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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 Sole traders, informal partnerships and outdated partnership deeds are common.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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The report covers: The European Commission has released the report it forwarded to the European Parliament and the Council, presenting its assessment of the markets for commodity derivatives, for emission allowances and for derivatives of emission allowances, under Article 90(5) of the Markets in Financial Instruments Directive ( Mi FID II) ( Directive ( EU) 2014/65), as updated in February 2024. It states that input from stakeholders, together with the Commission’s subsequent appraisal based on market trend analysis, did not indicate an immediate need for substantive revisions to the reviewed parts of the commodity derivatives framework, although certain targeted amendments might be contemplated in future... data aspects relating to commodity derivatives the ancillary activity exemption position limits, position management controls and position reporting Source: REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL on the...
European ESMA and NCAs to conduct a CSA on conflicts of interest in the distribution of financial instruments in 2026 On 2 December 2025, ESMA disclosed it will commence a CSA with NCAs addressing conflicts of interests in the distribution of financial instruments during 2026. The exercise will assess how investment firms adhere to their obligations under the Markets in Financial Instruments Directive II to identify, prevent and manage conflicts of interest when offering investment products to retail clients......
Domestic CBI publishes its Supervisory Priorities for 2026 The CBI has released its Regulatory & Supervisory Outlook for 2026. Key priorities for the (re)insurance market include: treatment of customers (covering a series of consumer-centred thematic reviews) building financial resilience (reflecting the effects of the Solvency II Review, alongside reviews of non-life investment risk and of pricing, underwriting and reserving by international and reinsurance firms) digitalisation and the use of AI (including implementation of the EU’s AI Act and oversight of firms’ AI strategies) climate change and sustainability (including engagement on climate-related protection gaps and firms’ integration of climate risk) operational and cyber resilience For insurance intermediaries, the CBI will likewise emphasise operational and cyber resilience (including implementation of the Digital Operational Resilience Act) and the fair treatment of customers (for example, implementing the revised Consumer Protection Code). It will also...
European Revised guidelines on LMTs under AIFMD and UCITS Directive On 18 December 2025, the European Securities Market Authority ( ESMA) issued a report setting out a revised version of its guidelines on LMTs for UCITS and open-ended AIFs. The guidelines explain how fund managers should choose and calibrate LMTs, taking into account their investment strategy, liquidity profile, and the redemption policy of the fund......
Domestic CBI issues final quarterly insurance newsletter of 2025 The CBI has released its final quarterly insurance newsletter of 2025, spanning multiple topics, perspectives, updates and observations for the (re)insurance sector, with supervisory, sector-wide insights across thematic reviews and materiality assessments. Notably, it also shares the CBI’s supervisory takeaways from thematic reviews on operational resilience within the life sector, AML/ CFT governance in cross‑border life firms, and assessments of climate change materiality. The newsletter also highlights headline results from the US Social Inflation Survey. Regarding operational resilience across life businesses, the CBI observed that firms have established the basis of resilient frameworks, yet further improvements are required, including in governance, to keep pace with evolving standards such as the Digital Operational Resilience Act......
This piece stresses that deceptive sustainability assertions trigger investor protection worries...
Automatic enrolment Introduction of Automatic Enrolment Retirement Savings System Regulations 2025 On 1 January 2026, Ireland’s Automatic Enrolment ( AE) retirement savings system, branded My Future Fund, commenced. The National Automatic Enrolment Retirement Savings Authority ( NAERSA) is tasked with administering the system. AE runs in parallel with current occupational pension schemes and does not replace them. Whether a worker must be enrolled depends on whether their employment counts as ‘exempt employment’. The Automatic Enrolment Retirement Savings System Regulations 2025 ( Ireland) ( AE Regulations), SI No 637/2025, were signed by the Minister for Social Protection in December 2025 and came into force on 1 January 2026. Under the AE Regulations, an employee is in ‘exempt employment’ only where their occupational pension arrangement satisfies new minimum criteria: For defined contribution arrangements, the employer must pay at least 1.5% of gross pay (subject to an annual cap of...
The CBI has a process to allow in-scope AIFMs to secure authorisation for the new loan origination activity by 16 April 2026, the deadline for transposing AIFMD II into Irish law. Background AIFMD II establishes a harmonised framework for loan origination by AIFs and AIFMs across the EU, emphasising micro-prudential risks and investor protection. AIFMD II must be transposed into national law by 16 April 2026 and will apply to AIFs that originate loans, with extra requirements for ' Loan Originating AIFs' ( LO AIFs) whose principal strategy is lending or whose originated loans represent at least 50% of their net asset value. AIFMD II sets out rules that operate at the level of the AIFM as well as at the level of the AIF that originates loans......
A concise summary of the national discretions and the decisions taken by the Minister is outlined below. It should be noted that, at the time this client insight is issued, Ireland has not yet published measures to transpose CRD VI into Irish law, notwithstanding that the transposition deadline (10 January 2026) has already passed. In addition, whilst one of the national discretions relates to the new third country branch regime set out in Article 21c of CRD IV, there has been no formal indication from the Department regarding how Ireland will implement the Article 21c regime and any associated exemptions. Discretion in Article 91(1a) This discretion enables an EU Member State, under defined conditions, to permit the suitability assessment of members of the management body to take place after (rather than before) the newly appointed members have formally taken up their positions......
Domestic CBI publishes first edition of the Financial Crime Bulletin This twice-yearly bulletin is intended to share updates on key regulatory and supervisory developments across anti-money laundering, counter-terrorist financing ( AML/ CTF), financial sanctions, and fraud. It summarises recent activity in these areas. The topics covered in the inaugural issue included: risk assessment CBI’s sectoral and firm-specific risk assessments CBI risk evaluation questionnaires monitoring and review of risk assessments crypto-assets and payments fraud and scams financial sanctions the 2024 thematic review international card schemes the EU AML package CBI publishes roadmap to deliver a more effective and efficient regulatory framework The CBI roadmap sets out a multi-year programme of initiatives across four areas: supervision, regulation, gatekeeping, and reporting and data. Across these four areas, the CBI aims to reduce regulatory complexity and improve clarity, while...
Asset Management & Investment Funds: EU & International Developments— January 2026 Revised guidelines on LMTs under AIFMD and UCITS Directive ESMA has issued a report setting out an updated iteration of its guidelines on liquidity management tools ( LMTs) for UCITS and open-ended AIFs. The guidelines explain how managers should choose and calibrate LMTs having regard to the fund’s investment approach, liquidity characteristics and redemption arrangements. They give effect to mandates in Article 18(a)(4) of the UCITS Directive and Article 16(2)(h) of the AIFMD, each as amended by AIFMD II. ESMA released a final report on the guidelines in April 2025, alongside a final report containing regulatory technical standards ( RTS) on LMTs. In November 2025, the European Commission adopted delegated regulations for these RTS ( AIFMD RTS and UCITS RTS), which introduced modifications to ESMA’s proposed texts. To align the guidance with the RTS...
Domestic CBI publishes first edition of Payment and E- Money Newsletter The newsletter aims to deliver updates on significant regulatory developments across the payments and e-money sectors and to signpost relevant forthcoming changes. Topics featured in the newsletter include: Safeguarding thematic inspection — the CBI shares findings from a thematic examination of safeguarding across payment institutions ( PIs) and e-money institutions ( EMIs). The assessment considered the operational effectiveness of safeguarding procedures and the robustness of control frameworks within those firms Customer service — following an evaluation of customer experience through the lens of complaints, the CBI sets out its expectations for customer service, including in the context of the updated Consumer Protection Code ( CPC) Fitness and probity — the CBI reminds PIs/ EMIs: of the obligation to appoint a...
Supervisors worldwide have sharpened their focus on AIR, mirroring the market’s expanding AIR capacity and know‑how, together with a clear appetite among insurers to deploy it. The shared, baseline message remains an aligned one—holistic risk management. How this progresses over time will influence not only carriers seeking risk and capital solutions, but also reinsurers, asset managers, investors and SPVs participating in AIR structures. Understanding AIR All insurers will be alert to securing real and effective risk transfer to their reinsurers, as a core consideration. In conventional reinsurance, only liability risk is ceded (i.e. the risk of losses on underwritten liabilities). By contrast, AIR typically passes on two dimensions: liability risk asset risk—namely risks tied to the value of assets supporting the reinsured portfolio and business AIR generally concerns asset‑intensive insurance, predominantly in the life and annuity arena in practice. It is often employed to curb exposure to lines that...
Findings The findings indicate that, although operational resilience frameworks are steadily advancing across the sector, they sit at differing levels of maturity. The CBI highlights constructive measures firms have implemented, together with areas still needing enhancement, but its observations and recommendations are less detailed than in some prior publications. Acting on these points is particularly important, as the CBI confirmed in its Regulatory and Supervisory Outlook Report 2025 that bolstering operational resilience across the financial sector is a central priority for 2025 and 2026. In 2025, the CBI undertook multiple ICT assessments of less significant credit institutions and investment firms, alongside ICT reviews of significant credit institutions as part of the supervisory review and evaluation process. ICT risk assessments and inspections are anticipated to continue into 2026, with the CBI remaining focused on compliance with the Digital Operational Resilience Regulation ( DORA) in its...
Asset Management & Investment Funds: Irish Practice Developments— January 2026 Some annual compliance deadlines 31 January 2026— Undertakings for Collective Investment in Transferable Securities ( UCITS) management company and alternative investment fund manager ( AIFM) ownership confirmation— UCITS management companies ( Man Cos) and AIFMs are required to submit their annual ownership confirmation by 31 January 2026, as outlined for UCITS Man Cos and for AIFMs. 20 February 2026— UCITS Key Investor Information Document ( KIID)/ PRIIPs Key Information Document ( KID)— All UCITS offered to ‘retail investors’ in the EEA must provide those investors with a PRIIPs KID before they invest. A UCITS not made available to retail investors in the EEA does not need a PRIIPs KID and may continue to produce a UCITS KID. A UCITS preparing a UCITS KIID must...
The Court of Appeal gave the insurers, which include Fidelis and Chubb, permission to challenge aspects of a decision that leaves them on the hook for a massive payout to Aer Cap, the world's largest aircraft lessor Leading a two-judge bench, Justice Stephen Phillips said the court, having considered the submissions, would allow an appeal on every ground raised. At the 31 March 2026 hearing, Fidelis contended that a previous judge had erred in finding that all aircraft marooned in Russia were irretrievably lost to the lessors. In June 2025, Judge Christopher Butcher had concluded the losses engaged war-risk insurance — subject to payout limits — rather than the wider all-risk cover. Aer Cap, the world’s largest aircraft lessor, had claimed USD3.5 billion under the broader all-risk policy, but its recovery under the war-risk policy was limited to USD1.2 billion. Peter Mac Donald Eggers KC of...
Regulatory & Supervisory Outlook Report 2026 ( RSO) On 26 February 2026, the Central Bank of Ireland ( CBI) released the third edition of its Regulatory & Supervisory Outlook Report 2026, outlining its view of risks across the financial system and its supervisory plans for the year ahead. Building on the CBI Governor’s January letter to the Minister for Finance, the report confirms that governance, risk management and operational resilience will stay key priorities in 2026. Supervision will take place at firm level for entities subject to close and continuous oversight, and at sector level, with firm-specific engagement where appropriate. For an overview of these focus areas please see below. governance and risk management operational and cyber resilience asset valuation and market risks liquidity and leverage risks product costs and disclosures data and artificial intelligence climate and ESG risk The CBI points to a rapidly evolving Irish funds sector shaped by...
' Suitability Package' The European Banking Authority ( EBA) and the European Securities and Markets Authority ( ESMA) have opened a consultation on draft revised joint guidelines concerning the evaluation of the suitability of members of the management body and key function holders ( Draft Revised Guidelines). In tandem, the EBA is consulting on draft regulatory technical standards that set out the documentation and information ‘large institutions’ must include with their ‘suitability application’ so that competent authorities can assess members of the management body and specified key function holders ( Draft RTS). Together, these proposals comprise a ‘ Suitability Package’ designed to harmonise suitability assessments and foster supervisory convergence across the EU. Consultation window: until 25 May 2026 EBA to deliver the Draft RTS to the European Commission by 10 July 2026 Final Guidelines to be published by 10 July...
The thematic assessment The thematic assessment examined the manner in which Mi FID firms have put the CBI’s cross-industry guidance on operational resilience for regulated financial service providers (the Guidance) into practice, undertaken as part of the CBI’s supervisory activities and consistent with the priorities in its Regulatory and Supervisory Outlook 2025 as appropriate. Further information on the Regulatory and Supervisory Outlook is available here for additional background context. The CBI views operational resilience as the ability of a firm, and the financial services sector as a whole, to identify and prepare for, respond and adapt to, recover from, and learn after an operational disruption that affects the delivery of critical or important business services. The Guidance seeks to strengthen the operational resilience of firms and the financial services sector overall. It was first issued in December 2021, took effect on 1 January 2024, and was most...
These regulations mark a major change in the retirement savings landscape and took effect on 1 January 2026. A key change is the establishment of fresh minimum employer and employee contribution thresholds for occupational pension schemes and personal retirement savings accounts ( PRSAs), which must be satisfied before an employee qualifies for exemption from automatic enrolment......
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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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