Introduction to the Agreement on Trade-related Investment Measures The Agreement on Trade-related Investment Measures (the TRIMs Agreement) deals with investment measures related to trade in goods. It was first considered to include provisions on foreign investment under the Havana Charter that was to establish the International Trade Organization in 1948. This was never ratified, and no such provision saw the light of day under the General Agreement on Tariffs and Trade (GATT) 1947. During the Uruguay Round, when the World Trade Organization (WTO) Agreements were negotiated, a GATT Panel considered the interaction between investment and trade in goods. In the dispute, Canada required foreign investors to give undertakings to purchase certain Canadian products (local content requirements) and to export a certain percentage of their output. These undertakings were required as conditions for approval of the foreigners’ investments. The Panel concluded that the requirement to purchase certain Canadian products were inconsistent with the National Treatment principle of the GATT 1947. It did not find that the export performance requirement violated any GATT

This Practice Note provides a practical overview of the Agreement on the Application of Sanitary and Phytosanitary Measures. It gives practical guidance on what constitutes sanitary and phytosanitary (SPS) measures, the scope of the SPS Agreement and the difference between the SPS and the Technical Barriers to Trade (TBT) Agreement. It provides guidance on the right to implement SPS measures as well as any limitations imposed on Member States when adopting SPS measures. It details the risk assessment that Member States must undertake prior to adopting an SPS measure. It also provides guidance on recognition of equivalence of SPS measures between Member States and the transparency provisions related to SPS measures. Introduction to the SPS Agreement The Agreement on the Application of Sanitary and Phytosanitary Measures (SPS Agreement) entered into force with the establishment of the World Trade Organization on 1 January 1995. The SPS Agreement sets out measures for the protection of human and animal life or health (so-called sanitary measures) and measure for protection of

This Practice Note explains the role, basis and key provisions of the following Great Britain (GB) electricity sector industry codes: the Balancing and Settlement Code (BSC), the Grid Code, the Connection and Use of System Code (CUSC), the Distribution Code (D-Code) and the Distribution Connection and Use of System Agreement (DCUSA). Links are also provided within this Practice Note to these codes and to useful guidance notes published by the relevant code administrators. It also explains the energy code governance reform programme legislated for in the EnA 2023, which affects the BSC and other key industry codes. What is the legal basis of key industry codes in the GB electricity market? The primary piece of legislation governing the electricity industry in mainland Great Britain (GB) is the Electricity Act 1989 (EA 1989) which established the structure of the market that we see today. There have been numerous amendments to the EA 1989 since it came into force, due to various policy developments

Convention rights The Human Rights Act 1998 (HRA 1998) came into force in October 2000 and aims to give effect to the rights contained in the European Convention on Human Rights (ECHR) (the Convention rights). The ECHR is an international binding treaty reflecting the United Nations Universal Declaration of Human Rights 1948. The UK ratified the ECHR in 1951, but it only became binding in UK law with the introduction of HRA 1998. In particular, HRA 1998 provides: • a remedy in the UK courts for breach of a Convention right without the need for the claimant party to seek redress in the European Court of Human Rights (ECtHR) in Strasbourg • that it is unlawful for a public authority (including a court or tribunal) to act in a way which is incompatible with a Convention right • that primary legislation and subordinate legislation must be interpreted in a way which is compatible with the Convention rights • the UK courts with the power to make a declaration of 'incompatibility',

What are rules of origin? Rules of origin are the criteria used to determine in which Member State’s territory a product originates from. The criteria vary greatly from Member State to Member State and from product to product. Typically, Member States would apply rules of origin of general application as well as product specific rules of origin. Usually the rules of origin provide for two methods in terms of which a product may be deemed to originate in the territory of a Member States. The first method is where a product has been wholly obtained in the territory of a Member State. This is typically the case where a product has been wholly obtained or produced in the Member State’s territory without using material from any other Member State. Such products usually are also not allowed to have been modified in another Member State’s territory. The second method is where a product has not been wholly obtained in a Member State’s territory. In this case, the rules of origin provide that a product may

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