United Kingdom: Finance and Banking

The Prudential Regulation Authority has unveiled proposals for a new UK captive insurance regime designed to boost competitiveness and provide businesses with greater flexibility in managing risk. The consultation paper outlines a bespoke framework with lower capital requirements, faster authorisation processes, and simplified governance structures compared to Solvency UK.

Market participants employ four main credit risk transfer structures—bank-issued CLNs, SPV-issued CLNs, credit default swaps, and participation interests—each carrying distinct risk, regulatory, and funding profiles that require careful evaluation. Asset managers must navigate critical considerations including due diligence protocols, credit event definitions, and recovery rights to optimize returns. Recent Basel 3 re-proposals in the U.S. and regulatory developments in the E.U. and U.K. are res

The Financial Conduct Authority has published comprehensive final rules establishing an end-to-end regulatory framework for cryptoasset firms in the UK, marking one of the largest extensions of the FCA's regulatory reach in recent memory. With authorisation requirements taking effect in October 2027 and a critical application window opening in September 2026, firms operating in the cryptoasset space face significant compliance obligations including financial resilience requirements, market integrity provisi

The decision indicates that the minority creditors intend to bring a claim against the security trustee and majority creditors, in which they will seek to unwind an out-of-court restructuring

The Bank of England (Bank) has published its long‑awaited policy statement on sterling-denominated stablecoins and a draft Code of Practice for sterling‑denominated systemic stablecoin issuers...

The European Union's Listing Act package has introduced its final wave of changes to the Prospectus Regulation, fundamentally reshaping how debt capital markets participants must structure and present offering documents. These reforms include mandatory sequencing requirements, consolidated disclosure annexes, and new ESG-specific disclosure obligations that will affect issuers, underwriters, and legal advisors across EU regulated markets.

The Court of Appeal has partially reversed a High Court decision in a case examining whether a chargee's appointment of administrators was invalid due to improper purpose, specifically where debt acquisition followed a failed takeover bid. The judgment clarifies the boundaries of Braganza-style rationality duties in secured lending enforcement and explores when the equitable 'proper purpose' doctrine may constrain a creditor's right to appoint administrators under Schedule B1 of the Insolvency Act 1986.

Scotland's Moveable Transactions Act 2023 has fundamentally transformed security enforcement and insolvency procedures by introducing statutory pledges and assignations. How do these new fixed security regimes expand practical enforcement options beyond traditional administration, and what boundary issues will insolvency practitioners need to navigate as secured creditor rights evolve?

The decision illustrates the margin of discretion afforded to lenders to include provisions to defend their legitimate interest in repayment.

The Financial Ombudsman Service has announced the next phase of its service reforms, introducing changes that will impact how financial disputes are handled and resolved. These reforms represent a significant shift in the organization's approach to consumer complaints and case management.

The UK announced, on 29 May, that it had become the first G7 country to strike a trade deal with the Gulf Cooperation Council (GCC) after almost four years of negotiations. The Free Trade Agreement (FTA) opens unprecedented opportunities for businesses across the Gulf region, supporting economic diversification and the vision strategies driving the nations forward.

The decision illustrates the court’s approach to the meaning of “public domain” in professionally drafted confidentiality agreements