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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 Sole traders, informal partnerships and outdated partnership deeds are common.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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Domestic The Department of Finance launches a public consultation on the transposition of the ( EU) Insurance Recovery and Resolution Directive The Department of Finance has recently opened a public consultation on the transposition of the Insurance Recovery and Resolution Directive ( EU) 2025/1 ( IRRD). The IRRD entered into force on 28 January 2025 and must be transposed into Irish law by 28 January 2027. It is intended to deliver a harmonised approach to recovery and resolution across the European Union, ensuring insurers and the relevant authorities are better prepared for periods of significant financial distress. The key objectives of the IRRD are to: protect policyholders, beneficiaries and claimants preserve financial stability secure the continuity of (re)insurers’ critical functions......
Asset management & investment funds— EU & international developments— September 2025 The three European Supervisory Authorities (the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority— ESAs) annual report on voluntary PAIs disclosures under SFDR The ESAs have released their fourth annual report on PAI disclosures under the SFDR. It concludes that financial market participants are supplying more comprehensive and higher quality disclosures, with large multinational groups most advanced. Smaller firms, by contrast, frequently blend generic environmental, social and governance or promotional material with SFDR content, leaving it unclear whether PAIs are being taken into account. The report also observes that more FMPs now provide entity‑level information in clearly labelled sustainability or SFDR sections on their websites, improving transparency and ease of access. It outlines examples of good and below‑average disclosure practices and offers...
Asset management & investment funds: Irish practice developments— September 2025 Some annual compliance deadlines 31 December 2025— Individual accountability framework: RFSPs should deliver suitable, ongoing training so that staff understand their duties under the Conduct Standards and, in particular, the expectations attached to their specific functions and day-to-day roles. Firms ought to show clear evidence that each person has finished the required training and keep records up to date. 31 December 2025— Corporate governance: By year-end, complete the 2025 assessments of board and individual director effectiveness and the schedule of matters reserved to the board, and ensure these are finalised by the end of the year. A formal, documented evaluation, including a review of the chairperson, must occur at least every three years. Directors’ time commitments, confirmation of other directorships, adherence to...
The central bank, the sector’s regulator, stated on 7 October 2025 that emerging software can enhance the consumer experience, yet it must be matched by robust governance. Insurers already make extensive use of machine learning to analyse huge volumes of customer information and support pricing choices. They are also exploring generative AI to strengthen underwriting and claims functions. The stewardship of new data and technologies... will oblige firms to reflect carefully on their ethical and responsible in this area as well too......
Looking ahead: Irish developments Ireland for finance The Department of Finance’s public consultation to shape a new ‘ Ireland for Finance’ strategy runs until 19 September 2025. The Department invites feedback across the following themes: Operating environment: the legislative, regulatory and supervisory landscape and framework Sustainable finance: steps to position Ireland as a leading sustainable finance centre Innovation and technology: supports to spur innovation and adoption of emerging technologies (including generative AI and data analytics) Growth of indigenous start-up, scaling and innovative firms: actions to assist start-ups and scale-ups, including the national fintech hub Skills, talent & regional development: talent-pipeline initiatives and the attraction of investment in regions Governance, engagement and promotion: suitable governance for delivery of the new strategy, strengthened Government–industry interaction, and priority themes for international promotion Following review of the submissions and ongoing stakeholder engagement, a draft strategy will be presented to the Ministers by the end of Q1 2026, with...
European ESMA publishes principles for third-party risk supervision On 12 June 2025, the European Securities and Markets Authority ( ESMA) issued its principles for overseeing third-party risk. These fourteen principles target exposures arising from reliance on external service providers by regulated firms that are supervised. They set out a shared supervisory blueprint enabling national competent authorities to detect, evaluate and oversee third-party risks in a consistent manner. ESMA launches selection of consolidated tape provider for shares and ETFs On 20 June 2025, ESMA opened the first selection procedure to appoint a consolidated tape provider ( CTP) for shares and exchange-traded funds ( ETFs). The CTP aggregates pre-trade and post-trade data supplied by contributors to improve transparency and the efficiency of markets. Bringing together activity across venues in this manner is intended to help market participants obtain accurate and timely data across relevant markets......
Domestic Central Bank of Ireland updates the Authorisation process for Retail Intermediaries On 20 June 2025, the Central Bank of Ireland ( CBI) refreshed the material on its website relating to the authorisation pathway for retail intermediaries. Central Bank of Ireland’s options and national discretions On 27 June 2025, the CBI amended its positions on options and national discretions under Regulation ( EU) No 575/2013 concerning prudential requirements for credit institutions and investment firms, and under Directive ( EU) 2013/36 on access to the business of credit institutions and the prudential supervision of credit institutions and investment firms. Commencement order signed on Access to Cash legislation On 16 June 2025, a commencement order was made for the Finance ( Provision of Access to Cash Infrastructure) Act 2025 ( Access to Cash Act). The Access to Cash Act came into effect on 30 June...
Asset Management & Investment Funds— EU & International Developments- July 2025 ESMA advice to the European Commission on UCITS Eligible Assets The European Securities and Markets Authority ( ESMA) has delivered technical advice to the Commission on updating the UCITS Eligible Assets Directive, highlighting the need for harmonised rules across the EU. The EAD, an implementing directive, sets out which assets a UCITS may invest in. If taken forward, the amendments would materially reshape the UCITS fund landscape. Core proposals include a look through methodology to assess the eligibility of underlying assets for exposures obtained via delta-one instruments, derivatives on financial indices, and closed-ended funds. ESMA also proposes limiting indirect exposure to alternative assets to 10% of a UCITS portfolio; any higher exposure should instead be managed under the AIFMD framework. For more information, see our...
Key deadlines 5 August 2025— EU register of third countries with strategic AML/ CFT weaknesses— The updated EU register of third nations with strategic shortcomings in their AML/ CFT frameworks becomes effective and applicable from 5 August 2025 across the European Union. H2 2025— Liquidity management tools ( LMTs) available to AIFMs managing open-ended AIFs and to UCITS— The European Commission must decide by 15 August 2025 whether to adopt ESMA’s draft Regulatory Technical Standards ( RTS) on LMTs, as discussed here. Under the draft RTS, entry into force occurs on the twentieth day after publication in the Official Journal of the European Union. ESMA will translate and issue its accompanying guidelines following the Commission’s adoption of the draft RTS, and the guidelines will apply from the date the RTS take effect. Funds already in existence before the RTS take effect will have twelve months to...
Of the countries named in the OECD’s tranche of updates, two— Lithuania and Singapore—do not have any form of accord to recognise pricing decisions reached under Amount B rules in other covered jurisdictions......
Domestic CBI publishes Investment Firm and Intermediary Newsletter The Central Bank of Ireland ( CBI) has issued its biannual Investment Firm and Intermediary Newsletter, outlining recent developments relevant to the insurance sector. Highlights include: the rollout of a mandatory ‘driver number’, meaning that from 31 March 2025 every new or renewed motor policy must contain a driver number the CBI’s integrated supervisory framework which, from January 2025, unifies oversight of banking, insurance and capital markets within one cohesive model the CBI’s updated Consumer Protection Code, published in March 2025. The refreshed Code puts customers’ interests at the forefront and strengthens safeguards across multiple areas. The 2012 Consumer Protection Code remains in force until the new Code applies from 24 March 2026 CBI’s Insurance Newsletter— June 2025 The CBI also released its second Insurance Newsletter of the year, signalling several...
The European Commission has issued a draft delegated regulation to modify the Solvency II Delegated Regulation and establish an updated prudential regime for insurers and reinsurers, enabling both improved capital management and broader investment opportunities, reflecting the changes to Solvency II and the proposed amendments to the Securitisation Regulation......
Domestic Irish Funds AML/ CFT/ FS sectoral guidelines Irish Funds has refreshed its AML/ CFT/ FS sectoral guidance materials. This sectoral guidance should be regarded as supplementary to the Central Bank of Ireland’s AML/ CFT guidance for the financial sector, and should therefore be read alongside the Central Bank’s guidance... European ESMA publishes its UCITS eligible assets advice to the European Commission ESMA has delivered its recommendations to the European Commission concerning the review of Directive 2007/16/ EC on the coordination of laws, regulations and administrative provisions relating to UCITS, with an emphasis on clarifying specific definitions (the EAD). The EAD, as an implementing directive, sets out detailed clarification on the types of assets a UCITS is allowed to invest in......
On 1 July 2025, the Central Bank of Ireland ( Central Bank) imposed a €36,273 penalty on Swilly Mulroy Credit Union ( SMCU) for infringements of the Criminal Justice ( Money Laundering and Terrorist Financing) Act 2010 ( CJ( MLTF) A 2010) and the Credit Union Act 1997 ( CUA 1997), spanning seven and a half years... Facts of the case SMCU has been authorised as a credit union since 1985. It acknowledged seven prescribed contraventions linked to anti-money laundering/counter-terrorist financing ( AML/ CFT) and deficiencies in risk management, resolved under the relatively new Undisputed Facts Settlement Process, which included a more extensive summary of the principal facts set out below... The breaches were uncovered by the Central Bank in 2022 during an on‑site inspection carried out by its Anti- Money Laundering Division. The Central Bank then opened an enforcement...
Ireland spent €1.4bn on R& D tax credits in 2023 tax authority According to a departmental report, the expense of the R& D tax credit recorded the biggest rise over the past decade, soaring by 234% since 2013, the department noted......
In a 7 July 2025 court submission, Boeing argued that a group of 737 Max claims, brought by six corporate entities formed to hold title to aircraft leased to Norwegian Air, have too little in common with the 787 Dreamliner claims to be combined in one case. Boeing said the 737 Max and 787 Dreamliner matters are brought by legally separate entities, involve different aircraft models, arise from contracts executed at different times, include different sets of aircraft owners and assignees, and rest on distinct legal theories. According to Boeing, the amended complaint from the entities, led by AAA Max 1 Ltd, places heavy emphasis on allegations concerning Boeing’s sale of twelve 737 Max aircraft, the jet’s manoeuvring system, pilot training, and the two fatal 737 crashes in 2018 and 2019 that together claimed 346 lives......
Asset Management & Investment Funds: EU & International Developments– June 2025 Amendment to EU Benchmarks Regulation Regulation ( EU) 2025/914, which updates the EU Benchmarks Regulation ( BMR), has now appeared in the EU’s Official Journal. Its clear purpose is to lighten compliance obligations for smaller EU benchmark administrators. It took effect on 8 June, while the specific amendments will apply from 1 January 2026 thereafter. By narrowing the scope, the changes ensure, in practice, that only UCITS management companies, UCITS funds and AIFs relying on critical or significant benchmarks (as defined), certain commodity benchmarks, EU climate transition benchmarks, or EU Paris-aligned benchmarks must comply with the BMR’s benchmark user requirements. IOSCO report and guidance on liquidity risk management for collective investment schemes The International Organization of Securities Commissions ( IOSCO) has publicly issued its Final Report setting out Revised...
Under the Capital Requirements Directive ( CRD ) (2013/36/ EU) (as amended by CRD VI (( EU) 2024/1619)) The management bodies of EU credit institutions must, under this framework, design and oversee dedicated plans that set measurable targets and include procedures to track and mitigate short, medium and long term financial risks triggered by ESG factors ( CRD transition plans ). Often called ‘prudential transition plans’, these risk‑focussed plans are distinct yet closely connected to separate non‑prudential transition plans mandated by other EU sustainability laws. Credit institutions must have their CRD transition plans operational by 11 January 2026, aligning with the CRD VI implementation date. In parallel, national regulators will be tasked with reviewing and following the development of credit institution practices concerning their CRD transition plans and judging their “robustness” within the supervisory review and evaluation process ( SREP ). The European Banking...
The European Commission has rolled out a suite of reforms intended to reinvigorate the EU securitisation market, signalling a defining juncture for issuers, originators, financial institutions and investors. Released on Tuesday 17 June 2025, the package zeroes in on entrenched weaknesses in the existing regime, with over 40 targeted amendments. Though short of a wholesale rewrite, the measures aim to streamline procedures, lower capital requirements and broaden market engagement—prompting the question: are these much-anticipated changes the decisive boost the market requires, or merely another bout of optimism? In our latest publication, the ALG Capital Markets— Debt team unpack the headline proposals and consider their implications for issuers, originators, investors and the wider financial system......
Asset Management & Investment Funds— Irish Practice Developments- June 2025 Key deadlines 30 June 2025 — Exchange traded funds ( ETFs): ETF management companies should assess measures set out in CBI letter on primary and secondary market trading arrangements for ETFs (discussed here) and, where suitable, embed requisite amendments to frameworks and practices by the close of Q2 2025. 28 June 2025 — The European Union ( Accessibility Requirements of Products and Services) Regulations 2023: These regulations transpose the European Accessibility Act (( EU) 2019/882), aiming to enhance accessibility for people with disabilities across a range of consumer products and services, including websites, ATMs, smartphones, consumer banking services, e-books, and telecommunications. ......
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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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