Among other things.

A trust created to take effect in the lifetime of the settlor.

Environment analysis: This article analyses the Inter-American Court of Human Rights Advisory Opinion OC-32/25 of 29 May 2025 (‘the Advisory Opinion’). The article addresses: (i) the background to the request for an Advisory Opinion; (ii) the key aspects of the Advisory Opinion; (iii) the significance of the Advisory Opinion for climate change litigation cases globally and for the recognition of the right to a healthy environment (RtHE). Written by Hannah Taylor, barrister at Cornerstone Barristers.

The Inter-American Court of Human Rights has published Advisory Opinion OC-32/25, interpreting the obligations of states under the American Convention on Human Rights and related instruments in the context of the climate emergency. The opinion, requested by Chile and Colombia in 2023 and delivered on 29 May 2025, addresses the legal implications of climate change for the protection of human rights. The Court stated that the climate emergency poses risks to the enjoyment of human rights and described it as being characterised by three factors: (1) the urgency of effective action; (2) the severity of its impacts; and (3) the complexity of the responses required. The Court also recognised the right to a healthy climate ‘free from anthropogenic interference that is dangerous’ to nature and humans and affirmed that the obligation to prevent irreversible damage to the climate and environment has attained the status of jus cogens. The opinion further outlines states’ duties to implement mitigation and adaptation measures, ensure access to information, public participation and justice, and cooperate internationally.

The 'inter-bank payment system' denotes the arrangements designed to facilitate or control the transfer of money between financial institutions which participate in the arrangements. Banking Act 2009 s 182(1).

The rates at which banks bid for or offer funds to each other in a particular market.

Competition between products produced by different firms.

Restructuring & Insolvency analysis: A settlement with the liquidators of a company in respect of an appeal against their rejection of a proof of debt which amounted to abandonment of the appeal resulted in a liability on the applicant to pay the costs of another party joined to the action who opposed the appeal. Questions of potential duplication of costs were to be dealt with at assessment rather than forming grounds to deny a liability for costs. Written by Andrew Mace, barrister at 9 Stone Buildings.

Interconnection service that involves the use of a tandem switch and transmission between two tandem switches. It is subdivided into three distance bands.

Interconnection service that involves the use of two tandem switches and one inter-tandem transmission link. It is subdivided into three distance bands.

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 the

This Practice Note explains the interaction and co-ordination between the Financial Conduct Authority (FCA), the Payment Systems Regulator (PSR), the Prudential Regulation Authority (PRA) and the Financial Policy Committee (FPC). It also gives an overview of the interaction between the UK regulators and regulators and regulatory bodies outside the UK, including the memorandum of understanding (MoU) on financial services between the EU and the UK. For guidance on each regulator, see: UK regulators—financial services—overview. UK regulatory structure The Financial Services Act 2012 (FSA 2012) amended existing financial services legislation, particularly the Financial Services and Markets Act 2000 (FSMA 2000), by abolishing the Financial Services Authority (FSA) and giving the Bank of England (BoE) responsibility for financial stability, bringing together macro and micro prudential regulation. The regime created by the FSA 2012 established three authorities with the following responsibilities: • the Financial Policy Committee (FPC)—a macro-prudential authority within the BoE responsible for monitoring and responding to systemic risks (see Practice Note: Financial Policy Committee—essentials for further information) • the Prudential Regulation Authority (PRA)—responsible for