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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 Sole traders, informal partnerships and outdated partnership deeds are common.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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Mergers The CMA made public the full text of its phase 1 clearance decision in relation to anticipated acquisition by Fidelity National Information Services, Inc. ......
Antitrust Commission fines automotive starter battery manufacturers and association €72m for cartel conduct The Commission adopted an infringement decision imposing aggregate fines of €72m overall on three automotive starter battery manufacturers ( Exide, FET (including its predecessor Elettra) and Rombat) and on a trade association ( EUROBAT) for their role in a cartel involving automotive starter batteries. Clarios escaped a fine after disclosing the cartel to the Commission under the 2006 Leniency Notice. Cases against Banner and Kellen have been closed. The investigation determined that, between 2005 and 2017, the four manufacturers, supported by EUROBAT, coordinated the setting, publication and application of industry-wide EUROBAT premiums based on their lead procurement costs. These premiums were printed in the Metal Bulletin and used during price negotiations with car and lorry manufacturers in the EEA to keep surcharge levels above those that would otherwise have...
The Tower One St George Wharf Ltd v HMRC [2025] EWCA Civ 1588 A corporate group developed a residential scheme, with the concluding phase being the transfer of a 50‑storey tower block to a special purpose vehicle ( SPV) to ring‑fence risks, contain potential liabilities and improve financial flexibility. After consulting tax advisers, the group executed a set of same‑day steps intended to ‘step up’ the tax cost of the project, so the SPV would be treated as acquiring it at market value without tax charges arising en route. In broad terms, the property‑owning company granted a 999‑year lease to another group entity, B64. The appellant, incorporated to serve as the SPV, then acquired the shares in B64, and the lease was subsequently transferred to it by way of distribution. After an HMRC enquiry, the appellant accepted the planning had not produced the...
Section 234 of the Insolvency Act 1986 stops short of trespassers ( Maher & Another v Investalet Ltd) Maher and Another v Investalet Ltd [2025] EWHC 3133 ( Ch) What are the practical implications of this case? The ruling serves as a firm reminder that IA 1986, s 234 functions as a procedural device, not a catch‑all shortcut to vacant possession. It authorises an office‑holder to require delivery up of “property of the company” found in third-party hands, but it does not enhance the company’s substantive entitlements. In practice, office‑holders must differentiate between two situations: Occupiers whose rights flow from the company (for example, as tenant or licensee) and who hold something that can accurately be characterised as the company’s property within their possession, custody or control; and Occupiers who are, in truth, trespassers with a possessory stance that is weaker than the...
Financial services developments FCA publishes outcome report from Open Finance Sprint 2025 The Financial Conduct Authority ( FCA) has unveiled a new webpage alongside the outcomes report from its Open Finance Sprint 2025. Over two days, specialists convened to examine the core building blocks required for open finance and data-led financial services. The outcomes report collates and distils the materials created by sprint attendees. It presents a common view of how an open finance ecosystem might evolve over time, anchored in trustworthy data usage, explicit consent, resilient technology and wide participation. According to the FCA, the document captures participant contributions rather than its own policy stance. Attendees depicted an open finance landscape that is more open, safer and more personalised, with offerings tailored to the needs of consumers and firms. They highlighted the importance of robust data rights, transparent consent, and an ecosystem able to...
The Employment Appeal Tribunal, in a judgment issued on 3 December 2025, ruled that claimant T. Tamponi could not resurrect his race discrimination claim against Medequip Assistive Technology Ltd. The tribunal concluded that Medequip’s actions were prompted by a change to his immigration status, not by his nationality. Judge Simon Auerbach explained that, although the change applied to a specific cohort of nationals and might be described as a ‘but for’ cause of the employer’s response, nationality itself did not operate as a material reason; the conduct was entirely driven by the shift in immigration status and the new scheme. Tamponi joined Medequip in 2017 as a warehouse operative and device cleaner. The business supplies medical equipment to help disabled people live at home. Medequip asked him to provide proof......
COMMISSION IMPLEMENTING REGULATION ( EU) 2025/2337 of 24 November 2025 The notices are enclosed. It updates Implementing Regulation ( EU) 2023/1452, setting a final anti-dumping levy on imports of continuous filament glass fibre goods originating in the......
Digital Markets Act High- Level Group on the Digital Markets Act endorses joint paper on the regulatory interplay related to AI issues The High- Level Group ( HLG) for the Digital Markets Act ( DMA) convened for the fifth time. It approved a joint document exploring how AI-related regulatory frameworks intersect with the DMA. Comprising telecoms, data protection, consumer and competition authorities, the HLG seeks to ensure the DMA is implemented in a coherent manner alongside other regimes that oversee gatekeepers. The paper underlines the need to clarify the extent to which AI services are captured by the DMA’s scope and how current obligations should be applied......
R (on the application of L1T FM Holdings Ltd and Letterone Core Investments Sàrl) v Chancellor of the Duchy of Lancaster in the Cabinet Office (formerly Secretary of State for Business, Energy and Industrial Strategy) [2025] EWCA Civ 1528 What were the practical implications of the case? In light of the recent Court of Appeal ruling in L1T FM Holdings, market participants should expect that compensation above the price realised on a forced sale is unlikely where a transaction is unwound following a divestment order under the National Security and Investment Act 2021 ( NSIA 2021). Where there is a ‘reasonable relationship of proportionality’ between the value of the asset and the compensation awarded, that suffices to meet Article 1 of Protocol 1 ( A1P1) of the European Convention of Human Rights ( ECHR), which protects property rights. This judgment sits alongside the small number of cases that...
My Future Fund The State’s new automatic retirement savings scheme, ‘ My Future Fund’, has attracted significant media attention over the past week. While AE is due to commence within the next few weeks, the principal catalyst is that the Department of Social Protection (the Department) has recently sent letters to various organisations cautioning about the risk of employers ‘hindering’ staff from joining My Future Fund. Specifically, the Department stated that compulsory enrolment into a company pension scheme, where this is not an explicit contractual term and only modest employer contributions (for example, 1%) are payable, would be treated by the Department as an offence of hindering. These communications have sparked engagement with the Department by employer representative groups and stakeholders across the Irish pensions sector, including the Irish Association of Pension Funds (the IAPF). From that engagement it is evident that...
In a year defined by intense media attention and the prospect of widescale redress in UK financial services, the FOS’ latest updates reveal notable shifts in the subjects, volume, channels and results of complaints. This piece reviews the standout changes in 2025 across the sector and the knock-on effect on cases escalated to the FOS during the year. It also considers how complaint methods have evolved and the results they produced. All findings reflect FOS updates. Changes within the FOS The complaints figures outlined here do not sit in isolation; several outside influences help clarify patterns that could otherwise appear unexpected. In 2025 there have been major adjustments to FOS charging structures, developments in motor finance, and a broader UK stance on customer grievances and remediation. From 1 April 2025, the FOS introduced a fee regime requiring claims management firms and other...
EU financial services developments ECB announces geopolitical risk reverse stress test for 2026 The European Central Bank ( ECB) has set out plans to run a geopolitical risk reverse stress test in 2026 across 110 banks under its direct supervision. In this reverse exercise, a fixed outcome, a reduction of at least 300 basis points in CET1, is imposed, with each institution required to specify the circumstances under which such a loss would emerge. Aggregate results to be communicated in summer 2026 According to the ECB, the work will complement the 2025 European Banking Authority stress test, which used a single scenario for all lenders and produced divergent capital drawdowns. The 2026 thematic assessment will have banks evaluate how geopolitical threats might influence their business model. The exercise is designed to gauge how far firms’ stress-testing frameworks incorporate geopolitical exposures, strengthening internal risk management and the...
Following our earlier note on Tax Measures to Support the Housing Market within the Finance Bill 2025, this update sets out the final legislative provisions introduced to the Bill after Committee Stage changes. The Bill has now cleared Dáil Éireann and features tax measures to boost housing delivery and regeneration. It outlines definitive provisions now reflected in the finalised legislation, following the Committee Stage. VAT reduction for new apartment sales Budget 2026 confirmed a cut in VAT from 13.5% to 9% on sales of new apartments. Since its initial unveiling, the scope has been broadened to include construction services associated with new apartments. Initially, the relief applied solely to supplying apartments delivered under a social policy. The Bill now provides that from 8 October 2025 to 25 November 2025 the new VAT rate applies to the supply of qualifying new apartments; from 26 November 2025...
China has unveiled a bolstered trade-policy compliance framework obliging state bodies to carry out compulsory, pre-emptive reviews to confirm that domestic actions accord with World Trade Organisation ( WTO) rules and China’s wider ambition of further opening its economy. The updated implementation rules were issued on 5 December 2025 by the Ministry of Commerce ( Mofcom) and will come into force 30 days after release. These adjustments may prompt more prudent policymaking, as officials are under heightened scrutiny to prove WTO alignment before rolling out measures that influence markets......
In this issue: UK, EU and international regulators and bodies Regulated activities Authorisation, approval and supervision Prudential requirements Operational resilience Financial crime and sanctions Regulation of capital markets Packaged Retail and Insurance-based Investment Products ( PRIIPs) Regulation of derivatives Sustainable finance and ESG Banks and mutuals Investment funds and asset management Regulation of insurance Payment services and systems Fintech and cryptoassets Regulation of AI in FS Dates for your diary New and updated content Financial Services Enforcement Database Daily and weekly news alerts Lex Talk®Financial Services: a Lexis®Nexis community UK, EU and international regulators and bodies FCA publishes Quarterly Consultation CP25/35 The Financial Conduct Authority ( FCA) has issued Quarterly Consultation CP25/35 No 50. Comments are requested by 19 January 2026 and, for the proposed amendments to COLL 5.2.29R(3), by 22 December 2025. Source: Quarterly Consultation CP25/35 No 50. FCA updates government on ‘pro-growth measures’ The FCA has updated the government on its ‘pro-growth measures’ delivered in 2025 and planned for 2026. For 2026, actions include enabling...
In this issue: Equity capital markets Corporate governance Environmental, social and governance issues Finance Bill 2026 Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Equity capital markets FCA publishes Quarterly Consultation CP25/35 The Financial Conduct Authority has released Quarterly Consultation CP25/35 No 50, outlining proposals to simplify the process for admitting new securities under UKLR 20 and to make a limited number of minor adjustments to other UKLR rules reflecting stakeholder input. It also suggests corrective and clarifying amendments to the Handbook for the new Public Offers and Admissions to Trading regime, addressing drafting errors and ensuring greater consistency. Comments are requested by 19 January 2026, and for the proposed amendment to COLL 5.2.29R(3) by 22 December 2025. See: LNB News 08/12/2025 18. Corporate governance Glass Lewis publishes 2026 Benchmark Voting Policies for major jurisdictions Glass Lewis has issued its 2026 Benchmark Voting Policies for key markets, including the United...
In this issue: Property ( Digital Assets etc) Act 2025 Lending Aviation finance Shipping finance Real estate property Sustainable finance Derivatives Regulation for derivatives Regulation for banking lawyers New and updated content Useful information Property ( Digital Assets etc) Act 2025 Property ( Digital Assets etc) Act 2025 comes into force The Act clarifies which things can be recognised as objects of personal property rights, ensuring they are not excluded from such treatment. It took effect on 2 December 2025. Source: Property ( Digital Assets etc) Act 2025. Lending LMA publishes note clarifying deed requirements and intercreditor documentation The Loan Market Association ( LMA) has assessed the impact of obiter observations in Macdonald Hotels v Bank of Scotland [2025] EWHC 32 ( Comm), which raised doubt over whether a particular testimonium clause—akin to those in the LMA’s...
EU financial services developments ESMA issues update on EMIR 3 reporting obligations The European Securities and Markets Authority ( ESMA) has published a statement on forthcoming EMIR 3 reporting duties, intended to clarify reporting under the Active Account Requirement ( AAR), as well as the reporting of information on clearing activity at recognised third-country central counterparties ( CCPs) under Article 7d of EMIR. The update explains the present status of the regulatory technical standards ( RTS) for these two obligations and outlines expectations for the anticipated timing of the initial round of regulatory reporting......
In this issue: Criminal procedure and evidence Bribery, corruption, sanctions and export controls Consumer protection and cartels Cybercrime and data protection offences Environmental offences Financial services and pensions offences Fraud, forgery, tax and theft offences Health and safety and corporate manslaughter offences Local authority prosecutions Money laundering Daily and weekly news alerts New and updated content Dates for your diary Trackers New Q& As Useful information Criminal procedure and evidence From chaos to cohesion—a new architecture for contempt of court The Law Commission’s Contempt of Court: Report ( Part 1) on Liability, released on 17 November 2025, proposes scrapping the traditional civil/criminal contempt split and modernising contempt law through four new contempt categories. Christopher Gribbin and Molly Vann of Mishcon de Reya LLP assess this...
Financial services developments Updated Regulatory Initiatives Grid sets out financial services regulatory pipeline The Financial Conduct Authority ( FCA) has released the newest Regulatory Initiatives Grid, outlining the financial services regulatory timetable for the coming two years. The programme of work spans: delivery of the Basel 3.1 standards the Strong and Simple framework reform of the Prospectus Regime the Wholesale Markets Review establishment of a UK‑issued stablecoin regime changes to the UK captives insurance regime the National Payments Vision the Advice Guidance Boundary Review new regulation for Buy Now Pay Later products The Grid is compiled by the Financial Services Regulatory Initiatives Forum, which unites key UK regulators and government bodies, including the FCA, Bank of England, PRA, Payment Systems Regulator, The Pensions Regulator and HM...
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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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