Coronavirus (COVID-19): The Bounce Back Loan Scheme (BBLS), Coronavirus Business Interruption Loan Scheme (CBILS) and Coronavirus Large Business Interruption Loan Scheme (CLBILS) were launched by the government in response to the pandemic with the aim of supporting SMEs and larger businesses with their access to finance. Under the schemes, lenders could take security from individuals only in certain circumstances and subject to certain rules. The three schemes closed to new applicants on 31 March 2021 and were replaced by the Recovery Loan Scheme (RLS), which launched on 6 April 2021 with the aim of providing financial support to businesses across the UK as they recover and grow following the pandemic. The RLS also includes rules about when security can be taken from individuals. For more information, see Practice Note: Coronavirus (COVID-19)—implications for lending transactions [ARCHIVED]—What are the implications for borrowers and lenders of the government and regulators’ response to coronavirus (COVID-19)? From 1 July 2024, the RLS has been renamed as the Growth Guarantee Scheme and extended until the end of March 2030.

When is security transferred? Security interests would usually be transferred between creditors in instances where: • a secured bilateral loan is transferred or assigned from one lender to another and the corresponding security is likewise transferred or assigned, or • a security agent or trustee in a syndicated loan resigns and a new one is appointed in its place This should be distinguished from circumstances where a syndicated loan is sold down or transferred by syndicate lenders through loan transfers, assignments or sub-participations. In this instance, the requirement to transfer security would rarely occur as transaction security would typically be granted to a security agent or trustee who would hold the security on trust for and on behalf of the lenders (including new lenders, assignees and transferees). For detailed information on security trustees, see Practice Note: The security agent. This Practice Note looks specifically at transfer of security, for example in the context of the transfer of security relating to a bilateral loan to a new lender. It considers in particular: • methods of transferring

Produced in association with 4 Pump Court This Checklist sets out some of the key issues that a responding party should consider upon receipt of a Notice of Adjudication. This includes whether there are grounds for a jurisdictional challenge—if so, the responding party will need to take certain steps in order not to waive its right to bring the challenge (either in the adjudication or during enforcement proceedings). Detailed guidance on jurisdictional issues can be found in Practice Notes: Grounds for a jurisdictional challenge in an adjudication and Making a jurisdictional challenge. Are there possible grounds to dispute the adjudicator’s jurisdiction? Relevant considerations at the initial stage include: • the contract: ◦ is there a contract between the parties to the adjudication and has it been correctly identified in the Notice of Adjudication? See Practice Note: The Notice of Adjudication (What should the Notice of Adjudication contain?) ◦ have the correct contracting parties been named in the Notice of Adjudication? • entitlement to adjudicate: ◦ is the contract

Produced in association with 4 Pump Court This Checklist sets out the main issues you need to consider on receiving an adjudicator’s decision. The main issues There are really three main issues that should be considered at the outset: • are there any errors in the decision that might be corrected under the slip rule? • is the result enforceable? • is the result acceptable or is a final determination needed and, if so, can this be done by Part 8 proceedings? Enforceability Issues It is important to consider whether the decision is enforceable, or whether it may be challenged. Note that there are limited grounds for challenging an adjudicator’s decision—see Practice Note: Resisting enforcement of an adjudication

Produced in association with 4 Pump Court While the issues which need to be addressed in a Response will depend on the specific facts/circumstances of the dispute, this Checklist provides a starting point for a responding party drafting its Response in an adjudication, setting out key issues to consider and linking to guidance on each. See also Practice Note: Adjudication—the Response for guidance on the Response, including practical tips for drafting it, and Checklist: Key issues to consider on receipt of a Notice of Adjudication. Initial considerations • Ascertain any requirements in relation to the Response, including the deadline for its service and any stipulations as to its form and/or contents, for example: ◦ are there any express terms regarding the Response in the parties’ contract or the applicable adjudication rules? ◦ has the adjudicator issued directions regarding the Response (these may override any contractual requirements)? ◦ as for the timing of the Response—there is no statutory time limit for serving a Response but the adjudicator will typically set a date for its

Lending to high-net-worth individuals (HNWIs) can differ from lending to commercial entities, in particular corporate groups. Unlike ‘pure’ corporate entities or groups, HNWIs are effectively borrowing money in their personal capacity (even if through an SPV), often secured against a mix of personal and other assets (such as real estate, investment portfolios and luxury items like artwork), rather than income-generating or trading streams. This Practice Note provides introductory information on the key issues to be aware of when lending to HNWI along with links to more detailed content. It discusses common transaction structures, documentary and key legal issues. For more in depth information on lending to and taking security and guarantees from individuals and the issues highlighted in this Practice Note, see Practice Notes: • Key issues for lenders when dealing with an individual in a commercial finance transaction • Key issues in taking a guarantee from an individual in a commercial financing context • Key issues in taking security from individuals • When are consumer-related rules, regulations

Arbitration analysis: This compilation was drafted by Dr Despina Mavromati, attorney-at-law in Lausanne, Switzerland and arbitrator at the Court of Arbitration for Sport (CAS). It includes a selection of the Swiss Federal Supreme Court (SFT) judgments in sports arbitration rendered in 2025 and focusing on jurisdiction, due process, public policy, and the revision of CAS awards.

At the outset of a transaction, when collecting and compiling relevant turnover (and, thereafter, assessing local threshold requirements and timing obligations), instructed counsel should bear in mind the following points. Turnover • Rules for compilation, allocation (including geographical allocation), and calculation of relevant turnover differ from the EU rules, including in some EU Member States and in major non-EU jurisdictions, for example: ◦ in Austria—calculation rules mean purchaser group’s turnover is often inflated and can potentially be determinative/decisive in triggering a mandatory filing requirement. For calculating the relevant turnover, the turnover of all entities linked (directly/indirectly) to a party must be fully (100%) attributed—ie all the turnover of each and every connected subsidiary up the corporate chain in which there is a 25% shareholding or voting rights (even where control is not conferred) ◦ in Canada—for the purpose of assessing the 'size of the parties threshold', include turnover from sales in, into or from Canada (ie domestic sales, exports, and imports). To calculate 'Canadian turnover' generated by Canadian assets for the ‘size of

What does this Practice Note cover? This Practice Note explains the concept of fungibility and its practical relevance to additional issuances of debt securities. When are debt securities fungible? Debt securities and other assets are fungible if they are substantially indistinguishable from one another and are interchangeable for trading purposes. Fungibility is a basic characteristic of debt securities issued on the same date and forming a single series. They will invariably be issued on identical terms and interchangeable for all purposes. When the securities are traded, the seller can settle the trade by delivering the traded nominal amount of the securities, without any requirement to deliver any particular individual securities. If this were not the case, trading the securities would be practically impossible. For information on trading debt securities, see Practice Note: UK Debt securities—trading, settlement and custody. Fungibility was a significant question for securities issued on the same date and forming a single series in the past, when debt securities were issued in definitive bearer form—each

What does this Practice Note cover? This Practice Note explains the concept of a negative pledge and examines: • the negative pledges typically found in some of the more common types of debt securities • the consequences of breaching negative pledge provisions • whether a negative pledge is a security interest, and • key considerations when drafting and negotiating negative pledges What is a negative pledge? A negative pledge is a provision which prohibits or restricts the issuer from creating security interests over its assets in favour of all or some of its other creditors. Negative pledges in debt securities in the international capital markets by investment grade corporate issuers do not usually contain blanket prohibitions on creating security interests. Negative pledges for debt securities issued in a particular market by similar issuers are broadly standardised but significant variations can occur, reflecting either the characteristics of a particular issuer or market conditions prevailing when an issue is brought to the market. In 2006, the International Capital Markets

What does this Practice Note cover? This Practice Note explains the meaning of subordination and covers: • legal subordination • structural subordination in debt capital markets transactions • contractual subordination in debt capital markets transactions • subordination in debt securities issued for regulatory capital purposes • subordinated debt securities issued as part of a larger financing structure, and • subordination in securitisations and other asset-backed securities Meaning of subordination Subordination is an arrangement whereby a debt or claim is not payable until another debt or claim, or a group of debts or claims, have been paid. The debt which is not payable until another debt has been paid is known as subordinated debt. In some transactions subordinated debt is referred to as junior debt and in these transactions the debt which is payable before the subordinated debt is usually referred to as senior debt. The senior debt is said to rank above, and to have priority over, the junior debt. In a complex transaction there

The European Commission’s Directorate-General for Energy has reported that, during London Climate Action Week, the EU and the UK supported the launch of ‘Electrify Now’, a global platform bringing together governments, international organisations, businesses and financial institutions to accelerate electrification in transport, industry and buildings and support a COP31 target of increasing electrification to 35% of final energy demand by 2035. The Commission also highlighted support for the United Nations Secretary-General’s Call to Action on methane, welcomed by the EU and Canada, which aims to strengthen global efforts to reduce methane emissions in line with the Global Methane Pledge. In addition, the EU, the UK and Canada reaffirmed their commitment to accelerating methane reductions in the energy sector, including through reducing leaks and ending routine venting and flaring to improve energy security and strengthen energy system resilience.