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The New Securitisation Framework: what has really changed? On 1 November 2024, the Securitisation Regulations Framework (as defined below) came into force as part of the UK Government’s efforts to establish a ‘Smarter Regulatory Framework’ after Brexit. This note explains the legislative background and compares ... The Independent Water Commission's Interim Findings: Pressure builds for reform, but a sea-change looks unlikely Following a Call for Evidence that elicited over 50,000 responses, the UK’s Independent Water Commission (Commission) has published its interim findings, highlighting five areas it believes to be critical to reforming the UK water industry. The report con... Competition and Regulatory Newsletter: European Commission fines Delivery Hero and Glovo €329 million for participating in first EU labour market cartel On 2 June 2025, the European Commission announced that it has imposed fines totalling €329 million on Delivery Hero and Glovo for participating in a cartel to eliminate competitive rivalry in the online food delivery sector across the EEA. This historic d... Employment Bulletin - June 2025 Topics covered in this bulletin: Employment Tribunal had jurisdiction to consider claims from peripatetic employee Non-disclosure agreements will be unenforceable to the extent they prevent certain disclosures by victims of crime Conduct of disciplinary ... FRC publishes new Stewardship Code 2026: Supporting long term sustainable value? Following an extensive period of consultation with various stakeholders (for more details on the consultation, see our client briefing here), the Financial Reporting Council (“FRC”) has finally published its new Stewardship Code 2026. This will repla... What do corporate treasurers need to know about EU EMIR and UK EMIR as we approach the midpoint of 2025 This briefing summarises the recent and pending developments in these two regimes, as well as areas of divergence between them.  These areas and the possibility of further divergence should be monitored closely as and when we hear further policy upda... Hong Kong's New Uncertificated Securities Regime: A Quick Guide for Listed Companies The Hong Kong Securities and Futures Commission (SFC) has announced it is on track to launch the uncertificated securities market (USM) regime for Hong Kong-listed securities in early 2026, with the precise implementation date to be announced in due... ISDA Notices Hub: Pre-adherence to the protocol and upcoming launch of the hub This briefing provides an update in relation to the ISDA Notices Hub which we covered previously in ISDA’s Notices Hub: A solution for delivery of critical notices – a buy-side perspective. ISDA began a pre-adherence process for the ISDA Notices Hub on 12... Tax and the City Review - June 2025 In their latest Tax and the City article, Mike Lane and Zoe Andrews consider: The test of whether foreign dividends received by an individual are income or capital as applied by the Court of Appeal in Alexander Beard. The Upper Tribunal’s decision in Ret... Competition and Regulatory Newsletter: European Commission’s Defence Readiness Omnibus provides insight into its approach to competition rules in the defence sector On 17 June 2025, the European Commission adopted the Defence Readiness Omnibus, a package of measures aimed at establishing a defence-readiness mindset across the EU. In addition to the legislative and non-legislative proposals, the Omnibus includes a com...