Publication
Hopcraft
On August 1, 2025, the UK Supreme Court delivered its long-awaited judgment in Hopcraft v Close Brothers Limited and on 3 August the FCA announced it would consult on a redress scheme.
Publications
Publication
Another contract remediation exercise for EU financial entities?
The European Banking Authority (EBA) is currently consulting on its draft guidelines on the sound management of third party risk (Draft Guidelines), which are intended to replace the 2019 guidelines on outsourcing arrangements (2019 Guidelines).
Publication
UK Government releases interim response to consultations regarding the UK Emissions Trading Scheme expansion to maritime
The UK Emissions Trading Scheme Authority (consisting of the UK Government and relevant devolved administrations) (the Authority) has released an interim response (the Response) following its November 2024 consultation which considered implementing the UK Emissions Trading Scheme (the UK ETS) for the maritime sector and the potential further expansion of the UK ETS to additional maritime emissions.
Publication
Establishing a contract by conduct and “see to it” versus “on demand” guarantee obligations – UK Commercial Court provides guidance
On 26 June 2025, in Ocean Clap Shipping Ltd v Global Offshore Services Bv and another company [2025] EWHC 1591 (Comm), the UK Commercial Court (the Court) provided guidance on the principles that apply when assessing whether a contract has been formed by conduct and illustrated the practical implications of the distinction between “see to it” and “on demand” guarantee obligations.
Publication
HMRC V Dolphin Drilling: The Supreme Court clarifies the meaning of ‘incidental’
The Supreme Court’s decision in Commissioners for His Majesty’s Revenue and Customs v Dolphin Drilling [2025] UKSC 24 provides clarity for shipowners and operators on how Part 8ZA of the Corporation Tax Act 2010 (CTA 2010), which imposes a hire cap on contractors operating within the UK territorial sea or Continental Shelf, will be interpreted.
