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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 Sole traders, informal partnerships and outdated partnership deeds are common.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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Ireland’s Women in Finance Charter Ireland’s Women in Finance Charter supports the Financial Services sector’s goal of boosting female representation across all tiers, spanning entry, mid and senior management, leadership and board positions within Financial Services organisations operating in Ireland. The Charter outlines firm principles that advance women’s progression, prompting organisations to establish and realise substantive gender diversity objectives. By committing to the Charter, we affirm our resolve to nurture workplaces that are more diverse, fair and inclusive for all alike......
Deadlines 12 March 2025 — ESMA consultation on loan‑originating AIFs — ESMA’s RTS consultation for loan‑originating AIFs closes. 3 March 2025 — Savings and Investment Union — The European Commission’s call for evidence closes on this date. 31 March 2025 — ICCL Report — For the Investor Compensation Company DAC compensation scheme, UCITS/ AIFM management companies authorised to carry out individual portfolio management must submit the ICCL report; see UCITS—management companies reporting requirement. 21 May 2025 — ESMA’s guidelines on funds’ names using ESG or sustainability‑related terms — End of the transitional period — From this date, the guidelines apply to UCITS and AIFs that existed before 21 November 2024 (discussed here). 31 May 2025 — Fund profile return — All Irish authorised sub‑funds must file the annual CBI fund profile. The CBI Portal deadline for sub‑fund profile returns moves from February to May 2025. The CBI expects...
The statement follows: EU justice ministers plan to examine ways to establish ‘pre-pack insolvency proceedings’ in the EU on 7 March 2025, according to a discussion note prepared for the meeting and viewed by MLex. A pre-pack is a legal mechanism that enables arranging and preparing the sale of a failing company ahead of the commencement of the formal insolvency process. The paper adds: ‘ This allows the sale to be carried out and the proceeds allocated soon after the official opening of insolvency proceedings’, the document says......
Domestic Irish implementing legislation under DORA published On 17 January 2025, the European Union ( Digital Operational Resilience) Regulations 2025 were enacted, with their publication in Iris Oifigiúil following on 24 January 2025. These Regulations implement the Digital Operational Resilience Act ( DORA) in Ireland. Under DORA, Member States were obliged to issue national implementing measures by 17 January 2025... CBI publishes guide to submitting DORA major ICT-related incident and significant cyber threat reports on the CBI portal On 16 January 2025, the Central Bank of Ireland released guidance on submitting major ICT-related incident and significant cyber threat reports through the CBI portal under DORA. It advises that in-scope financial entities should use the major ICT-related incident reporting template and the significant cyber threat reporting template for the respective filings. The CBI also noted that these templates were designed by the European...
US Bankruptcy Judge Sean H Lane At a hearing, Judge Sean H Lane said he intends to approve third‑party releases in Spirit’s Chapter 11 plan using an opt‑out structure, and will set out his rationale in a written opinion to be issued by the end of February 2025. In the interim, he will enter a confirmation order for Spirit’s reorganisation once the airline and the US Trustee’s Office settle wording that safeguards the bankruptcy watchdog’s ability to appeal. The parties plan to file a revised proposed order on the afternoon of 20 February 2025. That approval would allow Spirit to complete a restructuring under which US$795m of debt would be exchanged for equity. Nearly all voting creditors of Spirit have signalled support for the deal. He noted last week that, although the Chapter 11 plan was largely confirmable, he required additional time to weigh...
Publication has been made in the Official Journal of the European Union of the Solvency II amending Directive and Insurance Recovery and Resolution Directive. Member States are required to transpose the Solvency II Directive changes into domestic legislation by the close of January 2027......
1. Approaching Deadlines Q1 2025 1 January 2025: The Corporate Sustainability Reporting Directive ( CSRD) and the accompanying European Sustainability Reporting Standards ( ESRS) start to apply to Irish fund management companies qualifying as large undertakings. The inaugural sustainability statement for these firms, prepared using ESRS templates, must be released in 2026. In-scope managers are also obliged to comply with Article 8 of the Taxonomy Regulation. 17 January 2025: Obligations on fund management companies under the Digital Operational Resilience Act ( DORA) formally come into force for firms across the sector. 17 January 2025: Closing date to submit a response to the Department of Finance’s consultation on transposing AIFMD II into Irish law during the consultation period. 27 January 2025: Final day to respond to ESMA’s consultation on the conditions to be applied to the active account requirement, which will be introduced under EMIR 3.0. 31 January 2025:...
The carrier, operating services linking cities across Florida and the Caribbean, entered bankruptcy on 30 December 2024. It explained that opting to transition to a different aeroplane maker severely upended its operations when the replacement supplier failed to consistently provide and timely deliver new aircraft. The company’s funded liabilities are divided between equity owner Versa Capital Management’s US$211m of second-lien borrowings and US$186m in convertible notes held by Brigade Capital Management, which is receiving advice in the matter from Nelson Mullins Riley & Scarborough LLP. Brian P Hall Smith Gambrell Hall serves as a partner with Smith Gambrell and leads the firm’s finance, banking and restructuring practice, based out of its Atlanta office......
During a hybrid hearing US Bankruptcy Judge Sean H Lane indicated that Spirit’s debt-for-equity exchange plan was, for the most part, fit for confirmation, though concerns raised by the US Trustee’s Office over the plan’s third-party releases warranted further consideration. He noted that the sole live dispute related to the releases and, subject to the confirmation order, all other confirmation requirements were satisfied. He stressed there was no disagreement on anything else, he told the parties. Accordingly, apart from the challenged releases, he said the confirmation requirements were met. The judge added that he would rule promptly so the parties could know whether the plan might proceed towards its effective date with the releases preserved and intact. Marshall S. Huebner of Davis Polk & Wardwell LLP, counsel to the debtor, said Spirit and its affiliates’ cases had thus far progressed swiftly and...
European aviation sector’s new decarbonisation roadmap is a reality check for the Commission Brussels, 4 February 2025— Europe’s aviation community today called on Commission President Ursula von der Leyen to bring forward an Aviation Strategy that recognises the vital role air transport plays in Europe’s economy and global competitiveness, and reflects that reality. The Strategy should put into practice Mario Draghi’s recommendations to help the sector shift to net zero... Airlines Airports Air navigation service providers Civil aeronautics industry Together they have set out policy recommendations for the Commission, issued alongside an update to their flagship decarbonisation roadmap, Destination 2050: A Route to Net Zero European Aviation. The refreshed roadmap is detailed in a new report, underscoring the path to net zero for European aviation......
Gavin Kealey KC of 7 King's Bench Walk, acting for a consortium of all-risk insurers, contended at trial that those all-risk carriers bear no liability. The proceedings aim to determine which insurers must meet the losses suffered by lessors after their aircraft were marooned in Russia following the February 2022 invasion of Ukraine. Kealey maintained that the losses stemmed directly from the Russian state retaining the planes in retaliation for Western sanctions imposed when Moscow invaded Ukraine. Accordingly, he said, responsibility lies with the war risk market, which issued policies to lessors to address the war-risk carve-outs in the all-risk wordings. He invited the court to dismiss the war risk insurers' contention that there remained a real prospect of the aircraft being returned notwithstanding the invasion and sanctions. In his words, the Russian government would concede nothing to the West in the...
Monterey Insight stands as the foremost independent investment fund industry researcher, covering 100% of funds and their service providers operating or domiciled in Ireland, the UK, Luxembourg, Jersey and Guernsey. Commenting on the rankings, Etain de Valera, Partner and Head of the Asset Management and Investment Funds Department, noted: ' Dillon Eustace is delighted to have maintained our position as No 1 legal adviser to Irish-domiciled funds.'......
Background Debate has persisted over the scope of the definition of ‘ ICT services’ under DORA, continuing into the final push towards the 17 January 2025 implementation date, across the sector as a whole. As a consequence, financial entities encountered genuine, day‑to‑day challenges as they sought to have their ‘ DORA contracts’ finalised in time for that implementation date, and to do so on schedule. In practice, many felt obliged either to take an expansive reading of the definition or, alternatively, to adopt a ‘wait and see’ stance, while nevertheless taking key preparatory steps to manage ICT risk arising from the relationship in the absence of a full ‘ DORA contract’. In October 2024, industry stakeholders called on the European Supervisory Authorities to issue formal guidance on the scope of the definition, as referenced in our earlier client insight....
Asset Management & Investment Funds— EU & International Developments- January 2025 ESMA consultation on RTS for loan-originating AIFs ESMA has released a consultation paper on draft regulatory technical standards ( RTS) for loan‑originating alternative investment funds ( LO AIFs) under the AIFMD. Under AIFMD II, LO AIFs are, as a rule, closed‑ended. By way of exception, an LO AIF may operate on an open‑ended basis if the AIFM can demonstrate to its competent authority that the fund’s liquidity risk management framework is consistent with its investment strategy and redemption terms. AIFMD II assigns ESMA the task of drafting RTS that specify the conditions LO AIFs must satisfy to preserve an open‑ended structure. Under AIFMD, those conditions must include: a robust liquidity management system access to liquid assets and the use of stress testing a redemption policy calibrated to the liquidity profile of LO...
2024 witnessed another rise in enforcement of consumer protection rules at both national level and across the EU, lending tangible force to the suite of reforms rolled out under the EU’s New Deal for Consumers (including, for instance, the Sale of Goods Directive, the Digital Services Directive, and the Omnibus Directive), as a whole. In this article, we: explore the changing enforcement strategy and methodology of the CCPC, alongside the EU’s Consumer Protection Cooperation Network (the CPC Network), in particular spotlight the principal enforcement priorities in 2024—such as price transparency and, more broadly, unfair and misleading commercial practices consider where regulators are expected to concentrate their attention over the coming year in practice Evidence of a shift in the CCPC approach to enforcement? The CCPC’s method for enforcing consumer protection law is generally guided by four overarching...
In December 2024, the Central Bank of Ireland ( Central Bank) issued guidance ( Mi CAR Guidance) outlining its expectations on authorisation and ongoing supervision for firms applying to offer crypto-asset services under the EU Markets in Crypto- Assets Regulation ( Mi CAR). Mi CAR took full effect on 30 December 2024. The Mi CAR Guidance covers issuers of Asset- Referenced Tokens ( ARTs), issuers of Electronic Money Tokens ( EMTs), and firms seeking approval as a crypto-asset service provider ( CASP). It also highlights supervisory expectations that will apply to authorised entities on an ongoing basis. Cross sectoral guidance The Mi CAR Guidance should be read alongside the Central Bank’s Guidance on expectations for applicant firms seeking authorisation to operate as a regulated firm ( Cross Sectoral Guidance) published in November 2024. For more detail on the Cross Sectoral Guidance, please see our article...
The European Insurance and Occupational Pensions Authority ( EIOPA) has, for years, warned about a widening ‘natural catastrophe insurance protection gap’ across the EU. This gap captures the mismatch between overall losses caused by natural disasters and the portion of those losses that are insured. According to EIOPA and the European Central Bank ( ECB), from 1981 to 2023 natural catastrophes cost EU member states €900bn, with one fifth of that bill arising in just the most recent three years. Over the same period, only around a quarter of losses were insured, and that proportion is falling. We have previously outlined EIOPA’s worries about the consequences of this catastrophe gap (see here). In this article, we examine the actions that EIOPA and the ECB now formally propose to narrow the protection gap, as set out in a paper issued on 18 December 2024 (the 2024...
Although EU financial services firms have been advancing their preparations to be ready for the Digital Operational Resilience Act ( DORA), some entities may ultimately be unable to reach full compliance by the DORA implementation deadline of 17 January 2025 in practice. Accordingly, comments from the Central Bank of Ireland ( CBI), the European Supervisory Authorities ( ESAs) and the European Central Bank ( ECB) on DORA implementation and on supervisory expectations for operational resilience should be considered carefully. This briefing summarises the principal messages from those remarks briefly here. ‘ Day 1/ Day 2’ and multi-year approach to supervision We have previously noted that Gerry Cross, Director of Capital Markets and Funds at the CBI, and chair of the ESAs’ ‘ Sub- Committee on DORA implementation’, highlighted the value of adopting a ‘ Day 1/ Day 2 perspective’ for supervisory...
On 24 December 2024, the package of proposals amending EMIR to make EU derivatives clearing more attractive ( EMIR 3.0) took effect. The EMIR 3.0 Regulation is available here. The EMIR 3.0 Directive is available here. These proposals seek to make derivatives clearing in the EU more attractive. EMIR 3.0 Regulation EMIR 3.0 refreshes clearing, risk mitigation and reporting requirements, adjusts certain exemptions from clearing and margining, and makes further miscellaneous updates (including a requirement to validate initial margin models). Validation of initial margin models is expressly required. We outline the principal changes under EMIR 3.0 relevant to financial counterparties, such as Irish funds. Two headline duties in the EMIR 3.0 Regulation — the active account obligations and the new framework for initial margin model validation ( IMMV) — are anticipated to affect only a limited subset of Irish funds. Although most EMIR 3.0...
Having emerged in 2011 by picking up the assets of a failed carrier at auction, and later expanding by buying a smaller carrier in a further insolvency sale, Silver Airways filed for Chapter 11 on 30 December 2024. A shift to a new aeroplane manufacturer badly disrupted Silver Airways' business and finances, driving the company to seek investments and loans from its parent and others, according to a first-day declaration by CEO Steven A. Rossum. Silver Airways' largest individual creditor is Versa Capital Management, the private equity fund that has owned it since 2017 and holds a $211m second-lien loan. In 2022 it issued $50m of convertible notes to Brigade Capital Management LP, an amount that swelled to $186m over two years. The terms of the Brigade loan provided that Silver Airways would be penalised with an increase in the loan's...
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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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