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The Leeds Reforms 2025: Key takeaways and implications Hong Kong launches stablecoin regime Key takeaways Hong Kong has established a comprehensive regulatory regime on the issuance, offering and marketing of fiat-referenced stablecoins, with the Stablecoins Ordinance coming into effect on 1 August 2025. Issuers, distributors and other intermed... Competition and Regulatory Newsletter: CMA details new approach to implementing “4Ps” in markets work The UK’s Competition and Markets Authority  has set out how it plans to embed its "4Ps" framework its markets work, describing the development as a “step change to how the markets regime operates”. The UK’s Competition and Markets Authority  has... Regulated Asset Base Models: Their role in energy and infrastructure investment in the UK The Regulated Asset Base (RAB) model is a tried and tested method used in the UK to finance major infrastructure assets. The model aims to strike a balance between delivering value for money to consumers and providing long-term stability for investors. Fo... Virgin Media - a solution at last? The Government has tabled amendments to the Pension Schemes Bill which are aimed at addressing the problems which have arisen as a result of the decision in the Virgin Media case. Trustees and sponsors that had placed dealing with Virgin Media issues on h... Employment Bulletin - September 2025 Topics covered in this bulletin: Legislation update Employee of temporary work agency was part of organised grouping for TUPE service provision change Former employee could rely on estoppel to enforce exercise of share options after termination Pilot hir... Tax and the City Review - September 2025 In Currys, the FTT decides that the taxpayer had not disposed of the goodwill before leaving the chargeable gains group and so a degrouping charge under TCGA 1992 section 179 arose. HMRC plan to increase the compliance burden on financial institutions and... Recent SFC enforcement action demonstrates increased scrutiny of licensed fund managers The Securities and Futures Commission (“SFC”) has been monitoring the asset management industry more closely in recent years, having issued multiple circulars on 25 November 2024, 9 October 2024 and 27 March 2024 on issues such as asset management operati... The Lens Newsletter - September 2025 A selection of our latest blogs on all things digital from our experts and thought leaders here at Saughter and May. ICO Issues First Guidance on Distributed Ledger Technologies The UK Information Commissioner’s Office (ICO) has followed the European Da... Competition and Regulatory Newsletter: European Commission accepts commitments in respect of Microsoft Teams On 12 September 2025, the European Commission accepted commitments from Microsoft to address preliminary concerns about the tying of Teams to Microsoft’s productivity applications Word, Excel, PowerPoint and Outlook. Competition Commissioner Teresa Ribera...