WARNING These template replies to enquiries are intended only as a framework and starting point to assist the Seller in building their bespoke replies to enquiries. They are not a recommended, comprehensive or conclusive list and should not be used without careful consideration and bespoke amendment to suit the particular transaction. The replies given to enquiries before contract are representations made by the seller to the buyer and the buyer is entitled to rely on them in deciding whether or not to proceed with the transaction. It is imperative that they are correctly tailored to the specific matter and do not include any false or flippant statements. They should also not contain any generic statements, such as ‘Not to the Seller’s knowledge’, unless the Seller has made an effort to discover a more comprehensive answer to the enquiry. Such a response contains within it an implication that the Seller has itself made reasonable enquiries relation to the enquiry in question. You must stress to your client

The International Capital Market Association (ICMA) and the International Swaps and Derivatives Association (ISDA) have submitted responses to the Eurosystem's consultation on the Appia roadmap, a strategic initiative to develop a European tokenised financial ecosystem. ICMA's response, submitted on 21 April 2026, supports the proposed high-level principles while recommending additional principles including interoperability, standardisation and proportionality. ICMA emphasises that international interoperability is critical given the global nature of financial markets and advocates for multiple interoperable networks operating under harmonised standards rather than a single Eurosystem-operated network. ISDA's response, submitted on 22 April 2026, broadly supports the roadmap but recommends expanding the market access and integration principle to explicitly address interoperability with tokenised ecosystems in other jurisdictions. Both organisations stress the importance of adopting common standards, particularly the open-source Common Domain Model, to facilitate interoperability and prevent market fragmentation. The responses reflect views from across the international debt capital markets value chain including issuers, banks, investors and market infrastructures.

Practice Management analysis: This year’s Mental Health Awareness Week (MHAW), which runs from 8–14 May, will be exploring the difference between ‘surviving or thriving’. Elizabeth Rimmer, CEO of LawCare, says there is still significant stigma about mental health in the legal profession which stops people seeking help.

WARNING These template replies to enquiries are intended only as a framework and starting point to assist the Seller in building their bespoke replies to enquiries. They are not a recommended, comprehensive or conclusive list and should not be used without careful consideration and bespoke amendment to suit the particular transaction. The replies given to enquiries before contract are representations made by the seller to the buyer and the buyer is entitled to rely on them in deciding whether or not to proceed with the transaction. It is imperative that they are correctly tailored to the specific matter and do not include any false or flippant statements. They should also not contain any generic statements, such as ‘Not to the Seller’s knowledge’, unless the Seller has made an effort to discover a more comprehensive answer to the enquiry. Such a response contains within it an implication that the Seller has itself made reasonable enquiries relation to the enquiry in question. You must stress to your client

This Practice Note outlines the scope of an employer’s common law duty to take reasonable care for the safety of employees, with specific reference to the duty to provide safe premises, plant, systems of work and competent staff. It also explains the impact of Enterprise and Regulatory Reform Act 2013 (ERRA 2013) and the removal of civil liability for breach of most workplace health and safety regulations unless the relevant regulation expressly provides for it. In practice, all cases will generally need to be brought in negligence. To succeed therefore, the injured employee must show that the injury was reasonably foreseeable and that the common law standard of care was breached. Overriding duties At common law, an employer is under a duty to take reasonable care of the health and safety of its employees in all the circumstances of the case so as not to expose them to unnecessary risk of injury. This duty of care extends to the employee’s physical and mental health. For further guidance on occupational stress cases, see Practice

This Practice Note provides information on the UK bank recovery and resolution regime, including the Special Resolution Regime (SRR) under the Banking Act 2009 (BA 2009) and the related rules and guidance set out in the Prudential Regulation Authority (PRA) Rulebook, and in policy statements and other documents issued by the PRA, the Bank of England (BoE) and HM Treasury (HMT). UK bank recovery and resolution regime—introduction What are bank recovery and resolution? Bank recovery is a way to restore a firm’s business to a stable and sustainable condition, in the event of severe stress. Bank resolution is a way to manage the failure of a firm, with the aim of minimising the impact on depositors, the stability of the financial system and public finances. What is the bank recovery and resolution regime? The bank recovery and resolution regime is a set of measures which are intended to operate both proactively and reactively: • proactively by requiring credible plans to be made for the recovery and resolution of in-scope firms, and by requiring in-scope

The three European Supervisory Authorities (the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority—ESAs) have published their Spring 2025 Joint Committee update, highlighting significant challenges to financial stability due to growing geopolitical tensions and rising cyber risks. These include trade disputes, shifting policies, international conflicts, and economic fragmentation, requiring heightened vigilance and adaptability. Financial institutions are called to manage uncertainties such as exposure to international markets, liquidity risks, and the evolving role of AI. The ESAs stress the importance of proactive risk management, stronger cyber resilience, and close monitoring of global financial linkages. They recommend preparing for market volatility, potential liquidity risks, and adverse developments, along with robust data governance and compliance with the AI Act and Digital Operational Resilience Act  (DORA).

The Office for Students (OfS) has announced a shift in its regulatory approach to address growing financial pressures in the higher education sector. Until August 2025, the OfS will dedicate increased resources to monitoring and supporting the financial sustainability of universities and colleges. This includes more frequent engagement with institutions, collecting timelier financial information and potentially conducting in-depth reviews of financial management at some providers, utilising external financial consultants where necessary. The OfS is encouraging institutions to proactively stress-test their finances and develop robust contingency plans. This enhanced scrutiny comes in response to projections that, without intervention, 72% of higher education providers could be in deficit by 2025-2026. The OfS emphasises that this intensified monitoring aims to protect students' interests and ensure the sector's long-term financial stability.

The Regulator of Social Housing (RSH) has published its 2025 Sector Risk Profile, warning that social landlords must strengthen governance and risk management to remain resilient amid intensifying financial and operational pressures. The report highlights internal challenges, including record investment in improving existing homes to address hazards such as damp, mould and fire safety, alongside external risks such as rising debt costs, a weaker housing market and labour shortages. RSH emphasises that robust governance, informed by comprehensive data and stress testing, is essential for maintaining financial viability and delivering better outcomes for tenants. The regulator will continue using inspections and other regulatory tools to ensure landlords are well-run and capable of providing more and better social homes.

The Financial Policy Committee (FPC) is consulting on proposed adjustments to the Other Systemically Important Institutions (O-SII) buffer framework, aiming to index buffer thresholds to nominal GDP growth from 2019 to 2023. This adjustment aims to prevent undue tightening and support efficient capital allocation. If confirmed, the new thresholds will apply from January 2026. The FPC will review and update these thresholds regularly to align with GDP growth. Responses to the consultation are sought by 30 May 2025. The FPC and the Prudential Regulation Authority (PRA) manage the O-SII buffer, a capital buffer for systemically important domestic firms. The FPC reviews the framework regularly, while the PRA sets buffer rates annually. The framework aims to ensure that large banks and building societies can absorb stress and continue to supply credit to the economy.

Elsevier Ltd has published a research study titled ‘the ties that bind: Understanding the mental health consequences of the Windrush Scandal and hostile immigration policies on survivors in the UK’. The research study analyses 96 survivor testimonies following the scandal, and discusses the consequences for survivors including unemployment, family separation, lack of access to social welfare services, homelessness and financial vulnerability. The study unpacks six key areas of life disruption and associated mental health consequences that have impacted victims. The analysis reveals clear pathways to poor mental health outcomes, including depression, chronic stress, and anxiety disorders. The researchers critique the current compensation scheme as inadequate and potentially re-traumatising, calling for holistic support programmes that address both psychological and social/structural impacts. They recommend removing the compensation scheme from Home Office control and implementing specialised mental health pathways for survivors. This research provides evidence to inform future policy and support initiatives for those affected.

The Network for Greening the Financial System (NGFS) has published its updated guide for supervisors on integrating climate and nature-related financial risks into prudential supervision of banks and insurers. The guide sets out five recommendations: (1) understand how physical and transition risks transmit to economies and financial sectors; (2) consider these risks within supervisory mandates and develop appropriate strategies and organisational arrangements; (3) assess institutions’ exposures and potential losses; (4) establish and monitor supervisory expectations and (5) take mitigating supervisory action where appropriate through prudential frameworks and tools. The updated guide gives greater attention to nature-related risks and the climate-nature nexus as well as transition planning, adaptation, disclosure frameworks, litigation risk, scenario analysis and stress testing. It adopts a progressive and proportionate approach, allowing supervisors to adapt its recommendations to their mandates, legal frameworks, resources and the materiality of the risks concerned.