In the UK most pension schemes in the private sector, ie both occupational and personal pension schemes, are established under trust and are therefore subject to trust law. The trustees appointed under the governing trust deed are required to act in accordance with the trust deed and rules and overriding legislation applicable to the relevant pension scheme. Probably the most important tenet of trust law is that the trustees must act in the best interests of the members of the pension scheme, subject to the governing provisions of the scheme in question and general applicable law. In the public sector, pension schemes are established mainly by Parliamentary statute and are subject to their scheme rules and overriding legislation, but some are established under trust and thus subject to trust law and are required to act in accordance with the trust deed and rules as well as any overriding legislation. Pensions

STOP PRESS: On 17 February 2026, the FCA and PRA published consultation papers: CP26/6 (Rules for reforming the UK Securitisation Framework) and CP2/26 (Reforms to securitisation requirements), respectively on proposed reforms to the UK securitisation framework. The proposals relate to, among other things, simplifying due diligence requirements and streamlining transparency requirements. The deadline for responses to both consultations was 18 May 2026. The FCA proposes to make final rules in H2 2026. The PRA proposes that the implementation date for changes resulting from its the consultation will be Q2 2027. This Practice Note summarises the regulatory framework for securitisations in the UK. Background Repeal of the UK Securitisation Regulation On 1 November 2024, the assimilated EU Securitisation Regulation (EU) 2017/2402 (the UK Securitisation Regulation), ceased to apply in the UK and new Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) rules for securitisation, introduced as part of the government’s wider ‘Smarter Regulatory Framework’, came into force. For information on the UK Securitisation Regulation, see Practice Note: UK Securitisation Regulation—essentials

This Practice Note provides practical guidance on the WTO’s Customs Valuation Agreement. It provides guidance on the methods of valuating imported goods for customs purposes. It also provides practical guidance on the right to appeal a customs valuation and the right to have the imported goods released pending a customs valuation determination. Introduction The General Agreement on Tariffs and Trade (GATT) 1947 contained the general principles for customs valuation. Article VII(2) required that the value for customs purposes must be based on the actual value of the imported good. It prohibited any valuation based on the value of goods of national origin or on arbitrary or fictitious values. It further provided a definition of what constituted the ‘actual value’ of an imported good. However, it still permitted the use of differing methods of valuation goods for customs purposes. In the Tokyo Round of negotiations, Member States agreed to the Agreement on Implementation of Article VII of the GATT 1947. This agreement was concluded in 1979 and the valuation for customs purposes

What is the World Trade Organization? The World Trade Organization (WTO) provides the institutional and legal framework for trade between Member States. As such it administers the agreements agreed by Member States of the WTO. In addition, it also settles disputes among Member States, monitors Member States’ compliance with the various agreements and functions as a negotiating forum for all manner of trade related issues. The WTO had its inception on 1 January 1995, but its history dates to 1948 when, the General agreement on Tariffs and Trade of 1947 (GATT 1947) was agreed. Over numerous subsequent rounds of negotiations, in 1994, Member States agreed, in Marrakesh, to the Marrakesh Agreement Establishing the World Trade Organization (Marrakesh Agreement). The Marrakesh Agreement established the WTO and provides the institutional and legal framework for the multilateral trading system. There are also four annexes to the Marrakesh Agreement which are complemented by certain decisions and declarations. In total the legal texts consist of over 60 agreements, annexes, decisions, declarations and understandings. Annex 1 to the Marrakesh Agreement

Structure of the WTO agreements The Marrakesh Agreement Establishing the World Trade Organization (Marrakesh Agreement) is the so-called umbrella World Trade Organization (WTO) Agreement as it established the institutional and legal framework. The next layer of agreements is contained in Annex 1 to the Marrakesh Agreement. These three agreements, the General Agreement on Tariffs and Trade 1994 (GATT 1994), the General Agreement on Trade in Services (GATS) and the Agreement on Trade-related Aspects of Intellectual Property Rights (TRIPS Agreement) set out the basic principles related to liberalising trade in goods, services and intellectual property rights respectively as well as any exceptions. This Practice Note introduces these basis principles and exceptions. It should be noted that for the General Agreement on Tariffs and Trade (GATT) 1994 and the General Agreement on Trade in Services (GATS) there are an additional two layers which need to be considered to have a comprehensive view of trade in either goods or services. Under the GATT 1994 there are additional agreements or annexes regulating certain sectors or certain

In the EU, medical devices are tightly regulated by laws that govern their safety and performance across their entire product lifetime, from to pre- to post-market. This Practice Note provides an overview of the regulatory framework set out by Directive 93/42/EEC on medical devices (MDD), Directive 90/385/EEC on active implantable medical devices (AIMDD), which were applicable until 25 May 2021, and Directive 98/79/EC on in vitro diagnostic medical devices (IVDD), which applied until 25 May 2022; these are altogether the MD Directives. The MD Directives still are relevant to ‘legacy’ devices which were authorised in accordance with them for placement on the EEA market before the new regulatory regime began its application. The MD Directives will continue to be relevant as a reference for a number of years in relation to certain legacy devices for varying time periods in accordance with transitional provisions. This Practice Note explains how devices were classified, assessed (by completion of a conformity assessment) and CE marked under the

EU and UK legal framework governing medicinal products A complex array of requirements and guidelines developed at EU, EU Member State and UK levels govern the following aspects of medicinal products: • clinical testing (ie clinical trials) • placing on the market (ie marketing authorisation (MA) and regulatory procedure for approval of medicinal products and variations of those licensing MAs) • protection of the pre-clinical and clinical data developed for the purposes of obtaining an MA (ie regulatory data protection) • manufacture and importation • labelling and package leaflet • advertising and promotion • wholesale distribution and brokering • pharmacovigilance • pricing and reimbursement • falsified medicines • medicines for rare diseases (ie orphan medicinal products (OMPs)) • paediatric medicines • advanced therapy medicinal products (ATMPs) • unlicensed medicines and off-label use of authorised medicines EU legal framework There has been a rapid expansion of law on these subjects at the EU level, with increased harmonisation in many areas. EU Member State requirements and guidelines still, however, remain essential parts of the EU regulatory

Role of oil service agreements in a petroleum project A typical oil and gas project can be divided into four key stages: • exploration/appraisal—when a company will look for oil/gas and determine if the project is economically feasible • development—this phase commences once the project has been appraised as economically viable, and therefore the relevant infrastructure to search for and get the oil/gas out of the ground must be constructed • production—during this stage, oil/gas is produced and sold; and • abandonment—when the company proceeds to its plugging and abandoning operation, which takes place once the economics are no longer sustaining the project as a whole For more details on the typical agreements seen in the UK upstream oil and gas projects, see Practice Note: Upstream Oil and Gas Agreements on the UKCS. The exploration phase is arguably the most critical within the cycle of an upstream petroleum project, given that the oil and gas operator will determine, during the appraisal

Introduction The business model underpinning a liquefied natural gas (LNG) project is of fundamental importance since this will determine the risk profile of the project as a whole and consequently, the type of financing that will be required. The choice will ultimately depend on a number of factors, including the risk appetite, fiscal and tax considerations and financing issues of the relevant investor as well as their interest in investing in one or more of the LNG chain segments (For more details on the LNG value chain, see Practice Note: LNG—an introduction). LNG projects can be structured in a number of different ways: • integrated/non-integrated • merchant/tolling In an integrated model, there is unity of ownership throughout the entire LNG chain, from production through to liquefaction—that is, one or more investors holding the underlying upstream concession/PSC also own the rights to the natural gas reserves. As a result, the upstream owners build the infrastructure which is necessary both to extract the natural gas from the ground as well as to monetise

1 What must you do if you are invited to a trade association meeting? Insist on an agenda before attending a trade association meeting and always review the agenda in advance. Satisfy yourself that the agenda topics are permissible under competition law by reminding yourself of the permitted and non-permitted areas for trade association meetings (see What are the permitted areas for trade association meetings? and What are the non-permitted areas for trade association meetings? below). If in doubt about the legality of any topic seek legal advice. If legal advice is not available in time, do not attend the meeting. [You must inform [insert, eg the legal department] if you are joining

This Practice Note was originally drafted by Christopher Kerr-Smiley, Legal Director at Womble Bond Dickinson, but is now maintained by Lexis+® UK Private Client. Trusts are commonly used by private individuals as a way to hold assets, generally in order to preserve and protect those assets for the benefit of others, usually family members, but sometimes for their own benefit as well. Commercial lawyers will often come across trusts in this context, where one or more parties to a transaction on which they are advising are holding assets in a trustee capacity. However, the use of the legal relationship which is created by a trust extends far beyond the family situation. Trusts are found in many different commercial contexts, such as pension trusts, employee benefit trusts and unit trusts. They are also used in lending transactions, eg syndicated loans, and many smaller charities operate through a trust structure. See Practice Note: Commercial uses of trusts. The issue of the extent to which traditional equitable principles apply in commercial contracts was considered in

There is no general right to damages caused by unlawful administrative acts. However the court does have a discretion in certain circumstances to award damages in successful claims, which it will only exercise where it is just and appropriate to do so. This Practice Note explains how a public authority can deal with an application for damages in judicial review proceedings and when such an application may arise. It includes a checklist summarising the key considerations for defending a damages claim in judicial review proceedings. Jurisdiction to make a monetary award in an application for judicial review Senior Courts Act 1981 The judicial review procedure does not create any new right or remedy in damages. The court’s discretion to award damages is confined to cases where the claimant has also established a private law cause of action in the course of judicial review. See: R (Quark Fishing Ltd) v Secretary of State for Foreign and Commonwealth Affairs [2005] UKHL