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Competition and Regulatory Newsletter: European Court of Justice clarifies boundaries around disclosing leniency statements The European Court of Justice has clarified key questions around the protection afforded to leniency statements and settlement submissions under EU law – specifically, whether such documents can be shared with national prosecutors in criminal proceedings,...
Unpacking the Bank of England’s proposed regime for sterling-denominated systemic stablecoins The Bank of England’s proposals for sterling-denominated systemic stablecoins are an important step in the development of UK policy towards this promising innovation. However, the proposals do not yet cover a number of details which need to be resolved in...
The contract prevails: Supreme Court confirms there is no principle of deemed fulfilment of conditions precedent under English law The Supreme Court in King Crude Carriers & Ors v Ridgebury November & Ors has unanimously overturned the Court of Appeal and settled a long-debated point in English contract law, holding that the principle of ‘deemed fulfilment’ of conditions...
Poundland - a pre-arranged restructuring plan Slaughter and May advised leading pan-European discount retailer Pepco Group N.V. on the successful sale and follow-on restructuring of Poundland Limited. This was a unique transaction where the restructuring, which was implemented through a UK Part 26A...
Tax and the City Review - November 2025 In Dialog, the FTT considers whether a break fee paid by a target to a bidder was a capital sum derived from an asset taxable under TCGA 1992 s 22(1)(c). The FTT in Boulting concludes that a company purchase of own shares was for the benefit of a relevant...
Aviva's equity release securitisation signals a new era for long-term RMBS - November 2025 The word “mortgage” comes from the Old French words “mort” meaning “death” and “gage” meaning “pledge”. Whilst we now think of a mortgage as a loan secured over real property with a pledge to repay over a long time period, there is an area of the...
Key structuring aspects of a forward flow transaction - November 2025 Forward flows are relatively simple in concept, designed to provide originators with access to reliable committed funding without being directly exposed to the volatility of the capital markets, which in recent years have been challenging for originators...
First time originator's guide to securitisation - November 2025 Originators can use securitisation to achieve a lower cost of funding than from other debt products and to remove securitised assets from their balance sheet. Securitisation plays an important role in facilitating liquidity and risk management,...
The Lens Newsletter - November 2025 A selection of our latest blogs on all things digital from our experts and thought leaders here at Slaughter and May. Gen AI and copyright in Europe – Munich Regional Court seeks to determine the rules of the playing field In the recent Getty Images v...
Autumn 2025 HR Budget speedread Today’s much-awaited UK Budget did not contain the increases to the rates of income tax, National Insurance Contributions (NICs) or capital gains tax widely trailed in the press over the last few weeks. That said, employees (and their employers) are still...