This Practice Note provides a high-level overview of the key standard setters and participants in the Islamic finance industry and their respective roles, including the Islamic Financial Services Board (IFSB), the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), the various types of banks and financial institutions offering Shari’ah compliant products and services and Shari’ah supervisory boards or committees. Islamic Financial Services Board The Islamic Financial Services Board or IFSB serves as an international standard-setting body of regulatory and supervisory agencies that have a vested interest in ensuring the soundness and stability of the Islamic financial services industry, defined broadly to include banking, capital market and insurance. Established in 2002 in Kuala Lumpur, Malaysia by the central banks of Bahrain, Iran, Kuwait, Malaysia, Pakistan, Saudi Arabia, Sudan along with AAOIFI, the Islamic Development Bank and the International Monetary Fund, the IFSB promotes the development of a prudent and transparent Islamic financial services industry through introducing new, or adapting existing, international standards consistent with Shari'ah principles and recommending them for adoption by its members. To this end, the

This Practice Note looks at the key parties typically involved in a PFI or PF2 project. It considers the roles of parties in the public sector, of private sector partners, finance parties and sub-contractors, support providers and other professionals. In the 2018 Budget (delivered on 29 October 2018), it was announced that the government would no longer use PF2 on new projects (see News Analysis: Budget 2018—what does it mean for infrastructure and housebuilding?). However, existing PFI and PF2 projects continue to run, and given the typical lifespan of such projects are likely to for many years. Public Sector Authority/Trust This is the public sector body that initiates and procures the PFI project and who wants the asset built and maintained (the term 'Trust' is used only in the case of NHS projects). The public sector body will typically be a local authority (including fire and rescue and (formerly) police authorities), an NHS Trust or a government department or non-departmental public body. The Authority/Trust enters into a long-term contract known as the Project Agreement which will

An introduction to commercial mortgage-backed securities Commercial mortgage-backed securities (CMBS) are notes that are offered to investors which are collateralised by a loan or a pool of loans secured by commercial real estate property(ies) (eg office blocks or factories). The basic structure for a CMBS transaction typically involves the following: • a special purpose vehicle (SPV) (the Issuer) is created and raises funds by issuing the CMBS notes to investors • the Issuer utilises the proceeds from the issue of the CMBS notes to either: ◦ purchase one or more loans (each a Loan) which are secured by way of a mortgage over commercial real estate property(ies) from an originating bank (the Originator), or ◦ lend directly as the original lender of the underlying Loan(s) to the underlying borrower(s) (each a Borrower) for the purpose of acquiring commercial real estate property(ies) the first being the more common approach than the second scenario (known as an Agency

An introduction to RMBS This Practice Note provides a summary of the structure of residential mortgage-backed securities transactions and the key parties, documents and terms involved in such transactions. As with all financing techniques and transactions there are numerous variations as to how the precise terms of each such transaction operates which are beyond the scope of this Practice Note. Residential mortgage-backed securities (RMBS) are a type of note whereby the income generated by one or more pools of residential loans (loans) is used to fund the payments of interest and principal to noteholders. Security is taken over the loans and the related mortgages as collateral for the payment of amounts due on the notes. RMBS transactions can be relatively simple pass-through instruments or can be complex transactions which include many parties and may be structured in various forms. The key features of a single issuance RMBS are summarised as follows: • A newly incorporated insolvency remote special purpose vehicle (SPV)

THIS PRACTICE NOTE APPLIES TO OCCUPATIONAL AND PERSONAL PENSION SCHEMES The nature of an outsourcing Outsourcing involves an organisation entering into an agreement under which a third party takes over responsibility for providing services which are currently provided by the organisation’s own workforce. In almost all cases, an outsourcing will involve the automatic transfer of employees’ contracts of employment to the service provider. A typical example is the outsourcing of a company's IT services (the Customer) to a specialist provider (the Supplier). Here, the Supplier would agree to provide IT services to the Customer with the Customer’s existing IT staff being transferred to the Supplier. Pension issues can arise as a result of the automatic transfer of employment. This is relevant on an initial outsourcing (‘first generation’) and on changes in service provider. Pension issues can also arise on termination of the outsourcing agreement. The key pension issues that need to be considered in a private sector outsourcing are: • what pension liabilities will transfer (with the employees)

FORTHCOMING CHANGE : On 13 October 2025, the Ministry of Housing, Communities and Local Government (MHCLG) launched a consultation on proposed improvements to the Local Government Pension Scheme (LGPS) in England and Wales. Among other things, the consultation proposes a major overhaul of Fair Deal protections, aligning the scheme with the 2013 Fair Deal guidance and ending the use of ‘broadly comparable’ pension schemes for future outsourcing (save in certain exceptional circumstances). Instead, all staff compulsorily transferred under TUPE would retain continuous LGPS membership through a new default ‘deemed employer’ model, ensuring the original Fair Deal employer remains responsible for pensions rather than relying on admission bodies. These protections would extend across re-tenders and subsequent transfers, safeguarding access for ‘protected transferees’ and, at the employer’s discretion, for new joiners on the contract. For those currently in broadly comparable schemes, the proposals envisage bulk transfers into the LGPS that preserve accrued final-salary benefits, with future accrual on a CARE basis. Draft regulations to implement these Fair Deal changes were published

STOP PRESS: As of 24 February 2025, the main provisions of the Procurement Act 2023 (PA 2023) are in force. Procurements begun on or after this date must be carried out under PA 2023, whereas those begun under the previous legislation (the Public Contracts Regulations 2015 (PCR 2015), the Utilities Contracts Regulations 2016, the Concession Regulations 2016, and the Defence and Security Public Contracts Regulations 2011) must continue to be procured and managed under that legislation. See Practice Note: Introduction to the Procurement Act 2023—PA 2023. This content relates to the Procurement Act 2023 regime This practical guidance is about public procurement under the Procurement Act 2023 (PA 2023). For practical guidance on public procurement under the previous legislation, see Practice Note: Introduction to public contracts procurement. Under PA 2023, contracting authorities are required to set key performance indicators (KPIs) in respect of certain public contracts. This Practice Notice covers: • which contracts are subject to the requirement to set KPIs • exemptions to the general obligations to set KPIs • publication

One or more persons designated by lenders/investors as key to a business. Contractual provisions within the documentation may specify the required degree of their commitment to the business and the requirements for keyman insurance cover.

Planning analysis: This analysis looks at key planning developments in 2024 and what to expect in 2025.

Planning analysis: The English Devolution and Community Empowerment Bill was introduced to the House of Commons on 10 July 2025 and is awaiting a second reading. The Bill gives legislative effect to the government’s ambitions to reintroduce strategic planning across England and create a consistent framework for devolved powers. This analysis looks at the key planning provisions of the Bill, alongside the background to its introduction and the potential implications for the planning and development sector.

Law360, Expert analysis: Following its April 2024 consultation, the Financial Conduct Authority (FCA) made changes to its financial crime guide, or FCG, effective from November 2024. The updates reflect the FCA's learnings on sanctions systems and controls following Russia's invasion of Ukraine, they also highlight expectations on firms in relation to proliferation financing, set out guidance on transaction monitoring systems, and include clarifications on the consumer duty and anti-money laundering requirements for cryptoassets businesses. Written by Emma Radmore, legal director, and Laura Wiles, solicitor, at Womble Bond Dickinson.

Law360, Expert analysis: Following the introduction of individual accountability regimes in countries such as the UK, Hong Kong, Singapore and Australia, a new Individual Accountability Framework (IAF), was introduced in Ireland on a phased basis from 29 December 2023. Written by Aongus McCarthy and Niall Esler, partners, at Walkers Global LLP.