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BLOG: The European Commission seeks views on integrating sustainability considerations in merger reviews On 8 May 2025, the European Commission (EC) launched a public consultation to inform its review of the 2004 horizontal and 2008 non-horizontal merger guidelines (the Merger Guidelines). The EC recognises that there have been “several transformational... BLOG: PRA consults on enhancing banks and insurers’ approaches to managing climate-related risks On 30 April 2025, the Prudential Regulation Authority (“PRA”) published a consultation on ‘Enhancing banks’ and insurers’ approaches to managing climate-related risks’ (“CP10/25”). The consultation includes a draft Supervisory Statement (“SS”), which... BLOG: IOSCO Releases Sustainable Bonds Report On 21 May 2025, the International Organisation of Securities Commissions (“IOSCO”) published its Sustainable Bonds Report which identifies the key characteristics and trends tied to the sustainable bond market. To inform the report, IOSCO conducted resear... BLOG: 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 repor... BLOG: ESMA launches consultation on technical standards for ESG rating providers In May, the European Securities and Markets Authority (ESMA) published a consultation paper on a set of three Regulatory Technical Standards (RTS), that will provide additional detail on how the EU intends to regulate ESG ratings providers, which in turn ... BLOG: FRC publishes new Stewardship Code 2026 Following an extensive period of consultation with various stakeholders, the Financial Reporting Council has finally published its new Stewardship Code 2026. This will replace the Stewardship Code 2020 (the “2020 Code”). Draft optional guidance to assist ... BLOG: German Court Dismisses Landmark Climate Case Against Energy Company In May, a German appeals court issued a landmark decision dismissing a climate litigation claim against the parent company of a multinational energy group. Significantly, however, the Higher Regional Court of Hamm found that a company may, in principle, b... BLOG: UK Supreme Court in Dolphin Drilling decides that the meaning of “incidental” depends on statutory context The Supreme Court in Dolphin Drilling dismissed the taxpayer’s appeal, agreeing with the Court of Appeal that the provision of accommodation for offshore workers was an independent end in itself and not (as the First-tier Tribunal and Upper Tribunal had h... BLOG: Regulating the Fashion Sector: What’s on the Horizon? The fashion sector has been creeping up the priority list of regulators worldwide and there are a number of regulations on the horizon which will force players in the industry to reconsider how they create their products to comply with sustainability requ... BLOG: European Court Finds That Scope 3 Emissions Must Be Assessed Before Approval Of Oil And Gas Projects Last month, the European Free Trade Association (EFTA) Court issued an Advisory Opinion in The Norwegian State v Greenpeace Nordic, Nature and Youth Norway declaring that under EU/EEA law, oil and gas projects must not be approved without first assessing ...