial services developments Commission publishes draft amendment to MAR level 2 measure The European Commission has released a draft modification to Commission Delegated Regulation ( EU) 2016/522, a level 2 instrument under Regulation ( EU) 596/2014 ( MAR). Feedback is invited until 14 January 2026. The proposal would amend Delegated Regulation ( EU) 2016/522 to: create a list of designated trading venues to implement the order data exchange mechanism in Article 25a of MAR for shares; and revise Annex II on practices outlining indicators of market manipulation, reflecting technological advances such as algorithmic trading, and correcting several erroneous cross-references Source: Consultation: Clarifications to the indicators of market manipulation and definition of scope of new order data exchange mechanism Council of EU and European Parliament agree Retail Investment Strategy measures The Council of the EU and the European Parliament have announced agreement on a...
EU financial services developments SRB publishes expectations on valuation for banks in crisis The Single Resolution Board ( SRB) has issued modernised expectations on valuation for banks in crisis, stating that institutions should hold high-quality datasets to enable swift valuation in the event of failure and bolster crisis preparedness. These expectations supersede guidance released in 2020, with banks asked to progressively implement them by the end of 2029. The final package reflects substantial input from a public consultation conducted between April and July 2025. In response, and consistent with its simplification efforts, the SRB has pared back and refined the framework by: reducing certain documentation and data attributes removing the requirement for continuous access to data repositories for resolution clarifying how valuation playbooks should be used A feedback statement explains how the comments received were addressed......
EU financial services developments ESMA publishes RTS on derivatives transparency and the OTC derivatives tape The European Securities and Markets Authority ( ESMA) has issued its Final Report addressing mandates from the Mi FIR Review on trading transparency for derivatives, package orders, and the over-the-counter ( OTC) derivatives consolidated tape ( CT) input and output data. ESMA has delivered the report to the European Commission, which will then have three months to decide whether to endorse the proposed regulatory technical standards ( RTS). The rules are anticipated to apply from 1 March 2027. The envisaged pre- and post-trade transparency obligations for exchange-traded derivatives ( ETDs) and OTC derivatives seek to maximise transparency whilst ensuring that liquidity providers are not exposed to disproportionate risk under the proposed regime......
COMMISSION IMPLEMENTING REGULATION ( EU) 2025/2337 of 24 November 2025 The notices are enclosed. It updates Implementing Regulation ( EU) 2023/1452, setting a final anti-dumping levy on imports of continuous filament glass fibre goods originating in the......
EU financial services developments ECB announces geopolitical risk reverse stress test for 2026 The European Central Bank ( ECB) has set out plans to run a geopolitical risk reverse stress test in 2026 across 110 banks under its direct supervision. In this reverse exercise, a fixed outcome, a reduction of at least 300 basis points in CET1, is imposed, with each institution required to specify the circumstances under which such a loss would emerge. Aggregate results to be communicated in summer 2026 According to the ECB, the work will complement the 2025 European Banking Authority stress test, which used a single scenario for all lenders and produced divergent capital drawdowns. The 2026 thematic assessment will have banks evaluate how geopolitical threats might influence their business model. The exercise is designed to gauge how far firms’ stress-testing frameworks incorporate geopolitical exposures, strengthening internal risk management and the...
EU financial services developments ESMA issues update on EMIR 3 reporting obligations The European Securities and Markets Authority ( ESMA) has published a statement on forthcoming EMIR 3 reporting duties, intended to clarify reporting under the Active Account Requirement ( AAR), as well as the reporting of information on clearing activity at recognised third-country central counterparties ( CCPs) under Article 7d of EMIR. The update explains the present status of the regulatory technical standards ( RTS) for these two obligations and outlines expectations for the anticipated timing of the initial round of regulatory reporting......
Zalando v Commission, Case T-348/23, ECLI: EU: T:2025:821 Background: what is a VLOP and why does it matter? The EU DSA, introduced by the Commission to prevent unlawful and harmful behaviour online and to curb the spread of disinformation, created new categories for online intermediary service providers. All online platforms must calculate and disclose their EU monthly active user figures, and the VLOP label is reserved for services with at least 45 million such users. VLOPs face the most stringent obligations under the DSA, including duties concerning enhanced transparency, risk assessment, data sharing with authorities, and more robust action against illegal content and products. Read more about this in our previous blogs here and here. The Zalando case: challenging the VLOP status In April 2023, Zalando was included in the first cohort of platforms designated as VLOPs by the Commission, with the Commission stating that the...
In this issue: Commercial Competition and state aid Corporate Data protection and cybersecurity Dispute Resolution Free movement, immigration and employment Financial services Energy Environment Insurance and reinsurance IP Life sciences Regulatory TMT Daily and weekly news alerts New and updated content Trackers Commercial Commission launches consultation on revised unfair trading practices directive The European Commission has opened a public consultation to update EU rules tackling unfair trading practices in business-to-business relationships within the agricultural and food supply chain. The initiative seeks to account for shifting market dynamics and emerging practices, promote fairer dealings across the chain, and answer farmers’ calls for a fairer food system. The review is guided by an evaluation of existing EU rules on...
Fauré Le Page Maroquinier SAS, Fauré Le Page Paris SAS v Goyard ST- Honoré SAS, Case C‑412/24 What are the practical implications of this case? Article 3(1)(g) of Directive 2008/95/ EC blocks registration of trade marks that, at filing, are likely to mislead the public about the nature, quality, or geographical origin of the goods or services. The AG states a mark must contain a precise indication of those features. On that view, inserting a year, without wording that makes clear it denotes the proprietor’s incorporation date or the first manufacture of the goods, is not sufficiently specific. The focus is the filing date; if the sign risks deception, it is caught by Article 3(1)(g). For invalidity actions under that ground, outside issues — for example, whether the proprietor can legitimately claim the year as part of its heritage — are...
The Court of Justice said utilitarian products can be classified as a 'work' under the EU's copyright laws, as long as the subject matter is the author's own intellectual creation. The court also confirmed that creators may claim both design and copyright protection for the same goods, as these intellectual property rights operate in parallel and are not mutually exclusive. It rejected the idea of any rule-and-exception relationship between design law and copyright. Consequently, when considering the originality of applied art, decision-makers should not apply a tougher standard than that used for other forms of subject matter. The ruling originates from two distinct disputes involving furniture manufacturers in Sweden and Germany. In one of those cases, Swedish producer Galleri Mikael & Thomas Asplund alleges that retailer Mio AB infringed its copyright in relation to dining tables......
EU financial services developments EBA publishes RTS on factors assessing the appropriateness of real estate risk weights The European Banking Authority ( EBA) has issued the final draft of its amending regulatory technical standards ( RTS), outlining the types of factors that national authorities should consider when judging the appropriateness of real estate risk weights. This update is prompted by the revised Capital Requirements Regulation ( CRR3), which grants the EBA a new mandate in relation to the Standardised Approach of credit risk. After reviewing the CRR3 amendments to the treatment of exposures secured by immovable property under the Standardised Approach of credit risk, the sole change to the existing RTS is to refresh the pertinent legal references so they align with the new banking framework. The original RTS also addressed a separate mandate under the IRB on the...
The European Commission has opened a public consultation to update EU rules curbing unfair trading practices in business-to-business dealings across the agricultural and food supply chain. The initiative seeks to mirror changing market dynamics and......
EU financial services developments EU CRR: amended ITS on operational and market risk reporting published in Official Journal Commission Implementing Regulation ( EU) 2025/2475 of 8 December 2025, which revises the implementing technical standards ( ITS) in Implementing Regulation ( EU) 2024/3117 under the Capital Requirements Regulation ( EU) 575/2013 ( EU CRR), now appears in the Official Journal of the EU ( OJ). The amendments align institutions’ supervisory reporting with the updated prudential framework for operational risk own funds, introducing new and adjusted templates following further technical development of the business indicator and associated exclusions. The text also gives effect to Commission Delegated Regulation ( EU) 2025/1496, deferring the application of the new market risk own funds requirements to 1 January 2027. Accordingly, the existing market risk reporting regime under Commission Implementing Regulation ( EU) 2021/451 will continue to apply until 31 December 2026, and the...
EU financial services developments Solvency II review: EIOPA publishes new and updated guidelines After reviewing the Solvency II framework, the European Insurance and Occupational Pensions Authority ( EIOPA) has issued new guidance on exclusions from group supervision; revised guidance on the treatment of related undertakings; and an updated opinion on the supervisory assessment of internal models with dynamic volatility adjustments. The guidance on exclusions from group supervision sets out the conditions under which group supervisors may choose to exclude undertakings from group oversight. It clarifies that any such exclusions are allowed only in exceptional circumstances and must be duly justified. The rules seek......
EU financial services developments EIOPA consults on draft revised guidelines as part of Solvency II review The European Insurance and Occupational Pensions Authority ( EIOPA) has opened two consultations within the Solvency II review. One sets out draft updated guidelines on group solvency; the other covers supervisory reporting and public disclosure. According to EIOPA, the changes aim to clarify and rationalise current material, without lowering supervisory expectations. They do not add new guidance on how the legal framework applies. Feedback is requested by 27 February 2026. As the Solvency II review progresses, EIOPA is reviewing all current guidelines to confirm they remain aligned with the amended regulatory framework. In parallel, the guidelines are being simplified and streamlined wherever feasible. The refreshed group solvency guidelines revise the 2015 text to reflect the amended Solvency II framework and refine provisions to further explain solvency...
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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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