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Introduction to statutory interpretation The aim of statutory interpretation is to determine the legal meaning of a statute, that is, the sense that expresses the legislator’s intention. The clearest guide to that intention is the statutory wording itself, read in its context and with its overall purpose in mind, and its broader legislative setting. Courts should seek to fulfil the purpose of legislation by construing its language, so far as they can, in the manner that most effectively serves that purpose. Put differently, the courts’ default method is purposive, and every enactment is to be construed with that end in view. There is a starting presumption that the grammatical and ordinary sense of an enactment reflects the meaning intended by the legislator. Where an enactment reasonably bears only a single meaning, and no other interpretative tools or
This Practice Note addresses identifying a fiduciary, fiduciary duties and obligations, the no conflict rule, the no profit rule, a fiduciary's duty of confidence, and the remedies available for breach of fiduciary duty. Who is a fiduciary? There is no definitive catalogue of relationships that give rise to fiduciary obligations at common law in every situation universally. Certain relationships are inherently fiduciary, eg trustee and beneficiary, solicitor and client, principal and agent, business partner and co-partners, together with mortgagor and mortgagee. The obligations of some fiduciaries have been set out in statute; for instance, trustees owe a statutory duty of skill and care under section 1 of the Trustee Act 2000 (TrA 2000), and directors' relationships with their companies are addressed in the Companies Act 2006 too. For guidance on directors' fiduciary duties, see Practice Note: of directors for further detailed
Definition of ADR Alternative dispute resolution (ADR) is defined in the CPR Glossary as a collective label for methods of settling disputes other than through the usual trial process. Some courts adopt the term ‘negotiated dispute resolution’ (NDR) to describe resolution by alternative means; for ease, this Practice Note uses ADR. For guidance on how ADR is addressed in the various court guides, see Practice Note: ADR and NDR in the court guides. In essence, ADR is a means of resolving a dispute outside the court system. It typically involves a neutral third party who either helps the parties reach a negotiated outcome, or issues a determination of the dispute that is legally binding. A binding result can follow where the agreement to refer the dispute to ADR so provides. There are multiple forms of ADR processes. For an outline of the different types and their
In brief The British constitution is uncodified, meaning it does not spring from a single constitutional document or code. It draws on a wide range of written and unwritten sources. Alongside the principal written sources of law in England and Wales—legislation (which has also introduced international and human rights principles into our constitution) and the common law—the constitution also rests on two further unwritten bases within this system: the prerogative, and non-legal constitutional conventions. In addition, on one view the basic or prevailing principle of our constitution, Parliamentary sovereignty, is ultimately grounded in political fact rather than in law. Legislation Legislation is the foremost source of constitutional law. Acts of Parliament may set out detailed constitutional rules, or even pass authority to create them to ministers or to others. Under the doctrine of Parliamentary sovereignty, legislation is traditionally regarded as taking precedence over any other form or kind of
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BREXIT: From 31 January 2020, the UK ceased to be a Member State of the EU, yet moved into an implementation phase in which, for numerous purposes, the EU continues to regard it as a Member State. As a third country, the UK is excluded from participation in the EU’s political institutions, agencies, offices, bodies and governance frameworks (save to the limited extent agreed), yet it must still comply with obligations under EU law (covering EU treaties, legislation, principles and international agreements) and accept the ongoing jurisdiction of the Court of Justice of the European Union, in accordance with the transitional provisions in Part 4 of the Withdrawal Agreement. For further reading and context, see: Brexit—introduction to the Withdrawal Agreement. This development affects this Practice Note. For related guidance, see Practice Note: Brexit—impact on finance transactions [ Archived]— Brexit planning and...
This Practice Note provides a comparison of the main differences between the EU, UK and the US in conducting safeguard investigations Has the Agreement on Safeguards been incorporated into national law? EU The EU has given effect to the Agreement on Safeguards through EU legislation. Three regulations govern this area: Regulation ( EU) 2015/755 covers investigations relating to Azerbaijan, Belarus, Kazakhstan, North Korea, Turkmenistan and Uzbekistan; Regulation ( EU) 2015/478 applies to all other countries; and Regulation ( EU) 2015/936 addresses textiles imported from third countries not subject to bilateral agreements, protocols or comparable arrangements. This comparison relies on Regulation ( EU) 2015/478. UK The UK has enacted measures to reflect the Agreement on Safeguards in domestic law. Schedule 5 to the Taxation ( Cross-border Trade) Act 2018 sets out the process for safeguard investigations and the circumstances for imposing safeguard duties. The Trade Remedies ( Increase in Import...
Structure of the EU electricity system The rules that govern the EU electricity system extend to two areas: the physical infrastructure for electricity generation, transmission and consumption (often called the electricity network or grid), and electricity markets (ie the movement of money) Under the Electricity Directive ( Directive ( EU) 2019/944), “electricity markets” means markets for electricity, embracing over-the-counter trading and organised exchanges, and markets for energy, capacity, balancing and ancillary services across all time horizons, notably forward, day-ahead and intraday markets. The EU electricity market is split into: wholesale or production markets, covering power flows and the associated transactions between generators and retailers, and retail markets, which provide electricity to final consumers Power produced at a power station is commonly bought and resold multiple times within the wholesale space—often via a power or energy...
This Practice Note This Practice Note reviews the investor disclosures required for UCITS funds (that is, open-ended collective investment schemes constituting undertakings for collective investment in transferable securities). It also examines key provisions of the UCITS Directive 2009/65/ EC. Coverage includes obligations concerning the prospectus, periodic reports, pricing details and the key investor information. For more information on the UCITS regime, see Practice Note: Undertakings for Collective Investment in Transferable Securities ( UCITS)—essentials. For details on non‑ UCITS funds within the Alternative Investment Funds Directive ( Directive 2011/61/ EU) ( AIFMD) regime, refer to Practice Note: EU AIFMD—essentials. For AIFMD investor disclosures and the AIF prospectus, see Practice Note: EU AIFMD—transparency rules and the prospectus......
Scope of this Practice Note This Practice Note reviews the function of depositaries to undertakings for collective investment in transferable securities ( UCITS) funds (ie open-ended collective investment schemes ( CIS) that are UCITS) and the framework established by Directive 2009/65/ EC (the UCITS Directive), as revised by Directive 2014/91/ EU ( UCITS V) and accompanying delegated regulations. It sets out a depositary’s obligations and standards, who is eligible to act as depositary, liability, and constraints on delegation. EU legislative background On 26 July 2012, the Commission consulted on UCITS VI, addressing a range of issues, including a depositary passport. There have been no further developments on UCITS VI, and it is unlikely that any legislative proposal will emerge. UCITS V was published in the Official Journal ( OJ) on 28 August 2014 and came into force on 17 September 2014, with EU Member States...
This page brings together Tax resources that deal with EU law matters. For broader guidance on EU law, consult EU structure, EU legislative process, EU judicial system, and EU rights and policies within the EU Law topic in the Public Law practice area. EU principles EU principles and tax—overview VAT— EU legal principles VAT and abuse of rights Overpaid tax—restitution Overpaid tax—interest and damages Interaction of EU law and direct tax [ Archived] A history of EU law and CFC regimes [ Archived] A history of EU law and thin capitalisation and transfer pricing regimes [ Archived]......
Facts Antoine and Camille met while both working in Leeds in 1980, and in 1981 they bought a home there in their joint names. They had three children together— Gabriel (born 1985), Audrey (born 1987) and Laure (born 1990)—and married in 1995. In 2003, Antoine inherited a chalet in the French Alps. Throughout their marriage they remained resident in the UK, taking regular trips to France for holidays and to visit family. Camille, born in France in 1955 to French parents, lived there throughout her childhood and early twenties until moving to England in 1979. Antoine, born in England in 1953 to an English father and French mother, grew up in England, but spent five years in the 1970s living with his maternal grandparents in Lyon while at university. Antoine died in April 2024 at the age of 71, leaving both an English Will and a...
CASE HUB NOTE—appeals lodged before the Court of Justice in Cases C- 211/20 P and C- 315/18 ARCHIVED This archived case hub sets out the position as at the judgment of 12 March 2020; it is no longer maintained. See further: timeline and relevant/related cases. Case facts Outline An action seeking annulment of the Commission’s decision of 4 July 2016, which found that aid granted to three Valencia football clubs constituted unlawful State aid ( Case SA.36387). Latest developments On 12 March 2020, the General Court delivered its judgment, upholding the appeals and thus annulling the Commission’s decision. The Court held that the Commission committed several manifest errors when instructing the clubs to repay the support each had received. The General Court criticised, among other matters, the Commission’s omission to assess all available evidence, its reliance on incorrect material, and the use of...
CASE HUB ARCHIVED —this archived case hub reflects the position at the date of the judgment of 19 September 2019; it is no longer maintained. See further, timeline and commentary. Case facts Outline Case T- 386/14 RENV FIH Holding and FIH Erhvervsbank v Commission—proceedings seeking annulment of the European Commission’s approval of restructuring aid granted by Denmark in 2012 to the FIH banking group, linked to a restructuring plan ( Case SA.34445). The matter was returned to the General Court after the Court of Justice’s ruling in Case C- 579/16. Latest developments On 19 September 2019, the General Court delivered its judgment, upheld the action and set aside the Commission’s decision. It concluded that the Commission committed errors when computing the amount of aid Denmark conferred on FIH. Parties Applicants: FIH Holding A/ S is the ultimate parent of FIH Erhvervsbank A/ S and its...
CASE HUB ARCHIVED This archived case hub records the position as at the judgment dated 19 December 2019; it is no longer being updated. See the timeline for details... Case facts Outline Case T- 812/14 RENV BPC Lux 2 and Others v Commission — an application seeking annulment of the European Commission’s decision not to object to aid granted by the Portuguese authorities for the resolution of Banco Espirito Santo SA ( Case SA.39250), remitted to the General Court following the Court of Justice’s ruling in Case C- 544/17... Latest developments On 19 December 2019, the General Court delivered its judgment and dismissed the action as inadmissible... Parties Applicants: BPC Lux 2 Sàrl (together with various other legal persons) ( BPC), subordinated creditors of Banco Espírito Santo ( BES), holding Lower Tier 2 Bonds... Defendant: European...
Set out below are European Commission outcomes on in‑depth State aid probes and completed sector inquiries dating from 2016. The latest in‑depth cases are listed in the EU State aid decisions—ongoing cases tracker. For appeals before the General Court, consult General Court State aid appeals—ongoing cases tracker; for Court of Justice appeals, see Court of Justice State aid appeals—ongoing cases tracker; and for national references before the Court of Justice concerning State aid, see Court of Justice State aid national references—ongoing cases tracker. In-depth investigations—2026 Regional aid to PCAE ( Peugeot Citroën Automóviles España S. A.) ( SA.49579) — Spain; sector: motor vehicle manufacturing; aid: direct grant. Decisions: withdrawal of notification—03/03/2026; opening of formal investigation ( Art 4(4))—01/07/2019. In-depth investigations—2025 Modification de l'aide et du plan de restructuration de Corsair ( SA.109662) — France; sector: aviation; aid: direct grant and tax relief....
This Practice Note sets out the principal features of the EU Solvency II regime (covering the Solvency II Directive 2009/138/ EC, the Omnibus II Directive 2014/51/ EU and related materials). It also reflects amendments to the Solvency II Directive made by Directive ( EU) 2025/2 (the Solvency II amending Directive), which entered into force on 28 January 2025 and must be applied by Member States from 30 January 2027. Solvency II—overview Background and objectives of Solvency II Solvency II is the framework governing the taking-up of business and supervision of insurance and reinsurance undertakings in the EU (together, ‘firms’). Directive 2009/138/ EC replaced 14 earlier directives (collectively known as Solvency I) and establishes a maximum harmonising regime to deliver cross-border consistency. It is aligned with other financial services legislation, in particular the banking supervision framework ( CRD IV/ CRR—for more information, see Practice Note: EU CRD IV...
Short selling Short selling, or ‘going short’, describes a tactic where traders agree to sell shares or debt instruments (securities) they do not own at the point of sale, anticipating that the securities’ price will drop. If prices fall, the short seller can buy them back more cheaply than the sale price and keep the difference as profit. As short sellers gain when values decline, the practice has faced regulatory restrictions since the 2008 global financial crisis. The two principal methods of short selling are: Covered short selling — the short seller borrows, or undertakes to borrow, the specific securities being sold short from an existing holder, enabling delivery to the buyer at settlement; the lender receives a fee for providing the securities. Uncovered (naked) short selling — the short seller executes a short sale without first locating or borrowing the securities before arranging the...
ARCHIVED: This Practice Note has been archived and is not maintained. These Q& As respond to the most common queries on the EU Sustainable Finance Disclosure Regulation ( EU SFDR) ( Regulation ( EU) 2019/2088, as amended by Regulation ( EU) 2020/852) regulatory technical standards ( RTS). They address, among other areas, product categorisation; Article 8 features; principal adverse impact ( PAI) data gathering; reliance on third-party information; human rights due diligence, and the effect on non- EU managers. On 6 April 2022, the Commission approved the final Regulatory Technical Standards ( RTS) that supplement the EU Sustainable Finance Disclosure Regulation ( EU SFDR) ( Regulation ( EU) 2019/2088, as amended by the EU Taxonomy Regulation ( EU) 2020/852) together with the Annexes. EU SFDR imposes substantial environmental, social and governance ( ESG) disclosure duties on asset managers promoting funds within the EU. The RTS set out...
This Practice Note provides high level information on Regulation ( EU) 2017/2402 (the EU Securitisation Regulation) STOP PRESS: ESMA has opened a consultation to overhaul the disclosure set-up for private securitisations governed by the EU Securitisation Regulation. The draft would roll out a pared-back template, aiming to improve proportionality in information exchange, whilst keeping supervisors’ access to critical oversight data intact. Core elements comprise aggregate-level reporting and leaner deal-level data asks. Running until 31 March 2025, the exercise reflects industry input and also sits within ESMA’s wider drive to simplify and reduce burdens. ESMA will work with the European Commission to consider tweaks to technical standards ahead of a full review of the regime. The EU Securitisation Regulation is complemented by: Regulation ( EU) 2017/2401 (the EU CRR Amendment Regulation), which modifies the regulatory capital treatment under the Capital...
Lexis+® UK is partnering with INSOL Europe on a joint initiative to gather contributions from INSOL Europe’s members and Country Co-ordinators, illustrating how EU Member States have put into effect Directive ( EU) 2019/1023 of the European Parliament and of the Council of 20 June 2019 on preventive restructuring frameworks, on discharge of debt and disqualifications, and on measures to enhance the efficiency of procedures concerning restructuring, insolvency and discharge of debt, and amending Directive ( EU) 2017/1132 (the EU Directive). This Practice Note offers a high-level snapshot of selected headline features of the ways different EU Member States (together with the UK) have revised or adapted their insolvency and restructuring regimes to transpose the EU Directive. Practitioners should consult the full article for full detail and, in all cases, liaise with lawyers in the relevant jurisdiction to confirm measures in force and any...
This Practice Note examines the EU’s Recast Second Wire Transfer Regulation ( EU) 2023/1113 ( Recast WTR2) on information accompanying transfers of funds and certain cryptoassets. Often referred to as the Recast Second Funds Transfer Regulation ( Recast FTR2), it takes effect on 30 December 2024. Recast WTR2 sits at the heart of the EU’s anti-money laundering ( AML) and counter-terrorist financing ( CTF) architecture, and underpins the bloc’s oversight of payments and cryptoassets. It revises and supersedes the Second Wire Transfer Regulation ( EU) 2015/847 ( EU WTR2) to bring EU rules into line with the latest Financial Action Task Force ( FATF) standards, the worldwide AML/ CTF rule‑setting authority. Under Recast WTR2, the information‑sharing benchmark for transfers—commonly called the ‘ Travel Rule’—sets out the payer and payee details that must travel with any funds transfer, regardless of currency, to help prevent, detect and...
ARCHIVED This Practice Note is archived and not being updated. It summarises the implementation of the EU Prospectus Regulation and highlights its principal changes from the earlier Prospectus Directive. It records the position in law as at 21 July 2019 under the EU Prospectus Regulation, as amended by the SME Growth Markets Regulation ( EU) 2019/2115, and is kept solely for reference purposes. The Prospectus Regulation ( EU) 2017/1129 took effect on 20 July 2017, with all provisions applying across Member States from 21 July 2019. It sets out when a prospectus is required for an offer of securities to the public in the EU or for admission of securities to trading on an EU regulated market, and prescribes the content, approval and distribution requirements for that document. The regime aims to improve and streamline access to the capital markets in a...
Tracker overview This tracker outlines legislative and regulatory milestones from 2001 up to 31 January 2020, the date of Brexit, covering Regulation ( EU) 2017/1129 (referred to here as the EU Prospectus Regulation or Prospectus Regulation) and the repealed Directive 2003/71/ EC ( Prospectus Directive). It is organised into the following sections: Recent and future developments (2015 onwards) Review and further implementation of the Prospectus Directive (2009–2014) Implementation of the Prospectus Directive (2003–2009) Regulation ( EU) 2017/1129 was published in the Official Journal of the EU on 30 June 2017 and came into force in the EU on 20 July 2017. The bulk of its provisions have applied in the EU since 21 July 2019, with a small number taking effect earlier. For the stages of debate and agreement within the European legislative process on the Prospectus Regulation, see: EUR- Lex ( Procedure 2015/0268/ COD). Key...
Purpose of this Practice Note This Practice Note summarises the level 3 measures released by the European Securities and Markets Association ( ESMA), the European Banking Authority ( EBA) and the European Commission in connection with the Markets in Financial Instruments Directive ( Directive 2014/65/ EU) ( Mi FID II Directive) and the Markets in Financial Instruments Regulation ( Regulation ( EU) 600/2014) ( Mi FIR), together forming the EU Mi FID II framework. Taking effect on 3 January 2018, Mi FID II and Mi FIR materially revised and extended the regime first set by the original Markets in Financial Instruments Directive (2004/39/ EC) ( Mi FID). For guidance on putting the Mi FID II framework into practice, see Practice Notes: EU Mi FID II and Mi FIR—essentials and EU Mi FID II and Mi FIR—one minute guide. For an...
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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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