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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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CASE HUB (appeal lodged at General Court in Case T- 433/16) ARCHIVED – this archived case hub shows the position at the time of the final decision on 25 May 2016; it is no longer maintained. See further, timeline and commentary. Case facts Outline European Commission Article 101 TFEU investigation into a cartel in the steel abrasives market ( Case AT.39792). The cartel concerned the coordination of prices. Latest development On 25 May 2016, the Commission adopted an infringement decision against Pometon and levied a fine of €6.197m. This followed the Commission’s infringement decision (with fines totalling €30.707m) imposed on Ervin, Winoa, Metalltechnik Schmidt and Eisenwerk Würth on 4 December 2014 after a settlement. The investigation into Pometon proceeded under the ordinary cartel procedure (ie non-settlement). Parties Ervin (based in the US and UK) Winoa (located in France). Metalltechnik Schmidt (located in Germany). ...
CASE HUB ARCHIVED – this archived case hub reflects the position at the date the commitments were accepted on 29 April 2019; it is no longer maintained. See further: timeline, commentary and related cases Case facts Outline European Commission Article 101 TFEU inquiry into Mastercard (interchange fees), examining: restrictions on cross‑border acquiring, preventing retailers in a high‑interchange fee country from benefiting from lower fees offered by acquirers in other countries inter‑regional interchange fees where a non‑ EEA cardholder purchases goods or services within the EEA (case AT.40049) Latest developments On 29 April 2019, the Commission announced it had accepted commitments proposed by Mastercard regarding inter‑regional interchange fees. These undertakings will, on average, reduce inter‑regional exchange fees by about 40%. Parties Mastercard, the international payment organisation that manages and coordinates the Mastercard and Maestro card payment systems, including, among other functions, setting scheme rules and providing...
CASE HUB See more, timeline Case facts Overview Commission investigation under Article 101 TFEU concerning Cermaq, Grieg Seafood, Bremnes, Lerøy, Mowi and Sal Mar ( AT.40606). Latest update: On 25 January 2024, the Commission sent a statement of objections to Cermaq, Grieg Seafood, Bremnes, Lerøy, Mowi and Sal Mar ( AT.40606)......
CASE HUB ARCHIVED – this archived case hub reflects the position as at the decision date of 12 May 2015; it is no longer maintained. See further, timeline, commentary and related cases Case facts Outline European Commission probe under Article 101 TFEU into a cooperative joint venture involving Air France- KLM, Delta Air Lines and Alitalia (case AT.39964). On 12/05/2015 the Commission accepted and rendered binding the commitments offered by the parties. Parties Air France- KLM Delta Air Lines Alitalia Market(s) Scheduled passenger flights. The relevant product market is scheduled air passenger transport, with effects assessed separately for time-sensitive and non time-sensitive passengers. Geographic markets follow point of origin to point of destination ( O& D) city pairs—each O& D pair is a distinct market. Multiple airports may fall within an origin or destination where travellers regard them as...
ARCHIVED: This document is archived and no longer maintained. This overview outlines high-level divergence between Regulation ( EU) 2017/2402 ( EU Securitisation Regulation) and Assimilated Regulation ( EU) 2017/2402 ( UK Securitisation Regulation). ‘ Formal’ denotes different drafting and/or legislative cross‑references without any substantive alteration to scope or requirements. General definitions Level: Formal. There is a formal divergence in the definitions of ‘sponsor’ and ‘institutional investor’. Sources: Article 2 of Regulation ( EU) 2017/2402 and Article 2 of Assimilated Regulation ( EU) 2017/2402. For detailed guidance, see Practice Note: UK Securitisation Regulation—essentials [ Archived]— Securitisation Regulation— General definitions. Criteria for traditional STS securitisations—general Level: Formal. Sources: Articles 20, 21, 22, 24, 25 and 26 of Regulation ( EU) 2017/2402 and Articles 20, 21, 22, 24, 25 and 26 of Assimilated Regulation ( EU) 2017/2402. For detailed guidance, see Practice Note: UK...
This Practice Note explores the regulatory treatment of ‘m Health’ software products (including apps), centring on medical device software within the EU, while also noting the position for m Health software in Great Britain ( GB) and the wider UK. It provides a high-level outline of medical device controls, health and social care regulation, product safety and consumer protection regimes, as well as data protection and privacy duties as they apply to m Health software products... What is m Health? Medical software, including m Health, describes a broad range of healthcare services delivered using information and communications technology, often termed e Health or digital health services. These digital health offerings are becoming an ever more significant element of healthcare systems across the EU and internationally... In particular, m Health (or ‘mobile health’) relates to delivering healthcare through portable and smart devices—such as mobile phones, smart watches and other...
STOP PRESS: Regulation ( EU) 2024/2809, part of the EU Listing Act package, was published in the Official Journal of the EU on 14 November 2024 and became effective on 4 December 2024. The measure updates the EU Prospectus Regulation. Certain elements took effect immediately, while others carry lead‑in periods of 15 or 18 months—specifically from 5 March 2026 and 5 June 2026, respectively. Transitional rules permit, until their expiry, prospectuses approved up to 18 months after 4 December 2024 to remain governed by the EU Prospectus Regulation as it stood at the point of approval. For more information, see: The EU Prospectus Regulation—essentials. UK— The UK’s prospectus framework is presently grounded in the EU Prospectus Regulation, retained in domestic law post‑ Brexit as the UK Prospectus Regulation. The UK has been reassessing its regime as part of broader initiatives to reform UK capital...
EU and UK legal framework governing medicinal products A detailed network of obligations and guidance at EU, EU Member State and UK levels governs critical aspects of medicinal products, including: clinical investigation (clinical trials) market entry (marketing authorisation ( MA), approval procedures and variations to those MAs) protection of pre-clinical and clinical data (regulatory data protection) manufacture and importation labelling and the package leaflet advertising and promotion wholesale distribution and brokering pharmacovigilance pricing and reimbursement falsified medicines medicines for rare diseases (orphan medicinal products ( OMPs)) paediatric medicines advanced therapy medicinal products ( ATMPs) unlicensed medicines and off-label use of authorised medicines EU legislation in these fields has expanded rapidly, resulting in greater harmonisation across numerous areas. Nevertheless, requirements and guidance at the level of individual EU Member States remain fundamental to the overall regulatory framework. Notably, there are significant variations between Member States in how they interpret, apply and enforce these rules......
STOP PRESS: The EU Listing Act appeared in the Official Journal on 14 November 2024 and introduces amendments to the EU Market Abuse Regulation. The majority of the EU Listing Act’s provisions, including the EU Market Abuse Regulation changes, are due to apply from July 2026, subject to the Commission’s adoption of level 2 delegated acts. On 7 May 2025, ESMA released its technical advice to the Commission covering, among other matters, the EU Market Abuse Regulation. The Commission is anticipated to adopt the corresponding delegated acts by July 2026. This table offers high-level insight into divergence between key provisions of the Market Abuse Regulation ( EU) 596/2014 ( EU Market Abuse Regulation) and the Assimilated Regulation ( EU) 596/2014 ( UK Market Abuse Regulation). Be aware that the EU Listing Act’s amendments to the EU Market Abuse Regulation will drive further...
ARCHIVED This Practice Note is archived and is no longer maintained. What is the objective of the EU Market Abuse Regulation and UK Market Abuse Regulation? Market Abuse Regulation ( EU) 596/2014 (the EU Market Abuse Regulation) brought in a refreshed and reinforced EU market abuse framework, extending its scope and imposing more severe sanctions. From IP completion day (31 December 2020), the onshored Market Abuse Regulation, Retained Regulation ( EU) 596/2014 (the UK Market Abuse Regulation), applies in the UK. Divergence between the EU Market Abuse Regulation and the UK Market Abuse Regulation For high-level insight on differences between the principal provisions of the EU Market Abuse Regulation and the UK Market Abuse Regulation, see Practice Note: Market Abuse Regulation—key provisions divergence table. What instruments do the EU Market Abuse Regulation and UK Market Abuse Regulation apply to? ......
STOP PRESS : In March 2025, the government set out plans to fold the Payment Systems Regulator, with most of its responsibilities, into the Financial Conduct Authority. The aim is to simplify the regulatory landscape, cut duplication, and enable firms to prioritise innovation and the delivery of services. The timing has yet to be confirmed; however, HM Treasury has stated in a letter that it expects to consult on the proposal’s details over summer 2025 and to legislate at the earliest opportunity. In the meantime, the PSR and the FCA intend to work closely together. Also in March 2025, ministers restated their intention to bring the Payment Systems Regulator and its functions principally within the Financial Conduct Authority. This reform seeks to streamline oversight, reduce overlap, and allow businesses to focus on innovation and service delivery. Exactly when these changes take effect remains unclear, but HM...
FORTHCOMING CHANGE: This Practice Note sets out the law as it currently stands, though elements could be affected by the Digital Omnibus proposals released on 19 November 2025 under the European Commission’s ‘simplification’ agenda. For details, see Practice Note: EU Digital Omnibus—tracker. It introduces the EU’s General Data Protection Regulation, Regulation ( EU) 2016/679 ( EU GDPR), and the United Kingdom General Data Protection Regulation, Assimilated Regulation ( EU) 2016/679 ( UK GDPR). The UK data protection law collection and the EU data protection law collection compile further core guidance on these regimes and are recommended starting points for research. In brief, data protection law across the EEA (the EU together with Iceland, Norway and Liechtenstein) and the UK aims to ensure that information about living individuals (‘personal data’) is treated fairly and responsibly. To that end, both EEA and UK data protection laws impose...
General Data Protection Regulation ( EU GDPR) and UK GDPR The General Data Protection Regulation, Regulation ( EU) 2016/679 ( EU GDPR), became enforceable across the EEA (which then included the UK) on 25 May 2018. Life sciences organisations frequently collect and/or process substantial amounts of personal information, including health-related data, about individuals (or ‘data subjects’) such as patients and clinical trial participants. As a result, the relevance of the EU GDPR and the United Kingdom General Data Protection Regulation, Assimilated Regulation ( EU) 2016/679 ( UK GDPR) (which applies after the UK’s withdrawal from the EU) for life sciences companies cannot be underestimated. Assimilated law is the term used for retained EU law ( REUL) that remains operative after the end of 2023. The reclassification of REUL (and related terminology) as assimilated law marks a change in its status and handling under UK law, in that it is...
Carbon trading agreements While the contractual framework for trading carbon resembles that for other products, it also has several distinctive aspects. This note outlines those characteristics, concentrating on issues arising in compulsory regimes, chiefly the European Union’s Emissions Trading System ( EU ETS). After Brexit, the UK created a separate, self-contained UK Emissions Trading Scheme ( UK ETS). For further detail, refer to the section below on Brexit, the EU ETS, and the UK ETS. For context on the operation and rationale of cap and trade schemes, see Practice Notes: Carbon markets—international emissions trading schemes and Carbon markets—price of Carbon. Carbon trading—who and how? The range of actors permitted to join an emissions trading scheme, the market participants, is a key driver of market liquidity. Certain regimes, for instance the South Korean Emissions Trading Scheme ( ETS), confine trading to regulated entities or...
This Practice Note explains how derivatives are recorded under the principal master agreements relied upon in the EU and the UK. These encompass frameworks sponsored and developed by the International Swaps and Derivatives Association, Inc. ( ISDA), the European Banking Federation ( EBF), the French Banking Federation ( FBF), the Association of German Banks, the Spanish Banking Association and the Spanish Confederation of Savings Banks... How do master agreements work? A master agreement is a set of standard provisions pre-agreed by the parties that applies to all transactions of the same type between them. For each individual trade, the parties only need to settle the specifics—principally the product included under the master, the commercial terms, and, where relevant, any bespoke provisions that vary the master wording... What are the main European derivative master agreements? The principal derivative master agreements used in Europe are sponsored by: ...
ARCHIVED: This archived Practice Note provides information on the Privacy Shield framework for transfers of personal data to the US and reflects the position before the introduction of the EU- US Data Privacy Framework ( DPF) and the UK Extension to the EU- US Data Privacy Framework (also known as the UK- US Data Bridge). It is not maintained and is for background information only. Article 44 of the EU General Data Protection Regulation, Regulation ( EU) 2016/679 ( EU GDPR), bars sending personal data to a non- EEA state or to an ‘international organisation’ (an international transfer). That said, such transfers can occur in limited cases where the transfer is: grounded in an adequacy decision protected by suitable safeguards carried out under specific...
From a competition law perspective, transaction agreements (for example, a sale and purchase agreement) usually contain three main categories of provisions: merger control conditions to closing competition warranties non-compete covenants For this Practice Note, the parties are called the 'seller' and the 'buyer' (though comparable considerations commonly apply to joint venture participants). For sample clauses suitable for sale and purchase agreements, see Standard competition law clauses for sale and purchase agreements. Note—where an offer is made for a target (or potential target) with securities admitted to trading on a UK regulated market or multilateral trading facility, or on any stock exchange in the Channel Islands or the Isle of Man, the Takeover Code may apply (see Merger control and the Takeover Code). For further guidance on competition law points to address during a corporate transaction, see the checklist. Merger control conditions to closing It is typical for the parties to agree that...
STOP PRESS: On 17 June 2025, the European Commission released its long-anticipated review of the EU Securitisation Framework, alongside a wide-ranging legislative proposal to revise the EU Securitisation Regulation ( Regulation ( EU) 2017/2402), the EU Capital Requirements Regulation ( Regulation ( EU) No 575/2013), the EU Solvency II Delegated Regulation ( Commission Delegated Regulation ( EU) 2015/35) and the EU Liquidity Coverage Requirement Delegated Regulation ( Commission Delegated Regulation ( EU) 2015/61). As the legislative process moves forward through the EU’s procedure, further consultations and amendments are anticipated. The principal rules governing the EU and EEA debt capital markets are outlined below. Mi FID II/ Mi FIR The core legislative texts for the EU debt capital markets are the Markets in Financial Instruments Directive 2014/65/ EU ( Mi FID II) and the Markets in Financial Instruments Regulation ( EU) 600/2014 ( EU Mi FIR). Mi FID II sets the...
This Practice Note This Practice Note examines AMLA’s direct oversight of financial services undertakings carrying the highest risk profiles in several EU Member States, identified as ‘ Selected Obliged Entities’, in relation to compliance with the EU’s anti-money laundering ( AML) and countering the financing of terrorism ( CTF) framework, which also includes the EU’s financial sanctions framework, within the relevant regulatory context at EU level overall for such entities specifically......
ARCHIVED: This Practice Note has been archived and is not maintained. This Practice Note outlines the European Union’s anti-money laundering ( AML) and counter-terrorist financing ( CTF) legal and regulatory regime as it applies to financial services firms, addressing: legislation pertinent to financial services European Banking Authority ( EBA) guidance on AML/ CTF the EU’s central AML/ CTF database, Eu Re CA European initiatives and measures on AML/ CTF principal actors involved in European AML/ CTF supervision and enforcement For insight into the role of supranational bodies and international co-operation on AML/ CTF, including the FATF and the Basel Committee on Banking Supervision ( BCBS), see Practice Note: Introduction to the supranational AML/ CTF framework for financial services. For an outline of the UK AML/ CTF legislative and regulatory framework—covering the Money Laundering, Terrorist Financing and Transfer of Funds (...
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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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