Legal News

On 24 February 2026, High Court Judge Andre Maniam ruled that the Kingdom of Spain had not shown it was protected by Singapore’s State Immunity Act 1979 ( SIA 1979) in connection with enforcing an International Centre for Settlement of Investment Disputes ( ICSID) tribunal award in favour of Dutch investor Next Era Energy Global Holdings BV and its Spanish subsidiary. Maniam J held that Next Era is correct that the SIA 1979’s exceptions to state immunity apply to Spain, despite Spain’s assertion that it never consented to arbitrate because there was no valid arbitration agreement. Spain maintains that, if it succeeds here in contesting the arbitration agreement, the award would be undermined so as not to be registrable, and Spain would not have submitted to the Singapore court’s jurisdiction over recognition or enforcement; that position has been rejected by the English and...

State aid Commission launches call for evidence regarding revising State aid rules in the form of guarantees The Commission has opened a call for evidence to revise the 2008 Guarantee Notice, following a 2025 evaluation highlighting gaps in the current approach to assessing State aid delivered via guarantees. That review indicated that changes in financial markets and regulation may, in some cases, have led to consistent undervaluation of market‑conform premiums, producing aid not accounted for, while the fixed SME ‘safe‑harbour’ premiums can overstate aid or impose unnecessarily high charges. The 2008 Guarantee Notice also sets out guidance for quantifying amounts in State guarantees, streamlined rules for SMEs, including predefined ‘safe‑harbour’ premiums, and frameworks for structuring aid‑free guarantee schemes for all companies......

R ( OAJ) v His Majesty’s Treasury and another [2026] EWHC 191 ( Admin) What are the practical implications of the case? The ruling highlights the considerable hurdles in contesting eligibility rules tied to the ‘no recourse to public funds’ approach. The court criticised the claimants’ contention that their exclusion conflicted with the purpose of the Child Care Payments Act 2014 and the Child Care Act 2016, calling it a policy or political stance presented as a legal point. Practitioners should note that courts allow the state a broad margin of appreciation when determining how scarce resources are distributed. Challenges to benefit schemes are likely to fail where the state can properly justify different treatment by pointing to the need to restrict certain groups of migrants’ access to public services. The judgment also usefully surveys case law on the PSED and reiterates that the court’s...

Rangecourt SA (formerly Banque Havilland SA) & others v The Financial Conduct Authority Rangecourt SA (formerly Banque Havilland SA) and others v The Financial Conduct Authority and another [2026] UKUT 47 ( TCC) What are the practical implications of this case? The judgment delivers notable regulatory guidance on when co-operation will be treated as a mitigating factor in enforcement, and resists the FCA’s increasingly tight interpretation of what is ‘exceptional’. The Tribunal placed marked emphasis on post-breach conduct, particularly where a firm proactively uncovers, scrutinises and reports misconduct. It confirms that firms which promptly self-report, investigate effectively, engage external advisers and put remedial measures in place (including staffing changes) can anticipate substantive mitigation—promoting earlier internal inquiries, greater candour and swifter regulatory dialogue. The Tribunal also sets out a more precise test for co-operation: the decisive question is whether the firm’s actions...

Aspire in the Community Services Ltd v HMRC [2026] UKFTT 263 ( TC) Subject to conditions and specified criteria, regulation 111 of the Value Added Tax Regulations 1995 ( VAT Regulations), SI 1995/2518, authorises HMRC to allow a VAT-registered person—here, a VAT group—to regard VAT on expenditure incurred before the EDR as input tax. The conditions reflect the usual rules governing input tax claims, for example, holding appropriate evidence of the expenditure incurred. For goods, the VAT must not have been incurred more than four years before the EDR, and the goods must be on hand at the EDR. For services, the VAT must not have been incurred more than six months before the EDR. In this matter, the quantum of VAT incurred was not in dispute and was not otherwise contested at all in this case whatsoever......

Financial services developments FCA publishes information for cryptoasset firms using s21 approvers The Financial Conduct Authority ( FCA) has set out details for cryptoasset businesses that are currently relying on an FCA-authorised company to sign off their cryptoasset financial promotions. Firms dealing in cryptoassets that are neither authorised under the Financial Services and Markets Act 2000 ( FSMA) nor registered with the FCA under the Money Laundering, Terrorist Financing and Transfer of Funds ( Information on the Payer) Regulations 2017 ( MLRs) — including firms based overseas — may engage FCA-authorised entities to approve such cryptoasset promotions (known as an s21 approver), thereby enabling them to lawfully market and communicate their offers to UK consumers......

Summary The Pensions Ombudsman upheld one complaint in part while rejecting another concerning repayment of pension monies paid in error. One member ought to have recognised a grossly inflated transfer value and made enquiries. Nonetheless, he received redress for significant distress and inconvenience. The second complainant experienced no financial harm. The decision underlines that, to rely on a change of position defence, claimants must demonstrate actual financial loss... What were the facts? Mr L was member of the Royal Academy of Arts Pension Scheme (the Scheme) and Mr G was a member of the Emerson UK Pension Plan (the Plan). Mr L was issued a transfer value illustration reflecting a preserved pension of £3,571. He proceeded to move his benefits to a personal pension and withdrew a cash lump sum. The Scheme subsequently identified that the transfer figure had been materially overstated and pursued...

The Office of Communications v Star China Media Ltd [2025] EWHC 2816 ( KB) What are the practical implications of this case? This judgment delivers significant direction for broadcasting practitioners and their clients on the extent and enforceability of Ofcom’s sanctioning powers. It confirms that, when imposing penalties for breaches of the fairness code ( Broadcasting Act 1996, s 107), Ofcom may properly pursue wider deterrence through financial penalties to the same level as for breaches of the standards code ( Communications Act 2003 ( CA 2003), s 319), as both sit within Ofcom’s Broadcasting Code. Practitioners should also note that Ofcom’s penalty regime operates consistently across all provisions of the Broadcasting Code. The court further held that penalties remain recoverable as civil debts even after a broadcaster’s licence has been revoked, under CA 2003, s 346(3), meaning revocation does not insulate...

DQR v DQT [2026] SGHC 23 What are tihe practical implications of the case? The decision in DQR v DQT offers clear direction for related companies drawn into arbitration before the courts. In this matter, the second claimant declined to participate in the arbitration and was compelled by the defendant to be joined, despite the likelihood that its stance would have aligned with the defendant’s, as they were operating as an ‘unincorporated joint venture’. By opting for non-participation, the second claimant was barred from seeking any share of the damages awarded to the defendant. The court also acknowledged that all matters arising under the joint venture deed—including whether damages should be paid into a joint venture account, and any allocation of proceeds between the joint venturers—were ‘completely outside its jurisdiction’ (para [86]). The case serves as a timely reminder that related entities must...

( Stabil LLC, et al. v Russian Federation , No. 25-7005, DC Cir.) Seizure of assets The consolidated appeals, the panel noted, stem from a single rupture that rippled across multiple sectors yet arose from the same moment and place. In 2014, Russia entered Crimea, a region internationally recognised as part of Ukraine. Within weeks it asserted control and set about reorganising Crimea’s economy. Ukrainian-owned businesses operating there — some delivering electricity, others fuel — were swept up in the transition. What followed were seizures, nationalisations and the effective handover of private assets to entities under Russian control, the DC Circuit panel wrote. The panel then affirmed the finding of jurisdiction over petitions to confirm arbitral awards issued by Permanent Court of Arbitration ( PCA) tribunals pursuant to the Ukraine– Russia BIT, in favour of the appellees in both cases. The first matter, No....

UK Care No 1 Ltd v HMRC [2026] UKUT 90 ( TCC) The appellant, UKC1, was a Guernsey-incorporated company. It served as the issuer of loan notes within a securitisation structure for the BUPA group. Those notes were placed at a discount and incurred transaction expenses. UKC1 recognised the obligation on an amortised cost basis. That accounting treatment reflected the discounted issue price and the associated fees borne at issue time. ( CTA 2009, s 327 is inapplicable where fair value accounting is adopted.) In 2016—when BUPA intended to dispose of certain care homes included in the collateral package— BUPA acquired UKC1 and it became resident for UK tax. UKC1 subsequently bought back the loan notes. The terms for early repayment were set by a ‘ Spens’ (or ‘make whole’) provision, which required payment of whichever was greater: the principal sum, or the present value of...

EU financial services developments ESMA publishes 2025 report on costs and performance of EU retail investment products The European Securities and Markets Authority ( ESMA) has released its 2025 market report on the costs and performance of EU retail investment products, indicating that recurring charges across the EU kept falling in 2024. ESMA notes this trend was largely driven by the arrival of newly launched funds, which tend to levy lower fees. By contrast, fee reductions among established, long-standing funds were modest......

What is the rationale for CCUS NPT policy development? DESNZ outlines clear reasons for intervening in NPT, highlighting obstacles that prevent the market from delivering alone: price and revenue market failures ( CCUS costs outstrip the prevailing carbon price and likely receipts, with weak revenue certainty and insufficient demand pull for low‑carbon products) co‑ordination failures spanning multi‑party value chains first‑mover disadvantages driven by high upfront expenditure and technology/market risk the need to recognise unpriced positive externalities (‘societal spill‑overs’) arising from CCUS deployment DESNZ concedes that existing capture business models and the T& S Regulatory Investment (‘ TRI’) model were chiefly conceived for pipeline transport (rather than NPT) and for permanent geological storage (not intermediate or above‑ground storage). Industry feedback has stressed that full‑chain NPT costs remain a significant brake on investment, requiring tailored NPT support. DESNZ’s objective is to create...

EU financial services developments CRD: EBA publishes guidelines on instruments for capital endowment requirement for third-country branches The European Banking Authority ( EBA) has issued its final guidelines on instruments that can satisfy the capital endowment requirement for third-country branches under the Capital Requirements Directive ( CRD). The guidelines identify the categories of instruments those branches may rely on to meet the requirement and set out the minimum operational conditions that must be in place to ensure the instruments are accessible when needed. The EBA explains that the overarching purpose is to make certain capital endowment assets protect local depositors at the level of the third-country branch, or else remain available to discharge appropriate claims and satisfy local creditors should the third-country branch enter resolution or be wound up......

Financial services developments FCA opens authorisation gateway for Targeted Support The Financial Conduct Authority ( FCA) has now officially launched the authorisation gateway for targeted support. From 6 April 2026, banks, pension providers and other financial firms authorised for targeted support will be able to offer carefully tailored suggestions to defined groups of consumers sharing common characteristics. In 2025, the FCA introduced its Pre- Application Support Service ( PASS) for targeted support and also engaged extensively with a wide range of firms to clarify precisely what constitutes a high-quality, fully complete application for the targeted support regulated activity. Sources: FCA opens authorisation gateway for targeted support Advice Guidance Boundary Review [ Updated] FCA sets application period for cryptoasset permission applications The FCA has issued a formal Direction under regulation 52 of the Financial Services and Markets Act 2000 ( Cryptoassets) Regulations 2026. This applies to...

Stephens and another (as Joint Special Adminstrators of Dolfin Financial ( UK) Ltd) v Firestone Financial Assets Ltd and another company [2026] EWHC 41 ( Ch) What are the practical implications of this case? This judgment is another notable sequel to Denaxe Ltd v Cooper [2023] EWCA Civ 752, and it furnishes practical guidance for office-holders contemplating court approval of how they deploy their discretion. Before making such an application, administrators should: assess whether approval or a Benjamin order is the better route, and if an approval would in reality provide any meaningful protection; ensure the application targets a specific, pivotal issue where assistance is genuinely needed, rather than attempting to secure a broad, catch‑all shield; consider whether existing rules or regulatory frameworks already articulate a solution or pathway for resolving the point in dispute; confirm that the evidential record before the court is adequate to enable a...

While most of the prescriptive measures are aimed at European Union Alternative Investment Fund Managers ( AIFMs), non‑ EU AIFMs will also need to amend pre‑contractual disclosures, regulatory reporting and periodic reporting so that the new reporting elements are included. This article highlights the principal action points AIFMs should consider before the swiftly approaching implementation deadline. What AIFMs need to do AIFMD 2 establishes a fresh loan origination framework to enable cross‑border lending, creating obligations for EU AIFMs. These obligations sit alongside the prescriptive measures primarily directed at EU AIFMs and require early focus. Loan Origination Activities and Loan- Originating AIFs Common rules apply to alternative investment funds ( AIFs) that originate loans, covering borrower due diligence, concentration limits, a ban on originate‑to‑distribute strategies, and no lending to retail. More exacting standards attach to AIFs that are loan‑originating AIFs, including leverage limits, a liquidity policy and...

R ( C3) v Secretary of State for Foreign, Commonwealth and Development Affairs [2026] EWHC 34 ( Admin) What are the practical implications of this case? The court has made clear that Article 6 ECHR is not engaged where a claimant contests a refusal of consular assistance. The judgment refines the approach to deciding when Article 6 falls away: ask whether the impugned act reflects the exercise of certain categories of public authority prerogatives. If so, either no civil or human right is truly at stake, or any such right is only incidental, and Article 6 will not apply. This, in turn, has significant consequences for the procedural safeguards available to claimants in national security matters. Where Article 6 is not triggered, the individual cannot obtain the higher level of disclosure described in Home Secretary v AF ( No.3) [2009] UKHL 28 that would...

The EU’s senior competition chief, European Commission Executive Vice- President Teresa Ribera, described the deal as strengthening the established co-operation between the Commission and the UK’s Competition and Markets Authority ( CMA). She said the arrangement lays down a clear structure for EU– UK collaboration on competition matters and underscores a shared resolve to uphold fair, competitive markets for the benefit of consumers, businesses and innovation, reiterating the partners’ ongoing alignment across both jurisdictions today, together......

Private actions CAT issues judgment on validity of opt-in notification in collective proceedings brought by Commercial and Interregional Card Claims against Mastercard and Visa The CAT has delivered its ruling on whether an opt-in notification was valid in collective proceedings brought against Mastercard and Visa. The decision arises in Commercial and Interregional Cards Claims I Limited v Mastercard Inc and others, Commercial and Interregional Cards Claims II Limited v Mastercard Inc and others, Commercial and Interregional Cards Claims I Limited v Visa Inc, and Commercial and Interregional Cards Claims II Limited v Visa Inc. The proceedings were advanced by Commercial and Interregional Card Claims I Limited ( CICC I) and Commercial and Interregional Card Claims II Limited ( CICC II) under section 47B of the Competition Act 1998, with both defendants named in parallel...