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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 Sole traders, informal partnerships and outdated partnership deeds are common.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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Asset Management & Investment Funds: EU & International Developments— April 2025 ESMA’s draft RTS and guidelines for liquidity management tools for funds ESMA has released draft Regulatory Technical Standards ( RTS) alongside a final report covering guidelines on Liquidity Management Tools ( LMTs), following an ESMA consultation. Within the draft RTS, ESMA defines requirements for choosing and calibrating LMTs to be applied by UCITS and by AIFMs managing open‑ended AIFs, both to manage liquidity risk and to curb threats to financial stability. The RTS have been drawn up under matching mandates in Article 18(a)(3) of the UCITS Directive and Article 16(2)(g) of the AIFMD. The final draft RTS under the AIFMD are included in Annex IV of the report, with those under the UCITS Directive set out in Annex V. The draft guidelines give direction on how managers should determine and calibrate LMTs having regard to their...
Domestic Financial Services and Pensions Ombudsman published annual Overview of Complaints On 26 March 2025, the Financial Services and Pensions Ombudsman ( FSPO) issued its annual ‘ Overview of Complaints’, presenting statistics on complaints received and closed by the FSPO during 2024 throughout the year. In total, 6,185 complaints were lodged in 2024 during that year. A significant contributor to the volume in this period was the number linked to ‘disputed transactions’ in the banking sector. Almost a third of all banking complaints involved conduct grouped as ‘disputed transactions’, a 12% rise in this category since 2023. Conduct cited within this grouping includes fraudulent transactions, unauthorised withdrawals, failure to provide accurate account information, failure to implement security measures and non-receipt of funds. Overall, the banking sector accounted for the largest share of complaints at 55% of all cases (3,404). This...
The Boeing Co settled the cases brought by the families and estates of Antoine Lewis and Darcy Belanger, but the details of those deals are confidential, according to their law firms. A two-week trial was due to start once a jury was empanelled on 7 April 2025. Lewis, a US Army captain, was on leave from service and travelling to Africa when he lost his life. He is mourned by his wife, fellow Army soldier Yalena Lopez- Lewis, and their two sons. Belanger was en route to the United Nations Environment Assembly, where he had been set to speak, when the crash occurred; he is survived by his wife, Amie, and his two parents. Although no settlement can return those who were lost, these agreements should begin to provide a measure of closure for families who have waited a long time for justice, said Robert...
In a 31-page published opinion, the Eleventh Circuit overturned the lower court’s dismissal of Alabama Aircraft Industries Inc, formerly Pemco, under the Missouri Trade Secrets Act, but clarified that unjust enrichment is the sole remedy it can obtain against Boeing, as the parties’ contracts blocked all other avenues of relief AAI might pursue. The decision is the latest turn in a years-long trade secret misappropriation and breach of contract dispute first brought in 2011. AAI claimed Boeing pursued a prolonged strategy to capture a lucrative US Air Force contract for servicing the KC-135 aerial refuelling aircraft, a contract AAI said it had held for decades. The companies initially agreed in the 2000s to team up on a maintenance bid. However, AAI alleged Boeing later excluded it from the arrangement and then secured the award by pricing just 1% below AAI’s proposal. When the matter...
On 6 March 2025, the European Banking Authority ( EBA) published a consultation paper setting out draft Regulatory Technical Standards ( RTS). These draft RTS were issued following the European Commission’s ( Commission) Call for Advice. They constitute a component of the European Union’s ( EU) Anti- Money Laundering and Countering the Financing of Terrorism ( AML/ CTF) package, which was published in the Official Journal of the European Union on 19 June 2024......
On 24 March 2025, the Central Bank of Ireland ( Central Bank) released its inaugural Insurance Quarterly Newsletter (newsletter) for 2025. It features several significant pieces for Irish (re)insurers, such as the Central Bank’s yearly Regulatory & Supervisory Outlook Report, discussion of asset‑intensive reinsurance, and updates to the Consumer Protection Code (with the Business Standards). The Regulatory and Supervisory Outlook Report The Central Bank published its Regulatory and Supervisory Outlook Report on 28 February 2025 (report). It set out the Central Bank’s perspective on principal trends and risks across the financial system and came with a Dear CEO letter describing the Central Bank’s updated supervisory approach. The newsletter draws out the report’s central themes, notably the Central Bank’s Supervisory Priorities for 2025. proactive risk control and leadership that puts consumers at the centre within firms ensuring firms remain resilient amid a...
Domestic The Central Bank ( Amendment) Bill 2025 initiated before Dáil Éireann On 18 February 2025, the Central Bank ( Amendment) Bill 2025 (the Bill) was brought before the Dáil. Dubbed the ‘right to be forgotten’ bill, it proposes changes to the Central Bank Act 1942 so that financial service providers do not treat cancer survivors differently, ensuring they are not unfairly disadvantaged because of past diagnoses once specified post-treatment thresholds are met. The initiative echoes a measure laid before the Dáil in October 2022, which subsequently fell with the dissolution of the Dáil on 29 January 2025. During the intervening period, Insurance Ireland introduced a voluntary code of practice for underwriting mortgage protection insurance for cancer survivors, effective from 6 December 2023. The new private member’s bill seeks to protect the privacy of cancer survivors by removing the obligation to disclose a cancer...
Domestic Financial Services and Pensions Ombudsman ( Amendment) Bill 2023 On 5 February 2025, the Financial Services and Pensions Ombudsman ( Amendment) Bill 2023 (the Bill) was reinstated on the Dáil Order Paper after the 33rd Dáil was dissolved. Its purpose is to give effect to the ruling in Zalewski v Adjudication Officer and others [2021] IESC 24, and to revise elements where the Financial Services and Pensions Ombudsman ( FSPO) might be regarded as administering justice. The Bill also proposes a limited suite of further amendments to the Financial Services and Pensions Ombudsman Act 2017, including: clarifying the respective remits of the FSPO and the credit reviewer confirming the Ombudsman’s capacity to investigate firms that may no longer be regulated providing for the method of calculating expenses incurred by the Ombudsman in carrying out their functions ...
Domestic European Union ( Investment Firms) ( Amendment) Regulations 2025 published in Iris Oifigiúil Signed into law on 6 February 2025, the European Union ( Investment Firms) ( Amendment) Regulations 2025 (the Regulations) were then published in Iris Oifigiúil on 7 February 2025......
APP fraud, an overview of recent UK cases and the current position in Ireland. What is APP Fraud? Authorised Push Payment ( APP) fraud arises when people are duped into instantly sending money to accounts run by criminals masquerading as genuine beneficiaries. Tactics range from impersonation cons, with offenders posing as banks or service providers, to other schemes that coax approval from the victim, who believes the transfer is legitimate. Such scams can also compromise sensitive banking data, including account numbers and PINs. Because these payments clear in real time, there is minimal opportunity to detect or reverse them, making APP fraud especially potent and harmful. Recent UK Supreme Court case on APP Fraud Philipp v Barclays Barclays [2023] UKSC 2 The UK Supreme Court recently examined APP fraud in Philipp v Barclays Barclays [2023] UKSC 2. The dispute concerned whether Barclays owed a duty of care—the...
On 28 February 2025, the Central Bank of Ireland ( Central Bank) issued an overview of recent changes to its supervisory model in its ' Our Approach to Supervision' publication. The Central Bank oversees a range of financial services sectors of differing scales, and developments in the industry since it launched PRISM, its risk-based supervisory framework, in 2011 have driven the need for a refreshed supervisory approach. The updated model will feature integrated supervision, with cross-disciplinary teams collaborating to deliver the Central Bank’s supervisory priorities more efficiently. These supervisory reforms are expected to materially affect firms over time. Safeguarding outcomes The Central Bank underscores the collective role of financial regulation, supervision (covering engagement, analysis and oversight of firms) and the implementation, monitoring and enforcement of regulations in delivering its four safeguarding outcomes: protection of consumer and investor interests the integrity of the...
The latest judgment of the CJEU in Società Italiana Lastre Sp A ( SIL) v Agora SARL offers both reassurance and doubt regarding asymmetric jurisdiction clauses in finance contracts. The court’s ruling delivers long-anticipated legal certainty for clauses appointing the courts of EU member states or courts of Lugano states, affirming their effectiveness under Article 25 of Regulation ( EU) No 1215/2012 ( Brussels Recast). Yet the decision leaves open issues about the enforceability of asymmetric jurisdiction provisions that permit one party to start proceedings in any competent court, including fora beyond the EU. Such clauses, which let finance parties select any competent court for proceedings while confining obligors to a specified jurisdiction/court, are customary in finance documentation, notably in syndicated lending. Background of the case The French Cour de cassation sought a preliminary ruling on the scope and reading of Article 25(1) of...
The Central Bank of Ireland ( CBI) has released its Regulatory & Supervisory Outlook Report 2025. Within the new supervisory approach launched in January 2025, Insurance is designated as one of three overarching industry groupings, covering domestic life and non-life business, reinsurance, and international insurance. The Report observes that the majority of Irish (re)insurers operate as subsidiaries of large international groups and that the market remains strongly international in focus, with around 70% of gross premiums in the 12 months to September 2024 sourced from over 70 countries... Key risks Financial risks and resilience — The CBI records that the (re)insurance sector has remained robust through recent geopolitical shocks and the continuing impact of elevated inflation and interest rates, underpinned by disciplined pricing and underwriting, prudent reserving and solid capital strength. It cautions, however, that liquidity pressures could emerge where severe events...
According to the department’s statement, individual backers in qualifying start-ups will have capital gains on their shares taxed at 16%, compared with the country’s usual 33% rate. Investments undertaken by certain eligible partnerships will incur a slightly higher 18% rate, the department said. The department’s news release noted......
Financial Services v ICT Services The description of ' ICT services' within DORA is deliberately expansive, capturing digital and data offerings delivered via ICT systems on a continual basis. Yet, as almost every service contains an ICT element, the unresolved issue has been whether DORA ought to extend to financially-focused services supported by digital means......
On 6 February 2025, Advocate General Spielmann delivered his formal opinion in the case of European Data Protection Supervisor v Single Resolution Board. He examined the legal question of whether pseudonymised data constitutes personal data when held by a third-party recipient who lacks the additional details needed to re-identify individuals, and also lacks any legal means to access those details. Helpfully, the opinion adopts the view that such pseudonymised information should not automatically be regarded as personal data by that recipient where the prospect of re-identification is 'non-existent or insignificant'. Background In 2017, the EU's Single Resolution Board (' SRB') placed the Spanish lender, Banco Popular Español SA (' BP'), into resolution and transferred BP's shares and capital instruments to Santander as part of a rescue package. Deloitte was subsequently appointed to assess whether BP's shareholders and creditors would have received better treatment if BP had...
Besides other market distortions, relief on capital gains tax can lead people to prefer fast-growing holdings over income-focused ones, and prompt firms to boost share repurchases instead of paying dividends, OECD report indicates as well......
With just over 20 working days left until submission, financial entities within DORA’s scope will be required to lodge their first Register of Information (‘ Ro I’). Although a number of topics remain under consideration by the European Supervisory Authorities (‘ ESAs’), an updated set of FAQs on DORA registers of information reporting was published at the start of this month for firms. Key updates to the FAQ Compared with the July 2024 FAQ, there are also substantial revisions across the document; however, firms should take comfort that the bulk of removed questions relate primarily to the Dry‑ Run Exercise held in Q3 2024. In turn, many of the new questions are framed as responses to issues that the ESAs had previously dealt with in their joint Q& As, echoing earlier clarifications. Put simply, the latest FAQ trims dry‑run material and...
After stepping away from merger talks with low-cost peer Frontier, Spirit proceeded with a Chapter 11 plan that it said would significantly reduce leverage and set it up for long-term success. The carrier trimmed US$795m from its US$3.6bn liabilities, yet emerges into challenging macroeconomic conditions, experts noted. Spirit, which declined to comment on 27 February 2025, will swap US$1.6bn of secured borrowings for US$840m of new five-year exit notes and equity. It will also clear a US$300m revolving credit facility at emergence, replace it with a new US$275m revolver, and secure US$350m in fresh equity. ‘ It certainly marks progress for Spirit to have both converted sizeable debt to equity and attracted an equity injection’, bankruptcy lawyer Anthony Sabino of Sabino & Sabino PC told Law360. ‘ So, the overarching question is, “ Will it suffice?”’ As of the petition date, Spirit held...
Balancing innovation, expansion and regulatory adherence is rarely straightforward. With supervisors intensifying their oversight and supervision of payment and e‑money firms, Arthur Cox stands ready to help you to ‘move fast and fix things’. Move Fast: A shifting paradigm Experience repeatedly shows that adopting a ‘move fast and break things’ mindset can carry hefty financial consequences. As Frei and Morriss (2023) note in Move Fast & Fix Things: The Trusted Leader’s Guide to Solving Hard Problems, the most effective leaders tackle problems at speed while taking responsibility for the outcomes and well-being of their customers, employees and shareholders; they move fast and fix things. As regulators strive to keep pace with relentless innovation across financial services and fintech, payment and e‑money firms should anticipate a more sophisticated and technologically advanced approach to regulatory supervision and scrutiny. To prepare, we have outlined some of the key shifts and...
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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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