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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 Sole traders, informal partnerships and outdated partnership deeds are common.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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Additional developments Alongside the items reported in full in the Financial Services news feed on 8 April 2024, subscribers may wish to note the following further developments: UK Finance: The mounting pressure of regulatory change ESMA: 2024 schedule of the Executive Director FOS: Ombudsman News 190 Bo E: Minutes of the CBDC Academic Advisory Group - March 2024 FCA: Online Invoicing System user guide 2024 Beyond our daily and weekly news alerts, Financial Services subscribers can choose to receive intraday updates at midday and at the end of the day, offering a real time summary of the latest financial services developments occurring that day. If you would like to receive intraday alerts, please email...
EU developments ESMA publishes consultation on possible amendments to CRAR Framework The European Securities and Markets Authority ( ESMA) has launched a consultation on intended updates to Commission Delegated Regulation ( EU) No 447/2012, and on changes to Annex I of the Credit Rating Agencies Regulation ( CRAR)......
In this issue: Brexit UK, EU and international regulators and bodies Authorisation, approval and supervision Financial crime and sanctions Prudential requirements Complaints, compensation and claims management Investigation, enforcement and discipline Sustainable finance and ESG Regulation of capital markets Mi FID II Investment funds and asset management Regulation of insurance Payment services and systems Financial Services Enforcement Database Daily and weekly news alerts Intraday news alerts New and updated content Dates for your diary Brexit Bo E seeks views on enforcement policy updates following FSMA 2023. The Bank of England is consulting on revisions to its statements of policy and procedure ( So PP) for enforcement arising from the Financial Services and Markets Act 2023. Feedback is invited by 28 June 2024. Subject to...
The reforms highlighted in this article were adopted to improve European capital markets and reinforce investor protection across the EU, in part by tightening the liquidity management requirements for loan‑originating alternative investment funds. NBFIs play a central role in the global financial system, supporting economic growth through the provision of non‑bank financial services and credit, yet they carry commensurate risks that are prompting intensifying regulatory intervention. AIFMD 2.0 It is evident that, when drafting AIFMD 2.0, legislators considered the market’s appetite for non‑bank finance alongside the comparatively lighter regulatory approach applied to this sector than to banks. Significant amendments are being introduced, particularly regarding: liquidity management; leverage limits; restrictions on open‑ended structures for loan‑originating alternative investment funds; and new requirements for loan origination. These measures are intended to equip fund managers to cope with substantial outflows during periods of financial...
In this issue: Brexit UK, EU and international regulators and bodies Accountability, culture and societal governance Prudential rules Stability of the financial system Financial crime and sanctions Conduct standards Complaints, redress and claims handling Investigations, enforcement and disciplinary action Benchmark regulation and IBOR transition Capital markets regulation PRIIPs ( Packaged Retail and Insurance-based Investment Products) Derivatives regulation Sustainable finance and ESG Banks and mutuals Funds and asset management Mi FID II Insurance regulation Personal pensions and stakeholder products regulation Payment services and systems Fintech and cryptoassets EEA Agreement Annex IX ( Financial Services) Financial Services Enforcement Database Daily and weekly news alerts Intraday alerts New and updated content Dates for your diary New Q& As New Q&...
EU developments ESMA consults on EU Green Bond RTS and ITS The European Securities and Markets Authority ( ESMA) has opened consultation on proposed regulatory technical standards ( RTS) and implementing technical standards ( ITS) concerning the registration and oversight of external reviewers pursuant to Regulation ( EU) 2023/2631, the EU Green Bond Regulation ( Eu GB). Submissions are requested by 14 June 2024......
Alongside the full coverage in the Financial Services news feed on 27 March 2024, subscribers may like to note the following further updates: European Commission: COMMUNICATION TO THE COMMISSION on the plan to adopt, with amendments, the Commission Delegated Regulation supplementing Regulation ( EU) 2015/760 of the European Parliament and of the Council, concerning regulatory technical standards specifying......
The Court of Appeal has dismissed bids by Tom Hayes, 44, a former trader at Citigroup and UBS, and ex- Barclays banker Carlo Palombo, to overturn their convictions for allegedly false interest-rate submissions during the 2008 financial crisis. Their cases were referred by the commission that investigates potential miscarriages of justice after a US appellate court cleared Hayes’ alleged conspirators of comparable offences, a ruling that left the UK as the only jurisdiction in the world where such conduct remains criminal. Hayes was convicted in 2015 of conspiring to rig the London interbank offered rate, known as Libor, and received an 11-year prison term. Palombo, 45, was found guilty in 2019 of manipulating Euribor, the euro counterpart to Libor, and was sentenced to four years. Libor and Euribor were daily benchmarks set by leading banks that reflected the cost at which a bank could...
Disclosure in Lloyds Banking Group’s February annual report that the FCA is examining its AML controls places the lender on the long roll of major retail banks that have raised supervisory concerns in recent years. In the previous year, it emerged that Barclays Bank was the subject of an investigation by the regulator over a series of issues connected to its AML and know‑your‑customer frameworks. Several peers, including Banco Santander SA and HSBC Holdings plc, have incurred significant fines. Moreover, Nat West Bank held the unenviable distinction of being the first firm the FCA prosecuted for criminal breaches of the Money Laundering, Terrorist Financing and Transfer of Funds ( Information on the Payer) Regulations 2017, in December 2021. To date, no further prosecutions have been brought. This article will briefly outline the AML obligations incumbent on firms, consider why so many fall short of...
Beyond the items reported in depth in the Financial Services news feed on 25 March 2024, subscribers may wish to note these further developments: ESRB: Occasional Paper Series No 25 – Joining up prudential and resolution regulation for systemically important banks ECB Banking Supervision welcomes the European Parliament’s “ Resolution on Banking Union – Annual Report 2023” of 16 January 2024 FCA: 2024 fine ECB: Technical considerations on the provision of multiple digital euro accounts to individual end users FCA: Decision Notice: Gerald A Pacitti Decision Notice: Hasan Fazal Decision Notice: ERS Office Supplies Ltd Decision Notice: First Call Heating Limited Decision Notice: Cavendish Property...
See Practice Note: PRA enforcement essentials—settlement For additional details, consult FCA and PRA investigations, enforcement and discipline—overview......
Practice Note: PRA enforcement essentials—information gathering and the Early Account Scheme See Practice Note on PRA enforcement essentials—covering information gathering and Early Account Scheme. For details, see FCA and PRA investigations, enforcement and discipline—overview......
Industry association Insurance Europe and the CRO Forum, a risk management firm for the insurance industry, responded on 19 March 2024 to EIOPA’s industry consultation on proposed measures to curb misleading claims about the environmental credentials of financial products. The insurers urged consistent application of supervisory obligations, better co-ordination between directives and solutions to address the limited availability of data. ‘ Establishing a shared interpretation of sustainability statements is crucial for enabling competent authorities to confront greenwashing effectively, while safeguarding consumers and providing legal clarity for insurers,’ Insurance Europe and the CRO Forum noted. EIOPA has outlined new sustainability rules that all insurance and pension providers throughout Europe are required to observe in full. These rest on four core principles in practice. The first is that companies should......
In addition to the stories covered in full in the Financial Services news feed on 21 March 2024 Subscribers might also wish to note the following further developments: ECB Working Paper: The effects of regulatory changes on rating behaviour ECB Economic Bulletin Issue 2/2024 Focus – the ECB’s climate......
UK developments WTW to unveil a transformative new climate finance solution Insurance broker WTW stated on 18 March 2024 that it is currently developing an insurance facility intended to strip out risks tied to lending to private companies, aiming to shield them from threats associated with climate change. For further details, see: WTW to launch game-changing climate finance solution. EU developments EU Corporate Sustainability Due Diligence Directive—what’s the current position right now? After months of political wrangling, Member States ultimately adopted a substantially revised version of the EU Corporate Sustainability Due Diligence Directive on 15 March 2024......
At a joint webcast meeting, the committees on economic affairs and on justice and home affairs voted overwhelmingly for a compromise on legislation earlier agreed by negotiators representing the Parliament and EU governments. The legislative package will set up a European authority to combat money laundering and the financing of terrorism......
In this issue: UK, EU and international regulators and bodies Authorisation, approval and supervision Prudential requirements Financial stability Risk management and controls Financial crime and sanctions Consumer protection Investigations, enforcement and discipline PRIIPs Regulation of derivatives Banks and mutuals Sustainable finance and ESG Investment funds and asset management Consumer credit, mortgage and home finance Regulation of insurance Regulation of personal pension and stakeholder products Payment services and systems Spring Budget 2024 EEA Agreement Annex IX ( Financial Services) Daily and weekly news alerts New and updated content Dates for your diary UK, EU and international regulators and bodies FCA sets out business plan for 2024–25 and outlines its approaches to supervision, consumers, international firms and...
Beyond the full articles featured in the Financial Services news feed dated 20 March 2024, subscribers might wish to note these further updates of potential interest: ECB: Memorandum of Understanding ( Mo U) on the establishment of a common Data Point Model......
Financial Conduct Authority (a company limited by guarantee) v Wealth Tek LLP (in special administration) and another [2024] EWHC 424 ( Ch) What are the practical implications of this case? Although this decision shows a civil claim being paused in favour of the criminal process, the court underscored that civil proceedings will not ordinarily be stayed simply because a parallel criminal process is underway or yet to conclude. Factors that informed the High Court’s approach included that: the FCA, not the defendants, applied to stay the civil proceedings it had itself issued the FCA was conducting the relevant regulatory/criminal investigation the civil claim and any potential criminal proceedings rested on substantially the same facts and allegations the remedies the FCA sought across the parallel tracks were aligned It was also significant that the 12‑month stay requested was not considered likely to...
The statement confirms that all EU Member States, alongside Iceland, Liechtenstein and Norway, are treated as equivalent for the purposes of the UK’s Overseas Funds Regime ( OFR). This article explains the background to the announcement, the evolution of the OFR, and why this equivalence determination will both: be a positive outcome for managers of EU UCITS who offer their funds to UK retail investors; and ease many of the concerns these managers have had about potential disruption to their operations after Brexit The problem that Brexit posed Under the UK’s financial services framework, any collective investment scheme established outside the UK must secure recognition from the Financial Conduct Authority ( FCA) before it can be promoted to retail clients in the UK. When the UK remained within the EU, EEA funds were entitled to market directly into the UK and across other EU Member...
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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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