Arbitration analysis: Since the start of the war in Ukraine on 24 February 2022, several States and regional organisations including the UK, the US, and the EU have imposed extensive sanctions on Russia, or considerably reinforced the measures put in place following the 2014 annexation of Crimea. Over the past year, these sanctions have had disruptive effects on international trade and led to many stakeholders reassessing their business relationships. As such, these sanctions are not only leading to disputes that may oftentimes be subject to an arbitration clause, but also have the potential to affect the arbitration process itself. Melissa Ordonez, partner, and Lucas Aubry, associate, at Hogan Lovells, comment on the developments.

Cancer Research UK has published a report urging the UK government to take urgent action stating that increased visa costs, salary thresholds and restrictions to the immigration system brought in by the previous government are causing issues for Cancer Research UK institutes and the international recruitment of researchers. Key concerns for these institutes include that: (1) rising fees (with institutes expected to pay 44% more compared to 2022–23 for the same number of visas) are taking money away from research and researchers can not afford them, which is limiting access to international talent which they rely on, (2) challenges in recruitment is causing delays, leaving roles unfilled and increasing costs due to the need for multiple rounds of recruitment, and (3) increasing restrictions with the Skilled Worker visa, the primary visa used by these institutes, and limited used of the Global Talent visa is risking organisations being unable to access visas for the roles they need. Recommendations for the UK government include: reversing the increases to immigration costs (including upfront costs), assessing whether UK research organisations can access visas for all the vital roles they need to recruit, and taking action to cover any gaps, and taking a comprehensive approach to improving awareness and understanding of the Global Talent visa.

This Practice Note considers the impact of either party’s bankruptcy in circumstances where there are in existence one or more financial orders made in matrimonial or civil partnership proceedings. It also provides an overview of bankruptcy basics for family lawyers, including information about the impact of income payments orders and income payments agreements on both paying and receiving parties. For guidance on the impact of a bankruptcy petition or order upon prospective or ongoing financial remedy proceedings, see Practice Note: The impact of bankruptcy on divorce proceedings. For general information, see Practice Note: Dos and don'ts for family lawyers when dealing with bankruptcy. The impact of bankruptcy upon existing financial orders will depend upon the type of order and whether the bankrupt is, broadly speaking, the paying or the receiving party. Bankruptcy—the basics An individual may be made bankrupt by two distinct routes: • the presentation of a bankruptcy petition to the court by someone else, typically by a creditor/creditors or the supervisor of an individual voluntary arrangement (IVA)—provided the correct process has been followed

This Practice Note considers the application, scope and limitations of the changes to legislation and practice applied to businesses subject to licensing regimes introduced as part of the Government’s response to the coronavirus (COVID-19) pandemic through the Coronavirus Act 2020 (CA 2020) and the Health Protection (Coronavirus, Restrictions) (England) Regulations 2020, SI 2020/350 and subsequent amending legislation between 26 March 2020 and 3 July 2020. The Health Protection (Coronavirus, Restrictions) (No 2) (England) Regulations 2020, SI 2020/684 came into force on 4 July 2020 and revoked Health Protection (Coronavirus, Restrictions) (England) Regulations 2020, SI 2020/350 and subsequent amendments save to the extent provided for in regulation 2(2) in relation to any offence committed under those regulations before 4 July 2020. This content remains relevant as reference point for those offences. These temporary provisions are designed to ensure the protection of public

Arbitration analysis: International arbitration associate, Jago Chanter and partner, Xavier Nyssen, at Dechert Paris consider the impact the coronavirus (COVID-19) pandemic has had on arbitration in Paris and whether it will result in any long-term changes to practice. This analysis is part of a series which considers the impact of coronavirus on commercial arbitration at key seats of international arbitration.

Ratings outlooks and watch-lists Three of the main credit rating agents (CRAs) are: Moody's Investors, Standard & Poor's (S&P) and Fitch Ratings, and they periodically review ratings. The CRAs can issue rating outlooks, which are opinions about the likely direction of a rating over the medium term (ie in the next 6 to 24 months) which can be: • positive • negative • stable • developing or evolving Typically, the outlook specifies the rationale for the potential change and the extent of the potential change; the majority of outlooks are generally stable. In practice, if an issuer's creditworthiness is deteriorating and it is expected to default on a payment, it may be placed on negative outlook or negative watch to signal its credit rating may be downgraded. Being given a negative outlook or being placed on a watch-list of itself is not a rating action, but may be a precursor to it. Watch-lists are used to indicate that a rating is under review for possible change in the short-term (usually within 90 days), specifically: • a

Arbitration analysis: The recent decision of the Hong Kong court of First Instance in G v X; GMCI; and GMCC provides a useful illustration of how the Hong Kong court deals with the enforcement of arbitral awards that are subject to re-arbitration in the seat of arbitration. The case involved a CIETAC award in favour of the applicant (G) against the 1st respondent (X), which was challenged by X in the Mainland court and ordered to be re-arbitrated on a limited issue. The Hong Kong court had to decide whether the re-arbitration affected the validity and enforceability of the original award in Hong Kong, and whether it should exercise its discretion to refuse enforcement on any of the grounds under the Arbitration Ordinance (Cap 609) (Ordinance). Written by Min Li, partner, Susanna Chiu and Patrick Chong, associates at Reed Smith Richards Butler LLP.

This Practice Note explains the effect that remarriage, forming a civil partnership, or cohabitation have on the ability to apply for financial orders, as well as the impact on an existing orders. Section 28(3) of the Matrimonial Causes Act 1973 (MCA 1973) sets out the position on making an application for financial orders after a party’s subsequent remarriage or formation of a civil partnership. It states: ‘If after the grant or making of a decree or order dissolving or annulling a marriage either party to that marriage remarries whether at any time before or after the commencement of this Act or forms a civil partnership, that party shall not be entitled to apply, by reference to the grant or making of that decree or order, for a financial provision order in his or her favour, or for a property adjustment order, against the other party to that marriage.’ Therefore, a party cannot apply for financial provision (ie a periodical payments or a lump sum order), or for a property adjustment order

The High Court has reiterated that cohabitation by a husband and wife for a period of more than six months following knowledge of adultery is an absolute bar on the making of a decree absolute on a petition relying on adultery. It also confirmed that, whereas under the Family Proceedings Rules 1991 it was possible to make an application to file a supplemental petition, the Family Procedure Rules 2010 do not provide for the filing of supplemental petitions.

FORTHCOMING CHANGE relating to the modernisation of stamp taxes on shares framework: Stamp duty and SDRT will, in 2027, be replaced with a single, self-assessed tax on transfers of securities, the securities transfer tax (STT) (formerly referred to as the securities transfer charge or STC), that will be paid (and reported) through electronic transfer systems such as CREST or, where appropriate, a new online portal. Draft legislation for the STT was published on 13 July 2026, along with explanatory notes, a policy paper and the outcome of the higher rate 1.5% stamp tax consultation. Subject to exemptions, the STT draft legislation includes a main charge of 0.5% for agreements to transfer chargeable securities to another person for consideration in money or money’s worth and, for transfers to a clearance service (CS) or depositary receipt issuer (DRI), a higher-rate charge of 1.5%. The main charge arises when an agreement is made or, in the case of a conditional agreement, when the conditions are satisfied, although, where the agreement is not electronic, the STT charge arises when

Banking & Finance analysis: The Iran conflict has become a significant legal and operational issue for global energy, materials and equipment supply chains. The resulting effects on shipping, insurance, pricing and payment flows have impacted trade and commodity financing, particularly as freight costs, insurance costs and delivery times have substantially increased, and lenders are moving to adopt a more cautious approach to funding decisions. Written by Seya Rahnema and Yonghui Qiu at Pinsent Masons.

Restructuring & Insolvency analysis: From 1 January 2024, ‘retained law’ becomes known as ‘assimilated law’. This analysis looks at the implications for the Retained Recast Regulation on Insolvency 2015/848 and other legislation of interest to R&I professionals. It also flags the impact of the Financial Services and Markets Act 2023 revocation provisions for R&I professionals.