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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 Sole traders, informal partnerships and outdated partnership deeds are common.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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According to a disclosure filed on Monday, GOL Linhas Aereas Inteligentes SA outlined a plan that would trim roughly US$1.7bn of prepetition funded liabilities and as much as US$850m in other commitments. The proposal further allocates about US$235m in fresh equity to unsecured creditors, with scope for extra value subject to how certain matters are settled. As part of the same plan, Abra has consented to convert over half of its claims into equity, receiving approximately US$950m in new shares to be issued by the reorganised company. The UK-based Abra is also set to take US$850m in take-back debt, with US$250m of that slated to flip into new equity 30 days after the plan becomes effective, the disclosure notes. GOL intends to raise US$1.85bn of new capital and to exchange other secured debt for take-back debt, the document shows. Voting on the plan closes on 25...
The European Union’s executive body intends to reduce the administrative burden by drafting a single, wide‑ranging law that ‘draws from numerous dossiers to curb bureaucracy, to lighten reporting obligations’, the Commission President told assembled journalists during a press conference. Von der Leyen’s statement followed a meeting of EU heads of state and government held on 8 November 2024 in Budapest, where they......
The European Commission, the EU’s executive arm, announced that the bloc will cooperate with global partners at the COP29 conference in Azerbaijan from 11–22 November 2024 to push forward actions keeping the temperature increase as near as possible to 1.5 degrees Celsius. It stressed that its chief priority at the meeting is agreeing a new collective quantified target for climate finance. The Paris Agreement, a worldwide pact concluded in 2015, commits countries to hold warming well below 2 degrees Celsius above pre-industrial levels, and to strive for 1.5 degrees Celsius. The Commission added that parties to the Paris Agreement are expected to bring international financial flows into line with climate objectives, unlocking investment by settling on a new collective quantified goal under Paris Agreement to unlock investments......
The High Court has held that Standard Chartered’s suggested substitute for Libor, derived from the secured overnight financing rate ( SOFR), amounts to a “reasonable alternative rate”, in one of the earliest matters to reach the English courts concerning the move away from the Libor benchmark. Judges Julian Flaux and David Foxton concluded that the bank’s proposed metric rests on “a well-established rate used across the financial markets in a variety of financial instruments” and has the backing of financial regulators in both the UK and the US. Having failed to reach agreement with its investors—including hedge funds managed by DE Shaw and Bracebridge—on the rate to be applied to US$750m of preference shares issued in 2006, Standard Chartered asked the court to determine the dividend rate it should pay......
Participation exemption for foreign dividends The Department of Finance confirmed that a new participation exemption for overseas dividends is designed to streamline double-tax relief within Ireland’s tax code. From 1 January 2024, it will cover qualifying distributions received from subsidiaries located in EU member states and from subsidiaries in other double-tax treaty partner countries. According to the department, companies will be able to choose either to use the participation exemption or to retain the existing tax-and-credit relief under Schedule 24, with the selection made by way of an election in the company’s annual corporation tax return......
High Court judge Christopher Butcher is poised to decide whether the aircraft stranded in Russia after sanctions followed the invasion of Ukraine in February 2022 should be treated as ‘lost’ or whether, at least in principle, they might ultimately be returned. “ The court’s answer on this issue will provide helpful guidance for other cases where an undamaged asset has been improperly kept and there remains a chance the assets will come back,” said Chris Neilson, a partner at Mishcon de Reya LLP. Aer Cap Holdings NV, the world’s largest commercial aircraft lessor, and others are pursuing recoveries from insurers including AIG and Lloyd’s of London. The owners say they were compelled to cancel their leases and have been left out of pocket while many of their jets remain in Russia and continue to be flown by Russian carriers. The lessors argue they bought valid...
Apple's previous tax arrangements in Ireland violated state aid law in the EU, the EU's highest court found. According to the European Commission, Ireland’s authorities gave the US company a ‘selective advantage’ via tax arrangements in place dating to 1991 and 2007. The Commission also maintained the US giant enjoyed a long‑running ‘sweetheart deal’ in Ireland for many years......
Minutes from an internal meeting issued this week state that the EBA intends to create a new Crypto- Assets Standing Committee to 'support the development of EBA decisions concerning its supervisory responsibilities'......
They seek nearly 900m euros from the central bank as compensation for losses he claims to have incurred due to the ECB's direct oversight of Banca Carige, where he served as principal shareholder and vice-president of the board at the time......
In a brief social media note from his centrist Fianna Fáil party, the Minister for Finance, Jack Chambers TD, confirmed that preparations for next year’s budget are under way, adding that he intends to bring it forward formally on 1 October 2024......
UK developments HMT publishes consultation and guidance on TCFD-aligned disclosure in annual reports HM Treasury ( HMT) invites views on the proposals in its Phase 3 Exposure Draft for Task Force on Climate-related Financial Disclosures, aligning disclosure within annual reports. The draft focuses on recommended reporting across the TCFD framework’s Strategy pillars. Submissions are requested by 19 September 2024. See: LNB News 25/07/2024 67......
EU developments ESMA publishes opinion on the Sustainable Finance Regulatory Framework The European Securities and Markets Authority ( ESMA) has issued an opinion on the Sustainable Finance Regulatory Framework, outlining potential longer-horizon enhancements. While ESMA recognises the framework as already mature and equipped with measures to deter greenwashing, it notes that, over time, the regime can be refined to broaden investors’ ability to reach sustainable assets and to bolster the smooth operation of the sustainable investment value chain. See: LNB News 24/07/2024 52......
EU developments ESMA issues guidelines and statement on corporate sustainability reporting The European Securities and Markets Authority ( ESMA) has issued its final report covering the Guidelines on Enforcement of Sustainability Information ( GLESI), alongside a public statement addressing the initial application of the European Sustainability Reporting Standards. These publications aim to foster consistent application and oversight of sustainability reporting requirements......
UK developments FCA reminds firms of notification requirement when using an investment label The Financial Conduct Authority ( FCA) has refreshed its webpage on the sustainability disclosure and labelling regime, providing firms with guidance on how to notify the regulator of a fund’s use of an investment label. The page sets out the end-to-end notification process and supplies particulars on how to apply for any associated amendments to a fund’s name, investment objectives, or policy. See: LNB News 01/07/2024 71. EU developments Commission publishes report on climate-related risks to financial stability The European Commission has published a report on the monitoring of climate risks to financial stability in the EU......
Mairead Mc Guiness belongs to Fine Gael, a right‑of‑centre party that currently shares government in Ireland with Fianna Fáil and the Greens. According to the coalition agreement, Fianna Fáil also retains the right to nominate the next Irish commissioner, and it is expected to choose one of its own members......
Council sets out its stance on simpler financial reporting requirements Statement follows. On 19 June 2024, the Council agreed a proposal to streamline reporting obligations across financial services and investment support. The plan refreshes the framework for data exchange between the ESAs and other financial authorities, with the goal of lightening the administrative load on bodies in the financial sector. Vincent Van Peteghem, Belgian minister of finance, underlined that financial authorities face reporting duties under numerous laws so that European market supervisory bodies can oversee and monitor the smooth operation of EU financial markets on an ongoing basis. He said the regulation seeks to rationalise these obligations by improving the efficiency of data sharing among EU supervisors and by reducing red tape for both national administrations and firms in the financial sector. With this negotiating mandate in place, the Council stands ready to enter talks with the...
Moody’s Ratings stated that the European Insurance and Occupational Pensions Authority ( EIOPA) has set out proposals intended to secure fair value, bringing tougher controls over life insurance product design and charges, supported by benchmarking carried out at the product level. According to Moody’s, the EU’s Retail Investment Strategy aims to reinforce investor protection, boost market transparency and make sure investment products provide fair value for consumers. Yet the rating agency warned that tighter regulatory scrutiny could dampen life insurers’ earnings and compress overall profitability, as companies juggle compliance demands with sustaining competitive returns for policyholders......
UK developments FCA chair discusses UK asset management issues Ashley Alder, chair of the Financial Conduct Authority ( FCA), has presented an updated iteration of a speech first delivered in February 2024. His remarks ranged across the Smarter Regulatory Framework, private finance, non-bank financial intermediation and valuations, retail investments, sustainability disclosure requirements, and innovation. Highlighting the FCA’s new international competitiveness objective, Alder explained that, at each stage of decision-making, the regulator evaluates choices that further its core operational aims and judges which of these can also promote growth and competitiveness......
UK developments Clarity is central theme in FCA's greenwashing guidance News analysis: The Financial Conduct Authority ( FCA)’s anti-greenwashing rule is scheduled to take effect on 31 May 2024, prompting the UK regulator to issue industry guidance on 23 April 2024 to assist firms with compliance. For more information, see News Analysis: Clarity is central theme in FCA's greenwashing guidance, authored by Jason Halper, partner, Duncan Grieve, partner, and Alix Prentice, partner, at Cadwalader Wickersham & Taft LLP, who examine the FCA’s greenwashing guidance......
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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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